As filed with the Securities and Exchange Commission on May 2, 2024

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. Bancorp Fund Services, LLC

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, 2024

Date of reporting period: February 29, 2024

Item 1. Reports to Stockholders.

(a)

Abbey Capital Futures Strategy Fund

of

THE RBB FUND, INC.

Semi-Annual Report

February 29, 2024

(Unaudited)

Abbey Capital Futures Strategy Fund

Semi-Annual Investment Adviser’s Report

February 29, 2024 (Unaudited)

Dear Shareholder,

The Abbey Capital Futures Strategy Fund (the “Fund”) Class I Shares returned +1.77% net of fees for the 6-month fiscal period ended February 29, 2024.

Positive performance was driven by trading in equities and agricultural commodities. Major currencies was the sector which detracted most from Fund performance during the 6-month period. The Fund’s core allocation to Diversified Trendfollowing (“Trendfollowing”) strategies generated positive performance in aggregate, while the performance of the Fund’s non-Trendfollowing allocation was also modestly positive in aggregate during the period.

The Fund may invest up to 25% of its total assets in Abbey Capital Master Offshore Fund Limited (“ACMOF”), a wholly-owned subsidiary of the Fund that invests substantially all of its assets in Abbey Capital Offshore Fund SPC (“ACOF”), which is a wholly-owned and controlled segregated portfolio company and a multi-adviser fund that invests in managed futures and foreign exchange contracts. The Fund may also invest a portion of its assets into Abbey Capital Onshore Series LLC (“ACOS”), a wholly-owned subsidiary of the Fund which is a multi-adviser fund that invests in managed futures and foreign exchange contracts.

Average Total Returns for the Periods Ended February 29, 2024 (unless otherwise noted)

	2024 YTD	1 Year	Sep. 1, 2023 to Feb. 29, 2024	5 Years Annualized	Annualized since inception on July 1, 2014
Class I Shares	3.78%	-0.81%	1.77%	7.72%	4.92%
Class A Shares*	3.62%	-1.17%	1.52%	7.43%	4.64%
Class A Shares (max load)*	-2.30%	-6.82%	-4.35%	6.16%	4.01%
Class C Shares**	3.49%	-1.83%	1.21%	6.65%	3.88%
ICE BofA 3-Month U.S. Treasury Bill Index***	0.84%	5.22%	2.69%	1.97%	1.38%
Barclay CTA Index***	2.09%	1.59%	1.45%	4.93%	2.64%
S&P 500® Total Return Index***	7.11%	30.45%	13.93%	14.76%	12.47%

Barclay CTA numbers are based on the estimates available on the BarclayHedge website as of March 11, 2024

Source: Abbey Capital, Bloomberg and BarclayHedge.

Performance quoted is past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the returns quoted. Visit www.abbeycapital.com for returns updated daily. Call (US Toll Free) 1-844-261-6484 or (international callers) + 1-508-871-3276 for returns current to the most recent month-end.

Please note the above is shown for illustrative purposes only.

* Class A Shares performance prior to its inception on August 29, 2014 is the performance of Class I Shares, adjusted for the Class A Shares expense ratio. There is a maximum sales charge (load) imposed on purchases (as a percentage of offering price) of 5.75% in Class A Shares.

** 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.

*** The Barclay CTA Index is derived from data that is self-reported by investment managers based on the performance of privately managed funds. In contrast, the S&P 500^® Total Return Index and the ICE BofA 3-Month U.S. Treasury Bill Index are comprised of publicly traded securities. As a result of these differences, these indices may not be directly comparable, and the table above is shown for illustrative purposes only.

1

Abbey Capital Futures Strategy Fund

Semi-Annual Investment Adviser’s Report (Continued)

February 29, 2024 (Unaudited)

Abbey Capital Limited (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%, 2.04% and 2.79% of the Fund’s average daily net assets attributable to Class I Shares, Class A Shares, and Class C Shares, respectively. This contractual limitation is in effect until December 31, 2024, and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. In addition, 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 by the Adviser, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. Without the expense limitation agreement, the expense ratios are 1.86%, 2.11% and 2.86% of the Fund’s average daily net assets attributable to Class I Shares, Class A Shares, and Class C Shares, respectively, as stated in the Fund’s current prospectus dated December 31, 2023 (and which may differ from the actual expense ratios for the period covered by this report). The quoted performance would have been lower without the expense limitation.

Please refer to the prospectus for further information on expenses and fees.

Performance Analysis

Performance for the Fund’s Class I Shares over the 6-month period ended February 29, 2024 was positive. Trendfollowing managers led gains at the trading style level, while the non-Trendfollowing trading styles were modestly positive in aggregate.

Uncertainty was a very prominent theme in markets over this 6-month period. Much of this uncertainty related to expectations of central bank monetary policy. September and October saw global yields rise alongside some hawkish rhetoric from central banks. In October, the 10-year US Treasury yield hit 5% for the first time since 2007. However, in November an unexpectedly sharp slowdown in US inflation and a weaker-than-expected US payroll report prompted a significant repricing in interest rate expectations and a fall in yields. This more dovish outlook for US monetary policy was then acknowledged by the US Federal Reserve at its December meeting. In the first two months of 2024, trends in fixed income markets corrected again, with yields partially recovering from the declines in late 2023 as central banks attempted to temper market expectations for the timing of when interest rates may be cut.

This theme of uncertainty also influenced price moves in commodity markets. Global demand uncertainty, OPEC+ policy and the outbreak of conflict in the Middle East led to choppy price action in crude oil and distillate markets for much of the period. The moves in US Treasury yields saw the US Dollar fluctuate, leading to choppy price moves in metals. In addition, an unclear picture of the economic health of China impacted base metals markets. In contrast, shifts in the supply outlook led to some notable price trends in several agricultural commodity markets.

Despite this uncertain backdrop, equity markets rallied over the period. September and October were challenging months for global stocks, which fell in both months. Stock markets then rebounded in November when yields fell sharply as more dovish interest rate expectations set in. Equity markets rose each month from November to February. In February, some key global equity indices broke to new highs. Having exceeded previous peaks in January, both the S&P 500^® Index and DAX 40 Index rallied to new record highs in February. The rally in Japanese equity markets also continued, with the Nikkei 225 rising to an all-time high, surpassing its previous record high set 34 years earlier.

September and October were positive months of performance for the Fund. Gains related to long US Dollar and short bond positions. The US Dollar rallied alongside higher US Treasury yields, which rose due to the more hawkish outlook for interest rates. Long positions in the US Dollar proved profitable, particularly against the Japanese Yen, which fell when policy changes from the Bank of Japan proved less significant than expected. Short positions in bonds, most notably US Treasuries, also contributed positively to returns.

2

Abbey Capital Futures Strategy Fund

Semi-Annual Investment Adviser’s Report (Continued)

February 29, 2024 (Unaudited)

In contrast, November and December were challenging months for Fund performance. The reversal of price trends in currency and bond markets led to losses for the Fund’s Trendfollowing managers in particular. Long US Dollar exposures and short bond positions led to losses during the final two months of 2023. The downward price trends in equity markets also reversed. The Fund initially saw losses from short equity positions held in November. However, these losses were more than offset by gains from long positions in December.

January and February marked a return to positive performance for the Fund. Gains were concentrated in equities and agricultural commodities. Equity markets rallied in the first two months of 2024, with many global indices reaching all-time highs. Long positions in Japanese and US indices led gains in the sector. Within agricultural commodities, trends in certain markets at the end of 2023 continued and accelerated in some cases during the first two months of 2024. Gains in the sector stemmed from long exposures to cocoa, and short positions in soybeans, corn and wheat.

The Fund’s best-performing sector over the period was equities. As mentioned above, gains in the sector were concentrated in December, January and February. The Fund transitioned from short to long positioning in the sector following the sharp change in rate expectations in November and held long positions consistently for the remainder of the period. Long positions in the NASDAQ 100 Index and Nikkei 225 Index led gains, with other long positions in US, Japanese and European indices contributing further. Trading in the FTSE 100 Index contract detracted from Fund performance.

Performance in agricultural commodities was also positive for the period. Gains were concentrated in January and February when price uptrends in cocoa markets accelerated. Further gains were realised from short wheat, soybean and corn exposures.

Energy was a sector which contributed modestly to Fund performance during the period. The sector included one of the Fund’s best-performing contracts, the performance of which was mostly offset by multiple detracting contracts. Short natural gas positions produced positive performance, as US prices consistently fell over the period due to mild weather along with excess supply levels. In contrast, price trends in crude oil and distillate markets were very choppy over the period. Losses were realised in crude oil, gasoline and heating oil contracts.

Losses in currencies negatively impacted Fund performance during the period. The reversal of uptrends in the US Dollar in November and December was the primary driver of losses in the sector. Predominantly long US Dollar positions against several currencies, in particular the British Pound and Euro, led to losses in the sector. Partially offsetting gains arose from long US Dollar positions against the Japanese Yen, with the Japanese currency weakening as the Bank of Japan remained committed to its dovish monetary policy stance.

Metals was another sector that detracted from Fund performance during the period. Losses were concentrated in base metals, with smaller losses recorded in precious metals. Metals markets traded in a broad range over the 6-month period, with a lack of clear trends and several price reversals leading to a difficult trading environment in the sector for the Fund’s Trendfollowing managers.

Smaller losses were realised in fixed income. The Fund posted gains from short positions in September and October as global yields rose. These gains unwound in November and December, however, with the Fund recording losses from its short positions as trends in fixed income markets reversed sharply on a more dovish outlook for global monetary policy.

3

Abbey Capital Futures Strategy Fund

Semi-Annual Investment Adviser’s Report (Concluded)

February 29, 2024 (Unaudited)

Appendix

Index Descriptions

DAX 40 Index

The DAX 40 Index is a total return index of 40 selected German blue chip stocks traded on the Frankfurt Stock Exchange. The equities use free float shares in the index calculation. The index starts in December 1987.

FTSE 100 Index

The FTSE 100 Index is a capitalization-weighted index of the 100 most highly capitalized companies traded on the London Stock Exchange. The index starts in December 1983.

NASDAQ 100 Index

The NASDAQ-100 Index is a modified capitalization-weighted index of the 100 largest and most active non-financial domestic and international issues listed on the NASDAQ. The index starts in February 1985.

Nikkei 225 Index

The Nikkei-225 Stock Average is a price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange. The index starts in January 1970.

S&P 500 Index

The S&P 500 Index is an index of 500 US stocks chosen for market size, liquidity and industry grouping, among other factors. It is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in its aggregate market value. The index starts in March 1957.

An investment in the Fund is speculative and involves substantial risk. It is possible that an investor may lose some or all of their investment. The Fund may invest up to 25% of its total assets in ACMOF, which invests substantially all of its assets in ACOF, which is a multi-adviser fund that invests in managed futures and foreign exchange. The Fund may also invest a portion of its assets into ACOS, which is a multi-adviser fund that invests in managed futures and foreign exchange. All investments in securities involve risk of the loss of capital. An investment in the Fund includes the risks inherent in an investment in securities, as well as specific risks associated with this open-ended investment product. Among the risks associated with investing in this Fund are Commodity Sector Risk, Counter-Party Risk, Credit Risk, Currency Risk, Manager and Management Risks, Subsidiary Risk, Tax Risk, Emerging Markets Risk, Leveraging Risk, Foreign Investment Risk, Fixed Income Securities Risks, Short Sale Risk and Portfolio Turnover Risks. The Fund may invest in or utilize derivative investments, futures contracts, and hedging strategies. One or more Trading Advisers, from time to time, may invest a substantial portion of the assets managed in a specific industry sector. As a result, the Fund’s investment portfolio may be subject to greater risk and volatility than if investments had been made in the securities of a broader range of issuers. There can be no assurance that the Fund’s strategy (hedging or otherwise) will be successful or that it will employ such strategies with respect to all or any portion of its portfolio. The value of the Fund’s portfolio investments should be expected to fluctuate. Investing in managed futures is not suitable for all investors given its speculative nature and the high level of risk involved. The Fund is appropriate only for investors who can bear the risks associated with the product. This brief statement cannot disclose all of the risks and other factors necessary to evaluate an investment in the Fund. Investors are urged to take appropriate investment advice and to carefully consider their investment objectives, personal situation, and factors such as net worth, income, age, risk tolerance and liquidity needs before investing in the Fund. Before investing, investors should carefully consider the Fund’s investment objectives, risks, tax considerations, sales charges and expenses.

Fund holdings and sector allocations are subject to change and should not be considered recommendations to buy or sell any security. Please refer to the Consolidated Portfolio of Investments in this report for a complete list of Fund holdings.

The Abbey Capital Futures Strategy Fund is distributed by Quasar Distributors, LLC.

This report is submitted for general information to the shareholders of the Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Fund. Opinions expressed are subject to change at any time, are not guaranteed, and should not be considered investment advice.

4

Abbey Capital Futures Strategy Fund

Performance Data

February 29, 2024 (Unaudited)

Average Annual Total Returns for the Periods Ended February 29, 2024
	Six Months†	One Year	Three Years	Five Years	Since Inception††
Class A Shares (without sales charge) (Pro forma July 1, 2014 to August 29, 2014)	1.52%	-1.17%	5.20%	7.43%	4.64%*
Class A Shares (with sales charge) (Pro forma July 1, 2014 to August 29, 2014)	-4.35%	-6.82%	3.15%	6.16%	4.01%*
S&P 500® Total Return Index	13.93%	30.45%	11.91%	14.76%	12.47%**
ICE BofA 3-Month U.S. Treasury Bill Index***	2.69%	5.22%	2.43%	1.97%	1.38%**
Barclay CTA Index***	1.45%	1.59%	3.90%	4.93%	2.64%**

† Not annualized.

†† Inception date of Class A Shares of the Fund was August 29, 2014.

* Class A Shares performance prior to its inception on August 29, 2014 is the performance of Class I Shares, adjusted for the Class A Shares expense ratio.

** Performance is from the inception date of the Fund and is not the inception date of the index itself. The above is shown for illustrative purposes only.

*** This is not a primary benchmark of the Fund. Results of the index performance are presented for general comparative purposes.

The Fund charges a 5.75% maximum sales charge on purchases (as a percentage of offering price) of Class A Shares. The performance data quoted reflects fee waivers in effect and would have been less in their absence. 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. Without the limitation arrangement, the gross expense ratio is 2.11% for Class A Shares as stated in the current prospectus (and which may differ from the actual expense ratio for the period covered by this report). This contractual limitation is in effect until December 31, 2024 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. Please see the Consolidated Financial Highlights for current figures.

5

Abbey Capital Futures Strategy Fund

Performance Data (Continued)

February 29, 2024 (Unaudited)

Average Annual Total Returns for the Periods Ended February 29, 2024
	Six Months†	One Year	Three Years	Five Years	Since Inception††
Class I Shares	1.77%	-0.81%	5.48%	7.72%	4.92%
S&P 500® Total Return Index	13.93%	30.45%	11.91%	14.76%	12.47%*
ICE BofA 3-Month U.S. Treasury Bill Index**	2.69%	5.22%	2.43%	1.97%	1.38%*
Barclay CTA Index**	1.45%	1.59%	3.90%	4.93%	2.64%*

† Not annualized.

†† Inception date of Class I Shares of the Fund was July 1, 2014.

* Performance is from the inception date of the Fund and is not the inception date of the index itself. The above is shown for illustrative purposes only.

** This is not a primary benchmark of the Fund. Results of the index performance are presented for general comparative purposes.

The performance data quoted reflects fee waivers in effect and would have been less in their absence. 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. Without the limitation arrangement, the gross expense ratio is 1.86% for Class I Shares, as stated in the current prospectus (and which may differ from the actual expense ratios for the period covered by this report). This contractual limitation is in effect until December 31, 2024 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. Please see the Consolidated Financial Highlights for current figures.

6

Abbey Capital Futures Strategy Fund

Performance Data (Continued)

February 29, 2024 (Unaudited)

Average Annual Total Returns for the Periods Ended February 29, 2024
	Six Months†	One Year	Three Years	Five Years	Since Inception††
Class C Shares (without sales charge) (Pro forma July 1, 2014 to October 6, 2015)	1.21%	-1.83%	4.41%	6.65%	3.88%*
Class C Shares (with sales charge) (Pro forma July 1, 2014 to August 29, 2014)	0.21%	-2.81%	4.41%	6.65%	3.88%*
S&P 500® Total Return Index	13.93%	30.45%	11.91%	14.76%	12.47%**
ICE BofA 3-Month U.S. Treasury Bill Index***	2.69%	5.22%	2.43%	1.97%	1.38%**
Barclay CTA Index***	1.45%	1.59%	3.90%	4.93%	2.64%**

† Not annualized.

†† Inception date of Class C Shares of the Fund was October 6, 2015.

* 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.

** Performance is from the inception date of the Fund and is not the inception date of the index itself. The above is shown for illustrative purposes only.

*** This is not a primary benchmark of the Fund. Results of the index performance are presented for general comparative purposes.

The Fund charges a contingent deferred sales charge (“CDSC”) of 1.00% on certain redemptions of Class C Shares made within 12 months of purchase. The CDSC is assessed on an amount equal to the lesser of the offering price at the time of purchase of the Class C Shares redeemed and the net asset value of the Class C Shares redeemed at the time of redemption.

The performance data quoted reflects fee waivers in effect and would have been less in their absence. 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. Without the limitation arrangement, the gross expense ratio is 2.86% for Class C Shares, as stated in the current prospectus (and which may differ from the actual expense ratios for the period covered by this report). This contractual limitation is in effect until December 31, 2024 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. Please see the Consolidated Financial Highlights for current figures.

Performance quoted is past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the returns quoted. Visit www.abbeycapital.com for returns updated daily. Call (US Toll Free) 1-844-261-6484 or (international callers) + 1-508-871-3276 for returns current to the most recent month-end.

The Barclay CTA Index is derived from data which is self-reported by investment managers based on the performance of privately managed funds. In contrast, the S&P 500^® Total Return Index and the ICE BofA 3-Month U.S. Treasury Bill Index are comprised of publicly traded securities. As a result of these differences, these indices may not be directly comparable. Additionally, these indices are not available for direct investment and the above is shown for illustrative purposes only.

7

Abbey Capital Futures Strategy Fund

Performance Data (Concluded)

February 29, 2024 (Unaudited)

Barclay CTA Index

The Barclay CTA Index is a leading industry benchmark of representative performance of commodity trading advisors. There are currently 412 programs included in the calculation of the Barclay CTA Index for 2024. The Barclay CTA Index is equally weighted and rebalanced at the beginning of each year.

ICE BofA 3-Month U.S. Treasury Bill Index

The ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

The S&P 500^® Total Return Index

The S&P 500^® Total Return Index is the total return version of the S&P 500^® Index. Dividends are reinvested on a daily basis and all regular cash dividends are assumed reinvested in the index on the ex-dividend date.

A basis point is one hundredth of one percent.

Portfolio composition is subject to change. It is not possible to invest directly in an index.

8

Abbey Capital Futures Strategy Fund

Fund Expense Examples

February 29, 2024 (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, (if any) and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2023 through February 29, 2024, and held for the entire period.

ACTUAL EXPENSES

The first section in the accompanying table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second section of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments (if any). Therefore, the second section of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value September 1, 2023	Ending Account Value February 29, 2024	Expenses Paid During Period(1)	Annualized Expense Ratio(2)	Actual Six- Month Total Investment Returns for the Fund
Actual
Class A Shares	$ 1,000.00	$ 1,015.20	$ 10.22	2.04%	1.52%
Class I Shares	1,000.00	1,017.70	8.98	1.79%	1.77%
Class C Shares	1,000.00	1,012.10	13.96	2.79%	1.21%
Hypothetical (5% return before expenses)
Class A Shares	$ 1,000.00	$ 1,014.72	$ 10.22	2.04%	N/A
Class I Shares	1,000.00	1,015.96	8.97	1.79%	N/A
Class C Shares	1,000.00	1,010.99	13.95	2.79%	N/A

⁽¹⁾ Expenses are equal to the Funds’ Class A Shares, Class I Shares, and Class C Shares annualized six-month expense ratios for the period September 1, 2023 through February 29, 2024, multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 366 to reflect the one half year period. The Fund’s ending account values in the first section in the table are based on the actual six-month total investment return for the Fund’s respective share classes.

⁽²⁾ Ratios reflect expenses waived by the Fund’s investment adviser. Without these waivers, the Fund’s expenses would have been higher and the ending account values would have been lower.

9

Abbey Capital Futures Strategy Fund

Consolidated Portfolio Holdings Summary Table

February 29, 2024 (Unaudited)

The following table presents a consolidated summary of the portfolio holdings of the Fund:

	% of Net Assets			Value
SHORT-TERM INVESTMENTS		78.8	%	$	2,141,325,130
MONEY MARKET DEPOSIT ACCOUNT		4.1			112,902,472
OTHER ASSETS IN EXCESS OF LIABILITIES
(including futures and forward foreign currency contracts)		17.1			466,374,151
NET ASSETS		100.0	%	$	2,720,601,753

The Fund seeks to achieve its investment objective by allocating its assets between a “Managed Futures” strategy and a “Fixed Income” strategy.

As a result of the Fund’s use of derivatives, the Fund may hold significant amounts of U.S. Treasuries or short-term investments.

Portfolio holdings are subject to change at any time.

Refer to the Consolidated Portfolio of Investments for a detailed listing of the Fund’s holdings.

The accompanying notes are an integral part of the consolidated financial statements.

10

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments

as of February 29, 2024 (Unaudited)

	Par		Value
SHORT-TERM INVESTMENTS — 78.8%
U.S. Treasury Bills — 78.8%
5.41%, 03/07/2024(a)		9,300,000	$	9,291,858
5.41%, 03/14/2024(a)		53,028,000		52,927,114
5.42%, 03/21/2024(a)		122,656,000		122,296,073
5.44%, 03/28/2024(a)		105,561,000		105,143,433
5.45%, 04/04/2024(a)		92,404,000		91,943,081
5.46%, 04/11/2024(a)		137,994,000		137,164,431
5.43%, 04/18/2024(a)		199,753,000		198,348,802
5.44%, 04/25/2024(a)		8,944,000		8,871,842
5.41%, 05/02/2024(a)		132,391,000		131,190,545
5.36%, 05/09/2024(a)		39,300,000		38,904,544
5.30%, 05/16/2024(a)		33,509,000		33,138,917
5.32%, 05/23/2024(a)		178,566,000		176,410,783
5.27%, 05/30/2024(a)		104,526,000		103,156,709
5.27%, 06/06/2024(a)		43,374,000		42,764,529
5.21%, 06/13/2024(a)		78,413,000		77,231,664
5.18%, 06/20/2024(a)		8,087,000		7,957,463
5.15%, 06/27/2024(a)		25,027,000		24,600,880
5.15%, 07/05/2024(a)		15,937,000		15,649,345
5.09%, 07/11/2024(a)		36,448,000		35,760,475
5.10%, 07/18/2024(a)		98,297,000		96,350,362
5.09%, 07/25/2024(a)		41,368,000		40,508,094
5.14%, 08/01/2024(a)		24,209,000		23,681,698
5.18%, 08/08/2024(a)		93,531,000		91,401,403
5.21%, 08/15/2024(a)		175,607,000		171,432,065
5.22%, 08/22/2024(a)		204,233,000		199,188,457
5.20%,08/29/2024(a)		108,806,000		106,010,563
TOTAL SHORT-TERM INVESTMENTS (Cost$2,141,668,686)				2,141,325,130
TOTAL INVESTMENTS — 78.8% (Cost $2,141,668,686)				2,141,325,130
Money Market Deposit Account — 4.1%(b)				112,902,472
Other Assets in Excess of Liabilities — 17.1%				466,374,151
TOTAL NET ASSETS — 100.0%			$	2,720,601,753

Percentages are stated as a percent of net assets.

^(a) The rate shown is the effective yield.

^(b) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of February 29, 2024 was 5.20%.

The accompanying notes are an integral part of the consolidated financial statements.

11

Abbey Capital Futures Strategy Fund

Consolidated Schedule of Open Futures Contracts

as of February 29, 2024 (Unaudited)

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
10 Year Japanese Government Bonds		4		03/12/2024	$	390,181	$	587
10 Year U.S. Ultra Treasury Notes		19		06/18/2024		2,169,266		(209	)
3 Month Euribor		10		12/16/2024		2,620,536		(9,322	)
3 Month Euribor		17		03/17/2025		4,465,477		(23,305	)
3 Month Euribor		291		06/16/2025		76,568,188		(333,008	)
3 Month Euribor		33		09/15/2025		8,692,353		(43,002	)
3 Month Euribor		71		12/15/2025		18,713,239		(73,873	)
3 Month Euribor		39		03/16/2026		10,281,211		(41,381	)
3 Month Euribor		52		06/15/2026		13,709,686		(31,357	)
3 Month Euribor		125		09/14/2026		32,957,665		25,493
3 Month Euribor		73		12/14/2026		19,248,263		(22,035	)
3 Month Euribor		6		03/15/2027		1,581,968		(1,500	)
3 Month Euribor		2		06/14/2027		527,296		122
3 Month Swiss Average Overnight Rate		3		09/17/2024		836,928		(382	)
3 Month Swiss Average Overnight Rate		32		12/17/2024		8,943,066		16,990
3 Month Swiss Average Overnight Rate		2		03/18/2025		559,620		(565	)
3-Month Secured Overnight Financing Rate		41		06/18/2024		9,705,213		(513	)
3-Month Secured Overnight Financing Rate		315		12/17/2024		74,958,188		(455,288	)
3-Month Secured Overnight Financing Rate		102		09/16/2025		24,485,100		(145,388	)
Arabica Coffee		312		05/20/2024		21,568,950		(430,764	)
Arabica Coffee		37		07/19/2024		2,534,963		(3,919	)
ASX SPI 200 Index		1134		03/21/2024		141,154,790		2,669,259
Austrailian Government 10 Year Bonds		69		03/15/2024		5,158,480		(38,403	)
Austrailian Government 3 Year Bonds		1632		03/15/2024		112,948,143		(244,931	)
Australian 90 Day Bank Bills		347		06/13/2024		223,200,202		(18,684	)
Australian 90 Day Bank Bills		465		09/12/2024		299,181,437		(21,467	)
Australian 90 Day Bank Bills		120		12/12/2024		77,230,733		1,583
BIST 30 Index		622		04/30/2024		2,045,153		(34,049	)
Brazilian Real/US Dollar Cross Currency Rate		4		03/28/2024		80,240		(475	)
Brent Crude Oil		207		03/28/2024		16,955,370		7,728
Brent Crude Oil		20		03/28/2024		1,638,200		(8,820	)
Brent Crude Oil		41		04/30/2024		3,328,380		(11,060	)
Brent Crude Oil		33		05/31/2024		2,657,490		1,380
Brent Crude Oil		20		10/31/2024		1,554,000		(9,000	)
British Pound/US Dollar Cross Currency Rate		796		03/18/2024		62,754,650		(489,438	)
CAC40 10 Euro Index		1521		03/15/2024		130,541,924		2,867,462
Canadian Dollar/US Dollar Cross Currency Rate		219		03/19/2024		16,133,730		(401,750	)
Copper		31		05/29/2024		2,981,425		(1,425	)
Corn No. 2 Yellow		66		05/14/2024		1,417,350		32,175
Cotton No.2		665		05/08/2024		33,107,025		2,841,593
Cotton No.2		53		07/09/2024		2,590,905		137,560
Crude Oil		287		03/20/2024		22,460,620		171,964
Crude Oil		25		04/22/2024		1,936,250		3,460
Crude Oil		83		05/21/2024		6,375,230		28,840
Crude Oil		21		06/20/2024		1,599,780		50
Crude Oil		1		11/20/2024		73,130		(850	)
Crude Palm Oil		12		04/15/2024		254,009		8,197
Crude Palm Oil		110		05/15/2024		2,300,601		71,784
Crude Palm Oil		39		06/14/2024		802,107		24,323
Crude Palm Oil		11		07/15/2024		222,237		7,212
DAX Index		7		03/15/2024		671,372		18,774

The accompanying notes are an integral part of the consolidated financial statements.

12

Abbey Capital Futures Strategy Fund

Consolidated Schedule of Open Futures Contracts (Continued)

as of February 29, 2024 (Unaudited)

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
Dollar Index		255		03/18/2024	$	26,544,990	$	30,135
Dow Jones Industrial Average Index		523		03/15/2024		102,097,445		3,827,070
Dow Jones U.S. Micro-Cap Total Stock Index		5		03/15/2024		97,608		4,990
E-mini Energy Select Sector		4		03/15/2024		360,440		530
E-mini Materials Sector		5		03/15/2024		464,800		1,770
Emini S&P 500 ESG Index		26		03/15/2024		5,851,040		433,290
Euro STOXX 50 Dividend Index		16		12/20/2024		275,993		15,207
EURO STOXX 50 Index		9		03/15/2024		416,130		3,426
Euro STOXX 50 Quanto Index		2598		03/15/2024		137,419,610		5,885,277
Euro STOXX Banks Index		638		03/15/2024		4,225,223		9,763
Euro/Japanese Yen Cross Currency Rate		235		03/18/2024		31,677,270		1,185,228
Euro/US Dollar Cross Currency Rate		272		03/18/2024		36,750,600		(90,744	)
Euro-BOBL		344		06/06/2024		43,782,629		87,642
Euro-BTP Italian Government Bonds		517		03/07/2024		65,834,746		(254,702	)
Euro-Bund		254		06/06/2024		36,308,461		83,676
Feeder Cattle		61		04/25/2024		7,738,613		(75,338	)
Feeder Cattle		17		05/23/2024		2,177,063		(11,425	)
Feeder Cattle		1		08/29/2024		133,325		(1,963	)
Financial Select Sector Index		7		03/15/2024		870,450		15,813
French Government Bonds		52		03/07/2024		7,176,387		(36,701	)
Frozen Concentrated Orange Juice		18		05/10/2024		967,005		(24,180	)
FTSE 100 Index		658		03/15/2024		63,345,582		128,396
FTSE Bursa Malaysia KLCI Index		73		03/29/2024		1,184,106		1,096
FTSE MIB Index		24		03/15/2024		846,397		12,494
FTSE/MIB Index		289		03/15/2024		50,960,129		2,764,784
German Stock Index		425		03/15/2024		203,809,282		7,379,219
Gold		512		04/26/2024		105,200,640		308,378
Gold		22		06/26/2024		4,564,120		22,600
Hang Seng Index		28		03/27/2024		2,941,797		(26,643	)
IBEX 35 Composite Index		10		03/15/2024		108,375		(825	)
IBEX 35 Index		45		03/15/2024		4,876,881		(22,059	)
ICE 3 Month SONIA Rate		73		09/17/2024		21,880,649		(78,405	)
ICE 3 Month SONIA Rate		281		12/17/2024		84,451,638		(232,580	)
ICE 3 Month SONIA Rate		15		03/18/2025		4,520,639		(19,897	)
ICE 3 Month SONIA Rate		16		06/17/2025		4,832,870		(29,270	)
ICE 3 Month SONIA Rate		50		09/16/2025		15,130,333		(52,733	)
ICE 3 Month SONIA Rate		14		12/16/2025		4,242,237		(23,589	)
ICE 3 Month SONIA Rate		15		03/17/2026		4,549,751		(23,100	)
ICE 3 Month SONIA Rate		14		06/16/2026		4,249,085		(20,339	)
ICE 3 Month SONIA Rate		13		09/15/2026		3,947,630		(17,152	)
ICE 3 Month SONIA Rate		66		12/15/2026		20,049,104		(43,628	)
Industrial Select Sector Index		3		03/15/2024		366,330		19,120
Japanese 10 Year Government Bonds		314		03/13/2024		306,334,311		(643,410	)
Japanese Yen/US Dollar Cross Currency Rate		84		03/18/2024		7,020,300		(9,667	)
JPNK400 Index		5		03/07/2024		80,810		1,514
Lean Hogs		200		04/12/2024		6,930,000		34,670
Lean Hogs		322		06/14/2024		12,905,760		104,200
Lean Hogs		4		07/15/2024		162,360		30
Light Sweet Crude Oil		31		03/19/2024		1,213,030		6,130
Live Cattle		247		04/30/2024		18,312,580		(57,750	)
Live Cattle		151		06/28/2024		10,945,990		(74,280	)

The accompanying notes are an integral part of the consolidated financial statements.

13

Abbey Capital Futures Strategy Fund

Consolidated Schedule of Open Futures Contracts (Continued)

as of February 29, 2024 (Unaudited)

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
Live Cattle		83		08/30/2024	$	5,999,240	$	(16,110	)
Live Cattle		12		10/31/2024		884,280		2,040
LME Aluminum Forward		5		03/01/2024		268,200		(8,050	)
LME Aluminum Forward		20		03/05/2024		1,094,695		(27,488	)
LME Aluminum Forward		1		03/07/2024		54,820		(1,343	)
LME Aluminum Forward		7		03/12/2024		384,080		(5,857	)
LME Aluminum Forward		1		03/13/2024		54,879		(946	)
LME Aluminum Forward		123		03/18/2024		6,756,452		(151,155	)
LME Aluminum Forward		1		03/19/2024		54,934		(1,333	)
LME Aluminum Forward		1		03/20/2024		54,937		(3,013	)
LME Aluminum Forward		1		03/26/2024		55,012		(4,513	)
LME Aluminum Forward		3		03/27/2024		165,223		(10,883	)
LME Aluminum Forward		15		03/28/2024		826,301		(36,636	)
LME Aluminum Forward		7		04/02/2024		385,665		(15,985	)
LME Aluminum Forward		1		04/03/2024		55,103		(1,343	)
LME Aluminum Forward		1		04/04/2024		55,128		(1,349	)
LME Aluminum Forward		15		04/09/2024		827,355		(20,246	)
LME Aluminum Forward		11		04/10/2024		606,845		(14,839	)
LME Aluminum Forward		1		04/12/2024		55,211		(1,350	)
LME Aluminum Forward		110		04/15/2024		6,073,843		(88,564	)
LME Aluminum Forward		5		04/17/2024		276,096		(6,385	)
LME Aluminum Forward		1		04/18/2024		55,223		(1,292	)
LME Aluminum Forward		10		04/19/2024		552,450		(3,725	)
LME Aluminum Forward		23		04/22/2024		1,271,135		(19,940	)
LME Aluminum Forward		1		04/23/2024		55,279		1,161
LME Aluminum Forward		1		04/25/2024		55,329		1,179
LME Aluminum Forward		1		04/26/2024		55,342		(1,208	)
LME Aluminum Forward		4		05/13/2024		222,171		(3,188	)
LME Aluminum Forward		1		05/16/2024		55,538		1,158
LME Aluminum Forward		28		05/21/2024		1,556,625		11,763
LME Aluminum Forward		1		05/23/2024		55,688		938
LME Aluminum Forward		1		05/29/2024		55,700		513
LME Copper Forward		1		03/01/2024		208,869		(4,206	)
LME Copper Forward		2		03/05/2024		420,335		6,010
LME Copper Forward		9		03/08/2024		1,893,364		(20,554	)
LME Copper Forward		7		03/11/2024		1,472,840		(23,147	)
LME Copper Forward		14		03/18/2024		2,949,450		(39,613	)
LME Copper Forward		11		03/19/2024		2,317,975		(47,288	)
LME Copper Forward		2		03/27/2024		422,513		3,939
LME Copper Forward		1		04/08/2024		211,422		1,760
LME Copper Forward		35		04/15/2024		7,403,375		44,793
LME Copper Forward		1		04/16/2024		211,544		(3,606	)
LME Copper Forward		2		04/25/2024		423,794		(3,623	)
LME Copper Forward		1		05/02/2024		212,106		1,069
LME Copper Forward		7		05/10/2024		1,484,963		7,613
LME Copper Forward		25		05/13/2024		5,304,063		8,489
LME Copper Forward		2		05/14/2024		424,263		3,263
LME Copper Forward		1		05/16/2024		212,150		975
LME Copper Forward		1		05/17/2024		212,169		(1,981	)
LME Copper Forward		13		05/21/2024		2,758,925		(19,863	)
LME Copper Forward		9		05/23/2024		1,911,038		6,050

The accompanying notes are an integral part of the consolidated financial statements.

14

Abbey Capital Futures Strategy Fund

Consolidated Schedule of Open Futures Contracts (Continued)

as of February 29, 2024 (Unaudited)

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
LME Copper Forward		2		05/29/2024	$	424,675	$	1,063
LME Lead Forward		5		03/01/2024		261,043		3,203
LME Lead Forward		6		03/01/2024		308,775		3,320
LME Lead Forward		10		03/05/2024		515,075		(34,804	)
LME Lead Forward		4		03/07/2024		206,390		(2,374	)
LME Lead Forward		1		03/12/2024		51,665		(3,473	)
LME Lead Forward		67		03/18/2024		3,470,600		(17,068	)
LME Lead Forward		1		03/19/2024		51,728		(23	)
LME Lead Forward		4		03/27/2024		204,996		(13,104	)
LME Lead Forward		1		04/02/2024		51,292		129
LME Lead Forward		3		04/03/2024		153,939		(1,949	)
LME Lead Forward		5		04/12/2024		257,695		(5,243	)
LME Lead Forward		40		04/15/2024		2,062,350		(85,448	)
LME Lead Forward		3		04/19/2024		153,720		(7,968	)
LME Lead Forward		4		04/22/2024		204,976		(11,074	)
LME Lead Forward		8		04/25/2024		410,106		(14,432	)
LME Lead Forward		4		04/26/2024		205,069		(11,694	)
LME Lead Forward		3		04/30/2024		153,821		(6,955	)
LME Lead Forward		1		05/02/2024		51,309		(853	)
LME Lead Forward		7		05/09/2024		359,527		(5,917	)
LME Lead Forward		5		05/13/2024		256,961		(4,258	)
LME Lead Forward		2		05/23/2024		102,908		(2,130	)
LME Nickel Forward		5		03/05/2024		530,400		35,722
LME Nickel Forward		1		03/06/2024		106,101		9,389
LME Nickel Forward		2		03/11/2024		212,403		12,462
LME Nickel Forward		2		03/14/2024		212,568		14,058
LME Nickel Forward		27		03/18/2024		2,870,559		262,359
LME Nickel Forward		3		03/19/2024		319,005		22,813
LME Nickel Forward		2		03/26/2024		212,899		18,745
LME Nickel Forward		6		03/27/2024		639,186		53,019
LME Nickel Forward		2		04/03/2024		213,160		20,980
LME Nickel Forward		1		04/08/2024		106,662		9,342
LME Nickel Forward		1		04/09/2024		106,678		8,128
LME Nickel Forward		2		04/10/2024		213,389		17,579
LME Nickel Forward		27		04/15/2024		2,882,952		271,548
LME Nickel Forward		1		04/17/2024		106,812		9,702
LME Nickel Forward		1		04/19/2024		106,884		9,324
LME Nickel Forward		3		04/24/2024		320,814		19,254
LME Nickel Forward		2		04/26/2024		214,020		13,778
LME Nickel Forward		2		05/07/2024		214,328		23,168
LME Nickel Forward		2		05/13/2024		214,464		15,042
LME Nickel Forward		7		05/16/2024		750,711		63,081
LME Nickel Forward		1		05/17/2024		107,247		6,897
LME Nickel Forward		3		05/21/2024		321,845		7,595
LME Nickel Forward		1		05/29/2024		107,376		1,026
LME Tin Forward		1		03/06/2024		131,907		8,382
LME Tin Forward		1		03/11/2024		132,012		8,562
LME Tin Forward		1		04/22/2024		132,652		202
LME Tin Forward		1		04/25/2024		132,725		(616	)
LME Tin Forward		1		05/14/2024		132,870		(2,430	)
LME Tin Forward		2		05/23/2024		265,510		2,560

The accompanying notes are an integral part of the consolidated financial statements.

15

Abbey Capital Futures Strategy Fund

Consolidated Schedule of Open Futures Contracts (Continued)

as of February 29, 2024 (Unaudited)

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
LME Zinc Forward		5		03/01/2024	$	296,156	$	(9,155	)
LME Zinc Forward		1		03/04/2024		59,544		(973	)
LME Zinc Forward		1		03/04/2024		59,586		(1,865	)
LME Zinc Forward		9		03/05/2024		536,456		(58,374	)
LME Zinc Forward		1		03/06/2024		59,627		(3,854	)
LME Zinc Forward		5		03/07/2024		298,448		(19,100	)
LME Zinc Forward		1		03/08/2024		59,711		(1,552	)
LME Zinc Forward		1		03/13/2024		59,756		(3,319	)
LME Zinc Forward		6		03/14/2024		358,808		(21,868	)
LME Zinc Forward		58		03/18/2024		3,470,213		(245,614	)
LME Zinc Forward		1		03/20/2024		59,850		(5,100	)
LME Zinc Forward		5		03/25/2024		299,485		(27,965	)
LME Zinc Forward		6		03/26/2024		359,438		(34,284	)
LME Zinc Forward		4		03/27/2024		240,021		(13,289	)
LME Zinc Forward		1		04/02/2024		60,041		(3,017	)
LME Zinc Forward		1		04/04/2024		60,103		(2,974	)
LME Zinc Forward		5		04/05/2024		300,594		(14,830	)
LME Zinc Forward		1		04/09/2024		60,150		(2,949	)
LME Zinc Forward		1		04/11/2024		60,213		(4,375	)
LME Zinc Forward		60		04/15/2024		3,614,625		119,212
LME Zinc Forward		6		04/16/2024		361,482		(17,283	)
LME Zinc Forward		1		04/17/2024		60,250		(2,865	)
LME Zinc Forward		11		04/25/2024		663,817		(45,752	)
LME Zinc Forward		12		04/26/2024		724,350		(43,313	)
LME Zinc Forward		1		04/30/2024		60,363		70
LME Zinc Forward		4		05/03/2024		241,775		300
LME Zinc Forward		6		05/07/2024		362,768		450
LME Zinc Forward		1		05/09/2024		60,531		2,306
LME Zinc Forward		2		05/10/2024		121,075		156
LME Zinc Forward		1		05/13/2024		60,544		584
LME Zinc Forward		1		05/17/2024		60,556		256
LME Zinc Forward		5		05/23/2024		303,219		31
London Cocoa		163		05/15/2024		10,621,131		2,192,287
London Cocoa		59		07/16/2024		3,572,621		695,102
London Metals - Aluminum		3389		03/18/2024		186,159,465		(5,494,825	)
London Metals - Aluminum		503		06/17/2024		28,130,527		(162,307	)
London Metals - Copper		795		03/18/2024		167,486,625		(272,414	)
London Metals - Copper		262		06/17/2024		55,737,225		175,170
London Metals - Lead		990		03/18/2024		51,282,000		(2,663,139	)
London Metals - Lead		226		06/17/2024		11,665,386		(73,307	)
London Metals - Nickel		97		03/18/2024		10,312,749		914,432
London Metals - Nickel		30		06/17/2024		3,233,340		77,358
London Metals - Tin		1		03/18/2024		132,140		9,096
London Metals - Tin		1		06/17/2024		133,005		(3,869	)
London Metals - Zinc		732		03/18/2024		43,796,475		(1,605,195	)
London Metals - Zinc		30		06/17/2024		1,824,563		9,511
Long Gilt		1247		06/26/2024		154,403,219		221,017
Low Sulphur Gas Oil		272		04/11/2024		21,930,000		(637,712	)
Low Sulphur Gas Oil		66		05/10/2024		5,214,000		(73,400	)
Low Sulphur Gas Oil		48		06/12/2024		3,741,600		17,825
Low Sulphur Gas Oil		21		07/11/2024		1,622,250		(20,000	)

The accompanying notes are an integral part of the consolidated financial statements.

16

Abbey Capital Futures Strategy Fund

Consolidated Schedule of Open Futures Contracts (Continued)

as of February 29, 2024 (Unaudited)

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
Lumber		4		05/15/2024	$	64,955	$	481
Mexican Peso/US Dollar Cross Currency Rate		1417		03/18/2024		41,440,165		654,939
Micro Gold		29		04/26/2024		595,863		2,696
MSCI China A 50 Index		2		03/15/2024		92,160		(150	)
MSCI EAFE Index		136		03/15/2024		15,557,720		357,620
MSCI Emerging Markets ESG Index		3		03/15/2024		45,300		(140	)
MSCI Emerging Markets Index		178		03/15/2024		9,049,520		(3,010	)
MSCI Singapore Index		24		03/27/2024		502,100		(2,025	)
Nasdaq 100 Index		392		03/15/2024		141,768,760		7,374,769
NASDAQ 100 Micro Index		2		03/15/2024		72,331		1,265
New Zealand Dollar/US Dollar Cross Currency Rate		443		03/18/2024		26,943,260		(477,275	)
Nifty 50 Index		713		03/28/2024		31,645,792		(153,197	)
Nikkei 225 Index		424		03/07/2024		55,510,005		5,458,127
Nikkei 225 Index		60		03/07/2024		7,864,194		419,057
Nikkei 225 Index		233		03/07/2024		6,101,641		684,725
Nikkei 225 Index		184		03/07/2024		48,184,632		6,026,588
Nikkei 225 Index		25		03/07/2024		4,913,125		481,150
NY Harbor ULSD		311		03/28/2024		34,612,994		(1,105,648	)
NY Harbor ULSD		52		04/30/2024		5,668,354		(113,749	)
NY Harbor ULSD		42		05/31/2024		4,510,019		(61,127	)
NY Harbor ULSD		19		06/28/2024		2,027,638		(28,568	)
NY Harbor ULSD		2		11/29/2024		210,311		(63	)
NYSE FANG+ Index		2		03/15/2024		99,258		(2,407	)
OMXS30 ESG Index		13		03/15/2024		295,016		9,818
OMXS30 Index		3193		03/15/2024		75,679,127		2,538,385
Platinum		101		04/26/2024		4,464,200		(465,345	)
Reformulated Gasoline Blendstock		322		03/28/2024		34,905,444		509,779
Reformulated Gasoline Blendstock		66		04/30/2024		7,127,089		98,272
Reformulated Gasoline Blendstock		44		05/31/2024		4,691,333		60,350
Reformulated Gasoline Blendstock		21		06/28/2024		2,200,943		16,926
Robusta Coffee		218		05/24/2024		6,747,100		136,170
Robusta Coffee		67		07/25/2024		2,027,420		109,970
Rough Rice		29		05/14/2024		1,060,530		(16,640	)
Russell 2000 Index		4		03/15/2024		41,146		1,328
Russell 2000 Index		254		03/15/2024		26,127,710		492,538
S&P 500 Index		794		03/15/2024		202,618,875		8,880,175
S&P Mid Cap 400 Index		84		03/15/2024		24,297,840		758,590
S&P/Toronto Stock Exchange 60 Index		322		03/14/2024		61,242,044		1,142,469
SGX FTSE Taiwan Index		636		03/28/2024		41,123,760		59,445
SGX Technically Specified Rubber 20		9		03/28/2024		73,035		1,305
SGX TSI Iron Ore		137		03/28/2024		1,595,913		(210,317	)
SGX TSI Iron Ore		364		04/30/2024		4,188,912		(83,993	)
SGX TSI Iron Ore		51		05/31/2024		580,023		(34,047	)
SGX TSI Iron Ore		34		06/28/2024		382,024		(16,181	)
Short-term Euro-BTP		198		03/07/2024		22,549,025		(91,511	)
Silver		84		05/29/2024		9,611,700		(83,825	)
Soybean Meal		273		05/14/2024		8,987,160		(73,350	)
Soybeans		90		05/14/2024		5,133,375		(63,733	)
STOXX 600 Bank Spread Index		20		03/15/2024		187,735		3,087
STOXX Euro ESG-X Index		131		03/15/2024		2,613,657		84,335

The accompanying notes are an integral part of the consolidated financial statements.

17

Abbey Capital Futures Strategy Fund

Consolidated Schedule of Open Futures Contracts (Continued)

as of February 29, 2024 (Unaudited)

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
STOXX Europe 600 Index		280		03/15/2024	$	7,488,435	$	41,908
STOXX Europe 600 Index		1		03/15/2024		19,941		870
Sugar #11		19		06/28/2024		458,158		(22,344	)
Swiss Federal Bond Futures		1		03/07/2024		169,333		645
Technology Select Sector Index		3		03/15/2024		626,790		39,140
Tokyo Price Index		103		03/07/2024		1,841,936		45,426
TOPIX Index		378		03/07/2024		67,597,252		5,781,526
Turkish Dollar		234		04/30/2024		250,078		85
U.S. Treasury 10 Year Notes		1021		06/18/2024		112,756,688		260,734
U.S. Treasury 5 Year Note		77		06/28/2024		8,231,781		1,203
U.S. Treasury Long Bonds		68		06/18/2024		8,109,000		(1,743	)
U.S. Treasury Ultra Bonds		25		06/18/2024		3,196,875		6,133
US Cocoa		290		05/15/2024		17,542,100		2,833,207
US Cocoa		94		07/16/2024		5,386,200		968,560
US Dollar/Chinese Renminbi Cross Currency Rate		3		03/18/2024		299,900		2,187
US Dollar/Norwegian Krone Cross Currency Rate		8		03/18/2024		799,834		(14,741	)
US Dollar/Swedish Krona Cross Currency Rate		4		03/18/2024		400,189		(1,802	)
Wheat		276		05/14/2024		7,952,250		(228,800	)
White Sugar		1		04/15/2024		30,755		(210	)
WTI Light Sweet Crude Oil IPE		23		03/19/2024		1,799,980		24,800
WTI Light Sweet Crude Oil IPE		16		04/19/2024		1,239,200		4,400
WTI Light Sweet Crude Oil IPE		8		05/20/2024		614,480		1,050
WTI Light Sweet Crude Oil IPE		5		06/18/2024		380,900		(2,130	)
XAV Health Care Select Sector Index		5		03/15/2024		731,900		(1,420	)
							$	62,611,218

Description	Contracts Sold		Expiration Date		Notional		Value / Unrealized Appreciation (Depreciation)
1 Month Secured Overnight Financing Rate		(42)		07/31/2024	$	16,600,078	$	7,959
10 Year U.S. Ultra Treasury Notes		(170)		06/18/2024		19,409,219		(64,922	)
3 Month Canadian Bankers’ Acceptances		(40)		06/17/2024		6,995,911		(5,121	)
3 Month Canadian Bankers’ Acceptances		(45)		09/18/2024		7,891,123		5,112
3 Month Canadian Bankers’ Acceptances		(19)		12/18/2024		3,341,607		1,778
3 Month Canadian Bankers’ Acceptances		(14)		03/19/2025		2,468,298		626
3 Month Canadian Bankers’ Acceptances		(6)		06/18/2025		1,059,831		258
3 Month Canadian Bankers’ Acceptances		(3)		09/17/2025		530,689		1
3 Month Euribor		(73)		06/17/2024		19,003,677		21,562
3 Month Euribor		(54)		09/16/2024		14,107,124		44,799
3 Month Euribor		(85)		12/16/2024		22,274,559		12,645
3 Month Euribor		(262)		03/17/2025		68,820,874		(12,794	)
3 Month New Zealand Treasury Bill		(10)		06/12/2024		6,005,430		(2,248	)
3 Month New Zealand Treasury Bill		(14)		09/11/2024		8,411,898		(4,603	)
30 Day Federal Funds Rate		(1)		02/28/2025		398,469		21
3-Month Secured Overnight Financing Rate		(104)		09/17/2024		24,671,400		71,513
3-Month Secured Overnight Financing Rate		(523)		12/17/2024		124,454,388		308,063
3-Month Secured Overnight Financing Rate		(910)		03/18/2025		217,262,500		172,850
3-Month Secured Overnight Financing Rate		(160)		06/17/2025		38,314,000		64,813
3-Month Secured Overnight Financing Rate		(940)		09/16/2025		225,647,000		884,650

The accompanying notes are an integral part of the consolidated financial statements.

18

Abbey Capital Futures Strategy Fund

Consolidated Schedule of Open Futures Contracts (Continued)

as of February 29, 2024 (Unaudited)

Description	Contracts Sold		Expiration Date		Notional		Value / Unrealized Appreciation (Depreciation)
3-Month Secured Overnight Financing Rate		(412)		12/16/2025	$	99,075,700	$	20,763
3-Month Secured Overnight Financing Rate		(156)		03/17/2026		37,551,150		18,313
3-Month Secured Overnight Financing Rate		(142)		06/16/2026		34,197,150		7,400
3-Month Secured Overnight Financing Rate		(124)		09/15/2026		29,865,400		1,750
3-Month Secured Overnight Financing Rate		(468)		12/15/2026		112,723,650		(33,488	)
3-Month Secured Overnight Financing Rate		(103)		03/16/2027		24,810,125		(6,138	)
3-Month Secured Overnight Financing Rate		(73)		06/15/2027		17,583,875		(5,200	)
3-Month Secured Overnight Financing Rate		(21)		09/14/2027		5,057,850		(538	)
3-Month Secured Overnight Financing Rate		(17)		12/14/2027		4,094,025		(838	)
3-Month Secured Overnight Financing Rate		(15)		03/14/2028		3,611,813		150
3-Month Secured Overnight Financing Rate		(10)		06/20/2028		2,407,625		763
Arabica Coffee		(31)		05/20/2024		2,143,069		(23,288	)
AUD/USD Cross Currency Rate		(2379)		03/18/2024		154,563,630		1,664,508
Austrailian Government 10 Year Bonds		(479)		03/15/2024		35,810,318		(110,980	)
Austrailian Government 3 Year Bonds		(500)		03/15/2024		34,604,208		(42,810	)
Australian 90 Day Bank Bills		(3)		09/12/2024		1,930,203		(173	)
Australian 90 Day Bank Bills		(44)		12/12/2024		28,317,935		(848	)
Australian 90 Day Bank Bills		(53)		03/13/2025		34,119,403		(2,358	)
Australian 90 Day Bank Bills		(10)		06/12/2025		6,439,039		(818	)
Australian 90 Day Bank Bills		(8)		09/11/2025		5,152,112		(708	)
Australian 90 Day Bank Bills		(5)		12/11/2025		3,220,542		(362	)
Brent Crude Oil		(54)		03/28/2024		4,423,140		47,370
British Pound/US Dollar Cross Currency Rate		(92)		03/18/2024		7,253,050		(17,103	)
Canadian 10 Year Government Bonds		(479)		06/19/2024		42,307,578		(13,771	)
Canadian 2-Year Bond Futures		(106)		06/19/2024		8,054,563		(3,865	)
Canadian 5 Year Bonds		(49)		06/19/2024		4,016,689		(5,622	)
Canadian Canola Oil		(407)		05/14/2024		3,560,931		67,491
Canadian Canola Oil		(44)		07/12/2024		389,634		(1,953	)
Canadian Dollar/US Dollar Cross Currency Rate		(625)		03/19/2024		46,043,750		83,781
Class III Milk		(2)		04/02/2024		67,840		1,480
Class III Milk		(8)		04/30/2024		274,720		5,340
Copper		(309)		05/29/2024		29,718,075		(20,929	)
Copper		(13)		07/29/2024		1,256,775		11,838
Corn No. 2 Yellow		(2189)		05/14/2024		47,008,775		654,313
Corn No. 2 Yellow		(1360)		07/12/2024		30,005,000		2,520,400
Corn No. 2 Yellow		(72)		09/13/2024		1,620,900		(36,888	)
Corn No. 2 Yellow		(61)		12/13/2024		1,412,913		(22,788	)
Crude Oil		(114)		03/20/2024		8,921,640		(73,003	)
Crude Soybean Oil		(1088)		05/14/2024		29,513,088		1,138,904
Crude Soybean Oil		(102)		07/12/2024		2,791,944		85,656
Crude Soybean Oil		(41)		12/13/2024		1,108,476		52,056
Dow Jones Industrial Average Index		(23)		03/15/2024		4,489,945		(10,868	)
E-mini Consumer Staples Select Sector		(4)		03/15/2024		300,240		(8,970	)
Euro BUXL 30 Year Bonds		(44)		03/07/2024		6,332,454		(21,832	)
Euro BUXL 30 Year Bonds		(2)		06/06/2024		288,098		(1,362	)
Euro Half Dollars		(3)		03/18/2024		202,669		(688	)
Euro STOXX 50 Quanto Index		(333)		03/15/2024		17,613,830		(685,692	)
Euro/Pound Sterling Cross Currency Rate		(6)		03/18/2024		811,253		(521	)
Euro/US Dollar Cross Currency Rate		(1316)		03/18/2024		177,808,050		92,390
Euro/US Dollar Cross Currency Rate		(5)		03/18/2024		67,556		(496	)
Euro-BOBL		(1371)		03/07/2024		172,212,204		529,464

The accompanying notes are an integral part of the consolidated financial statements.

19

Abbey Capital Futures Strategy Fund

Consolidated Schedule of Open Futures Contracts (Continued)

as of February 29, 2024 (Unaudited)

Description	Contracts Sold		Expiration Date		Notional		Value / Unrealized Appreciation (Depreciation)
Euro-BOBL		(10)		06/06/2024	$	1,272,751	$	(2,767	)
Euro-Bund		(1852)		03/07/2024		265,517,920		227,191
Euro-Bund		(12)		06/06/2024		1,715,360		(5,588	)
Euro-Schatz		(4404)		03/07/2024		500,497,818		2,400,030
Euro-Schatz		(190)		06/06/2024		21,701,613		(19,303	)
Eurpoean Rapeseed		(116)		04/30/2024		2,582,681		50,892
Eurpoean Rapeseed		(22)		07/31/2024		491,305		7,471
French Government Bonds		(715)		03/07/2024		98,675,317		3,471,941
FTSE 100 Index		(492)		03/15/2024		47,364,782		(49,483	)
FTSE China A50 Index		(1236)		03/28/2024		14,673,792		(13,346	)
FTSE/JSE Top 40 Index		(478)		03/20/2024		16,503,959		411,741
German Stock Index		(85)		03/15/2024		40,761,856		(970,370	)
Gold		(164)		04/26/2024		33,697,080		(229,000	)
Hang Seng China Enterprises Index		(227)		03/27/2024		8,235,436		156,174
Hang Seng China Enterprises Index		(7)		03/27/2024		50,791		695
Hang Seng Index		(2)		03/27/2024		42,026		276
Hang Seng Index		(393)		03/27/2024		41,290,223		569,077
Hang Seng TECH Index		(131)		03/27/2024		2,871,141		(21,840	)
Hard Red Winter Wheat		(452)		05/14/2024		13,271,850		281,875
Hard Red Winter Wheat		(174)		07/12/2024		4,995,975		64,713
ICE 3 Month SONIA Rate		(23)		12/17/2024		6,912,412		3,471
ICE 3 Month SONIA Rate		(1)		03/18/2025		301,376		(126	)
ICE 3 Month SONIA Rate		(1)		06/17/2025		302,054		(142	)
ICE 3 Month SONIA Rate		(1)		09/16/2025		302,607		(174	)
ICE 3 Month SONIA Rate		(16)		12/16/2025		4,848,271		(5,586	)
ICE 3 Month SONIA Rate		(1)		03/17/2026		303,317		(189	)
ICE 3 Month SONIA Rate		(1)		06/16/2026		303,506		(174	)
ICE 3 Month SONIA Rate		(1)		09/15/2026		303,664		(189	)
ICE 3 Month SONIA Rate		(1)		12/15/2026		303,774		(189	)
ICE 3 Month SONIA Rate		(1)		03/16/2027		303,869		(174	)
ICE European Climate Exchange Emissions		(235)		12/16/2024		14,223,337		2,889,661
ICE European Climate Exchange Emissions		(8)		12/15/2025		502,788		19,336
ICE Rotterdam Coal		(2)		04/26/2024		205,700		12,700
ICE Rotterdam Coal		(2)		05/31/2024		201,000		17,400
ICE Rotterdam Coal		(2)		06/28/2024		198,400		20,000
Indian Rupee/US Dollar Cross Currency Rate		(1)		03/26/2024		60,300		(25	)
Indian Rupee/US Dollar Cross Currency Rate		(1)		03/26/2024		24,100		14
Japanese Yen/US Dollar Cross Currency Rate		(2281)		03/18/2024		190,634,575		7,485,786
Lean Hogs		(7)		06/14/2024		280,560		(16,930	)
LME Aluminum Forward		(5)		03/01/2024		268,200		5,475
LME Aluminum Forward		(20)		03/05/2024		1,094,695		(21,170	)
LME Aluminum Forward		(1)		03/07/2024		54,820		(1,607	)
LME Aluminum Forward		(7)		03/12/2024		384,080		3,496
LME Aluminum Forward		(1)		03/13/2024		54,879		1,309
LME Aluminum Forward		(123)		03/18/2024		6,756,452		(79,187	)
LME Aluminum Forward		(1)		03/19/2024		54,934		991
LME Aluminum Forward		(1)		03/20/2024		54,937		1,343
LME Aluminum Forward		(1)		03/26/2024		55,012		1,322
LME Aluminum Forward		(3)		03/27/2024		165,223		3,989
LME Aluminum Forward		(15)		03/28/2024		826,301		19,973
LME Aluminum Forward		(7)		04/02/2024		385,665		9,361

The accompanying notes are an integral part of the consolidated financial statements.

20

Abbey Capital Futures Strategy Fund

Consolidated Schedule of Open Futures Contracts (Continued)

as of February 29, 2024 (Unaudited)

Description	Contracts Sold		Expiration Date		Notional		Value / Unrealized Appreciation (Depreciation)
LME Aluminum Forward		(1)		04/03/2024	$	55,103	$	1,535
LME Aluminum Forward		(1)		04/04/2024		55,128		1,173
LME Aluminum Forward		(15)		04/09/2024		827,355		11,833
LME Aluminum Forward		(11)		04/10/2024		606,845		8,067
LME Aluminum Forward		(1)		04/12/2024		55,211		(48	)
LME Aluminum Forward		(110)		04/15/2024		6,073,843		(40,878	)
LME Aluminum Forward		(5)		04/17/2024		276,096		(5,171	)
LME Aluminum Forward		(1)		04/18/2024		55,223		(1,261	)
LME Aluminum Forward		(10)		04/19/2024		552,450		12,763
LME Aluminum Forward		(23)		04/22/2024		1,271,135		25,116
LME Aluminum Forward		(1)		04/23/2024		55,279		433
LME Aluminum Forward		(1)		04/25/2024		55,329		1,583
LME Aluminum Forward		(1)		04/26/2024		55,342		(1,157	)
LME Aluminum Forward		(28)		05/02/2024		1,552,019		9,819
LME Aluminum Forward		(133)		05/13/2024		7,387,186		65,881
LME Aluminum Forward		(2)		05/16/2024		111,076		(1,701	)
LME Aluminum Forward		(13)		05/23/2024		723,938		(13,213	)
LME Copper Forward		(1)		03/01/2024		208,869		172
LME Copper Forward		(2)		03/05/2024		420,335		6,803
LME Copper Forward		(9)		03/08/2024		1,893,364		9,611
LME Copper Forward		(7)		03/11/2024		1,472,840		(21,915	)
LME Copper Forward		(14)		03/18/2024		2,949,450		(27,220	)
LME Copper Forward		(11)		03/19/2024		2,317,975		22,806
LME Copper Forward		(2)		03/27/2024		422,513		6,690
LME Copper Forward		(1)		04/08/2024		211,422		(1,038	)
LME Copper Forward		(35)		04/15/2024		7,403,375		(191,022	)
LME Copper Forward		(1)		04/16/2024		211,544		(4,556	)
LME Copper Forward		(2)		04/25/2024		423,794		(2,138	)
LME Copper Forward		(1)		05/02/2024		212,106		(2,731	)
LME Copper Forward		(11)		05/10/2024		2,333,513		(69,675	)
LME Copper Forward		(35)		05/13/2024		7,425,688		(202,900	)
LME Copper Forward		(12)		05/14/2024		2,545,575		(13,200	)
LME Copper Forward		(1)		05/23/2024		212,338		(1,300	)
LME Lead Forward		(6)		03/01/2024		308,775		1,188
LME Lead Forward		(5)		03/01/2024		261,043		4,320
LME Lead Forward		(10)		03/05/2024		515,075		(3,614	)
LME Lead Forward		(4)		03/07/2024		206,390		(2,828	)
LME Lead Forward		(1)		03/12/2024		51,665		(128	)
LME Lead Forward		(67)		03/18/2024		3,470,600		(13,663	)
LME Lead Forward		(1)		03/19/2024		51,728		3,279
LME Lead Forward		(4)		03/27/2024		204,996		2,475
LME Lead Forward		(1)		04/02/2024		51,292		3,190
LME Lead Forward		(3)		04/03/2024		153,939		9,524
LME Lead Forward		(5)		04/12/2024		257,695		4,243
LME Lead Forward		(40)		04/15/2024		2,062,350		15,385
LME Lead Forward		(3)		04/19/2024		153,720		6,968
LME Lead Forward		(4)		04/22/2024		204,976		3,574
LME Lead Forward		(8)		04/25/2024		410,106		23,225
LME Lead Forward		(4)		04/26/2024		205,069		3,531
LME Lead Forward		(3)		04/30/2024		153,821		2,555
LME Lead Forward		(4)		05/02/2024		205,237		6,638

The accompanying notes are an integral part of the consolidated financial statements.

21

Abbey Capital Futures Strategy Fund

Consolidated Schedule of Open Futures Contracts (Continued)

as of February 29, 2024 (Unaudited)

Description	Contracts Sold		Expiration Date		Notional		Value / Unrealized Appreciation (Depreciation)
LME Lead Forward		(3)		05/07/2024	$	153,971	$	(1,433	)
LME Lead Forward		(7)		05/09/2024		359,527		(5,452	)
LME Lead Forward		(32)		05/13/2024		1,644,552		(15,086	)
LME Lead Forward		(3)		05/21/2024		154,177		2,473
LME Lead Forward		(21)		05/23/2024		1,080,529		11,846
LME Nickel Forward		(5)		03/05/2024		530,400		(43,438	)
LME Nickel Forward		(1)		03/06/2024		106,101		(4,791	)
LME Nickel Forward		(2)		03/11/2024		212,403		(14,541	)
LME Nickel Forward		(2)		03/14/2024		212,568		(6,792	)
LME Nickel Forward		(27)		03/18/2024		2,870,559		(218,847	)
LME Nickel Forward		(3)		03/19/2024		319,005		(15,111	)
LME Nickel Forward		(2)		03/26/2024		212,899		(12,091	)
LME Nickel Forward		(6)		03/27/2024		639,186		(41,247	)
LME Nickel Forward		(2)		04/03/2024		213,160		(18,766	)
LME Nickel Forward		(1)		04/08/2024		106,662		(9,582	)
LME Nickel Forward		(1)		04/09/2024		106,678		(9,364	)
LME Nickel Forward		(2)		04/10/2024		213,389		(18,671	)
LME Nickel Forward		(1)		04/12/2024		106,760		(9,830	)
LME Nickel Forward		(28)		04/15/2024		2,989,728		(271,917	)
LME Nickel Forward		(1)		04/17/2024		106,812		(9,369	)
LME Nickel Forward		(2)		04/18/2024		213,732		(18,738	)
LME Nickel Forward		(1)		04/19/2024		106,884		(9,393	)
LME Nickel Forward		(1)		04/24/2024		106,938		(9,369	)
LME Nickel Forward		(6)		04/25/2024		641,952		(37,682	)
LME Nickel Forward		(2)		04/26/2024		214,020		(18,684	)
LME Nickel Forward		(2)		05/02/2024		214,272		(22,062	)
LME Nickel Forward		(1)		05/03/2024		107,150		(10,490	)
LME Nickel Forward		(26)		05/13/2024		2,788,032		(263,796	)
LME Nickel Forward		(1)		05/21/2024		107,282		(3,242	)
LME Nickel Forward		(2)		05/23/2024		214,713		(8,091	)
LME Tin Forward		(1)		03/06/2024		131,907		(8,032	)
LME Tin Forward		(1)		03/11/2024		132,012		1,019
LME Tin Forward		(1)		05/02/2024		132,841		(6,666	)
LME Tin Forward		(1)		05/16/2024		132,880		(880	)
LME Zinc Forward		(5)		03/01/2024		296,156		16,664
LME Zinc Forward		(1)		03/04/2024		59,586		3,877
LME Zinc Forward		(1)		03/04/2024		59,544		2,244
LME Zinc Forward		(9)		03/05/2024		536,456		23,756
LME Zinc Forward		(1)		03/06/2024		59,627		473
LME Zinc Forward		(5)		03/07/2024		298,448		(48	)
LME Zinc Forward		(1)		03/08/2024		59,711		4,205
LME Zinc Forward		(1)		03/13/2024		59,756		3,763
LME Zinc Forward		(6)		03/14/2024		358,808		25,939
LME Zinc Forward		(58)		03/18/2024		3,470,213		82,477
LME Zinc Forward		(1)		03/20/2024		59,850		6,200
LME Zinc Forward		(5)		03/25/2024		299,485		24,741
LME Zinc Forward		(6)		03/26/2024		359,438		36,863
LME Zinc Forward		(4)		03/27/2024		240,021		20,036
LME Zinc Forward		(1)		04/02/2024		60,041		3,747
LME Zinc Forward		(1)		04/04/2024		60,103		2,709
LME Zinc Forward		(5)		04/05/2024		300,594		11,045

The accompanying notes are an integral part of the consolidated financial statements.

22

Abbey Capital Futures Strategy Fund

Consolidated Schedule of Open Futures Contracts (Continued)

as of February 29, 2024 (Unaudited)

Description	Contracts Sold		Expiration Date		Notional		Value / Unrealized Appreciation (Depreciation)
LME Zinc Forward		(1)		04/09/2024	$	60,150	$	2,888
LME Zinc Forward		(1)		04/11/2024		60,213		2,915
LME Zinc Forward		(60)		04/15/2024		3,614,625		49,692
LME Zinc Forward		(6)		04/16/2024		361,482		6,581
LME Zinc Forward		(1)		04/17/2024		60,250		1,450
LME Zinc Forward		(11)		04/25/2024		663,817		3,003
LME Zinc Forward		(12)		04/26/2024		724,350		34,388
LME Zinc Forward		(6)		04/30/2024		362,175		5,250
LME Zinc Forward		(6)		05/02/2024		362,582		1,069
LME Zinc Forward		(5)		05/03/2024		302,219		(9,056	)
LME Zinc Forward		(8)		05/07/2024		483,690		(21,203	)
LME Zinc Forward		(3)		05/09/2024		181,594		(5,775	)
LME Zinc Forward		(4)		05/10/2024		242,150		(11,000	)
LME Zinc Forward		(61)		05/13/2024		3,693,169		(151,823	)
LME Zinc Forward		(11)		05/21/2024		666,394		(9,419	)
LME Zinc Forward		(2)		05/23/2024		121,288		(188	)
London Metals - Aluminum		(3389)		03/18/2024		186,159,465		2,347,350
London Metals - Aluminum		(999)		06/17/2024		55,869,575		50,432
London Metals - Copper		(795)		03/18/2024		167,486,625		(1,148,778	)
London Metals - Copper		(268)		06/17/2024		57,013,650		(1,000,901	)
London Metals - Lead		(990)		03/18/2024		51,282,000		(199,034	)
London Metals - Lead		(398)		06/17/2024		20,543,467		(404,984	)
London Metals - Nickel		(97)		03/18/2024		10,312,749		(56,645	)
London Metals - Nickel		(123)		06/17/2024		13,256,694		(1,236,467	)
London Metals - Tin		(1)		03/18/2024		132,140		(14,294	)
London Metals - Tin		(1)		06/17/2024		133,005		(2,334	)
London Metals - Zinc		(732)		03/18/2024		43,796,475		1,829,139
London Metals - Zinc		(10)		05/13/2024		605,438		(4,968	)
London Metals - Zinc		(375)		06/17/2024		22,807,031		(752,170	)
Long Gilt		(291)		06/26/2024		36,031,545		(21,030	)
Maize		(11)		06/05/2024		103,878		1,324
Milling Wheat No. 2		(6)		03/11/2024		61,849		8,160
Milling Wheat No. 2		(582)		05/10/2024		6,164,455		472,310
Milling Wheat No. 2		(97)		09/10/2024		1,074,586		7,295
Milling Wheat No. 2		(32)		12/10/2024		364,014		1,864
MSCI Emerging Markets Index		(3)		03/15/2024		152,520		(60	)
MSCI Singapore Index		(78)		03/27/2024		1,631,823		11,211
Nasdaq 100 Index		(17)		03/15/2024		6,148,135		(11,800	)
Natural Gas		(28)		03/25/2024		130,200		(8,588	)
Natural Gas		(684)		03/26/2024		12,722,400		(475,585	)
Natural Gas		(170)		03/27/2024		3,289,391		109,275
Natural Gas		(576)		04/26/2024		11,566,080		(4,770	)
Natural Gas		(5)		04/29/2024		100,679		(7,523	)
Natural Gas		(159)		05/29/2024		3,575,910		(10,930	)
Natural Gas		(86)		06/26/2024		2,156,020		(154,200	)
Natural Gas		(37)		09/26/2024		976,800		(52,500	)
New Zealand Dollar/US Dollar Cross Currency Rate		(26)		03/18/2024		1,581,320		16,505
Nikkei 225 Index		(24)		03/07/2024		3,145,678		(23,173	)
Nikkei 225 Index		(84)		03/07/2024		10,997,265		(51,061	)
NY Harbor ULSD		(5)		03/28/2024		556,479		(2,474	)
Oats		(1)		05/14/2024		18,550		(825	)

The accompanying notes are an integral part of the consolidated financial statements.

23

Abbey Capital Futures Strategy Fund

Consolidated Schedule of Open Futures Contracts (Concluded)

as of February 29, 2024 (Unaudited)

Description	Contracts Sold		Expiration Date		Notional		Value / Unrealized Appreciation (Depreciation)
Palladium		(76)		06/26/2024	$	7,195,680	$	254,430
Phelix DE Base Yearly		(5)		12/27/2024		3,528,654		1,186,317
Phelix DE Baseload Quarterly		(2)		03/26/2024		263,003		168,160
Platinum		(326)		04/26/2024		14,409,200		237,150
Red Spring Wheat		(108)		05/14/2024		3,558,600		73,463
Red Spring Wheat		(14)		07/12/2024		463,925		2,950
S&P Real Estate Select Sector Stock Index		(1)		03/15/2024		47,900		(525	)
Short-term Euro-BTP		(19)		03/07/2024		2,163,795		32
Silver		(372)		05/29/2024		42,566,100		(281,970	)
Silver		(5)		07/29/2024		577,550		(3,025	)
South African Rand/US Dollar Cross Currency Rate		(3)		03/18/2024		78,038		1,825
Soybean Meal		(622)		05/14/2024		20,476,240		860,514
Soybean Meal		(93)		07/12/2024		3,080,160		113,760
Soybeans		(1180)		05/14/2024		67,304,250		2,363,757
Soybeans		(485)		07/12/2024		27,917,813		1,053,125
Soybeans		(79)		11/14/2024		4,476,338		21,350
STOXX 600 Utilities Index		(9)		03/15/2024		174,068		(438	)
Sugar #11		(1037)		04/30/2024		25,191,634		802,250
Sugar #11		(11)		06/28/2024		265,250		4,245
Sugar #11		(3)		09/30/2024		72,610		1,154
Sugar #11		(2)		02/28/2025		48,922		594
Swiss Franc/US Dollar Cross Currency Rate		(166)		03/18/2024		23,496,263		177,898
Three-Month CORRA Futures		(130)		09/17/2024		22,810,946		(6,724	)
U.S. Treasury 10 Year Notes		(1442)		06/18/2024		159,250,875		(339,883	)
U.S. Treasury 2 Year Notes		(2357)		06/28/2024		482,595,751		(293,835	)
U.S. Treasury 5 Year Note		(2557)		06/28/2024		273,359,281		(377,430	)
U.S. Treasury Long Bonds		(377)		06/18/2024		44,957,250		(175,398	)
U.S. Treasury Ultra Bonds		(135)		06/18/2024		17,263,125		(185,266	)
UK Natural Gas		(80)		03/27/2024		1,865,590		(66,934	)
UK Natural Gas		(10)		04/29/2024		240,502		(15,731	)
US 3 Year Notes		(9)		06/28/2024		1,878,188		(1,992	)
Wheat		(527)		05/14/2024		15,184,188		346,428
Wheat		(602)		07/12/2024		17,435,425		1,251,875
Wheat		(26)		09/13/2024		762,775		4,000
Wheat		(3)		12/13/2024		90,113		6,075
White Sugar		(25)		04/15/2024		768,875		13,290
White Sugar		(13)		07/16/2024		390,520		6,420
White Sugar		(3)		09/13/2024		89,085		965
							$	29,161,356
Total Unrealized Appreciation (Depreciation) on Futures Contracts							$	91,772,574

The accompanying notes are an integral part of the consolidated financial statements.

24

Abbey Capital Futures Strategy Fund

Schedule of Forward Currency Contracts

as of February 29, 2024 (Unaudited)

Settlement Date		Currency Purchased		Currency Sold		Counterparty		Value/ Unrealized Appreciation (Depreciation)
	03/27/2024	AUD	15,000,000	CAD	13,291,512		Bank of America Securities, Inc.	$	(39,153	)
	03/27/2024	AUD	4,136,960	EUR	2,500,000		Bank of America Securities, Inc.		(13,676	)
	03/27/2024	AUD	4,834,314	GBP	2,500,000		Bank of America Securities, Inc.		(11,224	)
	03/01/2024	AUD	1,600,000	JPY	157,105,273		Bank of America Securities, Inc.		(8,056	)
	03/04/2024	AUD	1,400,000	JPY	136,648,302		Bank of America Securities, Inc.		(1,925	)
	03/27/2024	AUD	28,200,000	JPY	2,760,242,624		Bank of America Securities, Inc.		(146,062	)
	03/01/2024	AUD	6,400,000	NZD	6,820,344		Bank of America Securities, Inc.		7,562
	03/27/2024	AUD	31,800,000	NZD	33,833,083		Bank of America Securities, Inc.		88,468
	03/01/2024	AUD	17,154,872	USD	11,191,816		Bank of America Securities, Inc.		(40,802	)
	03/04/2024	AUD	15,254,872	USD	9,931,383		Bank of America Securities, Inc.		(14,509	)
	03/20/2024	AUD	11,700,000	USD	7,668,650		Bank of America Securities, Inc.		(58,750	)
	03/22/2024	AUD	51,472,000	USD	34,856,684		Bank of America Securities, Inc.		(1,376,102	)
	03/27/2024	AUD	2,300,000	USD	1,507,991		Bank of America Securities, Inc.		(11,680	)
	04/18/2024	AUD	142,670,000	USD	93,873,196		Bank of America Securities, Inc.		(990,836	)
	03/04/2024	BRL	36,211,351	USD	7,289,360		Bank of America Securities, Inc.		(8,418	)
	03/20/2024	BRL	89,231,518	USD	17,800,000		Bank of America Securities, Inc.		111,150
	04/02/2024	BRL	16,424,474	USD	3,300,000		Bank of America Securities, Inc.		(7,526	)
	03/27/2024	CAD	38,355,034	AUD	43,400,000		Bank of America Securities, Inc.		38,284
	03/27/2024	CAD	20,600,000	JPY	2,282,477,668		Bank of America Securities, Inc.		(106,289	)
	03/01/2024	CAD	175,850,506	USD	129,497,737		Bank of America Securities, Inc.		77,534
	03/20/2024	CAD	21,942,227	USD	16,280,226		Bank of America Securities, Inc.		(107,472	)
	03/22/2024	CAD	46,243,000	USD	34,574,220		Bank of America Securities, Inc.		(489,273	)
	03/27/2024	CAD	200,000	USD	148,025		Bank of America Securities, Inc.		(597	)
	03/20/2024	CHF	34,830,837	EUR	37,300,000		Bank of America Securities, Inc.		(874,618	)
	03/27/2024	CHF	25,400,080	EUR	26,750,000		Bank of America Securities, Inc.		(136,107	)
	03/27/2024	CHF	4,433,836	GBP	4,000,000		Bank of America Securities, Inc.		(21,329	)
	03/27/2024	CHF	13,000,000	JPY	2,210,581,225		Bank of America Securities, Inc.		(65,488	)
	03/01/2024	CHF	40,282,258	USD	45,729,044		Bank of America Securities, Inc.		(174,175	)
	03/04/2024	CHF	40,282,258	USD	45,894,305		Bank of America Securities, Inc.		(325,212	)
	03/20/2024	CHF	2,813,565	USD	3,250,000		Bank of America Securities, Inc.		(61,475	)
	03/22/2024	CHF	53,811,000	USD	63,631,628		Bank of America Securities, Inc.		(2,635,445	)
	03/27/2024	CHF	16,250,000	USD	18,459,423		Bank of America Securities, Inc.		(29,153	)
	03/06/2024	CLP	96,130,726	USD	100,000		Bank of America Securities, Inc.		(523	)
	03/08/2024	CLP	96,762,856	USD	100,000		Bank of America Securities, Inc.		121
	03/11/2024	CLP	784,689,928	USD	800,000		Bank of America Securities, Inc.		11,791
	03/12/2024	CLP	491,289,280	USD	500,000		Bank of America Securities, Inc.		8,230
	03/27/2024	CLP	296,084,568	USD	300,000		Bank of America Securities, Inc.		6,051
	03/01/2024	CNH	1,500,000	USD	207,864		Bank of America Securities, Inc.		298
	03/20/2024	CNH	33,239,276	USD	4,637,764		Bank of America Securities, Inc.		(18,908	)
	03/27/2024	CNH	6,475,239	USD	900,000		Bank of America Securities, Inc.		234
	03/01/2024	COP	797,276,000	USD	200,000		Bank of America Securities, Inc.		3,095
	03/05/2024	COP	781,560,713	USD	200,000		Bank of America Securities, Inc.		(1,037	)
	03/07/2024	COP	800,950,000	USD	200,000		Bank of America Securities, Inc.		3,833
	03/08/2024	COP	397,426,000	USD	100,000		Bank of America Securities, Inc.		1,122
	03/11/2024	COP	1,179,788,200	USD	300,000		Bank of America Securities, Inc.		26
	03/20/2024	COP	19,489,748,760	USD	4,850,000		Bank of America Securities, Inc.		98,319
	03/21/2024	COP	395,374,000	USD	100,000		Bank of America Securities, Inc.		365
	03/26/2024	COP	1,184,017,070	USD	300,000		Bank of America Securities, Inc.		290
	03/27/2024	EUR	13,750,000	AUD	22,664,321		Bank of America Securities, Inc.		133,093
	03/27/2024	EUR	15,750,000	CAD	22,937,194		Bank of America Securities, Inc.		133,948
	03/20/2024	EUR	26,100,000	CHF	24,686,140		Bank of America Securities, Inc.		256,275

The accompanying notes are an integral part of the consolidated financial statements.

25

Abbey Capital Futures Strategy Fund

Schedule of Forward Currency Contracts (Continued)

as of February 29, 2024 (Unaudited)

Settlement Date		Currency Purchased		Currency Sold		Counterparty		Value/ Unrealized Appreciation (Depreciation)
	03/27/2024	EUR	1,250,000	CHF	1,190,189		Bank of America Securities, Inc.	$	2,652
	03/20/2024	EUR	5,400,000	CZK	134,984,464		Bank of America Securities, Inc.		85,301
	03/20/2024	EUR	11,900,000	GBP	10,186,601		Bank of America Securities, Inc.		12,072
	03/27/2024	EUR	3,400,000	GBP	2,910,019		Bank of America Securities, Inc.		4,942
	03/20/2024	EUR	1,350,000	HUF	531,575,786		Bank of America Securities, Inc.		(578	)
	03/27/2024	EUR	900,000	HUF	351,639,909		Bank of America Securities, Inc.		8,034
	03/21/2024	EUR	64,050,000	JPY	10,236,205,475		Bank of America Securities, Inc.		776,494
	03/27/2024	EUR	9,300,000	JPY	1,502,669,114		Bank of America Securities, Inc.		(4,256	)
	03/01/2024	EUR	523,690	NOK	6,000,000		Bank of America Securities, Inc.		1,110
	03/04/2024	EUR	608,074	NOK	7,000,000		Bank of America Securities, Inc.		(1,810	)
	03/20/2024	EUR	19,574,249	NOK	226,308,005		Bank of America Securities, Inc.		(144,517	)
	03/27/2024	EUR	11,750,000	NOK	133,230,391		Bank of America Securities, Inc.		161,346
	03/01/2024	EUR	332,078	PLN	1,432,131		Bank of America Securities, Inc.		276
	03/20/2024	EUR	687,863	PLN	3,000,000		Bank of America Securities, Inc.		(7,055	)
	03/27/2024	EUR	1,000,000	PLN	4,317,605		Bank of America Securities, Inc.		1,121
	03/01/2024	EUR	267,872	SEK	3,000,000		Bank of America Securities, Inc.		119
	03/04/2024	EUR	89,229	SEK	1,000,000		Bank of America Securities, Inc.		(27	)
	03/20/2024	EUR	5,855,632	SEK	66,467,476		Bank of America Securities, Inc.		(83,312	)
	03/27/2024	EUR	16,625,000	SEK	186,581,742		Bank of America Securities, Inc.		(31,104	)
	03/01/2024	EUR	34,935,536	USD	37,904,209		Bank of America Securities, Inc.		(144,401	)
	03/04/2024	EUR	3,400,165	USD	3,686,479		Bank of America Securities, Inc.		(11,011	)
	03/20/2024	EUR	10,700,000	USD	11,600,069		Bank of America Securities, Inc.		(25,905	)
	03/22/2024	EUR	39,169,000	USD	43,042,338		Bank of America Securities, Inc.		(669,679	)
	03/27/2024	EUR	21,125,000	USD	22,866,549		Bank of America Securities, Inc.		(8,803	)
	04/18/2024	EUR	10,068,000	USD	10,934,736		Bank of America Securities, Inc.		(30,511	)
	03/27/2024	GBP	13,500,000	AUD	25,983,005		Bank of America Securities, Inc.		140,167
	03/27/2024	GBP	250,000	CHF	278,221		Bank of America Securities, Inc.		78
	03/04/2024	GBP	342,519	EUR	400,000		Bank of America Securities, Inc.		(15	)
	03/20/2024	GBP	48,374,378	EUR	56,500,000		Bank of America Securities, Inc.		(45,417	)
	03/27/2024	GBP	23,649,544	EUR	27,600,000		Bank of America Securities, Inc.		(5,977	)
	03/27/2024	GBP	11,625,000	JPY	2,192,401,638		Bank of America Securities, Inc.		(11,190	)
	03/01/2024	GBP	82,645,198	USD	104,547,111		Bank of America Securities, Inc.		(222,988	)
	03/04/2024	GBP	82,045,198	USD	103,951,786		Bank of America Securities, Inc.		(383,650	)
	03/20/2024	GBP	28,650,000	USD	36,193,875		Bank of America Securities, Inc.		(24,527	)
	03/22/2024	GBP	51,681,000	USD	65,722,042		Bank of America Securities, Inc.		(476,223	)
	03/27/2024	GBP	14,000,000	USD	17,628,941		Bank of America Securities, Inc.		46,250
	03/20/2024	HUF	3,061,494,481	EUR	7,900,000		Bank of America Securities, Inc.		(131,848	)
	03/01/2024	HUF	325,949,003	USD	900,000		Bank of America Securities, Inc.		(2,713	)
	03/27/2024	HUF	2,499,469,276	USD	6,900,000		Bank of America Securities, Inc.		(35,151	)
	04/18/2024	HUF	2,642,500,000	USD	7,332,717		Bank of America Securities, Inc.		(86,526	)
	03/28/2024	IDR	6,257,975,000	USD	400,000		Bank of America Securities, Inc.		(2,081	)
	03/20/2024	ILS	6,166,017	USD	1,700,000		Bank of America Securities, Inc.		26,853
	03/27/2024	ILS	5,069,603	USD	1,400,000		Bank of America Securities, Inc.		20,131
	03/01/2024	INR	386,183,818	USD	4,641,571		Bank of America Securities, Inc.		15,815
	03/04/2024	INR	349,962,753	USD	4,209,985		Bank of America Securities, Inc.		10,220
	03/05/2024	INR	95,398,055	USD	1,148,444		Bank of America Securities, Inc.		1,930
	03/06/2024	INR	431,234,294	USD	5,200,000		Bank of America Securities, Inc.		(32	)
	03/11/2024	INR	865,119,691	USD	10,435,567		Bank of America Securities, Inc.		(5,404	)
	03/13/2024	INR	463,144,895	USD	5,582,985		Bank of America Securities, Inc.		452
	03/20/2024	INR	527,435,027	USD	6,350,000		Bank of America Securities, Inc.		6,941
	03/28/2024	INR	1,021,948,550	USD	12,300,000		Bank of America Securities, Inc.		13,673

The accompanying notes are an integral part of the consolidated financial statements.

26

Abbey Capital Futures Strategy Fund

Schedule of Forward Currency Contracts (Continued)

as of February 29, 2024 (Unaudited)

Settlement Date		Currency Purchased		Currency Sold		Counterparty		Value/ Unrealized Appreciation (Depreciation)
	03/01/2024	JPY	156,102,353	AUD	1,600,000		Bank of America Securities, Inc.	$	1,366
	03/04/2024	JPY	77,999,295	AUD	800,000		Bank of America Securities, Inc.		530
	03/21/2024	JPY	95,136,303	EUR	600,000		Bank of America Securities, Inc.		(12,315	)
	03/01/2024	JPY	36,822,418	NZD	400,000		Bank of America Securities, Inc.		2,111
	03/27/2024	JPY	36,367,616	NZD	400,000		Bank of America Securities, Inc.		99
	03/01/2024	JPY	11,206,415,208	USD	74,782,252		Bank of America Securities, Inc.		(21,446	)
	03/04/2024	JPY	185,455,400	USD	1,237,660		Bank of America Securities, Inc.		131
	03/21/2024	JPY	330,353,530	USD	2,204,707		Bank of America Securities, Inc.		6,294
	03/22/2024	JPY	927,302,000	USD	6,500,190		Bank of America Securities, Inc.		(292,889	)
	04/17/2024	JPY	212,946,022	USD	1,422,652		Bank of America Securities, Inc.		9,025
	03/05/2024	KRW	266,502,557	USD	200,000		Bank of America Securities, Inc.		189
	03/06/2024	KRW	17,720,719,509	USD	13,300,000		Bank of America Securities, Inc.		11,953
	03/20/2024	KRW	19,467,883,544	USD	14,600,000		Bank of America Securities, Inc.		35,569
	03/20/2024	MXN	355,166,233	USD	20,700,000		Bank of America Securities, Inc.		69,448
	03/22/2024	MXN	336,465,000	USD	19,121,361		Bank of America Securities, Inc.		547,968
	03/27/2024	MXN	205,000,000	USD	11,955,115		Bank of America Securities, Inc.		19,034
	04/18/2024	MXN	420,000	USD	24,434		Bank of America Securities, Inc.		9
	03/01/2024	NOK	6,000,000	EUR	523,761		Bank of America Securities, Inc.		(1,187	)
	03/04/2024	NOK	7,000,000	EUR	608,051		Bank of America Securities, Inc.		1,836
	03/20/2024	NOK	166,431,012	EUR	14,692,826		Bank of America Securities, Inc.		(215,598	)
	03/01/2024	NOK	8,500,000	SEK	8,304,331		Bank of America Securities, Inc.		(816	)
	03/04/2024	NOK	8,500,000	SEK	8,297,475		Bank of America Securities, Inc.		(193	)
	03/27/2024	NOK	16,500,000	SEK	16,099,617		Bank of America Securities, Inc.		(310	)
	03/01/2024	NOK	4,242,319	USD	400,573		Bank of America Securities, Inc.		(1,147	)
	03/04/2024	NOK	12,812,946	USD	1,210,962		Bank of America Securities, Inc.		(4,497	)
	03/20/2024	NOK	126,303,859	USD	11,966,300		Bank of America Securities, Inc.		(68,632	)
	03/27/2024	NOK	51,653,360	USD	4,900,000		Bank of America Securities, Inc.		(33,429	)
	03/01/2024	NZD	6,836,024	AUD	6,400,000		Bank of America Securities, Inc.		1,985
	03/27/2024	NZD	61,355,992	AUD	57,600,000		Bank of America Securities, Inc.		(115,537	)
	03/01/2024	NZD	400,000	JPY	36,513,547		Bank of America Securities, Inc.		(51	)
	03/27/2024	NZD	28,400,000	JPY	2,611,647,892		Bank of America Securities, Inc.		(204,968	)
	03/01/2024	NZD	9,100,000	USD	5,556,807		Bank of America Securities, Inc.		(16,270	)
	03/04/2024	NZD	2,200,000	USD	1,341,002		Bank of America Securities, Inc.		(1,532	)
	03/20/2024	NZD	36,850,000	USD	22,684,459		Bank of America Securities, Inc.		(248,057	)
	03/22/2024	NZD	43,400,000	USD	27,234,881		Bank of America Securities, Inc.		(810,413	)
	03/27/2024	NZD	4,200,000	USD	2,564,814		Bank of America Securities, Inc.		(7,595	)
	03/20/2024	PEN	189,419	USD	50,000		Bank of America Securities, Inc.		66
	03/20/2024	PHP	64,392,105	USD	1,150,000		Bank of America Securities, Inc.		(4,933	)
	03/27/2024	PHP	33,563,360	USD	600,000		Bank of America Securities, Inc.		(3,220	)
	03/01/2024	PLN	1,432,170	EUR	332,147		Bank of America Securities, Inc.		(341	)
	03/20/2024	PLN	99,163,836	EUR	22,814,482		Bank of America Securities, Inc.		149,460
	03/27/2024	PLN	10,829,727	EUR	2,500,000		Bank of America Securities, Inc.		6,139
	03/27/2024	PLN	63,832,569	USD	15,900,000		Bank of America Securities, Inc.		80,342
	04/18/2024	PLN	107,530,000	USD	26,922,941		Bank of America Securities, Inc.		(10,125	)
	03/01/2024	SEK	3,000,000	EUR	267,897		Bank of America Securities, Inc.		(146	)
	03/04/2024	SEK	1,000,000	EUR	89,234		Bank of America Securities, Inc.		23
	03/20/2024	SEK	416,133,187	EUR	37,025,209		Bank of America Securities, Inc.		126,959
	03/27/2024	SEK	185,894,112	EUR	16,625,000		Bank of America Securities, Inc.		(35,306	)
	03/01/2024	SEK	8,284,519	NOK	8,500,000		Bank of America Securities, Inc.		(1,096	)
	03/27/2024	SEK	173,000,527	NOK	174,500,000		Bank of America Securities, Inc.		267,409
	03/01/2024	SEK	1,210,872	USD	117,027		Bank of America Securities, Inc.		(215	)

The accompanying notes are an integral part of the consolidated financial statements.

27

Abbey Capital Futures Strategy Fund

Schedule of Forward Currency Contracts (Continued)

as of February 29, 2024 (Unaudited)

Settlement Date		Currency Purchased		Currency Sold		Counterparty		Value/ Unrealized Appreciation (Depreciation)
	03/04/2024	SEK	18,995,194	USD	1,837,848		Bank of America Securities, Inc.	$	(5,166	)
	03/20/2024	SEK	236,508,213	USD	22,730,043		Bank of America Securities, Inc.		104,472
	03/27/2024	SEK	54,610,706	USD	5,300,000		Bank of America Securities, Inc.		(25,792	)
	04/17/2024	SEK	16,208,694	USD	1,567,172		Bank of America Securities, Inc.		(359	)
	04/18/2024	SEK	36,450,000	USD	3,528,277		Bank of America Securities, Inc.		(4,691	)
	03/20/2024	SGD	67,089	USD	50,000		Bank of America Securities, Inc.		(95	)
	03/27/2024	SGD	51,366,385	USD	38,200,000		Bank of America Securities, Inc.		22,039
	03/20/2024	TRY	9,000,000	USD	282,394		Bank of America Securities, Inc.		(869	)
	03/29/2024	TRY	26,538,891	USD	825,042		Bank of America Securities, Inc.		(3,660	)
	03/05/2024	TWD	6,274,678	USD	200,000		Bank of America Securities, Inc.		(1,379	)
	03/06/2024	TWD	134,847,772	USD	4,300,000		Bank of America Securities, Inc.		(30,984	)
	03/01/2024	USD	11,165,428	AUD	17,154,872		Bank of America Securities, Inc.		14,414
	03/04/2024	USD	1,171,134	AUD	1,800,000		Bank of America Securities, Inc.		991
	03/20/2024	USD	35,678,890	AUD	54,750,000		Bank of America Securities, Inc.		68,459
	03/22/2024	USD	47,956,488	AUD	73,211,000		Bank of America Securities, Inc.		335,510
	03/27/2024	USD	10,336,802	AUD	15,800,000		Bank of America Securities, Inc.		57,794
	04/18/2024	USD	332,734	AUD	507,000		Bank of America Securities, Inc.		2,662
	03/04/2024	USD	7,278,037	BRL	36,205,975		Bank of America Securities, Inc.		(1,825	)
	03/20/2024	USD	3,100,000	BRL	15,474,835		Bank of America Securities, Inc.		(6,213	)
	04/02/2024	USD	300,000	BRL	1,496,480		Bank of America Securities, Inc.		13
	03/01/2024	USD	3,817,097	CAD	5,184,429		Bank of America Securities, Inc.		(3,044	)
	03/20/2024	USD	39,400,991	CAD	53,334,529		Bank of America Securities, Inc.		90,203
	03/22/2024	USD	50,897,762	CAD	68,871,000		Bank of America Securities, Inc.		134,093
	03/27/2024	USD	8,285,904	CAD	11,200,000		Bank of America Securities, Inc.		29,936
	04/18/2024	USD	6,419,203	CAD	8,685,000		Bank of America Securities, Inc.		15,014
	03/01/2024	USD	45,879,565	CHF	40,282,258		Bank of America Securities, Inc.		324,695
	03/20/2024	USD	8,850,000	CHF	7,752,249		Bank of America Securities, Inc.		64,618
	03/22/2024	USD	65,719,937	CHF	57,490,000		Bank of America Securities, Inc.		553,510
	03/27/2024	USD	4,842,550	CHF	4,250,000		Bank of America Securities, Inc.		22,326
	04/18/2024	USD	151,832,461	CHF	132,821,000		Bank of America Securities, Inc.		808,434
	03/06/2024	USD	100,000	CLP	94,957,000		Bank of America Securities, Inc.		1,737
	03/08/2024	USD	100,000	CLP	95,063,227		Bank of America Securities, Inc.		1,638
	03/11/2024	USD	800,000	CLP	758,864,000		Bank of America Securities, Inc.		14,926
	03/12/2024	USD	500,000	CLP	484,301,016		Bank of America Securities, Inc.		(1,001	)
	03/20/2024	USD	7,400,000	CLP	7,085,217,480		Bank of America Securities, Inc.		73,574
	03/25/2024	USD	100,000	CLP	96,841,000		Bank of America Securities, Inc.		(111	)
	03/27/2024	USD	700,000	CLP	690,410,280		Bank of America Securities, Inc.		(13,650	)
	03/28/2024	USD	1,700,000	CLP	1,656,509,000		Bank of America Securities, Inc.		(12,176	)
	03/01/2024	USD	207,860	CNH	1,500,000		Bank of America Securities, Inc.		(302	)
	03/20/2024	USD	32,685,058	CNH	234,627,182		Bank of America Securities, Inc.		81,786
	03/27/2024	USD	18,200,000	CNH	130,967,786		Bank of America Securities, Inc.		(8,079	)
	03/01/2024	USD	202,060	COP	797,276,000		Bank of America Securities, Inc.		(1,035	)
	03/05/2024	USD	200,000	COP	785,653,687		Bank of America Securities, Inc.		(5	)
	03/07/2024	USD	200,000	COP	793,416,287		Bank of America Securities, Inc.		(1,916	)
	03/08/2024	USD	100,000	COP	394,490,644		Bank of America Securities, Inc.		(375	)
	03/11/2024	USD	300,000	COP	1,192,165,928		Bank of America Securities, Inc.		(3,174	)
	03/20/2024	USD	100,000	COP	396,124,290		Bank of America Securities, Inc.		(573	)
	03/21/2024	USD	200,000	COP	787,029,287		Bank of America Securities, Inc.		214
	03/27/2024	USD	200,000	COP	795,048,012		Bank of America Securities, Inc.		(1,603	)
	03/27/2024	USD	200,000	CZK	4,681,460		Bank of America Securities, Inc.		391
	03/01/2024	USD	37,801,231	EUR	34,935,199		Bank of America Securities, Inc.		41,787

The accompanying notes are an integral part of the consolidated financial statements.

28

Abbey Capital Futures Strategy Fund

Schedule of Forward Currency Contracts (Continued)

as of February 29, 2024 (Unaudited)

Settlement Date		Currency Purchased		Currency Sold		Counterparty		Value/ Unrealized Appreciation (Depreciation)
	03/04/2024	USD	37,258,024	EUR	34,335,199		Bank of America Securities, Inc.	$	142,788
	03/20/2024	USD	45,045,637	EUR	41,800,000		Bank of America Securities, Inc.		(169,321	)
	03/22/2024	USD	55,760,993	EUR	51,564,000		Bank of America Securities, Inc.		(20,461	)
	03/27/2024	USD	9,612,190	EUR	8,875,000		Bank of America Securities, Inc.		9,231
	04/18/2024	USD	30,031,988	EUR	27,675,000		Bank of America Securities, Inc.		58,366
	03/01/2024	USD	104,708,804	GBP	82,645,198		Bank of America Securities, Inc.		384,680
	03/04/2024	USD	1,013,081	GBP	800,000		Bank of America Securities, Inc.		3,216
	03/20/2024	USD	16,426,322	GBP	13,050,000		Bank of America Securities, Inc.		(48,721	)
	03/22/2024	USD	39,715,969	GBP	31,553,000		Bank of America Securities, Inc.		(118,811	)
	03/27/2024	USD	3,168,880	GBP	2,500,000		Bank of America Securities, Inc.		12,596
	03/01/2024	USD	901,564	HUF	325,949,004		Bank of America Securities, Inc.		4,277
	03/27/2024	USD	1,100,000	HUF	396,232,617		Bank of America Securities, Inc.		11,738
	03/20/2024	USD	3,600,000	IDR	56,576,060,946		Bank of America Securities, Inc.		1,857
	03/28/2024	USD	600,000	IDR	9,380,305,000		Bank of America Securities, Inc.		3,544
	03/20/2024	USD	2,100,000	ILS	7,704,468		Bank of America Securities, Inc.		(57,711	)
	03/27/2024	USD	3,700,000	ILS	13,471,304		Bank of America Securities, Inc.		(73,671	)
	03/01/2024	USD	4,646,849	INR	386,183,818		Bank of America Securities, Inc.		(10,537	)
	03/04/2024	USD	4,211,008	INR	349,962,753		Bank of America Securities, Inc.		(9,197	)
	03/05/2024	USD	1,148,444	INR	95,445,228		Bank of America Securities, Inc.		(2,499	)
	03/06/2024	USD	5,200,000	INR	431,294,510		Bank of America Securities, Inc.		(694	)
	03/11/2024	USD	10,435,567	INR	867,408,503		Bank of America Securities, Inc.		(22,191	)
	03/13/2024	USD	5,582,985	INR	464,038,173		Bank of America Securities, Inc.		(11,221	)
	03/20/2024	USD	18,931,448	INR	1,573,507,000		Bank of America Securities, Inc.		(33,335	)
	03/26/2024	USD	5,200,000	INR	431,538,640		Bank of America Securities, Inc.		(61	)
	03/27/2024	USD	6,175,903	INR	512,508,119		Bank of America Securities, Inc.		370
	03/28/2024	USD	10,435,567	INR	865,635,500		Bank of America Securities, Inc.		5,343
	04/02/2024	USD	5,582,985	INR	463,647,364		Bank of America Securities, Inc.		(2,404	)
	03/01/2024	USD	74,507,318	JPY	11,205,721,158		Bank of America Securities, Inc.		(248,858	)
	03/04/2024	USD	75,900,214	JPY	11,368,524,897		Bank of America Securities, Inc.		22,898
	03/21/2024	USD	75,748,209	JPY	11,221,396,992		Bank of America Securities, Inc.		645,270
	03/22/2024	USD	46,330,046	JPY	6,658,116,000		Bank of America Securities, Inc.		1,761,034
	03/27/2024	USD	9,190,461	JPY	1,375,000,000		Bank of America Securities, Inc.		(21,299	)
	04/18/2024	USD	109,929,364	JPY	16,339,200,000		Bank of America Securities, Inc.		59,141
	03/05/2024	USD	200,359	KRW	266,502,557		Bank of America Securities, Inc.		170
	03/06/2024	USD	13,300,000	KRW	17,619,582,777		Bank of America Securities, Inc.		64,022
	03/20/2024	USD	19,800,000	KRW	26,352,034,120		Bank of America Securities, Inc.		(10,937	)
	03/27/2024	USD	14,400,000	KRW	19,196,178,364		Bank of America Securities, Inc.		(36,822	)
	03/28/2024	USD	2,300,000	KRW	3,061,089,320		Bank of America Securities, Inc.		(2,272	)
	03/22/2024	USD	1,766,115	MXN	30,822,000		Bank of America Securities, Inc.		(35,701	)
	03/01/2024	USD	400,000	NOK	4,242,319		Bank of America Securities, Inc.		574
	03/04/2024	USD	1,599,907	NOK	16,980,366		Bank of America Securities, Inc.		1,039
	03/20/2024	USD	10,046,564	NOK	106,314,294		Bank of America Securities, Inc.		31,889
	03/27/2024	USD	9,900,000	NOK	103,847,822		Bank of America Securities, Inc.		115,877
	03/01/2024	USD	5,567,693	NZD	9,115,680		Bank of America Securities, Inc.		17,608
	03/04/2024	USD	1,341,195	NZD	2,200,000		Bank of America Securities, Inc.		1,724
	03/20/2024	USD	17,629,039	NZD	28,950,000		Bank of America Securities, Inc.		2,612
	03/22/2024	USD	14,309,666	NZD	23,418,000		Bank of America Securities, Inc.		51,413
	03/27/2024	USD	4,749,891	NZD	7,700,000		Bank of America Securities, Inc.		61,658
	03/20/2024	USD	2,250,000	PEN	8,682,587		Bank of America Securities, Inc.		(44,939	)
	03/20/2024	USD	1,450,000	PHP	81,645,339		Bank of America Securities, Inc.		(1,876	)
	03/01/2024	USD	10	PLN	39		Bank of America Securities, Inc.		1

The accompanying notes are an integral part of the consolidated financial statements.

29

Abbey Capital Futures Strategy Fund

Schedule of Forward Currency Contracts (Concluded)

as of February 29, 2024 (Unaudited)

Settlement Date		Currency Purchased		Currency Sold		Counterparty		Value/ Unrealized Appreciation (Depreciation)
	03/27/2024	USD	3,400,000	PLN	13,523,065		Bank of America Securities, Inc.	$	14,531
	03/01/2024	USD	115,190	SEK	1,191,059		Bank of America Securities, Inc.		289
	03/20/2024	USD	11,802,709	SEK	124,041,118		Bank of America Securities, Inc.		(173,276	)
	03/20/2024	USD	5,450,000	SGD	7,322,841		Bank of America Securities, Inc.		2,802
	03/27/2024	USD	6,200,000	SGD	8,325,203		Bank of America Securities, Inc.		5,166
	03/20/2024	USD	7,550,000	THB	268,814,025		Bank of America Securities, Inc.		42,487
	03/20/2024	USD	579,673	TRY	18,500,000		Bank of America Securities, Inc.		983
	03/29/2024	USD	9,725,042	TRY	312,169,413		Bank of America Securities, Inc.		63,354
	03/05/2024	USD	200,000	TWD	6,284,100		Bank of America Securities, Inc.		1,081
	03/06/2024	USD	4,300,000	TWD	134,906,375		Bank of America Securities, Inc.		29,129
	03/20/2024	USD	12,200,000	TWD	381,815,202		Bank of America Securities, Inc.		88,670
	03/28/2024	USD	1,100,000	TWD	34,584,656		Bank of America Securities, Inc.		1,708
	03/01/2024	USD	51,949	ZAR	1,000,000		Bank of America Securities, Inc.		(185	)
	03/20/2024	USD	2,226,906	ZAR	42,673,264		Bank of America Securities, Inc.		5,852
	03/27/2024	USD	8,600,000	ZAR	164,055,544		Bank of America Securities, Inc.		66,469
	03/01/2024	ZAR	1,000,000	USD	51,958		Bank of America Securities, Inc.		175
	03/20/2024	ZAR	19,689,901	USD	1,048,659		Bank of America Securities, Inc.		(23,841	)
	03/27/2024	ZAR	7,748,489	USD	400,000		Bank of America Securities, Inc.		3,046
	04/18/2024	ZAR	20,000	USD	1,051		Bank of America Securities, Inc.		(13	)
								$	(3,473,801	)

AUD	Australian Dollar	JSE	Johannesburg Stock Exchange
BOA	Bank of America	KRW	Korean Won
BRL	Brazilian Real	LME	London Mercantile Exchange
BUXL	German Bond	MIB	Milano Indice di Borsa
CAD	Canadian Dollar	MXN	Mexican Peso
CHF	Swiss Franc	NOK	Norwegian Krone
CLP	Chilean Peso	NZD	New Zealand Dollar
CNH	Chinese Yuan Renminbi	OMX	Stockholm Stock Exchange
COP	Colombian Peso	PHP	Philippine Peso
CZK	Czech Koruna	PLN	Polish Zloty
DAX	German Stock Exchange	RBOB	Reformulated Blendstock for Oxygenate Blending
DJIA	Dow Jones Industrial Average	SEK	Swedish Krona
EUR	Euro	SGD	Singapore Dollar
FTSE	Financial Times Stock Exchange	THB	Thai Baht
GBP	British Pound	TRY	Turkish Lira
HUF	Hungarian Forint	TSX	Toronto Stock Exchange
IBEX	Index of the Bolsa de Madrid	TWD	Taiwan Dollar
ICE	Intercontinental Exchange	USD	United States Dollar
ILS	Israeli New Shekel	WTI	West Texas Intermediate
INR	Indian Rupee	ZAR	South African Rand
JPY	Japanese Yen

The accompanying notes are an integral part of the consolidated financial statements.

30

Abbey Capital Futures Strategy Fund

Consolidated Statement of Assets And Liabilities

February 29, 2024 (Unaudited)

ASSETS
Investments, at value (cost $2,141,668,686)	$	2,141,325,130
Cash equivalents		112,902,472
Deposits with broker for forward foreign currency contracts		61,677,375
Deposits with broker for futures contracts		317,877,769
Receivables for:
Capital shares sold		6,019,457
Interest receivable		369,496
Unrealized appreciation on forward foreign currency contracts		10,319,873
Unrealized appreciation on futures contracts		124,380,593
Prepaid expenses and other assets		123,006
Total assets		2,774,995,171
LIABILITIES
Payables for:
Due to broker		1,071,658
Advisory fees		3,652,761
Capital shares redeemed		2,974,886
Unrealized depreciation on forward foreign currency contracts		13,793,674
Unrealized depreciation on futures contracts		32,608,019
Other accrued expenses and liabilities		292,420
Total liabilities		54,393,418
Net assets	$	2,720,601,753
NET ASSETS CONSIST OF:
Par value	$	235,935
Paid-in capital		3,160,755,796
Total distributable earnings/(losses)		(440,389,978	)
Net assets	$	2,720,601,753
CLASS A SHARES:
Net assets	$	28,957,490
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		2,526,713
Net asset value and redemption price per share	$	11.46
Maximum offering price per share (100/94.25 of $11.40)	$	12.16
CLASS I SHARES:
Net assets	$	2,682,621,140
Shares outstanding ($0.001 par value, 500,000,000 shares authorized)		232,586,634
Net asset value, offering and redemption price per share	$	11.53
CLASS C SHARES:
Net assets	$	9,023,123
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		821,738
Net asset value, offering and redemption price per share	$	10.98

The accompanying notes are an integral part of the consolidated financial statements.

31

Abbey Capital Futures Strategy Fund

Consolidated Statement of Operations

For the Six Months Ended February 29, 2024 (Unaudited)

INVESTMENT INCOME
Interest	$	65,699,926
Total investment income		65,699,926
EXPENSES
Advisory fees (Note 2)		23,514,744
Administration and accounting services fees (Note 2)		265,201
Transfer agent fees (Note 2)		166,603
Directors fees		161,444
Officers fees		100,352
Legal fees		93,276
Registration and filing fees		70,698
Printing and shareholder reporting fees		70,098
Distribution fees (Class A Shares) (Note 2)		56,677
Distribution fees (Class C Shares) (Note 2)		34,734
Custodian fees (Note 2)		48,980
Audit and tax service fees		35,820
Other expenses		82,786
Total expenses before waivers and/or reimbursements		24,701,413
Less: waivers and/or reimbursements (Note 2)		(813,499	)
Net expenses after waivers and/or reimbursements		23,887,914
Net investment income/(loss)		41,812,012
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		(877,264	)
Futures contracts		(31,384,366	)
Foreign currency transactions		(5,208,338	)
Forward foreign currency contracts		(29,200,558	)
Net change in unrealized appreciation/(depreciation) on:
Investments		499,218
Futures contracts		77,895,422
Foreign currency translations		66,064
Forward foreign currency contracts		(5,271,686	)
Net realized and unrealized gain/(loss) from investments		6,518,492
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	48,330,504

The accompanying notes are an integral part of the consolidated financial statements.

32

Abbey Capital Futures Strategy Fund

Consolidated Statements of Changes in Net Assets

	For the Six Months Ended February 29, 2024 (Unaudited)			For the Year Ended August 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	41,812,012		$	55,955,657
Net realized gain/(loss) from investments, futures contracts, foreign currency transactions, forward foreign currency contracts and written options		(66,670,526	)		(106,116,882	)
Net change in unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translations, forward foreign currency contracts and written options		73,189,018			(34,763,504	)
Net increase/(decrease) in net assets resulting from operations		48,330,504			(84,924,729	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(304,919	)		(17,240,224	)
Class I		(49,555,318	)		(350,326,206	)
Class C		(82,852	)		(1,390,657	)
Net decrease in net assets from dividends and distributions to shareholders		(49,943,089	)		(368,957,087	)
CAPITAL SHARE TRANSACTIONS:
Class A Shares
Proceeds from shares sold		8,958,795			72,909,552
Proceeds from reinvestment of distributions		244,603			15,458,188
Shares redeemed		(65,587,072	)		(96,518,703	)
Total from Class A Shares		(56,383,674	)		(8,150,963	)
Class I Shares
Proceeds from shares sold		636,045,507			1,519,244,144
Proceeds from reinvestment of distributions		31,007,633			220,037,703
Shares redeemed		(631,607,438	)		(1,223,121,986	)
Total from Class I Shares		35,445,702			516,159,861
Class C Shares
Proceeds from shares sold		1,005,897			3,837,664
Proceeds from reinvestment of distributions		55,448			882,158
Shares redeemed		(1,509,970	)		(2,504,539	)
Total from Class C Shares		(448,625	)		2,215,283
Net increase/(decrease) in net assets from capital share transactions		(21,386,597	)		510,224,181
Total increase/(decrease) in net assets		(22,999,182	)		56,342,365
NET ASSETS:
Beginning of period		2,743,600,935			2,687,258,570
End of period	$	2,720,601,753		$	2,743,600,935

The accompanying notes are an integral part of the consolidated financial statements.

33

Abbey Capital Futures Strategy Fund

Consolidated Statements of Changes in Net Assets (Concluded)

	For the Six Months Ended February 29, 2024 (Unaudited)			For the Year Ended August 31, 2023
SHARE TRANSACTIONS:
Class A Shares
Shares sold		785,147			5,947,542
Shares reinvested		22,196			1,333,752
Shares redeemed		(5,629,515	)		(8,301,217	)
Total Class A Shares		(4,822,172	)		(1,019,923	)
Class I Shares
Shares sold		56,016,229			123,436,456
Shares reinvested		2,795,999			18,742,564
Shares redeemed		(55,232,155	)		(100,137,539	)
Total Class I Shares		3,580,073			42,041,481
Class C Shares
Shares sold		91,707			305,269
Shares reinvested		5,241			78,764
Shares redeemed		(139,596	)		(211,397	)
Total Class C Shares		(42,648	)		172,636
Net increase/(decrease) in shares outstanding		(1,284,747	)		41,194,194

The accompanying notes are an integral part of the consolidated financial statements.

34

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 29, 2024 (Unaudited)			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			For the Year Ended August 31, 2019
Per Share Operating Performance
Net asset value, beginning of period	$	11.40		$	13.56		$	11.95		$	11.28		$	12.45		$	11.28
Net investment income/(loss)(1)		0.17			0.22			(0.19	)		(0.24	)		(0.11	)		(0.01	)
Net realized and unrealized gain/(loss) from investments		—			(0.60	)		2.20			1.07			(0.14	)		1.18
Net increase/(decrease) in net assets resulting from operations		0.17			(0.38	)		2.01			0.83			(0.25	)		1.17
Dividends and distributions to shareholders from:
Net investment income		(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		(0.11	)		(1.78	)		(0.40	)		(0.16	)		(0.92	)		—
Net asset value, end of period	$	11.46		$	11.40		$	13.56		$	11.95		$	11.28		$	12.45
Total investment return/(loss)(2)		1.52	%(5)		(3.05	)%		17.40	%		7.42	%		(1.64	)%		10.37	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	28,957		$	83,783		$	113,480		$	21,395		$	14,469		$	12,434
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)		2.11	%		2.10	%		2.14	%		2.15	%		2.14	%
Ratio of net investment income/(loss) to average net assets		2.90	%(6)		1.80	%		(1.47	)%		(2.03	)%		(0.98	)%		(0.05	)%
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 derivatives and is calculated for the Fund, as a whole, for the entire period.

(5) Not Annualized.

(6) Annualized.

The accompanying notes are an integral part of the consolidated financial statements.

35

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 29, 2024 (Unaudited)			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			For the Year Ended August 31, 2019
Per Share Operating Performance
Net asset value, beginning of period	$	11.57		$	13.72		$	12.07		$	11.38		$	12.55		$	11.36
Net investment income/(loss)(1)		0.18			0.25			(0.15	)		(0.21	)		(0.09	)		0.02
Net realized and unrealized gain/(loss) from investments		0.01			(0.61	)		2.22			1.08			(0.14	)		1.19
Net increase/(decrease) in net assets resulting from operations		0.19			(0.36	)		2.07			0.87			(0.23	)		1.21
Dividends and distributions to shareholders from:
Net investment income		(0.23	)		(1.12	)		(0.29	)		(0.18	)		(0.66	)		(0.02	)
Net realized capital gains		—			(0.67	)		(0.13	)		—			(0.28	)		—
Total dividends and distributions to shareholders		(0.23	)		(1.79	)		(0.42	)		(0.18	)		(0.94	)		(0.02	)
Net asset value, end of period	$	11.53		$	11.57		$	13.72		$	12.07		$	11.38		$	12.55
Total investment return/(loss)(2)		1.77	%(5)		(2.83	)%		17.72	%		7.74	%		(1.39	)%		10.63	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,682,621		$	2,650,349		$	2,564,701		$	1,132,714		$	883,997		$	707,564
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)		1.86	%		1.85	%		1.89	%		1.90	%		1.89	%
Ratio of net investment income/(loss) to average net assets		3.15	%(6)		2.05	%		(1.22	)%		(1.78	)%		(0.73	)%		0.20	%
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.

(5) Not Annualized.

(6) Annualized.

The accompanying notes are an integral part of the consolidated financial statements.

36

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 29, 2024 (Unaudited)			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			For the Year Ended August 31, 2019
Per Share Operating Performance
Net asset value, beginning of period	$	10.95		$	13.12		$	11.60		$	10.98		$	12.11		$	11.06
Net investment income/(loss)(1)		0.12			0.12			(0.27	)		(0.32	)		(0.19	)		(0.08	)
Net realized and unrealized gain/(loss) from investments		0.01			(0.57	)		2.13			1.05			(0.14	)		1.13
Net increase/(decrease) in net assets resulting from operations		0.13			(0.45	)		1.86			0.73			(0.33	)		1.05
Dividends and distributions to shareholders from:
Net investment income		(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	)		(1.72	)		(0.34	)		(0.11	)		(0.80	)		—
Net asset value, end of period	$	10.98		$	10.95		$	13.12		$	11.60		$	10.98		$	12.11
Total investment return/(loss)(2)		1.21	%(5)		(3.77	)%		16.48	%		6.72	%		(2.40	)%		9.49	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	9,023		$	9,469		$	9,078		$	5,524		$	5,151		$	4,487
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)		2.84	%(6)		2.86	%		2.85	%		2.89	%		2.90	%		2.89	%
Ratio of net investment income/(loss) to average net assets		2.15	%(6)		1.05	%		(2.22	)%		(2.78	)%		(1.73	)%		(0.80	)%
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.

(5) Not Annualized.

(6) Annualized.

The accompanying notes are an integral part of the consolidated financial statements.

37

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements

February 29, 2024 (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 mutual fund 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 sixty-four 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 92.723 billion shares are currently classified into two hundred and thirty-four 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 29, 2024, and the period covered by these Notes to Consolidated Financial Statements is the six months ended February 29, 2024 (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 reporting period, the net assets of the Cayman Subsidiary and SPC were $616,696,214, which represented 22.67% of the Fund’s net assets. As of the end of the reporting period, the net assets of the Onshore Subsidiary were $733,230,047, which represented 26.95% 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

38

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (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 reporting period, in valuing the Fund’s investments carried at fair value:

	Total		Level 1		Level 2		Level 3
Short-Term Investments	$	2,141,325,130	$	2,141,325,130	$	—	$	—
Commodity Contracts
Futures Contracts		36,110,800		36,110,800		—		—
Equity Contracts
Futures Contracts		67,890,769		67,890,769		—		—
Foreign Currency Contracts
Forward Foreign Currency Contracts		10,319,873		—		10,319,873		—
Futures Contracts		11,395,281		11,395,281		—		—
Interest Rate Contracts
Futures Contracts		8,983,743		8,983,743		—		—
Total Assets	$	2,276,025,596	$	2,265,705,723	$	10,319,873	$	—

39

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (Unaudited)

	Total			Level 1			Level 2			Level 3
Commodity Contracts
Futures Contracts	$	(24,158,812	)	$	(24,158,812	)	$	—		$	—
Equity Contracts
Futures Contracts		(2,093,551	)		(2,093,551	)		—			—
Foreign Currency Contracts
Forward Foreign Currency Contracts		(13,793,674	)		—			(13,793,674	)		—
Futures Contracts		(1,504,725	)		(1,504,725	)		—			—
Interest Rate Contracts
Futures Contracts		(4,850,931	)		(4,850,931	)		—			—
Total Liabilities	$	(46,401,693	)	$	(32,608,019	)	$	(13,793,674	)	$	—

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

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 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.

40

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (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 reporting 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	$	—		$	—		$	10,319,873		$	—		$	10,319,873
Futures Contracts (a)		Unrealized appreciation on futures contracts		67,890,769			8,983,743			11,395,281			36,110,800			124,380,593
Total Value- Assets			$	67,890,769		$	8,983,743		$	21,715,154		$	36,110,800		$	134,700,466
Liability Derivatives
Forward Contracts (a)		Unrealized depreciation on forward foreign currency contracts	$	—		$	—		$	(13,793,674	)	$	—		$	(13,793,674	)
Futures Contracts (a)		Unrealized depreciation on futures contracts		(2,093,551	)		(4,850,931	)		(1,504,725	)		(24,158,812	)		(32,608,019	)
Total Value- Liabilities			$	(2,093,551	)	$	(4,850,931	)	$	(15,298,399	)	$	(24,158,812	)	$	(46,401,693	)

(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	$	6,987,485	$	(23,865,253	)	$	(24,394,163	)	$	9,887,565	$	(31,384,366	)
Forward Contracts		Net realized gain/(loss) from forward foreign currency contracts		—		—			(29,200,558	)		—		(29,200,558	)
Total Realized Gain/(Loss)			$	6,987,485	$	(23,865,253	)	$	(53,594,721	)	$	9,887,565	$	(60,584,924	)

41

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (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	$	62,215,153	$	16,694,198	$	(4,018,258	)	$	3,004,329	$	77,895,422
Forward Contracts		Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts		—		—		(5,271,686	)		—		(5,271,686	)
Total Change in Unrealized Appreciation/(Depreciation)			$	62,215,153	$	16,694,198	$	(9,289,944	)	$	3,004,329	$	72,623,736

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)
$3,856,417,817	$(7,184,944,550)	$(4,223,721,867)	$4,224,971,317

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.

42

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (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	$	10,319,873	$	(10,319,873	)	$	—	$	—	$	13,793,674	$	(10,319,873	)	$	(3,473,801	)	$	—

(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.

43

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (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

44

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (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.

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

45

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (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 reporting period, the Fund has no written options.

Futures Contracts — The Fund uses futures contracts in the normal course of pursuing its investment objective. Upon entering into a futures contract, the Fund must deposit initial margin in addition to segregating cash or liquid assets sufficient to meet its obligation to purchase or provide securities, or to pay the amount owed at the expiration of an index-based futures contract. Such liquid assets may consist of cash, cash equivalents, liquid debt or equity securities or other acceptable assets. Pursuant to the futures contract, the Fund agrees to receive from, or pay to the broker, an amount of cash equal to the daily fluctuation in value of the contract. Such a receipt of payment is known as “variation margin” and is recorded by the Fund as an unrealized gain or loss. When the contract is closed, the Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Fund’s basis in the contract. Futures contracts have market risks, including the risk that the change in the value of the contract may not correlate with changes in the value of the underlying securities. Use of long futures contracts subjects the Fund to risk of loss in excess of the amount shown on the Consolidated Statement of Assets and Liabilities, up to the notional value of the futures contract. Use of short futures contracts subjects the Fund to potentially unlimited risk of loss.

Forward Foreign Currency Contracts — In the normal course of pursuing its investment objectives, the Fund is subject to foreign investment and currency risk. The Fund uses forward foreign currency contracts (“forward contracts”) for purposes of hedging, duration management, as a substitute for securities, to increase returns, for currency hedging or risk management, or to otherwise help achieve the Fund’s investment objective. These contracts are marked-to-market daily at the applicable translation rates. The Fund records realized gains or losses at the time the forward contract is closed. A forward contract is extinguished through a closing transaction or upon delivery of the currency or entering an offsetting contract. Risks may arise upon entering these contracts from the potential inability of a counterparty to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar or other currencies. The Fund’s maximum risk of loss from counterparty credit risk related to forward foreign currency contracts is the fair value of the contract. The risk may be mitigated to some extent if a master netting arrangement between the Fund and the counterparty is in place and to the extent the Fund obtains collateral to cover the Fund’s exposure to the counterparty.

Cash and Cash Equivalents — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

Other — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and, therefore, cannot be estimated; however, the Fund expects the risk of material loss from such claims to be remote.

2. Investment Adviser and Other Services

Abbey Capital Limited serves as the investment adviser to the Fund and the Cayman Subsidiary, Onshore Subsidiary and SPC. The Adviser allocates the assets of the Onshore Subsidiary and SPC (via the Cayman Subsidiary) to one or more Trading Advisers unaffiliated with the Adviser to manage. The Adviser also has the ultimate responsibility to oversee the Trading Advisers, and to recommend their hiring, termination and replacement, subject to approval by the Board. The Fund compensates the Adviser for its services at an annual rate based on the Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown in the following table. The Adviser compensates the Trading Advisers out of the Advisory Fee.

46

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (Unaudited)

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, 2024 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2024.

Advisory Fee	Expense Caps
	Class A	Class I	Class C	Class T
1.77%	2.04%	1.79%	2.79%	2.04%

During the current fiscal period, investment advisory fees accrued, waived and/or reimbursed were as follows:

Gross Advisory Fees	Waivers and/or Reimbursements	Net Advisory Fees
$23,514,744	$(813,499)	$22,701,245

If at any time the Fund’s total annual fund operating expenses (not including 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 to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

As of the end of the reporting period, the Fund had amounts available for recoupment as follows:

Expiration
August 31, 2024	August 31, 2025	August 31, 2026	August 31, 2027	Total
$491,544	$1,164,300	$1,932,271	$813,499	$4,401,614

Aspect Capital Limited, Crabel Capital Management, LLC, Eclipse Capital Management, Inc., Episteme Capital Partners (UK), LLP, Graham Capital Management, LP, P/E Global, LLC, 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.

47

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (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.

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 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, 2023, 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)
$2,946,372,094	$46,791,957	$(426,952,967)	$(380,161,010)

(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.

48

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (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, 2023, primarily attributable to disallowed book income from the Cayman Subsidiary, were reclassified to the following accounts:

Distributable Earnings/(Loss)	Paid-In Capital
$61,531,137	$(61,531,137)

As of August 31, 2023, 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
$31,161,514	$—	$(388,866,834)	$—	$81,072,075	$—

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, 2023 was as follows:

Ordinary Income	Long-Term Gains	Total
$301,432,418	$67,524,669	$368,957,087

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, 2023, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2023. The Fund deferred qualified late-year losses of $81,072,075 which will be treated as arising on the first business day of the following fiscal year.

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, 2023, the Fund had no unlimited short-term or long-term capital loss carryovers to offset future capital gains.

6. New Accounting Pronouncements and Regulatory Updates

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

49

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Concluded)

February 29, 2024 (Unaudited)

In October 2022, the SEC adopted a final rule relating to tailored shareholder reports for mutual funds and exchange-traded funds and fee information in investment company advertisements. Beginning in July 2024, the Fund will be required to transmit concise and visually engaging shareholder reports that highlight key information. The Fund will also be required to tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request.

In December 2022, the FASB issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the London Inter-Bank Offered Rate and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

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 that there was the following subsequent event:

Effective April 29, 2024 (subsequent to the end of the reporting period), QMS Capital Management LP (“QMS Capital”) serves as a Trading Adviser to the Fund.

50

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.

Approval of revised trading 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 revised Trading Advisory Agreement (the “Graham Trading Advisory Agreement”) by and among Abbey Capital, the Onshore Subsidiary, the SPC and Graham Capital Management, LP (“Graham”) at a meeting of the Board held on November 15-16, 2023 (the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Graham Trading Advisory Agreement for an initial period ending August 16, 2024. The Board’s decision to approve the Graham Trading Advisory Agreement reflects the exercise of its business judgment. In approving the Graham Trading Advisory Agreement, the Board considered information provided by Abbey Capital and Graham, with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the approval of the Graham Trading Advisory Agreement, the Board took into account all materials provided prior to and during the Meeting and at other meetings throughout the past year, the presentations made during the Meeting, and the discussions held during the Meeting. The Directors reviewed these materials with management of Abbey Capital, and discussed the Graham Trading Advisory Agreement with counsel in executive sessions, at which no representatives of Abbey Capital or Graham were present. The Directors considered whether approval of the Graham Trading Advisory Agreement would be in the best interests of the Fund and its shareholders and the overall fairness of the Graham Trading Advisory Agreement. The Directors noted their familiarity with Graham given Graham’s current service as a Trading Adviser of the Fund. Among other things, the Board considered (i) the nature, extent, and quality of services provided to the Fund by Graham; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) Graham’s investment philosophies and processes; (iv) Graham’s assets under management and client descriptions; (v) Graham’s trade execution and trade allocation policies; (vi) Graham’s advisory fee arrangements with the Company and other similarly managed clients, as applicable; (vii) Graham’s compliance procedures; (viii) Graham’s financial information and insurance coverage; and (ix) the investment performance of the portion of the Fund’s assets that were managed by Graham.

The Directors concluded that Graham had substantial resources to provide services to the Fund. The Board also considered the fees payable to Graham under the Graham Trading Advisory Agreement and the services provided by Graham. In this regard, the Board noted that the fees for Graham were payable by Abbey Capital.

After reviewing the information regarding Abbey Capital’s and Graham’s costs, profitability and economies of scale, and after considering the services provided by Graham, the Board concluded that the trading advisory fees to be paid by Abbey Capital to Graham were fair and reasonable, that the Graham Trading Advisory Agreement is in the best interests of the Fund and its shareholders and does not involve a conflict of interest from which Abbey Capital derives an inappropriate advantage, and that the Graham Trading Advisory Agreement should be approved for an initial period ending August 16, 2024.

51

[THIS PAGE INTENTIONALLY LEFT BLANK]

[THIS PAGE INTENTIONALLY LEFT BLANK]

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

AFS-SAR24

Abbey Capital Multi Asset Fund

of

THE RBB FUND, INC.

Semi-Annual Report

February 29, 2024

(Unaudited)

Abbey Capital Multi Asset Fund

Semi-Annual Investment Adviser’s Report (Unaudited)

February 29, 2024

Dear Shareholder,

The Abbey Capital Multi Asset Fund (the “Fund”) Class I Shares returned +6.97% net of fees for the 6-month fiscal period ended February 29, 2024.

Positive performance was driven by the long US equity component of the Fund’s investment strategy. The Fund’s managed futures component had positive returns in aggregate over the 6-month period, with gains concentrated in equities and agricultural commodities.

The Fund targets approximately 100% exposure of its net assets to its managed futures strategy and approximately 50% exposure to its long US equity strategy. The Fund’s remaining net assets are allocated to its fixed income strategy. The managed futures strategy is achieved by the Fund investing up to 25% of its total assets in ACMAF Master Offshore Limited (the “ACMAF Master”), a wholly-owned subsidiary of the Fund that invests substantially all of its assets in ACMAF Offshore SPC, which is a wholly-owned and controlled segregated portfolio company and is a multi-adviser fund that invests in managed futures and foreign exchange contracts. As part of its managed futures strategy, the Fund may also invest a portion of its assets in ACMAF Onshore Series LLC, a wholly-owned subsidiary of the Fund which is a multi-adviser fund that invests in managed futures and foreign exchange contracts.

Average Total Returns for the Periods Ended February 29, 2024 (unless otherwise noted)

	2024 YTD	1 Year	Sep. 1, 2023 to Feb. 29, 2024	5 Years Annualized	Annualized since inception on April 11, 2018
Class I Shares	6.07%	8.38%	6.97%	14.56%	11.84%
Class A Shares*	6.09%	8.11%	6.79%	14.26%	11.55%
Class A Shares (max load)*	0.00%	1.92%	0.67%	12.91%	10.44%
Class C Shares**	5.91%	7.33%	6.48%	13.42%	10.73%
ICE BofA 3-Month U.S. Treasury Bill Index***	0.84%	5.22%	2.69%	1.97%	1.98%
Barclay CTA Index***	2.09%	1.59%	1.45%	4.93%	3.84%
S&P 500® Total Return Index***	7.11%	30.45%	13.93%	14.76%	13.58%

Barclay CTA numbers are based on the estimates available on the BarclayHedge website as of March 11, 2024

Source: Abbey Capital, Bloomberg and BarclayHedge

Performance quoted is past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the returns quoted. Visit www.abbeycapital.com for returns updated daily. Call (US Toll Free) 1-844-261-6484 or (international callers) + 1-508-871-3276 for returns current to the most recent month-end.

Please note the above is shown for illustrative purposes only.

* 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. There is a maximum sales charge (load) imposed on purchases (as a percentage of offering price) of 5.75% on Class A Shares.

** 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. The Fund charges a contingent deferred sales charge (“CDSC”) of 1.00% on certain redemptions of Class C Shares made within 12 months of purchase. The CDSC is assessed on an amount equal to the lesser of the offering price at the time of purchase of the Class C Shares redeemed or the net asset value of the Class C Shares redeemed at the time of redemption.

*** The Barclay CTA Index is derived from data that is self-reported by investment managers based on the performance of privately managed funds. In contrast, the S&P 500^® Total Return Index and the ICE BofA 3-Month U.S. Treasury Bill Index are comprised of publicly traded securities. As a result of these differences, these indices may not be directly comparable and the table above is shown for illustrative purposes only.

1

Abbey Capital Multi Asset Fund

Semi-Annual Investment Adviser’s Report (Unaudited) (Continued)

February 29, 2024

Abbey Capital Limited (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%, 2.04% and 2.79% of the Fund’s average daily net assets attributable to Class I Shares, Class A Shares and Class C Shares, respectively. This contractual limitation is in effect until December 31, 2024, and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. In addition, 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 by the Adviser, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. Without the expense limitation agreement, the expense ratios are 1.91%, 2.16% and 2.91% of the Fund’s average daily net assets attributable to Class I Shares, Class A Shares and Class C Shares, respectively, as stated in the Fund’s current prospectus dated December 31, 2023, as supplemented (and which may differ from the actual expense ratios for the period covered by this report). The quoted performance would have been lower without the expense limitation.

Please refer to the prospectus for further information on expenses and fees.

Performance Analysis

The 6-month period ended February 29, 2024 was positive overall for Fund performance. The Fund’s Long US Equity strategy drove gains for the period, while the Managed Futures strategy was also positive in aggregate.

Uncertainty was a very prominent theme in markets over this 6-month period. Much of this uncertainty related to expectations of central bank monetary policy. September and October saw global yields rise alongside some hawkish rhetoric from central banks. In October, the 10-year US Treasury yield hit 5% for the first time since 2007. However, in November an unexpectedly sharp slowdown in US inflation and a weaker-than-expected US payroll report prompted a significant repricing in interest rate expectations and a fall in yields. This more dovish outlook for US monetary policy was then acknowledged by the US Federal Reserve at its December meeting. In the first two months of 2024, trends in fixed income markets corrected again, with yields partially recovering from the declines in late 2023 as central banks attempted to temper market expectations for the timing of when interest rates may be cut.

This theme of uncertainty also influenced price moves in commodity markets. Global demand uncertainty, OPEC+ policy and the outbreak of conflict in the Middle East led to choppy price action in crude oil and distillate markets for much of the period. The moves in US Treasury yields saw the US Dollar fluctuate, leading to choppy price moves in metals. In addition, an unclear picture of the economic health of China impacted base metals markets. In contrast, shifts in the supply outlook led to some notable price trends in several agricultural commodity markets.

Despite this uncertain backdrop, equity markets rallied over the period. September and October were challenging months for global stocks, which fell in both months. Stock markets then rebounded in November when yields fell sharply as more dovish interest rate expectations set in. Equity markets rose each month from November to February. In February, some key global equity indices broke to new highs. Having exceeded previous peaks in January, both the S&P 500^® Index and DAX 40 Index rallied to new record highs in February. The rally in Japanese equity markets also continued, with the Nikkei 225 rising to an all-time high, surpassing its previous record high set 34 years earlier.

September was a flat month for performance of the Fund. Positive performance from the Managed Futures strategy offset losses from the Long Equity strategy. Gains for the Managed Futures strategy related to short bond and long energy positions. Short positions in bonds, most notably US Treasuries, contributed positively to returns. Robust US economic data and the prospect of elevated interest rates for a longer period saw Treasury yields rise during the month. Long exposures to crude oil and distillates also recorded gains within energy, as OPEC+ supply cuts and lower US inventories supported prices. The more hawkish outlook for interest rates was a headwind for US equities, leading to losses for the Long Equity strategy.

Fund performance was negative in both October and November. Losses for the Long Equity strategy drove losses in October, while losses for the Managed Futures strategy drove losses in November. A continuation of the hawkish rate environment from September contributed to October’s challenging backdrop for equities. However, it was the reversal

2

Abbey Capital Multi Asset Fund

Semi-Annual Investment Adviser’s Report (Unaudited) (Continued)
February 29, 2024

of price trends in currency and bond markets in November which led to losses for the Managed Futures strategy. Long US Dollar exposures and short bond positions led to losses in the month. Positively for the Long Equity strategy, the downward price trends in equity markets also reversed in November.

December, January and February marked a return to positive performance for the Fund. Both the Long Equity and Managed Futures strategies contributed positively over this three-month period. Gains for the Managed Futures strategy were concentrated in equities and agricultural commodities. Equity markets rallied over the period, with many global indices reaching all-time highs. Long positions in Japanese and US indices led gains in the sector. Within agricultural commodities, trends in certain markets at the end of 2023 continued and accelerated in some cases during the first two months of 2024. Gains in the sector stemmed from long exposures to cocoa, and short positions in soybeans and corn.

The Long Equity strategy drove the Fund’s positive performance over the half-year period. The period was initially challenging for equities in September and October, when rate expectations were becoming more hawkish, before the environment changed in November. Gains for the strategy were ultimately concentrated in the latter half of the six-month period following the dovish pivot in rate expectations during November. The S&P 500^® Index broke its previous all-time high in January before crossing the 5,000 mark in February. The index ultimately rose +13.1% over the half-year period.

The Managed Futures strategy’s best-performing sector over the period was also equities. As mentioned above, gains in the sector were concentrated in December, January and February. The Fund transitioned from short to long positioning in the sector following the sharp change in rate expectations in November and held long positions consistently for the remainder of the period. Long positions in the NASDAQ 100 Index and Nikkei 225 Index led gains, with other long positions in other US, Japanese and European indices contributing further. Trading in the FTSE 100 Index contract detracted from Fund performance.

Performance in agricultural commodities was also positive for the period. Gains were concentrated in January and February when price uptrends in cocoa markets accelerated. Further gains were realised from short corn and wheat exposures.

Energy was a sector which contributed modestly to Fund performance during the period. The sector included one of the Fund’s best-performing contracts, the performance of which was mostly offset by multiple detracting contracts. Short natural gas positions produced positive performance as US prices consistently fell over the period due to mild weather along with excess supply levels. In contrast, price trends in crude oil and distillate markets were very choppy over the period. Losses were realised in crude oil and heating oil contracts.

Losses in currencies negatively impacted Fund performance during the period. The reversal of uptrends in the US Dollar in November and December was the primary driver of losses in the sector. Mixed US Dollar positions against several currencies, in particular the British Pound and Euro, led to losses in the sector. Partially offsetting gains arose from long US Dollar positions against the Japanese Yen, with the Japanese currency weakening as the Bank of Japan remained committed to its dovish monetary policy stance.

Metals was another sector that detracted from Fund performance during the period. Losses were concentrated in base metals, with partially offsetting gains recorded in precious metals. Base metals markets traded in a broad range over the 6-month period, with a lack of clear trends and several price reversals leading to a difficult trading environment in the sector.

Smaller losses were realised in fixed income. The Fund posted gains from short positions in September and October as global yields rose. These gains unwound in November and December however, with the Fund recording losses from its short positions as trends in fixed income markets reversed sharply on a more dovish outlook for global monetary policy.

3

Abbey Capital Multi Asset Fund

Semi-Annual Investment Adviser’s Report (Unaudited) (Concluded)

February 29, 2024

Appendix

Index Descriptions

DAX 40 Index

The DAX 40 Index is a total return index of 40 selected German blue chip stocks traded on the Frankfurt Stock Exchange. The equities use free float shares in the index calculation. The index starts in December 1987.

FTSE 100 Index

The FTSE 100 Index is a capitalization-weighted index of the 100 most highly capitalized companies traded on the London Stock Exchange. The index starts in December 1983.

NASDAQ 100 Index

The NASDAQ-100 Index is a modified capitalization-weighted index of the 100 largest and most active non-financial domestic and international issues listed on the NASDAQ. The index starts in February 1985.

Nikkei 225 Index

The Nikkei-225 Stock Average is a price-weighted average of 225 top-rated Japanese companies listed in the First Section of the Tokyo Stock Exchange. The index starts in January 1970.

S&P 500 Index

The S&P 500 Index is an index of 500 US stocks chosen for market size, liquidity and industry grouping, among other factors. It is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy through changes in its aggregate market value. The index starts in March 1957.

An investment in the Fund is speculative and involves substantial risk. It is possible that an investor may lose some or all of their investment. The Fund may invest up to 25% of its total assets in ACMAF Master, a wholly-owned subsidiary of the Fund that invests substantially all of its assets in ACMAF Offshore SPC, which is a wholly-owned and controlled segregated portfolio company that invests in managed futures and foreign exchange contracts. The Fund may also invest a portion of its assets into ACMAF Onshore Series LLC, which is a multi-adviser fund that invests in managed futures and foreign exchange contracts. All investments in securities involve risk of the loss of capital. An investment in the Fund includes the risks inherent in an investment in securities, as well as specific risks associated with this open-ended investment product. Among the risks associated with investing in this Fund are Commodity Sector Risk, Counter-Party Risk, Credit Risk, Currency Risk, Manager and Management Risks, Subsidiary Risk, Tax Risk, Emerging Markets Risk, Leveraging Risk, Foreign Investment Risk, Fixed Income Securities Risks, Short Sale Risk and Portfolio Turnover Risks. The Fund may invest in or utilize derivative investments, futures contracts, and hedging strategies. One or more Trading Advisers, from time to time, may invest a substantial portion of the assets managed in a specific industry sector. As a result, the Fund’s investment portfolio may be subject to greater risk and volatility than if investments had been made in the securities of a broader range of issuers. There can be no assurance that the Fund’s strategy (hedging or otherwise) will be successful or that it will employ such strategies with respect to all or any portion of its portfolio. The value of the Fund’s portfolio investments should be expected to fluctuate. Investing in managed futures is not suitable for all investors given its speculative nature and the high level of risk involved. The Fund is appropriate only for investors who can bear the risks associated with the product. This brief statement cannot disclose all of the risks and other factors necessary to evaluate an investment in the Fund. Investors are urged to take appropriate investment advice and to carefully consider their investment objectives, personal situation, and factors such as net worth, income, age, risk tolerance and liquidity needs before investing in the Fund. Before investing, investors should carefully consider the Fund’s investment objectives, risks, tax considerations, sales charges and expenses.

Fund holdings and sector allocations are subject to change and should not be considered recommendations to buy or sell any security. Please refer to the Consolidated Portfolio of Investments in this report for a complete list of Fund holdings.

The Abbey Capital Multi Asset Fund is distributed by Quasar Distributors, LLC.

This report is submitted for general information to the shareholders of the Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Fund. Opinions expressed are subject to change at any time, are not guaranteed, and should not be considered investment advice.

4

Abbey Capital Multi Asset Fund

Performance Data

February 29, 2024 (Unaudited)

Average Annual Total Returns for the Periods Ended February 29, 2024
	Six Months†	One Year	Three Years	Five Years	Since Inception††
Class A Shares (without sales charge) (Pro forma April 11, 2018 to February 16, 2022)	6.79%	8.11%	7.72%	14.26%	11.55%*
Class A Shares (with sales charge) (Pro forma April 11, 2018 to February 16, 2022)	0.67%	1.92%	5.62%	12.91%	10.44%*
S&P 500® Total Return Index	13.93%	30.45%	11.91%	14.76%	13.58%**
ICE BofA 3-Month U.S. Treasury Bill Index***	2.69%	5.22%	2.43%	1.97%	1.98%**
Barclay CTA Index***	1.45%	1.59%	3.90%	4.93%	3.84%**

† Not annualized.

†† Inception date of Class A Shares of the Fund was February 16, 2022 and the inception date of the Fund was April 11, 2018. Performance information is from the inception date of the Fund.

* 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.

** Performance is from the inception date of the Fund and is not the inception date of the index itself. The above is shown for illustrative purposes only.

*** This is not a primary benchmark of the Fund. Results of the index performance are presented for general comparative purposes.

The Fund charges a 5.75% maximum sales charge on purchases (as a percentage of offering price) of Class A Shares. The performance data quoted reflects fee waivers in effect and would have been less in their absence. 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. Without the limitation arrangement, the gross expense ratio is 2.16% for Class A Shares as stated in the current prospectus, as supplemented (and which may differ from the actual expense ratio for the period covered by this report). This contractual limitation is in effect until December 31, 2024 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. Please see the Consolidated Financial Highlights for current figures.

5

Abbey Capital Multi Asset Fund

Performance Data (Continued)

February 29, 2024 (Unaudited)

Average Annual Total Returns for the Periods Ended February 29, 2024
	Six Months†	One Year	Three Years	Five Years	Since Inception††
Class I Shares	6.97%	8.38%	8.01%	14.56%	11.84%
S&P 500® Total Return Index	13.93%	30.45%	11.91%	14.76%	13.58%*
ICE BofA 3-Month U.S. Treasury Bill Index**	2.69%	5.22%	2.43%	1.97%	1.98%*
Barclay CTA Index**	1.45%	1.59%	3.90%	4.93%	3.84%*

† Not annualized.

^†† Inception date of Class I Shares of the Fund was April 11, 2018.

* Performance is from the inception date of the Fund only and is not the inception date of the index itself.

** This is not a primary benchmark of the Fund. Results of the index performance are presented for general comparative purposes.

The performance quoted reflects fee waivers in effect and would have been less in their absence. 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. Without the limitation arrangement, the gross expense ratio is 1.91% for Class I Shares, as stated in the current prospectus, as supplemented (and which may differ from the actual expense ratio for the period covered by this report). This contractual limitation is in effect until December 31, 2024 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. Please see the Consolidated Financial Highlights for current figures.

6

Abbey Capital Multi Asset Fund

Performance Data (Continued)

February 29, 2024 (Unaudited)

Average Annual Total Returns for the Periods Ended February 29, 2024
	Six Months†	One Year	Three Years	Five Years	Since Inception††
Class C Shares (without contingent deferred sales charge) (Pro forma April 11, 2018 to November 8, 2021)	6.48%	7.33%	6.94%	13.42%	10.73%*
Class C Shares (with contingent deferred sales charge) (Pro forma April 11, 2018 to November 8, 2021)	5.48%	6.33%	6.94%	13.42%	10.73%*
S&P 500® Total Return Index	13.93%	30.45%	11.91%	14.76%	13.58%**
ICE BofA 3-Month U.S. Treasury Bill Index***	2.69%	5.22%	2.43%	1.97%	1.98%**
Barclay CTA Index***	1.45%	1.59%	3.90%	4.93%	3.84%**

† Not annualized.

†† Inception date of Class C Shares of the Fund was November 8, 2021 and the inception date of the Fund was April 11, 2018. Performance information is from the inception date of the Fund.

* 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.

** Performance is from the inception date of the Fund and is not the inception date of the index itself. The above is shown for illustrative purposes only.

*** This is not a primary benchmark of the Fund. Results of the index performance are presented for general comparative purposes.

The Fund charges a contingent deferred sales charge (“CDSC”) of 1.00% on certain redemptions of Class C Shares made within 12 months of purchase. The CDSC is assessed on an amount equal to the lesser of the offering price at the time of purchase of the Class C Shares redeemed or the net asset value of the Class C Shares redeemed at the time of redemption.

The performance data quoted reflects fee waivers in effect and would have been less in their absence. 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. Without the limitation arrangement, the gross expense ratio is 2.91% for Class C Shares, as stated in the current prospectus, as supplemented (and which may differ from the actual expense ratios for the period covered by this report). This contractual limitation is in effect until December 31, 2024 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. Please see the Consolidated Financial Highlights for current figures.

Performance quoted is past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the returns quoted. Visit www.abbeycapital.com for returns updated daily. Call (US Toll Free) 1-844-261-6484 or (international callers) + 1-508-871-3276 for returns current to the most recent month-end.

The Barclay CTA Index is derived from data which is self-reported by investment managers based on the performance of privately managed funds. In contrast, the S&P 500^® Total Return Index and the ICE BofA 3-Month U.S. Treasury Bill Index are comprised of publicly traded securities. As a result of these differences, these indices may not be directly comparable. Additionally, these indices are not available for direct investment and the above is shown for illustrative purposes only.

7

Abbey Capital Multi Asset Fund

Performance Data (Concluded)

February 29, 2024 (Unaudited)

Barclay CTA Index

The Barclay CTA Index is a leading industry benchmark of representative performance of commodity trading advisors. There are currently 412 programs included in the calculation of the Barclay CTA Index for 2024. The Barclay CTA Index is equally weighted and rebalanced at the beginning of each year.

ICE BofA 3-Month U.S. Treasury Bill Index

The ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged market index of U.S. Treasury securities maturing in 90 days that assumes reinvestment of all income.

The S&P 500^® Total Return Index

The S&P 500^® Total Return Index is the total return version of the S&P 500^® Index. Dividends are reinvested on a daily basis and all regular cash dividends are assumed reinvested in the index on the ex-dividend date.

A basis point is one hundredth of one percent.

Portfolio composition is subject to change. It is not possible to invest directly in an index.

8

Abbey Capital Multi Asset Fund

Fund Expense Example

February 29, 2024 (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, (if any) and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2023 through February 29, 2024, and held for the entire period.

ACTUAL EXPENSES

The first section of the accompanying table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second section of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments (if any). Therefore, the second section of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value September 1, 2023		Ending Account Value February 29, 2024		Expenses Paid During Period(1)		Annualized Expense Ratio(2)			Actual Six-Month Total Investment Returns for the Funds
Actual
Class A Shares	$	1,000.00	$	1,067.90	$	10.49		2.04	%		6.79	%
Class I Shares		1,000.00		1,069.70		9.21		1.79	%		6.97	%
Class C Shares		1,000.00		1,064.80		14.32		2.79	%		6.48	%
Hypothetical (5% return before expenses)
Class A Shares	$	1,000.00	$	1,014.72	$	10.22		2.04	%		N/A
Class I Shares		1,000.00		1,015.96		8.97		1.79	%		N/A
Class C Shares		1,000.00		1,010.99		13.95		2.79	%		N/A

⁽¹⁾ Expenses are equal to the Fund’s Class A Shares, Class I Shares, and Class C Shares annualized six-month expense ratios for the period September 1, 2023 through February 29, 2024, multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 366 to reflect the one half year period. The Fund’s ending account values in the first section in the table are based on the actual six-month total investment return for the Fund’s respective share classes.

⁽²⁾ Ratios reflect expenses waived by the Fund’s investment adviser. Without these waivers, the Fund’s expenses would have been higher and the ending account values would have been lower.

9

Abbey Capital Multi Asset Fund

Consolidated Portfolio Holdings Summary Table

February 29, 2024 (Unaudited)

The following table presents a consolidated summary of the portfolio holdings of the Fund:

	% of Net Assets			Value
SHORT-TERM INVESTMENTS		78.8	%	$	523,473,005
MONEY MARKET DEPOSIT ACCOUNT		3.4			22,835,183
OTHER ASSETS IN EXCESS OF LIABILITIES
(including futures and forward foreign currency contracts)		17.8			118,514,609
NET ASSETS		100.0	%	$	664,822,797

The Fund seeks to achieve its investment objective by allocating its assets between a “Managed Futures” strategy and a “Long U.S. Equity” Strategy and a “Fixed Income” strategy.

As a result of the Fund’s use of derivatives, the Fund may hold significant amounts of U.S. Treasuries or short-term investments.

Portfolio holdings are subject to change at any time.

Refer to the Consolidated Portfolio of Investments for a detailed listing of the Fund’s holdings.

The accompanying notes are an integral part of the consolidated financial statements.
10

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments

as of February 29, 2024 (Unaudited)

	Par		Value
SHORT-TERM INVESTMENTS — 78.8%
U.S. Treasury Bills — 78.8%
5.41%,03/07/2024(a)		11,439,000	$	11,428,985
5.41%,03/14/2024(a)		13,509,000		13,483,299
5.42%,03/21/2024(a)		831,000		828,561
5.39%,03/28/2024(a)		11,023,000		10,979,396
5.44%,04/04/2024(a)		11,968,000		11,908,303
5.46%,04/11/2024(a)		25,394,000		25,241,341
5.42%,04/18/2024(a)		94,319,000		93,655,968
5.43%,04/25/2024(a)		6,057,000		6,008,133
5.37%,05/02/2024(a)		26,848,000		26,604,556
5.36%,05/09/2024(a)		25,171,000		24,917,717
5.30%,05/16/2024(a)		11,729,000		11,599,462
5.33%,05/23/2024(a)		26,393,000		26,074,448
5.26%,05/30/2024(a)		7,876,000		7,772,824
5.27%,06/06/2024(a)		9,735,000		9,598,208
5.19%,06/13/2024(a)		23,533,000		23,178,462
5.18%,06/20/2024(a)		2,223,000		2,187,392
5.15%,06/27/2024(a)		15,458,000		15,194,806
5.14%,07/05/2024(a)		2,993,000		2,938,978
5.12%,07/11/2024(a)		11,819,000		11,596,056
5.11%,07/18/2024(a)		18,344,000		17,980,722
5.09%,07/25/2024(a)		30,301,000		29,671,141
5.14%,08/01/2024(a)		17,204,000		16,829,275
5.17%,08/08/2024(a)		36,518,000		35,686,526
5.21%,08/15/2024(a)		18,550,000		18,108,987
5.23%,08/22/2024(a)		64,139,000		62,554,771
5.20%,08/29/2024(a)		7,641,000		7,444,688
TOTAL SHORT-TERM INVESTMENTS (Cost $523,574,129)				523,473,005
TOTAL INVESTMENTS — 78.8% (Cost $523,574,129)				523,473,005
MONEY MARKET DEPOSIT ACCOUNT — 3.4%(b)				22,835,183
OTHER ASSETS IN EXCESS OF LIABILITIES — 17.8%				118,514,609
TOTAL NET ASSETS — 100.0%			$	664,822,797

Percentages are stated as a percent of net assets.

(a) The rate shown is the effective yield.

(b) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of February 29, 2024 was 5.20%.

The accompanying notes are an integral part of the consolidated financial statements.
11

Abbey Capital Multi Asset Fund

Consolidated Schedule of Open Futures Contracts

as of February 29, 2024 (Unaudited)

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
10 Year Japanese Government Bonds		6		03/12/2024	$	585,272	$	(687	)
3 Month Euribor		4		03/17/2025		1,050,700		(5,309	)
3 Month Euribor		91		06/16/2025		23,944,004		(114,133	)
3 Month Euribor		10		09/15/2025		2,634,046		(14,226	)
3 Month Euribor		26		12/15/2025		6,852,736		(27,533	)
3 Month Euribor		13		03/16/2026		3,427,070		(14,496	)
3 Month Euribor		17		06/15/2026		4,482,013		(11,713	)
3 Month Euribor		29		12/14/2026		7,646,570		(10,349	)
3 Month Euribor		1		03/15/2027		263,661		(459	)
3 Month Euribor		1		06/14/2027		263,648		122
3-Month Secured Overnight Financing Rate		24		06/18/2024		5,681,100		(200	)
3-Month Secured Overnight Financing Rate		42		09/16/2025		10,082,100		(58,919	)
Arabica Coffee		14		05/20/2024		967,838		(7,013	)
Arabica Coffee		7		07/19/2024		479,588		1,781
ASX SPI 200 Index		182		03/21/2024		22,654,473		458,624
Austrailian Government 10 Year Bonds		33		03/15/2024		2,467,099		(14,586	)
Austrailian Government 3 Year Bonds		454		03/15/2024		31,420,623		(77,291	)
Australian 90 Day Bank Bills		29		06/13/2024		18,653,619		(94	)
Australian 90 Day Bank Bills		78		09/12/2024		50,185,273		(22,845	)
Brazilian Real/US Dollar Cross Currency Rate		3		03/28/2024		60,180		(315	)
Brent Crude Oil		42		03/28/2024		3,440,220		3,150
Brent Crude Oil		5		03/28/2024		409,550		(2,540	)
Brent Crude Oil		10		04/30/2024		811,800		(1,770	)
Brent Crude Oil		8		05/31/2024		644,240		3,600
Brent Crude Oil		7		10/31/2024		543,900		1
British Pound/US Dollar Cross Currency Rate		54		03/18/2024		4,257,225		(37,575	)
CAC40 10 Euro Index		530		03/15/2024		45,487,981		746,973
Canadian Dollar/US Dollar Cross Currency Rate		87		03/19/2024		6,409,290		(153,590	)
Copper		18		05/29/2024		1,731,150		188
Cotton No.2		145		05/08/2024		7,218,825		760,870
Cotton No.2		11		07/09/2024		537,735		19,695
Crude Oil		94		03/20/2024		7,356,440		52,250
Crude Oil		10		04/22/2024		774,500		2,270
Crude Oil		33		05/21/2024		2,534,730		12,490
Crude Oil		10		06/20/2024		761,800		1,770
Crude Oil		2		11/20/2024		146,260		(1,400	)
Crude Palm Oil		4		04/15/2024		84,670		2,639
Crude Palm Oil		42		05/15/2024		878,411		28,759
Crude Palm Oil		12		06/14/2024		246,802		8,018
Crude Palm Oil		5		07/15/2024		101,017		3,156
DAX Index		2		03/15/2024		191,821		6,971
Dollar Index		79		03/18/2024		8,223,742		(22,615	)
Dow Jones Industrial Average Index		120		03/15/2024		23,425,800		955,075
Dow Jones U.S. Micro-Cap Total Stock Index		1		03/15/2024		19,522		191
E-mini Energy Select Sector		1		03/15/2024		90,110		100
Emini S&P 500 ESG Index		1		03/15/2024		225,040		17,780
Euro STOXX 50 Dividend Index		9		12/20/2024		155,246		2,886
EURO STOXX 50 Index		1		03/15/2024		46,237		389

The accompanying notes are an integral part of the consolidated financial statements.
12

Abbey Capital Multi Asset Fund

Consolidated Schedule of Open Futures Contracts (Continued)

as of February 29, 2024 (Unaudited)

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
Euro STOXX 50 Quanto Index		625		03/15/2024	$	33,058,990	$	860,277
Euro STOXX Banks Index		265		03/15/2024		1,754,991		3,615
Euro/Japanese Yen Cross Currency Rate		97		03/18/2024		13,075,299		476,158
Euro/US Dollar Cross Currency Rate		165		03/18/2024		22,293,563		(48,975	)
Euro-BOBL		204		06/06/2024		25,964,117		52,181
Euro-BTP Italian Government Bonds		155		03/07/2024		19,737,690		(135,921	)
Euro-Bund		151		06/06/2024		21,584,951		49,922
Feeder Cattle		14		04/25/2024		1,776,075		(17,013	)
Feeder Cattle		4		05/23/2024		512,250		225
Financial Select Sector Index		2		03/15/2024		248,700		1,000
Frozen Concentrated Orange Juice		3		05/10/2024		161,168		(2,438	)
FTSE 100 Index		46		03/15/2024		4,428,415		(13,463	)
FTSE Bursa Malaysia KLCI Index		33		03/29/2024		535,281		379
FTSE MIB Index		13		03/15/2024		458,465		3,302
FTSE/MIB Index		90		03/15/2024		15,869,937		818,328
German Stock Index		137		03/15/2024		65,698,521		2,045,711
Gold		161		04/26/2024		33,080,670		130,531
Gold		9		06/26/2024		1,867,140		13,360
Hang Seng Index		1		03/27/2024		21,013		(207	)
Hang Seng Index		17		03/27/2024		1,786,091		(16,176	)
IBEX 35 Composite Index		3		03/15/2024		32,513		(149	)
IBEX 35 Index		24		03/15/2024		2,601,003		(10,676	)
ICE 3 Month SONIA Rate		30		09/17/2024		8,992,047		(31,936	)
ICE 3 Month SONIA Rate		5		12/17/2024		1,502,698		(663	)
ICE 3 Month SONIA Rate		6		03/18/2025		1,808,255		(5,980	)
ICE 3 Month SONIA Rate		7		06/17/2025		2,114,381		(17,183	)
ICE 3 Month SONIA Rate		11		09/16/2025		3,328,673		(18,083	)
ICE 3 Month SONIA Rate		6		12/16/2025		1,818,101		(12,181	)
ICE 3 Month SONIA Rate		6		03/17/2026		1,819,900		(8,410	)
ICE 3 Month SONIA Rate		6		06/16/2026		1,821,036		(8,931	)
ICE 3 Month SONIA Rate		5		09/15/2026		1,518,319		(7,022	)
ICE 3 Month SONIA Rate		17		12/15/2026		5,164,163		(20,086	)
Indian Rupee/US Dollar Cross Currency Rate		1		03/26/2024		24,100		(14	)
Indian Rupee/US Dollar Cross Currency Rate		1		03/26/2024		60,300		15
Industrial Select Sector Index		1		03/15/2024		122,110		830
Japanese 10 Year Government Bonds		97		03/13/2024		94,631,938		(381,403	)
JPNK400 Index		2		03/07/2024		32,324		(70	)
Lean Hogs		36		04/12/2024		1,247,400		11,310
Lean Hogs		109		06/14/2024		4,368,720		35,980
Light Sweet Crude Oil		15		03/19/2024		586,950		3,900
Live Cattle		69		04/30/2024		5,115,660		4,850
Live Cattle		31		06/28/2024		2,247,190		(10,560	)
Live Cattle		21		08/30/2024		1,517,880		(1,700	)
Live Cattle		5		10/31/2024		368,450		(1,920	)
LME Aluminum Forward		1		03/01/2024		53,640		(1,610	)
LME Copper Forward		1		03/05/2024		210,168		3,005
LME Copper Forward		1		03/08/2024		210,374		1,074
LME Copper Forward		2		03/11/2024		420,812		(6,613	)
LME Lead Forward		2		03/05/2024		103,015		1,560

The accompanying notes are an integral part of the consolidated financial statements.
13

Abbey Capital Multi Asset Fund

Consolidated Schedule of Open Futures Contracts (Continued)

as of February 29, 2024 (Unaudited)

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
LME Lead Forward		1		03/07/2024	$	51,598	$	(443	)
LME Nickel Forward		1		03/14/2024		106,284		4,644
LME Nickel Forward		1		03/19/2024		106,335		5,175
LME Zinc Forward		1		03/01/2024		59,565		(973	)
LME Zinc Forward		2		03/05/2024		119,213		(7,593	)
LME Zinc Forward		2		03/07/2024		119,379		(7,640	)
LME Zinc Forward		1		03/26/2024		59,906		(6,306	)
London Cocoa		25		05/15/2024		1,629,008		295,797
London Cocoa		15		07/16/2024		908,293		159,404
London Metals - Aluminum		1576		03/18/2024		86,570,468		(2,600,073	)
London Metals - Aluminum		292		06/17/2024		16,330,246		(90,654	)
London Metals - Copper		354		03/18/2024		74,578,950		(76,688	)
London Metals - Copper		125		06/17/2024		26,592,188		124,504
London Metals - Lead		343		03/18/2024		17,767,400		(871,686	)
London Metals - Lead		82		06/17/2024		4,232,574		(8,572	)
London Metals - Nickel		22		03/18/2024		2,338,974		191,300
London Metals - Nickel		11		06/17/2024		1,185,558		25,958
London Metals - Zinc		236		03/18/2024		14,120,175		(416,017	)
London Metals - Zinc		11		06/17/2024		669,006		5,804
Long Gilt		181		06/26/2024		22,411,373		86,506
Low Sulphur Gas Oil		50		04/11/2024		4,031,250		(115,275	)
Low Sulphur Gas Oil		7		05/10/2024		553,000		(17,550	)
Low Sulphur Gas Oil		9		06/12/2024		701,550		7,700
Low Sulphur Gas Oil		7		07/11/2024		540,750		(7,700	)
Lumber		1		05/15/2024		16,239		138
Mexican Peso/US Dollar Cross Currency Rate		295		03/18/2024		8,627,275		224,015
Mexican Stock Exchange Price & Quotation Index		4		03/15/2024		130,794		(4,352	)
Micro Gold		13		04/26/2024		267,111		1,656
MSCI EAFE Index		59		03/15/2024		6,749,305		167,410
MSCI Emerging Markets Index		41		03/15/2024		2,084,440		9,085
Nasdaq 100 Index		83		03/15/2024		30,017,365		1,925,712
NASDAQ 100 Micro Index		1		03/15/2024		36,166		1,194
New Zealand Dollar/US Dollar Cross Currency Rate		163		03/18/2024		9,913,660		(166,470	)
Nifty 50 Index		167		03/28/2024		7,412,128		(27,816	)
Nikkei 225 Index		15		03/07/2024		3,928,095		408,284
Nikkei 225 Index		160		03/07/2024		20,947,172		1,902,069
Nikkei 225 Index		26		03/07/2024		3,407,818		207,527
Nikkei 225 Index		97		03/07/2024		2,540,168		281,037
Nikkei 225 Index		13		03/07/2024		2,554,825		203,375
NY Harbor ULSD		90		03/28/2024		10,016,622		(318,929	)
NY Harbor ULSD		8		04/30/2024		872,054		(10,219	)
NY Harbor ULSD		8		05/31/2024		859,051		5,141
NY Harbor ULSD		7		06/28/2024		747,025		168
NY Harbor ULSD		1		11/29/2024		105,155		(1,877	)
NYSE FANG+ Index		2		03/15/2024		99,258		(1,831	)
Oats		1		05/14/2024		18,550		(38	)
OMXS30 ESG Index		1		03/15/2024		22,694		813
OMXS30 Index		1013		03/15/2024		24,009,695		787,933
Reformulated Gasoline Blendstock		77		03/28/2024		8,346,954		154,505

The accompanying notes are an integral part of the consolidated financial statements.
14

Abbey Capital Multi Asset Fund

Consolidated Schedule of Open Futures Contracts (Continued)

as of February 29, 2024 (Unaudited)

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
Reformulated Gasoline Blendstock		12		04/30/2024	$	1,295,834	$	11,437
Reformulated Gasoline Blendstock		7		05/31/2024		746,348		14,889
Reformulated Gasoline Blendstock		2		06/28/2024		209,614		2,041
Robusta Coffee		50		05/24/2024		1,547,500		(13,080	)
Robusta Coffee		3		07/25/2024		90,780		480
Rough Rice		7		05/14/2024		255,990		(3,300	)
Russell 2000 Index		45		03/15/2024		4,628,925		78,260
S&P 500 Index		1476		03/15/2024		376,656,751		27,799,599
S&P 500 Index		2		03/15/2024		51,038		1,451
S&P Mid Cap 400 Index		18		03/15/2024		5,206,680		159,330
S&P Real Estate Select Sector Stock Index		1		03/15/2024		47,900		1,138
S&P/Toronto Stock Exchange 60 Index		54		03/14/2024		10,270,405		259,099
SGX FTSE Taiwan Index		100		03/28/2024		6,466,000		13,980
SGX Technically Specified Rubber 20		2		03/28/2024		16,230		1,130
SGX TSI Iron Ore		56		03/28/2024		652,344		(86,266	)
SGX TSI Iron Ore		119		04/30/2024		1,369,452		(3,223	)
Short-term Euro-BTP		48		03/07/2024		5,466,430		(2,680	)
STOXX 600 Bank Spread Index		10		03/15/2024		93,868		1,473
STOXX Euro ESG-X Index		6		03/15/2024		119,709		4,345
STOXX Europe 600 Index		119		03/15/2024		3,182,585		16,454
STOXX Europe 600 Index		2		03/15/2024		39,882		492
Sugar #11		8		06/28/2024		192,909		(10,046	)
Swiss Franc/US Dollar Cross Currency Rate		3		03/18/2024		424,631		(2,069	)
Technology Select Sector Index		1		03/15/2024		208,930		1,250
Tokyo Price Index		39		03/07/2024		697,432		19,220
TOPIX Index		50		03/07/2024		8,941,435		509,398
U.S. Treasury 5 Year Note		32		06/28/2024		3,421,000		500
U.S. Treasury Long Bonds		8		06/18/2024		954,000		(1,938	)
US Cocoa		38		05/15/2024		2,298,620		470,160
US Cocoa		33		07/16/2024		1,890,900		246,740
White Maize		5		07/24/2024		118,665		4,354
WTI Light Sweet Crude Oil IPE		9		03/19/2024		704,340		11,260
WTI Light Sweet Crude Oil IPE		7		04/19/2024		542,150		5,210
WTI Light Sweet Crude Oil IPE		3		05/20/2024		230,430		570
XAV Health Care Select Sector Index		3		03/15/2024		439,140		7,230
							$	38,175,260

Description	Contracts Sold		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
1 Month Secured Overnight Financing Rate		(17)		07/31/2024	$	6,719,079	$	2,396
10 Year U.S. Ultra Treasury Notes		(33)		06/18/2024		3,767,672		(8,375	)

The accompanying notes are an integral part of the consolidated financial statements.
15

Abbey Capital Multi Asset Fund

Consolidated Schedule of Open Futures Contracts (Continued)

as of February 29, 2024 (Unaudited)

Description	Contracts Sold		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
3 Month Canadian Bankers’ Acceptances		(14)		06/17/2024	$	2,448,569	$	(1,925	)
3 Month Canadian Bankers’ Acceptances		(12)		09/18/2024		2,104,299		2,772
3 Month Canadian Bankers’ Acceptances		(8)		12/18/2024		1,406,993		516
3 Month Canadian Bankers’ Acceptances		(9)		03/19/2025		1,586,763		737
3 Month Canadian Bankers’ Acceptances		(2)		06/18/2025		353,277		589
3 Month Canadian Bankers’ Acceptances		(1)		09/17/2025		176,896		(184	)
3 Month Euribor		(30)		06/17/2024		7,809,730		8,795
3 Month Euribor		(22)		09/16/2024		5,747,347		17,401
3 Month Euribor		(37)		12/16/2024		9,695,984		7,282
3 Month Euribor		(106)		03/17/2025		27,843,560		(5,269	)
3-Month Secured Overnight Financing Rate		(42)		09/17/2024		9,963,450		28,900
3-Month Secured Overnight Financing Rate		(217)		12/17/2024		51,637,863		127,938
3-Month Secured Overnight Financing Rate		(335)		03/18/2025		79,981,250		60,040
3-Month Secured Overnight Financing Rate		(17)		06/17/2025		4,070,863		14,200
3-Month Secured Overnight Financing Rate		(15)		09/16/2025		3,600,750		8,575
3-Month Secured Overnight Financing Rate		(119)		12/16/2025		28,616,525		450
3-Month Secured Overnight Financing Rate		(11)		03/17/2026		2,647,838		1,888
3-Month Secured Overnight Financing Rate		(10)		06/16/2026		2,408,250		775
3-Month Secured Overnight Financing Rate		(9)		09/15/2026		2,167,650		163
3-Month Secured Overnight Financing Rate		(60)		12/15/2026		14,451,750		(3,963	)
AUD/USD Cross Currency Rate		(526)		03/18/2024		34,174,220		179,925
Austrailian Government 10 Year Bonds		(124)		03/15/2024		9,270,312		(17,433	)
Austrailian Government 3 Year Bonds		(202)		03/15/2024		13,980,100		(17,876	)
Australian 90 Day Bank Bills		(17)		12/12/2024		10,941,020		(78	)
Australian 90 Day Bank Bills		(20)		03/13/2025		12,875,247		(676	)
Australian 90 Day Bank Bills		(4)		06/12/2025		2,575,615		(472	)
Australian 90 Day Bank Bills		(3)		09/11/2025		1,932,042		(220	)
Australian 90 Day Bank Bills		(2)		12/11/2025		1,288,217		(142	)
British Pound/US Dollar Cross Currency Rate		(9)		03/18/2024		709,538		631
Canadian 10 Year Government Bonds		(81)		06/19/2024		7,154,309		(3,065	)
Canadian 2-Year Bond Futures		(43)		06/19/2024		3,267,417		(1,555	)
Canadian 5 Year Bonds		(20)		06/19/2024		1,639,465		(2,387	)
Canadian Canola Oil		(92)		05/14/2024		804,928		29,768
Canadian Canola Oil		(16)		07/12/2024		141,685		(479	)
Canadian Dollar/US Dollar Cross Currency Rate		(232)		03/19/2024		17,091,440		26,185
Class III Milk		(7)		04/30/2024		240,380		5,200
Copper		(119)		05/29/2024		11,444,825		13,993
Copper		(5)		07/29/2024		483,375		3,013
Corn No. 2 Yellow		(536)		05/14/2024		11,510,600		(45,669	)
Corn No. 2 Yellow		(509)		07/12/2024		11,229,813		942,263
Corn No. 2 Yellow		(31)		09/13/2024		697,888		(17,425	)
Corn No. 2 Yellow		(28)		12/13/2024		648,550		(6,300	)
Crude Oil		(47)		03/20/2024		3,678,220		(30,078	)
Crude Soybean Oil		(92)		05/14/2024		2,495,592		96,180
Crude Soybean Oil		(20)		07/12/2024		547,440		5,964
Crude Soybean Oil		(19)		12/13/2024		513,684		25,470
E-mini Consumer Staples Select Sector		(1)		03/15/2024		75,060		(2,040	)
Euro BUXL 30 Year Bonds		(12)		03/07/2024		1,727,033		(4,734	)
Euro STOXX 50 Quanto Index		(196)		03/15/2024		10,367,299		(400,264	)
Euro/US Dollar Cross Currency Rate		(1)		03/18/2024		13,511		(93	)

The accompanying notes are an integral part of the consolidated financial statements.
16

Abbey Capital Multi Asset Fund

Consolidated Schedule of Open Futures Contracts (Continued)

as of February 29, 2024 (Unaudited)

Description	Contracts Sold		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
Euro/US Dollar Cross Currency Rate		(193)		03/18/2024	$	26,076,713	$	(45,488	)
Euro-BOBL		(395)		03/07/2024		49,616,208		213,231
Euro-Bund		(147)		03/07/2024		21,075,126		87,706
Euro-Schatz		(1052)		03/07/2024		119,555,790		532,635
Eurpoean Rapeseed		(44)		04/30/2024		979,638		18,117
Eurpoean Rapeseed		(7)		07/31/2024		156,324		(405	)
French Government Bonds		(31)		03/07/2024		4,278,231		(8,852	)
FTSE 100 Index		(230)		03/15/2024		22,142,073		(15,186	)
FTSE China A50 Index		(43)		03/28/2024		510,496		(813	)
FTSE/JSE Top 40 Index		(44)		03/20/2024		1,519,193		46,664
Gold		(3)		04/26/2024		616,410		(13,150	)
Hang Seng China Enterprises Index		(16)		03/27/2024		580,471		9,675
Hang Seng China Enterprises Index		(3)		03/27/2024		21,768		294
Hang Seng Index		(92)		03/27/2024		9,665,905		138,170
Hang Seng TECH Index		(1)		03/27/2024		21,917		(19	)
Hard Red Winter Wheat		(102)		05/14/2024		2,994,975		74,938
Hard Red Winter Wheat		(7)		07/12/2024		200,988		(1,888	)
ICE 3 Month SONIA Rate		(9)		12/17/2024		2,704,857		1,436
ICE 3 Month SONIA Rate		(7)		12/16/2025		2,121,118		(2,509	)
ICE European Climate Exchange Emissions		(89)		12/16/2024		5,386,710		968,884
Japanese Yen/US Dollar Cross Currency Rate		(529)		03/18/2024		44,211,175		1,574,489
Lean Hogs		(3)		06/14/2024		120,240		(5,440	)
LME Aluminum Forward		(1)		03/01/2024		53,640		1,073
LME Copper Forward		(1)		03/05/2024		210,168		3,401
LME Copper Forward		(1)		03/08/2024		210,374		3,289
LME Copper Forward		(2)		03/11/2024		420,812		(6,187	)
LME Lead Forward		(2)		03/05/2024		103,015		(255	)
LME Lead Forward		(1)		03/07/2024		51,598		(973	)
LME Nickel Forward		(1)		03/14/2024		106,284		(3,396	)
LME Nickel Forward		(1)		03/19/2024		106,335		(4,791	)
LME Zinc Forward		(1)		03/01/2024		59,565		1,261
LME Zinc Forward		(2)		03/05/2024		119,213		7,732
LME Zinc Forward		(2)		03/07/2024		119,379		(67	)
LME Zinc Forward		(1)		03/26/2024		59,906		6,119
London Metals - Aluminum		(1576)		03/18/2024		86,570,468		1,150,403
London Metals - Aluminum		(397)		06/17/2024		22,202,424		33,139
London Metals - Copper		(354)		03/18/2024		74,578,950		(235,846	)
London Metals - Copper		(117)		06/17/2024		24,890,288		(393,167	)
London Metals - Lead		(343)		03/18/2024		17,767,400		(71,183	)
London Metals - Lead		(137)		06/17/2024		7,071,495		(160,005	)
London Metals - Nickel		(22)		03/18/2024		2,338,974		(3,526	)
London Metals - Nickel		(36)		06/17/2024		3,880,008		(349,894	)
London Metals - Zinc		(236)		03/18/2024		14,120,175		530,159
London Metals - Zinc		(106)		06/17/2024		6,446,788		(250,938	)
Long Gilt		(67)		06/26/2024		8,295,923		5,377
Maize		(1)		06/05/2024		9,444		311
Mexican Peso/US Dollar Cross Currency Rate		(2)		03/18/2024		58,490		(250	)
Milling Wheat No. 2		(218)		05/10/2024		2,309,023		175,414
Milling Wheat No. 2		(34)		09/10/2024		376,659		2,351
Milling Wheat No. 2		(14)		12/10/2024		159,256		(41	)

The accompanying notes are an integral part of the consolidated financial statements.
17

Abbey Capital Multi Asset Fund

Consolidated Schedule of Open Futures Contracts (Concluded)

as of February 29, 2024 (Unaudited)

Description	Contracts Sold		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
MSCI China A 50 Index		(1)		03/15/2024	$	46,080	$	115
MSCI Singapore Index		(33)		03/27/2024		690,387		4,853
Nasdaq 100 Index		(10)		03/15/2024		3,616,550		(10,180	)
Natural Gas		(11)		03/25/2024		51,150		(1,925	)
Natural Gas		(214)		03/26/2024		3,980,400		(104,347	)
Natural Gas		(70)		03/27/2024		1,354,455		25,369
Natural Gas		(178)		04/26/2024		3,574,240		(7,880	)
Natural Gas		(16)		05/29/2024		359,840		(20,060	)
Natural Gas		(16)		09/26/2024		422,400		(23,120	)
Nikkei 225 Index		(49)		03/07/2024		6,415,071		(29,616	)
NY Harbor ULSD		(3)		03/28/2024		333,887		(3,234	)
Palladium		(17)		06/26/2024		1,609,560		65,830
Phelix DE Base Yearly		(2)		12/27/2024		1,411,462		291,325
Phelix DE Baseload Quarterly		(1)		03/26/2024		131,502		79,996
Platinum		(35)		04/26/2024		1,547,000		24,675
Red Spring Wheat		(13)		05/14/2024		428,350		(3,750	)
SET50 Index		(212)		03/28/2024		985,373		36,129
Short-term Euro-BTP		(8)		03/07/2024		911,072		11
Silver		(93)		05/29/2024		10,641,525		(65,361	)
Silver		(2)		07/29/2024		231,020		(220	)
South African Rand/US Dollar Cross Currency Rate		(2)		03/18/2024		52,025		1,325
Soybean Meal		(115)		05/14/2024		3,785,800		169,080
Soybean Meal		(21)		07/12/2024		695,520		10,110
Soybeans		(324)		05/14/2024		18,480,150		502,609
Soybeans		(170)		07/12/2024		9,785,625		300,400
Soybeans		(30)		11/14/2024		1,699,875		11,488
STOXX 600 Utilities Index		(6)		03/15/2024		116,046		(449	)
Sugar #11		(160)		04/30/2024		3,886,848		123,191
Sugar #11		(1)		06/28/2024		24,114		706
Sugar #11		(1)		09/30/2024		24,203		627
Sugar #11		(1)		02/28/2025		24,461		571
Swiss Franc/US Dollar Cross Currency Rate		(27)		03/18/2024		3,821,681		5,956
U.S. Treasury 10 Year Notes		(362)		06/18/2024		39,978,375		(77,031	)
U.S. Treasury 2 Year Notes		(448)		06/28/2024		91,727,999		(51,945	)
U.S. Treasury 5 Year Note		(833)		06/28/2024		89,052,906		(120,977	)
U.S. Treasury Long Bonds		(83)		06/18/2024		9,897,750		(30,594	)
U.S. Treasury Ultra Bonds		(26)		06/18/2024		3,324,750		(34,281	)
UK Natural Gas		(45)		03/27/2024		1,049,394		(44,421	)
UK Natural Gas		(5)		04/29/2024		120,251		(10,350	)
US 3 Year Notes		(2)		06/28/2024		417,375		(500	)
Utilities Select Sector Index		(1)		03/15/2024		62,580		(570	)
Wheat		(45)		05/14/2024		1,296,563		31,000
Wheat		(238)		07/12/2024		6,893,075		473,000
Wheat		(12)		09/13/2024		352,050		388
Wheat		(4)		12/13/2024		120,150		4,438
White Sugar		(10)		04/15/2024		307,550		3,300
White Sugar		(3)		07/16/2024		90,120		1,545
Yellow Maize		(1)		07/24/2024		20,839		(1,345	)
							$	6,579,187
Total Unrealized Appreciation (Depreciation) on Futures Contracts							$	44,754,447

The accompanying notes are an integral part of the consolidated financial statements.
18

Abbey Capital Multi Asset Fund

Schedule of Forward currency Contracts

as of February 29, 2024 (Unaudited)

Settlement Date		Currency Purchased			Currency Sold		Counterparty		Value/ Unrealized Appreciation (Depreciation)
03/27/2024	AUD		5,400,000	CAD		4,784,176		SG Americas Securities LLC	$	(13,529	)
03/27/2024	AUD		1,242,626	EUR		750,000		SG Americas Securities LLC		(3,103	)
03/27/2024	AUD		1,936,395	GBP		1,000,000		SG Americas Securities LLC		(2,753	)
03/01/2024	AUD		800,000	JPY		78,548,446		SG Americas Securities LLC		(4,000	)
03/04/2024	AUD		600,000	JPY		58,536,480		SG Americas Securities LLC		(644	)
03/27/2024	AUD		12,000,000	JPY		1,176,850,818		SG Americas Securities LLC		(77,426	)
03/01/2024	AUD		2,600,000	NZD		2,770,994		SG Americas Securities LLC		2,933
03/27/2024	AUD		14,200,000	NZD		15,086,395		SG Americas Securities LLC		52,570
03/01/2024	AUD		5,819,299	USD		3,799,531		SG Americas Securities LLC		(16,869	)
03/04/2024	AUD		5,819,299	USD		3,788,364		SG Americas Securities LLC		(5,359	)
03/20/2024	AUD		900,000	USD		590,571		SG Americas Securities LLC		(5,194	)
03/27/2024	AUD		1,000,000	USD		655,424		SG Americas Securities LLC		(4,854	)
03/04/2024	BRL		497,152	USD		100,000		SG Americas Securities LLC		(39	)
03/20/2024	BRL		36,094,403	USD		7,200,000		SG Americas Securities LLC		45,111
03/27/2024	CAD		15,397,216	AUD		17,400,000		SG Americas Securities LLC		29,982
03/27/2024	CAD		183,457	EUR		125,000		SG Americas Securities LLC		(20	)
03/27/2024	CAD		8,400,000	JPY		931,355,140		SG Americas Securities LLC		(47,603	)
03/01/2024	CAD		70,662,823	USD		52,035,299		SG Americas Securities LLC		32,532
03/20/2024	CAD		1,887,821	USD		1,400,000		SG Americas Securities LLC		(8,561	)
03/27/2024	CAD		200,000	USD		147,913		SG Americas Securities LLC		(485	)
03/20/2024	CHF		14,147,080	EUR		15,150,000		SG Americas Securities LLC		(355,273	)
03/27/2024	CHF		10,567,561	EUR		11,125,000		SG Americas Securities LLC		(52,096	)
03/27/2024	CHF		1,661,187	GBP		1,500,000		SG Americas Securities LLC		(9,701	)
03/27/2024	CHF		5,500,000	JPY		937,074,633		SG Americas Securities LLC		(39,958	)
03/01/2024	CHF		16,678,523	USD		18,933,718		SG Americas Securities LLC		(72,116	)
03/04/2024	CHF		16,678,523	USD		19,002,143		SG Americas Securities LLC		(134,651	)
03/20/2024	CHF		1,168,716	USD		1,350,000		SG Americas Securities LLC		(25,530	)
03/27/2024	CHF		6,625,000	USD		7,546,874		SG Americas Securities LLC		(32,995	)
03/06/2024	CLP		384,730,064	USD		400,000		SG Americas Securities LLC		(1,877	)
03/12/2024	CLP		196,515,712	USD		200,000		SG Americas Securities LLC		3,292
03/27/2024	CLP		98,668,936	USD		100,000		SG Americas Securities LLC		1,990
03/20/2024	CNH		4,679,630	USD		650,000		SG Americas Securities LLC		271
03/27/2024	CNH		2,877,900	USD		400,000		SG Americas Securities LLC		106
03/07/2024	COP		400,022,000	USD		100,000		SG Americas Securities LLC		1,801
03/11/2024	COP		399,141,000	USD		100,000		SG Americas Securities LLC		1,504
03/20/2024	COP		8,036,827,230	USD		2,000,000		SG Americas Securities LLC		40,497
03/26/2024	COP		394,672,357	USD		100,000		SG Americas Securities LLC		97
03/27/2024	EUR		5,750,000	AUD		9,476,073		SG Americas Securities LLC		56,785
03/27/2024	EUR		6,750,000	CAD		9,838,982		SG Americas Securities LLC		50,952
03/20/2024	EUR		10,600,000	CHF		10,025,426		SG Americas Securities LLC		104,492
03/27/2024	EUR		375,000	CHF		357,071		SG Americas Securities LLC		779
03/20/2024	EUR		2,200,000	CZK		54,993,671		SG Americas Securities LLC		34,752
03/20/2024	EUR		4,900,000	GBP		4,194,464		SG Americas Securities LLC		4,994
03/27/2024	EUR		1,500,000	GBP		1,283,568		SG Americas Securities LLC		2,513
03/20/2024	EUR		550,000	HUF		216,605,107		SG Americas Securities LLC		(338	)
03/27/2024	EUR		400,000	HUF		156,438,306		SG Americas Securities LLC		3,148
03/21/2024	EUR		26,050,000	JPY		4,163,263,074		SG Americas Securities LLC		315,408
03/27/2024	EUR		4,000,000	JPY		647,513,990		SG Americas Securities LLC		(9,901	)

The accompanying notes are an integral part of the consolidated financial statements.
19

Abbey Capital Multi Asset Fund

Schedule of Forward currency Contracts (Continued)

as of February 29, 2024 (Unaudited)

Settlement Date		Currency Purchased			Currency Sold		Counterparty		Value/ Unrealized Appreciation (Depreciation)
03/20/2024	EUR		3,600,000	NOK		41,205,691		SG Americas Securities LLC	$	12,586
03/27/2024	EUR		4,750,000	NOK		53,824,313		SG Americas Securities LLC		68,502
03/27/2024	EUR		300,000	PLN		1,293,575		SG Americas Securities LLC		763
03/20/2024	EUR		400,000	SEK		4,534,179		SG Americas Securities LLC		(5,089	)
03/27/2024	EUR		6,750,000	SEK		75,743,526		SG Americas Securities LLC		(11,521	)
03/01/2024	EUR		14,174,791	USD		15,379,648		SG Americas Securities LLC		(58,933	)
03/20/2024	EUR		1,450,000	USD		1,572,167		SG Americas Securities LLC		(3,706	)
03/27/2024	EUR		8,625,000	USD		9,349,727		SG Americas Securities LLC		(17,274	)
03/27/2024	GBP		5,500,000	AUD		10,563,278		SG Americas Securities LLC		71,672
03/27/2024	GBP		375,000	CHF		417,144		SG Americas Securities LLC		330
03/04/2024	GBP		171,263	EUR		200,000		SG Americas Securities LLC		(3	)
03/20/2024	GBP		19,692,209	EUR		23,000,000		SG Americas Securities LLC		(18,507	)
03/27/2024	GBP		9,948,943	EUR		11,600,000		SG Americas Securities LLC		9,204
03/27/2024	GBP		4,750,000	JPY		896,642,441		SG Americas Securities LLC		(10,082	)
03/01/2024	GBP		33,721,680	USD		42,658,168		SG Americas Securities LLC		(90,847	)
03/04/2024	GBP		33,721,680	USD		42,725,908		SG Americas Securities LLC		(158,011	)
03/20/2024	GBP		4,100,000	USD		5,179,323		SG Americas Securities LLC		(3,256	)
03/27/2024	GBP		5,937,500	USD		7,489,473		SG Americas Securities LLC		6,702
03/20/2024	HUF		1,240,099,030	EUR		3,200,000		SG Americas Securities LLC		(53,407	)
03/01/2024	HUF		145,038,488	USD		400,466		SG Americas Securities LLC		(1,198	)
03/27/2024	HUF		1,047,960,829	USD		2,900,000		SG Americas Securities LLC		(21,752	)
03/20/2024	ILS		2,538,432	USD		700,000		SG Americas Securities LLC		10,913
03/27/2024	ILS		2,174,415	USD		600,000		SG Americas Securities LLC		9,111
03/01/2024	INR		153,022,472	USD		1,839,113		SG Americas Securities LLC		6,342
03/04/2024	INR		138,656,339	USD		1,668,107		SG Americas Securities LLC		3,951
03/05/2024	INR		40,933,129	USD		492,780		SG Americas Securities LLC		819
03/06/2024	INR		165,865,844	USD		2,000,000		SG Americas Securities LLC		66
03/13/2024	INR		516,135,349	USD		6,221,384		SG Americas Securities LLC		879
03/20/2024	INR		211,804,278	USD		2,550,000		SG Americas Securities LLC		2,783
03/27/2024	INR		5,630,811	USD		67,851		SG Americas Securities LLC		(2	)
03/01/2024	JPY		78,066,139	AUD		800,000		SG Americas Securities LLC		783
03/04/2024	JPY		38,974,946	AUD		400,000		SG Americas Securities LLC		100
03/21/2024	JPY		39,644,758	EUR		250,000		SG Americas Securities LLC		(5,100	)
03/04/2024	JPY		23,712,095	GBP		125,000		SG Americas Securities LLC		471
03/01/2024	JPY		18,396,176	NZD		200,000		SG Americas Securities LLC		955
03/27/2024	JPY		18,169,652	NZD		200,000		SG Americas Securities LLC		(45	)
03/01/2024	JPY		4,608,091,663	USD		30,751,327		SG Americas Securities LLC		(9,592	)
03/21/2024	JPY		134,879,471	USD		900,000		SG Americas Securities LLC		2,726
03/06/2024	KRW		7,051,647,963	USD		5,300,000		SG Americas Securities LLC		(2,743	)
03/15/2024	KRW		399,350,486	USD		300,000		SG Americas Securities LLC		142
03/20/2024	KRW		8,066,139,850	USD		6,050,000		SG Americas Securities LLC		13,964
03/20/2024	MXN		144,126,169	USD		8,400,000		SG Americas Securities LLC		28,225
03/27/2024	MXN		85,000,000	USD		4,953,075		SG Americas Securities LLC		11,816
03/20/2024	NOK		27,764,233	EUR		2,450,000		SG Americas Securities LLC		(34,803	)
03/01/2024	NOK		3,500,000	SEK		3,415,559		SG Americas Securities LLC		38
03/04/2024	NOK		3,500,000	SEK		3,416,353		SG Americas Securities LLC		(55	)
03/27/2024	NOK		7,000,000	SEK		6,826,628		SG Americas Securities LLC		208
03/27/2024	NOK		21,031,462	USD		2,000,000		SG Americas Securities LLC		(18,501	)
03/01/2024	NZD		2,776,296	AUD		2,600,000		SG Americas Securities LLC		296
03/27/2024	NZD		25,970,848	AUD		24,400,000		SG Americas Securities LLC		(61,262	)

The accompanying notes are an integral part of the consolidated financial statements.
20

Abbey Capital Multi Asset Fund

Schedule of Forward currency Contracts (Continued)

as of February 29, 2024 (Unaudited)

Settlement Date		Currency Purchased			Currency Sold		Counterparty		Value/ Unrealized Appreciation (Depreciation)
03/01/2024	NZD		200,000	JPY		18,242,492		SG Americas Securities LLC	$	70
03/27/2024	NZD		12,200,000	JPY		1,125,856,880		SG Americas Securities LLC		(114,525	)
03/01/2024	NZD		700,000	USD		432,050		SG Americas Securities LLC		(5,855	)
03/04/2024	NZD		800,000	USD		487,703		SG Americas Securities LLC		(623	)
03/20/2024	NZD		3,900,000	USD		2,403,458		SG Americas Securities LLC		(28,913	)
03/27/2024	NZD		1,900,000	USD		1,161,405		SG Americas Securities LLC		(4,568	)
03/20/2024	PHP		25,195,678	USD		450,000		SG Americas Securities LLC		(1,952	)
03/20/2024	PLN		24,299,525	EUR		5,600,000		SG Americas Securities LLC		26,410
03/27/2024	PLN		4,336,197	EUR		1,000,000		SG Americas Securities LLC		3,534
03/27/2024	PLN		25,664,192	USD		6,400,000		SG Americas Securities LLC		24,974
03/20/2024	SEK		95,754,371	EUR		8,500,000		SG Americas Securities LLC		50,512
03/27/2024	SEK		75,388,990	EUR		6,750,000		SG Americas Securities LLC		(22,719	)
03/01/2024	SEK		3,409,904	NOK		3,500,000		SG Americas Securities LLC		(583	)
03/27/2024	SEK		73,336,149	NOK		74,000,000		SG Americas Securities LLC		110,698
03/01/2024	SEK		5,655	USD		547		SG Americas Securities LLC		(2	)
03/27/2024	SEK		21,586,972	USD		2,100,000		SG Americas Securities LLC		(15,167	)
03/20/2024	SGD		67,089	USD		50,000		SG Americas Securities LLC		(95	)
03/27/2024	SGD		21,512,830	USD		16,000,000		SG Americas Securities LLC		7,827
03/05/2024	TWD		47,055,732	USD		1,500,000		SG Americas Securities LLC		(10,480	)
03/06/2024	TWD		53,316,345	USD		1,700,000		SG Americas Securities LLC		(12,109	)
03/27/2024	TWD		6,290,400	USD		200,000		SG Americas Securities LLC		(267	)
03/01/2024	USD		3,788,020	AUD		5,819,299		SG Americas Securities LLC		5,358
03/20/2024	USD		5,832,904	AUD		8,950,000		SG Americas Securities LLC		11,656
03/27/2024	USD		4,332,825	AUD		6,600,000		SG Americas Securities LLC		39,062
03/04/2024	USD		100,000	BRL		496,798		SG Americas Securities LLC		110
03/20/2024	USD		1,250,000	BRL		6,241,423		SG Americas Securities LLC		(2,820	)
03/20/2024	USD		5,600,000	CAD		7,577,036		SG Americas Securities LLC		15,264
03/27/2024	USD		3,551,869	CAD		4,800,000		SG Americas Securities LLC		13,597
03/01/2024	USD		18,996,040	CHF		16,678,523		SG Americas Securities LLC		134,437
03/20/2024	USD		3,600,000	CHF		3,153,250		SG Americas Securities LLC		26,520
03/27/2024	USD		1,996,533	CHF		1,750,000		SG Americas Securities LLC		11,735
03/06/2024	USD		400,000	CLP		379,648,000		SG Americas Securities LLC		7,136
03/12/2024	USD		200,000	CLP		192,724,288		SG Americas Securities LLC		630
03/20/2024	USD		3,350,000	CLP		3,209,338,580		SG Americas Securities LLC		31,403
03/28/2024	USD		200,000	CLP		196,688,000		SG Americas Securities LLC		(3,298	)
03/20/2024	USD		8,350,000	CNH		60,097,746		SG Americas Securities LLC		(1,049	)
03/27/2024	USD		7,500,000	CNH		53,979,607		SG Americas Securities LLC		(4,631	)
03/07/2024	USD		100,000	COP		400,217,644		SG Americas Securities LLC		(1,851	)
03/11/2024	USD		100,000	COP		397,414,644		SG Americas Securities LLC		(1,065	)
03/20/2024	USD		50,000	COP		199,785,135		SG Americas Securities LLC		(724	)
03/21/2024	USD		100,000	COP		393,556,644		SG Americas Securities LLC		97
03/27/2024	USD		200,000	CZK		4,678,480		SG Americas Securities LLC		518
03/01/2024	USD		15,338,065	EUR		14,174,791		SG Americas Securities LLC		17,350
03/04/2024	USD		15,381,463	EUR		14,174,791		SG Americas Securities LLC		58,973
03/20/2024	USD		8,505,802	EUR		7,900,000		SG Americas Securities LLC		(39,609	)
03/27/2024	USD		3,381,545	EUR		3,125,000		SG Americas Securities LLC		222
03/01/2024	USD		42,725,369	GBP		33,721,680		SG Americas Securities LLC		158,047
03/20/2024	USD		3,336,438	GBP		2,650,000		SG Americas Securities LLC		(9,069	)
03/27/2024	USD		1,347,534	GBP		1,062,500		SG Americas Securities LLC		6,114
03/01/2024	USD		400,000	HUF		145,038,488		SG Americas Securities LLC		732

The accompanying notes are an integral part of the consolidated financial statements.
21

Abbey Capital Multi Asset Fund

Schedule of Forward currency Contracts (Continued)

as of February 29, 2024 (Unaudited)

Settlement Date		Currency Purchased			Currency Sold		Counterparty		Value/ Unrealized Appreciation (Depreciation)
03/27/2024	USD		300,000	HUF		108,068,493		SG Americas Securities LLC	$	3,187
03/20/2024	USD		1,450,000	IDR		22,787,580,103		SG Americas Securities LLC		748
03/20/2024	USD		850,000	ILS		3,119,156		SG Americas Securities LLC		(23,550	)
03/27/2024	USD		1,500,000	ILS		5,469,153		SG Americas Securities LLC		(32,055	)
03/01/2024	USD		1,841,865	INR		153,022,472		SG Americas Securities LLC		(3,589	)
03/04/2024	USD		1,668,529	INR		138,656,339		SG Americas Securities LLC		(3,530	)
03/05/2024	USD		492,780	INR		40,943,149		SG Americas Securities LLC		(940	)
03/06/2024	USD		2,000,000	INR		165,864,216		SG Americas Securities LLC		(47	)
03/13/2024	USD		6,221,384	INR		517,004,152		SG Americas Securities LLC		(11,353	)
03/20/2024	USD		8,578,616	INR		712,944,819		SG Americas Securities LLC		(14,192	)
03/26/2024	USD		2,000,000	INR		165,984,520		SG Americas Securities LLC		(121	)
03/27/2024	USD		2,184,966	INR		181,280,896		SG Americas Securities LLC		599
04/02/2024	USD		6,221,384	INR		516,701,495		SG Americas Securities LLC		(3,129	)
03/01/2024	USD		30,637,680	JPY		4,607,763,040		SG Americas Securities LLC		(101,863	)
03/04/2024	USD		30,763,540	JPY		4,607,763,040		SG Americas Securities LLC		9,797
03/21/2024	USD		16,750,000	JPY		2,475,554,134		SG Americas Securities LLC		181,529
03/27/2024	USD		3,848,415	JPY		575,000,000		SG Americas Securities LLC		(3,776	)
03/06/2024	USD		5,300,000	KRW		7,019,277,932		SG Americas Securities LLC		27,060
03/15/2024	USD		300,000	KRW		397,992,330		SG Americas Securities LLC		879
03/20/2024	USD		8,150,000	KRW		10,836,596,442		SG Americas Securities LLC		3,262
03/27/2024	USD		6,100,000	KRW		8,129,719,215		SG Americas Securities LLC		(14,098	)
03/04/2024	USD		500,000	NOK		5,307,786		SG Americas Securities LLC		220
03/27/2024	USD		4,000,000	NOK		41,831,156		SG Americas Securities LLC		58,837
03/01/2024	USD		429,491	NZD		705,302		SG Americas Securities LLC		68
03/20/2024	USD		2,520,168	NZD		4,150,000		SG Americas Securities LLC		(6,591	)
03/27/2024	USD		2,100,467	NZD		3,400,000		SG Americas Securities LLC		30,338
03/20/2024	USD		900,000	PEN		3,474,803		SG Americas Securities LLC		(18,443	)
03/20/2024	USD		600,000	PHP		33,788,626		SG Americas Securities LLC		(854	)
03/27/2024	USD		1,300,000	PLN		5,162,252		SG Americas Securities LLC		7,642
03/20/2024	USD		2,250,000	SGD		3,023,228		SG Americas Securities LLC		1,130
03/27/2024	USD		2,500,000	SGD		3,356,999		SG Americas Securities LLC		2,037
03/20/2024	USD		3,050,000	THB		108,586,086		SG Americas Securities LLC		17,377
03/29/2024	USD		3,900,000	TRY		125,632,733		SG Americas Securities LLC		11,649
03/05/2024	USD		1,500,000	TWD		46,760,398		SG Americas Securities LLC		19,829
03/06/2024	USD		1,700,000	TWD		53,275,122		SG Americas Securities LLC		13,414
03/20/2024	USD		5,100,000	TWD		159,632,139		SG Americas Securities LLC		36,405
03/20/2024	USD		650,000	ZAR		12,455,825		SG Americas Securities LLC		1,700
03/27/2024	USD		3,500,000	ZAR		66,670,252		SG Americas Securities LLC		32,073
03/20/2024	ZAR		1,898,051	USD		100,000		SG Americas Securities LLC		(1,209	)
Total Forward Foreign Currency Contracts									$	241,744

The accompanying notes are an integral part of the consolidated financial statements.
22

Abbey Capital Multi Asset Fund

Schedule of Forward currency Contracts (Concluded)

as of February 29, 2024 (Unaudited)

AUD	Australian Dollar	LME	London Mercantile Exchange
BRL	Brazilian Real	MIB	Milano Indice di Borsa
CAD	Canadian Dollar	MXN	Mexican Peso
CHF	Swiss Franc	NOK	Norwegian Krone
CLP	Chilean Peso	NZD	New Zealand Dollar
CNH	Chinese Yuan Renminbi	OMX	Stockholm Stock Exchange
COP	Colombian Peso	PHP	Philippine Peso
CZK	Czech Koruna	PLN	Polish Zloty
DAX	Deutscher Aktienindex	RBOB	Reformulated Blendstock for Oxygenate Blending
DJIA	Dow Jones Industrial Average	SEK	Swedish Krona
EUR	Euro	SGD	Singapore Dollar
FTSE	Financial Times Stock Exchange	THB	Thai Baht
GBP	British Pound	TRY	Turkish Lira
HUF	Hungarian Forint	TWD	Taiwan Dollar
ILS	Israeli New Shekel	USD	United States Dollar
INR	Indian Rupee	WTI	West Texas Intermediate
JPY	Japanese Yen	ZAR	South African Rand
KRW	Korean Won

The accompanying notes are an integral part of the consolidated financial statements.
23

Abbey Capital Multi Asset Fund

Consolidated Statement of Assets And Liabilities

February 29, 2024 (Unaudited)

ASSETS
Investments, at value (cost $523,574,129)	$	523,473,005
Cash equivalents		22,835,183
Foreign currency deposits with broker for futures contracts		4,238
Deposits with broker for forward foreign currency contracts		5,010,145
Deposits with broker for futures contracts		65,165,667
Receivables for:
Capital shares sold		6,654,476
Interest receivable		88,364
Unrealized appreciation on forward foreign currency contracts		2,262,098
Unrealized appreciation on futures contracts		53,801,919
Prepaid expenses and other assets		73,010
Total assets	$	679,368,105
LIABILITIES
Payables for:
Due to broker		2,268,546
Advisory fees		859,987
Capital shares redeemed		262,478
Unrealized depreciation on forward foreign currency contracts		2,020,354
Unrealized depreciation on futures contracts		9,047,472
Other accrued expenses and liabilities		86,471
Total liabilities	$	14,545,308
Net assets	$	664,822,797
NET ASSETS CONSIST OF:
Par value	$	55,982
Paid-in capital		649,999,179
Total distributable earnings/(losses)		14,767,636
Net assets	$	664,822,797
CLASS A SHARES:
Net assets	$	2,350,972
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		198,614
Net asset value and redemption price per share	$	11.84
Maximum offering price per share (100/94.25 of 11.51)	$	12.56
CLASS I SHARES:
Net assets	$	655,554,341
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		55,189,439
Net asset value, offering and redemption price per share	$	11.88
CLASS C SHARES:
Net assets	$	6,917,484
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		593,937
Net asset value, offering and redemption price per share	$	11.65

The accompanying notes are an integral part of the consolidated financial statements.
24

Abbey Capital Multi Asset Fund

Consolidated Statement of Operations

For the Six Months Ended February 29, 2024 (Unaudited)

INVESTMENT INCOME
Interest	$	14,564,710
Total investment income		14,564,710
EXPENSES
Advisory fees (Note 2)		5,097,341
Administration and accounting services fees (Note 2)		81,259
Registration and filing fees		43,287
Transfer agent fees (Note 2)		41,309
Director fees		38,186
Audit and tax service fees		36,026
Legal fees		23,884
Printing and shareholder reporting fees		20,939
Custodian fees (Note 2)		20,701
Officer fees		17,122
Distribution fees (Class A Shares) (Note 2)		2,716
Distribution fees (Class C Shares) (Note 2)		22,411
Other expenses		26,339
Total expenses before waivers and/or reimbursements		5,471,520
Less: waivers and/or reimbursements (Note 2)		(281,576	)
Net expenses after waivers and/or reimbursements		5,189,944
Net investment income/(loss)		9,374,766
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		(18,925	)
Futures contracts		7,061,493
Foreign currency transactions		(1,763,516	)
Forward foreign currency contracts		(11,769,051	)
Net change in unrealized appreciation/(depreciation) on:
Investments		52,075
Futures contracts		38,688,901
Foreign currency translations		(2,709	)
Forward foreign currency contracts		(26,197	)
Net realized and unrealized gain/(loss) from investments		32,222,071
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	41,596,837

The accompanying notes are an integral part of the consolidated financial statements.
25

Abbey Capital Multi Asset Fund

Consolidated Statements of Changes in Net Assets

	For the Six Months Ended February 29, 2024 (Unaudited)			For the Year Ended August 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	9,374,766		$	9,783,631
Net realized gain/(loss) from investments, futures contracts, foreign currency transactions and forward foreign currency contracts		(6,489,999	)		(5,805,613	)
Net change in unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translations and forward foreign currency contracts		38,712,070			(2,284,465	)
Net increase/(decrease) in net assets resulting from operations		41,596,837			1,693,553
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class A	$	(80,502	)	$	(56,337	)
Class I		(21,476,557	)		(15,883,994	)
Class C		(194,878	)		(167,553	)
Net decrease in net assets from dividends and distributions to shareholders		(21,751,937	)		(16,107,884	)
CAPITAL SHARE TRANSACTIONS:
Class A Shares
Proceeds from shares sold		1,705,737			3,555,040
Proceeds from reinvestment of distributions		58,480			35,007
Shares redeemed		(1,138,717	)		(2,652,964	)
Total from Class A Shares		625,500			937,083
Class I Shares
Proceeds from shares sold		266,661,151			379,787,638
Proceeds from reinvestment of distributions		12,529,698			10,506,767
Shares redeemed		(139,983,812	)		(221,232,417	)
Total from Class I Shares		139,207,037			169,061,988
Class C Shares
Proceeds from shares sold		1,826,548			5,762,438
Proceeds from reinvestment of distributions		122,506			108,350
Shares redeemed		(818,405	)		(688,103	)
Total from Class C Shares		1,130,649			5,182,685
Net increase/(decrease) in net assets from capital share transactions		140,963,186			175,181,756
Total increase/(decrease) in net assets		160,808,086			160,767,425
NET ASSETS:
Beginning of period		504,014,711			343,247,286
End of period	$	664,822,797		$	504,014,711

The accompanying notes are an integral part of the consolidated financial statements.
26

Abbey Capital Multi Asset Fund

Consolidated Statements of Changes in Net Assets (Concluded)

	For the Six Months Ended February 29, 2024 (Unaudited)			For the Year Ended August 31, 2023
SHARE TRANSACTIONS:
Class A Shares
Shares sold		148,961			304,780
Shares reinvested		5,390			3,095
Shares redeemed		(100,115	)		(231,142	)
Total Class A Shares		54,236			76,733
Class I Shares
Shares sold		23,304,721			32,917,512
Shares reinvested		1,151,627			927,341
Shares redeemed		(12,312,555	)		(19,386,275	)
Total Class I Shares		12,143,793			14,458,578
Class C Shares
Shares sold		163,280			491,570
Shares reinvested		11,460			9,673
Shares redeemed		(73,468	)		(61,266	)
Total Class C Shares		101,272			439,977
Net increase/(decrease) in shares outstanding		12,299,301			14,975,288

The accompanying notes are an integral part of the consolidated financial statements.
27

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 29, 2024 (Unaudited)			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	$	11.51		$	11.94		$	11.21
Net investment income/(loss)(2)		0.17			0.23			(0.06	)
Net realized and unrealized gain/(loss) from investments		0.57			(0.21	)		0.79
Net increase/(decrease) in net assets resulting from operations		0.74			0.02			0.73
Dividends and distributions to shareholders from:
Net investment income		(0.10	)		(0.42	)		—
Net realized capital gains		(0.31	)		(0.03	)		—
Total dividends and distributions to shareholders		(0.41	)		(0.45	)		—
Net asset value, end of period	$	11.84		$	11.51		$	11.94
Total investment return/(loss)(3)		6.79	%(4)		0.24	%		6.51	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,351		$	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	%(5)
Ratio of expenses to average net assets with waivers and/or reimbursements (excluding interest expense)(6)		2.04	%(5)		2.04	%		2.04	%(5)
Ratio of expenses to average net assets without waivers and/or reimbursements (including interest expense)(6)		2.13	%(5)		2.16	%		2.23	%(5)
Ratio of net investment income/(loss) to average net assets		3.01	%(5)		1.99	%		(0.87	)%(5)
Portfolio turnover rate(7)		0	%(4)		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.

(4) Not Annualized

(5) Annualized

(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 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.
28

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, 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 29, 2024 (Unaudited)			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			For the Year Ended August 31, 2019
Per Share Operating Performance
Net asset value, beginning of period	$	11.54		$	11.96		$	11.98		$	11.07		$	10.94		$	10.65
Net investment income/(loss)(1)		0.19			0.26			(0.13	)		(0.21	)		(0.08	)		0.02
Net realized and unrealized gain/(loss) from investments		0.57			(0.23	)		1.29			2.21			1.38			1.09
Net increase/(decrease) in net assets resulting from operations		0.76			0.03			1.16			2.00			1.30			1.11
Dividends and distributions to shareholders from:
Net investment income		(0.11	)		(0.42	)		(0.34	)		(0.17	)		(0.96	)		(0.36	)
Net realized capital gains		(0.31	)		(0.03	)		(0.84	)		(0.92	)		(0.21	)		(0.46	)
Total dividends and distributions to shareholders		(0.42	)		(0.45	)		(1.18	)		(1.09	)		(1.17	)		(0.82	)
Net asset value, end of period	$	11.88		$	11.54		$	11.96		$	11.98		$	11.07		$	10.94
Total investment return/(loss)(2)		6.97	%(5)		0.38	%		10.40	%		19.72	%		13.97	%		12.20	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	655,554		$	496,775		$	341,815		$	94,948		$	37,572		$	28,242
Ratio of expenses to average net assets with waivers and/or reimbursements (including interest expense)(3)		1.79	%(6)		1.79	%		1.79	%		1.84	%		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)		1.88	%(6)		1.91	%		1.98	%		2.28	%		2.45	%		2.27	%
Ratio of net investment income/(loss) to average net assets		3.26	%(6)		2.24	%		(1.12	)%		(1.80	)%		(0.76	)%		0.25	%
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 derivatives and is calculated for the Fund, as a whole, for the entire period.

(5) Not Annualized

(6) Annualized

The accompanying notes are an integral part of the consolidated financial statements.
29

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 29, 2024 (Unaudited)			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	$	11.32		$	11.85		$	12.51
Net investment income/(loss)(2)		0.13			0.14			(0.18	)
Net realized and unrealized gain/(loss) from investments		0.57			(0.22	)		0.70
Net increase/(decrease) in net assets resulting from operations		0.70			(0.08	)		0.52
Dividends and distributions to shareholders from:
Net investment income		(0.06	)		(0.42	)		(0.34	)
Net realized capital gains		(0.31	)		(0.03	)		(0.84	)
Total dividends and distributions to shareholders		(0.37	)		(0.45	)		(1.18	)
Net asset value, end of period	$	11.65		$	11.32		$	11.85
Total investment return/(loss)(3)		6.48	%(4)		(0.63	)%		4.84	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	6,917		$	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	%(5)
Ratio of expenses to average net assets with waivers and/or reimbursements (excluding interest expense)(6)		2.79	%(5)		2.79	%		2.79	%(5)
Ratio of expenses to average net assets without waivers and/or reimbursements (including interest expense)(6)		2.88	%(5)		2.91	%		2.98	%(5)
Ratio of net investment income/(loss) to average net assets		2.26	%(5)		1.24	%		(1.88	)%(5)
Portfolio turnover rate(7)		0	%(4)		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.

(4) Not annualized.

(5) Annualized.

(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 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.
30

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements

February 29, 2024 (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 mutual fund 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 sixty-four 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 92.723 billion shares are currently classified into two hundred and thirty-four 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 29, 2024, and the period covered by these Notes to Consolidated Financial Statements is the six months ended February 29, 2024 (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. Effective on or about November 12, 2020, the Fund’s previous wholly-owned subsidiary, the Abbey Capital Multi Asset Offshore Fund Limited, became a wholly-owned subsidiary of the Cayman Subsidiary through a share exchange between the Fund and the Cayman Subsidiary and registered as a segregated portfolio company under the acts of the Cayman Islands under the name ACMAF Offshore SPC (the “SPC”). The Cayman Subsidiary invests all or substantially all of its assets in segregated portfolios of the SPC. 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.

Effective on or about July 8, 2021, 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 reporting period, the net assets of the Cayman Subsidiary and SPC were $149,335,820, which represented 22.46% of the Fund’s net assets. As of the end of the reporting period, the net assets of the Onshore Subsidiary were $97,626,365, which represented 14.68% 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

31

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (Unaudited)

of the market. Forward exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant exchange. If market quotations are unavailable or deemed unreliable, securities will be valued by the Valuation Designee (as defined below) in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

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 reporting period, in valuing the Fund’s investments carried at fair value:

	Total		Level 1		Level 2		Level 3
Short-Term Investments	$	523,473,005	$	523,473,005	$	—	$	—
Commodity Contracts
Futures Contracts		9,074,687		9,074,687		—		—
Equity Contracts
Futures Contracts		40,925,489		40,925,489		—		—
Foreign Currency Contracts
Forward Foreign Currency Contracts		2,262,098		—		2,262,098		—
Futures Contracts		2,488,699		2,488,699		—		—
Interest Rate Contracts
Futures Contracts		1,313,044		1,313,044		—		—
Total Assets	$	579,537,022	$	577,274,924	$	2,262,098	$	—

32

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (Unaudited)

	Total			Level 1			Level 2			Level 3
Commodity Contracts
Futures Contracts	$	(6,615,841	)	$	(6,615,841	)	$	—		$	—
Equity Contracts
Futures Contracts		(533,877	)		(533,877	)		—			—
Foreign Currency Contracts
Forward Foreign Currency Contracts		(2,020,354	)		—			(2,020,354	)		—
Futures Contracts		(477,454	)		(477,454	)		—			—
Interest Rate Contracts
Futures Contracts		(1,420,300	)		(1,420,300	)		—			—
Total Liabilities	$	(11,067,826	)	$	(9,047,472	)	$	(2,020,354	)	$	—

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

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 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.

33

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (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 reporting 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	$	—		$	—		$	2,262,098		$	—		$	2,262,098
Futures Contracts (a)		Unrealized appreciation on futures contracts		40,925,489			1,313,044			2,488,699			9,074,687			53,801,919
Total Value- Assets			$	40,925,489		$	1,313,044		$	4,750,797		$	9,074,687		$	56,064,017
Liability Derivatives
Forward Contracts (a)		Unrealized depreciation on forward foreign currency contracts	$	—		$	—		$	(2,020,354	)	$	—		$	(2,020,354	)
Futures Contracts (a)		Unrealized depreciation on futures contracts		(533,877	)		(1,420,300	)		(477,454	)		(6,615,841	)		(9,047,472	)
Total Value- Liabilities			$	(533,877	)	$	(1,420,300	)	$	(2,497,808	)	$	(6,615,841	)	$	(11,067,826	)

(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	$	20,550,455	$	(5,919,127	)	$	(8,640,904	)	$	1,071,069	$	7,061,493
Forward Contracts		Net realized gain/(loss) from Forward Foreign Currency Contracts		—		—			(11,769,051	)		—		(11,769,051	)
Total Realized Gain/(Loss)			$	20,550,455	$	(5,919,127	)	$	(20,409,955	)	$	1,071,069	$	(4,707,558	)

34

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (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	$	34,564,765	$	3,177,783	$	(488,127	)	$	1,434,480	$	38,688,901
Forward Contracts		Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts		—		—		(26,197	)		—		(26,197	)
Total Change in Unrealized Appreciation/(Depreciation)			$	34,564,765	$	3,177,783	$	(514,324	)	$	1,434,480	$	38,662,702

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)
$1,120,205,213	$(1,446,567,407)	$(876,233,775)	$876,196,432

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.

35

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (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	$	2,262,098	$	(2,020,354	)	$	—	$	241,744	$	2,020,354	$	(2,020,354	)	$	—	$	—

(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.

36

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (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 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.

37

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (Unaudited)

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.

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.

38

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (Unaudited)

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, 2024 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2024.

Advisory Fee	Expense Caps
	Class A	Class I	Class C
1.77%	2.04%	1.79%	2.79%

During the current fiscal period, investment advisory fees accrued, waived and/or reimbursed were as follows:

Gross Advisory Fees	Waivers and/or Reimbursements	Net Advisory Fees
$5,097,341	$(281,576)	$4,815,765

If at any time the Fund’s total annual fund operating expenses (not including 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 to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

As of the end of the reporting period, the Fund had amounts available for recoupment as follows:

Expiration
August 31, 2024	August 31, 2025	August 31, 2026	August 31, 2027	Total
$134,260	$312,567	$495,671	$281,576	$1,224,074

Aspect Capital Limited, Crabel Capital Management, LLC, Eclipse Capital Management, Inc., Revolution Capital Management, LLC, Tudor Investment Corporation and Welton Investment Partners, LLC each served as a Trading Adviser to the Fund during the 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.

39

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (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 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 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.

40

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (Unaudited)

As of August 31, 2023, 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)
$507,755,868	$580,444	$(41,621,827)	$(41,041,383)

^(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, 2023, primarily attributable to disallowed book income from the Cayman Subsidiary, were reclassified to the following accounts:

Distributable Earnings/(Loss)	Paid-In Capital
$21,434,269	$(21,434,269)

As of August 31, 2023, 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
$13,459,720	$8,291,236	$(26,828,220)	$—	$—	$—

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, 2023 was as follows:

Ordinary Income	Long-Term Gains	Total
$16,071,575	$36,309	$16,107,884

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, 2023, the Fund had no unlimited short-term or long-term capital loss carryovers to offset future capital gains.

6. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and

41

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Concluded)

February 29, 2024 (Unaudited)

establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

In October 2022, the SEC adopted a final rule relating to tailored shareholder reports for mutual funds and exchange-traded funds and fee information in investment company advertisements. Beginning in July 2024, the Fund will be required to transmit concise and visually engaging shareholder reports that highlight key information. The Fund will also be required to tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request.

In December 2022, the FASB issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the London Inter-Bank Offered Rate and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

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 that there was the following subsequent event:

Effective April 4, 2024 (subsequent to the end of the reporting period), Graham Capital Management L.P. (“GCM”) serves as a Trading Adviser to the Fund.

42

Abbey Capital Multi Asset 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.

Approval of New Trading 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 Trading Advisory Agreement (the “Graham Trading Advisory Agreement”) by and among Abbey Capital, the Onshore Subsidiary, the SPC and Graham Capital Management, LP (“Graham”) at a meeting of the Board held on November 15-16, 2023 (the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Graham Trading Advisory Agreement for an initial period ending August 16, 2025. The Board’s decision to approve the Graham Trading Advisory Agreement reflects the exercise of its business judgment. In approving the Graham Trading Advisory Agreement, the Board considered information provided by Abbey Capital and Graham, with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the approval of the proposed Graham Trading Advisory Agreement, the Board took into account all materials provided prior to and during the Meeting and at other meetings throughout the past year, the presentations made during the Meeting, and the discussions held during the Meeting. The Directors reviewed these materials with management of Abbey Capital, and discussed the Graham Trading Advisory Agreement with counsel in executive sessions, at which no representatives of Abbey Capital or Graham were present. The Directors considered whether approval of the Graham Trading Advisory Agreement would be in the best interests of the Fund and its shareholders and the overall fairness of the Graham Trading Advisory Agreement. The Directors noted their familiarity with Graham given Graham’s current service as a Trading Adviser of the Abbey Capital Futures Strategy Fund, another series of the Company. Among other things, the Board considered (i) the nature, extent, and quality of services to be provided to the Fund by Graham; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) Graham’s investment philosophies and processes; (iv) Graham’s assets under management and client descriptions; (v) Graham’s trade execution and trade allocation policies; (vi) Graham’s advisory fee arrangements with the Company and other similarly managed clients, as applicable; (vii) Graham’s compliance procedures; and (viii) Graham’s financial information and insurance coverage.

The Directors concluded that Graham had substantial resources to provide services to the Fund. The Board also considered the fees payable to Graham under the proposed Graham Trading Advisory Agreement and the services to be provided by Graham. In this regard, the Board noted that the fees for Graham were payable by Abbey Capital.

After reviewing the information regarding Abbey Capital’s and Graham’s costs, profitability and economies of scale, and after considering the services to be provided by Graham, the Board concluded that the trading advisory fees to be paid by Abbey Capital to Graham were fair and reasonable, that the Graham Trading Advisory Agreement is in the best interests of the Fund and its shareholders and does not involve a conflict of interest from which Abbey Capital derives an inappropriate advantage, and that the Graham Trading Advisory Agreement should be approved for an initial period ending August 16, 2025.

43

[THIS PAGE INTENTIONALLY LEFT BLANK]

[THIS PAGE INTENTIONALLY LEFT BLANK]

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

AMA-SAR24

ADARA SMALLER COMPANIES FUND

of

The RBB Fund, Inc.

SEMI-ANNUAL REPORT

February 29, 2024
(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

semi-ANNUAL report
Performance Data

FEBRUARY 29, 2024 (UNAUDITED)

Average Annual Total Returns for the Periods Ended February 29, 2024
	Six Months†	One Year	Three Years	Five Years	Since Inception
Adara Smaller Companies Fund	8.41%	10.43%	0.58%	10.46%	10.72%*
Russell 2000® Index	8.97%	10.05%	-0.94%	6.89%	8.24%**

† Not annualized.

* The Fund commenced operations on October 21, 2014.

** Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the returns quoted. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by calling (844) 261-6482.

The Fund’s total annual Fund operating expenses, as stated in the current prospectus dated December 31, 2023, are 0.82% of average daily net assets. This ratio may differ from the actual expenses incurred by the Fund for the period covered by this report.

The Fund invests in common stocks, preferred stocks, warrants to acquire common stocks and securities convertible into common stocks. Portfolio composition is subject to change.

The Fund evaluates performance as compared to that of the Russell 2000^® Index. The Russell 2000^® Index is a widely-recognized, capitalization-weighted index that measures the performance of the smallest 2,000 companies in the Russell 3000^® Index and is considered representative of small-cap stocks. It is impossible to invest directly in an index.

Investment Considerations

Investing in the Fund involves risk and an investor may lose money. The success of the Fund’s strategy depends on the Adviser’s ability to select Sub-Advisers and each Sub-Adviser’s ability to select investments for the Fund. The Fund may invest in riskier types of investments including small and micro-cap stocks, Initial Public Offerings (IPOs), special situations and illiquid securities all of which may be more volatile and less liquid.

1

ADARA SMALLER COMPANIES FUND

Fund Expense Example

FEBRUARY 29, 2024 (UNAUDITED)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2023 through February 29, 2024 and held for the entire period.

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value September 1, 2023		Ending Account Value February 29, 2024		Expenses Paid During Period*		Annualized Expense Ratio			Actual Six Month Total Investment Return
Class I Shares
Actual	$	1,000.00	$	1,084.10	$	4.20		0.81	%		8.41	%
Hypothetical (5% return before expenses)		1,000.00		1,020.84		4.07		0.81	%		N/A

* Expenses are equal to the Fund’s annualized six-month expense ratio in the table above, multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period. The Fund’s ending account value on the first line in the table is based on the actual six-month total investment return for the Fund.

2

ADARA SMALLER COMPANIES FUND

PORTFOLIO HOLDINGS SUMMARY TABLE

FEBRUARY 29, 2024 (UNAUDITED)

The following table presents a summary by security type of the portfolio holdings of the Fund:

	Value			% of Net Assets
Common Stocks	$	501,860,311			94.3	%
Money Market Funds		40,778,734			7.7
Liabilities in Excess of Other Assets		(10,593,858	)		(2.0	)
		532,045,187			100.0	%

The accompanying notes are an integral part of the financial statements.
3

ADARA SMALLER COMPANIES FUND

Schedule of Investments

as of FEBRUARY 29, 2024 (UNAUDITED)

	Shares		Value
COMMON STOCKS — 94.3%
Aerospace/Defense — 1.2%
AAR Corp.(a)		22,421		$ 1,497,275
Aerovironment, Inc.(a)		11,747		1,489,402
Curtiss-Wright Corp.		2,004		473,485
Hexcel Corp.		14,745		1,097,913
Kratos Defense & Security Solutions, Inc.(a)		59,647		1,087,961
Mercury Systems, Inc.(a)		2,290		68,402
Moog, Inc. - Class A		1,762		264,212
National Presto Industries, Inc.		615		47,558
Triumph Group, Inc.(a)		39,698		551,802
				6,578,010
Agriculture — 0.6%
Alico, Inc.		68,790		1,906,170
Darling Ingredients, Inc.(a)		8,943		378,378
Vector Group Ltd.		9,371		104,580
Vital Farms, Inc.(a)		44,920		807,213
				3,196,341
Airlines — 0.2%
Alaska Air Group, Inc.(a)		5,261		196,709
Allegiant Travel Co.		5,409		393,667
SkyWest, Inc.(a)		8,137		522,558
Sun Country Airlines Holdings, Inc.(a)		4,660		69,900
				1,182,834
Apparel — 1.0%
Capri Holdings, Ltd.(a)		5,836		269,215
Crocs, Inc.(a)		8,873		1,084,724
Hanesbrands, Inc.(a)		26,344		142,258
Kontoor Brands, Inc.		4,168		246,370
Lakeland Industries, Inc.		178,780		3,221,616
Skechers USA, Inc. - Class A(a)		3,666		226,595
				5,190,778
Auto Manufacturers — 0.9%
Blue Bird Corp.(a)		59,842		2,025,053
REV Group, Inc.		69,547		1,435,450
Wabash National Corp.		56,850		1,550,868
				5,011,371
Auto Parts & Equipment — 1.6%
Cooper-Standard Holdings, Inc.(a)		98,370		1,383,082
Dorman Products, Inc.(a)		1,368		128,893
Fox Factory Holding Corp.(a)		664		33,592
Gentherm, Inc.(a)		4,376		248,819
Luminar Technologies, Inc.(a)		36,337		86,845
Miller Industries, Inc.		53,890		2,425,589
Motorcar Parts of America, Inc.(a)		268,650		2,415,164
Shyft Group, Inc.		5,119		52,777
Strattec Security Corp.(a)		66,980		1,707,990
				8,482,751

	Shares		Value
Banks — 8.3%
Ameris Bancorp		2,245	$	104,011
Bancorp, Inc.(a)		29,949		1,336,923
Bankwell Financial Group, Inc.		43,640		1,111,511
Banner Corp.		1,733		75,975
Cadence Bank		22,282		616,766
Cambridge Bancorp		1,098		69,459
Capital Bancorp, Inc.		62,030		1,277,198
Central Pacific Financial Corp.		3,784		70,609
City Holding Co.		4,208		422,820
Civista Bancshares, Inc.		106,460		1,599,029
Colony Bankcorp, Inc.		164,697		1,867,664
Community Bank System, Inc.		1,997		90,464
ConnectOne Bancorp, Inc.		5,049		99,920
Customers Bancorp, Inc.(a)		40,026		2,173,812
Dime Community Bancshares, Inc.		1,047		19,621
Esquire Financial Holdings, Inc.		35,005		1,777,554
Farmers National Bancorp		113,640		1,531,867
First BanCorp		40,525		688,115
First Business Financial Services, Inc.		57,829		2,040,207
First Commonwealth Financial Corp.		18,699		243,648
First Financial Bancorp		24,036		521,581
First Financial Bankshares, Inc.		13,162		407,232
First Hawaiian, Inc.		13,502		283,002
First Interstate BancSystem, Inc. - Class A		7,996		210,455
First Merchants Corp.		2,329		77,323
First Northwest Bancorp		83,950		1,316,336
Five Star Bancorp		70,610		1,675,575
Glacier Bancorp, Inc.		5,291		197,989
Heartland Financial USA, Inc.		3,173		107,882
Heritage Commerce Corp.		7,938		65,806
Hope Bancorp, Inc.		27,648		303,299
Horizon Bancorp, Inc.		125,947		1,516,402
Independent Bank Corp.		1,193		62,239
Kearny Financial Corp.		6,475		41,181
Lakeland Bancorp, Inc.		5,796		67,697
Live Oak Bancshares, Inc.		10,197		405,025
Metropolitan Bank Holding Corp.(a)		68,996		2,705,333
Midland States Bancorp, Inc.		2,458		59,852
NBT Bancorp, Inc.		1,326		45,601
Northeast Bank		58,560		3,126,518
OFG Bancorp		7,960		288,311
Old National Bancorp		10,450		171,694
Orrstown Financial Services, Inc.		71,086		1,915,768
Park National Corp.		737		94,712
Parke Bancorp, Inc.		115,981		2,000,672
Pinnacle Financial Partners, Inc.		6,397		529,160
Preferred Bank		1,314		94,411
Premier Financial Corp.		6,412		124,265

The accompanying notes are an integral part of the financial statements.
4

ADARA SMALLER COMPANIES FUND

Schedule of Investments (Continued)

as of FEBRUARY 29, 2024 (UNAUDITED)

	Shares		Value
Banks — (Continued)
S&T Bancorp, Inc.		8,702	$	271,415
Sandy Spring Bancorp, Inc.		9,705		213,316
Seacoast Banking Corp. of Florida		26,691		644,321
Southside Bancshares, Inc.		4,513		129,343
Stellar Bancorp, Inc.		2,051		48,609
Stock Yards Bancorp, Inc.		1,084		49,658
TriCo Bancshares		3,184		106,377
Triumph Bancorp, Inc.(a)		11,168		837,600
UMB Financial Corp.		3,164		258,214
United Community Banks, Inc.		12,730		331,107
Unity Bancorp, Inc.		72,830		1,994,085
USCB Financial Holdings, Inc.		147,860		1,614,631
Veritex Holdings, Inc.		11,815		231,928
Walker & Dunlop, Inc.		1,925		183,607
Washington Trust Bancorp, Inc.		5,029		129,446
WesBanco, Inc.		6,869		199,064
West Bancorporation, Inc.		68,770		1,196,598
				44,071,813
Beverages — 0.4%
Celsius Holdings, Inc.(a)		11,365		927,611
Coca-Cola Consolidated, Inc.		279		234,583
Duckhorn Portfolio, Inc.(a)		14,133		134,405
MGP Ingredients, Inc.		931		79,303
Vita Coco Co., Inc.(a)		25,056		653,962
				2,029,864
Biotechnology — 5.5%
4D Molecular Therapeutics, Inc.(a)		3,970		111,239
ADMA Biologics, Inc.(a)		167,983		900,389
Aerovate Therapeutics, Inc.(a)		11,565		266,920
Allogene Therapeutics, Inc.(a)		11,239		55,183
ANI Pharmaceuticals, Inc.(a)		5,276		357,027
Apogee Therapeutics, Inc.(a)		32,834		1,143,280
Astria Therapeutics, Inc.(a)		52,401		745,142
Autolus Therapeutics PLC - ADR(a)		48,359		290,154
Biohaven Ltd.(a)		20,750		998,905
Biomea Fusion, Inc.(a)		32,127		562,223
Cassava Sciences, Inc.(a)		2,228		51,199
CG oncology, Inc.(a)		17,169		767,626
Crinetics Pharmaceuticals, Inc.(a)		102,551		4,198,438
Cytokinetics, Inc.(a)		5,803		419,209
Day One Biopharmaceuticals, Inc.(a)		77,140		1,290,552
Denali Therapeutics, Inc.(a)		17,031		336,873
Edgewise Therapeutics, Inc.(a)		49,550		809,151
Fate Therapeutics, Inc.(a)		10,740		76,147
Fusion Pharmaceuticals, Inc.(a)		27,079		323,865
Halozyme Therapeutics, Inc.(a)		21,817		868,535
Ideaya Biosciences, Inc.(a)		36,133		1,615,145

	Shares		Value
Biotechnology — (Continued)
Immunocore Holdings PLC - ADR(a)		8,757	$	588,646
Intra-Cellular Therapies, Inc.(a)		5,393		374,921
Janux Therapeutics, Inc.(a)		13,666		661,161
Keros Therapeutics, Inc.(a)		1,506		101,655
Kiniksa Pharmaceuticals Ltd. - Class A(a)		44,566		942,125
Larimar Therapeutics, Inc.(a)		49,676		571,274
Ligand Pharmaceuticals, Inc.(a)		978		77,604
Maravai LifeSciences Holdings, Inc. - Class A(a)		23,936		185,025
Myriad Genetics, Inc.(a)		2,914		60,990
Neumora Therapeutics, Inc.(a)		25,277		445,634
Nuvalent, Inc. - Class A(a)		19,015		1,599,542
OmniAb Operations, Inc.(a)(b)		370		0
OmniAb Operations, Inc.(a)(b)		370		0
Praxis Precision Medicines, Inc.(a)		7,893		369,235
Prothena Corp. PLC(a)		5,422		149,593
Roivant Sciences Ltd.(a)		32,797		375,198
Sage Therapeutics, Inc.(a)		9,390		201,697
Structure Therapeutics, Inc. - ADR(a)		55,790		2,263,400
Tarsus Pharmaceuticals, Inc.(a)		11,528		440,600
Theravance Biopharma, Inc.(a)		6,387		60,485
Vera Therapeutics, Inc.(a)		14,182		667,689
Vericel Corp.(a)		1,632		74,550
Xenon Pharmaceuticals, Inc.(a)		63,492		2,996,822
				29,395,048
Building Materials — 3.3%
AAON, Inc.		6,180		518,996
American Woodmark Corp.(a)		1,043		104,550
Apogee Enterprises, Inc.		7,722		441,776
Armstrong World Industries, Inc.		11,691		1,410,051
Aspen Aerogels, Inc.(a)		75,199		1,291,919
AZEK Co., Inc.(a)		19,230		925,155
Boise Cascade Co.		3,571		485,335
Gibraltar Industries, Inc.(a)		20,782		1,609,566
Knife River Corp.(a)		18,452		1,367,109
MDU Resources Group, Inc.		59,745		1,295,271
Modine Manufacturing Co.(a)		47,184		4,232,877
PGT Innovations, Inc.(a)		6,101		254,839
Simpson Manufacturing Co., Inc.		2,069		431,759
SPX Technologies, Inc.(a)		4,521		529,816
Summit Materials, Inc. - Class A(a)		38,765		1,655,653
UFP Industries, Inc.		8,103		928,847
				17,483,519
Chemicals — 0.3%
AdvanSix, Inc.		3,917		109,598
Balchem Corp.		1,142		179,511
Chemours Co.		9,276		182,459
Ingevity Corp.(a)		1,139		52,029

The accompanying notes are an integral part of the financial statements.
5

ADARA SMALLER COMPANIES FUND

Schedule of Investments (Continued)

as of FEBRUARY 29, 2024 (UNAUDITED)

	Shares		Value
Chemicals — (Continued)
Innospec, Inc.		1,121	$	139,307
Koppers Holdings, Inc.		7,974		451,488
Perimeter Solutions SA(a)		31,536		191,739
Quaker Chemical Corp.		568		113,884
Rogers Corp.(a)		1,868		209,347
Sensient Technologies Corp.		1,928		128,944
Stepan Co.		2,701		240,929
				1,999,235
Coal — 0.2%
Warrior Met Coal, Inc.		19,811		1,128,633
Commercial Services — 7.4%
Acacia Research Corp.(a)		320,940		1,296,598
Adtalem Global Education, Inc.(a)		12,123		600,089
Alight, Inc. - Class A(a)		135,913		1,224,576
AMN Healthcare Services, Inc.(a)		3,294		185,353
ARC Document Solutions, Inc.		446,350		1,209,608
Arlo Technologies, Inc.(a)		168,467		1,753,741
Barrett Business Services, Inc.		32,449		3,958,454
BGSF, Inc.		165,900		1,697,157
BrightView Holdings, Inc.(a)		6,056		52,748
Brink’s Co.		4,054		335,793
Cleanspark, Inc.(a)		72,883		1,218,604
CoreCivic, Inc.(a)		175,393		2,671,235
CorVel Corp.(a)		432		105,408
CRA International, Inc.		20,090		2,662,729
Cross Country Healthcare, Inc.(a)		6,965		127,251
Deluxe Corp.		4,893		94,973
EVERTEC, Inc.		35,991		1,300,355
FTI Consulting, Inc.(a)		2,359		488,030
GEO Group, Inc.(a)		148,352		1,820,279
Heidrick & Struggles International, Inc.		2,031		69,054
Herc Holdings, Inc.		5,204		825,771
Huron Consulting Group, Inc.(a)		8,696		853,338
Insperity, Inc.		2,292		233,303
Kelly Services, Inc. - Class A		37,611		922,598
Lincoln Educational Services Corp.(a)		161,840		1,628,110
MarketAxess Holdings, Inc.		1,203		256,732
Matthews International Corp. - Class A		5,499		159,141
Medifast, Inc.		1,970		78,977
Mister Car Wash, Inc.(a)		40,646		336,955
Monro Muffler Brake, Inc.		9,687		325,193
Paysafe Ltd.(a)		4,745		68,328
Perdoceo Education Corp.		10,039		178,795
Performant Financial Corp.(a)		94,404		274,716
Progyny, Inc.(a)		10,066		367,610
Remitly Global, Inc.(a)		26,926		555,214
Rent-A-Center, Inc.		3,409		115,088
Repay Holdings Corp.(a)		80,079		695,887

	Shares		Value
Commercial Services — (Continued)
Shift4 Payments, Inc. - Class A(a)		9,155	$	752,724
SP Plus Corp.(a)		18,035		927,179
Strategic Education, Inc.		1,789		198,203
Stride, Inc.(a)		29,446		1,759,398
Universal Technical Institute, Inc.(a)		157,312		2,365,972
Viad Corp.(a)		40,864		1,521,367
WillScot Mobile Mini Holdings Corp.(a)		13,100		625,525
				38,898,159
Computers — 1.8%
3D Systems Corp.(a)		35,092		145,281
ASGN, Inc.(a)		2,386		236,978
CACI International, Inc. - Class A(a)		1,145		429,203
Cantaloupe, Inc.(a)		9,881		64,226
ExlService Holdings, Inc.(a)		31,499		980,249
Globant S.A.(a)		1,851		413,088
Grid Dynamics Holdings, Inc.(a)		59,099		797,245
Insight Enterprises, Inc.(a)		2,176		409,088
MAXIMUS, Inc.		10,626		888,971
NCR Atleos Corp.(a)		23,729		516,343
NCR Voyix Corp.(a)		47,459		693,376
One Stop Systems, Inc.(a)		185,588		606,873
Quantum Corp.(a)		447,440		216,024
Rapid7, Inc.(a)		14,514		850,230
Rimini Street, Inc.(a)		394,110		1,272,975
Science Applications International Corp.		1,681		235,273
Thoughtworks Holding, Inc.(a)		24,590		76,721
Varonis Systems, Inc.(a)		10,707		543,916
WNS Holdings Ltd. - ADR(a)		6,440		371,588
				9,747,648
Cosmetics/Personal Care — 0.8%
elf Beauty, Inc.(a)		13,436		2,801,809
Inter Parfums, Inc.		8,970		1,316,078
				4,117,887
Distribution/Wholesale — 1.3%
G-III Apparel Group Ltd.(a)		19,012		632,529
H&E Equipment Services, Inc.		21,300		1,203,237
Hudson Technologies, Inc.(a)		103,108		1,510,532
Manitex International, Inc.(a)		311,230		2,128,813
MRC Global, Inc.(a)		7,000		80,710
Pool Corp.		2,106		838,441
SiteOne Landscape Supply, Inc.(a)		2,007		338,140
WESCO International, Inc.		371		55,461
				6,787,863
Diversified Financial Services — 1.8%
B Riley Financial, Inc.		2,846		52,167
Encore Capital Group, Inc.(a)		3,458		165,984
Enova International, Inc.(a)		3,612		228,459
Evercore, Inc. - Class A		5,967		1,116,306

The accompanying notes are an integral part of the financial statements.
6

ADARA SMALLER COMPANIES FUND

Schedule of Investments (Continued)

as of FEBRUARY 29, 2024 (UNAUDITED)

	Shares		Value
Diversified Financial Services — (Continued)
FTAI Aviation Ltd.		47,040	$	2,647,882
Houlihan Lokey, Inc.		7,333		943,464
Interactive Brokers Group, Inc. - Class A		3,063		333,010
PJT Partners, Inc. - Class A		14,165		1,492,991
Radian Group, Inc.		25,687		748,519
Silvercrest Asset Management Group, Inc. - Class A		89,226		1,496,320
Virtus Investment Partners, Inc.		807		187,482
World Acceptance Corp.(a)		2,155		258,083
				9,670,667
Electric — 0.7%
Northwestern Energy Group, Inc.		25,950		1,243,524
PNM Resources, Inc.		29,577		1,079,856
Talen Energy Corp.(a)		13,605		1,017,654
Unitil Corp.		2,272		115,781
				3,456,815
Electrical Components & Equipment — 0.3%
American Superconductor Corp.(a)		59,074		794,545
Encore Wire Corp.		1,278		307,998
Littelfuse, Inc.		1,079		257,061
				1,359,604
Electronics — 3.3%
Applied Optoelectronics, Inc.(a)		119,806		1,914,500
Atkore International Group, Inc.		17,490		2,962,806
Badger Meter, Inc.		2,217		351,816
Benchmark Electronics, Inc.		4,446		136,537
Brady Corp. - Class A		5,362		312,497
Camtek Ltd. (Israel)(a)		50,417		4,012,689
Coherent Corp.(a)		3,416		203,184
Comtech Telecommunications Corp.(a)		144,150		974,454
Enovix Corp.(a)		61,222		596,914
ESCO Technologies, Inc.		1,920		195,629
Itron, Inc.(a)		4,655		431,425
Ituran Location and Control Ltd.		17,893		467,365
Kimball Electronics, Inc.(a)		119,020		2,679,140
Knowles Corp.(a)		7,352		120,132
OSI Systems, Inc.(a)		1,136		149,020
Plexus Corp.(a)		2,641		249,310
Sanmina Corp.(a)		6,648		420,154
SYNNEX Corp.		830		86,237
TTM Technologies, Inc.(a)		8,548		126,938
Vontier Corp.		33,766		1,451,938
				17,842,685
Energy-Alternate Sources — 0.1%
Array Technologies, Inc.(a)		44,127		601,892
REX American Resources Corp.(a)		2,520		110,830
SolarEdge Technologies, Inc.(a)		1,052		70,663
				783,385

	Shares		Value
Engineering & Construction — 2.8%
Bowman Consulting Group Ltd.(a)		97,470	$	3,174,598
Comfort Systems USA, Inc.		4,006		1,224,754
Construction Partners, Inc. - Class A(a)		21,631		1,040,018
EMCOR Group, Inc.		4,741		1,486,398
Exponent, Inc.		8,612		696,625
Mistras Group, Inc.(a)		109,200		944,580
MYR Group, Inc.(a)		12,230		1,986,886
Shimmick Corp.(a)		130,980		791,119
Sterling Construction Co., Inc.(a)		23,226		2,476,821
TopBuild Corp.(a)		2,707		1,089,243
				14,911,042
Entertainment — 0.4%
Atlanta Braves Holdings, Inc. - Class A(a)		1,183		49,627
Bally’s Corp.(a)		4,405		49,512
Cinemark Holdings, Inc.(a)		7,468		130,018
Genius Sports Ltd.(a)		118,058		839,392
Monarch Casino & Resort, Inc.		3,215		226,175
Scientific Games Corp. - Class A(a)		6,167		619,845
				1,914,569
Environmental Control — 0.4%
CECO Environmental Corp.(a)		25,329		573,702
Montrose Environmental Group, Inc.(a)		15,472		640,232
PureCycle Technologies, Inc.(a)		15,408		89,212
Tetra Tech, Inc.		3,198		567,069
				1,870,215
Food — 0.7%
B&G Foods, Inc.		8,579		99,088
Grocery Outlet Holding Corp.(a)		15,198		391,957
Ingles Markets, Inc. - Class A		15,607		1,201,895
J&J Snack Foods Corp.		578		83,856
John B Sanfilippo & Son, Inc.		1,789		183,140
Nomad Foods Ltd.		28,389		523,209
Real Good Food Co., Inc.(a)		48,654		56,439
SpartanNash Co.		7,719		162,639
Sprouts Farmers Market, Inc.(a)		12,382		773,132
United Natural Foods, Inc.(a)		8,258		128,907
Weis Markets, Inc.		1,995		129,555
Whole Earth Brands, Inc.(a)		129,719		620,057
				3,830,665
Gas — 0.2%
Southwest Gas Holdings, Inc.		17,560		1,196,714
Hand/Machine Tools — 0.5%
Franklin Electric Co., Inc.		1,896		197,108
Hurco Cos., Inc.		61,880		1,598,361
MSA Safety, Inc.		4,693		864,216
				2,659,685

The accompanying notes are an integral part of the financial statements.
7

ADARA SMALLER COMPANIES FUND

Schedule of Investments (Continued)

as of FEBRUARY 29, 2024 (UNAUDITED)

	Shares		Value
Healthcare-Products — 3.7%
ABIOMED Inc.(a)(b)		1,453	$	0
Albireo Pharma Inc.(a)(b)		1,908		0
Adaptive Biotechnologies Corp.(a)		101,932		418,940
Alphatec Holdings, Inc.(a)		156,876		2,106,845
Avanos Medical, Inc.(a)		2,367		43,955
Brooks Automation, Inc.(a)		2,595		169,064
CryoLife, Inc.(a)		3,328		64,230
Embecta Corp.		60,468		863,483
Envista Holdings Corp.(a)		40,855		843,656
Glaukos Corp.(a)		2,161		191,443
Haemonetics Corp.(a)		3,260		237,915
ICU Medical, Inc.(a)		1,637		178,809
Inari Medical, Inc.(a)		11,073		510,687
Inmode Ltd.(a)		20,097		442,134
Integra LifeSciences Holdings Corp.(a)		3,088		113,978
LeMaitre Vascular, Inc.		13,355		934,850
Masimo Corp.(a)		2,530		325,206
Merit Medical Systems, Inc.(a)		3,088		235,306
Omnicell, Inc.(a)		2,230		58,515
OrthoPediatrics Corp.(a)		1,874		51,460
Patterson Cos., Inc.		32,899		891,234
PROCEPT BioRobotics Corp.(a)		24,951		1,206,131
Pulmonx Corp.(a)		5,099		47,013
Quanterix Corp.(a)		26,006		623,104
Repligen Corp.(a)		6,998		1,357,542
RxSight, Inc.(a)		32,893		1,794,971
SI-BONE, Inc.(a)		24,153		419,054
Stevanato Group SpA		26,839		889,713
Surmodics, Inc.(a)		2,311		73,721
Tandem Diabetes Care, Inc.(a)		32,317		860,602
TransMedics Group, Inc.(a)		27,288		2,226,701
Twist Bioscience Corp.(a)		17,054		670,052
Varex Imaging Corp.(a)		7,739		133,111
West Pharmaceutical Services, Inc.		2,836		1,016,309
				19,999,734
Healthcare-Services — 0.8%
Amedisys, Inc.(a)		2,182		202,970
Chemed Corp.		621		388,827
Enhabit, Inc.(a)		7,518		67,662
Ensign Group, Inc.		2,982		372,511
Fulgent Genetics, Inc.(a)		1,785		40,269
HealthEquity, Inc.(a)		1,801		148,780
MEDNAX, Inc.(a)		20,571		188,225
National HealthCare Corp.		3,006		296,572
RadNet, Inc.(a)		32,337		1,224,279
Surgery Partners, Inc.(a)		35,009		1,086,329
US Physical Therapy, Inc.		2,284		242,721
				4,259,145

	Shares		Value
Home Builders — 1.9%
Beazer Homes USA, Inc.(a)		32,660	$	1,023,238
Cavco Industries, Inc.(a)		624		232,484
Century Communities, Inc.		27,030		2,332,419
Installed Building Products, Inc.		13,701		3,273,580
LCI Industries		2,012		253,472
LGI Homes, Inc.(a)		2,657		303,137
M/I Homes, Inc.(a)		5,874		745,939
MDC Holdings, Inc.		4,389		275,190
Skyline Corp.(a)		10,639		891,442
Smith Douglas Homes Corp.(a)		17,591		507,324
Winnebago Industries, Inc.		5,231		375,219
				10,213,444
Home Furnishings — 0.8%
Arhaus, Inc.(a)		80,766		1,067,726
Ethan Allen Interiors, Inc.		3,342		111,723
Hamilton Beach Brands Holding Co. - Class A		130,070		2,294,435
Universal Electronics, Inc.(a)		113,690		999,335
				4,473,219
Household Products/Wares — 0.1%
Central Garden & Pet Co.(a)		1,215		53,302
Central Garden & Pet Co. - Class A(a)		303		11,420
Quanex Building Products Corp.		1,957		67,673
WD-40 Co.		1,574		422,446
				554,841
Housewares — 0.4%
Lifetime Brands, Inc.		204,693		1,997,804
Newell Brands, Inc.		9,194		68,955
				2,066,759
Insurance — 3.9%
American Equity Investment Life Holding Co.(a)		7,985		443,487
Axis Capital Holdings Ltd.		28,540		1,785,748
Donegal Group, Inc. - Class A		2,108		29,512
Employers Holdings, Inc.		3,627		165,790
Genworth Financial, Inc. - Class A(a)		281,044		1,728,421
Goosehead Insurance, Inc. - Class A(a)		17,625		1,333,331
HCI Group, Inc.		22,181		2,165,309
Heritage Insurance Holdings, Inc.(a)		420,893		2,929,415
James River Group Holdings Ltd.		33,394		333,606
Mercury General Corp.		30,566		1,488,259
NMI Holdings, Inc. - Class A(a)		34,518		1,038,301
Palomar Holdings, Inc.(a)		18,341		1,396,484
RLI Corp.		1,478		216,453
Safety Insurance Group, Inc.		1,668		137,043

The accompanying notes are an integral part of the financial statements.
8

ADARA SMALLER COMPANIES FUND

Schedule of Investments (Continued)

as of FEBRUARY 29, 2024 (UNAUDITED)

	Shares		Value
Insurance — (Continued)
Selective Insurance Group, Inc.		3,866	$	403,920
Skyward Specialty Insurance Group, Inc.(a)		43,122		1,577,834
Stewart Information Services Corp.		2,200		138,556
White Mountains Insurance Group Ltd.		1,937		3,419,657
				20,731,126
Internet — 2.5%
Backblaze, Inc. - Class A(a)		52,378		556,254
Bandwidth, Inc. - Class A(a)		3,584		73,615
Couchbase, Inc.(a)		71,682		2,012,831
DHI Group, Inc.(a)		489,080		1,384,097
ePlus, Inc.(a)		23,952		1,973,405
EverQuote, Inc. - Class A(a)		88,802		1,422,608
Gambling.com Group Ltd.(a)		62,610		573,508
HealthStream, Inc.		2,700		73,656
MediaAlpha, Inc. - Class A(a)		14,556		302,037
Q2 Holdings, Inc.(a)		22,432		1,037,031
QuinStreet, Inc.(a)		71,739		1,049,542
TripAdvisor, Inc.(a)		56,338		1,510,985
Upwork, Inc.(a)		31,286		409,847
Yelp, Inc.(a)		25,496		980,066
				13,359,482
Investment Companies — 0.3%
Cannae Holdings, Inc.(a)		74,291		1,621,030
Iron/Steel — 0.2%
ATI, Inc.(a)		7,199		354,047
Carpenter Technology Corp.		11,908		769,852
				1,123,899
Leisure Time — 0.7%
Callaway Golf Co.(a)		4,678		66,615
Lindblad Expeditions Holdings, Inc.(a)		86,890		805,470
OneSpaWorld Holdings Ltd.(a)		204,172		2,662,403
Vista Outdoor, Inc.(a)		14,337		447,314
				3,981,802
Lodging — 0.1%
Boyd Gaming Corp.		4,776		315,837
Machinery-Construction & Mining — 0.5%
Argan, Inc.		16,761		785,421
Astec Industries, Inc.		1,849		75,069
BWX Technologies, Inc.		19,525		1,968,706
				2,829,196
Machinery-Diversified — 1.4%
Albany International Corp. - Class A		1,126		105,698
Applied Industrial Technologies, Inc.		7,527		1,429,302
Chart Industries, Inc.(a)		3,219		459,866

	Shares		Value
Machinery-Diversified — (Continued)
Flowserve Corp.		22,631	$	957,744
Lindsay Corp.		6,665		795,201
Tennant Co.		2,414		273,241
Toro Co.		5,348		493,674
Twin Disc, Inc.		185,495		2,891,867
				7,406,593
Media — 0.3%
AMC Networks, Inc. - Class A(a)		3,518		45,523
Cable One, Inc.		888		404,928
EW Scripps Co. - Class A(a)		28,653		115,472
Gray Television, Inc.		39,548		230,960
Scholastic Corp.		3,196		126,050
Sinclair, Inc.		29,261		434,526
				1,357,459
Metal Fabricate/Hardware — 1.1%
Advanced Drainage Systems, Inc.		7,253		1,183,980
AZZ, Inc.		1,964		142,979
Mueller Industries, Inc.		11,950		613,991
NN, Inc.(a)		179,350		839,358
Northwest Pipe Co.(a)		102,890		3,069,209
Standex International Corp.		1,485		256,905
				6,106,422
Mining — 0.4%
Century Aluminum Co.(a)		18,637		195,129
Compass Minerals International, Inc.		2,205		50,274
Piedmont Lithium, Inc.(a)		4,156		60,511
Uranium Energy Corp.(a)		320,066		2,074,028
				2,379,942
Miscellaneous Manufacturing — 1.3%
Axon Enterprise, Inc.(a)		5,340		1,641,356
Enpro, Inc.		4,961		773,023
Fabrinet(a)		7,396		1,594,356
Federal Signal Corp.		16,269		1,332,594
John Bean Technologies Corp.		2,493		252,990
Materion Corp.		2,877		386,439
Myers Industries, Inc.		2,441		46,940
Park Aerospace Corp.		58,707		893,520
				6,921,218
Office Furnishings — 0.0%(c)
Interface, Inc.		11,644		183,044
Office-Business Equipment — 0.0%(c)
Pitney Bowes, Inc.		13,705		55,231
Oil & Gas — 1.6%
Delek US Holdings, Inc.		46,236		1,179,480
Evolution Petroleum Corp.		60,009		351,653
Helmerich & Payne, Inc.		4,567		175,327
Patterson-UTI Energy, Inc.		112,890		1,306,137
PBF Energy, Inc. - Class A		5,245		244,942

The accompanying notes are an integral part of the financial statements.
9

ADARA SMALLER COMPANIES FUND

Schedule of Investments (Continued)

as of FEBRUARY 29, 2024 (UNAUDITED)

	Shares		Value
Oil & Gas — (Continued)
Permian Resources Corp.		100,054	$	1,556,840
Range Resources Corp.		29,237		924,474
SM Energy Co.		36,792		1,610,386
Southwestern Energy Co.(a)		112,602		784,836
Talos Energy, Inc.(a)		23,929		315,624
				8,449,699
Oil & Gas Services — 1.9%
DMC Global, Inc.(a)		95,660		1,595,609
DNOW, Inc.(a)		71,275		1,008,541
Helix Energy Solutions Group, Inc.(a)		41,891		377,019
Natural Gas Services Group, Inc.(a)		200,570		3,355,536
Oceaneering International, Inc.(a)		35,309		697,706
Profire Energy, Inc.(a)		560,780		829,954
TechnipFMC PLC		39,311		852,655
Tidewater, Inc.(a)		14,420		1,009,833
				9,726,853
Packaging & Containers — 0.2%
Clearwater Paper Corp.(a)		2,737		107,537
O-I Glass, Inc.(a)		6,528		110,454
TriMas Corp.		35,375		831,312
				1,049,303
Pharmaceuticals — 2.5%
Amphastar Pharmaceuticals, Inc.(a)		6,771		315,325
Avadel Pharmaceuticals PLC - ADR(a)		34,030		434,903
Centessa Pharmaceuticals PLC - ADR(a)		38,936		409,217
Collegium Pharmaceutical, Inc.(a)		2,619		96,143
Corcept Therapeutics, Inc.(a)		3,332		78,302
Ironwood Pharmaceuticals, Inc.(a)		51,914		489,549
KalVista Pharmaceuticals Inc.(a)		39,035		532,828
Longboard Pharmaceuticals, Inc.(a)		14,027		311,119
Madrigal Pharmaceuticals, Inc.(a)		334		78,891
MERUS NV(a)		39,153		1,898,138
Morphic Holding, Inc.(a)		4,219		155,892
Option Care Health, Inc.(a)		24,665		795,940
Organon & Co.		24,924		433,927
Owens & Minor, Inc.(a)		3,772		91,773
Pacira BioSciences, Inc.(a)		1,519		45,145
PetIQ, Inc.(a)		31,726		577,730
Premier, Inc. - Class A		7,552		157,535
Prestige Brands Holdings, Inc.(a)		3,474		241,721
Protagonist Therapeutics, Inc.(a)		24,673		749,566
Rhythm Pharmaceuticals, Inc.(a)		51,263		2,225,839
Vaxcyte, Inc.(a)		41,138		3,036,807
				13,156,290
Private Equity — 0.2%
Hannon Armstrong Sustainable Infrastructure Capital, Inc.		2,522		63,479

	Shares		Value
Private Equity — (Continued)
P10, Inc. - Class A		86,042	$	797,609
				861,088
Real Estate — 0.6%
Kennedy-Wilson Holdings, Inc.		4,746		41,670
Marcus & Millichap, Inc.		2,121		77,820
McGrath RentCorp		21,953		2,732,709
Newmark Group, Inc. - Class A		36,036		388,828
Realogy Holdings Corp.(a)		7,273		45,602
				3,286,629
REITS — 2.3%
Agree Realty Corp.		1,641		90,173
Alexander & Baldwin, Inc.		4,543		73,869
Alpine Income Property Trust, Inc.		106,224		1,658,157
American Assets Trust, Inc.		14,803		319,301
Apollo Commercial Real Estate Finance, Inc.		44,054		493,845
ARMOUR Residential REIT, Inc.		5,989		118,582
CareTrust REIT, Inc.		7,113		160,469
Centerspace		2,329		129,469
Chatham Lodging Trust		17,141		174,838
Community Healthcare Trust, Inc.		1,573		42,691
DiamondRock Hospitality Co.		13,130		123,422
EastGroup Properties, Inc.		2,590		455,037
Getty Realty Corp.		5,173		136,360
Gladstone Commercial Corp.		10,245		126,833
Global Medical REIT, Inc.		179,420		1,605,809
Global Net Lease, Inc.		10,378		74,825
Great Ajax Corp.		202,600		820,530
Highwoods Properties, Inc.		6,502		158,974
Invesco Mortgage Capital, Inc.		26,126		235,918
Kite Realty Group Trust		7,450		159,504
Lexington Realty Trust		12,112		104,890
New York Mortgage Trust, Inc.		45,897		330,917
NexPoint Residential Trust, Inc.		2,074		60,582
Outfront Media, Inc.		50,443		724,866
Paramount Group, Inc.		10,442		46,258
PennyMac Mortgage Investment Trust		24,404		344,829
Piedmont Office Realty Trust, Inc. - Class A		69,495		435,734
PotlatchDeltic Corp.		1,462		66,097
Ready Capital Corp.		6,588		58,172
Redwood Trust, Inc.		77,920		477,650
Regency Centers Corp.		2,758		170,858
Retail Opportunity Investments Corp.		28,261		365,415
Saul Centers, Inc.		3,903		141,250
Tanger, Inc.		33,410		962,542
TPG RE Finance Trust, Inc.		8,617		64,455
Two Harbors Investment Corp.		22,500		285,075

The accompanying notes are an integral part of the financial statements.
10

ADARA SMALLER COMPANIES FUND

Schedule of Investments (Continued)

as of FEBRUARY 29, 2024 (UNAUDITED)

	Shares		Value
REITS — (Continued)
Whitestone REIT		14,111	$	173,848
				11,972,044
Retail — 6.9%
Abercrombie & Fitch Co. - Class A(a)		13,793		1,762,194
Advance Auto Parts, Inc.		27,700		1,870,858
Asbury Automotive Group, Inc.(a)		4,829		1,008,440
BJ’s Restaurants, Inc.(a)		7,047		246,786
BJ’s Wholesale Club Holdings, Inc.(a)		39,625		2,894,210
Bloomin’ Brands, Inc.		20,453		555,913
Boot Barn Holdings, Inc.(a)		14,821		1,370,942
Buckle, Inc.		2,951		120,814
Build-A-Bear Workshop, Inc.		144,120		3,450,233
Casey’s General Stores, Inc.		1,888		574,877
Chuy’s Holdings, Inc.(a)		3,285		111,132
Cracker Barrel Old Country Store, Inc.		5,574		368,609
Designer Brands, Inc. - Class A		5,265		55,598
Destination XL Group, Inc.(a)		493,740		1,970,023
Dine Brands Global, Inc.		1,134		55,010
First Watch Restaurant Group, Inc.(a)		42,826		1,072,791
FirstCash Holdings, Inc.		2,930		335,485
Five Below, Inc.(a)		5,668		1,137,454
Foot Locker, Inc.		18,535		638,160
Freshpet, Inc.(a)		8,817		996,586
Group 1 Automotive, Inc.		2,270		614,375
Guess?, Inc.		12,246		310,803
Hibbett Sports, Inc.		1,413		115,795
Kura Sushi USA, Inc. - Class A(a)		16,929		1,608,763
Lithia Motors, Inc.		382		114,241
MSC Industrial Direct Co., Inc. - Class A		8,736		881,812
Murphy USA, Inc.		5,145		2,145,516
National Vision Holdings, Inc.(a)		23,857		558,254
Nu Skin Enterprises, Inc. - Class A		11,647		145,588
ODP Corp.(a)		1,590		89,803
Ollie’s Bargain Outlet Holdings, Inc.(a)		11,536		924,841
PriceSmart, Inc.		1,079		90,787
Red Robin Gourmet Burgers, Inc.(a)		206,150		1,542,002
RH(a)		2,399		658,286
Shoe Carnival, Inc.		6,304		206,582
Signet Jewelers Ltd.		5,100		518,976
Sweetgreen, Inc. - Class A(a)		66,259		844,140
Texas Roadhouse, Inc.		8,803		1,314,904
Tilly’s, Inc. - Class A(a)		204,870		1,575,450
Warby Parker, Inc. - Class A(a)		80,820		1,027,222
Wingstop, Inc.		1,748		613,635

	Shares		Value
Retail — (Continued)
Zumiez, Inc.(a)		3,290	$	57,970
				36,555,860
Savings & Loans — 1.1%
Axos Financial, Inc.(a)		3,461		180,387
Banc of California, Inc.		1,873		27,402
Berkshire Hills Bancorp, Inc.		17,583		377,859
Eagle Bancorp Montana, Inc.		63,570		839,760
Flushing Financial Corp.		4,361		55,995
FS Bancorp, Inc.		86,404		2,883,301
Hingham Institution For Savings The		355		59,633
New York Community Bancorp, Inc.		8,845		42,368
Northwest Bancshares, Inc.		5,826		66,766
Pacific Premier Bancorp, Inc.		8,033		183,634
Provident Financial Services, Inc.		10,750		162,110
Riverview Bancorp, Inc.		242,220		1,136,012
				6,015,227
Semiconductors — 2.8%
Advanced Energy Industries, Inc.		2,466		249,559
Amtech Systems, Inc.(a)		251,750		1,210,917
Axcelis Technologies, Inc.(a)		3,808		429,047
AXT, Inc.(a)		394,730		1,693,392
CEVA, Inc.(a)		2,534		57,370
Cirrus Logic, Inc.(a)		3,525		323,665
FormFactor, Inc.(a)		25,332		1,090,036
inTEST Corp.(a)		127,500		1,489,200
Kulicke & Soffa Industries, Inc.		6,419		305,673
Lattice Semiconductor Corp.(a)		6,939		531,597
MKS Instruments, Inc.		1,371		168,304
Monolithic Power Systems, Inc.		1,952		1,405,518
Onto Innovation, Inc.(a)		7,268		1,338,475
Photronics, Inc.(a)		7,595		218,660
Power Integrations, Inc.		18,645		1,332,372
Semtech Corp.(a)		911		19,313
SiTime Corp.(a)		4,682		433,085
SkyWater Technology, Inc.(a)		90,270		1,043,521
Veeco Instruments, Inc.(a)		48,379		1,751,804
				15,091,508
Software — 4.3%
ACI Worldwide, Inc.(a)		49,949		1,643,822
ACV Auctions, Inc. - Class A(a)		49,279		874,702
Agilysys, Inc.(a)		10,481		815,422
Alignment Healthcare, Inc.(a)		8,930		53,580
Alkami Technology, Inc.(a)		50,027		1,248,174
Appfolio, Inc. - Class A(a)		4,228		1,023,556
Asure Software, Inc.(a)		210,440		1,961,301
Blackbaud, Inc.(a)		799		55,275
BlackLine, Inc.(a)		14,414		817,706
BM Technologies, Inc.(a)		215,920		380,019

The accompanying notes are an integral part of the financial statements.
11

ADARA SMALLER COMPANIES FUND

Schedule of Investments (Concluded)

as of FEBRUARY 29, 2024 (UNAUDITED)

	Shares		Value
Software — (Continued)
Cogent Communications Holdings, Inc.		1,297	$	104,940
Computer Programs & Systems, Inc.(a)		23,192		205,481
Concentrix Corp.		830		60,133
Confluent, Inc. - Class A(a)		18,917		640,719
Consensus Cloud Solutions, Inc.(a)		2,281		36,314
CSG Systems International, Inc.		2,939		160,352
DoubleVerify Holdings, Inc.(a)		24,769		765,114
Fastly, Inc. - Class A(a)		48,605		691,163
Five9, Inc.(a)		10,739		655,079
Genasys, Inc.(a)		350,770		694,525
Gitlab, Inc. - Class A(a)		7,850		566,142
Global-e Online Ltd.(a)		19,489		660,092
JFrog Ltd.(a)		20,182		903,952
LiveRamp Holdings, Inc.(a)		24,000		839,520
Monday.com Ltd.(a)		1,732		386,253
PDF Solutions, Inc.(a)		1,842		62,610
Privia Health Group, Inc.(a)		35,714		797,136
Procore Technologies, Inc.(a)		9,746		760,480
Progress Software Corp.		5,306		283,128
PROS Holdings, Inc.(a)		25,483		911,017
SilverSun Technologies, Inc.		14,040		211,162
Smartsheet, Inc. - Class A(a)		8,618		363,766
Smith Micro Software, Inc.(a)		711,330		270,874
SPS Commerce, Inc.(a)		800		148,128
Take-Two Interactive Software, Inc.(a)		3,504		514,843
Vertex, Inc. - Class A(a)		41,417		1,390,783
Weave Communications, Inc.(a)		69,219		867,314
				22,824,577
Telecommunications — 0.8%
Aviat Networks, Inc.(a)		10,017		355,503
Calix, Inc.(a)		22,989		801,627
Credo Technology Group Holding Ltd.(a)		83,421		1,796,888
IDT Corp. - Class B(a)		3,111		115,760
InterDigital, Inc.		869		93,000
Iridium Communications, Inc.		9,628		278,731
NetGear, Inc.(a)		7,443		111,571
Telephone & Data Systems, Inc.		10,347		158,309
United States Cellular Corp.(a)		8,331		290,669
Viasat, Inc.(a)		2,967		58,064
Viavi Solutions, Inc.(a)		23,640		225,762
				4,285,884
Textiles — 0.4%
UniFirst Corp.		12,397		2,091,622
Toys/Games/Hobbies — 0.3%
Funko, Inc. - Class A(a)		7,565		53,258
JAKKS Pacific, Inc.(a)		38,690		1,358,406
				1,411,664

	Shares		Value
Transportation — 1.7%
Air Transport Services Group, Inc.(a)		105,895	$	1,278,153
ArcBest Corp.		20,880		2,982,917
Forward Air Corp.		6,038		224,191
Knight-Swift Transportation Holdings, Inc.		1,873		105,525
Marten Transport Ltd.		7,327		138,114
PAM Transportation Services, Inc.(a)		41,286		764,617
Saia, Inc.(a)		4,008		2,306,203
Scorpio Tankers, Inc.		4,242		284,765
World Kinect Corp.		20,029		487,906
				8,572,391
Trucking & Leasing — 0.2%
Greenbrier Cos., Inc.		19,968		1,033,344
Water — 0.0%(c)
American States Water Co.		1,758		125,539
California Water Service Group		1,969		90,357
				215,896
TOTAL COMMON STOCKS (Cost $344,867,482)				501,860,311
SHORT-TERM INVESTMENTS — 7.7%
Money Market Funds — 7.7%
First American Treasury Obligations Fund - Class X, 5.23%(d)		40,778,734		40,778,734
TOTAL SHORT-TERM INVESTMENTS (Cost $40,778,734)				40,778,734
TOTAL INVESTMENTS — 102.0% (Cost $385,646,216)				542,639,045
Liabilities in Excess of Other Assets — (2.0)%				(10,593,858	)
TOTAL NET ASSETS — 100.0%			$	532,045,187

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

PLC Public Limited Company

REIT Real Estate Investment Trust

SA Sociedad Anónima

(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 29, 2024.

(c) Represents less than 0.05% of net assets.

(d) The rate shown represents the 7-day effective yield as of February 29, 2024.

The accompanying notes are an integral part of the financial statements.
12

ADARA SMALLER COMPANIES FUND

STATEMENT of Assets and Liabilities

FEBRUARY 29, 2024 (UNAUDITED)

ASSETS
Investments, at value (cost $344,867,482)	$	501,860,311
Short-term investments, at value (cost $40,778,734)		40,778,734
Receivables for:
Investments sold		1,243,534
Dividends		416,910
Capital shares sold		74,797
Prepaid expenses and other assets		39,724
Total assets		544,414,010
LIABILITIES
Payables for:
Investments purchased		12,009,721
Sub-advisory fees		263,371
Other accrued expenses and liabilities		95,731
Total liabilities		12,368,823
Net assets	$	532,045,187
NET ASSETS CONSIST OF:
Par value	$	32,373
Paid-in capital		376,339,813
Total distributable earnings/(loss)		155,673,001
Net assets	$	532,045,187
CAPITAL SHARES:
Net Assets		532,045,187
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		32,372,870
Net asset value, offering and redemption price per share	$	16.43

The accompanying notes are an integral part of the financial statements.
13

ADARA SMALLER COMPANIES FUND

Statement of Operations

FOR THE sIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED)

INVESTMENT INCOME
Dividends (net of foreign taxes withheld of $4,672)	$	3,182,264
Total investment income		3,182,264
EXPENSES
Sub-advisory fees (Note 2)		1,661,268
Administration and accounting services fees (Note 2)		74,081
Transfer agent fees (Note 2)		30,376
Officer fees		24,790
Custodian fees (Note 2)		23,135
Audit fees and tax services		20,219
Director fees		19,300
Legal fees		18,941
Registration and filing fees		13,533
Printing and shareholder reporting fees		2,887
Other expenses		55,528
Total expenses		1,944,058
Net investment income/(loss)		1,238,206
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments		8,021,320
Net change in unrealized appreciation/(depreciation) on investments		31,717,682
Net realized and unrealized gain/(loss) on investments		39,739,002
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	40,977,208

The accompanying notes are an integral part of the financial statements.
14

ADARA SMALLER COMPANIES FUND

Statements of Changes in Net Assets

	For the Six Months Ended February 29, 2024 (Unaudited)			For the Year Ended August 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income/(loss)	$	1,238,206		$	2,272,289
Net realized gain/(loss) from investments		8,021,320			(1,023,542	)
Net change in unrealized appreciation/(depreciation) on investments		31,717,682			27,357,651
Net increase/(decrease) in net assets resulting from operations		40,977,208			28,606,398
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(3,000,495	)		(1,462,252	)
Net decrease in net assets from dividends and distributions to shareholders		(3,000,495	)		(1,462,252	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		23,092,931			48,697,828
Reinvestment of distributions		2,676,590			1,335,449
Shares redeemed		(14,141,147	)		(36,215,013	)
Net increase/(decrease) in net assets resulting from capital share transactions		11,628,374			13,818,264
Total increase/(decrease) in net assets		49,605,087			40,962,410
NET ASSETS:
Beginning of period	$	482,440,100		$	441,477,690
End of period	$	532,045,187		$	482,440,100
SHARE TRANSACTIONS:
Shares sold		1,515,105			3,378,762
Shares reinvested		178,202			93,193
Shares redeemed		(944,988	)		(2,526,832	)
Net increase/(decrease) in shares		748,319			945,123

The accompanying notes are an integral part of the financial statements.
15

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 29, 2024 (Unaudited)			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			For the Year Ended August 31, 2019
Per Share Operating Performance
Net asset value, beginning of period	$	15.26		$	14.39		$	21.47		$	13.73		$	12.89		$	16.76
Net investment income/(loss)(1)		0.04			0.07			0.02			(0.03	)		(0.01	)		(0.01	)
Net realized and unrealized gain/(loss) from investments		1.22			0.85			(2.88	)		7.99			1.33			(1.99	)
Net increase/(decrease) in net assets resulting from operations		1.26			0.92			(2.86	)		7.96			1.32			(2.00	)
Dividends and distributions to shareholders from:
Net investment income		(0.09	)		(0.05	)		—			—			—			—
Net realized capital gains		—			—			(4.22	)		(0.22	)		(0.48	)		(1.87	)
Total dividends and distributions to shareholders		(0.09	)		(0.05	)		(4.22	)		(0.22	)		(0.48	)		(1.87	)
Net asset value, end of period	$	16.43		$	15.26		$	14.39		$	21.47		$	13.73		$	12.89
Total investment return/(loss)(2)		8.41	%(3)		6.40	%		(16.93	)%		58.41	%		10.47	%		(11.16	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	532,045		$	482,440		$	441,478		$	536,177		$	361,442		$	291,859
Ratio of expenses to average net assets		0.81	%(4)		0.82	%		0.84	%		0.84	%		0.90	%		0.93	%
Ratio of net investment income/(loss) to average net assets		0.52	%(4)		0.50	%		0.10	%		(0.18	)%		(0.08	)%		(0.08	)%
Portfolio turnover rate		29	%(3)		56	%		56	%		75	%		101	%		80	%

(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) Not Annualized.

(4) Annualized.

The accompanying notes are an integral part of the financial statements.
16

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS

FEBRUARY 29, 2024 (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 mutual fund 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 sixty-four 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 92.723 billion shares are currently classified into two hundred and thirty-four 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 29, 2024, and the period covered by these Notes to Financial Statements is the six months ended February 29, 2024 (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 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.

17

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 29, 2024 (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
Common Stocks	$	501,860,312	$	501,860,312	$	—	$	—	**
Money Market Funds		40,778,734		40,778,734		—		—
Total Assets*	$	542,639,046	$	542,639,046	$	—	$	—

* Please refer to Portfolio of Investments for further details.

** Value equals zero as of the end of the reporting period.

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

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

18

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 29, 2024 (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 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.

During the current fiscal period, collectively, sub-advisory fees accrued were $1,661,268, or the rate of 0.69%.

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 $29,414. This amount is included in Other expenses on the Statement of Operations.

19

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 29, 2024 (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 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 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
$145,516,958	$130,744,845

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, 2023, 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)
$360,325,203	$148,618,109	$(26,222,147)	$122,395,962

20

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 29, 2024 (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.

As of August 31, 2023, 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
$1,351,664	$—	$(6,051,338)	$122,395,962	$—

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, 2023 was as follows:

ORDINARY INCOME		LONG-TERM GAINS		TOTAL
	$1,462,252		$—		$1,462,252

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, 2023, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2023.

Under the Regulated Investment Company Modernization Act of 2010, the Fund is 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, 2023, the Fund had short-term capital loss carryforwards of $6,051,338.

6. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

In October 2022, the SEC adopted a final rule relating to tailored shareholder reports for mutual funds and exchange-traded funds and fee information in investment company advertisements. Beginning in July 2024, the Fund will be required to transmit concise and visually engaging shareholder reports that highlight key information. The Fund will also be required to tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request.

21

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

FEBRUARY 29, 2024 (UNAUDITED)

In December 2022, the FASB issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the London Inter-Bank Offered Rate and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

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 that there were no subsequent events.

22

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.

23

[THIS PAGE INTENTIONALLY LEFT BLANK]

[THIS PAGE INTENTIONALLY LEFT BLANK]

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

ADA-SAR24

AQUARIUS INTERNATIONAL FUND

of

The RBB Fund, Inc.

SEMI-ANNUAL REPORT

February 29, 2024
(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

SEMI-Annual Report
Performance Data

FEBRUARY 29, 2024 (UNAUDITED)

Average Annual Total Returns for the Period Ended February 29, 2024
	Six Months†	One Year	Three Year	Five Year	Since Inception
Aquarius International Fund	7.80%	12.62%	0.42%	4.58%	2.81%*
MSCI AC WORLD INDEX ex USA Gross Index	8.04%	13.09%	1.81%	5.95%	3.94%**

† Not annualized.

* The Fund commenced operations on April 17, 2018.

** Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the returns quoted. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by calling (844) 261-6482.

The Fund’s total annual Fund operating expenses, as stated in the current prospectus dated December 31, 2023, are 0.71% of average daily net assets. This ratio may differ from the actual expenses incurred by the Fund for the period covered by this report.

The Fund invests in common stocks, preferred stocks, warrants to acquire common stocks and securities convertible into common stocks. Portfolio composition is subject to change.

The MSCI ACWI ex USA Gross Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 24 Emerging Markets (EM) countries. With 2,231 constituents, the index covers approximately 85% of the global equity opportunity set outside the US. It is impossible to invest directly in an index.

Investment Considerations

Investing in the Fund involves risk and an investor may lose money. The success of the Fund’s strategy depends on the Adviser’s ability to select Sub-Advisers and each manager’s ability to select investments for the Fund. The Fund may invest in riskier type investments including small, micro-cap and large cap stocks, Initial Public Offerings (IPOs), special situations, foreign markets, emerging markets and illiquid securities all of which may be more volatile and less liquid.

1

AQUARIUS INTERNATIONAL FUND

Fund Expense Example

FEBRUARY 29, 2024 (UNAUDITED)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2023 through February 29, 2024 and held for the entire period.

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value September 1, 2023		Ending Account Value February 29, 2024		Expenses Paid During Period*		Annualized Expense Ratio			Actual Six Month Total Investment Return
Actual	$	1,000.00	$	1,078.00	$	3.72		0.72	%		7.80	%
Hypothetical (5% return before expenses)		1,000.00		1,021.28		3.62		0.72	%		N/A

* Expenses are equal to the Fund’s annualized six-month expense ratio in the table above, multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period. The Fund’s ending account value on the first line in the table is based on the actual six-month total investment return for the Fund.

2

AQUARIUS INTERNATIONAL FUND

Portfolio Holdings Summary Table

FEBRUARY 29, 2024 (UNAUDITED)

The following table presents a summary by security type of the portfolio holdings of the Fund:

	Value		% of Net Assets
Common Stocks	$	455,843,702		91.1	%
Exchange Traded Funds		2,137,709		0.4
Preferred Stocks		1,521,100		0.3
Money Market Funds		39,004,783		7.8
Other Assets in Excess of Liabilities		1,774,180		0.4
	$	500,281,474		100.0	%

The accompanying notes are an integral part of the financial statements.

3

AQUARIUS INTERNATIONAL FUND

Portfolio Holdings Summary Table

FEBRUARY 29, 2024 (UNAUDITED)

The following table presents a summary by security type of the portfolio holdings of the Fund:

	Value		% of Net Assets
COMMON STOCKS
United Kingdom	$	80,465,182		16.5	%
Japan		57,328,891		11.0
France		35,802,628		7.3
Netherlands		27,470,506		5.4
South Korea		25,692,664		5.3
Germany		25,412,826		4.8
Taiwan		24,469,009		5.2
Canada		21,417,669		4.4
India		19,886,174		4.3
China		17,310,095		3.4
Ireland		15,349,166		3.2
Switzerland		14,804,879		2.7
Denmark		11,425,689		2.5
Brazil		9,257,389		2.0
United States		8,496,499		1.7
Italy		7,645,712		1.5
Mexico		5,422,150		1.2
Singapore		4,892,294		0.8
Finland		4,732,341		1.0
Norway		4,359,030		0.9
Bermuda		3,994,191		0.9
Sweden		3,509,557		0.5
Australia		3,305,630		0.3
Spain		3,209,971		0.5
Belgium		2,707,734		0.5
Luxembourg		2,143,504		0.4
Austria		1,940,845		0.4
Indonesia		1,908,247		0.4
United Arab Emirates		1,870,332		0.4
South Africa		1,360,149		0.2
Greece		1,259,300		0.3
Hong Kong		1,195,114		0.0
Turkey		1,084,092		0.2
Jordan		1,078,104		0.2
Macao		1,061,915		0.3
Uruguay		1,002,049		0.2
Kazakhstan		957,387		0.2
Philippines		915,457		0.2
Poland		895,414		0.2
Israel		573,347		0.1
Peru		503,071		0.1
Thailand		359,652		0.1
Argentina		272,176		0.1
Chile		250,416		0.0
Panama		208,878		0.0
New Zealand		188,727		0.0
Portugal		53,438		0.0
Colombia		53,001		0.0
Russia		20		0.0
Cyprus		0		—
Money Market Funds		39,004,783		7.8
Other Assets in Excess of Liabilities		1,774,180		0.4
	$	500,281,474		100.0	%

The accompanying notes are an integral part of the financial statements.

4

AQUARIUS INTERNATIONAL FUND

Schedule of Investments

FEBRUARY 29, 2024 (UNAUDITED)

	Shares		Value
COMMON STOCKS — 91.1%
Advertising — 0.1%
Dentsu Group, Inc.		1,800	$	49,870
Publicis Groupe SA		2,188		231,503
WPP PLC		3,536		31,637
				313,010
Aerospace/Defense — 3.6%
Airbus Group SE		11,237		1,859,266
BAE Systems PLC		388,968		6,105,539
BAE Systems PLC - ADR		1,742		111,209
CAE, Inc.(a)		1,578		29,414
Dassault Aviation SA		263		51,994
Elbit Systems Ltd.		666		148,745
Hanwha Aerospace Co., Ltd.		1,246		175,579
Hindustan Aeronautics Ltd.		15,220		565,092
MTU Aero Engines AG - ADR		562		67,517
Rheinmetall AG		10,971		5,034,124
Safran SA		580		121,621
Thales SA		23,023		3,414,627
				17,684,727
Agriculture — 0.3%
British American Tobacco PLC - ADR		5,520		164,993
Imperial Brands PLC - ADR		3,146		68,268
ITC Ltd.		123,176		602,830
Japan Tobacco, Inc.		6,900		179,238
RLX Technology, Inc. - ADR		23,295		45,425
Wilmar International Ltd.		16,500		40,748
				1,101,502
Airlines — 0.4%
ANA Holdings, Inc.(a)		1,400		30,523
Copa Holdings SA - Class A		2,143		208,878
Japan Airlines Co., Ltd.		1,500		28,014
Ryanair Holdings PLC - ADR		11,370		1,571,903
Singapore Airlines Ltd.		14,000		67,386
				1,906,704
Apparel — 1.3%
Adidas AG		114		23,060
Gildan Activewear, Inc.		5,757		200,516
Hermes International SCA		276		690,647
Kering SA		1,204		554,597
LVMH Moet Hennessy Louis Vuitton SE - ADR		2,000		365,960
LVMH Moet Hennessy Louis Vuitton SE		4,423		4,037,032
Samsonite International SA(a)(b)		60,300		210,328
Shenzhou International Group Holdings Ltd.		31,000		254,277
				6,336,417
Auto Manufacturers — 2.7%
Bayerische Motoren Werke AG - ADR		3,309		130,639

	Shares		Value
Auto Manufacturers — (Continued)
BYD Co. Ltd. - Class H		4,000		98,520
Daimler AG		3,623	$	288,699
Daimler Truck Holding AG		42,526		1,737,376
Ferrari NV		642		272,702
Ferrari NV		141		59,511
Geely Automobile Holdings, Ltd.		31,000		33,736
Honda Motor Co., Ltd.		174,200		2,069,941
Honda Motor Co., Ltd. - ADR		1,291		45,947
Hyundai Motor Co.		529		99,594
Iveco Group NV(a)		89,817		1,106,260
Kia Corp.(a)		14,191		1,328,959
Li Auto, Inc. - ADR(a)		1,693		77,675
NIO, Inc. - ADR(a)		9,048		52,026
Nissan Motor Co., Ltd. - ADR		4,601		36,118
Stellantis NV		51,175		1,338,103
Stellantis NV		2,278		59,820
Subaru Corp.		72,200		1,633,583
Suzuki Motor Corp.		43,600		1,919,285
Tata Motors Ltd.		54,538		624,412
Toyota Motor Corp. - ADR		1,862		447,904
Toyota Motor Corp.		7,100		171,014
Volkswagen AG		702		110,483
Volvo AB - Class B		3,636		100,185
XPeng, Inc. - ADR(a)		6,430		60,635
				13,903,127
Auto Parts & Equipment — 0.2%
Aisin Corp.		1,100		41,542
Cie Generale des Etablissements Michelin SCA		1,852		68,536
Denso Corp.		3,600		66,223
Hankook Tire & Technology Co., Ltd.		14,945		608,864
Hyundai Mobis Co., Ltd.		302		55,084
Magna International, Inc.		3,010		165,911
Vitesco Technologies Group AG(a)		88		7,099
Weichai Power Co., Ltd. - Class H		24,000		47,241
				1,060,500
Banks — 10.3%
AIB Group PLC		229,046		1,063,364
ANZ Group Holdings Ltd.		5,980		110,843
Axis Bank Ltd.		37,392		484,040
Banco Bilbao Vizcaya Argentaria SA		73,459		732,702
Banco do Brasil SA		259,100		3,021,469
Banco do Brasil SA - ADR		11,296		131,147
Banco Santander SA		37,238		155,189
Bank Central Asia Tbk PT		687,000		432,306
Bank Mandiri Persero Tbk PT - ADR		5,112		91,377
Bank Mandiri Persero Tbk PT		2,985,400		1,333,500

The accompanying notes are an integral part of the financial statements.

5

AQUARIUS INTERNATIONAL FUND

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Shares		Value
Banks — (Continued)
Bank Montreal		867	$	78,464
Bank of Nova Scotia, (The)		2,673		129,560
Bank Rakyat Indonesia Persero Tbk PT - ADR		1,382		27,115
Bankinter SA		200,807		1,278,291
Barclays PLC		126,063		263,474
BDO Unibank, Inc.		181,150		493,508
Bendigo & Adelaide Bank Ltd.		12,614		79,519
BNP Paribas SA		2,636		158,213
CaixaBank SA		65,952		298,348
Canadian Imperial Bank of Commerce		1,139		53,897
Chiba Bank Ltd.		4,900		39,906
China Merchants Bank Co., Ltd. - Class H		303,063		1,171,951
Commerzbank AG		264,094		3,057,137
Commonwealth Bank Of Australia		4,512		342,265
Computershare Ltd.		2,023		34,189
Concordia Financial Group Ltd.		11,723		59,434
Credicorp Ltd.		2,944		503,071
DBS Group Holdings Ltd. - ADR		2,227		221,007
DBS Group Holdings Ltd.		95,200		2,360,511
Deutsche Bank AG		8,776		117,862
DNB Bank ASA		83,210		1,666,174
Erste Group Bank AG		20,482		818,936
FinecoBank Banca Fineco SpA		201,036		2,785,062
FirstRand Ltd.		13,495		45,655
Fukuoka Financial Group, Inc.		3,000		77,936
Grupo Financiero Banorte SAB de CV		135,485		1,401,411
Grupo Financiero Banorte SAB de CV, SP ADR - ADR		666		34,466
Grupo Financiero Galicia SA - ADR		12,366		272,176
Hana Financial Group, Inc.		42,763		1,819,475
HDFC Bank Ltd.		219,902		3,713,917
HSBC Holdings PLC - ADR		9,910		388,274
ICICI Bank Ltd. - ADR		81,678		2,091,773
Industrial & Commercial Bank of China Ltd. - Class H		1,916,000		982,166
ING Groep NV		171,554		2,360,903
Intesa Sanpaolo		14,336		45,652
Japan Post Bank Co., Ltd.		3,700		39,452
KBC Group NV		799		56,284
Macquarie Group Ltd.		1,021		129,646
Macquarie Group, Ltd. - ADR		1,203		152,432
Mediobanca Banca di Credito Finanziario SpA		3,974		54,134
Mitsubishi UFJ Financial Group, Inc. - ADR		53,334		547,740
National Australia Bank Ltd.		7,689		170,843

	Shares		Value
Banks — (Continued)
National Australia Bank Ltd. - ADR		11,208	$	125,081
National Bank of Greece SA(a)		109,951		863,332
NatWest Group PLC		713,301		2,156,752
Nedbank Group Ltd. - ADR		2,666		30,606
Nordea Bank Abp		93		1,132
Nordea Bank Abp		11,504		140,043
Oversea-Chinese Banking Corp. Ltd.		9,000		86,930
Resona Holdings, Inc.		426,200		2,326,037
Royal Bank Canada		3,116		302,501
Shinhan Financial Group Co., Ltd. - ADR		9,162		298,498
Shizuoka Financial Group, Inc.		3,900		38,175
Societe Generale SA		2,392		58,091
Standard Bank Group Ltd.		83,401		877,580
Sumitomo Mitsui Financial Group, Inc. - ADR		56,610		630,635
Sumitomo Mitsui Financial Group, Inc.		50,100		2,791,300
Sumitomo Mitsui Trust Holdings, Inc.		1,600		32,421
Svenska Handelsbanken AB - Class A		101,196		1,210,286
TCS Group Holding PLC - GDR(a)(c)		3,732		0
Toronto-Dominion Bank, (The)		5,858		351,480
UBS Group AG		13,717		391,645
UniCredit SpA		2,917		97,704
United Overseas Bank Ltd.		6,000		124,852
Woori Financial Group, Inc. - ADR		4,696		159,617
Yapi ve Kredi Bankasi AS		692,268		510,884
				51,583,748
Beverages — 1.4%
Anheuser-Busch InBev SA/NV - ADR		2,592		156,479
Arca Continental SAB de CV		60,200		648,967
Asahi Group Holdings Ltd.		71,200		2,439,131
Carlsberg A/S - Class B		499		69,702
Cia Cervecerias Unidas SA - ADR		4,167		48,462
Coca-Cola Europacific Partners PLC		23,239		1,594,892
Coca-Cola HBC AG		1,058		32,982
Davide Campari-Milano NV		5,538		56,156
Diageo PLC - ADR		2,046		308,537
Endeavour Group Ltd.		2,137		7,650
Fomento Economico Mexicano SAB de CV - ADR		3,916		486,524
Heineken Holding NV		434		33,523
Heineken NV - ADR		3,534		163,165
Kweichow Moutai Co. Ltd. - Class A		2,500		587,545
				6,633,715

The accompanying notes are an integral part of the financial statements.

6

AQUARIUS INTERNATIONAL FUND

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Shares		Value
Biotechnology — 0.5%
Argenx SE - ADR(a)		245	$	93,102
CSL Ltd. - ADR		3,938		365,644
CSL Ltd.		628		116,911
Genmab AS(a)		6,020		1,672,478
				2,248,135
Building Materials — 1.5%
Ambuja Cements Ltd.		70,612		515,703
Cie de Saint-Gobain SA		15,213		1,172,780
CRH PLC		51,811		4,315,380
CRH PLC		1,441		121,491
Daikin Industries Ltd.		349		49,189
Geberit AG		202		117,441
Imerys SA		22,433		710,098
James Hardie Industries PLC(a)		2,896		114,553
Kingspan Group PLC		554		50,098
LafargeHolcim Ltd.		2,013		164,300
Sika AG		437		126,388
Svenska Cellulosa AB SCA - Class B		4,527		64,095
				7,521,516
Chemicals — 1.6%
Air Liquide SA		14,736		2,995,135
Air Liquide SA - ADR		1,948		79,147
Asahi Kasei Corp.		6,000		41,748
BASF SE		1,905		97,035
Brenntag SE		387		35,335
Croda International PLC		584		35,208
EMS-Chemie Holding AG		143		99,791
Givaudan SA		27		113,290
Givaudan SA - ADR		600		50,346
ICL Group Ltd.		12,592		67,493
Kansai Paint Co., Ltd.		124,600		1,808,524
LG Chem Ltd.		385		131,499
Linde PLC		1,012		454,206
Mitsubishi Chemical Group Corp.		232,600		1,334,738
Nippon Sanso Holdings Corp.		1,500		43,505
Novozymes AS		673		37,952
Shin-Etsu Chemical Co., Ltd. - ADR		6,860		145,775
Shin-Etsu Chemical Co., Ltd.		3,270		139,545
Syensqo SA(a)		373		33,303
Symrise AG		500		51,166
				7,794,741
Coal — 1.1%
China Shenhua Energy Co., Ltd. - Class H		39,000		150,060
Peabody Energy Corp.		55,932		1,385,436
Teck Resources Ltd. - Class B		8,215		315,620
Teck Resources Ltd. - Class B		84,658		3,253,078
				5,104,194

	Shares		Value
Commercial Services — 4.1%
Abu Dhabi Ports Co. PJSC(a)		206,000	$	324,736
Adani Ports & Special Economic Zone Ltd.		47,921		760,787
Adyen NV(a)(b)		1,247		1,973,053
Amadeus IT Group SA - ADR		1,437		88,390
Ashtead Group PLC		59,295		4,264,806
Bidvest Group Ltd.		3,146		38,326
Bureau Veritas SA		1,739		50,529
China Merchants Port Holdings Co., Ltd.		60,000		74,475
Edenred SE		41,231		2,040,261
Experian PLC		2,543		108,906
International Container Terminal Services, Inc.		65,067		333,913
Intertek Group PLC		1,279		74,866
Localiza Rent a Car SA - ADR		4,006		42,504
New Oriental Education & Technology Group, Inc. - ADR(a)		16,102		1,506,019
RB Global, Inc.		1,064		80,768
Recruit Holdings Co., Ltd.		3,292		132,786
RELX PLC		145,369		6,367,798
Rentokil Initial PLC		311,445		1,733,818
Secom Co., Ltd.		800		58,378
TAL Education Group - ADR(a)		7,594		111,860
TravelSky Technology Ltd. - Class H		51,000		60,969
Worldline SA (France)(a)(b)		2,235		25,729
				20,253,677
Computers — 2.2%
Asia Vital Components Co., Ltd.		67,000		1,130,221
AutoStore Holdings Ltd.(a)(b)		478,274		766,029
BayCurrent Consulting, Inc.		47,300		1,062,590
Capgemini SE		4,971		1,209,166
CGI, Inc.(a)		1,307		150,109
Check Point Software Technologies Ltd.(a)		499		80,050
Cognizant Technology Solutions Corp. - Class A		8,329		658,158
CyberArk Software Ltd.(a)		576		151,926
Globant S.A.(a)		2,174		485,172
Infosys Ltd. - ADR		28,588		570,616
Lenovo Group Ltd.		32,000		35,351
Logitech International SA		444		38,992
Nomura Research Institute Ltd.		66,300		1,863,033
NTT Data Group Corp.		3,100		50,490
Persistent Systems Ltd.		3,328		346,322
Teleperformance SE		10,936		1,357,793
Wipro Ltd. - ADR		112,803		698,250
Wistron Corp.		80,000		292,941
Wiwynn Corp.		8,000		590,623
				11,537,832

The accompanying notes are an integral part of the financial statements.

7

AQUARIUS INTERNATIONAL FUND

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Shares		Value
Cosmetics/Personal Care — 0.4%
Beiersdorf AG		432	$	61,923
Colgate-Palmolive India Ltd.		15,288		464,926
Essity AB - Class B		5,178		120,731
Haleon PLC - ADR		9,632		82,450
Kao Corp.		700		26,487
L’Oreal SA - ADR		3,400		325,448
L’Oreal SA		148		70,695
Unicharm Corp.		3,287		109,007
Unilever PLC - ADR		9,303		455,568
				1,717,235
Distribution/Wholesale — 2.9%
Azelis Group NV		109,827		2,262,769
Bunzl PLC		130,190		5,189,302
Ferguson PLC		13,318		2,777,541
IMCD NV		10,996		1,677,545
ITOCHU Corp.		3,700		160,732
ITOCHU Corp. - ADR		426		36,943
Mitsubishi Corp.		2,400		51,479
Mitsui & Co., Ltd.		3,159		138,751
Rexel SA		54,180		1,390,865
Sendas Distribuidora S/A		101,900		291,488
Sendas Distribuidora S/A - ADR		2,775		39,460
Zhongji Innolight Co., Ltd. - Class A		20,200		435,879
				14,452,754
Diversified Financial Services — 2.3%
Allfunds Group PLC		141,996		1,009,464
Banco BTG Pactual SA		113,400		832,861
Deutsche Boerse AG		21,873		4,579,059
Deutsche Boerse AG - ADR		2,810		58,785
Euronext NV(b)		11,752		1,083,074
Futu Holdings Ltd. - ADR(a)		852		45,599
Hong Kong Exchanges & Clearing Ltd.		1,780		54,821
Japan Exchange Group, Inc.		65,100		1,704,422
KB Financial Group, Inc.		32,344		1,542,622
KB Financial Group, Inc. - ADR		6,431		304,507
London Stock Exchange Group PLC		791		88,840
London Stock Exchange Group PLC - ADR		2,464		69,214
Sanlam Ltd. - ADR		5,156		39,650
SBI Holdings, Inc.		2,600		70,003
Singapore Exchange Ltd.		6,000		42,152
				11,525,073
Electric — 1.5%
Algonquin Power & Utilities Corp.		5,049		29,537
Centrais Eletricas Brasileiras SA		67,100		587,974

	Shares		Value
Electric — (Continued)
China Resources Power Holdings Co., Ltd.		14,000	$	30,137
CLP Holdings Ltd.		13,500		112,349
Dubai Electricity & Water Authority PJSC		728,813		478,252
E.ON SE		4,732		60,424
Enel SpA		25,288		160,909
Engie SA - ADR		8,968		143,847
Equatorial Energia SA		61,100		419,616
Fortis, Inc.		5,188		200,153
Fortum Oyj		153,567		1,919,301
Iberdrola SA - ADR		1,618		74,234
Iberdrola SA		11,895		136,616
Mercury NZ Ltd.		7,755		31,541
Meridian Energy Ltd.		15,956		58,101
National Grid PLC - ADR		2,605		173,649
National Grid PLC		5,579		73,002
NTPC Ltd.		110,388		446,062
Power Assets Holdings Ltd.		11,000		66,013
Power Grid Corp. of India Ltd.		99,042		338,375
RWE AG		1,739		58,252
SSE PLC		106,335		2,185,452
SSE PLC - ADR		5,415		112,415
Tokyo Electric Power Co. Holdings, Inc.(a)		7,500		40,573
Verbund AG - Class A		389		28,160
				7,964,944
Electrical Components & Equipment — 0.1%
Delta Electronics, Inc.		40,000		372,747
Legrand SA		942		95,407
Schneider Electric SE - ADR		4,025		182,977
Schneider Electric SE		698		158,650
				809,781
Electronics — 0.3%
AAC Technologies Holdings, Inc.		32,000		79,557
ABB Ltd.		4,533		209,163
BYD Electronic International Co., Ltd.		23,500		88,733
Hirose Electric Co., Ltd.		827		88,012
Hon Hai Precision Industry Co., Ltd.		87,353		284,813
Hoya Corp.		670		87,460
Hoya Corp. - ADR		487		63,368
Kyocera Corp.		4,400		64,937
Lotes Co. Ltd.		8,000		259,555
Murata Manufacturing Co., Ltd.		4,857		97,878
Murata Manufacturing Co., Ltd. - ADR		7,572		76,023
NIDEC CORP		1,000		37,949
TDK Corp.		800		41,709
				1,479,157

The accompanying notes are an integral part of the financial statements.

8

AQUARIUS INTERNATIONAL FUND

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Shares		Value
Energy-Alternate Sources — 0.0%(d)
Vestas Wind Systems AS(a)		2,480	$	69,113
Engineering & Construction — 1.0%
Auckland International Airport Ltd.		13,450		66,331
Cellnex Telecom SA(b)		832		30,081
Ferrovial SE		3,085		115,841
GMR Airports Infrastructure Ltd.(a)		771,856		781,205
Grupo Aeroportuario del Pacifico SAB de CV - ADR		392		58,087
Grupo Aeroportuario del Sureste SAB de CV - ADR		471		138,648
Larsen & Toubro Ltd.		12,922		541,772
Samsung C&T Corp.		3,006		353,740
SPIE SA		68,114		2,268,814
Technip Energies NV		29,315		637,521
Vinci SA		905		115,969
Vinci SA - ADR		1,124		35,968
				5,143,977
Entertainment — 0.4%
Aristocrat Leisure Ltd.		1,159		35,214
Evolution AB - ADR		336		43,549
Flutter Entertainment PLC(a)		244		52,835
Genting Singapore Ltd.		2,333,700		1,579,286
Lottery Corp. Ltd.		8,950		29,613
OPAP SA		21,717		395,968
Oriental Land Co., Ltd.		3,065		109,850
				2,246,315
Environmental Control — 0.0%(d)
China Conch Environment Protection Holdings Ltd.(a)		21,500		3,262
Food — 2.0%
Aeon Co., Ltd.		5,200		124,160
Ajinomoto Co., Inc.		1,500		55,172
BIM Birlesik Magazalar AS		39,663		492,261
Chocoladefabriken Lindt & Spruengli AG		6		73,425
Coles Group Ltd.		4,059		44,646
Companhia Brasileira De Distribuicao(a)		2,775		2,120
Danone SA		3,030		193,349
Koninklijke Ahold Delhaize NV - ADR		4,031		119,801
Koninklijke Ahold Delhaize NV		140,399		4,181,349
Nestle SA - ADR		6,381		663,433
Nestle SA		615		63,786
Nisshin Seifun Group, Inc.		2,700		37,335
Nomad Foods Ltd.		65,321		1,203,866
Ocado Group PLC(a)		4,076		26,400
Seven & i Holdings Co., Ltd.		1,800		26,825

	Shares		Value
Food — (Continued)
Seven & i Holdings Co., Ltd. - ADR		1,800	$	40,500
Tesco PLC		719,563		2,537,939
				9,886,367
Food Service — 0.9%
Compass Group PLC		168,883		4,633,945
Compass Group PLC - ADR		7,353		201,619
				4,835,564
Forest Products & Paper — 0.0%(d)
Suzano Papel e Celulose SA - ADR		6,573		74,604
UPM-Kymmene Corp.		1,590		53,216
				127,820
Gas — 0.0%(d)
ENN Energy Holdings Ltd.		4,400		35,727
Hand/Machine Tools — 0.0%(d)
Alleima AB		657		4,321
Schindler Holding AG		651		165,563
Techtronic Industries Co., Ltd.		4,500		48,547
				218,431
Healthcare-Products — 0.7%
Alcon, Inc.		1,673		141,452
Asahi Intecc Co., Ltd.		1,900		39,546
China Medical System Holdings Ltd.		21,000		34,521
Cochlear Ltd.		376		85,711
Coloplast AS - Class B		327		43,436
Essilor International Cie Generale d’Opitque SA		608		129,099
EssilorLuxottica SA - ADR		144		15,293
Fisher & Paykel Healthcare Corp. Ltd.		2,201		32,754
FUJIFILM Holdings Corp.		1,800		114,654
Getinge AB - Class B		1,494		29,607
Koninklijke Philips		1,467		29,556
Olympus Corp.		1,400		19,920
Repligen Corp.(a)		2,095		406,409
Sartorius Stedim Biotech		4,928		1,356,426
Smith & Nephew PLC		59,705		787,679
Sonova Holding AG		143		44,108
Terumo Corp.		162		6,312
				3,316,483
Healthcare-Services — 0.6%
Bangkok Dusit Medical, NVDR - NVDR		452,700		359,652
BioMerieux		307		33,558
EUROFINS SCIENTIFI EUR0.01(a)		31,730		1,896,278
Lonza Group AG		182		94,996

The accompanying notes are an integral part of the financial statements.

9

AQUARIUS INTERNATIONAL FUND

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Shares		Value
Healthcare-Services — (Continued)
Lonza Group AG - ADR		370	$	19,347
Max Healthcare Institute Ltd.		64,250		614,916
Sonic Healthcare Ltd. - ADR		3,345		65,462
				3,084,209
Holding Companies-Diversified — 0.0%(d)
Jardine Matheson Holdings Ltd. - ADR		1,524		62,941
Jardine Matheson Holdings, Ltd.		1,600		67,176
				130,117
Home Builders — 0.2%
Barratt Developments PLC		132,364		780,966
Sekisui House Ltd.		4,000		89,103
				870,069
Home Furnishings — 0.6%
Electrolux AB - Class B(a)		972		8,329
Hoshizaki Corp.		800		27,307
Panasonic Holdings Corp.		141,500		1,337,689
Sony Group Corp.		15,100		1,300,838
Sony Group Corp. - ADR		4,806		412,403
				3,086,566
Household Products/Wares — 0.5%
Henkel AG & Co. KGaA		889		59,978
Reckitt Benckiser Group PLC		36,242		2,289,889
Reckitt Benckiser Group PLC - ADR		13,425		169,021
				2,518,888
Insurance — 6.4%
Admiral Group PLC		56,942		1,921,309
Aegon Ltd.		14,288		85,874
Ageas SA NV		2,481		105,442
AIA Group Ltd. - ADR		3,113		100,425
Allianz SE		8,165		2,242,563
Allianz SE - ADR		4,740		129,686
Aon PLC - Class A		22,749		7,188,458
AXA SA		77,013		2,741,811
Baloise Holding AG		522		84,225
Beazley PLC		441,074		3,640,860
Cathay Financial Holding Co., Ltd.		24,000		34,244
China Pacific Insurance Group Co., Ltd. - Class H		40,400		76,633
Dai-ichi Life Holdings, Inc.		6,692		152,338
Everest Group Ltd.		7,135		2,631,959
Hannover Rueck SE		421		108,074
Hiscox Ltd.		95,248		1,362,232
ICICI Lombard General Insurance Co., Ltd.(b)		21,172		437,394
Japan Post Holdings Co., Ltd.		175,000		1,688,957
Legal & General Group PLC		36,815		112,877
M&G PLC		12,144		34,526

	Shares		Value
Insurance — (Continued)
Mandatum Oyj(a)		2,616	$	11,492
Manulife Financial Corp.		6,860		162,856
MS&AD Insurance Group Holdings, Inc.		900		44,975
Muenchener Rueckversicherungs-Gesellschaft AG		295		137,344
New China Life Insurance Co., Ltd. - Class H		45,800		87,983
NN Group NV		3,039		135,624
PICC Property & Casualty Co., Ltd. - Class H		48,000		65,622
Ping An Insurance Group Co. of China Ltd. - Class H		24,500		108,956
Powszechny Zaklad Ubezpieczen SA		72,767		895,414
Sampo Oyj		55,245		2,472,039
Samsung Life Insurance Co., Ltd.		4,378		318,679
Sompo Holdings, Inc.		600		35,176
Sun Life Financial, Inc.		2,753		146,239
Suncorp Group Ltd.		18,597		185,209
Swiss Re AG		544		65,658
T&D Holdings, Inc.		5,200		90,503
Tokio Marine Holdings, Inc.		4,200		122,710
Topdanmark AS		29,888		1,344,570
Zurich Insurance Group AG - ADR		3,590		190,665
Zurich Insurance Group AG		270		143,648
				31,645,249
Internet — 2.2%
Alibaba Group Holding Ltd.		186,800		1,717,380
Auto Trader Group PLC(b)		5,141		48,140
Baidu, Inc., SP ADR - ADR(a)		653		66,168
Bilibili, Inc. - ADR(a)		4,363		42,234
iQIYI, Inc. - ADR(a)		12,194		44,996
JD.com, Inc. - ADR		5,286		119,569
JOYY, Inc. - ADR		2,046		64,449
MercadoLibre, Inc.(a)		324		516,877
MonotaRO Co. Ltd.		43,200		413,204
Naspers Ltd. - ADR		4,780		156,258
NAVER Corp.		1,223		179,575
PDD Holdings, Inc. - ADR(a)		5,862		730,053
Prosus NV		4,876		142,412
Rakuten Group, Inc.(a)		7,200		39,463
SEEK Ltd.		4,272		73,157
Shopify, Inc. - Class A(a)		2,551		194,820
Tencent Holdings Ltd. - ADR		17,909		625,776
Tencent Holdings Ltd.		113,830		3,987,536
Tencent Music Entertainment Group, ADR - ADR(a)		85,292		893,008

The accompanying notes are an integral part of the financial statements.

10

AQUARIUS INTERNATIONAL FUND

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Shares		Value
Internet — (Continued)
Trip.com Group Ltd. - ADR(a)		25,254	$	1,123,046
Weibo Corp. - ADR		3,702		33,762
Wix.com Ltd.(a)		389		54,530
				11,266,413
Investment Companies — 0.0%(d)
L E Lundbergforetagen AB - Class B		1,867		101,553
Iron/Steel — 0.2%
BlueScope Steel Ltd.		6,357		94,532
Cia Siderurgica Nacional SA - ADR		41,580		140,125
Fortescue Ltd.		5,658		95,496
Nippon Steel Corp.		8,000		198,525
POSCO Holdings, Inc. - ADR		3,580		289,371
Vale SA - ADR		12,347		165,573
				983,622
Leisure Time — 0.0%(d)
Shimano, Inc.		236		32,686
Yamaha Corp.		1,300		28,430
				61,116
Lodging — 0.3%
City Developments Ltd.		9,500		40,042
Galaxy Entertainment Group Ltd.		10,000		54,448
H World Group Ltd. - ADR		1,879		68,696
Indian Hotels Co., Ltd.		33,098		234,268
InterContinental Hotels Group PLC		1,515		160,884
Sands China, Ltd.(a)		374,000		1,061,915
				1,620,253
Machinery-Constr&Mining — 0.3%
EPIROC AB SER’A’NPV(a)		75,161		1,364,334
Machinery-Construction & Mining — 1.7%
Hitachi Ltd. - ADR		1,830		308,190
Hitachi Ltd.		901		76,333
Komatsu Ltd.		4,400		127,724
Mitsubishi Electric Corp.		155,000		2,468,838
Mitsubishi Heavy Industries Ltd.		39,800		3,150,048
Siemens Energy AG(a)		960		14,742
Weir Group, PLC, (The)		82,999		1,925,163
				8,071,038
Machinery-Diversified — 0.7%
Accelleron Industries AG		226		7,627
ANDRITZ AG		13,991		880,337
Atlas Copco AB - Class A		6,804		118,200
Atlas Copco AB - ADR		6,624		114,793
CNH Industrial NV		6,623		77,854
FANUC Corp.		1,000		29,149

	Shares		Value
Machinery-Diversified — (Continued)
Haitian International Holdings Ltd.		31,000	$	78,494
Husqvarna AB - Class B		4,490		34,679
IMI PLC		91,242		2,002,751
Keyence Corp.		500		234,328
KION Group AG		1,235		62,400
Kone Oyj - Class B		658		32,217
Kubota Corp. - ADR		883		64,415
Omron Corp.		500		18,591
SMC Corp. - ADR		2,280		68,674
SMC Corp.		110		66,393
Spirax-Sarco Engineering PLC		358		46,710
Sumitomo Heavy Industries Ltd.		2,000		59,602
				3,997,214
Media — 1.7%
Informa PLC		127,240		1,304,590
Pearson PLC - ADR		15,198		185,112
Thomson Reuters Corp.		1,367		215,699
Vivendi SE		3,398		37,971
Wolters Kluwer		41,138		6,496,514
Wolters Kluwer NV - ADR		667		105,286
				8,345,172
Metal Fabricate/Hardware — 0.2%
King Slide Works Co., Ltd.		20,000		859,281
Tenaris SA - ADR		6,962		245,062
				1,104,343
Mining — 2.2%
Agnico Eagle Mines Ltd.		1,485		71,369
Alamos Gold, Inc. - Class A		45,258		534,497
Allied Gold Corp.(a)		114,096		248,848
Antofagasta PLC		8,790		201,954
Barrick Gold Corp.		6,196		90,833
BHP Group Ltd. - ADR		4,374		250,805
Boliden AB		2,900		73,499
Cameco Corp.		16,923		685,890
Capstone Copper Corp.(a)		154,011		807,986
Endeavour Mining PLC		45,575		749,201
Franco-Nevada Corp.		1,038		108,845
Glencore PLC		329,826		1,568,045
Kinross Gold Corp.		557,678		2,728,499
MMC Norilsk Nickel PJSC - ADR(a)(c)		2,034		20
Norsk Hydro ASA		15,202		78,028
Polyus PJSC(a)(c)		1,719		0
Rio Tinto PLC - ADR		1,210		78,081
South32 Ltd.		44,192		84,658
Southern Copper Corp.		39,123		3,163,485
Sumitomo Metal Mining Co., Ltd.		2,000		52,065

The accompanying notes are an integral part of the financial statements.

11

AQUARIUS INTERNATIONAL FUND

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Shares		Value
Mining — (Continued)
Wheaton Precious Metals Corp.		2,998	$	123,488
Zijin Mining Group Co., Ltd. - Class H		24,000		38,552
				11,738,648
Miscellaneous Manufacturing — 1.2%
Aalberts NV		30,530		1,373,265
Knorr-Bremse AG		679		47,537
Orica Ltd.		5,536		61,693
Siemens AG		22,149		4,384,817
				5,867,312
Office-Business Equipment — 0.0%(d)
Canon, Inc.		2,700		78,961
Oil & Gas — 5.8%
Aker BP ASA		841		20,414
BP PLC		712,688		4,140,792
BP PLC - ADR		1		35
Canadian Natural Resources Ltd.		4,335		302,106
Cenovus Energy, Inc.		292,210		5,092,116
DCC PLC		452		32,125
Equinor ASA		71,073		1,751,152
Equinor ASA - ADR		3,137		77,233
Galp Energia SGPS SA		3,396		53,438
Imperial Oil Ltd.		2,792		174,500
Inpex Corp.		6,228		83,011
MEG Energy Corp.(a)		71,232		1,524,732
Neste Oyj		756		20,724
OMV AG		4,843		213,412
PetroChina Co., Ltd. - Class H		1,492,000		1,170,194
Petroleo Brasileiro SA - ADR		73,733		1,218,069
Reliance Industries Ltd.		39,260		1,381,765
Repsol SA		7,844		124,603
Santos Ltd.		19,946		91,841
Shell PLC		70,158		2,169,988
Shell PLC		30,804		967,839
Shell PLC - ADR		75,143		4,721,235
Suncor Energy, Inc.		45,906		1,577,274
TotalEnergies SE - ADR		7,259		465,084
Ultrapar Participacoes SA - ADR		10,793		63,895
Vista Energy SAB de CV - ADR(a)		21,519		791,899
Woodside Energy Group Ltd.		7,291		143,843
				28,373,319
Pharmaceuticals — 6.8%
Aspen Pharmacare Holdings Ltd. - ADR		6,986		70,838
AstraZeneca PLC - ADR		9,616		616,963
AstraZeneca PLC		36,829		4,642,453
Celltrion, Inc.		323		43,681
Chugai Pharmaceutical Co., Ltd.		60,200		2,404,486

	Shares		Value
Pharmaceuticals — (Continued)
Cipla Ltd.		21,942	$	391,853
CVS Group PLC		20,158		374,305
Daiichi Sankyo Co., Ltd.		3,548		116,850
Daiichi Sankyo Co., Ltd. - ADR		876		28,785
Dr Reddy’s Laboratories Ltd. - ADR		6,965		534,773
GSK PLC - ADR		3,169		132,781
Hikma Pharmaceuticals PLC		43,442		1,078,104
Merck KGaA		587		99,876
Novartis AG		53,676		5,415,777
Novartis AG - ADR		5,833		588,958
Novo Nordisk AS - ADR		12,898		1,544,793
Novo Nordisk AS		42,200		5,037,232
Orion Oyj - Class B		672		26,420
Recordati SPA		53,722		3,007,622
Roche Holding AG - ADR		10,736		351,389
Roche Holdings AG		12,372		3,234,799
Sandoz Group AG - ADR(a)		1,166		36,228
Sanofi SA - ADR		5,762		275,712
Sanofi SA		20,513		1,955,190
Sinopharm Group Co., Ltd. - Class H		36,400		101,863
Sun Pharmaceutical Industries Ltd.		33,292		632,916
Suzuken Co., Ltd.		20,500		610,308
UCB SA		810		93,457
				33,448,412
Pipelines — 0.1%
Enbridge, Inc.		6,937		238,772
TC Energy Corp.		2,100		83,055
				321,827
Private Equity — 0.4%
3i Group PLC		3,463		108,195
Antin Infrastructure Partners SA		14,806		245,760
Eurazeo SA		15,086		1,276,285
Macquarie Korea Infrastructure Fund		49,750		475,747
Partners Group Holding AG		95		136,597
				2,242,584
Real Estate — 0.7%
Aldar Properties PJSC		265,162		399,228
Corp. Inmobiliaria Vesta SAB de CV		192,800		676,895
Daito Trust Construction Co., Ltd.		300		35,589
Direcional Engenharia SA		68,338		325,530
DLF Ltd.		61,864		672,071
Emaar Properties PJSC		302,211		668,116
Henderson Land Development Co., Ltd.		23,000		66,178
Hongkong Land Holdings Ltd.		22,900		77,535
Iguatemi SA		69,400		331,566

The accompanying notes are an integral part of the financial statements.

12

AQUARIUS INTERNATIONAL FUND

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Shares		Value
Real Estate — (Continued)
KE Holdings, Inc. - ADR		4,582	$	62,269
New World Development Co., Ltd.		23,000		28,897
REA Group Ltd.		633		80,055
Sunac Services Holdings Ltd.(b)		619		157
Swire Pacific Ltd. - Class A		5,000		41,420
Swire Properties Ltd.		22,200		45,665
Vonovia SE		1,074		29,974
Wharf Holdings Ltd.		14,000		51,603
				3,592,748
REITS — 0.3%
Ascendas Real Estate Investment Trust		23,000		46,873
CapitaLand Mall Trust		25,000		36,466
Daiwa House REIT Investment Corp.		18		29,353
Fibra Uno Administracion SAB de CV		542,600		977,964
Gecina SA		296		28,591
Goodman Group		6,677		129,985
GPT Group, (The)		9,864		27,898
Japan Retail Fund Investment Corp.		121		71,311
Link		16,300		80,825
Mirvac Group		19,373		27,478
Nippon Building Fund Inc.		18		69,322
Scentre Group		14,492		29,330
Segro PLC		2,361		25,252
Stockland		11,630		33,981
Unibail-Rodamco-Westfield(a)		938		68,590
United Urban Investment Corp.		51		48,180
				1,731,399
Retail — 2.0%
Almacenes Exito SA - ADR(a)		1,387		7,018
ANTA Sports Products Ltd.		12,561		122,458
Associated British Foods PLC		1,593		45,841
Astra International Tbk PT - ADR		3,615		23,949
Cie Financiere Richemont SA - ADR		12,160		193,344
Fast Retailing Co., Ltd.		441		127,736
H & M Hennes & Mauritz AB - Class B		6,863		93,193
Industria de Diseno Textil SA		3,052		135,778
Jardine Cycle & Carriage Ltd.		4,000		75,826
McDonald’s Holdings Co., Japan Ltd.		2,600		120,925
Next PLC		952		100,092
Pan Pacific International Holdings Corp.		1,500		35,362
Raia Drogasil SA		79,208		426,386

	Shares		Value
Retail — (Continued)
Restaurant Brands International, Inc.		3,260	$	253,140
Ryohin Keikaku Co., Ltd.		213,800		3,378,302
Shanghai Pharmaceuticals Holding Co., Ltd. - Class H		39,800		64,002
Sundrug Co., Ltd.		24,100		752,389
Tsuruha Holdings, Inc.		29,200		2,203,706
USS Co., Ltd.		1,700		29,592
Wal-Mart de Mexico SAB de CV - ADR		1,815		71,511
WH Smith PLC		102,977		1,613,063
				9,873,613
Semiconductors — 9.3%
ASE Technology Holding Co,. Ltd. - ADR		6,033		58,761
ASM International NV		3,199		1,953,783
ASMedia Technology, Inc.		8,000		597,129
ASML Holding NV		3,151		2,990,307
ASML Holding NV		1,129		1,074,447
eMemory Technology, Inc.		8,000		686,898
Faraday Technology Corp.		53,000		650,695
HPSP Co., Ltd.		15,986		618,809
Infineon Technologies AG		41,161		1,477,911
King Yuan Electronics Co., Ltd.		147,000		413,942
MediaTek, Inc.		36,000		1,299,108
Renesas Electronics Corp.		187,600		3,099,731
Rohm Co., Ltd.		160		2,726
Samsung Electronics Co., Ltd.		236,269		13,040,375
SK Hynix, Inc.		11,981		1,412,374
SUMCO Corp.		34		534
Taiwan Semiconductor Manufacturing Co., Ltd.		304,122		6,664,687
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		73,424		9,447,466
Tokyo Electron Ltd.		1,200		297,731
Tokyo Electron Ltd. - ADR		1,572		194,928
United Microelectronics Corp. - ADR		36,418		279,690
				46,262,032
Software — 0.6%
Dassault Systemes SE - ADR		2,450		115,101
Dassault Systemes SE		2,375		111,295
HCL Technologies Ltd.		34,397		689,322
Kaspi.KZ JSC - ADR		9,277		957,387
NetEase, Inc.		20,200		438,796
NetEase, Inc. - ADR		2,660		287,067
Nexon Co., Ltd.		2,300		37,354
SAP SE - ADR		3,821		717,851
TeamViewer SE - ADR(a)		4,442		34,337
				3,388,510

The accompanying notes are an integral part of the financial statements.

13

AQUARIUS INTERNATIONAL FUND

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Shares		Value
Telecommunications — 1.6%
America Movil SAB de CV - ADR		7,257	$	135,778
BCE, Inc.		5,954		220,953
Bharti Airtel Ltd.		30,904		418,409
Chunghwa Telecom Co., Ltd.		102,000		388,586
Chunghwa Telecom Co., Ltd. - ADR		4,171		157,622
Deutsche Telekom AG - ADR		5,690		135,081
Deutsche Telekom AG		1,461		34,727
Elisa OYJ		1,238		55,757
Hikari Tsushin, Inc.		200		36,212
KDDI Corp.		109,748		3,317,879
KT Corp.		38,531		1,130,219
Millicom International Cellular SA, SDR(a)		116		2,164
MTN Group Ltd.		23,254		101,236
Nice Ltd. - ADR(a)		288		70,603
Nippon Telegraph & Telephone Corp.		75,000		91,212
Nippon Telegraph & Telephone Corp. - ADR		984		29,835
Orange SA		4,154		47,617
PLDT, Inc. - ADR		3,821		88,036
Rogers Communications, Inc. - Class B		813		36,000
Singapore Telecommunications Ltd.		60,600		105,766
SK Telecom Co., Ltd. - ADR		1		22
SoftBank Group Corp.		1,400		82,926
Swisscom AG		251		143,466
Telefonaktiebolaget LM Ericsson - Class B		5,194		28,203
Telefonica Brasil SA		43,000		472,117
Telefonica Brasil SA - ADR		43,411		474,482
Telefonica SA		9,725		39,898
Turkcell Iletisim Hizmetleri AS - ADR		15,018		80,947
				7,925,753
Toys/Games/Hobbies — 0.1%
Bandai Namco Holdings, Inc.		2,400		46,215
Nintendo Co., Ltd.		6,900		385,574
Nintendo Co., Ltd. - ADR		5,760		80,122
				511,911
Transportation — 0.6%
AP Moller - Maersk AS - ADR		6,400		45,056
Canadian National Railway Co.		3,433		445,226
Canadian Pacific Kansas City Ltd.		1,055		89,686
Central Japan Railway Co.		3,500		88,025
Deutsche Post AG - ADR		1,603		74,459
DSV AS		9,318		1,495,079
DSV AS - ADR		826		66,278
East Japan Railway Co.		1,500		88,742

	Shares		Value
Transportation — (Continued)
Getlink SE		1,582	$	27,010
Indian Railway Catering & Tourism Corp., Ltd.		29,728		332,405
Keisei Electric Railway Co., Ltd.		1,000		46,721
Kintetsu Group Holdings Co., Ltd.		800		24,604
Kuehne + Nagel International AG		101		34,005
Mitsui OSK Lines Ltd.		9,000		308,214
NIPPON EXPRESS HOLDINGS INC		500		26,433
Odakyu Electric Railway Co., Ltd.		2,200		30,931
Tobu Railway Co., Ltd.		2,100		53,684
West Japan Railway Co.		1,300		54,056
				3,330,614
Water — 0.0%(d)
Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR		4,592		72,554
Guangdong Investment Ltd.		30,000		17,803
				90,357
TOTAL COMMON STOCKS (Cost $379,310,153)				455,843,704
EXCHANGE TRADED FUNDS — 0.4%
iShares MSCI Saudi Arabia ETF		48,060		2,137,709
TOTAL EXCHANGE TRADED FUNDS (Cost $1,890,288)				2,137,709
PREFERRED STOCKS — 0.3%
Auto Manufacturers — 0.0%(d)
Porsche Auto SE, 0.00%,		851		45,494
Banks — 0.0%(d)
Banco Bradesco SA, 0.00%,		44,550		123,849
Bancolombia SA, 0.00%,		1,414		45,983
				169,832
Semiconductors — 0.3%
Samsung Electronics Co. Ltd., 0.00%,		27,268		1,305,774
TOTAL PREFERRED STOCKS (Cost $1,398,946)				1,521,100

The accompanying notes are an integral part of the financial statements.

14

AQUARIUS INTERNATIONAL FUND

Schedule of Investments (Concluded)

FEBRUARY 29, 2024 (UNAUDITED)

	Shares		Value
SHORT-TERM INVESTMENTS — 7.8%
Money Market Funds — 7.8%
First American Treasury Obligations Fund - Class X, 5.23%(e)		39,004,783		39,004,783
TOTAL SHORT-TERM INVESTMENTS
(Cost $39,004,783)				39,004,783
TOTAL INVESTMENTS — 99.6%
(Cost $421,604,170)				498,507,296
Other Assets in Excess of Liabilities — 0.4%				1,774,178
TOTAL NET ASSETS — 100.0%			$	500,281,474

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

GDR - Global Depositary Receipt

MTN - Medium Term Note

NVDR - Non-Voting Depositary Receipt

PLC - Public Limited Company

SA - Sociedad Anónima

SA/NV - Societe Anonime/Naamloze Vennootschap

SAB de CV - Sociedad Anónima Bursátil de Capital Variable

(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 29, 2024, the value of these securities total $4,573,985 or 0.9% of the Fund’s net assets.

(c) 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 29, 2024.

(d) Represents less than 0.05% of net assets.

(e) The rate shown represents the 7-day effective yield as of February 29, 2024.

The accompanying notes are an integral part of the financial statements.

15

AQUARIUS INTERNATIONAL FUND

STATEMENT of Assets and Liabilities

FEBRUARY 29, 2024 (UNAUDITED)

ASSETS
Investments, at value (cost $382,559,387)	$	459,502,513
Short-term investments, at value (cost $39,004,783)		39,004,783
Foreign currency at value (cost $194,575)		194,077
Receivables for:
Dividends		1,618,088
Investments sold		2,067,949
Capital shares sold		41,402
Prepaid expenses and other assets		19,016
Total assets	$	502,447,828
LIABILITIES
Payables for:
Investments purchased		1,850,937
Capital shares redeemed		25,020
Sub-advisory fees		188,053
Other accrued expenses and liabilities		102,344
Total liabilities		2,166,354
Net assets	$	500,281,474
NET ASSETS CONSIST OF:
Par value	$	46,135
Paid-in capital		460,244,623
Total distributable earnings/(loss)		39,990,716
Net assets	$	500,281,474
CAPITAL SHARES:
Net Assets	$	500,281,474
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		46,135,369
Net asset value, offering and redemption price per share	$	10.84

The accompanying notes are an integral part of the financial statements.

16

AQUARIUS INTERNATIONAL FUND

Statement of Operations

FOR THE Six-Months ENDED FEBRUARY 29, 2024 (UNAUDITED)

INVESTMENT INCOME
Dividends (net of foreign taxes withheld of $336,166)	$	4,039,482
Total investment income		4,039,482
EXPENSES
Sub-advisory fees (Note 2)		1,115,568
Administration and accounting services fees (Note 2)		163,582
Custodian fees (Note 2)		134,260
Transfer agent fees (Note 2)		35,998
Audit fees		30,289
Director fees		29,893
Officer fees		24,436
Legal fees		22,348
Registration and filing fees		15,024
Printing and shareholder reporting fees		3,063
Other expenses		79,508
Total expenses		1,653,969
Net investment income/(loss)		2,385,513
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized Gain (Loss) on:
Investments		86,562
Foreign Currency Transactions		(89,225	)
Net realized Gain (Loss)		(2,663	)
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		32,864,877
Foreign Currency Transactions		227,411
Net Change in Unrealized Appreciation (Depreciation)		33,092,288
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	35,475,138

The accompanying notes are an integral part of the financial statements.

17

AQUARIUS INTERNATIONAL FUND

Statements of Changes in Net Assets

	For the Six Months Ended February 29, 2024 (Unaudited)			For the Year Ended August 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income/(loss)	$	2,385,513		$	8,640,137
Net realized gain/(loss) from investments and foreign currency transactions		(2,663	)		(14,105,508	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		33,092,288			49,676,775
Net increase/(decrease) in net assets resulting from operations		35,475,138			44,211,404
DIVIDEND AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(10,001,068	)		(4,179,382	)
Net decrease in net assets from dividends and distributions to shareholders		(10,001,068	)		(4,179,382	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		38,304,269			88,275,263
Reinvestment of distributions		8,459,172			3,505,305
Shares redeemed		(23,552,965	)		(35,881,611	)
Net increase/(decrease) in net assets resulting from capital share transactions		23,210,476			55,898,957
Total increase/(decrease) in net assets		48,684,546			95,930,979
NET ASSETS:
Beginning of period		451,596,928			355,665,949
End of period	$	500,281,474		$	451,596,928
SHARE TRANSACTIONS:
Shares sold		3,687,897			8,971,636
Shares reinvested		826,091			366,281
Shares redeemed		(2,296,938	)		(3,684,160	)
Net increase/(decrease) in shares		2,217,050			5,653,757

The accompanying notes are an integral part of the financial statements.

18

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 29, 2024 (Unaudited)			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			For the Year Ended August 31, 2019
Per Share Operating Performance
Net asset value, beginning of period	$	10.28		$	9.29		$	11.97		$	9.93		$	9.27		$	9.61
Net investment income/(loss)(1)		0.05			0.21			0.16			0.12			0.12			0.14
Net realized and unrealized gain/(loss) from investments		0.74			0.89			(2.69	)		2.00			0.67			(0.35	)
Net increase/(decrease) in net assets resulting from operations		0.79			1.10			(2.53	)		2.12			0.79			(0.21	)
Dividends and distributions to shareholders from:
Net investment income		(0.23	)		(0.11	)		(0.15	)		(0.08	)		(0.13	)		(0.13	)
Total dividends and distributions to shareholders		(0.23	)		(0.11	)		(0.15	)		(0.08	)		(0.13	)		(0.13	)
Net asset value, end of period	$	10.84		$	10.28		$	9.29		$	11.97		$	9.93		$	9.27
Total investment return/(loss)(2)		7.8	%(3)		11.89	%		(21.38	)%		21.46	%		8.61	%		(2.12	)%
Ratios/Supplemental Data
Net assets, end of period (000’s)	$	500,281		$	451,597		$	355,666		$	382,824		$	278,956		$	163,375
Ratio of expenses to average net assets		0.72	%(4)		0.70	%		0.73	%		0.75	%		0.75	%		0.94	%
Ratio of net investment income/(loss) to average net assets		1.04	%(4)		2.16	%		1.48	%		1.08	%		1.24	%		1.56	%
Portfolio turnover rate		29	%(3)		78	%		52	%		48	%		55	%		81	%

(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) Not Annualized.

(4) Annualized.

The accompanying notes are an integral part of the financial statements.

19

AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS

FEBRUARY 29, 2024 (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 mutual fund complex 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 sixty-four 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 92.723 billion shares are currently classified into two hundred and thirty-four 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 29, 2024, and the period covered by these Notes to Financial Statements is the six months ended February 29, 2024 (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).

20

AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 29, 2024 (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	$	455,843,702	$	110,073,319	$	345,770,363	$	20
Exchange Traded Funds		2,137,709		2,137,709		—		—
Preferred Stocks		1,521,100		169,832		1,351,268		—
Money Market Funds		39,004,783		39,004,783		—		—
Total Assets*	$	498,507,294	$	151,385,643	$	347,121,631	$	20

* Please refer to the Portfolio of Investments for further details.

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

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.

21

AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 29, 2024 (UNAUDITED)

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 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.

22

AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 29, 2024 (UNAUDITED)

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 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.

23

AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 29, 2024 (UNAUDITED)

During the current fiscal period, collectively, sub-advisory fees accrued were $1,115,568, or the rate of 0.49%.

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 $66,928. This amount is included in Other expenses 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.

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 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
$134,534,437	$122,166,623

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.

24

AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 29, 2024 (UNAUDITED)

As of August 31, 2023, 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)
$411,502,982	$62,316,420	$(24,686,113)	$37,630,307

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.

Permanent differences as of August 31, 2023, primarily attributed to foreign currency. There were no permanent differences between distributable earnings/(loss) and paid in capital.

As of August 31, 2023, 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
$8,154,256	$—	$(31,267,917)	$37,630,307	$—

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 year ended August 31, 2023 was as follows:

ORDINARY INCOME	LONG-TERM GAINS	TOTAL
$4,179,382	$—	$4,179,382

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, 2023, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2023.

Under the Regulated Investment Company Modernization Act of 2010, the Fund is 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, 2023, the Fund had short-term capital loss carryforwards of $24,233,237 and long-term carryforwards of $7,034,680.

6. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and

25

AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

FEBRUARY 29, 2024 (UNAUDITED)

establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

In October 2022, the SEC adopted a final rule relating to tailored shareholder reports for mutual funds and exchange-traded funds and fee information in investment company advertisements. Beginning in July 2024, the Fund will be required to transmit concise and visually engaging shareholder reports that highlight key information. The Fund will also be required to tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request.

In December 2022, the FASB issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the London Inter-Bank Offered Rate and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

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 that there were no subsequent events.

26

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.

27

[THIS PAGE INTENTIONALLY LEFT BLANK]

[THIS PAGE INTENTIONALLY LEFT BLANK]

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

AQU-SAR24

Boston Partners Investment Funds

of The RBB Fund, Inc.

Semi-Annual Report

February 29, 2024 (Unaudited)

Boston Partners All-Cap Value Fund
Boston Partners Small Cap Value Fund II
WPG Partners Select Small Cap Value Fund
WPG Partners Small Cap Value Diversified Fund
Boston Partners Global Sustainability Fund
Boston Partners Global Equity Fund
Boston Partners Emerging Markets Fund
Boston Partners Long/Short Equity Fund
Boston Partners Long/Short Research Fund
Boston Partners Global Long/Short Fund
Boston Partners Emerging Markets Dynamic Equity Fund

BOSTON PARTNERS INVESTMENT FUNDS

Table of Contents

General Market Commentary	1
Fund Expense Examples	7
Portfolio Holdings Summary Tables	9
Portfolio of Investments	12
Statements of Assets and Liabilities	67
Statements of Operations	70
Statements of Changes in Net Assets	73
Financial Highlights	80
Notes to Financial Statements	86
Other Information	100

BOSTON PARTNERS INVESTMENT FUNDS

GENERAL MARKET COMMENTARY

Overview

For the six-month period ended February 29, 2024, the S&P 500^® Index gained +13.93% on a total return basis, its best return for a like period since 2014 as evidence that a “soft-landing” for the economy was unfolding, with continued gains in employment and moderating inflation pressures. Over the six-month period, the U.S. was able to add an average of 248,166 jobs per month, have GDP grow by 3.4% but see headline CPI drop from 3.7% to 3.1%.

Fed Fund futures went from pricing in a 50% chance of an eighth hike by the Federal Reserve Board (“Fed”) last August to three 25 basis point cuts by the Fed by the end of 2024.

While there was a moderate increase in interest rates for Treasury securities with maturities ranging from seven to thirty years in length over the period, that moderate increase was offset by rates falling for maturities ranging from 3-months to 5-years as the Fed pivoted from “just” fighting inflation to a more balanced approach of reducing inflation but seeking to maintain maximum employment. The shift helped lift the Bloomberg U.S. Aggregate Bond Index to a gain of +2.35% for the six-month period and led to a recovery in earnings expectations for the S&P 500^® Index.

Results

Ten of the eleven sectors that comprise the S&P 500^® Index posted positive results over the six-month period, led by Information Technology at +20.58% and Communication Services at +19.15. Five of the so-called “Magnificent Seven” stocks reside in those two sectors: Apple, Microsoft and NVIDIA in “tech”; Alphabet (Google) and Meta Platforms (Facebook) in Communication Services. Collectively, those five stocks produced an average return of +25.5% and were responsible for 34.9% of the overall index return over the period (despite a loss for Apple).

Energy was the only laggard for the period, falling by -1.88% as West Texas Intermediate (WTI) crude oil and natural gas prices dropped by -9.30% and -35.02%, respectively, and the average price of a gallon of gas fell from $3.82 to $3.33. The combination of production/supply and demand imbalances continued to plague the sector.

“Risk on” was more of the trading mantra over the six-month period as low-quality stocks (those rated “B” or lower by Standard & Poor’s) beat high-quality stocks (“B+” or higher) by +2.34%, and the highest-beta quintile of the S&P 500^® Index beat the lowest-beta quintile by +12.70%. Only small-capitalization stocks broke the trend as the Russell 1000^® Index of large-cap stocks outperformed the Russell 2000^® Index of small-cap stocks, +14.03% to +8.97%.

In terms of style, value lagged growth over the period with the Russell 1000^® Value Index trailing the Russell 1000^® Growth Index +9.24 to +18.19%, the Russell Midcap^® Value Index underperforming the Russell Midcap^® Growth Index by 707 basis points (+9.46% to +16.53%), and the Russell 2000^® Value Index advancing by +7.68% compared to the +10.19% return of the Russell 2000^® Growth Index.

The Russell 1000^® Growth Index was also aided by the overall return of the “Magnificent Seven” stocks, which produced an average gain of +19.88% for the period (+32.72% excluding losses for Apple and Tesla) and were responsible for 49% of that benchmark’s return.

Evidence of a “thin” market remains with the S&P 500^® Equal Weight Index underperforming the cap-weighted S&P 500^® Index, +9.68% to +13.93% over the six-month period. The largest 50 stocks in the S&P 500^® Index gained +15.36% to the +10.15% return posted by the next 450 stocks and only 38% of the stocks in the S&P 500^® Index beat the return of the overall index during the period, about 12% less than average.

Returns for developed market international stocks lagged the S&P 500^® Index over the six-month period, with the MSCI EAFE Index of non-U.S. stocks gaining +9.89% in local currency terms and +9.34% in U.S. dollar terms. There was a slight gain for the DXY Index, a measure of dollar appreciation/depreciation versus a basket of six foreign currencies (the Euro, Swiss franc, Japanese yen, Canadian dollar, British pound, and Swedish krona), which gained +0.52% over the period.

Emerging market stocks trailed both the S&P 500^® Index and the MSCI EAFE Index, with the MSCI Emerging Markets Index (“EM Index”) returning +5.31% in local currencies and just +5.07% in U.S. dollar terms. The EM Index was negatively affected by the return of Chinese stocks, as the MSCI China Index fell by -9.72% in dollar terms and -10.59% in yuan. China is sinking deeper into its worst deflation in years as demand falters, with Chinese consumers worried about the economic outlook and curtailing domestic spending. Consumer prices fell for a fourth straight month in January. Chinese officials have taken some steps to revive growth, such as trimming interest rates and extending tax breaks for private business owners. While the country continues to issue sovereign debt to fund infrastructure projects, economists want to see China offer more consumer-oriented stimulus to increase domestic confidence and demand.

Semi-Annual Report 2024  |  1

BOSTON PARTNERS INVESTMENT FUNDS

GENERAL MARKET COMMENTARY (concluded)

Looking Ahead

In February, the minutes of the January 30-31 meeting of the Federal Open Market Committee were released, and while officials at the meeting signaled “that the policy rate was likely at its peak for this tightening cycle,” it was also stressed that “most participants noted the risks of moving too quickly to ease the stance of policy”. In fact, only two of the twelve participants at the meeting pointed to the risks “associated with maintaining an overly restrictive stance for too long,” all of which led to a significant repricing of interest rates in both the futures and cash markets.

Whereas in January, there was a 100% probability of rate cuts beginning in March, with upwards of seven cuts totaling 175 basis points by the end of the year, there is currently close to a 0% chance of a cut in March, and just the aforementioned three cuts of 25 basis points priced in for the remainder of the year, now forecasted to begin in either June or July.

Helping to offset this potential headwind for the stock market were Q4 earnings, which came in better than consensus estimates with 492 of the companies in the S&P 500^® Index reporting Earnings Per Share (“EPS”) growth of 3.96% and 73% of the company’s beating expectations by an average of 4.1%, meaning that consensus estimates for EPS growth entering the quarter were essentially flat. For Q1 2024, analysts are projecting both earnings and revenue growth of 3.6%. For the calendar year earnings for the S&P 500^® Index are projected to grow by 11% with revenue growing by 5%.

The U.S. economy seems to be on a steady if not accelerating path as the Atlanta Fed’s GDPNow Model was projecting Q1 2024 growth of 3.0% on February 29th and the Citi Economic Surprise Index logging a reading of +40.6, signaling that economic releases were surpassing consensus expectations when reported.

At the March 19-20 Federal Open Market Committee meeting, the Fed will release a new Summary of Economic Projections and an updated “dot plot” of the Fed’s intentions on rate hikes. Given the economy’s strength and a surprise uptick in Jerome Powells favored “Supercore PCE” inflation statistic in January, reports in the media have been toying with the notion of “no cuts” in 2024. With Powell scheduled to appear at the March Semi-Annual Monetary Policy Report to Congress to report on the status of the economy and the Fed’s current policy, and a “rinse & repeat” the next day to the Senate Banking Committee, his commentary will be scrutinized for any hints that bypassing rate cuts this year has come under consideration.

On a positive note, since WWII, when the S&P 500^® Index produced gains in January and February, it has gone on to produce a positive return for the rest of the year 88% of the time with an average gain of +14.79%.

Boston Partners Global Investors, Inc. (“Boston Partners”) is an investment adviser registered with the SEC under the Investment Advisers Act of 1940. The views expressed in this commentary reflect those of the author as of the date of this commentary. Any such views are subject to change at any time based on market and other conditions and Boston Partners disclaims any responsibility to update such views. Past performance is not an indication of future results. Discussions of securities, market returns, and trends are not intended to be a forecast of future events or returns.

2  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS

DEFINITIONS (unaudited)

Past Performance is not a guarantee of future results.

Opinions expressed herein are as of February 29, 2024 and are subject to change at any time, are not guaranteed and should not be considered investment advice. This report is for the information of shareholders of the Funds. It may also be used as sales literature when preceded or accompanied by the current prospectus.

Basis point refers to a common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01%, or 0.0001.

Beta or beta coefficient is a measure of a stock or portfolio’s level of systematic and unsystematic risk based on its prior performance. In general, a higher beta indicates a more volatile security in relation to its benchmark and lower beta indicates a less volatile security in relation to its benchmark.

Bloomberg Barclays US Aggregate Bond Index (US Aggregate Bond Index) is a broad base bond market index consisting of approximately 10,000 bonds, representing intermediate term investment grade bonds traded in the United States.

Consumer Price Index: An index of the variation in prices paid by typical consumers for retail goods and other items.

Growth stocks typically are more volatile than value stocks; however, value stocks generally have a lower expected growth rate in earnings and sales.

Mergers and Acquisitions (M&A) is a general term that refers to the consolidation of companies or assets through various types of financial transactions.

Momentum: High Momentum companies are characterized in the literature as companies with high price performance in the recent history, up to 12 months. High Momentum companies tend to continue their high price performance over the near term, typically over a 6 to 12-month period.

MSCI China Index is constructed based on the integrated China equity universe included in the MSCI Emerging Markets Index, providing a standardized definition of the China equity opportunity set. The index aims to represent the performance of large- and mid-cap segments with H shares, B shares, red chips, P chips and foreign listings (e.g., ADRs) of Chinese stocks.

MSCI EAFE Index is a stock market index that is designed to measure the equity market performance of developed markets outside of the U.S. & Canada. It is maintained by MSCI Inc., a provider of investment decision support tools; the EAFE acronym stands for Europe, Australasia and Far East.

MSCI Emerging Markets Currency Index in USD measures the total return of 25 emerging market currencies relative to the US Dollar where the weight of each currency is equal to its country weight in the MSCI Emerging Markets Index.

MSCI Emerging Markets (EM) Index is an index created by Morgan Stanley Capital International (MSCI) designed to measure equity market performance in global emerging markets.

MSCI World Index is an unmanaged index that measures the equity market performance of developed markets.

MSCI World Growth Index captures large and mid-cap securities exhibiting overall growth style characteristics across 23 Developed Markets Countries.

MSCI World Value NR Index is an index tracking value stocks, which are stocks with prices lower than their intrinsic values.

A net return index includes reinvesting the after tax dividends. A gross return index includes reinvesting the before tax dividends. In general, a net return index should under perform a gross return index.

OROA: Operating Return on Operating Assets

P/B: Price/Book: A valuation ratio of a company’s current share price compared to its book value.

P/E: Price/Earnings: A valuation ratio of a company’s current share price compared to its per-share earnings.

Quality has long been established as an investment approach, dating back to Benjamin Graham, but it is less well accepted as a factor, especially when compared with value, size, yield, momentum and low volatility. A “factor” means any characteristic that helps explain the risk and returns of a group of securities.

ROE: Return on Equity: measures a company’s profitability by revealing how much profit a company generates with the money invested.

Russell 1000^® Index measures the performance of the 1,000 largest companies in the Russell 3000^® Index, which represents approximately 93% of the total market capitalization of the Russell 3000^® Index. You cannot invest directly in an index.

Russell 2000^® Index measures the performance of the 2,000 smallest companies in the Russell 3000^® Index, which represents approximately 10% of the total market capitalization of the Russell 3000^® Index and is considered representative of small-cap stocks.

The Russell 1000^® Growth Index measures the performance of the large-cap growth segment of the US equity universe. It includes those Russell 1000 companies with relatively higher price-to-book ratios and higher forecasted growth values.

Semi-Annual Report 2024  |  3

BOSTON PARTNERS INVESTMENT FUNDS

DEFINITIONS (concluded) (unaudited)

Russell 2000^® Growth Index is an unmanaged index that measures the performance of Russell 2000 companies with higher price-to-book ratios and higher forecasted growth values.

Russell 2000^® Value Index is an unmanaged index that measures the performance of the small-cap value segment of the U.S. equity universe. It includes those Russell 2000^® Index companies with lower price-to-book ratios and lower forecasted growth values.

Russell 3000^® Index measures the performance of the largest 3,000 U.S. companies representing approximately 97% of the investable U.S. equity market.

Russell 3000^® Growth Index is a market capitalization weighted index based on the Russell 3000^® Index. It includes companies that display signs of above average growth.

Russell 3000^® Value Index is an unmanaged index that measures the performance of the broad value segment of the U.S. equity value universe. It includes those Russell 3000^® Index companies with lower price-to-book ratios and lower forecasted growth values.

The Russell Midcap^® Index measures performance of the 800 smallest companies in the Russell 1000^® Index.

The Russell Midcap^® Growth Index measures the performance of the mid-cap growth segment of the US equity universe. It includes those Russell Midcap Index companies with relatively higher price-to-book ratios and higher forecasted growth values.

The Russell Midcap^® Value Index measures the performance of the mid-cap value segment of the US equity universe. It includes those Russell Midcap Index companies with relatively lower price-to-book ratios and lower forecasted growth values.

The S&P 500^® Index is a market-capitalization-weighted index of 500 U.S. stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500^® Index is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe. The S&P 500^® Index was first introduced on January 1, 1923, though expanded to 500 stocks on March 4, 1957.

Trade Weighted U.S. Dollar Index: Major Currencies is a weighted average of the foreign exchange value of the U.S. dollar against a subset of the broad index currencies that circulate widely outside the country of issue. Major currencies index includes the Euro Area, Canada, Japan, United Kingdom, Switzerland, Australia, and Sweden.

4  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED FEBRUARY 29, 2024 (unaudited)

		AVERAGE ANNUAL
	SIX MONTH	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION
Boston Partners All-Cap Value Fund
Institutional Class	10.49%	14.38%	11.22%	9.82%		N/A
Investor Class	10.39%	14.08%	10.94%	9.55%		N/A
Russell 3000® Value Index	9.18%	13.51%	9.20%	8.58%		N/A
Russell 3000® Index(1)	13.76%	28.60%	13.94%	12.03%		N/A
(1)     This is not a primary benchmark of the Fund. Results of the index performance are presented for general comparative purposes.
Boston Partners Small Cap Value Fund II
Institutional Class	7.02%	7.14%	7.79%	6.88%		N/A
Investor Class	6.90%	6.90%	7.52%	6.61%		N/A
Russell 2000® Value Index	7.70%	5.61%	6.62%	6.55%		N/A
Russell 2000® Index(1)	8.97%	10.05%	6.89%	7.13%		N/A
(1)     This is not a primary benchmark of the Fund. Results of the index performance are presented for general comparative purposes.
WPG Partners Select Small Cap Value Fund
Institutional Class(1)	6.10%	14.53%	N/A	N/A		11.09%
Russell 2000® Value Index	7.70%	5.61%	N/A	N/A		–1.61%	(2)
(1)     Inception date of the Fund was December 29, 2021.
(2)     Index performance is from inception date of the Class only and is not the inception date of the index itself.
WPG Partners Small Cap Value Diversified Fund
Institutional Class	8.68%	8.79%	11.21%	5.54%		N/A
Russell 2000® Value Index	7.70%	5.61%	6.62%	6.55%		N/A
Boston Partners Global Sustainability Fund
Institutional Class(1)	9.97%	13.48%	N/A	N/A		5.19%
MSCI World Index – Net Return	7.90%	12.51%	N/A	N/A		–0.50%	(2)
(1)     Inception date of the Fund was December 29, 2021.
(2)     Index performance is from inception date of the Class only and is not the inception date of the index itself.
Boston Partners Global Equity Fund
Institutional Class	9.64%	11.10%	9.11%	7.08%		N/A
MSCI World Index – Net Return	12.46%	24.96%	11.66%	9.06%		N/A
Boston Partners Emerging Markets Fund
Institutional Class(1)	6.19%	15.00%	4.48%	N/A		2.17%
MSCI Emerging Markets Index – Net Return	4.93%	8.73%	1.89%	N/A		0.85%	(2)
(1)     Inception date of the Fund was October 17, 2017.
(2)     Index performance is from inception date of the Class only and is not the inception date of the index itself.
Boston Partners Long/Short Equity Fund
Institutional Class	10.79%	14.21%	10.48%	6.90%		N/A
Investor Class	10.62%	13.92%	10.20%	6.64%		N/A
S&P 500® Index	13.93%	30.45%	14.76%	12.70%		N/A
Boston Partners Long/Short Research Fund
Institutional Class	8.88%	11.23%	7.34%	5.13%		N/A
Investor Class	8.76%	10.96%	7.07%	4.87%		N/A
S&P 500® Index	13.93%	30.45%	14.76%	12.70%		N/A
Boston Partners Global Long/Short Fund
Institutional Class	7.53%	10.92%	8.77%	5.38%		N/A
MSCI World Index – Net Return	12.46%	24.96%	11.66%	9.06%		N/A
Investor Class(1)	7.36%	10.64%	8.49%	N/A		5.30%
MSCI World Index – Net Return	12.46%	24.96%	11.66%	N/A		9.39%	(2)

(1)	Inception date of the class was April 11, 2014.
(2)	Index performance is from inception date of the Class only and is not the inception date of the index itself.

Semi-Annual Report 2024  |  5

BOSTON PARTNERS INVESTMENT FUNDS

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED FEBRUARY 29, 2024 (concluded) (unaudited)

		AVERAGE ANNUAL
	SIX MONTH	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION
Boston Partners Emerging Markets Dynamic Equity Fund
Institutional Class(1)	3.48%	10.67%	3.87%	N/A		3.35%
MSCI Emerging Markets Index – Net Return	4.93%	8.73%	1.89%	N/A		2.79%	(2)

(1)

Inception date of the fund was March 1, 2015. The Fund commenced operations as a series of The RBB Fund, Inc. on December 15, 2015, when substantially all of the assets of Boston Partners Emerging Market Long/Short Equity (the “Prior Account”) transferred to the Fund. The Fund is managed in all material respects in a manner equivalent to the management of the Prior Account. Accordingly, the performance information shown above for periods prior to December 15, 2015 is that of the Prior Account.

(2)

Index performance is from inception date of the Class only and is not the inception date of the index itself.

Performance quoted is past performance and does not guarantee future results. Investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Boston Partners Global Investors, Inc. waived a portion of its advisory fee and agreed to reimburse a portion of each Fund’s operating expenses, if necessary, to maintain certain expense ratios as set forth in the notes to the financial statements. Total returns shown include fee waivers, expense reimbursements and expense recoupment, if any; total returns would have been lower had there been no assumption of fees and expenses in excess of expense limitations. Each Fund’s annual operating expense ratios below are as stated in the current prospectuses. These ratios may differ from the actual expenses incurred by a Fund for the period covered by this report. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Current performance may be lower or higher than the returns quoted. Visit www.boston-partners.com for returns updated daily. Call 1-888-261-4073 for returns current to the most recent month-end.

Investors should note that the Funds are actively managed mutual funds while the indices are unmanaged, do not incur expenses and are not available for investment.

Small company stocks are generally riskier than large company stocks due to greater volatility and less liquidity.

Value investing involves the risk that a fund’s investment in companies whose securities are believed to be undervalued, relative to their underlying profitability, will not appreciate in value as anticipated.

A long/short strategy uses short sales, which theoretically involve unlimited loss potential since the market price of securities sold short may continuously increase. Increased leverage may cause a fund’s net asset value to be disproportionately volatile. The strategy also may generate high portfolio turnover, which may result in higher costs and capital gains.

International investing is subject to special risks including, but not limited to, currency risk associated with securities denominated in other than the U.S. dollar, which may be affected by fluctuations in currency exchange rates, political, social or economic instability, and differences in taxation, auditing and other financial practices. Investment in emerging market securities may increase these risks.

The following are the Funds’ gross annual operating expense ratios as stated in the most recent prospectuses for Institutional Class and Investor Class, respectively, dated December 31, 2023:

	INSTITUTIONAL CLASS		INVESTOR CLASS
Boston Partners All-Cap Value Fund	0.84%		1.09	%
Boston Partners Small Cap Value Fund II	1.04%		1.29	%
WPG Partners Select Small Cap Value Fund	1.16%		N/A
WPG Partners Small Cap Value Diversified Fund	1.32%		N/A
Boston Partners Global Sustainability Fund	1.36%		N/A
Boston Partners Global Equity Fund	1.11%		1.36	%
Boston Partners Emerging Markets Fund	1.54%		N/A
Boston Partners Long/Short Equity Fund	2.67%	(1)	2.92	%(1)
Boston Partners Long/Short Research Fund	1.88%	(1)	2.13	%(1)
Boston Partners Global Long/Short Fund	2.39%	(1)	2.64	%(1)
Boston Partners Emerging Markets Dynamic Equity Fund	1.70%	(1)	N/A

¹ Includes interest and/or dividend expense on short sales.

6  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS

FUND EXPENSE EXAMPLES

FEBRUARY 29, 2024 (unaudited)

As a shareholder of the Fund(s), you incur two types of costs: (1) transaction costs, if any, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund(s) and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2023 through February 29, 2024, and held for the entire period.

ACTUAL EXPENSES

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund(s) and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, if any. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	BEGINNING ACCOUNT VALUE SEPTEMBER 1, 2023		ENDING ACCOUNT VALUE FEBRUARY 29, 2024		EXPENSES PAID DURING PERIOD*		ANNUALIZED EXPENSE RATIO		ACTUAL SIX-MONTH TOTAL INVESTMENT RETURN FOR THE FUND
Boston Partners All-Cap Value Fund
Institutional
Actual	$	1,000.00	$	1,104.90	$	4.19		0.80%		10.49%
Hypothetical (5% return before expenses)		1,000.00		1,020.89		4.02		0.80%		N/A
Investor
Actual	$	1,000.00	$	1,103.90	$	5.49		1.05%		10.39%
Hypothetical (5% return before expenses)		1,000.00		1,019.64		5.27		1.05%		N/A
Boston Partners Small Cap Value Fund II
Institutional
Actual	$	1,000.00	$	1,070.20	$	5.10		0.99%		7.02%
Hypothetical (5% return before expenses)		1,000.00		1,019.94		4.97		0.99%		N/A
Investor
Actual	$	1,000.00	$	1,069.00	$	6.38		1.24%		6.90%
Hypothetical (5% return before expenses)		1,000.00		1,018.70		6.22		1.24%		N/A
WPG Partners Select Small Cap Value Fund
Institutional
Actual	$	1,000.00	$	1,061.00	$	5.64		1.10%		6.10%
Hypothetical (5% return before expenses)		1,000.00		1,019.39		5.52		1.10%		N/A
WPG Partners Small Cap Value Diversified Fund
Institutional
Actual	$	1,000.00	$	1,086.80	$	5.71		1.10%		8.68%
Hypothetical (5% return before expenses)		1,000.00		1,019.39		5.52		1.10%		N/A
Boston Partners Global Sustainability Fund
Institutional
Actual	$	1,000.00	$	1,099.70	$	4.70		0.90%		9.97%
Hypothetical (5% return before expenses)		1,000.00		1,020.39		4.52		0.90%		N/A

Semi-Annual Report 2024  |  7

BOSTON PARTNERS INVESTMENT FUNDS

FUND EXPENSE EXAMPLES (concluded)

FEBRUARY 29, 2024 (unaudited)

	BEGINNING ACCOUNT VALUE SEPTEMBER 1, 2023		ENDING ACCOUNT VALUE FEBRUARY 29, 2024		EXPENSES PAID DURING PERIOD*		ANNUALIZED EXPENSE RATIO			ACTUAL SIX-MONTH TOTAL INVESTMENT RETURN FOR THE FUND
Boston Partners Global Equity Fund
Institutional
Actual	$	1,000.00	$	1,096.40	$	4.95		0.95%			9.64%
Hypothetical (5% return before expenses)		1,000.00		1,020.14		4.77		0.95%			N/A
Boston Partners Emerging Markets Fund
Institutional
Actual	$	1,000.00	$	1,061.90	$	5.13		1.00%			6.19%
Hypothetical (5% return before expenses)		1,000.00		1,019.89		5.02		1.00%			N/A
Boston Partners Long/Short Equity Fund
Institutional
Actual	$	1,000.00	$	1,107.90	$	10.74		2.05%	(1)		10.79%
Hypothetical (5% return before expenses)		1,000.00		1,014.67		10.27		2.05%	(1)		N/A
Investor
Actual	$	1,000.00	$	1,106.20	$	12.04		2.30%	(1)		10.62%
Hypothetical (5% return before expenses)		1,000.00		1,013.43		11.51		2.30%	(1)		N/A
Boston Partners Long/Short Research Fund
Institutional
Actual	$	1,000.00	$	1,088.80	$	9.71		1.87%	(1)		8.88%
Hypothetical (5% return before expenses)		1,000.00		1,015.56		9.37		1.87%	(1)		N/A
Investor
Actual	$	1,000.00	$	1,087.60	$	11.00		2.12%	(1)		8.76%
Hypothetical (5% return before expenses)		1,000.00		1,014.32		10.62		2.12%	(1)		N/A
Boston Partners Global Long/Short Fund
Institutional
Actual	$	1,000.00	$	1,075.30	$	9.29		1.80%	(1)		7.53%
Hypothetical (5% return before expenses)		1,000.00		1,015.91		9.02		1.80%	(1)		N/A
Investor
Actual	$	1,000.00	$	1,073.60	$	10.57		2.05%	(1)		7.36%
Hypothetical (5% return before expenses)		1,000.00		1,014.67		10.27		2.05%	(1)		N/A
Boston Partners Emerging Markets Dynamic Equity Fund
Institutional
Actual	$	1,000.00	$	1,034.80	$	7.08		1.40%	(1)		3.48%
Hypothetical (5% return before expenses)		1,000.00		1,017.90		7.02		1.40%	(1)		N/A

*

Expenses are equal to each Fund’s annualized six-month expense ratios in the table above, which include waived fees or reimbursed expenses, multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period.

(1)

These amounts include dividends paid on securities which the Funds have sold short (“short-sale dividends”) and related interest expense. The amount of short-sale dividends and related interest expense was 0.09% of average net assets for the six-month period ended February 29, 2024 for both the Institutional Class and Investor Class of the Boston Partners Long/Short Equity Fund, 0.47% of average net assets for the Institutional Class and Investor Class of the Boston Partners Long/Short Research Fund, 0.00% of average net assets of the Institutional Class and Investor Class of the Boston Partners Global Long/Short Fund and 0.00% of average net assets for the Institutional Class of the Boston Partners Emerging Markets Dynamic Equity Fund.

8  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
Portfolio Holdings Summary Tables

The Boston Partners All-Cap Value Fund, Boston Partners Small Cap Value Fund II, WPG Partners Select Small Cap Value Fund, WPG Partners Small Cap Value Diversified Fund, Boston Partners Long/Short Equity Fund, and Boston Partners Long/Short Research Fund use the Global Industry Classification Standard^SM (“GICS^SM”) as the basis for the classification of securities on the Portfolio of Investments.

BOSTON PARTNERS
ALL-CAP VALUE FUND

SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
COMMON STOCK
Financials		24.0	%	$	349,444,588
Health Care		21.6			314,468,902
Industrials		15.6			226,083,437
Information Technology		14.6			210,136,491
Consumer Discretionary		7.8			112,864,865
Communication Services		4.9			71,155,187
Energy		4.7			67,863,489
Materials		2.9			41,578,078
Consumer Staples		2.8			39,924,959
SHORT-TERM INVESTMENTS		5.5			78,959,693
LIABILITIES IN EXCESS OF OTHER ASSETS		(4.4	)		(64,509,157	)
NET ASSETS		100.0	%	$	1,447,970,532

Portfolio holdings are subject to change at any time.

BOSTON PARTNERS
SMALL CAP VALUE FUND II

SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
COMMON STOCK
Financials		26.0	%	$	149,094,935
Industrials		24.0			137,954,824
Consumer Discretionary		12.0			69,088,703
Information Technology		8.6			49,231,587
Energy		7.9			45,163,745
Health Care		7.7			44,297,468
Communication Services		3.6			20,715,287
Materials		2.7			15,395,675
Consumer Staples		1.7			9,703,601
Utilities		0.8			4,334,714
Real Estate		0.6			3,318,859
SHORT-TERM INVESTMENTS		20.9			119,895,037
LIABILITIES IN EXCESS OF OTHER ASSETS		(16.5	)		(94,815,175	)
NET ASSETS		100.0	%	$	573,379,260

Portfolio holdings are subject to change at any time.

WPG PARTNERS
SELECT SMALL CAP VALUE FUND

SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
COMMON STOCK
Financials		22.1	%	$	21,182,943
Industrials		14.4			13,708,896
Health Care		11.1			10,539,039
Materials		10.1			9,642,837
Information Technology		9.8			9,284,339
Consumer Staples		7.5			7,098,768
Real Estate		6.2			5,883,633
Consumer Discretionary		5.2			4,923,698
Energy		5.2			4,936,558
Communication Services		3.4			3,201,862
SHORT-TERM INVESTMENTS		3.8			3,617,474
OTHER ASSETS IN EXCESS OF LIABILITIES		1.2			1,070,461
NET ASSETS		100.0	%	$	95,090,508

Portfolio holdings are subject to change at any time.

WPG PARTNERS
SMALL CAP VALUE DIVERSIFIED FUND

SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
COMMON STOCK
Industrials		22.7	%	$	6,861,834
Financials		18.4			5,552,776
Energy		11.0			3,350,873
Materials		10.9			3,352,312
Consumer Discretionary		6.7			2,048,085
Information Technology		6.2			1,905,973
Health Care		6.1			1,855,261
Real Estate		5.5			1,681,169
Utilities		4.0			1,231,771
Consumer Staples		3.4			1,036,255
Communication Services		0.2			57,937
SHORT-TERM INVESTMENTS		19.3			5,893,127
LIABILITIES IN EXCESS OF OTHER ASSETS		(14.4	)		(4,385,008	)
NET ASSETS		100.0	%	$	30,442,365

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  9

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
Portfolio Holdings Summary Tables (continued)

BOSTON PARTNERS
GLOBAL SUSTAINABILITY FUND

SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
COMMON STOCK
Financials		22.9	%	$	2,369,778
Industrials		22.2			2,301,592
Health Care		15.5			1,598,804
Information Technology		10.2			1,055,944
Consumer Staples		8.3			863,950
Communication Services		7.6			778,278
Consumer Discretionary		5.8			595,834
Energy		3.9			405,442
Utilities		0.7			73,376
Materials		0.7			71,122
SHORT-TERM INVESTMENTS		1.0			103,238
OTHER ASSETS IN EXCESS OF LIABILITIES		1.2			118,962
NET ASSETS		100.0	%	$	10,336,320

Portfolio holdings are subject to change at any time.

BOSTON PARTNERS
GLOBAL EQUITY FUND

SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
COMMON STOCK
Financials		23.7	%	$	51,905,036
Industrials		21.8			47,327,141
Consumer Staples		9.2			20,185,515
Health Care		8.7			19,089,549
Energy		8.4			18,293,995
Consumer Discretionary		7.3			16,052,468
Information Technology		6.8			14,822,555
Materials		5.6			12,122,114
Utilities		2.7			5,814,419
Communication Services		2.6			5,777,832
SHORT-TERM INVESTMENTS		7.6			16,505,190
LIABILITIES IN EXCESS OF OTHER ASSETS		(4.4	)		(9,603,872	)
NET ASSETS		100.0	%	$	218,291,942

Portfolio holdings are subject to change at any time.

BOSTON PARTNERS
EMERGING MARKETS FUND

SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
COMMON STOCK
Information Technology		23.3	%	$	5,561,869
Industrials		18.9			4,486,016
Consumer Discretionary		17.1			4,070,820
Materials		13.5			3,224,750
Financials		5.9			1,389,056
Consumer Staples		5.0			1,181,694
Health Care		3.1			736,120
Communication Services		2.6			628,415
Real Estate		2.3			554,159
Utilities		0.9			206,492
Energy		0.2			45,820
PREFERRED STOCKS		2.9			682,464
SHORT-TERM INVESTMENTS		2.1			501,146
OTHER ASSETS IN EXCESS OF LIABILITIES		2.2			526,420
NET ASSETS		100.0	%	$	23,795,241

Portfolio holdings are subject to change at any time.

BOSTON PARTNERS
LONG/SHORT EQUITY FUND

SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
LONG POSITIONS:
COMMON STOCK
Financials		19.7	%	$	11,887,076
Health Care		17.3			10,429,157
Information Technology		14.5			8,607,368
Industrials		13.3			8,109,622
Consumer Discretionary		10.6			6,411,799
Energy		6.1			3,657,972
Communication Services		5.8			3,524,329
Consumer Staples		5.7			3,452,854
Materials		3.5			2,078,281
Real Estate		2.4			1,454,370
SHORT-TERM INVESTMENTS		15.5			9,343,826
SHORT POSITIONS:
COMMON STOCK
Consumer Discretionary		(5.4	)		(3,257,763	)
Information Technology		(5.4	)		(3,201,491	)
Industrials		(2.6	)		(1,619,321	)
Communication Services		(2.5	)		(1,479,528	)
Health Care		(1.8	)		(1,102,337	)
Financials		(1.5	)		(881,528	)
Consumer Staples		(1.2	)		(695,041	)
Energy		(0.2	)		(101,484	)
RIGHTS		0.0			—
OPTIONS WRITTEN		(0.2	)		(92,510	)
OTHER ASSETS IN EXCESS OF LIABILITIES		6.4			3,896,720
NET ASSETS		100.0	%	$	60,422,371

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

10  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
Portfolio Holdings Summary Tables (concluded)

BOSTON PARTNERS
LONG/SHORT RESEARCH FUND

SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
LONG POSITIONS:
COMMON STOCK
Financials		18.9	%	$	105,138,345
Industrials		18.6			103,252,373
Health Care		12.7			69,769,118
Information Technology		12.3			68,427,989
Consumer Discretionary		8.8			48,953,319
Energy		8.0			44,752,643
Communication Services		6.1			33,877,525
Consumer Staples		3.9			21,615,646
Utilities		3.5			19,272,796
Real Estate		2.2			12,389,835
Materials		1.9			10,983,671
CORPORATE BONDS		0.1			786,241
WARRANTS		0.0			1,573
SHORT-TERM INVESTMENTS		0.1			453,682
SHORT POSITIONS:
COMMON STOCK
Consumer Discretionary		(5.7	)		(31,365,949	)
Industrials		(5.2	)		(29,246,531	)
Financials		(3.2	)		(18,633,786	)
Information Technology		(2.4	)		(13,013,780	)
Consumer Staples		(2.2	)		(12,428,948	)
Energy		(2.0	)		(11,872,554	)
Real Estate		(2.1	)		(11,608,530	)
Health Care		(2.1	)		(11,229,955	)
Communication Services		(1.6	)		(9,352,253	)
Materials		(1.2	)		(6,684,034	)
WARRANTS		0.0			(31,405	)
OPTIONS WRITTEN		0.0			(144,096	)
OTHER ASSETS IN EXCESS OF LIABILITIES		30.6			169,602,635
NET ASSETS		100.0	%	$	553,665,570

Portfolio holdings are subject to change at any time.

BOSTON PARTNERS
GLOBAL LONG/SHORT FUND

SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
LONG POSITIONS:
COMMON STOCK
Financials		11.7	%	$	19,222,536
Information Technology		11.1			18,068,679
Energy		11.1			18,035,877
Industrials		9.9			16,205,372
Health Care		9.5			15,554,802
Consumer Discretionary		8.6			14,239,743
Materials		6.8			11,250,904
Consumer Staples		3.0			4,987,803
Communication Services		2.6			4,189,365
CORPORATE BONDS		0.8			1,235,521
WARRANTS		0.0			2,472
SHORT-TERM INVESTMENTS		23.3			38,197,444
SHORT POSITIONS:
COMMON STOCK
Industrials		(0.5	)		(823,298	)
OPTIONS WRITTEN		(1.7	)		(2,714,552	)
OTHER ASSETS IN EXCESS OF LIABILITIES		3.8			6,142,884
NET ASSETS		100.0	%	$	163,795,552

Portfolio holdings are subject to change at any time.

BOSTON PARTNERS
EMERGING MARKETS DYNAMIC EQUITY FUND

SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
LONG POSITIONS:
COMMON STOCK
Consumer Discretionary		17.7	%	$	10,920,886
Industrials		14.0			8,596,900
Materials		13.6			8,370,250
Information Technology		13.0			7,995,365
Consumer Staples		3.8			2,322,404
Health Care		3.1			1,875,561
Financials		2.6			1,595,306
Communication Services		2.0			1,238,847
Utilities		0.9			540,254
Energy		0.1			74,748
PREFERRED STOCKS		2.1			1,302,745
SHORT-TERM INVESTMENTS		21.7			13,276,380
SHORT POSITIONS:
COMMON STOCK
Consumer Discretionary		(0.3	)		(183,973	)
OTHER ASSETS IN EXCESS OF LIABILITIES		5.7			3,503,468
NET ASSETS		100.0	%	$	61,429,141

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  11

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS ALL-CAP VALUE FUND	Portfolio Of Investments

	NUMBER OF SHARES		VALUE
COMMON STOCKS—98.9%
Communication Services—4.9%
Alphabet, Inc. - Class A(a)		198,099	$	27,428,788
Electronic Arts, Inc.		18,734		2,613,018
Interpublic Group of Cos., Inc.(b)		202,238		6,350,273
Match Group, Inc.(a)		341,651		12,313,102
Omnicom Group, Inc.		69,357		6,130,465
Take-Two Interactive Software, Inc.(a)		89,550		13,157,582
TEGNA, Inc.		225,693		3,161,959
				71,155,187
Consumer Discretionary—7.8%
AutoZone, Inc.(a)		5,745		17,269,585
Booking Holdings, Inc.(a)		7,462		25,884,410
Harley-Davidson, Inc.		348,509		12,640,421
LKQ Corp.		144,907		7,577,187
NVR, Inc.(a)		2,517		19,193,560
Tempur Sealy International, Inc.(b)		323,896		17,642,615
Whirlpool Corp.(b)		41,914		4,501,144
Wyndham Hotels & Resorts, Inc.		106,544		8,155,943
				112,864,865
Consumer Staples—2.8%
Coca-Cola Europacific Partners PLC		63,015		4,324,719
J M Smucker Co.		55,076		6,618,483
Kenvue, Inc.		401,945		7,636,955
Keurig Dr Pepper, Inc.		248,847		7,443,014
Philip Morris International, Inc.		154,533		13,901,788
				39,924,959
Energy—4.7%
BP PLC - ADR		124,259		4,347,822
Canadian Natural Resources Ltd.		118,113		8,231,295
Chord Energy Corp.(b)		62,443		10,143,865
ConocoPhillips		61,377		6,907,368
Halliburton Co.		251,779		8,829,890
Phillips 66		44,289		6,311,625
Pioneer Natural Resources Co.		27,514		6,471,018
Schlumberger Ltd.		229,204		11,077,429
Shell PLC - ADR		88,225		5,543,177
				67,863,489
Financials—24.0%
Aflac, Inc.		89,664		7,239,471
Allstate Corp.		52,660		8,400,323
American International Group, Inc.		332,769		24,255,532
Aon PLC - Class A		41,372		13,073,138
Bank of America Corp.		651,890		22,503,243
BRP Group, Inc. - Class A(a)(b)		123,089		3,424,336
Charles Schwab Corp.		107,202		7,158,950
Chubb Ltd.		71,253		17,932,244
Citigroup, Inc.		244,042		13,541,891
Discover Financial Services		107,805		13,012,064
Fidelity National Information Services, Inc.		84,407		5,840,120
FleetCor Technologies, Inc.(a)		84,046		23,471,526
Global Payments, Inc.		114,993		14,914,592
Globe Life, Inc.		76,748		9,741,624
Goldman Sachs Group, Inc.		41,231		16,040,921
JPMorgan Chase & Co.		155,520		28,936,050
Loews Corp.		187,236		14,067,041
Markel Group, Inc.(a)(b)		12,107		18,069,455
Renaissance Holdings Ltd.		75,409		16,953,451
Synchrony Financial		145,808		6,021,870

	NUMBER OF SHARES		VALUE
Financials—(continued)
Travelers Cos., Inc.		59,630	$	13,175,845
Visa, Inc. - Class A(b)		79,360		22,430,310
Wells Fargo & Co.		239,450		13,311,026
White Mountains Insurance Group Ltd.		9,023		15,929,565
				349,444,588
Health Care—21.6%
AbbVie, Inc.		161,892		28,501,087
Amgen, Inc.		60,546		16,579,311
AMN Healthcare Services, Inc.(a)		201,201		11,321,580
Avantor, Inc.(a)(b)		521,846		12,858,285
Bristol-Myers Squibb Co.		495,892		25,166,519
Cencora, Inc.		67,397		15,878,733
Centene Corp.(a)		178,283		13,982,736
Cigna Group, (The)		26,541		8,921,492
Elevance Health, Inc.		41,474		20,788,843
Humana, Inc.		29,481		10,327,784
Johnson & Johnson		196,124		31,650,491
McKesson Corp.		38,606		20,129,554
Medtronic PLC		203,423		16,957,341
Merck & Co., Inc.		177,759		22,602,057
Pfizer, Inc.		449,410		11,936,330
Sanofi SA - ADR		433,372		20,736,850
UnitedHealth Group, Inc.		39,249		19,373,306
Zimmer Biomet Holdings, Inc.		54,331		6,756,603
				314,468,902
Industrials—15.6%
Acuity Brands, Inc.		63,854		16,042,679
Advanced Drainage Systems, Inc.		32,609		5,323,093
Allegion PLC		183,190		23,424,505
Allison Transmission Holdings, Inc.		115,856		8,727,432
AMETEK, Inc.		49,446		8,909,180
Boeing Co.(a)		62,215		12,674,440
Curtiss-Wright Corp.		30,429		7,189,460
EnerSys		39,397		3,619,796
Expeditors International of Washington, Inc.		115,848		13,855,421
Howmet Aerospace, Inc.		277,647		18,477,408
Huron Consulting Group, Inc.(a)		85,755		8,415,138
Landstar System, Inc.		59,668		11,348,854
Leidos Holdings, Inc.		34,052		4,353,889
Masco Corp.		96,440		7,402,734
Middleby Corp.(a)(b)		64,254		9,776,889
Resideo Technologies, Inc.(a)		138,518		3,093,107
Robert Half, Inc.(b)		123,107		9,897,803
Science Applications International Corp.		95,233		13,328,811
Sensata Technologies Holding PLC		91,988		3,166,227
SS&C Technologies Holdings, Inc.		181,639		11,581,303
Textron, Inc.		114,618		10,209,025
Westinghouse Air Brake Technologies Corp.		108,049		15,266,243
				226,083,437
Information Technology—14.6%
Analog Devices, Inc.		77,611		14,887,342
Applied Materials, Inc.		47,933		9,664,251
Arrow Electronics, Inc.(a)		53,640		6,302,700
Belden, Inc.		45,621		3,885,997
CDW Corp.		36,316		8,941,362

The accompanying notes are an integral part of the financial statements.

12  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS ALL-CAP VALUE FUND	Portfolio Of Investments (continued)

	NUMBER OF SHARES		VALUE
Information Technology—(continued)
Check Point Software Technologies Ltd.(a)		160,215	$	25,701,691
Cisco Systems, Inc.		346,823		16,775,828
Cognizant Technology Solutions Corp. - Class A		206,479		16,315,971
Flex Ltd.(a)		439,430		12,369,955
Gen Digital, Inc.		140,775		3,025,255
Hewlett Packard Enterprise Co.		247,326		3,766,775
Jabil, Inc.		88,099		12,694,185
KLA Corp.		13,866		9,460,772
Lam Research Corp.		10,597		9,942,635
Microchip Technology, Inc.		187,604		15,785,001
Nice Ltd. - ADR(a)(b)		37,211		9,122,277
Oracle Corp.		115,559		12,905,629
QUALCOMM, Inc.		81,021		12,784,304
TE Connectivity Ltd.		40,433		5,804,561
				210,136,491
Materials—2.9%
Corteva, Inc.		154,132		8,249,145
CRH PLC		338,068		28,502,513
FMC Corp.		85,590		4,826,420
				41,578,078
TOTAL COMMON STOCKS (Cost $863,229,225)				1,433,519,996
SHORT-TERM INVESTMENTS—5.5%
Tri-State Deposit, 5.45%(c)		11,502,207		11,502,207

	NUMBER OF UNITS		VALUE
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING—4.7%
Mount Vernon Liquid Assets Portfolio, LLC, 5.44%(c)		67,457,486	$	67,457,486
TOTAL SHORT-TERM INVESTMENTS (Cost $78,959,693)				78,959,693
TOTAL INVESTMENTS—104.4% (Cost $942,188,918)				1,512,479,689
Money Market Deposit Account—0.1%(d)				993,475
LIABILITIES IN EXCESS OF OTHER ASSETS—(4.5)%				(65,502,632	)
TOTAL NET ASSETS—100.0%			$	1,447,970,532

ADR	American Depositary Receipt
PLC	Public Limited Company
SA	Sociedad Anónima
(a)	Non-income producing security.
(b)	All or a portion of this security is on loan as of February 29, 2024. The total market value of these securities was $66,056,324 which represented 4.6% of net assets.
(c)	The rate shown represents the 7-day effective yield as of February 29, 2024.
(d)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of February 29, 2024 was 5.20%. 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. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  13

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS ALL-CAP VALUE FUND	Portfolio Of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 29, 2024 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Common Stocks	$	1,433,519,996	$	1,433,519,996	$	—	$	—
Short-Term Investments		11,502,207		—		11,502,207		—
Investments Purchased with Proceeds from Securities Lending(a)		67,457,486		—		—		—
Total Assets	$	1,512,479,689	$	1,433,519,996	$	11,502,207	$	—

Refer to the Portfolio 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 Portfolio of Investments.

The accompanying notes are an integral part of the financial statements.

14  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS SMALL CAP VALUE FUND II	Portfolio Of Investments

	NUMBER OF SHARES		VALUE
COMMON STOCKS—95.6%
Communication Services—4.0%
Boyd Gaming Corp.		38,732	$	2,561,347
Bumble, Inc. - Class A(a)(b)		120,744		1,382,519
Cars.com, Inc.(a)		170,558		3,128,034
Entravision Communications Corp. - Class A		433,273		1,668,101
Nexstar Media Group, Inc. - Class A		18,911		3,142,441
Stagwell, Inc.(a)(b)		316,961		1,692,572
TEGNA, Inc.		323,912		4,538,006
TripAdvisor, Inc.(a)		96,828		2,596,927
Vivid Seats, Inc. - Class A(a)		426,360		2,566,687
				23,276,634
Consumer Discretionary—11.6%
Beazer Homes USA, Inc.(a)		61,731		1,934,032
Bloomin’ Brands, Inc.(b)		80,587		2,190,355
Bowlero Corp.(b)		378,335		4,710,271
Brinker International, Inc.(a)		53,280		2,468,995
Build-A-Bear Workshop, Inc.(b)		55,764		1,334,990
Caleres, Inc.		122,116		4,714,899
Carriage Services, Inc.		113,865		2,826,129
Chegg, Inc.(a)		222,892		1,992,654
Dave & Buster’s Entertainment, Inc.(a)(b)		32,405		2,000,685
Frontdoor, Inc.(a)		94,993		2,978,980
Group 1 Automotive, Inc.(b)		13,498		3,653,234
Guess?, Inc.		88,656		2,250,089
Hibbett, Inc.(b)		32,739		2,682,961
J Jill, Inc.(a)(b)		111,792		2,793,682
Laureate Education, Inc.		248,915		3,337,950
LCI Industries(b)		15,860		1,998,043
Movado Group, Inc.		100,296		2,879,498
Perdoceo Education Corp.		121,313		2,160,585
Phinia, Inc.		73,940		2,530,227
Solo Brands, Inc. - Class A(a)(b)		552,758		1,492,447
Steven Madden Ltd.(b)		106,529		4,561,572
Thor Industries, Inc.(b)		16,797		2,153,039
Topgolf Callaway Brands Corp.(a)		139,617		1,988,146
United Homes Group, Inc.(a)(b)		237,832		1,660,067
Universal Technical Institute, Inc.(a)		215,015		3,233,826
				66,527,356
Consumer Staples—1.7%
Nature’s Sunshine
Products, Inc.(a)		132,889		2,358,779
Nomad Foods Ltd.		174,143		3,209,455
Simply Good Foods Co.(a)(b)		65,741		2,332,491
Vector Group Ltd.		161,548		1,802,876
				9,703,601
Energy—7.9%
Archrock, Inc.		135,334		2,472,552
ChampionX Corp.(b)		80,996		2,515,736
Expro Group Holdings NV(a)(b)		203,898		3,647,735
Kosmos Energy Ltd.(a)		307,079		1,885,465
Noble Corp. PLC(b)		53,374		2,231,567
Par Pacific Holdings, Inc.(a)		110,140		3,978,257
Patterson-UTI Energy, Inc.		127,974		1,480,659
ProPetro Holding Corp.(a)		234,166		1,732,828
Select Water Solutions, Inc.		250,629		2,140,372
Tidewater, Inc.(a)(b)		48,111		3,369,213
US Silica Holdings, Inc.(a)		286,384		3,293,416
Vermilion Energy, Inc.		138,431		1,535,200

	NUMBER OF SHARES		VALUE
Energy—(continued)
Viper Energy, Inc.(b)		177,362	$	6,409,863
Weatherford International PLC(a)		53,801		5,520,521
World Kinect Corp.		121,115		2,950,361
				45,163,745
Financials—26.0%(c)
AllianceBernstein Holding LP		45,893		1,458,021
AMERISAFE, Inc.		34,779		1,834,940
Assured Guaranty Ltd.(b)		59,565		5,456,154
Axis Capital Holdings Ltd.		97,014		6,070,166
Bar Harbor Bankshares		65,386		1,649,035
Berkshire Hills Bancorp, Inc.		26,919		578,489
BGC Group, Inc. - Class A		736,405		5,118,015
BRP Group, Inc. - Class A(a)(b)		130,875		3,640,943
Byline Bancorp, Inc.		72,190		1,504,440
Cass Information Systems, Inc.(b)		50,685		2,449,099
Diamond Hill Investment Group, Inc.		13,293		1,923,231
Dime Community Bancshares, Inc.		76,399		1,431,717
Employers Holdings, Inc.		38,726		1,770,165
Enact Holdings, Inc.		61,845		1,714,343
Essent Group Ltd.		58,601		3,139,256
Evercore, Inc. - Class A		42,065		7,869,520
EZCORP, Inc. - Class A(a)		230,550		2,418,470
Federal Agricultural Mortgage Corp. - Class C		54,504		9,749,130
First Merchants Corp.		74,229		2,464,403
First Mid Bancshares, Inc.		36,576		1,108,253
FirstCash Holdings, Inc.		55,915		6,402,268
Global Indemnity Group LLC - Class A		65,337		1,957,960
Hancock Whitney Corp.		43,602		1,901,047
Heritage Commerce Corp.		194,058		1,608,741
Heritage Financial Corp.		49,323		905,077
Hope Bancorp, Inc.		225,970		2,478,891
International Money Express, Inc.(a)		121,818		2,399,815
Merchants Bancorp(b)		80,441		3,447,701
NCR Atleos Corp.(a)		58,824		1,280,010
OceanFirst Financial Corp.		208,768		3,173,274
Old National Bancorp(b)		208,415		3,424,258
Peapack-Gladstone Financial Corp.		114,645		2,777,848
PennyMac Financial Services, Inc.(b)		32,808		2,786,383
Preferred Bank(b)		74,564		5,357,423
Primis Financial Corp.		174,043		2,149,431
Redwood Trust, Inc.(b)		275,731		1,690,231
S&T Bancorp, Inc.		66,240		2,066,026
Silvercrest Asset Management Group, Inc. - Class A		194,183		3,256,449
SLM Corp.		490,223		10,211,346
SouthState Corp.(b)		24,527		2,061,249
Stewart Information Services Corp.(b)		66,295		4,175,259
StoneX Group, Inc.(a)		51,020		3,533,645
Walker & Dunlop, Inc.(b)		25,956		2,475,683
Western Alliance Bancorp		95,698		5,524,646
White Mountains Insurance Group Ltd.		1,982		3,499,102
Wintrust Financial Corp.		54,005		5,203,382
				149,094,935
Health Care—7.7%
Addus HomeCare Corp.(a)		20,639		1,904,567
Amedisys, Inc.(a)		17,779		1,653,803
AMN Healthcare Services, Inc.(a)(b)		47,194		2,655,606

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  15

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS SMALL CAP VALUE FUND II	Portfolio Of Investments (continued)

	NUMBER OF SHARES		VALUE
Health Care—(continued)
Biote Corp.(a)(b)		563,458	$	3,352,575
Catalyst Pharmaceuticals, Inc.(a)		149,219		2,391,981
Cross Country Healthcare, Inc.(a)		107,547		1,964,884
Fortrea Holdings, Inc.(a)(b)		106,172		3,985,697
Haemonetics Corp.(a)		41,500		3,028,670
Halozyme Therapeutics, Inc.(a)		47,107		1,875,330
Inmode Ltd.(a)		91,470		2,012,339
Integra LifeSciences Holdings Corp.(a)		57,698		2,129,633
Lantheus Holdings, Inc.(a)(b)		66,637		4,356,726
Organon & Co.		110,908		1,930,908
Pediatrix Medical Group, Inc.(a)		249,056		2,278,862
Perrigo Co. PLC		63,156		1,658,477
PetIQ, Inc.(a)		127,251		2,317,241
Quipt Home Medical Corp.(a)		246,661		1,058,176
R1 RCM, Inc.(a)(b)		266,334		3,741,993
				44,297,468
Industrials—24.0%
AAR Corp.(a)		36,112		2,411,559
Acuity Brands, Inc.		15,722		3,949,995
Alight, Inc. - Class A(a)(b)		287,259		2,588,204
Allison Transmission Holdings, Inc.		65,961		4,968,842
Array Technologies, Inc.(a)(b)		130,570		1,780,975
Asure Software, Inc.(a)(b)		195,392		1,821,053
Atkore, Inc.(b)		25,455		4,312,077
Beacon Roofing Supply, Inc.(a)		60,846		5,226,063
Blue Bird Corp.(a)		73,175		2,476,242
Brady Corp. - Class A		45,973		2,679,306
Brink’s Co.(b)		101,667		8,421,079
CBIZ, Inc.(a)		57,574		4,348,564
Chart Industries, Inc.(a)(b)		17,986		2,569,480
Civeo Corp.		104,355		2,443,994
Concentrix Corp.(b)		30,368		2,200,162
CoreCivic, Inc.(a)		257,579		3,922,928
CRA International, Inc.		39,929		5,292,190
DNOW, Inc.(a)		138,802		1,964,048
Dun & Bradstreet Holdings, Inc.		194,430		2,049,292
DXP Enterprises, Inc.(a)		66,035		2,345,563
Encore Wire Corp.		7,955		1,917,155
EnerSys		36,133		3,319,900
Granite Construction, Inc.(b)		69,521		3,582,417
Griffon Corp.		38,449		2,745,259
Heidrick & Struggles International, Inc.		77,399		2,631,566
Huron Consulting Group, Inc.(a)		36,560		3,587,633
IBEX Holdings Ltd.(a)		187,039		2,985,143
ICF International, Inc.		30,485		4,720,602
Janus International Group, Inc.(a)		372,595		5,346,739
Kelly Services, Inc. - Class A		55,197		1,353,982
Legalzoom.com, Inc.(a)(b)		326,508		4,048,699
Leonardo DRS, Inc.(a)		97,068		2,204,414
Liquidity Services, Inc.(a)		110,862		1,987,756
LSI Industries, Inc.		183,424		2,646,808
Primoris Services Corp.		81,683		3,227,295
Science Applications International Corp.		35,041		4,904,338
Sensata Technologies Holding PLC		47,561		1,637,050

	NUMBER OF SHARES		VALUE
Industrials—(continued)
Sterling Check Corp.(a)(b)		239,616	$	3,754,783
Universal Logistics Holdings, Inc.		54,412		1,840,758
V2X, Inc.(a)		63,459		2,443,172
Valmont Industries, Inc.		9,103		1,929,199
Vestis Corp.		96,149		1,803,755
Viad Corp.(a)		116,722		4,345,560
Wabash National Corp.(b)		44,693		1,219,225
				137,954,824
Information Technology—8.6%
Adeia, Inc.		325,374		3,689,741
Avnet, Inc.		89,339		4,162,304
Axcelis Technologies, Inc.(a)(b)		20,371		2,295,201
Bel Fuse, Inc. - Class B(b)		36,632		1,903,765
Belden, Inc.		29,995		2,554,974
Benchmark Electronics, Inc.		103,521		3,179,130
Clearfield, Inc.(a)(b)		91,841		2,770,843
CompoSecure, Inc.(a)(b)		303,501		1,468,945
Extreme Networks, Inc.(a)		182,347		2,304,866
Hackett Group, Inc.		94,881		2,345,458
Insight Enterprises, Inc.(a)(b)		11,808		2,219,904
InterDigital, Inc.		58,342		6,243,762
LiveRamp Holdings, Inc.(a)		62,933		2,201,396
NCR Voyix Corp.(a)		117,648		1,718,837
OSI Systems, Inc.(a)		28,791		3,776,803
Photronics, Inc.(a)		132,590		3,817,266
Ultra Clean Holdings, Inc.(a)(b)		59,685		2,578,392
				49,231,587
Materials—2.7%
Ashland, Inc.		36,390		3,407,560
Ecovyst, Inc.(a)		290,097		2,799,436
Eldorado Gold Corp.(a)(b)		215,515		2,239,201
Methanex Corp.(b)		37,096		1,663,385
Myers Industries, Inc.		83,648		1,608,551
Orion SA		140,618		3,169,529
Piedmont Lithium, Inc.(a)(b)		34,891		508,013
				15,395,675
Real Estate—0.6%
BRT Apartments Corp.		101,686		1,574,099
Cousins Properties, Inc.		76,491		1,744,760
				3,318,859
Utilities—0.8%
New Jersey Resources Corp.		49,787		2,071,637
Portland General Electric Co.		27,252		1,094,713
Pure Cycle Corp.(a)		117,188		1,168,364
				4,334,714
TOTAL COMMON STOCKS (Cost $438,472,674)				548,299,398
SHORT-TERM INVESTMENTS—20.9%
Tri-State Deposit, 5.45%(d)		19,061,852		19,061,852

The accompanying notes are an integral part of the financial statements.

16  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS SMALL CAP VALUE FUND II	Portfolio Of Investments (continued)

	NUMBER OF UNITS		VALUE
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING—17.6%
Mount Vernon Liquid Assets Portfolio, LLC, 5.44%(d)		100,833,185	$	100,833,185
TOTAL SHORT-TERM INVESTMENTS (Cost $558,367,711)				119,895,037
TOTAL INVESTMENTS—116.5% (Cost $558,451,169)				668,194,435
Money Market Deposit Account—1.0%(e)				5,693,845
LIABILITIES IN EXCESS OF OTHER ASSETS—(17.5)%				(100,509,020	)
TOTAL NET ASSETS—100.0%			$	573,379,260

PLC	Public Limited Company
SA	Sociedad Anónima
(a)	Non-income producing security.
(b)	All or a portion of this security is on loan as of February 29, 2024. The total market value of these securities was $99,853,478 which represented 17.4% of net assets.
(c)	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.
(d)	The rate shown represents the 7-day effective yield as of February 29, 2024.
(e)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of February 29, 2024 was 5.20%. 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. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  17

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS SMALL CAP VALUE FUND II	Portfolio Of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 29, 2024 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Common Stocks	$	548,299,398	$	548,299,398	$	—	$	—
Short-Term Investments		19,061,852		—		19,061,852		—
Investments Purchased with Proceeds from Securities Lending(a)		100,833,185		—		—		—
Total Assets	$	668,194,435	$	548,299,398	$	19,061,852	$	—

Refer to the Portfolio 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 Portfolio of Investments.

The accompanying notes are an integral part of the financial statements.

18  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
WPG PARTNERS SELECT SMALL CAP VALUE FUND	Portfolio Of Investments

	NUMBER OF SHARES		VALUE
COMMON STOCKS—95.0%
Communication Services—3.4%
Cars.com, Inc.(a)		136,071	$	2,495,543
Ooma, Inc.(a)		69,247		706,319
				3,201,862
Consumer Discretionary—5.2%
Beyond, Inc.(a)		13,449		450,945
Gildan Activewear, Inc.		76,628		2,668,953
PlayAGS, Inc.(a)		194,375		1,803,800
				4,923,698
Consumer Staples—7.5%
Adecoagro SA		173,092		1,737,844
Nomad Foods Ltd.		213,692		3,938,343
TreeHouse Foods, Inc.(a)		39,748		1,422,581
				7,098,768
Energy—5.2%
International Seaways, Inc.		39,447		2,087,930
Kosmos Energy Ltd.(a)		463,946		2,848,628
				4,936,558
Financials—22.1%
Axis Capital Holdings Ltd.		23,552		1,473,649
BGC Group, Inc. - Class A		449,532		3,124,247
EZCORP, Inc. - Class A(a)		137,547		1,442,868
Federal Agricultural Mortgage Corp. - Class C		5,049		903,115
Fidelis Insurance Holdings Ltd.(a)		142,172		2,126,893
FirstCash Holdings, Inc.		12,262		1,403,999
Kemper Corp.		58,427		3,349,620
National Bank Holdings Corp. - Class A		38,338		1,297,358
Pagseguro Digital Ltd. - Class A(a)		99,093		1,379,375
Perella Weinberg Partners		129,049		1,762,809
Popular, Inc.		21,515		1,800,375
Webster Financial Corp.		23,481		1,118,635
				21,182,943
Health Care—11.1%
Enovis Corp.(a)		69,705		4,169,056
Halozyme Therapeutics, Inc.(a)		34,338		1,366,996
Innoviva, Inc.(a)		122,264		1,868,194
Pennant Group, Inc.(a)		25,399		473,691
Tenet Healthcare Corp.(a)		28,614		2,661,102
				10,539,039
Industrials—14.4%
Air Lease Corp.		70,329		2,820,193
Arcosa, Inc.		50,063		4,155,229
Clarivate PLC(a)		229,740		1,649,533
Frontier Group Holdings, Inc.(a)		225,164		1,562,638
Janus International Group, Inc.(a)		177,848		2,552,119
KBR, Inc.		16,145		969,184
				13,708,896
Information Technology—9.8%
8x8, Inc.(a)		946,440		2,678,425
LiveRamp Holdings, Inc.(a)		91,939		3,216,026
SmartRent, Inc.(a)		324,954		942,367
Tower Semiconductor Ltd.(a)		74,438		2,447,521
				9,284,339

	NUMBER OF SHARES		VALUE
Materials—10.1%
Ashland, Inc.		10,215	$	956,533
Ecovyst, Inc.(a)		51,759		499,474
ERO Copper Corp.(a)		157,659		2,689,663
Rayonier Advanced Materials, Inc.(a)		534,143		1,810,745
Tronox Holdings PLC		250,777		3,686,422
				9,642,837
Real Estate—6.2%
Brixmor Property Group, Inc.		117,850		2,664,589
Equity Commonwealth(a)		170,953		3,219,044
				5,883,633
TOTAL COMMON STOCKS (Cost $80,934,523)				90,402,573
SHORT-TERM INVESTMENTS—3.8%
Tri-State Deposit, 5.45%(b)		3,617,474		3,617,474
TOTAL SHORT-TERM INVESTMENTS (Cost $3,617,474)				3,617,474
TOTAL INVESTMENTS—98.8% (Cost $84,551,997)				94,020,047
Money Market Deposit Account—0.9%(c)				815,913
OTHER ASSETS IN EXCESS OF LIABILITIES—0.3%				254,548
TOTAL NET ASSETS—100.0%			$	95,090,508

PLC	Public Limited Company
SA	Sociedad Anónima
(a)	Non-income producing security.
(b)	The rate shown represents the 7-day effective yield as of February 29, 2024.
(c)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of February 29, 2024 was 5.20%.
	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. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  19

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
WPG PARTNERS SELECT SMALL CAP VALUE FUND	Portfolio Of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 29, 2024 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Common Stocks	$	90,402,573	$	90,402,573	$	—	$	—
Short-Term Investments		3,617,474		—		3,617,474		—
Total Assets	$	94,020,047	$	90,402,573	$	3,617,474	$	—

Refer to the Portfolio of Investments for industry classifications.

The accompanying notes are an integral part of the financial statements.

20  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
WPG PARTNERS SMALL CAP VALUE DIVERSIFIED FUND	Portfolio Of Investments

	NUMBER OF SHARES		VALUE
COMMON STOCKS—95.1%
Communication Services—0.2%
Bumble, Inc. - Class A(a)		5,060	$	57,937
Consumer Discretionary—6.7%
ADT, Inc.(b)		25,107		182,277
Bowlero Corp.(b)		15,306		190,560
Frontdoor, Inc.(a)		3,980		124,813
Gentherm, Inc.(a)		2,773		157,673
Gildan Activewear, Inc.		17,768		618,859
Goodyear Tire & Rubber Co.(a)		12,621		149,937
Savers Value Village, Inc.(a)		8,589		173,841
Stride, Inc.(a)		4,541		271,325
Wayfair, Inc. - Class A(a)		3,000		178,800
				2,048,085
Consumer Staples—3.4%
Dole PLC		5,737		67,754
Nomad Foods Ltd.		36,102		665,360
TreeHouse Foods, Inc.(a)(b)		8,470		303,141
				1,036,255
Energy—11.0%
Antero Resources Corp.(a)		6,515		167,436
Atlas Energy Solutions, Inc.(b)		10,338		194,975
Chord Energy Corp.(b)		448		72,778
DHT Holdings, Inc.		39,219		424,350
Kodiak Gas Services, Inc.(b)		22,795		581,272
Kosmos Energy Ltd.(a)		90,943		558,389
Scorpio Tankers, Inc.		9,004		604,438
SM Energy Co.(b)		7,820		342,281
Tidewater, Inc.(a)		3,656		256,030
Valaris Ltd.(a)		2,362		148,924
				3,350,873
Financials—18.4%
AGNC Investment Corp.(b)		30,954		295,920
Axis Capital Holdings Ltd.		4,651		291,013
BGC Group, Inc. - Class A(b)		62,294		432,943
Essent Group Ltd.		6,986		374,240
Fidelis Insurance Holdings Ltd.(a)		26,950		403,173
First American Financial Corp.(b)		2,583		150,873
First BanCorp		23,234		394,513
First Commonwealth Financial Corp.		24,968		325,333
FirstCash Holdings, Inc.		2,629		301,021
Hanover Insurance Group, Inc.(b)		3,276		430,696
Kemper Corp.		10,844		621,686
National Bank Holdings Corp. - Class A		10,565		357,520
Pagseguro Digital Ltd. - Class A(a)		27,147		377,886
Popular, Inc.		4,806		402,167
Webster Financial Corp.		8,266		393,792
				5,552,776
Health Care—6.1%
Enovis Corp.(a)		9,778		584,822
Halozyme Therapeutics, Inc.(a)		5,327		212,068
Pacira BioSciences, Inc.(a)		4,497		133,651
Phreesia, Inc.(a)		6,090		150,728
Teleflex, Inc.(b)		613		136,570
Tenet Healthcare Corp.(a)		6,854		637,422
				1,855,261

	NUMBER OF SHARES		VALUE
Industrials—22.7%
ABM Industries, Inc.		5,652	$	233,484
Air Lease Corp.		11,045		442,905
Allison Transmission Holdings, Inc.		4,400		331,452
Arcosa, Inc.		7,636		633,787
Clarivate PLC(a)(b)		38,550		276,789
Driven Brands Holdings, Inc.(a)		21,402		295,134
Fluor Corp.(a)		7,645		281,336
Frontier Group Holdings, Inc.(a)(b)		47,107		326,923
Generac Holdings, Inc.(a)		1,554		174,841
Hillman Solutions Corp.(a)		23,281		226,757
ICF International, Inc.		1,989		307,997
Janus International Group, Inc.(a)		34,566		496,021
KBR, Inc.		6,402		384,312
Knight-Swift Transportation Holdings, Inc.		7,773		437,931
Leonardo DRS, Inc.(a)		12,928		293,595
Masonite International Corp.(a)		1,616		210,468
MasTec, Inc.(a)		2,124		160,277
Moog, Inc. - Class A		1,447		216,978
RXO, Inc.(a)		7,580		163,122
Star Bulk Carriers Corp.(b)		21,181		505,590
Stericycle, Inc.(a)(b)		3,532		192,105
Sun Country Airlines Holdings, Inc.(a)		18,002		270,030
				6,861,834
Information Technology—6.2%
Harmonic, Inc.(a)(b)		31,910		418,978
LiveRamp Holdings, Inc.(a)(b)		18,452		645,451
Mirion Technologies, Inc.(a)		16,037		156,842
Silicon Motion Technology Corp. - ADR		3,584		253,711
Tower Semiconductor Ltd.(a)(b)		13,108		430,991
				1,905,973
Materials—10.9%
Ashland, Inc.		1,647		154,225
Axalta Coating Systems Ltd.(a)		12,440		407,161
Capstone Copper Corp.(a)		55,392		290,602
Commercial Metals Co.		5,833		314,982
Constellium SE(a)		15,107		292,925
ERO Copper Corp.(a)(b)		28,950		493,887
Huntsman Corp.		6,118		156,621
Stelco Holdings, Inc.		9,684		287,919
Summit Materials, Inc. - Class A(a)		4,944		211,158
Tronox Holdings PLC		39,879		586,221
Warrior Met Coal, Inc.(b)		2,749		156,611
				3,352,312
Real Estate—5.5%
Brixmor Property Group, Inc.(b)		26,128		590,753
DigitalBridge Group, Inc.(b)		8,919		163,842
Equity Commonwealth(a)		26,620		501,255
Getty Realty Corp.(b)		16,135		425,319
				1,681,169
Utilities—4.0%
ALLETE, Inc.		7,625		431,880
Portland General Electric Co.(b)		10,215		410,337
Spire, Inc.(b)		6,567		389,554
				1,231,771
TOTAL COMMON STOCKS (Cost $23,530,652)				28,934,246

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  21

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
WPG PARTNERS SMALL CAP VALUE DIVERSIFIED FUND	Portfolio Of Investments (continued)

	NUMBER OF SHARES		VALUE
SHORT-TERM INVESTMENTS—19.3%
Tri-State Deposit, 5.45%(c)		378,024	$	378,024
	NUMBER OF UNITS
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING—18.1%
Mount Vernon Liquid Assets Portfolio, LLC, 5.44%(c)		5,515,103		5,515,103
TOTAL SHORT-TERM INVESTMENTS (Cost $5,893,127)				5,893,127
TOTAL INVESTMENTS—114.4% (Cost $29,423,779)				34,827,373
Money Market Deposit Account—2.3%(d)				702,606
LIABILITIES IN EXCESS OF OTHER ASSETS—(16.7)%				(5,087,614	)
TOTAL NET ASSETS—100.0%			$	30,442,365

ADR	American Depositary Receipt
PLC	Public Limited Company
(a)	Non-income producing security.
(b)	All or a portion of this security is on loan as of February 29, 2024. The total market value of these securities was $5,256,442 which represented 17.3% of net assets.
(c)	The rate shown represents the 7-day effective yield as of February 29, 2024.
(d)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of February 29, 2024 was 5.20%. 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. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of the financial statements.

22  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
WPG PARTNERS SMALL CAP VALUE DIVERSIFIED FUND	Portfolio Of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 29, 2024 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Common Stocks	$	28,934,246	$	28,934,246	$	—	$	—
Short-Term Investments		378,024		—		378,024		—
Investments Purchased with Proceeds from Securities Lending(a)		5,515,103		—		—		—
Total Assets	$	34,827,373	$	28,934,246	$	378,024	$	—

Refer to the Portfolio 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 Portfolio of Investments.

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  23

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS GLOBAL SUSTAINABILITY FUND	Portfolio Of Investments

	NUMBER OF SHARES		VALUE
COMMON STOCKS—97.8%
Austria—1.0%
ANDRITZ AG		1,671	$	105,142
Belgium—0.8%
Azelis Group NV		3,876		79,857
Bermuda—1.7%
Everest Group Ltd.		303		111,771
Renaissance Holdings Ltd.		258		58,004
				169,775
Finland—1.6%
Nordea Bank Abp		13,113		159,631
France—12.3%
Airbus Group SE		1,282		212,119
Alten SA		891		130,886
Capgemini SE		142		34,541
Cie de Saint-Gobain SA		2,493		192,187
Eiffage SA		642		69,913
Rexel SA		7,474		191,866
Sanofi SA		1,805		172,043
SPIE SA		5,415		180,369
Teleperformance SE		154		19,120
TotalEnergies SE		904		57,620
				1,260,664
Germany—9.3%
Allianz SE		374		102,721
Brenntag SE		584		53,322
Commerzbank AG		12,649		146,424
Deutsche Telekom AG		7,046		167,476
Infineon Technologies AG		1,963		70,483
Rheinmetall AG		507		232,642
Siemens AG		1,000		197,969
				971,037
Greece—1.3%
Hellenic Telecommunications Organization SA		8,586		129,545
Ireland—1.8%
AIB Group PLC		11,404		52,944
ICON PLC(a)		282		90,415
Ryanair Holdings PLC - ADR		304		42,028
				185,387
Italy—0.8%
Iveco Group NV(a)		6,532		80,453
Japan—9.3%
Asahi Group Holdings Ltd.		2,500		85,644
Hitachi Ltd.		1,400		118,609
Kansai Paint Co Ltd.		4,900		71,122
Mitsubishi Heavy Industries Ltd.		2,700		213,697
Mitsubishi UFJ Financial Group, Inc.		5,500		56,500
Panasonic Holdings Corp.		10,000		94,536
Renesas Electronics Corp.		7,700		127,228
Sumitomo Mitsui Financial Group, Inc.		2,700		150,429
Takeda Pharmaceutical Co. Ltd.		2,200		64,342
				982,107
Netherlands—3.7%
Aalberts NV		1,129		50,783
Heineken NV		650		60,054
ING Groep NV		11,484		158,041
Stellantis NV		4,275		111,782
				380,660
Singapore—1.0%
United Overseas Bank Ltd.		5,100		106,124

	NUMBER OF SHARES		VALUE
South Korea—2.6%
Hana Financial Group, Inc.		1,503	$	63,950
KT Corp.		1,398		41,007
Samsung Electronics Co. Ltd.		2,921		161,219
				266,176
Spain—1.2%
Bankinter SA		20,185		128,493
Switzerland—0.5%
STMicroelectronics NV		1,155		52,445
United Kingdom—9.4%
Hikma Pharmaceuticals PLC		1,628		40,402
Informa PLC		19,002		194,828
Melrose Industries PLC		22,636		181,790
NatWest Group PLC		31,223		94,407
Nomad Foods Ltd.		6,963		128,328
Reckitt Benckiser Group PLC		506		31,971
Smith & Nephew PLC		3,191		42,098
Tesco PLC		41,032		144,722
WH Smith PLC		7,069		110,731
				969,277
United States—39.5%(b)
Abbott Laboratories		1,267		150,317
AbbVie, Inc.		643		113,200
Advanced Micro Devices, Inc.(a)		423		81,440
Alphabet, Inc. - Class A(a)		1,336		184,983
American Express Co.		704		154,472
American Water Works Co., Inc.		619		73,376
Amgen, Inc.		381		104,329
AutoZone, Inc.(a)		10		30,060
Bank of America Corp.		2,406		83,055
Booking Holdings, Inc.(a)		29		100,596
Brinker International, Inc.(a)		1,242		57,554
Cencora, Inc.		741		174,580
Chubb Ltd.		632		159,054
Cigna Group, (The)		95		31,933
Cisco Systems, Inc.		1,315		63,607
Dell Technologies, Inc. - Class C		2,355		222,924
Discover Financial Services		669		80,748
Elevance Health, Inc.		238		119,298
Expedia Group, Inc.(a)		662		90,575
Halliburton Co.		4,502		157,885
Henry Schein, Inc.(a)		1,184		90,540
Humana, Inc.		96		33,631
Huntington Bancshares, Inc.		7,638		99,600
J M Smucker Co.		844		101,423
Johnson & Johnson		567		91,502
JPMorgan Chase & Co.		1,481		275,555
Keurig Dr Pepper, Inc.		3,169		94,785
Match Group, Inc.(a)		1,677		60,439
Microchip Technology, Inc.		562		47,287
Morgan Stanley		1,486		127,855
NOV, Inc.		2,385		40,307
Schlumberger Ltd.		3,096		149,630
Target Corp.		272		41,594
TE Connectivity Ltd.		445		63,884
United Rentals, Inc.		115		79,726
UnitedHealth Group, Inc.		229		113,034
US Foods Holding Corp.(a)		3,454		175,429
Zimmer Biomet Holdings, Inc.		1,344		167,140
				4,087,347
TOTAL COMMON STOCKS (Cost $8,082,586)				10,114,120

The accompanying notes are an integral part of the financial statements.

24  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS GLOBAL SUSTAINABILITY FUND	Portfolio Of Investments (continued)

	NUMBER OF SHARES		VALUE
SHORT-TERM INVESTMENTS—1.0%
Tri-State Deposit(c)		103,238	$	103,238
TOTAL SHORT-TERM INVESTMENTS (Cost $103,238)				103,238
TOTAL INVESTMENTS—98.8% (Cost $8,185,824)				10,217,358
Money Market Deposit Account—1.3%(d)				133,143
LIABILITIES IN EXCESS OF OTHER ASSETS—(0.1)%				(14,181	)
TOTAL NET ASSETS—100.0%			$	10,336,320

ADR	American Depositary Receipt
PLC	Public Limited Company
SA	Sociedad Anónima
(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.
(c)	The rate shown represents the 7-day effective yield as of February 29, 2024.
(d)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of February 29, 2024 was 5.20%. Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  25

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS GLOBAL SUSTAINABILITY FUND	Portfolio Of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 29, 2024 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Common Stocks:
Austria	$	105,142	$	—	$	105,142	$	—
Belgium		79,857		—		79,857		—
Bermuda		169,775		169,775		—		—
Finland		159,631		—		159,631		—
France		1,260,664		—		1,260,664		—
Germany		971,037		—		971,037		—
Greece		129,545		129,545		—		—
Ireland		185,387		132,443		52,944		—
Italy		80,453		—		80,453		—
Japan		982,107		—		982,107		—
Netherlands		380,660		—		380,660		—
Singapore		106,124		—		106,124		—
South Korea		266,176		—		266,176		—
Spain		128,493		—		128,493		—
Switzerland		52,445		—		52,445		—
United Kingdom		969,277		128,328		840,949		—
United States		4,087,347		4,087,347		—		—
Common Stocks - Total	$	10,114,120	$	4,647,438	$	5,466,682	$	—
Short-Term Investments		103,238		—		103,238		—
Total Assets	$	10,217,358	$	4,647,438	$	5,569,920	$	—

Refer to the Portfolio of Investments for industry classifications.

The accompanying notes are an integral part of the financial statements.

26  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS GLOBAL EQUITY FUND	Portfolio Of Investments

	NUMBER OF SHARES		VALUE
COMMON STOCKS—96.8%
Bermuda—2.6%
Everest Group Ltd.		8,358	$	3,083,100
RenaissanceRe Holdings Ltd.		12,348		2,776,077
				5,859,177
Canada—2.1%
Cenovus Energy, Inc.		178,927		3,118,022
Teck Resources Ltd. - Class B		39,884		1,532,343
				4,650,365
Finland—1.7%
Fortum Oyj		79,988		999,701
Nordea Bank Abp		211,548		2,575,269
				3,574,970
France—9.9%
Airbus Group SE		19,873		3,288,172
Capgemini SE		7,332		1,783,465
Cie de Saint-Gobain SA		39,509		3,045,777
Eiffage SA		25,076		2,730,730
Rexel SA		130,888		3,360,050
Sanofi SA		27,831		2,652,703
Teleperformance SE		3,330		413,446
TotalEnergies SE		68,268		4,351,349
				21,625,692
Germany—8.3%
Brenntag SE		25,525		2,330,547
Commerzbank AG		234,971		2,720,011
Daimler Truck Holding AG		24,905		1,017,480
Deutsche Telekom AG		122,731		2,917,194
Infineon Technologies AG		26,547		953,187
Rheinmetall AG		7,732		3,547,885
Siemens AG		23,999		4,751,060
				18,237,364
Greece—0.4%
Hellenic Telecommunications Organization SA		57,380		865,748
Ireland—4.7%
AIB Group PLC		243,446		1,130,217
CRH PLC		67,287		5,604,390
Ryanair Holdings PLC - ADR(a)		24,983		3,453,900
				10,188,507
Italy—0.6%
Enel SpA		190,400		1,211,526
Japan—9.4%
Asahi Group Holdings Ltd.		37,600		1,288,081
Fuji Electric Co. Ltd.		20,900		1,272,758
Hitachi Ltd.		14,300		1,211,504
Kansai Paint Co. Ltd.		87,300		1,267,128
Mitsubishi Chemical Group Corp.		207,600		1,191,279
Mitsubishi Heavy Industries Ltd.		45,000		3,561,611
Mitsubishi UFJ Financial Group, Inc.		248,500		2,552,794
Panasonic Holdings Corp.		84,200		795,996
Renesas Electronics Corp.		113,200		1,870,413
Ryohin Keikaku Co. Ltd.		86,200		1,362,065
Subaru Corp.		63,000		1,425,425
Sumitomo Mitsui Financial Group, Inc.		43,700		2,434,726
				20,233,780
Luxembourg—0.5%
Tenaris SA		58,623		1,041,233

	NUMBER OF SHARES		VALUE
Netherlands—4.3%
Aalberts NV		35,331	$	1,589,218
Heineken NV		13,593		1,255,876
ING Groep NV		210,713		2,899,804
Koninklijke Ahold NV		38,025		1,132,457
Stellantis NV		102,653		2,684,138
				9,561,493
Singapore—1.1%
United Overseas Bank Ltd.		111,400		2,318,079
South Korea—2.6%
Hana Financial Group, Inc.		32,490		1,382,381
KT Corp.		29,620		868,835
Samsung Electronics Co. Ltd.		63,373		3,497,741
				5,748,957
Spain—1.5%
Banco Bilbao Vizcaya Argentaria SA		206,259		2,057,289
Bankinter SA		193,546		1,232,069
				3,289,358
Sweden—1.7%
Loomis AB		30,946		837,448
Svenska Handelsbanken AB - Class A		234,842		2,808,669
				3,646,117
Switzerland—1.7%
Glencore PLC		531,529		2,526,974
STMicroelectronics NV		23,983		1,089,004
				3,615,978
United Kingdom—15.2%
Barratt Developments PLC		156,205		921,632
Beazley PLC		210,514		1,737,695
BP PLC		467,884		2,718,456
Coca-Cola Europacific Partners PLC		39,762		2,728,866
Hikma Pharmaceuticals PLC		54,074		1,341,959
IMI PLC		120,638		2,647,988
Inchcape PLC		166,876		1,440,465
Informa PLC		109,827		1,126,055
JD Sports Fashion PLC		1,259,001		1,881,317
NatWest Group PLC		667,304		2,017,675
Nomad Foods Ltd.		84,904		1,564,781
Reckitt Benckiser Group PLC		41,268		2,607,449
Shell PLC		139,280		4,307,934
SSE PLC		105,038		2,158,796
Tesco PLC		837,530		2,954,014
WH Smith PLC		83,973		1,315,379
				33,470,461
United States—28.5(b)%
Amgen, Inc.		2,857		782,332
AutoZone, Inc.(c)		225		676,355
Bank of America Corp.		46,033		1,589,059
Brinker International, Inc.(c)		23,137		1,072,169
Centene Corp.(c)		14,743		1,156,293
Chubb Ltd.		11,335		2,852,679
Cigna Group, (The)		6,885		2,314,324
Cisco Systems, Inc.		32,485		1,571,299
Dell Technologies, Inc. - Class C		14,768		1,397,939
Elevance Health, Inc.		2,260		1,132,825
Expedia Group, Inc.(c)		11,299		1,545,928
Fifth Third Bancorp		60,470		2,076,540
FleetCor Technologies, Inc.(c)		3,706		1,034,975
Gen Digital, Inc.(a)		74,869		1,608,935

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  27

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS GLOBAL EQUITY FUND	Portfolio Of Investments (continued)

	NUMBER OF SHARES		VALUE
United States—(continued)
Global Payments, Inc.		8,625	$	1,118,663
Goldman Sachs Group, Inc.		6,328		2,461,908
HCA Healthcare, Inc.(a)		3,374		1,051,676
Henry Schein, Inc.(c)		21,105		1,613,899
Huntington Bancshares, Inc.		161,668		2,108,151
J M Smucker Co.		11,560		1,389,165
Jacobs Solutions, Inc.		8,397		1,231,420
Johnson & Johnson		9,907		1,598,792
JPMorgan Chase & Co.		20,845		3,878,420
Kellanova(a)		33,115		1,826,292
LKQ Corp.		17,816		931,599
McKesson Corp.		5,028		2,621,649
PayPal Holdings, Inc.(c)		17,547		1,058,786
Phillips 66		5,762		821,143
Schlumberger Ltd.		40,055		1,935,858
Science Applications International Corp.		6,222		870,831
Southern Co.(a)		21,478		1,444,396
TE Connectivity Ltd.(a)		7,318		1,050,572
Textron, Inc.		35,801		3,188,795
United Rentals, Inc.		2,295		1,591,055
US Foods Holding Corp.(a)(c)		67,701		3,438,534
WillScot Mobile Mini Holdings Corp.(a)(c)		29,015		1,385,466
Zimmer Biomet Holdings, Inc.		22,701		2,823,097
				62,251,819
TOTAL COMMON STOCKS (Cost $164,967,605)				211,390,624

	NUMBER OF SHARES		VALUE
SHORT-TERM INVESTMENTS—7.6%
Tri-State Deposit, 5.45%(d)		5,023,099	$	5,023,099
	NUMBER OF UNITS
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING—5.3%
Mount Vernon Liquid Assets Portfolio, LLC, 5.44%(d)		11,482,091		11,482,091
TOTAL SHORT-TERM INVESTMENTS (Cost $16,505,190)				16,505,190
TOTAL INVESTMENTS—104.4% (Cost $181,472,795)				227,895,814
Money Market Deposit Account—0.8%(e)				1,721,400
LIABILITIES IN EXCESS OF OTHER ASSETS—(5.2)%				(11,325,272	)
TOTAL NET ASSETS—100.0%			$	218,291,942

ADR	American Depositary Receipt
PLC	Public Limited Company
SA	Sociedad Anónima
(a)	All or a portion of this security is on loan as of February 29, 2024. The total market value of these securities was $11,231,378 which represented 5.1% of net assets.
(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.
(c)	Non-income producing security.
(d)	The rate shown represents the 7-day effective yield as of February 29, 2024.
(e)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of February 29, 2024 was 5.20%. Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of the financial statements.

28  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS GLOBAL EQUITY FUND	Portfolio Of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 29, 2024 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Common Stocks:
Bermuda	$	5,859,177	$	5,859,177	$	—	$	—
Canada		4,650,365		4,650,365		—		—
Finland		3,574,970		—		3,574,970		—
France		21,625,692		—		21,625,692		—
Germany		18,237,364		—		18,237,364		—
Greece		865,748		865,748		—		—
Ireland		10,188,507		3,453,900		6,734,607		—
Italy		1,211,526		—		1,211,526		—
Japan		20,233,780		—		20,233,780		—
Luxembourg		1,041,233		—		1,041,233		—
Netherlands		9,561,493		—		9,561,493		—
Singapore		2,318,079		—		2,318,079		—
South Korea		5,748,957		—		5,748,957		—
Spain		3,289,358		—		3,289,358		—
Sweden		3,646,117		—		3,646,117		—
Switzerland		3,615,978		—		3,615,978		—
United Kingdom		33,470,461		4,293,647		29,176,814		—
United States		62,251,819		62,251,819		—		—
Common Stocks - Total	$	211,390,624	$	81,374,656	$	130,015,968	$	—
Short-Term Investments		5,023,099		—		5,023,099		—
Investments Purchased with Proceeds from Securities Lending(a)		11,482,091		—		—		—
Total Assets	$	227,895,814	$	81,374,656	$	135,039,067	$	—

Refer to the Portfolio 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 Portfolio of Investments.

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  29

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS EMERGING MARKETS FUND	Portfolio Of Investments

	NUMBER OF SHARES		VALUE
COMMON STOCKS—92.8%
Brazil—9.2%
Cia Siderurgica Nacional SA		36,700	$	124,620
Cielo SA		275,400		294,730
Eletromidia SA(a)		57,276		186,653
Marfrig Global Foods SA(a)		102,200		201,065
Minerva SA		148,900		204,280
Sendas Distribuidora SA		104,700		299,498
TIM SA		19,400		70,714
TIM SA - ADR		4,614		85,313
Vale SA - ADR		30,611		410,494
Vibra Energia SA		56,900		293,594
				2,170,961
Cayman Islands—2.2%
StoneCo Ltd. - Class A(a)		29,937		515,215
China—41.8%(b)
Alibaba Group Holding Ltd.		5,600		51,485
Anhui Conch Cement Co., Ltd. - Class H		39,000		84,863
Beijing New Building Materials PLC - Class A		139,500		544,127
Beijing Roborock Technology Co., Ltd. - Class A		9,078		411,326
BOE Technology Group Co., Ltd. - Class A		1,704,690		944,766
COSCO SHIPPING Holdings Co., Ltd. - Class A		210,300		306,975
Daqo New Energy Corp. - ADR(a)		12,017		255,722
GoerTek, Inc. - Class A		132,600		306,954
Gree Electric Appliances, Inc. of Zhuhai - Class A		133,900		725,951
Guangdong Tapai Group Co., Ltd. - Class A		117,100		118,386
Guizhou Tyre Co., Ltd. - Class A		247,300		198,645
Hang Zhou Great Star Industrial Co., Ltd. - Class A		97,400		293,908
Hello Group, Inc. - ADR		12,425		81,881
Henan Shuanghui Investment & Development Co., Ltd. - Class A		71,600		290,377
Huaxin Cement Co., Ltd. - Class A		72,900		137,352
Hubei Xingfa Chemicals Group Co., Ltd. - Class A		94,300		241,278
JD.com, Inc. - Class A		305		3,440
JD.com, Inc. - ADR		2,211		50,013
Kuaishou Technology(a)		36,100		203,854
LB Group Co., Ltd. - Class A		80,100		208,801
Longfor Group Holdings Ltd.		169,500		212,300
Midea Group Co., Ltd. - Class A		91,000		790,451
Satellite Chemical Co., Ltd. - Class A(a)		162,200		373,045
Shandong Pharmaceutical Glass Co., Ltd. - Class A		12,200		44,616
Shandong Sun Paper Industry JSC Ltd. - Class A		157,700		311,739
Sunny Optical Technology Group Co., Ltd.		14,200		91,390
Suofeiya Home Collection Co., Ltd. - Class A		71,500		162,715
Tangshan Sanyou Chemical Industries Co., Ltd. - Class A		150,000		108,856
Triangle Tyre Co., Ltd. - Class A		86,200		194,101

	NUMBER OF SHARES		VALUE
China—(continued)
Vipshop Holdings Ltd. - ADR(a)		16,997	$	327,192
Wangsu Science & Technology Co., Ltd. - Class A		184,800		263,248
Weichai Power Co., Ltd. - Class A		462,400		1,085,402
Weichai Power Co., Ltd. - Class H		69,000		135,817
Wingtech Technology Co., Ltd. - Class A(a)		28,700		152,047
Xiamen Xiangyu Co., Ltd. - Class A		123,400		117,183
Xinfengming Group Co., Ltd. - Class A(a)		81,900		156,028
				9,986,234
Cyprus—0.0%(c)
Fix Price Group PLC - GDR(d)		5,934		0
Greece—0.9%
Star Bulk Carriers Corp.		8,895		212,324
Hong Kong—5.5%
China Resources Land Ltd.		76,000		232,131
Futu Holdings Ltd. - ADR(a)		4,457		238,539
Orient Overseas International Ltd.		10,000		154,853
Techtronic Industries Co., Ltd.		41,500		447,711
WH Group Ltd.		189,500		113,881
Yuexiu Property Co., Ltd.		165,000		109,728
				1,296,843
Hungary—0.1%
Richter Gedeon Nyrt		1,253		33,358
India—2.9%
Bajaj Auto Ltd.		3,973		378,663
Power Grid Corp. of India Ltd.		60,440		206,492
Zydus Lifesciences Ltd.		7,413		84,146
				669,301
Israel—1.5%
Monday.com Ltd.(a)		651		145,180
Teva Pharmaceutical Industries Ltd. - ADR(a)		15,805		207,836
				353,016
Malaysia—0.9%
Petronas Chemicals Group Bhd		75,800		111,879
Top Glove Corp. Bhd(a)		676,700		114,850
				226,729
Mexico—0.7%
Coca-Cola Femsa SAB de CV - ADR		748		72,593
Grupo Financiero Banorte SAB de CV		9,100		94,127
				166,720
Russia—0.0%(c)
HeadHunter Group PLC - ADR(a)(d)		3,106		0
Magnit PJSC(d)		2,995		0
Sberbank of Russia PJSC - ADR(a)(d)		9,522		0
				0
Saudi Arabia—1.1%
Saudi Basic Industries Corp.		12,611		264,945
Singapore—1.0%
DBS Group Holdings Ltd.		1,556		38,581
Singapore Airlines Ltd.		34,200		164,613
United Overseas Bank Ltd.		1,700		35,375
				238,569

The accompanying notes are an integral part of the financial statements.

30  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS EMERGING MARKETS FUND	Portfolio Of Investments (continued)

	NUMBER OF SHARES		VALUE
South Africa—0.7%
Aspen Pharmacare Holdings Ltd.		2,489	$	25,434
Life Healthcare Group Holdings Ltd.		28,783		26,337
Sappi Ltd.		26,422		63,603
Thungela Resources Ltd.		5,047		27,630
Thungela Resources Ltd.		3,370		18,190
				161,194
South Korea—10.8%
Classys, Inc.		2,851		68,945
Hana Financial Group, Inc.		4,054		172,489
Hankook Tire & Technology Co., Ltd.		2,708		110,325
HK inno N Corp.(a)		2,227		64,063
Kumho Petrochemical Co., Ltd.(a)		717		79,628
Samsung Electronics Co., Ltd.		13,347		736,660
Samsung Electronics Co., Ltd. - GDR		81		110,162
SK Hynix, Inc.		8,803		1,037,737
SK Square Co., Ltd.(a)		3,493		183,287
				2,563,296
Taiwan—11.3%
Eva Airways Corp.		292,000		290,527
Evergreen Marine Corp. Taiwan Ltd.		111,000		581,497
Formosa Chemicals & Fibre Corp.		29,000		52,522
Genius Electronic Optical Co., Ltd.		17,000		228,050
Hiwin Technologies Corp.		17,000		129,174
Largan Precision Co., Ltd.		2,000		164,139
Taiwan Semiconductor Manufacturing Co., Ltd. - ADR		2,367		304,561
Taiwan Semiconductor Manufacturing Co., Ltd.		15,000		328,718
Walsin Technology Corp.		74,000		262,846
Yageo Corp.		13,000		229,689
Yang Ming Marine Transport Corp.		84,000		132,526
				2,704,249
Thailand—0.5%
Indorama Ventures PCL(d)		167,900		109,078
United Kingdom—0.3%
Hikma Pharmaceuticals PLC		2,681		66,535
United States—1.1%
Mosaic Co.		8,589		267,633
Uruguay—0.3%
Arcos Dorados Holdings, Inc. - Class A		6,662		79,011
TOTAL COMMON STOCKS (Cost $20,166,523)				22,085,211
PREFERRED STOCKS—2.9%
Brazil—1.0%
Braskem SA		15,900		66,976
Braskem SA		7,906		66,964
Usinas Siderurgicas de Minas Gerais S/A Usiminas		48,900		108,206
				242,146
South Korea—1.9%
Samsung Electronics Co., Ltd.		9,195		440,318
TOTAL PREFERRED STOCKS (Cost $581,175)				682,464

	NUMBER OF SHARES		VALUE
SHORT-TERM INVESTMENTS—2.1%
Tri-State Deposit, 5.45%(e)		501,146	$	501,146
TOTAL SHORT-TERM INVESTMENTS (Cost $501,146)				501,146
TOTAL INVESTMENTS—97.8% (Cost $21,248,844)				23,268,821
Money Market Deposit Account—4.4%(f)				1,045,556
LIABILITIES IN EXCESS OF OTHER ASSETS—(2.2)%				(519,136	)
TOTAL NET ASSETS—100.0%			$	23,795,241

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
PLC	Public Limited Company
SA	Sociedad Anónima
SAB de CV	Sociedad Anónima Bursátil de Capital Variable
(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.
(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 $109,078 or 0.5% of net assets as of February 29, 2024.
(e)	The rate shown represents the 7-day effective yield as of February 29, 2024.
(f)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of February 29, 2024 was 5.20%.
	Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  31

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS EMERGING MARKETS FUND	Portfolio Of Investments (continued)

Contracts For Difference held by the Fund at February 29, 2024, are as follows:

REFERENCE ENTITY	COUNTERPARTY	MATURITY DATE	FINANCING RATE			PAYMENT FREQUENCY	NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS)		VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)
Long
Russia
Detsky Mir PJSC	Goldman Sachs	9/18/2025		5.33	%	Monthly		$66,307	$	0		$	(6,113	)
Total Long													(6,113	)
Net unrealized gain/(loss) on Contracts For Difference												$	(6,113	)

The accompanying notes are an integral part of the financial statements.

32  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS EMERGING MARKETS FUND	Portfolio Of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 29, 2024 is as follows (see Notes to Portfolio of Investments):

	TOTAL			LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Common Stocks:
Brazil	$	2,170,961		$	2,170,961	$	—	$	—
Cayman Islands		515,215			515,215		—		—
China		9,986,234			1,021,783		8,964,451		—
Cyprus		—			—		—		—	^
Greece		212,324			212,324		—		—
Hong Kong		1,296,843			238,539		1,058,304		—
Hungary		33,358			33,358		—		—
India		669,301			—		669,301		—
Israel		353,016			353,016		—		—
Malaysia		226,729			—		226,729		—
Mexico		166,720			166,720		—		—
Russia		—			—		—		—	^
Saudi Arabia		264,945			—		264,945		—
Singapore		238,569			—		238,569		—
South Africa		161,194			161,194		—		—
South Korea		2,563,296			—		2,563,296		—
Taiwan		2,704,249			595,088		2,109,161		—
Thailand		109,078			—		—		109,078
United Kingdom		66,535			—		66,535		—
United States		267,633			267,633		—		—
Uruguay		79,011			79,011		—		—
Common Stocks - Total	$	22,085,211		$	5,814,842	$	16,161,291	$	109,078
Preferred Stocks:
Brazil		242,146			242,146		—		—
South Korea		440,318			—		440,318		—
Preferred Stocks - Total		682,464			242,146		440,318		—
Short-Term Investments		501,146			—		501,146		—
Total Assets	$	23,268,821		$	6,056,988	$	17,102,755	$	109,078
Other Financial Instruments*:
Liabilities
Contracts For Difference	$	(6,113	)	$	—	$	—	$	(6,113	)
Total Liabilities	$	(6,113	)	$	—	$	—	$	(6,113	)

^	Value equals 0 as of the end of the reporting period.
*	The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of February 29, 2024.

Refer to the Portfolio of Investments for industry classifications.

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  33

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND	Portfolio Of Investments

	NUMBER OF SHARES		VALUE
COMMON STOCKS—98.9%
Communication Services—5.8%
Alphabet, Inc. - Class A(a)(b)		7,836	$	1,084,972
Baidu, Inc. - Class A(a)		54,898		694,646
Entravision Communications Corp. - Class A(b)		140,739		541,845
Nexstar Media Group, Inc. - Class A(c)		2,269		377,040
SurgePays, Inc.(a)(c)		22,102		171,512
Vivid Seats, Inc. - Class A(a)		60,757		365,757
ZoomInfo Technologies, Inc.(a)		17,217		288,557
				3,524,329
Consumer Discretionary—10.6%
Alibaba Group Holding Ltd.		31,704		291,477
Arcos Dorados Holdings, Inc. - Class A(c)		91,925		1,090,230
Bowlero Corp.(c)		17,697		220,328
BYD Co., Ltd. - ADR		3,209		158,460
Carriage Services, Inc.(b)		9,467		234,971
Cavco Industries, Inc.(a)(c)		1,707		635,978
JD.com, Inc. - Class A		41,636		469,899
Las Vegas Sands Corp.(b)(c)		5,877		320,414
Monarch Casino & Resort, Inc.		4,504		316,856
Perdoceo Education Corp.(b)		19,854		353,600
Phinia, Inc.(c)		9,054		309,828
Pinstripes Holdings, Inc.(a)(c)		67,473		232,107
Potbelly Corp.(a)(b)		26,706		370,679
Stellantis NV		33,922		890,792
Stride, Inc.(a)(b)		8,639		516,180
				6,411,799
Consumer Staples—5.7%
British American Tobacco PLC - ADR(c)		25,814		771,580
Coca-Cola Europacific Partners PLC		6,630		455,017
J M Smucker Co.		3,856		463,375
Kenvue, Inc.(b)		21,929		416,651
Molson Coors Brewing Co. - Class B(c)		6,464		403,483
Turning Point Brands, Inc.		15,046		380,664
Vector Group Ltd.(b)		50,366		562,084
				3,452,854
Energy—6.1%
BP PLC - ADR		21,073		737,344
Canadian Natural Resources Ltd.		23,402		1,630,886
Marathon Petroleum Corp.(b)		4,189		708,905
Schlumberger Ltd.		6,228		300,999
VAALCO Energy, Inc.(c)		62,744		279,838
				3,657,972
Financials—19.7%
American International Group, Inc.(b)		5,328		388,358
Bank of America Corp.(b)		22,082		762,271
BGC Group, Inc. - Class A(c)		207,581		1,442,688
Charles Schwab Corp.(b)		4,762		318,006
Citigroup, Inc.(b)		11,393		632,198
Crawford & Co. - Class A(b)		27,255		319,156
Fairfax Financial Holdings Ltd.		1,586		1,688,725
Fidelis Insurance Holdings Ltd.(a)		29,516		441,559
Greenlight Capital Re Ltd. - Class A(a)		30,388		383,800

	NUMBER OF SHARES		VALUE
Financials—(continued)
I3 Verticals, Inc. - Class A(a)(c)		16,583	$	353,384
Intercorp Financial Services, Inc.		11,859		323,751
International General Insurance Holdings Ltd.		19,594		240,027
Jefferies Financial Group, Inc.(b)		13,798		577,032
KB Financial Group, Inc. - ADR		12,039		570,047
PayPal Holdings, Inc.(a)		5,795		349,670
Shift4 Payments, Inc. - Class A(a)(c)		9,141		751,573
Stifel Financial Corp.(b)		13,334		1,011,517
Wells Fargo & Co.(b)		13,304		739,569
Willis Towers Watson PLC		2,178		593,745
				11,887,076
Health Care—17.3%
Amgen, Inc.(b)		2,746		751,937
Biote Corp.(a)(c)		43,761		260,378
Bristol-Myers Squibb Co.(c)		12,509		634,832
Catalyst Pharmaceuticals, Inc.(a)(b)		55,746		893,608
Centene Corp.(a)(b)		7,828		613,950
Cigna Group, (The)(b)		3,031		1,018,840
CVS Health Corp.(b)		4,055		301,570
Elevance Health, Inc.(b)		1,054		528,318
HCA Healthcare, Inc.(b)		1,635		509,630
Jazz Pharmaceuticals PLC(a)		3,958		470,606
Johnson & Johnson(b)		5,337		861,285
Lantheus Holdings, Inc.(a)(c)		12,508		817,773
Medtronic PLC(b)		7,982		665,380
Novartis AG - ADR		6,152		621,167
PetIQ, Inc.(a)		22,444		408,705
Quipt Home Medical Corp.(a)		81,822		351,016
UnitedHealth Group, Inc.		1,459		720,162
				10,429,157
Industrials—13.3%
Alaska Air Group, Inc.(a)(c)		6,754		252,532
Barrett Business Services, Inc.(b)		7,183		876,254
Brady Corp. - Class A		6,361		370,719
Builders FirstSource, Inc.(a)(b)(c)(d)		2,573		502,198
CACI International, Inc. - Class A(a)		1,598		599,010
CoreCivic, Inc.(a)		40,221		612,566
Euroseas Ltd.		13,769		535,614
Galliford Try Holdings PLC		163,676		498,697
Heidrick & Struggles International, Inc.(b)		7,110		241,740
Lyft, Inc. - Class A(a)		19,696		312,772
Quanta Services, Inc.(b)		1,543		372,650
RCM Technologies, Inc.(a)		10,050		277,380
Ryanair Holdings PLC - ADR(c)		4,788		661,942
Sterling Infrastructure, Inc.(a)(b)		9,067		966,906
Textron, Inc.		8,912		793,792
V2X, Inc.(a)		6,100		234,850
				8,109,622
Information Technology—14.5%
Adeia, Inc.		30,843		349,760
AudioCodes Ltd.		21,896		297,786
Check Point Software Technologies Ltd.(a)		6,978		1,119,411
Cognizant Technology Solutions Corp. - Class A(b)		8,364		660,923
DocuSign, Inc.(a)		6,266		333,790
Dropbox, Inc. - Class A(a)(b)		9,067		217,155

The accompanying notes are an integral part of the financial statements.

34  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND	Portfolio Of Investments (continued)

	NUMBER OF SHARES		VALUE
Information Technology—(continued)
Extreme Networks, Inc.(a)		25,644	$	324,140
Hackett Group, Inc.(b)		22,615		559,043
InterDigital, Inc.(c)		7,085		758,237
Nano Dimension Ltd. - ADR(a)(c)		92,902		264,771
Open Text Corp.(b)		23,510		904,900
Oracle Corp.(b)		2,356		263,118
Photronics, Inc.(a)(b)		27,930		804,106
Pure Storage, Inc. - Class A(a)(c)		6,897		363,127
QUALCOMM, Inc.(b)		4,089		645,203
Rimini Street, Inc.(a)		64,671		208,887
Telefonaktiebolaget LM Ericsson - ADR(b)(c)		97,980		533,011
				8,607,368
Materials—3.5%
Berry Global Group, Inc.(b)		3,986		232,025
Dundee Precious Metals, Inc.		43,413		293,653
Ecovyst, Inc.(a)		76,242		735,735
Ferroglobe PLC(a)		48,626		221,248
Rio Tinto PLC - ADR(b)		3,331		214,949
Ternium SA - ADR(b)		9,390		380,671
				2,078,281
Real Estate—2.4%
Newmark Group, Inc. - Class A(b)		90,917		980,994
Simon Property Group, Inc.(c)		2,054		304,280
Star Holdings(a)		13,692		169,096
				1,454,370
TOTAL COMMON STOCKS (Cost $41,688,792)				59,612,828
SHORT-TERM INVESTMENTS—15.5%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio - Class Institutional, 5.22%(b)(e)		638		638
Federated Hermes U.S. Treasury Cash Reserves - Class Institutional, 5.18%(b)(e)		638		638
Fidelity Treasury Portfolio - Class I, 5.20%(b)(e)		638		638
Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Class Institutional, 5.17%(b)(e)		638		638
MSILF Prime Portfolio - Class Institutional, 5.40%(e)		55		55

	NUMBER OF UNITS		VALUE
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING—15.5%
Mount Vernon Liquid Assets Portfolio, LLC, 5.44%(e)		9,341,219	$	9,341,219
TOTAL SHORT-TERM INVESTMENTS (Cost $9,343,826)				9,343,826
TOTAL INVESTMENTS—114.4% (Cost $51,032,618)				68,956,654
Money Market Deposit Account—0.0%(b)(f)				334
LIABILITIES IN EXCESS OF OTHER ASSETS—(14.4)%				(8,534,617	)
TOTAL NET ASSETS—100.0%			$	60,422,371

ADR	American Depositary Receipt
PLC	Public Limited Company
SA	Sociedad Anónima
(a)	Non-income producing security.
(b)	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
(c)	All or a portion of this security is on loan as of February 29, 2024. The total market value of these securities was $9,082,288 which represented 15.0% of net assets.
(d)	Held in connection with written option contracts. See Schedule of Options Written for further information.
(e)	The rate shown represents the 7-day effective yield as of February 29, 2024.
(f)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of February 29, 2024 was 5.20%. 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. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  35

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND	Portfolio Of Securities Sold Short

	NUMBER OF SHARES			VALUE
COMMON STOCKS—(20.6)%
Communication Services—(2.5)%
Clear Channel Outdoor Holdings, Inc.		(177,786	)	$	(305,792	)
CTC Communications Group, Inc.(a)		(98,900	)		0
Lions Gate Entertainment Corp. - Class A		(32,284	)		(313,478	)
PSQ Holdings, Inc.		(19,704	)		(92,215	)
QuinStreet, Inc.		(19,210	)		(281,042	)
Rumble, Inc.		(47,640	)		(311,089	)
Snap, Inc. - Class A		(15,963	)		(175,912	)
					(1,479,528	)
Consumer Discretionary—(5.4)%
Birkenstock Holding PLC		(5,287	)		(264,403	)
Brunswick Corp.		(4,970	)		(434,378	)
Dutch Bros, Inc. - Class A		(6,984	)		(203,444	)
Floor & Decor Holdings, Inc. - Class A		(3,507	)		(424,768	)
Goodyear Tire & Rubber Co.		(17,757	)		(210,953	)
Krispy Kreme, Inc.		(23,579	)		(305,112	)
LGI Homes, Inc.		(2,013	)		(229,663	)
Peloton Interactive, Inc. - Class A		(23,498	)		(106,211	)
Portillo’s, Inc. - Class A		(12,224	)		(177,615	)
Qsound Labs, Inc.(a)		(4,440	)		0
Tesla, Inc.		(2,429	)		(490,367	)
Warby Parker, Inc. - Class A		(17,493	)		(222,336	)
Workhorse Group, Inc.		(77,319	)		(25,871	)
YETI Holdings, Inc.		(3,963	)		(162,642	)
					(3,257,763	)
Consumer Staples—(1.2)%
Amish Naturals, Inc.(a)		(25,959	)		0
Duckhorn Portfolio, Inc.		(10,951	)		(104,144	)
Utz Brands, Inc.		(13,116	)		(232,022	)
Westrock Coffee Co.		(35,462	)		(358,875	)
					(695,041	)
Energy—(0.2)%
Beard Co.		(9,710	)		0
OPAL Fuels, Inc. - Class A		(21,231	)		(101,484	)
					(101,484	)
Financials—(1.5)%
Affirm Holdings, Inc.		(4,181	)		(156,871	)
Credit Acceptance Corp.		(577	)		(319,427	)
P10, Inc. - Class A		(17,203	)		(159,472	)
Upstart Holdings, Inc.		(9,544	)		(245,758	)
					(881,528	)
Health Care—(1.8)%
10X Genomics, Inc. - Class A		(2,709	)		(126,348	)
BodyTel Scientific, Inc.(a)		(4,840	)		0
CareView Communications, Inc.		(165,489	)		(9,259	)
Establishment Labs Holdings, Inc.		(5,527	)		(252,473	)
LifeStance Health Group, Inc.		(37,744	)		(315,162	)
PROCEPT BioRobotics Corp.		(8,256	)		(399,095	)
					(1,102,337	)
Industrials—(2.6)%
Ameresco, Inc. - Class A		(5,730	)		(120,101	)
Applied Energetics, Inc.		(54,756	)		(103,489	)
Corporate Resource Services, Inc.(a)		(218,896	)		(22	)
Custom Truck One Source, Inc.		(28,940	)		(185,795	)
DynaMotive Energy Systems Corp.(a)		(72,185	)		(7	)

	NUMBER OF SHARES			VALUE
Industrials—(continued)
Ener1, Inc.(a)		(102,820	)	$	(10	)
Fiverr International Ltd.		(8,416	)		(198,618	)
Hayward Holdings, Inc.		(22,052	)		(326,149	)
Li-Cycle Holdings Corp.		(54,149	)		(19,494	)
MillerKnoll, Inc.		(11,878	)		(362,873	)
Omega Flex, Inc.		(3,309	)		(230,472	)
Sunrun, Inc.		(6,004	)		(72,288	)
Valence Technology, Inc.(a)		(27,585	)		(3	)
					(1,619,321	)
Information Technology—(5.4)%
ANTs software, Inc.(a)		(10,334	)		(1	)
C3.ai, Inc. - Class A		(4,028	)		(148,915	)
Consygen, Inc.(a)		(200	)		0
Entegris, Inc.		(2,239	)		(300,832	)
Envestnet, Inc.		(8,118	)		(418,321	)
HashiCorp, Inc. - Class A		(6,090	)		(158,766	)
Impinj, Inc.		(3,856	)		(421,152	)
Interliant, Inc.(a)		(600	)		0
IonQ, Inc.		(16,516	)		(171,106	)
LG Display Co., Ltd. - ADR		(50,654	)		(211,734	)
Lightwave Logic, Inc.		(54,237	)		(228,338	)
MicroVision, Inc.		(85,226	)		(201,133	)
nCino, Inc.		(5,853	)		(174,654	)
Nestor, Inc.(a)		(15,200	)		(2	)
Netlist, Inc.		(39,991	)		(63,986	)
Novanta, Inc.		(1,248	)		(215,829	)
Snowflake, Inc. - Class A		(817	)		(153,825	)
Sprout Social, Inc. - Class A		(5,384	)		(332,839	)
Tiger Telematics, Inc.(a)		(6,510	)		0
Uni-Pixel, Inc.		(19,665	)		0
Worldgate Communications, Inc.(a)		(582,655	)		(58	)
XRiver Corp.(a)		(34,156	)		0
					(3,201,491	)
TOTAL COMMON STOCKS (Proceeds $18,217,665)					(12,338,493	)
	CONTRACTS
RIGHTS—0.0%(b)
Information Technology—0.0%(b)
LG Display Co., Ltd., Expires 03/04/2024, Exercise Price $4.18(a)(c)		(16,103	)		0
TOTAL RIGHTS (Proceeds $0)					0
TOTAL SECURITIES SOLD SHORT—(20.6)% (Proceeds $18,217,665)				$	(12,338,493	)

(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 $(103) or 0.0% of net assets as of February 29, 2024.
(b)	Represents less than 0.05% of net assets.
(c)	Non-income producing security.
(d)	The rate shown represents the 7-day effective yield as of February  29, 2024.
	Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of the financial statements.

36  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND	Portfolio Of Options Written

	NOTIONAL AMOUNT			CONTRACTS			VALUE
OPTIONS WRITTEN—(0.2)% (a)(b)
Call Options—(0.2)%
Builders FirstSource, Inc., Expiration: 01/17/2025; Exercise Price: $180.00	$	(429,396	)		(22	)	$	(92,510	)
TOTAL OPTIONS WRITTEN (Premiums received $57,353)							$	(92,510	)

(a)	Exchange-traded.
(b)	100 shares per contract.
	Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  37

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND	Portfolio Of Investments (continued)

Contracts For Difference held by the Fund at February 29, 2024, are as follows:

REFERENCE ENTITY	COUNTERPARTY	MATURITY DATE	FINANCING RATE			PAYMENT FREQUENCY	NOTIONAL AMOUNT			UPFRONT PAYMENTS (RECEIPTS)		VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)
Short
United States
Azek Co., Inc.	JPMorgan	08/31/26		5.06	%	Termination	$	(210,433	)	$	0		$	(70,159	)
Azek Co., Inc.	JPMorgan	09/28/26		5.06		Termination		(120,660	)		0			(45,995	)
Confluent, Inc.	JPMorgan	08/31/26		5.06		Termination		(237,937	)		0			(14,472	)
Confluent, Inc.	JPMorgan	09/28/26		5.06		Termination		(65,674	)		0			(9,942	)
Freshpet, Inc.	JPMorgan	08/31/26		4.95		Termination		(145,809	)		0			(52,374	)
Freshpet, Inc.	JPMorgan	09/28/26		4.95		Termination		(110,317	)		0			(47,350	)
Glaukos Corp.	JPMorgan	08/31/26		5.06		Termination		(305,458	)		0			(50,306	)
Navitas Semiconductor Corp.	JPMorgan	08/31/26		5.06		Termination		(183,697	)		0			67,615
Navitas Semiconductor Corp.	JPMorgan	09/28/26		5.06		Termination		(50,710	)		0			6,216
Nerdy, Inc.	JPMorgan	08/31/26		4.62		Termination		(155,426	)		0			96,365
Nerdy, Inc.	JPMorgan	09/28/26		4.62		Termination		(42,908	)		0			5,824
WW International, Inc.	JPMorgan	08/31/26		5.06		Termination		(124,800	)		0			284,339
														169,761
Total Short														169,761
Net unrealized gain/(loss) on Contracts For Difference													$	169,761

The accompanying notes are an integral part of the financial statements.

38  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND	Portfolio Of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 29, 2024 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Assets:
Common Stocks:
Communication Services	$	3,524,329	$	2,829,683	$	694,646	$	—
Consumer Discretionary		6,411,799		5,650,423		761,376		—
Consumer Staples		3,452,854		3,452,854		—		—
Energy		3,657,972		3,657,972		—		—
Financials		11,887,076		11,887,076		—		—
Health Care		10,429,157		10,429,157		—		—
Industrials		8,109,622		7,610,925		498,697		—
Information Technology		8,607,368		8,607,368		—		—
Materials		2,078,281		2,078,281		—		—
Real Estate		1,454,370		1,454,370		—		—
Common Stocks - Total	$	59,612,828	$	57,658,109	$	1,954,719	$	—
Rights		—		—		—		—
Investments Purchased with Proceeds from Securities Lending(a)		9,341,219		—		—		—
Short-Term Investments		2,607		2,607		—		—
Total Assets	$	68,956,654	$	57,660,716	$	1,954,719	$	—

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Liabilities:
Common Stocks
Communication Services		(1,479,528	)		(1,479,528	)		—			—	^
Consumer Discretionary		(3,257,763	)		(3,257,763	)		—			—	^
Consumer Staples		(695,041	)		(695,041	)		—			—	^
Energy		(101,484	)		(101,484	)		—	^		—
Financials		(881,528	)		(881,528	)		—			—
Health Care		(1,102,337	)		(1,102,337	)		—			—	^
Industrials		(1,619,321	)		(1,619,279	)		—			(42	)
Information Technology		(3,201,491	)		(3,201,430	)		—			(61	)
Common Stocks - Total		(12,338,493	)		(12,338,390	)		—	^		(103	)
Options Written		(92,510	)		—			(92,510	)		—
Total Liabilities	$	(12,431,003	)	$	(12,338,390	)	$	(92,510	)	$	(103	)
Other Financial Instruments*:
Assets
Contracts For Difference	$	460,359		$	460,359		$	—		$	—
Total Assets	$	460,359		$	460,359		$	—		$	—
Liabilities
Contracts For Difference	$	(290,598	)	$	(290,598	)	$	—		$	—
Total Liabilities	$	(290,598	)	$	(290,598	)	$	—		$	—

^	Value equals 0 as of the end of the reporting period.
*	The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of February 29, 2024.

Refer to the Portfolio 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 Portfolio of Investments.

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  39

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio Of Investments

	NUMBER OF SHARES		VALUE
COMMON STOCKS—96.9%
Communication Services—6.1%
Alphabet, Inc. - Class A(a)		41,011	$	5,678,384
Cars.com, Inc.(a)		146,548		2,687,690
Deutsche Telekom AG		85,949		2,042,922
Informa PLC		282,596		2,897,454
Live Nation Entertainment, Inc.(a)		32,937		3,194,230
Match Group, Inc.(a)		51,807		1,867,124
Nexstar Media Group, Inc. - Class A(b)		8,514		1,414,771
Omnicom Group, Inc.		23,115		2,043,135
Take-Two Interactive Software, Inc.(a)(b)		22,687		3,333,401
TEGNA, Inc.		160,598		2,249,978
T-Mobile US, Inc.(b)		25,618		4,183,419
Vivid Seats, Inc. - Class A(a)		180,527		1,086,773
Warner Bros Discovery, Inc.(a)		136,319		1,198,244
				33,877,525
Consumer Discretionary—8.8%
AutoZone, Inc.(a)		988		2,969,948
Booking Holdings, Inc.(a)		1,589		5,511,970
Boyd Gaming Corp.		49,446		3,269,864
Capri Holdings Ltd.(a)		29,160		1,345,151
Crocs, Inc.(a)		10,192		1,245,972
eBay, Inc.		18,510		875,153
Entain PLC		148,663		1,715,452
Flutter Entertainment PLC(a)		15,359		3,325,782
Frontdoor, Inc.(a)		94,301		2,957,279
Genting Singapore Ltd.		2,962,000		2,004,474
Lennar Corp. - Class A		8,723		1,382,683
LKQ Corp.(b)		22,319		1,167,061
MGM Resorts International(a)		81,844		3,542,207
Restaurant Brands International, Inc.		53,204		4,131,290
Ross Stores, Inc.(c)		23,334		3,475,832
Tempur Sealy International, Inc.(b)		38,130		2,076,941
TJX Cos., Inc.(b)		31,304		3,103,479
Wyndham Hotels & Resorts, Inc.		34,995		2,678,867
Wynn Macau Ltd.(a)		2,577,300		2,173,914
				48,953,319
Consumer Staples—3.9%
Albertsons Cos., Inc. - Class A		117,848		2,389,957
Constellation Brands, Inc. - Class A		7,405		1,840,291
J M Smucker Co.		11,941		1,434,950
Nomad Foods Ltd.		109,354		2,015,394
Philip Morris International, Inc.		42,518		3,824,919
Simply Good Foods Co.(a)		44,744		1,587,517
Target Corp.		15,511		2,371,942
US Foods Holding Corp.(a)(b)		64,910		3,296,779
Walmart, Inc.		48,693		2,853,897
				21,615,646
Energy—8.0%
BP PLC - ADR		91,844		3,213,622
Canadian Natural Resources Ltd.		20,024		1,395,473
Cenovus Energy, Inc.		161,883		2,821,621
Diamondback Energy, Inc.		15,961		2,913,202
Kosmos Energy Ltd.(a)(b)		193,121		1,185,763
Marathon Petroleum Corp.(b)		25,439		4,305,042
MEG Energy Corp.(a)		93,122		1,993,290
Noble Corp. PLC		54,094		2,261,670
NOV, Inc.		133,495		2,256,066

	NUMBER OF SHARES		VALUE
Energy—(continued)
Peabody Energy Corp.		80,055	$	1,982,962
Phillips 66		35,152		5,009,511
Schlumberger Ltd.		98,520		4,761,472
Shell PLC - ADR		51,124		3,212,121
Technip Energies NV		75,727		1,646,855
Tidewater, Inc.(a)		37,945		2,657,288
Weatherford International PLC(a)		30,569		3,136,685
				44,752,643
Financials—18.9%
AIB Group PLC		210,998		979,575
American Express Co.		11,888		2,608,465
Ameriprise Financial, Inc.(b)		12,677		5,164,103
Aon PLC - Class A		11,556		3,651,580
Arthur J Gallagher & Co.		10,332		2,520,285
Bank of America Corp.(b)		198,319		6,845,972
Bankinter SA		111,595		710,388
Beazley PLC		229,950		1,898,130
Berkshire Hathaway, Inc. - Class B(a)(b)		7,371		3,017,687
BRP Group, Inc. - Class A(a)		45,213		1,257,826
Charles Schwab Corp.		19,148		1,278,703
Chubb Ltd.		11,466		2,885,648
Commerzbank AG		64,713		749,114
DBS Group Holdings Ltd.		37,000		917,425
Discover Financial Services		29,358		3,543,511
East West Bancorp, Inc.(b)		40,539		2,953,672
Evercore, Inc. - Class A		7,923		1,482,235
Everest Group Ltd.		6,805		2,510,228
Fifth Third Bancorp(b)		66,324		2,277,566
Fiserv, Inc.(a)		7,460		1,113,554
FleetCor Technologies, Inc.(a)(b)		7,580		2,116,867
Global Payments, Inc.		13,561		1,758,862
Goldman Sachs Group, Inc.(b)		2,972		1,156,257
Hana Financial Group, Inc.		34,814		1,481,262
Huntington Bancshares, Inc.(b)		285,834		3,727,275
ING Groep NV		176,951		2,435,176
JPMorgan Chase & Co.(b)		50,846		9,460,406
Markel Group, Inc.(a)(b)		1,657		2,473,039
Morgan Stanley		31,281		2,691,417
NatWest Group PLC		391,931		1,185,051
Nordea Bank Abp		219,206		2,668,493
Progressive Corp.		20,506		3,887,117
Renaissance Holdings Ltd.		11,180		2,513,488
SLM Corp.(b)		58,925		1,227,408
Sumitomo Mitsui Financial Group, Inc.		20,600		1,147,720
Synchrony Financial(b)		12,632		521,702
Travelers Cos., Inc.		9,058		2,001,456
United Overseas Bank Ltd.		87,000		1,810,349
W R Berkley Corp.(b)		15,544		1,299,478
Wells Fargo & Co.		168,338		9,357,908
White Mountains Insurance Group Ltd.		1,049		1,851,947
				105,138,345
Health Care—12.7%
Abbott Laboratories(b)		45,989		5,456,135
AbbVie, Inc.(b)		39,526		6,958,552
Amgen, Inc.		15,882		4,348,968
AMN Healthcare Services, Inc.(a)		30,437		1,712,690
AstraZeneca PLC		9,923		1,250,837
Avantor, Inc.(a)(b)		96,194		2,370,220
Boston Scientific Corp.(a)(b)		19,913		1,318,440
Bristol-Myers Squibb Co.		55,954		2,839,666

The accompanying notes are an integral part of the financial statements.

40  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio Of Investments (continued)

	NUMBER OF SHARES		VALUE
Health Care—(continued)
Cencora, Inc.		10,816	$	2,548,250
Centene Corp.(a)(b)		25,504		2,000,279
Cigna Group, (The)(b)		8,872		2,982,234
CVS Health Corp.(b)		20,216		1,503,464
Elevance Health, Inc.(b)		6,341		3,178,426
Fortrea Holdings, Inc.(a)		69,562		2,611,357
HCA Healthcare, Inc.		7,012		2,185,640
Henry Schein, Inc.(a)		11,081		847,364
Humana, Inc.		3,708		1,298,987
ICON PLC(a)		5,123		1,642,537
IQVIA Holdings, Inc.(a)		2,593		640,886
Johnson & Johnson		14,802		2,388,747
McKesson Corp.		3,526		1,838,492
Medtronic PLC		10,049		837,685
Merck & Co., Inc.		2,664		338,728
Molina Healthcare, Inc.(a)(b)		4,388		1,728,477
Novo Nordisk AS		6,840		816,461
Pfizer, Inc.		3,582		95,138
R1 RCM, Inc.(a)		39,047		548,610
Sanofi SA		19,255		1,835,285
Stryker Corp.		1,453		507,199
Thermo Fisher Scientific, Inc.		681		388,293
UnitedHealth Group, Inc.		17,320		8,549,153
Zimmer Biomet Holdings, Inc.(b)		17,706		2,201,918
				69,769,118
Industrials—18.6%
AAR Corp.(a)		28,339		1,892,478
Acuity Brands, Inc.		7,841		1,969,973
Advanced Drainage Systems, Inc.		16,365		2,671,423
Airbus Group SE		19,927		3,297,106
Allegion PLC		18,065		2,309,972
Allison Transmission Holdings, Inc.(b)		35,537		2,677,002
AMETEK, Inc.(b)		17,100		3,081,078
ANDRITZ AG		24,658		1,551,522
Atkore, Inc.		14,800		2,507,120
Beacon Roofing Supply, Inc.(a)(b)		29,029		2,493,301
Boeing Co.(a)		11,711		2,385,765
Brink’s Co.		28,409		2,353,117
Builders FirstSource, Inc.(a)		15,003		2,928,286
BWX Technologies, Inc.(b)		18,273		1,842,467
Carlisle Cos., Inc.		3,342		1,169,700
Clean Harbors, Inc.(a)		14,090		2,565,789
Concentrix Corp.		17,207		1,246,647
Curtiss-Wright Corp.		10,009		2,364,826
Dover Corp.(b)		14,498		2,397,679
Eaton Corp. PLC(b)		8,130		2,349,570
Eiffage SA		13,486		1,468,601
Ferguson PLC		10,488		2,217,688
Fortive Corp.(b)		21,998		1,872,690
FTI Consulting, Inc.(a)(b)		8,206		1,697,657
General Dynamics Corp.		10,713		2,927,327
Howmet Aerospace, Inc.(b)		54,169		3,604,947
Huron Consulting Group, Inc.(a)		18,170		1,783,022
Jacobs Solutions, Inc.		22,133		3,245,804
Leidos Holdings, Inc.(b)		16,184		2,069,286
Masco Corp.		28,095		2,156,572
NEXTracker, Inc. - Class A(a)		25,914		1,457,403
Norfolk Southern Corp.		4,089		1,036,071
nVent Electric PLC		38,629		2,600,503
Otis Worldwide Corp.		31,803		3,030,826
Parker-Hannifin Corp.(b)		2,853		1,527,639

	NUMBER OF SHARES		VALUE
Industrials—(continued)
RTX Corp.		15,729	$	1,410,419
Ryanair Holdings PLC - ADR		4,399		608,162
Science Applications International Corp.(b)		13,724		1,920,811
Sensata Technologies Holding PLC		16,297		560,943
Siemens AG		11,496		2,275,853
SS&C Technologies Holdings, Inc.(b)		48,972		3,122,455
Textron, Inc.		46,008		4,097,934
TriNet Group, Inc.(a)		17,522		2,242,991
Valmont Industries, Inc.(b)		5,025		1,064,948
WESCO International, Inc.		14,292		2,136,511
Westinghouse Air Brake Technologies Corp.		20,322		2,871,295
WillScot Mobile Mini Holdings Corp.(a)		45,847		2,189,194
				103,252,373
Information Technology—12.3%
Adeia, Inc.		275,900		3,128,706
Advanced Micro Devices, Inc.(a)		15,219		2,930,114
Applied Materials, Inc.		12,304		2,480,732
Arrow Electronics, Inc.(a)(b)		8,349		981,008
Broadcom, Inc.		4,269		5,551,791
Capgemini SE		12,368		3,008,442
CDW Corp.		9,114		2,243,958
Celestica, Inc.(a)		79,021		3,360,763
Check Point Software Technologies Ltd.(a)		26,872		4,310,806
Cognizant Technology Solutions Corp. - Class A(b)		23,316		1,842,430
Dell Technologies, Inc. - Class C		47,450		4,491,616
Flex Ltd.(a)		148,777		4,188,073
Gen Digital, Inc.(b)		138,767		2,982,103
Jabil, Inc.(b)		13,188		1,900,259
Lam Research Corp.		2,878		2,700,284
Microchip Technology, Inc.(b)		32,112		2,701,904
Micron Technology, Inc.		20,424		1,850,619
NetApp, Inc.		10,380		925,066
Nice Ltd. - ADR(a)		15,295		3,749,569
NXP Semiconductors NV		7,100		1,773,083
Oracle Corp.(b)		33,617		3,754,347
QUALCOMM, Inc.		6,444		1,016,799
Samsung Electronics Co., Ltd.		54,696		3,018,832
Teradyne, Inc.		10,116		1,047,916
Zebra Technologies Corp. - Class A(a)		8,905		2,488,769
				68,427,989
Materials—1.9%
CRH PLC		32,676		2,754,913
DuPont de Nemours, Inc.(b)		18,883		1,306,515
FMC Corp.		44,582		2,513,979
Hudbay Minerals, Inc.		188,673		1,110,782
PPG Industries, Inc.		10,110		1,431,576
Teck Resources Ltd. - Class B		48,566		1,865,906
				10,983,671
Real Estate—2.2%
Americold Realty Trust, Inc.(b)		56,661		1,433,523
Equity LifeStyle Properties, Inc.		9,820		661,082
Essex Property Trust, Inc.		10,595		2,451,684
Host Hotels & Resorts, Inc.(b)		34,472		714,949
Kimco Realty Corp.		91,104		1,800,215

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  41

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio Of Investments (continued)

	NUMBER OF SHARES		VALUE
Real Estate—(continued)
Lamar Advertising Co. - Class A(b)		16,478	$	1,821,643
Regency Centers Corp.(b)		26,073		1,615,222
VICI Properties, Inc.		63,198		1,891,517
				12,389,835
Utilities—3.5%
American Electric Power Co., Inc.		31,193		2,657,332
CenterPoint Energy, Inc.(b)		80,401		2,211,028
FirstEnergy Corp.		59,769		2,188,143
New Jersey Resources Corp.		14,811		616,286
NiSource, Inc.		103,832		2,705,862
OGE Energy Corp.		69,679		2,293,136
PPL Corp.		103,097		2,718,667
Southern Co.		34,713		2,334,449
SSE PLC		75,314		1,547,893
				19,272,796
TOTAL COMMON STOCKS (Cost $382,729,955)				538,433,260
	PAR
CORPORATE BONDS—0.1%
Andrada Mining Ltd., 12.00%, 07/31/2026 (e)		GBP 700,000		786,241
TOTAL CORPORATE BONDS (Cost $915,463)				786,241
	CONTRACTS
WARRANTS—0.0%(d)
Andrada Mining Ltd., Expires 07/17/2025, Exercise Price $0.10(a)(e)		1,400,000		1,573
TOTAL WARRANTS (Cost $18,309)				1,573
	NUMBER OF SHARES
SHORT-TERM INVESTMENTS—0.1%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio - Class Institutional, 5.22%(b)(f)		113,421		113,421
Federated Hermes U.S. Treasury Cash Reserves - Class Institutional, 5.18%(b)(f)		113,421		113,421
Fidelity Treasury Portfolio - Class I, 5.20%(b)(f)		45,919		45,919
Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Class Institutional, 5.17%(b)(f)		113,421		113,421
MSILF Treasury Securities Portfolio - Class Institutional, 5.17%(b)(f)		67,500		67,500
TOTAL SHORT-TERM INVESTMENTS (Cost $453,682)				453,682
TOTAL INVESTMENTS—97.1% (Cost $384,117,409)				539,674,756
Money Market Deposit Account—0.6%(g)				3,287,560
OTHER ASSETS IN EXCESS OF LIABILITIES—2.3%				10,703,254
TOTAL NET ASSETS—100.0%			$	553,665,570

ADR	American Depositary Receipt
PLC	Public Limited Company
SA	Sociedad Anónima
(a)	Non-income producing security.
(b)	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
(c)	Held in connection with written option contracts. See Schedule of Options Written for further information.
(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 $787,814 or 0.1% of net assets as of February 29, 2024.
(f)	The rate shown represents the 7-day effective yield as of February 29, 2024.
(g)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of February 29, 2024 was 5.20%.
	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. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of the financial statements.

42  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio Of Securities Sold Short

	NUMBER OF SHARES			VALUE
COMMON STOCKS—(27.7)%
Communication Services—(1.6)%
Angi, Inc.		(220,684	)	$	(633,363	)
Clear Channel Outdoor Holdings, Inc.		(698,475	)		(1,201,377	)
Dentsu Group, Inc.		(48,800	)		(1,352,038	)
Fox Corp. - Class A		(29,638	)		(882,916	)
Liberty Global Ltd. - Class C		(58,839	)		(1,091,463	)
Lions Gate Entertainment Corp. - Class A		(139,020	)		(1,349,885	)
Paramount Global - Class B		(60,333	)		(666,076	)
Roblox Corp. - Class A		(27,034	)		(1,078,657	)
Rumble, Inc.		(54,657	)		(356,910	)
Trade Desk, Inc. - Class A		(8,657	)		(739,568	)
					(9,352,253	)
Consumer Discretionary—(5.7)%
Accor SA		(36,145	)		(1,570,061	)
Acushnet Holdings Corp.		(18,743	)		(1,207,424	)
B&M European Value Retail SA		(122,031	)		(811,666	)
Cheesecake Factory, Inc.		(19,745	)		(698,578	)
Choice Hotels International, Inc.		(16,929	)		(1,895,032	)
Dick’s Sporting Goods, Inc.		(11,581	)		(2,060,144	)
Five Below, Inc.		(6,675	)		(1,339,539	)
Hyatt Hotels Corp. - Class A		(7,843	)		(1,204,606	)
KB Home		(27,096	)		(1,799,987	)
Krispy Kreme, Inc.		(65,718	)		(850,391	)
LGI Homes, Inc.		(15,562	)		(1,775,469	)
Life Time Group Holdings, Inc.		(39,906	)		(548,308	)
Marriott Vacations Worldwide Corp.		(9,608	)		(895,370	)
Mobileye Global, Inc. - Class A		(31,128	)		(792,830	)
NIKE, Inc. - Class B		(9,294	)		(965,925	)
Nokian Renkaat Oyj		(340,209	)		(3,107,027	)
Playa Hotels & Resorts NV		(151,390	)		(1,391,274	)
Portillo’s, Inc. - Class A		(25,727	)		(373,813	)
QuantumScape Corp.		(404,442	)		(2,535,851	)
Rakuten Group, Inc.		(137,900	)		(755,827	)
Sabre Corp.		(398,199	)		(1,055,227	)
SJM Holdings Ltd.		(4,236,000	)		(1,292,706	)
Soho House & Co., Inc.		(161,981	)		(942,729	)
Tractor Supply Co.		(5,883	)		(1,496,165	)
					(31,365,949	)
Consumer Staples—(2.2)%
Davide Campari-Milano NV		(86,443	)		(876,542	)
Duckhorn Portfolio, Inc.		(101,897	)		(969,040	)
Freshpet, Inc.		(19,543	)		(2,208,945	)
Hormel Foods Corp.		(43,474	)		(1,535,502	)
Kimberly-Clark Corp.		(15,181	)		(1,839,482	)
McCormick & Co., Inc.		(18,562	)		(1,278,179	)
Sprouts Farmers Market, Inc.		(19,810	)		(1,236,936	)
Treasury Wine Estates Ltd.		(152,559	)		(1,224,800	)
TreeHouse Foods, Inc.		(35,192	)		(1,259,522	)
					(12,428,948	)
Energy—(2.0)%
Antero Resources Corp.		(73,846	)		(1,897,842	)
CVR Energy, Inc.		(52,045	)		(1,726,853	)
Matador Resources Co.		(35,861	)		(2,264,622	)
Occidental Petroleum Corp.		(67,740	)		(4,105,721	)
Permian Resources Corp.		(120,663	)		(1,877,516	)
					(11,872,554	)
Financials—(3.2)%
AJ Bell PLC		(346,166	)		(1,327,509	)
Aozora Bank Ltd.		(129,600	)		(2,380,571	)
Ashmore Group PLC		(509,651	)		(1,332,993	)
Avanza Bank Holding AB		(58,880	)		(1,295,933	)

	NUMBER OF SHARES			VALUE
Financials—(continued)
Cincinnati Financial Corp.		(12,627	)	$	(1,439,478	)
Erie Indemnity Co. - Class A		(2,738	)		(1,114,037	)
Hang Seng Bank Ltd.		(235,900	)		(2,687,886	)
Moelis & Co. - Class A		(23,969	)		(1,295,285	)
T Rowe Price Group, Inc.		(27,196	)		(3,082,667	)
Texas Capital Bancshares, Inc.		(18,913	)		(1,109,247	)
Trupanion, Inc.		(8,076	)		(216,033	)
United Bankshares, Inc.		(38,978	)		(1,352,147	)
					(18,633,786	)
Health Care—(2.1)%
agilon health, Inc.		(99,578	)		(610,413	)
Ambu AS - Class B		(21,027	)		(367,919	)
Ascendis Pharma AS - ADR		(5,155	)		(761,703	)
Cassava Sciences, Inc.		(12,417	)		(285,343	)
Corcept Therapeutics, Inc.		(21,986	)		(516,671	)
Doximity, Inc. - Class A		(21,008	)		(593,056	)
GoodRx Holdings, Inc. - Class A		(118,464	)		(922,835	)
Guardant Health, Inc.		(19,963	)		(379,297	)
Insulet Corp.		(3,329	)		(545,956	)
Intra-Cellular Therapies, Inc.		(9,680	)		(672,954	)
Madrigal Pharmaceuticals, Inc.		(2,813	)		(664,431	)
MoonLake Immunotherapeutics		(6,323	)		(305,022	)
Neogen Corp.		(35,596	)		(611,895	)
Oxford Nanopore Technologies PLC		(112,995	)		(189,704	)
Recursion Pharmaceuticals, Inc. - Class A		(65,617	)		(883,205	)
Revance Therapeutics, Inc.		(45,449	)		(324,506	)
Rhythm Pharmaceuticals, Inc.		(13,993	)		(607,576	)
Tandem Diabetes Care, Inc.		(25,751	)		(685,749	)
TG Therapeutics, Inc.		(35,676	)		(614,341	)
Twist Bioscience Corp.		(17,495	)		(687,379	)
					(11,229,955	)
Industrials—(5.2)%
Atlas Arteria Ltd.		(369,950	)		(1,299,999	)
Exponent, Inc.		(15,935	)		(1,288,982	)
Furukawa Electric Co., Ltd.		(135,100	)		(2,677,691	)
Generac Holdings, Inc.		(14,987	)		(1,686,187	)
Hayward Holdings, Inc.		(113,681	)		(1,681,342	)
Husqvarna AB - Class B		(357,851	)		(2,763,891	)
Kornit Digital Ltd.		(74,318	)		(1,336,981	)
ManpowerGroup, Inc.		(13,626	)		(983,252	)
Montrose Environmental Group, Inc.		(46,518	)		(1,924,915	)
Nidec Corp.		(34,700	)		(1,316,821	)
NV5 Global, Inc.		(8,812	)		(896,269	)
Oshkosh Corp.		(13,020	)		(1,443,397	)
Proto Labs, Inc.		(59,818	)		(2,179,170	)
Regal Rexnord Corp.		(21,176	)		(3,631,471	)
SiteOne Landscape Supply, Inc.		(14,403	)		(2,426,617	)
Terex Corp.		(29,809	)		(1,709,546	)
					(29,246,531	)
Information Technology—(2.4)%
Amdocs Ltd.		(17,704	)		(1,614,605	)
Cognex Corp.		(58,626	)		(2,312,796	)
Entegris, Inc.		(28,595	)		(3,842,024	)
GCL Technology Holdings Ltd.		(10,247,000	)		(1,425,348	)
Jamf Holding Corp.		(140,883	)		(2,534,485	)
Palantir Technologies, Inc. - Class A		(51,217	)		(1,284,522	)
					(13,013,780	)
Materials—(1.2)%
Albemarle Corp.		(7,836	)		(1,080,193	)
Ganfeng Lithium Group Co., Ltd. - Class H		(267,400	)		(885,848	)
Lynas Rare Earths Ltd.		(174,181	)		(662,744	)

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  43

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio Of Securities Sold Short (concluded)

	NUMBER OF SHARES			VALUE
Materials—(continued)
MP Materials Corp.		(79,194	)	$	(1,204,541	)
Sumitomo Chemical Co., Ltd.		(485,800	)		(982,216	)
Symrise AG		(18,259	)		(1,868,492	)
					(6,684,034	)
Real Estate—(2.1)%
Camden Property Trust		(8,107	)		(765,949	)
CBRE Group, Inc. - Class A		(18,230	)		(1,675,155	)
Digital Realty Trust, Inc.		(5,844	)		(857,958	)
Howard Hughes Holdings, Inc.		(11,839	)		(904,500	)
Mid-America Apartment Communities, Inc.		(9,137	)		(1,148,338	)
Nomura Real Estate Master Fund, Inc.		(896	)		(890,523	)
Sagax AB - Class B		(56,348	)		(1,332,786	)
Segro PLC		(142,587	)		(1,525,048	)
SL Green Realty Corp.		(32,839	)		(1,592,035	)
Unibail-Rodamco-Westfield		(12,530	)		(916,238	)
					(11,608,530	)
TOTAL COMMON STOCKS (Proceeds $159,716,863)					(155,436,320	)
	CONTRACTS
WARRANTS—(0.0)%(a)
Health Care—(0.0)%(a)
Cassava Sciences, Inc., Expires 11/15/2024, Exercise Price $33.00(b)		(5,870	)		(31,405	)
TOTAL WARRANTS (Proceeds $0)					(31,405	)
TOTAL SECURITIES SOLD SHORT—(27.7)% (Proceeds $159,716,863)				$	(155,467,725	)

(a)	Represents less than 0.05% of net assets.
(b)	Non-income producing security.
	Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of the financial statements.

44  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio Of Options Written

	NOTIONAL AMOUNT			CONTRACTS			VALUE
OPTIONS WRITTEN—0.0%(a)(b)(c)
Call Options—0.0%(b)
Ross Stores, Inc., Expiration: 03/15/2024; Exercise Price: $135.00	$	(1,430,016	)		(96	)	$	(144,096	)
TOTAL OPTIONS WRITTEN (Premiums received $110,397)							$	(144,096	)

(a)	Exchange-traded.
(b)	Represents less than 0.05% of net assets.
(c)	100 shares per contract.
	Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  45

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio Of Investments (continued)

Contracts For Difference held by the Fund at February 29, 2024, are as follows:

REFERENCE ENTITY	COUNTERPARTY	MATURITY DATE	FINANCING RATE			PAYMENT FREQUENCY	NOTIONAL AMOUNT			UPFRONT PAYMENTS (RECEIPTS)		VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)
Short
Australia
Commonwealth Bank of Australia	Morgan Stanley	08/12/2025		4.32	%	Termination	$	(3,634,644	)	$	0		$	(311,291	)
China
Shenzhen Dynanonic Co., Ltd.	Bank of America	20/10/2026		5.33		Termination		(433,465	)		0			327,168
Shenzhen Goodix Technology	Morgan Stanley	03/08/2026		5.33		Termination		(866,792	)		0			(134,630	)
														192,538
Germany
Deutsche Bank AG	Morgan Stanley	08/12/2025		3.99		Termination		(1,007,128	)		0			(186,566	)
Deutsche Bank AG	Goldman Sachs	06/10/2026		3.91		Termination		(154,024	)		0			(30,874	)
														(217,440	)
Japan
Nippon Shinyaku Co., Ltd.	Morgan Stanley	08/12/2025		-0.01		Termination		(337,260	)		0			210,699
South Korea
EcoPro BM Co., Ltd.	Morgan Stanley	20/10/2026		5.33		Termination		(1,588,673	)		0			(140,751	)
EcoPro Co., Ltd.	Bank of America	23/10/2026		5.33		Termination		(1,055,371	)		0			271,601
EcoPro Co., Ltd.	Goldman Sachs	30/10/2026		5.33		Termination		(547,642	)		0			21,788
Kakaobank Corp.	Goldman Sachs	08/12/2025		5.33		Termination		(574,961	)		0			(4,535	)
Kakaobank Corp.	JPMorgan	12/10/2026		3.31		Termination		(58,712	)		0			(12,609	)
Netmarble Corp.	Goldman Sachs	10/03/2026		5.33		Termination		(218,239	)		0			(7,596	)
Netmarble Corp.	Morgan Stanley	16/03/2026		5.33		Termination		(1,169,548	)		0			(109,080	)
Posco Future M Co., Ltd.	Bank of America	23/10/2026		5.33		Termination		(2,090,400	)		0			(166,125	)
														(147,307	)
Switzerland
Vat Group AG	Morgan Stanley	08/12/2025		1.69		Termination		(3,144,939	)		0			(1,026,221	)
Taiwan
Acer, Inc.	Goldman Sachs	08/12/2025		5.33		Termination		(1,186,974	)		0			(534,685	)
Compal Electronics	Goldman Sachs	08/12/2025		5.33		Termination		(915,690	)		0			(346,620	)
Pan Jit International, Inc.	Goldman Sachs	08/12/2025		5.33		Termination		(1,677,977	)		0			70,040
SDI Corporation	Goldman Sachs	08/12/2025		5.33		Termination		(370,000	)		0			38,237
														(773,028	)
United States
Bank of Hawaii Corp.	Morgan Stanley	08/12/2025		5.33		Termination		(2,324,457	)		0			668,648
Bank of Hawaii Corp.	Goldman Sachs	02/03/2026		5.33		Termination		(843,558	)		0			53,607
BlackLine, Inc.	Morgan Stanley	08/12/2025		5.33		Termination		(1,147,024	)		0			114,844
Ceridian HCM Holding, Inc.	Morgan Stanley	08/12/2025		5.33		Termination		(671,859	)		0			(67,513	)
Commerce Bancshares, Inc.	Morgan Stanley	08/12/2025		5.33		Termination		(2,752,929	)		0			662,412
Commerce Bancshares, Inc.	Goldman Sachs	06/10/2026		5.33		Termination		(300,039	)		0			(47,401	)
Community Bank System, Inc.	Morgan Stanley	08/12/2025		5.33		Termination		(2,509,937	)		0			944,689
Community Bank System, Inc.	Goldman Sachs	06/10/2026		5.33		Termination		(273,521	)		0			(20,362	)
Credit Acceptance Corp.	Morgan Stanley	08/12/2025		5.33		Termination		(1,867,846	)		0			(323,398	)
Credit Acceptance Corp.	Goldman Sachs	02/03/2026		5.33		Termination		(678,160	)		0			(140,651	)
Cullen/Frost Bankers, Inc.	Morgan Stanley	08/12/2025		5.33		Termination		(1,038,115	)		0			285,001
Cullen/Frost Bankers, Inc.	Goldman Sachs	06/04/2026		5.33		Termination		(506,091	)		0			(30,569	)
CVB Financial Corp.	Morgan Stanley	08/12/2025		5.33		Termination		(451,456	)		0			279,839
CVB Financial Corp.	Goldman Sachs	06/10/2026		5.33		Termination		(46,107	)		0			(4,167	)
Definitive Healthcare Corp.	Morgan Stanley	08/12/2025		5.33		Termination		(491,565	)		0			109,983
Figs, Inc.	Morgan Stanley	08/12/2025		5.33		Termination		(421,083	)		0			190,816
First Financial Bankshares, Inc.	Morgan Stanley	08/12/2025		5.33		Termination		(2,334,485	)		0			348,588
First Financial Bankshares, Inc.	Goldman Sachs	02/03/2026		5.33		Termination		(1,502,694	)		0			19,031
Floor & Decor Holdings, Inc.	Morgan Stanley	08/12/2025		5.33		Termination		(2,436,329	)		0			(987,243	)
Floor & Decor Holdings, Inc.	Goldman Sachs	13/04/2026		5.33		Termination		(328,356	)		0			(62,680	)
Glacier Bancorp, Inc.	Morgan Stanley	08/12/2025		5.33		Termination		(2,069,812	)		0			962,999
Glacier Bancorp, Inc.	Goldman Sachs	02/03/2026		5.33		Termination		(1,524,753	)		0			(57,733	)
Kinsale Capital Group, Inc.	Morgan Stanley	08/12/2025		5.33		Termination		(1,051,459	)		0			(459,568	)
Kinsale Capital Group, Inc.	Goldman Sachs	21/09/2026		5.33		Termination		(180,147	)		0			(34,710	)

The accompanying notes are an integral part of the financial statements.

46  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio Of Investments (continued)

REFERENCE ENTITY	COUNTERPARTY	MATURITY DATE	FINANCING RATE	PAYMENT FREQUENCY		NOTIONAL AMOUNT			UPFRONT PAYMENTS (RECEIPTS)		VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)
United States—(continued)
Lowe’s Cos., Inc.	Morgan Stanley	08/12/2025	5.33		Termination	$	(1,304,913	)	$	0		$	(210,157	)
Moody’s Corp.	Goldman Sachs	02/03/2026	5.33		Termination		(694,339	)		0			(163,151	)
Myriad Genetics, Inc.	Morgan Stanley	08/12/2025	5.33		Termination		(556,822	)		0			(37,778	)
National Beverage Corp.	Morgan Stanley	08/12/2025	5.33		Termination		(1,542,984	)		0			(84,125	)
National Beverage Corp.	Goldman Sachs	15/12/2025	5.33		Termination		(133,390	)		0			(5,139	)
Novanta, Inc.	Morgan Stanley	08/12/2025	5.33		Termination		(1,205,219	)		0			(166,420	)
Novanta, Inc.	Goldman Sachs	31/08/2026	5.33		Termination		(1,834,029	)		0			(370,809	)
RLI Corp.	Morgan Stanley	08/12/2025	5.33		Termination		(1,955,693	)		0			(243,043	)
WD-40 Co.	Morgan Stanley	08/12/2025	5.33		Termination		(701,303	)		0			(263,991	)
WD-40 Co.	Goldman Sachs	15/12/2025	5.33		Termination		(179,016	)		0			(67,751	)
Wolfspeed, Inc.	Morgan Stanley	08/12/2025	5.33		Termination		(247,841	)		0			521,494
Wolfspeed, Inc.	Goldman Sachs	31/08/2026	5.33		Termination		(980,538	)		0			555,926
													1,869,518
Total Short													(202,532	)
Net unrealized gain/(loss) on Contracts For Difference												$	(202,532	)

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  47

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio Of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 29, 2024 is as follows (see Notes to Portfolio of Investments):

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Assets:
Common Stocks:
Communication Services	$	33,877,525		$	28,937,149		$	4,940,376		$	—
Consumer Discretionary		48,953,319			39,733,697			9,219,622			—
Consumer Staples		21,615,646			21,615,646			—			—
Energy		44,752,643			43,105,788			1,646,855			—
Financials		105,138,345			89,155,662			15,982,683			—
Health Care		69,769,118			65,866,535			3,902,583			—
Industrials		103,252,373			94,659,291			8,593,082			—
Information Technology		68,427,989			62,400,715			6,027,274			—
Materials		10,983,671			10,983,671			—			—
Real Estate		12,389,835			12,389,835			—			—
Utilities		19,272,796			17,724,903			1,547,893			—
Common Stocks - Total	$	538,433,260		$	486,572,892		$	51,860,368		$	—
Corporate Bonds		786,241			—			—			786,241
Warrants		1,573			—			—			1,573
Short-Term Investments		453,682			453,682			—			—
Total Assets	$	539,674,756		$	487,026,574		$	51,860,368		$	787,814
	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Liabilities:
Common Stocks:
Communication Services	$	(9,352,253	)	$	(8,000,215	)	$	(1,352,038	)	$	—
Consumer Discretionary		(31,365,949	)		(23,828,662	)		(7,537,287	)		—
Consumer Staples		(12,428,948	)		(10,327,606	)		(2,101,342	)		—
Energy		(11,872,554	)		(11,872,554	)		—			—
Financials		(18,633,786	)		(12,269,395	)		(6,364,391	)		—
Health Care		(11,229,955	)		(10,862,036	)		(367,919	)		—
Industrials		(29,246,531	)		(21,188,129	)		(8,058,402	)		—
Information Technology		(13,013,780	)		(11,588,432	)		(1,425,348	)		—
Materials		(6,684,034	)		(2,284,734	)		(4,399,300	)		—
Real Estate		(11,608,530	)		(6,943,935	)		(4,664,595	)		—
Common Stocks - Total		(155,436,320	)		(119,165,698	)		(36,270,622	)		—
Warrants		(31,405	)		(31,405	)		—			—
Options Written		(144,096	)		(144,096	)		—			—
Total Liabilities	$	(155,611,821	)	$	(119,341,199	)	$	(36,270,622	)	$	—
Other Financial Instruments*:
Assets
Contracts For Difference	$	6,657,410		$	6,657,410		$	—		$	—
Total Assets	$	6,657,410		$	6,657,410		$	—		$	—
Liabilities
Contracts For Difference	$	(6,859,942	)	$	(6,859,942	)	$	—		$	—
Total Liabilities	$	(6,859,942	)	$	(6,859,942	)	$	—		$	—

* The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of February 29, 2024.

Refer to the Portfolio of Investments for industry classifications.

The accompanying notes are an integral part of the financial statements.

48  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio Of Investments

	NUMBER OF SHARES		VALUE
COMMON STOCKS—74.3%
Bermuda—2.5%
Everest Group Ltd.(a)(b)		7,597	$	2,802,381
Teekay Tankers Ltd. - Class A		23,607		1,294,136
				4,096,517
Canada—9.4%
Allied Gold Corp.(c)		124,876		272,360
Capstone Copper Corp.(c)		155,241		814,439
Cenovus Energy, Inc.		81,508		1,420,376
Cenovus Energy, Inc.		270,441		4,713,788
Hudbay Minerals, Inc.		220,221		1,296,515
Kinross Gold Corp.		495,865		2,426,072
MEG Energy Corp.(c)		47,395		1,014,497
Teck Resources Ltd. - Class B		90,412		3,473,629
				15,431,676
China—0.9%
Alibaba Group Holding Ltd. - ADR		20,882		1,545,894
France—3.8%
Eurazeo SE		9,750		824,856
Imerys SA		34,081		1,078,806
Rexel SA		38,922		999,174
SPIE SA		76,368		2,543,746
Technip Energies NV		36,382		791,209
				6,237,791
Germany—1.6%
Infineon Technologies AG		34,424		1,236,015
Siemens AG		6,604		1,307,388
				2,543,403
Greece—0.5%
Okeanis Eco Tankers Corp.(d)		26,798		792,236
Ireland—2.2%
ICON PLC(c)		6,526		2,092,366
Perrigo Co., PLC		27,086		711,278
Ryanair Holdings PLC - ADR		5,861		810,283
				3,613,927
Israel—1.3%
Check Point Software Technologies Ltd.(c)		13,137		2,107,438
Italy—0.7%
Iveco Group NV(c)		96,503		1,188,610
Japan—8.9%
Honda Motor Co., Ltd.		162,800		1,934,481
Japan Post Holdings Co., Ltd.		188,200		1,816,353
Kansai Paint Co., Ltd.		65,400		949,257
Mitsubishi Heavy Industries Ltd.		12,100		957,678
Renesas Electronics Corp.		143,100		2,364,454
Ryohin Keikaku Co., Ltd.		212,700		3,360,920
Sumitomo Mitsui Financial Group, Inc.		43,900		2,445,868
Suzuken Co., Ltd.		20,800		619,240
				14,448,251
Luxembourg—0.6%
Tenaris SA - ADR		30,162		1,061,702
Monaco—0.6%
Scorpio Tankers, Inc.		13,783		925,253
Netherlands—0.5%
Euronext NV(d)		9,083		837,096

	NUMBER OF SHARES		VALUE
South Korea—4.2%
Hana Financial Group, Inc.		47,448	$	2,018,812
Hankook Tire & Technology Co., Ltd.		15,242		620,964
Hyundai Marine & Fire Insurance Co., Ltd.(c)		55,787		1,319,459
KB Financial Group, Inc.		35,113		1,674,688
KT Corp. - ADR(c)		66,348		950,103
Samsung C&T Corp.		2,994		352,328
				6,936,354
United Kingdom—5.0%
Barratt Developments PLC		147,621		870,985
Endeavour Mining PLC		57,171		939,826
Hikma Pharmaceuticals PLC		46,993		1,166,229
IMI PLC		97,799		2,146,675
Nomad Foods Ltd.		69,046		1,272,518
Tesco PLC		519,699		1,833,008
				8,229,241
United States—31.6%(d)
Advanced Micro Devices, Inc.(b)(c)		26,016		5,008,861
AGCO Corp.(a)		9,774		1,072,208
Alphabet, Inc. - Class C(a)(c)		23,174		3,239,262
Amgen, Inc.		8,505		2,328,924
Applied Materials, Inc.(a)(b)		7,642		1,540,780
Booking Holdings, Inc.(a)(b)(c)		981		3,402,923
Bristol-Myers Squibb Co.		29,679		1,506,209
Centene Corp.(a)(c)		37,140		2,912,890
Cisco Systems, Inc.		32,976		1,595,049
Elevance Health, Inc.		2,349		1,177,436
Expedia Group, Inc.(a)(b)(c)		9,731		1,331,395
Global Payments, Inc.		11,370		1,474,689
Jacobs Solutions, Inc.		12,179		1,786,050
JPMorgan Chase & Co.(a)(b)		15,338		2,853,788
Lennar Corp. - Class A(a)(b)		7,395		1,172,181
Oracle Corp.(a)(b)		21,177		2,365,048
Patterson-UTI Energy, Inc.		185,986		2,151,858
PayPal Holdings, Inc.(c)		19,134		1,154,546
Peabody Energy Corp.		73,534		1,821,437
QUALCOMM, Inc.		11,731		1,851,034
Schlumberger Ltd.		42,404		2,049,385
Textron, Inc.		22,309		1,987,062
Upwork, Inc.(c)		80,471		1,054,170
US Foods Holding Corp.(a)(c)		37,060		1,882,277
Zimmer Biomet Holdings, Inc.		24,447		3,040,230
				51,759,692
TOTAL COMMON STOCKS (Cost $103,508,825)				121,755,081
	PAR
CORPORATE BONDS—0.8%
United Kingdom—0.8%
Andrada Mining Ltd., 12.00%, 07/31/2026 (g)	GBP	1,100,000		1,235,521
TOTAL CORPORATE BONDS (Cost $1,438,585)				1,235,521
	CONTRACTS
WARRANTS—0.0%(e)
United Kingdom—0.0%(e)
Andrada Mining Ltd., Expires 07/17/2025, Exercise Price $0.10(c)(f)		2,200,000		2,472
TOTAL WARRANTS (Cost $28,772)				2,472

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  49

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio Of Investments (continued)

	NUMBER OF SHARES		VALUE
SHORT-TERM INVESTMENTS—23.3%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio - Class Institutional, 5.22%(a)(g)		958,315	$	958,315
Federated Hermes U.S. Treasury Cash Reserves - Class Institutional, 5.18%(a)(g)		958,315		958,315
Fidelity Treasury Portfolio - Class I, 5.20%(a)(g)		958,315		958,315
Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Class Institutional, 5.17%(a)(g)		958,315		958,315
MSILF Prime Portfolio - Class Institutional, 5.40%(g)		53,298		53,328
Tri-State Deposit, 5.45%(g)		34,310,856		34,310,856
TOTAL SHORT-TERM INVESTMENTS (Cost $38,197,444)				38,197,444
TOTAL INVESTMENTS—98.4% (Cost $143,173,626)				161,190,518
Money Market Deposit Account—1.1%(h)				1,726,569
OTHER ASSETS IN EXCESS OF LIABILITIES—0.5%				878,465
TOTAL NET ASSETS—100.0%			$	163,795,552

ADR	American Depositary Receipt
PLC	Public Limited Company
SA	Sociedad Anónima
(a)	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
(b)	Held in connection with written option contracts. See Schedule of Options Written for further information.
(c)	Non-income producing security.
(d)	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.
(e)	Represents less than 0.05% of net assets.
(f)	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 $1,237,993 or 0.8% of net assets as of February 29, 2024.
(g)	The rate shown represents the 7-day effective yield as of February 29, 2024.
(h)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of February 29, 2024 was 5.20%.
	Percentages are stated as a percent of net assets.
	Par amount is in USD unless otherwise indicated.

The accompanying notes are an integral part of the financial statements.

50  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio Of Securities Sold Short

	NUMBER OF SHARES			VALUE
COMMON STOCKS—(0.5)%
United States—(0.5)%
Exponent, Inc.		(10,178	)	$	(823,298	)
TOTAL COMMON STOCKS (Proceeds $785,783)					(823,298	)
TOTAL SECURITIES SOLD SHORT—(0.5)% (Proceeds $785,783)				$	(823,298	)

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  51

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio Of Options Written

	NOTIONAL AMOUNT			NUMBER OF CONTRACTS			VALUE
OPTIONS WRITTEN—(1.7)%(a)(b)
Call Options—(1.7)%
Advanced Micro Devices, Inc.
Expiration: 04/19/2024; Exercise Price: $160.00	$	(2,695,420	)		(140	)	$	(496,160	)
Expiration: 04/19/2024; Exercise Price: $145.00		(1,790,529	)		(93	)		(462,675	)
Applied Materials, Inc.,
Expiration: 06/21/2024; Exercise Price: $140.00		(1,209,720	)		(60	)		(387,750	)
Booking Holdings, Inc.,
Expiration: 06/21/2024; Exercise Price: $3,000.00		(3,121,947	)		(9	)		(496,368	)
Everest Group Ltd.,
Expiration: 04/19/2024; Exercise Price: $400.00		(1,364,856	)		(37	)		(8,973	)
Expedia Group, Inc.,
Expiration: 03/15/2024; Exercise Price: $135.00		(1,012,468	)		(74	)		(32,190	)
JPMorgan Chase & Co.,
Expiration: 04/19/2024; Exercise Price: $155.00		(2,623,446	)		(141	)		(442,035	)
Lennar Corp.,
Expiration: 06/21/2024; Exercise Price: $115.00		(919,358	)		(58	)		(263,320	)
Oracle Corp.,
Expiration: 06/21/2024; Exercise Price: $110.00		(1,530,016	)		(137	)		(125,081	)
Total Call Options								(2,714,552	)
TOTAL OPTIONS WRITTEN (Premiums received $1,604,875)							$	(2,714,552	)

(a)	Exchange-traded.
(b)	100 shares per contract.
	Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of the financial statements.

52  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio Of Investments (continued)

Contracts For Difference held by the Fund at February 29, 2024, are as follows:

REFERENCE ENTITY	COUNTERPARTY	MATURITY DATE	FINANCING RATE			PAYMENT FREQUENCY	NOTIONAL AMOUNT			UPFRONT PAYMENTS (RECEIPTS)		VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)
Long
Bermuda
Hiscox Ltd.	Morgan Stanley	12/07/2026		5.19	%	Termination	$	2,336,466			$0		$	171,068
France
Kering	Morgan Stanley	07/10/2026		3.99		Termination		481,445			0			(42,365	)
Germany
Commerzbank AG	Morgan Stanley	07/10/2026		3.99		Termination		1,632,870			0			14,895
Ireland
CRH PLC	Goldman Sachs	12/08/2025		5.19		Termination		1,485,830			0			393,299
Japan
Mitsubishi Chemical Group Co.	Morgan Stanley	12/14/2026		-0.01		Termination		1,333,103			0			(127,942	)
Mitsubishi Electric Corp.	Goldman Sachs	01/25/2027		-0.01		Termination		2,594,043			0			233,987
Resona Holdings, Inc.	Goldman Sachs	11/09/2026		-0.01		Termination		2,405,219			0			(13,166	)
														92,879
Netherlands
Aalberts NV	Morgan Stanley	07/10/2026		3.99		Termination		918,684			0			114,316
South Korea
Samsung Electronics Co., Ltd.	Goldman Sachs	01/19/2027		5.33		Termination		4,693,664			0			173,133
United Kingdom
Adriatic Metals PLC	Goldman Sachs	04/17/2026		5.19		Termination		668,097			0			(87,706	)
Beazley PLC	Goldman Sachs	06/08/2026		5.19		Termination		2,682,484			0			335,487
Beazley PLC	Morgan Stanley	11/10/2026		5.19		Termination		440,968			0			51,379
BP PLC	Goldman Sachs	06/22/2026		5.19		Termination		2,725,696			0			(148,600	)
CVS Group PLC	Morgan Stanley	01/19/2026		5.19		Termination		450,491			0			(126,334	)
SSE PLC	Goldman Sachs	04/06/2026		5.19		Termination		900,940			0			(60,059	)
WH Smith PLC	Goldman Sachs	12/08/2025		5.19		Termination		1,184,373			0			(172,994	)
														(208,827	)
Total Long														708,398
Short
Australia
Atlas Arteria	Goldman Sachs	10/20/2026		4.32		Termination		(626,346	)		0			6,157
Atlas Arteria	Morgan Stanley	02/09/2027		4.32		Termination		(74,451	)		0			1,222
Commonwealth Bank of Australia	Morgan Stanley	06/29/2026		4.32		Termination		(1,360,409	)		0			(189,291	)
Commonwealth Bank of Australia	Goldman Sachs	12/21/2026		4.32		Termination		(41,314	)		0			(2,476	)
Fortescue Ltd.	Goldman Sachs	01/15/2027		4.32		Termination		(660,461	)		0			29,490
Fortescue Ltd.	Morgan Stanley	02/09/2027		4.32		Termination		(78,508	)		0			7,543
IGO Ltd.	Goldman Sachs	07/21/2026		4.32		Termination		(303,178	)		0			225,494
IGO Ltd.	Morgan Stanley	10/26/2026		4.32		Termination		(46,046	)		0			(1,522	)
Treasury Wine Estates Ltd.	Morgan Stanley	10/30/2026		4.32		Termination		(456,444	)		0			(13,627	)
Treasury Wine Estates Ltd.	Goldman Sachs	12/14/2026		4.32		Termination		(387,255	)		0			(58,816	)
Wesfarmers Ltd.	Goldman Sachs	07/13/2026		4.32		Termination		(636,919	)		0			(180,657	)
Wesfarmers Ltd.	Morgan Stanley	10/26/2026		4.32		Termination		(96,768	)		0			(14,979	)
Wisetech Global Ltd.	Goldman Sachs	08/28/2026		4.32		Termination		(348,698	)		0			(93,752	)
Wisetech Global Ltd.	Morgan Stanley	02/09/2027		4.32		Termination		(41,515	)		0			(9,211	)
														(294,425	)
Belgium
Melexis NV	Goldman Sachs	01/08/2027		3.91		Termination		(590,613	)		0			35,952
Bermuda
Liberty Global Ltd.	Goldman Sachs	10/19/2026		5.33		Termination		(638,027	)		0			(13,996	)
Finland
Nokian Renkaat Oyj	Goldman Sachs	06/29/2026		3.91		Termination		(582,991	)		0			(18,122	)
Nokian Renkaat Oyj	Morgan Stanley	02/09/2027		3.99		Termination		(69,303	)		0			2,374
Valmet Oyj	Goldman Sachs	06/29/2026		3.91		Termination		(541,405	)		0			(1,554	)
Valmet Oyj	Morgan Stanley	02/08/2027		3.99		Termination		(318,626	)		0			18,295
														993

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  53

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio Of Investments (continued)

REFERENCE ENTITY	COUNTERPARTY	MATURITY DATE	FINANCING RATE		PAYMENT FREQUENCY	NOTIONAL AMOUNT			UPFRONT PAYMENTS (RECEIPTS)		VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)
France
Sartorius Stedim Biotech	Goldman Sachs	06/29/2026		3.91	Termination	$	(551,344	)		$0		$	(58,097	)
Sartorius Stedim Biotech	Morgan Stanley	02/09/2027		3.99	Termination		(65,414	)		0			(663	)
Unibail-Rodamco-Westfield	Goldman Sachs	01/11/2027		3.91	Termination		(411,729	)		0			(12,889	)
Unibail-Rodamco-Westfield	Morgan Stanley	02/09/2027		3.99	Termination		(48,937	)		0			(1,506	)
													(73,155	)
Italy
Davide Campari-Milano NV	Goldman Sachs	12/11/2026		3.91	Termination		(505,167	)		0			30,178
Japan
Aozora Bank Ltd.	Morgan Stanley	06/29/2026		-0.01	Termination		(691,158	)		0			(97,561	)
Aozora Bank Ltd.	Goldman Sachs	08/25/2026		-0.01	Termination		(100,832	)		0			1,800
Fujitsu Ltd.	Goldman Sachs	01/22/2027		-0.01	Termination		(561,539	)		0			(87,304	)
Fujitsu Ltd.	Morgan Stanley	02/09/2027		-0.01	Termination		(62,393	)		0			181
Furukawa Electric Co., Ltd.	Goldman Sachs	08/10/2026		-0.01	Termination		(660,448	)		0			(139,978	)
Furukawa Electric Co., Ltd.	Morgan Stanley	02/09/2027		-0.01	Termination		(79,096	)		0			(6,092	)
Lasertec Corp.	Goldman Sachs	06/29/2026		-0.01	Termination		(772,779	)		0			(335,142	)
Lasertec Corp.	Morgan Stanley	02/09/2027		-0.01	Termination		(79,943	)		0			(1,304	)
Minebea Mitsumi, Inc.	Goldman Sachs	08/21/2026		-0.01	Termination		(860,869	)		0			(181,472	)
Minebea Mitsumi, Inc.	Morgan Stanley	02/09/2027		-0.01	Termination		(103,222	)		0			(8,416	)
Mitsui Chemicals, Inc.	Goldman Sachs	08/24/2026		-0.01	Termination		(564,429	)		0			(25,513	)
Mitsui Chemicals, Inc.	Morgan Stanley	02/09/2027		-0.01	Termination		(66,403	)		0			2,589
Murata Manufacturing Co., Ltd.	Goldman Sachs	06/29/2026		-0.01	Termination		(727,924	)		0			(81,879	)
Murata Manufacturing Co., Ltd.	Morgan Stanley	02/09/2027		-0.01	Termination		(86,706	)		0			662
Nomura Real Estate Master Fund, Inc.	Goldman Sachs	06/29/2026		-0.01	Termination		(769,727	)		0			85,978
Nomura Real Estate Master Fund, Inc.	Morgan Stanley	02/09/2027		-0.01	Termination		(91,374	)		0			5,520
Sharp Corp.	Goldman Sachs	06/29/2026		-0.01	Termination		(343,237	)		0			5,478
Sumitomo Chemical Co., Ltd.	Goldman Sachs	10/27/2026		-0.01	Termination		(341,856	)		0			103,730
Sumitomo Chemical Co., Ltd.	Morgan Stanley	02/09/2027		-0.01	Termination		(40,934	)		0			(389	)
Trend Micro, Inc.	Morgan Stanley	03/01/2027		-0.01	Termination		(678,603	)		0			(27,691	)
Unicharm Corp.	Goldman Sachs	12/21/2026		-0.01	Termination		(633,949	)		0			(19,639	)
Unicharm Corp.	Morgan Stanley	02/09/2027		-0.01	Termination		(76,339	)		0			4,885
													(801,557	)
Luxembourg
B&M European Value Retail SA	Goldman Sachs	08/03/2026		5.19	Termination		(683,036	)		0			36,301
B&M European Value Retail SA	Morgan Stanley	02/09/2027		5.19	Termination		(81,193	)		0			(3,157	)
													33,144
Netherlands
Koninklijke Philips NV	Goldman Sachs	10/09/2026		3.91	Termination		(550,837	)		0			2,136
Koninklijke Philips NV	Morgan Stanley	02/09/2027		3.99	Termination		(65,490	)		0			3,193
													5,329
New Zealand
Xero Ltd.	Goldman Sachs	06/29/2026		4.32	Termination		(361,459	)		0			(42,388	)
Xero Ltd.	Morgan Stanley	11/30/2026		4.32	Termination		(321,821	)		0			(63,623	)
													(106,011	)
South Korea
SK Bioscience Co., Ltd.	Morgan Stanley	10/26/2026		5.33	Termination		(549,999	)		0			(37,309	)
Sweden
Avanza Bank Holding AB	Goldman Sachs	06/29/2026		3.99	Termination		(589,682	)		0			(73,469	)
Boliden AB	Goldman Sachs	11/02/2026		3.99	Termination		(727,622	)		0			67,258
Boliden AB	Morgan Stanley	02/09/2027		4.01	Termination		(86,502	)		0			3,004
Fastighets AB Balder, Class B	Goldman Sachs	06/29/2026		3.99	Termination		(842,374	)		0			(272,440	)
Husqvarna AB	Goldman Sachs	01/11/2027		3.99	Termination		(566,602	)		0			(3,571	)
Husqvarna AB	Morgan Stanley	02/09/2027		4.01	Termination		(67,354	)		0			1,103
Mips AB	Goldman Sachs	07/21/2026		3.99	Termination		(459,565	)		0			196,038
Mips AB	Morgan Stanley	02/09/2027		4.01	Termination		(54,642	)		0			251
Sagax AB, Class B	Goldman Sachs	06/29/2026		3.99	Termination		(809,845	)		0			(103,825	)
Sagax AB, Class B	Morgan Stanley	02/09/2027		4.01	Termination		(96,269	)		0			2,115
													(183,536	)

The accompanying notes are an integral part of the financial statements.

54  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio Of Investments (continued)

REFERENCE ENTITY	COUNTERPARTY	MATURITY DATE	FINANCING RATE		PAYMENT FREQUENCY	NOTIONAL AMOUNT			UPFRONT PAYMENTS (RECEIPTS)		VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)
Switzerland
Adecco Group AG	Morgan Stanley	01/29/2027		1.69	Termination	$	(928,307	)		$0		$	40,226
Belimo Holding AG	Morgan Stanley	10/20/2026		1.69	Termination		(901,498	)		0			(49,350	)
Belimo Holding AG	Goldman Sachs	12/21/2026		1.69	Termination		(27,045	)		0			2,926
Chocoladefabriken Lindt	Morgan Stanley	02/22/2027		1.69	Termination		(720,529	)		0			36,410
Comet Holding AG	Morgan Stanley	06/26/2026		1.69	Termination		(299,073	)		0			(76,205	)
Comet Holding AG	Goldman Sachs	10/23/2026		1.69	Termination		(277,837	)		0			(107,603	)
Kardex Holding AG	Morgan Stanley	06/26/2026		1.69	Termination		(670,973	)		0			(121,504	)
Kardex Holding AG	Goldman Sachs	12/21/2026		1.69	Termination		(20,461	)		0			(1,337	)
Sika AG	Goldman Sachs	10/19/2026		1.69	Termination		(487,107	)		0			(49,061	)
Sika AG	Morgan Stanley	10/20/2026		1.69	Termination		(362,008	)		0			(45,495	)
													(370,993	)
Taiwan
Acer, Inc.	Goldman Sachs	01/11/2027		5.33	Termination		(441,366	)		0			46,689
Advantech Co., Ltd.	Goldman Sachs	12/08/2025		5.33	Termination		(265,133	)		0			(124,613	)
Advantech Co., Ltd.	HSBC	12/22/2025		0.00	Termination		(13,560	)		0			(2,994	)
Advantech Co., Ltd.	Morgan Stanley	01/19/2026		5.33	Termination		(273,893	)		0			(26,583	)
Advantech Co., Ltd.	Goldman Sachs	12/31/2030		5.33	Termination		(148,057	)		0			(18,559	)
Nan Ya Plastics Corp.	Goldman Sachs	12/08/2025		5.33	Termination		(54,772	)		0			4,030
Nan Ya Plastics Corp.	Morgan Stanley	01/19/2026		5.33	Termination		(84,990	)		0			20,778
Unimicron Technology Corp.	Goldman Sachs	11/02/2026		5.33	Termination		(732,549	)		0			(134,122	)
													(235,374	)
United Kingdom
abrdn PLC	Goldman Sachs	02/23/2026		5.19	Termination		(587,945	)		0			95,532
abrdn PLC	Morgan Stanley	02/09/2027		5.19	Termination		(69,888	)		0			2,292
AJ Bell PLC	Goldman Sachs	11/13/2026		5.19	Termination		(857,263	)		0			(91,471	)
AJ Bell PLC	Morgan Stanley	02/09/2027		5.19	Termination		(101,897	)		0			4,342
Antofagasta PLC	Goldman Sachs	01/19/2027		5.19	Termination		(821,706	)		0			(104,169	)
Antofagasta PLC	Morgan Stanley	02/08/2027		5.19	Termination		(597,834	)		0			(28,689	)
Howden Joinery Group PLC	Morgan Stanley	02/22/2027		5.19	Termination		(756,389	)		0			(25,070	)
Ocado Group PLC	Goldman Sachs	01/11/2027		5.19	Termination		(286,609	)		0			114,327
Ocado Group PLC	Morgan Stanley	02/09/2027		5.19	Termination		(34,072	)		0			944
Segro PLC	Goldman Sachs	03/24/2026		5.19	Termination		(857,982	)		0			(131,438	)
Segro PLC	Morgan Stanley	02/09/2027		5.19	Termination		(108,679	)		0			1,993
Segro PLC	Goldman Sachs	12/31/2030		5.19	Termination		(56,314	)		0			(3,721	)
Severn Trent PLC	Goldman Sachs	08/17/2026		5.19	Termination		(764,801	)		0			(41,880	)
Severn Trent PLC	Morgan Stanley	02/09/2027		5.19	Termination		(90,918	)		0			1,346
Soho House & Co., Inc.	Morgan Stanley	02/09/2027		5.33	Termination		(490,818	)		0			(76,022	)
Spectris PLC	Goldman Sachs	01/25/2027		5.19	Termination		(865,101	)		0			5,974
Spectris PLC	Morgan Stanley	02/09/2027		5.19	Termination		(73,887	)		0			2,727
													(272,983	)
United States
Acushnet Holdings Corp.	Goldman Sachs	06/29/2026		5.33	Termination		(634,537	)		0			(105,912	)
Adient PLC	HSBC	01/25/2027		5.31	Termination		(449,196	)		0			8,206
Adient PLC	Goldman Sachs	02/08/2027		5.33	Termination		(53,422	)		0			2,894
Ameresco, Inc., Class A	Goldman Sachs	06/29/2026		5.33	Termination		(155,670	)		0			154,447
Antero Resources Corp.	Morgan Stanley	02/09/2027		5.33	Termination		(539,237	)		0			(90,455	)
Avangrid, Inc.	HSBC	01/25/2027		5.31	Termination		(220,681	)		0			(1,205	)
Avangrid, Inc.	Goldman Sachs	02/08/2027		5.33	Termination		(26,274	)		0			(610	)
Bank of Hawaii Corp.	Goldman Sachs	07/21/2026		5.33	Termination		(949,651	)		0			(8,254	)
Bank of Hawaii Corp.	Morgan Stanley	02/08/2027		5.33	Termination		(357,521	)		0			2,469
Blackline, Inc.	Goldman Sachs	06/29/2026		5.33	Termination		(350,308	)		0			(13,846	)
Block, Inc., Class A	Morgan Stanley	02/22/2027		5.33	Termination		(287,681	)		0			(46,163	)
Cassava Sciences, Inc.	Morgan Stanley	06/29/2026		5.33	Termination		(428,692	)		0			3,154
Cassava Sciences, Inc.	Goldman Sachs	10/26/2026		5.33	Termination		(11,283	)		0			(4,413	)
Ceridian HCM Holding, Inc.	Goldman Sachs	06/29/2026		5.33	Termination		(909,391	)		0			(52,905	)
Cincinnati Financial Corp.	HSBC	08/28/2026		5.31	Termination		(416,214	)		0			(36,437	)
Cincinnati Financial Corp.	Goldman Sachs	10/26/2026		5.33	Termination		(94,506	)		0			(5,310	)
Credit Acceptance Corp.	HSBC	10/13/2026		5.31	Termination		(1,264,976	)		0			(268,396	)
Credit Acceptance Corp.	Goldman Sachs	10/26/2026		5.33	Termination		(242,477	)		0			(14,879	)

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  55

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio Of Investments (continued)

REFERENCE ENTITY	COUNTERPARTY	MATURITY DATE	FINANCING RATE		PAYMENT FREQUENCY	NOTIONAL AMOUNT			UPFRONT PAYMENTS (RECEIPTS)		VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)
United States—(continued)
CVR Energy, Inc.	Goldman Sachs	10/12/2026		5.33	Termination	$	(478,721	)		$0		$	(30,167	)
Dick’s Sporting Goods, Inc.	Goldman Sachs	09/07/2026		5.33	Termination		(688,079	)		0			(231,453	)
Digital Realty Trust, Inc.	HSBC	10/13/2026		5.31	Termination		(633,045	)		0			(96,546	)
Digital Realty Trust, Inc.	Goldman Sachs	10/26/2026		5.33	Termination		(121,559	)		0			(7,716	)
Doximity, Inc., Class A	Goldman Sachs	06/29/2026		5.33	Termination		(493,178	)		0			(28,980	)
Entegris, Inc.	Goldman Sachs	06/29/2026		5.33	Termination		(856,679	)		0			(185,305	)
Five Below, Inc.	HSBC	09/07/2026		5.31	Termination		(357,411	)		0			(51,150	)
Five Below, Inc.	Goldman Sachs	10/26/2026		5.33	Termination		(68,833	)		0			(6,660	)
Floor & Décor Holdings, Inc.	Goldman Sachs	01/18/2027		5.33	Termination		(716,909	)		0			(106,711	)
Glacier Bancorp, Inc.	Goldman Sachs	06/29/2026		5.33	Termination		(1,141,834	)		0			(56,426	)
Greif, Inc., Class A	Goldman Sachs	06/29/2026		5.33	Termination		(864,086	)		0			28,720
Howard Hughes Holdings, Inc.	Goldman Sachs	08/17/2026		5.33	Termination		(1,196,730	)		0			(18,854	)
LGI Homes, Inc.	Goldman Sachs	06/29/2026		5.33	Termination		(891,043	)		0			29,021
LGI Homes, Inc.	Morgan Stanley	02/08/2027		5.33	Termination		(307,244	)		0			6,750
Lions Gate Entertainment	Morgan Stanley	10/12/2026		5.33	Termination		(352,541	)		0			(68,635	)
Lions Gate Entertainment	Goldman Sachs	02/08/2027		5.33	Termination		(41,908	)		0			3,858
Lowe’s Cos., Inc.	HSBC	08/28/2026		5.31	Termination		(537,175	)		0			(39,506	)
Lowe’s Cos., Inc.	Goldman Sachs	10/26/2026		5.33	Termination		(103,247	)		0			(11,313	)
Marriott Vacations Worldwide Corp.	HSBC	01/25/2027		5.31	Termination		(6,803	)		0			(602	)
Marriott Vacations Worldwide Corp.	Goldman Sachs	02/08/2027		5.33	Termination		(349,835	)		0			(39,128	)
Matador Resources Co.	Goldman Sachs	06/29/2026		5.33	Termination		(962,153	)		0			(107,755	)
National Beverage Corp.	Goldman Sachs	06/29/2026		5.33	Termination		(602,412	)		0			(41,945	)
Novanta, Inc.	Morgan Stanley	08/10/2026		5.33	Termination		(596,816	)		0			(72,312	)
Novanta, Inc.	Goldman Sachs	08/24/2026		5.33	Termination		(197,152	)		0			(21,136	)
Occidental Petroleum Corp.	Goldman Sachs	12/14/2026		5.33	Termination		(768,111	)		0			(44,708	)
On Semiconductor Corp.	Goldman Sachs	01/11/2027		5.33	Termination		(1,122,558	)		0			(46,818	)
Paramount Global, Class B	Goldman Sachs	06/29/2026		5.33	Termination		(398,820	)		0			103,780
Portillo’s, Inc., Class A	Morgan Stanley	06/29/2026		5.33	Termination		(170,480	)		0			63,401
Portillo’s, Inc., Class A	Goldman Sachs	10/26/2026		5.33	Termination		(32,809	)		0			(747	)
RH	Goldman Sachs	12/14/2026		5.33	Termination		(811,675	)		0			(70,804	)
Rumble, Inc.	Morgan Stanley	06/29/2026		5.33	Termination		(144,195	)		0			34,435
Rumble, Inc.	Goldman Sachs	08/31/2026		5.33	Termination		(118,128	)		0			14,123
Selective Insurance Group	Goldman Sachs	06/29/2026		5.33	Termination		(451,772	)		0			(30,901	)
Siteone Landscape Supply, Inc.	Goldman Sachs	11/03/2026		5.33	Termination		(811,737	)		0			(187,654	)
Summit Materials, Inc.	HSBC	01/25/2027		5.31	Termination		(707,619	)		0			(114,319	)
Summit Materials, Inc.	Goldman Sachs	02/08/2027		5.33	Termination		(84,139	)		0			(12,683	)
Synaptics, Inc.	Goldman Sachs	10/30/2026		5.33	Termination		(502,902	)		0			(89,601	)
T Rowe Price Group, Inc.	HSBC	10/13/2026		5.31	Termination		(865,314	)		0			(70,233	)
T Rowe Price Group, Inc.	Goldman Sachs	10/26/2026		5.33	Termination		(166,398	)		0			(10,501	)
Tesla, Inc.	HSBC	08/28/2026		5.31	Termination		(981,944	)		0			136,970
Tesla, Inc.	Goldman Sachs	10/26/2026		5.33	Termination		(563,649	)		0			(7,834	)
Texas Capital Bancshares, Inc.	Goldman Sachs	06/29/2026		5.33	Termination		(896,113	)		0			(101,272	)
Treehouse Foods, Inc.	Goldman Sachs	11/23/2026		5.33	Termination		(782,656	)		0			83,903
Trupanion, Inc.	Goldman Sachs	06/29/2026		5.33	Termination		(226,011	)		0			(26,218	)
Trupanion, Inc.	Morgan Stanley	02/08/2027		5.33	Termination		(26,884	)		0			1,817
													(2,007,430	)
Total Short													(4,291,173	)
Net unrealized gain/(loss) on Contracts For Difference												$	(3,582,775	)

The accompanying notes are an integral part of the financial statements.

56  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio Of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 29, 2024 is as follows (see Notes to Portfolio of Investments):

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Assets:
Common Stocks:
Bermuda	$	4,096,517		$	4,096,517		$	—		$	—
Canada		15,431,676			15,431,676			—			—
China		1,545,894			1,545,894			—			—
France		6,237,791			—			6,237,791			—
Germany		2,543,403			—			2,543,403			—
Greece		792,236			792,236			—			—
Ireland		3,613,927			3,613,927			—			—
Israel		2,107,438			2,107,438			—			—
Italy		1,188,610			—			1,188,610			—
Japan		14,448,251			—			14,448,251			—
Luxembourg		1,061,702			1,061,702			—			—
Monaco		925,253			925,253			—			—
Netherlands		837,096			—			837,096			—
South Korea		6,936,354			1,302,431			5,633,923			—
United Kingdom		8,229,241			2,212,344			6,016,897			—
United States		51,759,692			51,759,692			—			—
Common Stocks - Total	$	121,755,081		$	84,849,110		$	36,905,971		$	—
Corporate Bonds		1,235,521			—			—			1,235,521
Warrants		2,472			—			—			2,472
Short-Term Investments		38,197,444			3,886,588			34,310,856			—
Total Assets	$	161,190,518		$	88,735,698		$	71,216,827		$	1,237,993
Liabilities:
Common Stocks	$	(823,298	)	$	(823,298	)	$	—		$	—
Options Written		(2,714,552	)		(2,317,829	)		(396,723	)		—
Total Liabilities	$	(3,537,850	)	$	(3,141,127	)	$	(396,723	)	$	—
Other Financial Instruments*:
Assets
Contracts For Difference	$	3,424,975		$	3,424,975		$	—		$	—
Total Assets	$	3,424,975		$	3,424,975		$	—		$	—
Liabilities
Contracts For Difference	$	(7,007,750	)	$	(7,007,750	)	$	—		$	—
Total Liabilities	$	(7,007,750	)	$	(7,007,750	)	$	—		$	—

* The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of February 29, 2024.

Refer to the Portfolio of Investments for industry classifications.

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  57

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Portfolio Of Investments

	NUMBER OF SHARES		VALUE
COMMON STOCKS—70.8%
Brazil—6.7%
Cia Siderurgica Nacional SA		97,700	$	331,753
Cielo SA		728,800		779,951
Eletromidia SA(a)		151,278		492,990
Marfrig Global Foods SA(a)		268,600		528,436
Minerva SA		391,500		537,111
Sendas Distribuidora SA		41,300		118,140
TIM SA		52,800		192,460
Vibra Energia SA		209,300		1,079,951
				4,060,792
China—36.0%(b)
Anhui Conch Cement Co., Ltd. - Class H		103,500		225,214
Beijing New Building Materials PLC - Class A(c)		233,000		908,828
Beijing Roborock Technology Co., Ltd. - Class A(c)		24,481		1,109,239
BOE Technology Group Co., Ltd. - Class A(c)		3,800,180		2,106,120
COSCO SHIPPING Holdings Co., Ltd. - Class A(c)		550,600		803,712
GoerTek, Inc. - Class A(c)		127,900		296,074
Gree Electric Appliances, Inc. of Zhuhai - Class A(c)		232,800		1,262,147
Guangdong Tapai Group Co., Ltd. - Class A(c)		305,000		308,349
Guizhou Tyre Co., Ltd. - Class A(c)		644,400		517,617
Hang Zhou Great Star Industrial Co., Ltd. - Class A(c)		257,500		777,016
Henan Shuanghui Investment & Development Co., Ltd. - Class A(c)		189,900		770,146
Huaxin Cement Co., Ltd. - Class A(c)		194,500		366,461
Hubei Xingfa Chemicals Group Co., Ltd. - Class A(c)		245,500		628,141
Kuaishou Technology(a)		98,000		553,397
LB Group Co., Ltd. - Class A(c)		210,200		547,940
Midea Group Co., Ltd. - Class A(c)		240,600		2,089,920
Satellite Chemical Co., Ltd. - Class A(a)(c)		357,700		822,677
Shandong Pharmaceutical Glass Co., Ltd. - Class A(c)		121,200		443,230
Shandong Sun Paper Industry JSC Ltd. - Class A(c)		549,200		1,085,652
Suofeiya Home Collection Co., Ltd. - Class A(c)		335,100		762,600
Triangle Tyre Co., Ltd. - Class A		223,200		502,591
Wangsu Science & Technology Co. Ltd. - Class A(c)		498,700		710,400
Weichai Power Co., Ltd. - Class H		395,000		777,503
Weichai Power Co., Ltd. - Class A(c)		983,700		2,309,060
Wingtech Technology Co., Ltd. - Class A(a)(c)		129,300		685,006
Xiamen Xiangyu Co., Ltd. - Class A(c)		330,900		314,230
Xinfengming Group Co., Ltd. - Class A(a)(c)		216,800		413,028
				22,096,298

	NUMBER OF SHARES		VALUE
Cyprus—0.0%(d)
Fix Price Group PLC - GDR(e)		21,704	$	0
Hong Kong—1.0%
Lee & Man Paper Manufacturing Ltd.		560,000		159,673
Orient Overseas International Ltd.		28,000		433,590
				593,263
Hungary—0.1%
Richter Gedeon Nyrt		2,410		64,160
India—3.6%
Bajaj Auto Ltd.		14,728		1,403,712
Power Grid Corp. of India Ltd.		158,132		540,254
Zydus Lifesciences Ltd.		19,425		220,497
				2,164,463
Malaysia—1.2%
Hartalega Holdings Bhd(a)		620,400		328,325
Petronas Chemicals Group Bhd		310,700		458,587
				786,912
Mexico—0.4%
Grupo Financiero Banorte SAB de CV		24,900		257,557
Singapore—0.1%
United Overseas Bank Ltd.		4,400		91,558
South Africa—1.3%
Life Healthcare Group Holdings Ltd.		94,465		86,437
Sappi Ltd.		288,474		694,413
Thungela Resources Ltd.		13,654		74,748
				855,598
South Korea—10.1%
Amorepacific Corp.		4,099		368,571
Classys, Inc.		8,327		201,372
Hana Financial Group, Inc.		10,958		466,240
Hankook Tire & Technology Co., Ltd.		34,759		1,416,093
Hanwha Chemical Corp.		12,040		251,410
HK inno N Corp.(a)		15,156		435,982
Kumho Petrochemical Co., Ltd.(a)		9,597		1,065,814
SK Hynix, Inc.		13,102		1,544,522
SK Square Co., Ltd.(a)		9,145		479,863
				6,229,867
Taiwan—8.7%
Evergreen Marine Corp. Taiwan Ltd.		291,000		1,524,466
Formosa Chemicals & Fibre Corp.		77,000		139,456
Genius Electronic Optical Co., Ltd.		46,000		617,077
Hiwin Technologies Corp.		23,000		174,765
Largan Precision Co., Ltd., Class C		6,000		492,417
Taiwan Semiconductor Manufacturing Co., Ltd.		39,000		854,666
Walsin Technology Corp.		194,000		689,083
Yang Ming Marine Transport Corp.		552,000		870,883
				5,362,813

The accompanying notes are an integral part of the financial statements.

58  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Portfolio Of Investments (continued)

	NUMBER OF SHARES		VALUE
Thailand—1.6%
Bumrungrad Hospital PCL(e)		15,300	$	95,558
Indorama Ventures PCL(e)		1,107,900		719,757
SCG Packaging PCL(e)		194,600		151,925
				967,240
TOTAL COMMON STOCKS (Cost $38,241,216)				43,530,521
PREFERRED STOCKS—2.1%
Brazil—0.8%
Braskem SA		42,400		178,604
Usinas Siderurgicas de Minas Gerais S/A Usiminas		129,500		286,556
				465,160
South Korea—1.3%
Samsung Electronics Co. Ltd.		17,491		837,585
TOTAL PREFERRED STOCKS (Cost $708,397)				1,302,745
SHORT-TERM INVESTMENTS—21.7%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio - Class Institutional, 5.22%(c)(f)		2,306,521		2,306,521
Federated Hermes U.S. Treasury Cash Reserves - Class Institutional, 5.18%(c)(f)		2,306,521		2,306,521
Fidelity Treasury Portfolio - Class I, 5.20%(c)(f)		2,306,521		2,306,521
Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Class Institutional, 5.17%(c)(f)		2,306,521		2,306,521
Tri-State Deposit, 5.45%(f)		4,050,296		4,050,296
TOTAL SHORT-TERM INVESTMENTS (Cost $13,276,380)				13,276,380
TOTAL INVESTMENTS—94.6% (Cost $52,225,993)				58,109,646
Money Market Deposit Account—0.2%(g)				138,200
OTHER ASSETS IN EXCESS OF LIABILITIES—5.2%				3,181,295
TOTAL NET ASSETS—100.0%			$	61,429,141

GDR	Global Depositary Receipt
PLC	Public Limited Company
SA	Sociedad Anónima
SAB de CV	Sociedad Anónima Bursátil de Capital Variable
(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.
(c)	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
(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 $967,240 or 1.6% of net assets as of February 29, 2024.
(f)	The rate shown represents the 7-day effective yield as of February 29, 2024.
(g)	The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of February 29, 2024 was 5.20%. Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  59

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Portfolio Of Securities Sold Short

	NUMBER OF SHARES			VALUE
COMMON STOCKS—(0.3)%
South Korea—(0.3)%
Hyundai Motor Co. - GDR		(3,189	)	$	(183,973	)
TOTAL COMMON STOCKS (Proceeds $181,696)					(183,973	)
TOTAL SECURITIES SOLD SHORT—(0.3)% (Proceeds $181,696)				$	(183,973	)

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of the financial statements.

60  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Portfolio Of Investments (continued)

Contracts For Difference held by the Fund at February 29, 2024, are as follows:

REFERENCE ENTITY	COUNTERPARTY	MATURITY DATE	FINANCING RATE			PAYMENT FREQUENCY	NOTIONAL AMOUNT		UPFRONT PAYMENTS (RECEIPTS)		VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)
Long
Brazil
Banco do Brasil SA	Morgan Stanley	12/08/2025		5.33	%	Termination	$	117,780	$	0	$	16,472
Braskem SA	Goldman Sachs	02/08/2027		5.33		Termination		179,013		0		27,101
Gerdau SA	Morgan Stanley	09/28/2026		5.33		Termination		264,427		0		(37,781	)
Sendas Distribuidora SA	Goldman Sachs	12/08/2025		5.33		Termination		115,280		0		(39,648	)
TIM SA	Goldman Sachs	08/24/2026		5.33		Termination		231,920		0		44,630
Vale SA	Goldman Sachs	09/28/2026		5.33		Termination		756,820		0		(13,105	)
												(2,331	)
Cayman Islands
StoneCo Ltd., Class A	Goldman Sachs	08/28/2026		5.33		Termination		1,385,285		0		463,005
China
Alibaba Group Holding Ltd.	Goldman Sachs	12/08/2025		4.53		Termination		146,182		0		(39,842	)
Chervon Holdings Ltd.	Goldman Sachs	01/19/2027		4.56		Termination		205,021		0		(90,890	)
Daqo New Energy Corp.	Morgan Stanley	12/07/2026		5.33		Termination		978,391		0		(112,764	)
Greentown China Holdings	Goldman Sachs	12/14/2026		4.57		Termination		395,661		0		(76,980	)
Hello Group, Inc.	Morgan Stanley	11/02/2026		5.33		Termination		222,261		0		(23,723	)
JD.com, Inc.	Goldman Sachs	12/08/2025		4.53		Termination		11,988		0		(18,224	)
JD.com, Inc.	Goldman Sachs	12/08/2025		5.33		Termination		133,639		0		(53,930	)
Longfor Group Holdings Ltd.	Goldman Sachs	12/14/2026		4.54		Termination		292,759		0		(69,987	)
Netease Inc.	Goldman Sachs	12/07/2026		5.33		Termination		376,533		0		20,806
Sunny Optical Technology	Goldman Sachs	12/08/2026		4.52		Termination		242,013		0		(76,936	)
Vipshop Holdings Ltd.	Goldman Sachs	06/26/2026		5.33		Termination		600,773		0		13,054
												(529,416	)
Greece
Star Bulk Carriers Corp.	Goldman Sachs	12/11/2026		5.33		Termination		556,171		0		91,144
Hong Kong
China Resources Land Ltd.	Goldman Sachs	12/14/2026		4.54		Termination		332,435		0		(23,133	)
Futu Holdings Ltd.	Morgan Stanley	10/30/2026		5.33		Termination		617,674		0		(39,358	)
Orient Overseas International Ltd.	Goldman Sachs	12/08/2026		4.52		Termination		373,051		0		86,797
Techtronic Industries Co., Ltd.	Goldman Sachs	01/19/2027		4.56		Termination		1,201,514		0		5,862
Yuexiu Property Co., Ltd.	Goldman Sachs	12/14/2026		4.54		Termination		580,480		0		(78,043	)
												(47,875	)
Israel
Monday.com Ltd.	Goldman Sachs	03/17/2026		5.33		Termination		375,995		0		110,417
Teva Pharmaceuticals Industries Ltd.	Morgan Stanley	10/19/2026		5.33		Termination		532,864		0		161,169
												271,586
Mexico
Alpek SAB de CV	Morgan Stanley	11/23/2026		5.33		Termination		260,022		0		(60,252	)
Coca-Cola Femsa SAB de CV	Goldman Sachs	02/09/2026		5.33		Termination		212,831		0		49,919
												(10,333	)
Portugal
Jeronimo Martins SGPS SA	Goldman Sachs	12/08/2025		3.91		Termination		203,977		0		(26,500	)
Russia
Detsky Mir PJSC	Goldman Sachs	09/18/2025		5.33		Monthly		177,855		0		(16,396	)
Headhunter Group PLC	Morgan Stanley	09/23/2026		5.33		Monthly		0		0		(116,107	)
Sberbank PJSC	Goldman Sachs	09/16/2025		5.33		Monthly		0		0		(1,057	)
												(133,560	)
Singapore
DBS Group Holdings Ltd.	Goldman Sachs	12/08/2025		3.78		Termination		105,300		0		(1,547	)
South Africa
Aspen Pharmacare Holdings Ltd.	Morgan Stanley	12/09/2025		8.22		Termination		70,477		0		662
Thungela Resources Ltd.	Goldman Sachs	08/24/2026		5.19		Termination		203,312		0		(137,093	)
												(136,431	)

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  61

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Portfolio Of Investments (continued)

REFERENCE ENTITY	COUNTERPARTY	MATURITY DATE	FINANCING RATE		PAYMENT FREQUENCY	NOTIONAL AMOUNT			UPFRONT PAYMENTS (RECEIPTS)		VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)
South Korea
Samsung Electronics Co., Ltd.	Goldman Sachs	03/30/2026		5.33	Termination	$	1,642,880		$	0	$	173,157
SK Hynix, Inc.	Goldman Sachs	12/08/2025		5.33	Termination		633,668			0		284,236
												457,393
Taiwan
Hiwin Technologies Corp.	Goldman Sachs	07/13/2026		5.33	Termination		561,856			0		55,043
Taiwan Semiconductor Manufacturing Company Ltd.	Morgan Stanley	10/27/2026		5.33	Termination		797,239			0		253,881
												308,924
United Kingdom
Hikma Pharmaceuticals PLC	Morgan Stanley	12/07/2026		5.19	Termination		167,178			0		18,910
United States
Mosaic Co.	Goldman Sachs	11/10/2026		5.33	Termination		716,929			0		(47,064	)
Uruguay
Arcos Dorados Holdings, Inc.	Goldman Sachs	03/17/2026		5.33	Termination		198,525			0		53,070
Total Long												728,975
Short
Australia
IGO Ltd.	Goldman Sachs	04/17/2026		4.32	Termination		(246,970	)		0		148,091
Brazil
B3 SA - Brasil Bolsa Balcao	Bank of America	12/08/2025		5.33	Termination		(110,463	)		0		(10,848	)
B3 SA - Brasil Bolsa Balcao	Morgan Stanley	12/14/2026		5.33	Termination		(113,560	)		0		10,143
Banco Bradesco SA	Goldman Sachs	12/14/2026		5.33	Termination		(259,594	)		0		46,538
Banco Santander Brasil	JPMorgan	07/24/2026		1.06	Termination		(291,243	)		0		21,543
Localiza Rent a Car SA	JPMorgan	05/18/2026		5.04	Termination		(539,642	)		0		81,328
Localiza Rent a Car SA	JPMorgan	11/29/2030		5.04	Termination		(1,935	)		0		(1,935	)
Santos Brasil Participacoes	Goldman Sachs	12/14/2026		5.33	Termination		(365,412	)		0		(54,877	)
SLC Agricola SA	Goldman Sachs	02/09/2027		5.33	Termination		(303,888	)		0		(835	)
Vamos Locacao de Caminhoes Maquinas E Equipamentos SA	Bank of America	08/25/2026		5.33	Termination		(219,080	)		0		95,279
Vamos Locacao de Caminhoes Maquinas E Equipamentos SA	JPMorgan	10/19/2026		4.45	Termination		(420,457	)		0		(6,343	)
WEG SA	JPMorgan	05/25/2026		5.17	Termination		(469,655	)		0		16,706
WEG SA	Goldman Sachs	11/09/2026		5.33	Termination		(132,486	)		0		(10,510	)
												186,189
Canada
Canadian Solar, Inc.	Goldman Sachs	11/10/2026		5.33	Termination		(368,927	)		0		(472	)
Chile
Sociedad Quimica y Minera de Chile SA	Goldman Sachs	03/31/2026		5.33	Termination		(347,742	)		0		213,296
Sociedad Quimica y Minera de Chile SA	Morgan Stanley	11/09/2026		5.33	Termination		(118,731	)		0		1,318
												214,614
China
China Coal Energy Co.	Goldman Sachs	07/28/2026		4.77	Termination		(206,137	)		0		(66,858	)
China Resources Microelectronics Ltd.	JPMorgan	12/22/2025		-5.43	Termination		(108,202	)		0		21,915
China Resources Microelectronics Ltd.	JPMorgan	12/29/2025		-5.43	Termination		(42,295	)		0		13,332
China Resources Microelectronics Ltd.	HSBC	07/21/2026		5.31	Termination		(25,228	)		0		6,789
China Shenhua Energy Co.	Goldman Sachs	07/28/2026		4.77	Termination		(197,043	)		0		(44,774	)
Ganfeng Lithium Group Co., Ltd.	HSBC	04/20/2026		4.58	Termination		(457,603	)		0		254,148
Ginlong Technologies Co., Ltd.	JPMorgan	11/13/2026		-6.09	Termination		(261,670	)		0		12,483
Ginlong Technologies Co., Ltd.	Bank of America	11/16/2026		5.33	Termination		(96,881	)		0		4,284
Guanghui Energy Co., Ltd.	Goldman Sachs	09/11/2026		5.33	Termination		(111,727	)		0		(6,197	)
Guanghui Energy Co., Ltd.	Bank of America	09/14/2026		5.33	Termination		(284,158	)		0		(15,839	)

The accompanying notes are an integral part of the financial statements.

62  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Portfolio Of Investments (continued)

REFERENCE ENTITY	COUNTERPARTY	MATURITY DATE	FINANCING RATE		PAYMENT FREQUENCY	NOTIONAL AMOUNT			UPFRONT PAYMENTS (RECEIPTS)		VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)
China—(continued)
Henan Shenhuo Coal & Power Co., Ltd.	Goldman Sachs	09/11/2026		5.33	Termination	$	(412,337	)	$	0	$	(42,271	)
Hoymiles Power Electronics, Inc.	Goldman Sachs	11/16/2026		5.33	Termination		(101,341	)		0		1,239
JinkoSolar Holding Co., Ltd.	Morgan Stanley	11/09/2026		5.33	Termination		(241,684	)		0		63,373
Jiumaojiu International Holdings Ltd.	Goldman Sachs	10/19/2026		4.77	Termination		(19,455	)		0		17,091
Jiumaojiu International Holdings Ltd.	JPMorgan	11/10/2026		4.27	Termination		(147,299	)		0		95,330
Pingdingshan Tianan Coal Mining Co., Ltd.	Morgan Stanley	07/31/2026		5.33	Termination		(93,743	)		0		(40,119	)
Pingdingshan Tianan Coal Mining Co., Ltd.	Goldman Sachs	10/16/2026		5.33	Termination		(89,919	)		0		(26,577	)
Shaanxi Coal Industry Co., Ltd.	Morgan Stanley	07/31/2026		5.33	Termination		(499,985	)		0		(163,871	)
Shanxi Coking Coal Energy	Goldman Sachs	09/11/2026		5.33	Termination		(363,108	)		0		(69,191	)
Shanxi Coking Coal Energy	Morgan Stanley	09/14/2026		5.33	Termination		(95,069	)		0		(18,107	)
Shenzhen Inovance Technology Co., Ltd.	JPMorgan	11/10/2026		0.26	Termination		(457,824	)		0		(3,146	)
TCL Zhonghuan Renewable Energy Technology Co., Ltd.	Goldman Sachs	11/10/2026		5.33	Termination		(271,406	)		0		92,137
Tianqi Lithium Corp.	Morgan Stanley	04/24/2026		3.73	Termination		(205,109	)		0		88,201
Unigroup Guoxin Microelectronics Co., Ltd.	JPMorgan	11/16/2026		-5.69	Termination		(401,081	)		0		28,731
Yankuang Energy Group Co., Ltd.	HSBC	04/13/2026		4.58	Termination		(351,001	)		0		(135,242	)
Yankuang Energy Group Co., Ltd.	Goldman Sachs	10/16/2026		5.33	Termination		(232,779	)		0		(54,666	)
Zhejiang Juhua Co., Ltd.	JPMorgan	12/04/2026		-5.58	Termination		(237,773	)		0		(52,907	)
												(40,712	)
Hong Kong
Budweiser Brewing Co., APAC Ltd.	Goldman Sachs	02/22/2027		4.77	Termination		(448,120	)		0		20,925
India
Axis Bank Ltd.	Morgan Stanley	02/16/2027		5.33	Termination		(305,918	)		0		4,701
Dr. Reddy’s Laboratories	Goldman Sachs	10/19/2026		5.33	Termination		(397,874	)		0		(43,659	)
Infosys Ltd.	Goldman Sachs	07/14/2026		5.33	Termination		(524,649	)		0		(96,768	)
Wipro Ltd.	Goldman Sachs	07/14/2026		5.33	Termination		(539,397	)		0		(124,256	)
												(259,982	)
Indonesia
AKR Corporindo Tbk PT	Bank of America	02/22/2027		5.33	Termination		(36,488	)		0		(1,733	)
Kalbe Farma Tbk PT	JPMorgan	09/21/2026		3.41	Termination		(422,718	)		0		69,826
Mitra Adiperkasa Tbk PT	Morgan Stanley	02/23/2027		5.33	Termination		(14,111	)		0		124
Sumber Alfaria Trijaya Tbk PT	JPMorgan	02/22/2027		4.81	Termination		(451,952	)		0		2,137
Unilever Indonesia Tbk PT	Bank of America	08/31/2026		5.33	Termination		(439,267	)		0		35,727
												106,081
Ireland
Arcadium Lithium PLC	Goldman Sachs	12/31/2030		4.32	Termination		(269,738	)		0		124,142
Israel
Camtek Ltd.	Morgan Stanley	02/16/2026		5.33	Termination		(753,160	)		0		(353,016	)
Nova Ltd.	Morgan Stanley	02/16/2026		5.33	Termination		(225,658	)		0		(108,371	)
Nova Ltd.	Goldman Sachs	10/19/2026		5.33	Termination		(628,930	)		0		(270,745	)
												(732,132	)
Japan
Ibiden Co., Ltd.	Goldman Sachs	02/23/2026		-0.01	Termination		(285,394	)		0		(94,441	)
Lasertec Corp.	Goldman Sachs	12/08/2025		-0.01	Termination		(426,361	)		0		(138,581	)
Lasertec Corp.	HSBC	08/07/2026		-0.01	Termination		(186,533	)		0		(87,163	)
Tokyo Electron Ltd.	Goldman Sachs	05/11/2026		-0.01	Termination		(319,711	)		0		(183,963	)
												(504,148	)
Mexico
Becle SAB de CV	Goldman Sachs	09/08/2026		5.33	Termination		(268,671	)		0		37,194
Becle SAB de CV	Morgan Stanley	11/09/2026		5.33	Termination		(440,387	)		0		(76,858	)
GCC SAB de CV	Morgan Stanley	02/09/2027		5.33	Termination		(162,354	)		0		18,933

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  63

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Portfolio Of Investments (continued)

REFERENCE ENTITY	COUNTERPARTY	MATURITY DATE	FINANCING RATE		PAYMENT FREQUENCY	NOTIONAL AMOUNT			UPFRONT PAYMENTS (RECEIPTS)		VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)
Mexico—(continued)
Gentera SAB de CV	Goldman Sachs	12/15/2026		5.33	Termination	$	(402,242	)	$	0	$	(90,007	)
Grupo Aeroportuario Del Pacifico SAB de CV	Morgan Stanley	12/14/2026		5.33	Termination		(312,363	)		0		(6,272	)
Grupo Bimbo SAB de CV	Bank of America	02/08/2027		5.33	Termination		(269,856	)		0		38,652
Grupo Bimbo SAB de CV	Morgan Stanley	02/15/2027		5.33	Termination		(136,392	)		0		11,319
Wal-Mart de Mexico SAB de CV	Morgan Stanley	02/16/2027		5.33	Termination		(294,780	)		0		8,783
												(58,256	)
Philippines
International Container Terminal Services, Inc.	HSBC	12/14/2026		5.31	Termination		(380,072	)		0		(79,311	)
Russia
Ozon Holdings PLC	Goldman Sachs	09/16/2025		5.33	Monthly		0			0		314,151
VK Co., Ltd.	Morgan Stanley	09/23/2026		5.33	Monthly		0			0		140,169
												454,320
Saudi Arabia
Al Rajhi Bank	Goldman Sachs	07/27/2026		5.33	Termination		(311,024	)		0		(67,585	)
Leejam Sports Co.	HSBC	02/22/2027		5.31	Termination		(222,447	)		0		(2,974	)
Leejam Sports Co.	Morgan Stanley	03/01/2027		5.33	Termination		(78,687	)		0		102
Lumi Rental Company	Morgan Stanley	11/13/2026		5.33	Termination		(549,452	)		0		(95,497	)
United International Transportation Company	Goldman Sachs	11/09/2026		5.33	Termination		(400,342	)		0		(85,456	)
United International Transportation Company	Morgan Stanley	12/17/2026		5.33	Termination		(154,355	)		0		(27,509	)
												(278,919	)
Singapore
Hafnia Ltd.	Morgan Stanley	02/15/2027		4.58	Termination		(242,191	)		0		(3,784	)
South Korea
Amorepacific Corp.	Goldman Sachs	12/08/2025		5.33	Termination		(368,159	)		0		14,427
Caregen Co., Ltd.	JPMorgan	11/09/2026		-2.94	Termination		(157,543	)		0		28,752
Chunbo Co., Ltd.	Morgan Stanley	12/08/2025		5.33	Termination		(123,691	)		0		200,615
Chunbo Co., Ltd.	Goldman Sachs	12/12/2025		5.33	Termination		(44,553	)		0		73,161
Chunbo Co., Ltd.	JPMorgan	08/07/2026		-2.94	Termination		(29,634	)		0		30,658
EcoPro BM Co., Ltd.	Goldman Sachs	05/04/2026		5.33	Termination		(338,028	)		0		(31,917	)
EcoPro BM Co., Ltd.	JPMorgan	10/19/2026		0.81	Termination		(165,112	)		0		(12,546	)
EcoPro Co., Ltd.	Goldman Sachs	11/09/2026		5.33	Termination		(116,490	)		0		7,703
Hansol Chemical Co., Ltd.	Morgan Stanley	12/08/2025		5.33	Termination		(209,358	)		0		44,465
Hansol Chemical Co., Ltd.	Goldman Sachs	12/12/2025		5.33	Termination		(123,031	)		0		23,238
Hansol Chemical Co., Ltd.	JPMorgan	08/07/2026		4.31	Termination		(54,354	)		0		9,951
Hanwha Solutions Corporation	Morgan Stanley	10/20/2026		5.33	Termination		(87,589	)		0		10,663
Hanwha Solutions Corporation	Goldman Sachs	11/09/2026		5.33	Termination		(163,320	)		0		19,904
Hyundai Motor Co.	Morgan Stanley	12/08/2025		5.33	Termination		(197,902	)		0		(66,691	)
Hyundai Motor Co.	Goldman Sachs	04/14/2026		5.33	Termination		(1,693	)		0		(373	)
Kakao Games Corp.	Goldman Sachs	10/19/2026		5.33	Termination		(278,843	)		0		10,852
Kia Corp.	Morgan Stanley	12/08/2025		5.33	Termination		(152,586	)		0		(72,032	)
Kum Yang Co., Ltd.	Goldman Sachs	11/09/2026		5.33	Termination		(128,850	)		0		(4,535	)
LG Energy Solution Ltd.	Goldman Sachs	10/19/2026		5.33	Termination		(372,373	)		0		40,913
LG H&H Co., Ltd.	Goldman Sachs	12/08/2025		5.33	Termination		(178,713	)		0		156,698
Posco Future M Co., Ltd.	Goldman Sachs	10/19/2026		5.33	Termination		(136,884	)		0		4,921
Posco Future M Co., Ltd.	Bank of America	11/09/2026		5.33	Termination		(218,539	)		0		(34,959	)
SK Biopharmaceuticals Co., Ltd.	Goldman Sachs	12/08/2025		5.33	Termination		(77,136	)		0		(17,602	)
SK Bioscience Co., Ltd.	Goldman Sachs	02/13/2026		5.33	Termination		(107,344	)		0		30,483
												466,749
Taiwan
Acer, Inc.	JPMorgan	11/16/2026		2.06	Termination		(281,389	)		0		(79,343	)
Advantech Co., Ltd.	Goldman Sachs	10/13/2026		5.33	Termination		(555,213	)		0		(76,584	)
Advantech Co., Ltd.	Morgan Stanley	11/09/2026		5.33	Termination		(111,043	)		0		(14,792	)
Aerospace Industrial Development Corp.	JPMorgan	02/22/2027		-2.19	Termination		(453,941	)		0		(1,534	)
Bora Pharmaceutical Co., Ltd.	Morgan Stanley	12/11/2026		5.33	Termination		(338,632	)		0		(22,870	)

The accompanying notes are an integral part of the financial statements.

64  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Portfolio Of Investments (continued)

REFERENCE ENTITY	COUNTERPARTY	MATURITY DATE	FINANCING RATE		PAYMENT FREQUENCY	NOTIONAL AMOUNT			UPFRONT PAYMENTS (RECEIPTS)		VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)
Taiwan—(continued)
Compal Electronics, Inc.	JPMorgan	11/13/2026		3.56	Termination	$	(457,268	)	$	0	$	(96,020	)
E Ink Holdings, Inc.	Goldman Sachs	10/05/2026		5.33	Termination		(801,594	)		0		(225,718	)
Elan Microelectronics Corp.	Goldman Sachs	02/22/2027		5.33	Termination		(498,901	)		0		(40,680	)
Elite Material Co., Ltd.	JPMorgan	11/13/2026		0.31	Termination		(532,435	)		0		(104,989	)
Elite Material Co., Ltd.	Goldman Sachs	02/22/2027		5.33	Termination		(62,639	)		0		5,397
Faraday Technology Corp.	Goldman Sachs	12/08/2025		5.33	Termination		(636,644	)		0		(332,649	)
Global Unichip Corp.	Goldman Sachs	11/13/2026		5.33	Termination		(301,808	)		0		(1,606	)
Global Unichip Corp.	Bank of America	02/22/2027		5.33	Termination		(301,808	)		0		(15,639	)
Great Tree Pharmacy Co., Ltd.	Goldman Sachs	10/19/2026		5.33	Termination		(261,377	)		0		27,850
Great Tree Pharmacy Co., Ltd.	JPMorgan	11/10/2026		1.56	Termination		(212,974	)		0		23,106
Lotus Pharmaceutical Co., Ltd.	Bank of America	11/09/2026		5.33	Termination		(283,918	)		0		(40,817	)
Lotus Pharmaceutical Co., Ltd.	JPMorgan	11/10/2026		0.06	Termination		(329,711	)		0		(59,028	)
Makalot Industrial Co., Ltd.	Goldman Sachs	02/22/2027		5.33	Termination		(458,359	)		0		(8,203	)
Novatek Microelectronics Corp.	Goldman Sachs	11/13/2026		5.33	Termination		(323,226	)		0		(71,561	)
Nuvoton Technology Corp.	Morgan Stanley	12/08/2025		5.33	Termination		(142,837	)		0		(3,473	)
Nuvoton Technology Corp.	Goldman Sachs	02/22/2027		5.33	Termination		(363,214	)		0		(406	)
Parade Technologies Ltd.	Goldman Sachs	11/13/2026		5.33	Termination		(64,221	)		0		2,398
Realtek Semiconductor Corp.	Goldman Sachs	11/13/2026		5.33	Termination		(648,033	)		0		(191,502	)
Taiwan Semiconductor Manufacturing Company Ltd.	Bank of America	02/22/2027		5.33	Termination		(435,312	)		0		16,025
Unimicron Technology Corp.	Goldman Sachs	12/08/2025		5.33	Termination		(198,754	)		0		(7,936	)
United Microelectronics Corp.	Morgan Stanley	11/10/2026		5.33	Termination		(474,862	)		0		(14,761	)
United Microelectronics Corp.	Goldman Sachs	01/29/2027		5.33	Termination		(164,705	)		0		13,796
Wafer Works Corp.	JPMorgan	11/10/2026		1.31	Termination		(107,025	)		0		4,460
Yulon Motor Co., Ltd	Morgan Stanley	12/14/2026		5.33	Termination		(333,264	)		0		33,310
Yulon Motor Co., Ltd	Goldman Sachs	02/01/2027		5.33	Termination		(176,697	)		0		(994	)
Yulon Motor Co., Ltd	Bank of America	02/22/2027		5.33	Termination		(91,703	)		0		(625	)
												(1,285,388	)
Thailand
Central Plaza Hotel PCL	Morgan Stanley	09/14/2026		5.33	Termination		(449,603	)		0		25,705
Central Retail Corp., PCL	HSBC	02/22/2027		5.31	Termination		(400,645	)		0		(9,945	)
Com7 PCL	Morgan Stanley	12/08/2025		5.33	Termination		(260,590	)		0		153,769
Com7 PCL	Goldman Sachs	09/11/2026		5.33	Termination		(18,181	)		0		10,527
Delta Electronics	Morgan Stanley	02/19/2027		5.33	Termination		(271,769	)		0		26,842
Muangthai Capital PCL	Morgan Stanley	12/08/2025		5.33	Termination		(162,386	)		0		(12,446	)
Muangthai Capital PCL	JPMorgan	08/07/2026		-9.69	Termination		(28,957	)		0		(6,059	)
Muangthai Capital PCL	Goldman Sachs	08/24/2026		5.33	Termination		(61,230	)		0		(6,288	)
												182,105
United States
Albemarle Corp.	Goldman Sachs	04/14/2026		5.33	Termination		(496,949	)		0		135,671
Alpha & Omega Semiconductor Ltd.	Goldman Sachs	12/08/2025		5.33	Termination		(497,984	)		0		170,065
Diodes, Inc.	Goldman Sachs	05/22/2026		5.33	Termination		(545,200	)		0		89,861
Legend Biotech Corp.	Goldman Sachs	12/07/2026		5.33	Termination		(360,726	)		0		(23,001	)
Monolithic Power Systems, Inc.	Goldman Sachs	02/16/2026		5.33	Termination		(493,947	)		0		(174,854	)
On Semiconductor Corp.	Goldman Sachs	02/22/2027		5.33	Termination		(455,132	)		0		(8,805	)
Samsonite International SA	Goldman Sachs	02/01/2027		4.77	Termination		(569,042	)		0		(100,011	)
Synaptics, Inc.	Goldman Sachs	12/08/2025		5.33	Termination		(221,621	)		0		(28,336	)
Tecnoglass, Inc.	Morgan Stanley	12/14/2026		5.33	Termination		(610,124	)		0		(60,905	)
Vishay Intertechnology, Inc.	Goldman Sachs	12/04/2026		5.33	Termination		(390,543	)		0		8,929
												8,614
Total Short												(1,331,274	)
Net unrealized gain/(loss) on Contracts For Difference											$	(602,299	)

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  65

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Portfolio Of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 29, 2024 is as follows (see Notes to Portfolio of Investments):

	TOTAL			LEVEL 1			LEVEL 2		LEVEL 3
Assets:
Common Stocks:
Brazil	$	4,060,792		$	4,060,792		$	—	$	—
China		22,096,298			803,712			21,292,586		—
Cyprus		—			—			—		—	^
Hong Kong		593,263			—			593,263		—
Hungary		64,160			64,160			—		—
India		2,164,463			—			2,164,463		—
Malaysia		786,912			—			786,912		—
Mexico		257,557			257,557			—		—
Singapore		91,558			—			91,558		—
South Africa		855,598			855,598			—		—
South Korea		6,229,867			—			6,229,867		—
Taiwan		5,362,813			—			5,362,813		—
Thailand		967,240			—			—		967,240
Common Stocks - Total	$	43,530,521		$	6,041,819		$	36,521,462	$	967,240
Preferred Stocks:
Brazil		465,160			465,160			—		—
South Korea		837,585			—			837,585		—
Preferred Stocks - Total		1,302,745			465,160			837,585		—
Short-Term Investments		13,276,380			9,226,084			4,050,296		—
Total Assets	$	58,109,646		$	15,733,063		$	41,409,343	$	967,240
		TOTAL			LEVEL 1			LEVEL 2		LEVEL 3
Liabilities:
Common Stocks	$	(183,973	)	$	(183,973	)	$	—	$	—
Total Liabilities	$	(183,973	)	$	(183,973	)	$	—	$	—
Other Financial Instruments*:
Assets
Contracts For Difference	$	5,544,630		$	5,090,310		$	—	$	454,320
Total Assets	$	5,544,630		$	5,090,310		$	—	$	454,320
Liabilities
Contracts For Difference	$	(6,146,929	)	$	(6,003,424	)	$	—	$	(143,505	)
Total Liabilities	$	(6,146,929	)	$	(6,003,424	)	$	—	$	(143,505	)

^	Value equals 0 as of the end of the reporting period.
*	The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of February 29, 2024.

Refer to the Portfolio of Investments for industry classifications.

The accompanying notes are an integral part of the financial statements.

66  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
STATEMENTS OF ASSETS AND LIABILITIES

		Boston Partners All-Cap Value Fund		Boston Partners Small Cap Value Fund II		WPG Partners Select Small Cap Value Fund		WPG Partners Small Cap Value Diversified Fund
ASSETS
Investments in securities, at value †^		$	1,433,519,996	$	548,299,398	$	90,402,573	$	28,934,246
Investments purchased with proceeds from securities lending collateral, at value *			67,457,486		100,833,185		—		5,515,103
Short-term investments, at value **			11,502,207		19,061,852		3,617,474		378,024
Cash and cash equivalents			993,475		5,693,845		815,913		702,606
Foreign currency, at value #			—		—		—		35,167
Receivables
Investments sold			—		3,633,446		1,136,351		550,453
Foreign currency deposits with brokers for securities sold short #			—		—		—		—
Deposits with brokers for contracts for difference			—		—		—		—
Deposits with brokers for securities sold short			—		—		—		—
Capital shares sold			1,256,514		1,213,125		175,739		—
Dividends and interest			2,429,616		536,982		56,942		31,808
Due from advisor			—		—		—		—
Unrealized appreciation on contracts for difference ◊			—		—		—		—
Prepaid expenses and other assets			169,836		52,170		3,087		11,034
Total assets			1,517,329,130		679,324,003		96,208,079		36,158,441
LIABILITIES
Securities sold short, at fair value ‡			—		—		—		—
Options written, at value +◊			—		—		—		—
Due to custodian			—		—		—		—
Payables
Securities lending collateral			67,457,486		100,833,185		—		5,515,103
Investments purchased			—		4,135,865		987,994		152,534
Capital shares redeemed			678,261		298,745		11,470		—
Investment advisory fees			866,051		404,644		70,874		15,655
Custodian fees			36,580		7,484		—		3,869
Distribution and service fees			60,104		84,900		—		—
Dividends on securities sold short			—		—		—		—
Administration and accounting fees			69,137		35,311		8,491		5,887
Transfer agent fees			169,452		85,512		16,994		3,606
Loans Payable			—		—		—		—
Unrealized depreciation on contracts for difference ◊			—		—		—		—
Other accrued expenses and liabilities			21,527		59,097		21,748		19,422
Total liabilities			69,358,598		105,944,743		1,117,571		5,716,076
Net Assets		$	1,447,970,532	$	573,379,260	$	95,090,508	$	30,442,365
NET ASSETS CONSIST OF:
Par value		$	45,972	$	22,210	$	8,758	$	1,604
Paid-in Capital			809,071,411		420,848,649		85,063,040		24,774,120
Total Distributable earnings/(loss)			638,853,149		152,508,401		10,018,710		5,666,641
Net Assets		$	1,447,970,532	$	573,379,260	$	95,090,508	$	30,442,365
INSTITUTIONAL CLASS
Net assets		$	1,216,449,582	$	515,763,727	$	95,090,508	$	30,442,365
Shares outstanding			38,582,055		19,851,825		8,757,785		1,604,132
Net asset value, offering and redemption price per share		$	31.53	$	25.98	$	10.86	$	18.98
INVESTOR CLASS
Net assets		$	231,520,950	$	57,615,533	$	—	$	—
Shares outstanding			7,390,119		2,357,715		—		—
Net asset value, offering and redemption price per share		$	31.33	$	24.44	$	—	$	—
†	Investments in securities, at cost	$	863,229,225	$	438,472,675	$	80,934,523	$	23,530,651
^	Includes market value of securities on loan	$	66,056,324	$	99,853,478	$	—	$	5,256,442
*	Investments purchased with proceeds from securities lending collateral, at cost	$	67,457,486	$	100,833,185	$	—	$	5,515,103
**	Short-term investments, at cost	$	11,502,207	$	19,061,852	$	3,617,474	$	378,024
	Purchased options, at cost	$	—	$	—	$	—	$	—
#	Foreign currency, at cost	$	—	$	—	$	—	$	35,337
‡	Proceeds received, securities sold short	$	—	$	—	$	—	$	—
+	Premiums received, options written	$	—	$	—	$	—	$	—
◊	Primary risk exposure is equity contracts

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  67

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
STATEMENTS OF ASSETS AND LIABILITIES (CONTINUED)

		Boston Partners Global Sustainability Fund		Boston Partners Global Equity Fund		Boston Partners Emerging Markets Fund			Boston Partners Long/Short Equity Fund
ASSETS
Investments in securities, at value †^		$	10,114,120	$	211,390,624	$	22,767,675		$	59,612,828
Investments purchased with proceeds from securities lending collateral, at value *			—		11,482,091		—			9,341,219
Short-term investments, at value **			103,238		5,023,099		501,146			2,607
Cash and cash equivalents			133,143		1,721,400		1,045,556			334
Foreign currency, at value #			—		—		41,797			—
Receivables
Investments sold			30,906		468,902		234,586			929,268
Foreign currency deposits with brokers for securities sold short #			—		—		—			2,906,149
Deposits with brokers for contracts for difference			—		—		50,000			—
Deposits with brokers for securities sold short			—		—		—			10,113,588
Capital shares sold			—		—		—			4,150
Dividends and interest			44,539		796,446		30,196			117,470
Due from advisor			252		—		—			—
Unrealized appreciation on contracts for difference ◊			—		—		—			460,359
Prepaid expenses and other assets			1,093		32,243		11,506			70,571
Total assets			10,427,291		230,914,805		24,682,462			83,558,541
LIABILITIES
Securities sold short, at fair value ‡			—		—		—			12,338,493
Options written, at value +◊			—		—		—			92,510
Due to custodian			—		—		—			—
Payables
Securities lending collateral			—		11,482,091		—			9,341,219
Investments purchased			56,694		903,355		840,209			140,841
Capital shares redeemed			—		—		—			82,650
Investment advisory fees			—		173,566		11,094			78,223
Custodian fees			5,413		14,507		8,036			2,164
Distribution and service fees			—		—		—			6,924
Dividends on securities sold short			—		—		—			4,685
Administration and accounting fees			10,225		14,383		6,290			9,339
Transfer agent fees			681		21,007		741			13,943
Loans Payable			—		—		—			707,000
Unrealized depreciation on contracts for difference ◊			—		—		6,113			290,598
Other accrued expenses and liabilities			17,958		13,954		14,738			27,583
Total liabilities			90,971		12,622,863		887,221			23,136,170
Net Assets		$	10,336,320	$	218,291,942	$	23,795,241		$	60,422,371
NET ASSETS CONSIST OF:
Par value		$	954	$	9,563	$	2,452		$	4,765
Paid-in Capital			9,169,803		183,515,018		25,303,611			32,149,397
Total Distributable earnings/(loss)			1,165,563		34,767,361		(1,510,822	)		28,268,209
Net Assets		$	10,336,320	$	218,291,942	$	23,795,241		$	60,422,371
INSTITUTIONAL CLASS
Net assets		$	10,336,320	$	218,291,942	$	23,795,241		$	45,823,824
Shares outstanding			954,066		9,563,147		2,452,403			3,397,625
Net asset value, offering and redemption price per share		$	10.83	$	22.83	$	9.70		$	13.49
INVESTOR CLASS
Net assets		$	—	$	—	$	—		$	14,598,547
Shares outstanding			—		—		—			1,366,969
Net asset value, offering and redemption price per share		$	—	$	—	$	—		$	10.68
†	Investments in securities, at cost	$	8,082,586	$	164,967,606	$	20,747,698		$	41,688,792
^	Includes market value of securities on loan	$	—	$	11,231,378	$	—		$	9,082,288
*	Investments purchased with proceeds from securities lending collateral, at cost	$	—	$	11,482,091	$	—		$	9,341,219
**	Short-term investments, at cost	$	103,238	$	5,023,099	$	501,146		$	2,607
	Purchased options, at cost	$	—	$	—	$	—		$	—
#	Foreign currency, at cost	$	—	$	—	$	42,546		$	3,210,048
‡	Proceeds received, securities sold short	$	—	$	—	$	—		$	18,217,665
+	Premiums received, options written	$	—	$	—	$	—		$	57,353
◊	Primary risk exposure is equity contracts

The accompanying notes are an integral part of the financial statements.

68  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	February 29, 2024 (unaudited)
STATEMENTS OF ASSETS AND LIABILITIES (CONCLUDED)

		Boston Partners Long/Short Research Fund		Boston Partners Global Long/Short Fund		Boston Partners Emerging Markets Dynamic Equity Fund
ASSETS
Investments in securities, at value †^		$	539,221,074	$	122,993,074	$	44,833,266
Investments purchased with proceeds from securities lending collateral, at value *			—		—		—
Short-term investments, at value **			453,682		38,197,444		13,276,380
Cash and cash equivalents			3,287,560		1,726,569		138,200
Foreign currency, at value #			—		—		—
Receivables
Investments sold			5,118,143		4,268,866		93,805
Foreign currency deposits with brokers for securities sold short #			48,630,563		89,456		64,329
Deposits with brokers for contracts for difference			1,761,258		4,499,222		2,417,694
Deposits with brokers for securities sold short			111,550,045		731,901		1,674,051
Capital shares sold			484,840		499,147		5,621
Dividends and interest			1,549,037		805,626		135,859
Due from advisor			—		—		—
Unrealized appreciation on contracts for difference ◊			6,657,410		3,424,975		5,544,630
Prepaid expenses and other assets			2,338,428		888,711		336,545
Total assets			721,052,040		178,124,991		68,520,380
LIABILITIES
Securities sold short, at fair value ‡			155,467,725		823,298		183,973
Options written, at value +◊			144,096		2,714,552		—
Due to custodian			—		5,223		—
Payables
Securities lending collateral			—		—		—
Investments purchased			2,228,108		2,513,937		54,634
Capital shares redeemed			728,392		109,060		1,336
Investment advisory fees			494,576		150,335		84,288
Custodian fees			5,145		7,316		12,503
Distribution and service fees			3,500		9,469		—
Dividends on securities sold short			137,311		—		10,134
Administration and accounting fees			44,541		17,419		7,485
Transfer agent fees			75,764		50,114		3,107
Loans Payable			—		—		—
Unrealized depreciation on contracts for difference ◊			6,859,942		7,007,750		6,146,929
Other accrued expenses and liabilities			1,197,370		920,966		586,850
Total liabilities			167,386,470		14,329,439		7,091,239
Net Assets		$	553,665,570	$	163,795,552	$	61,429,141
NET ASSETS CONSIST OF:
Par value		$	40,040	$	10,497	$	6,884
Paid-in Capital			347,273,976		143,276,915		72,702,319
Total Distributable earnings/(loss)			206,351,554		20,508,140		(11,280,062	)
Net Assets		$	553,665,570	$	163,795,552	$	61,429,141
INSTITUTIONAL CLASS
Net assets		$	547,061,489	$	152,407,421	$	61,429,141
Shares outstanding			39,542,104		9,754,472		6,883,624
Net asset value, offering and redemption price per share		$	13.83	$	15.62	$	8.92
INVESTOR CLASS
Net assets		$	6,604,081	$	11,388,131	$	—
Shares outstanding			497,705		742,152		—
Net asset value, offering and redemption price per share		$	13.27	$	15.34	$	—
†	Investments in securities, at cost	$	383,663,729	$	104,976,182	$	38,949,614
^	Includes market value of securities on loan	$	—	$	—	$	—
*	Investments purchased with proceeds from securities lending collateral, at cost	$	—	$	—	$	—
**	Short-term investments, at cost	$	453,682	$	38,197,444	$	13,276,380
	Purchased options, at cost	$	—	$	—	$	—
#	Foreign currency, at cost	$	48,255,172	$	98,034	$	63,191
‡	Proceeds received, securities sold short	$	159,716,867	$	785,783	$	181,696
+	Premiums received, options written	$	110,397	$	1,604,875	$	—
◊	Primary risk exposure is equity contracts

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  69

BOSTON PARTNERS INVESTMENT FUNDS	For the Six Months Ended February 29, 2024 (unaudited)
STATEMENTS OF OPERATIONS

		Boston Partners All-Cap Value Fund			Boston Partners Small Cap Value Fund II			WPG Partners Select Small Cap Value Fund			WPG Partners Small Cap Value Fund
Investment Income
Dividends †		$	11,455,576		$	4,274,956		$	458,802		$	253,267
Interest			828,862			265,132			140,039			25,744
Income from securities loaned (Note 8)			55,576			322,953			—			7,654
Prime broker interest income			—			—			—			—
Total investment income			12,340,014			4,863,041			598,841			286,665
Expenses
Advisory fees (Note 2)			4,766,767			2,384,350			420,115			113,696
Transfer agent fees (Note 2)			435,721			204,104			33,272			5,500
Distribution fees (Investor Class) (Note 2)			278,446			71,622			—			—
Administration and accounting fees (Note 2)			154,173			71,578			23,164			12,098
Legal fees			82,170			40,103			4,269			1,831
Officer’s fees			77,760			38,702			3,252			1,802
Custodian fees (Note 2)			71,802			19,428			935			10,229
Director’s fees			66,787			37,753			3,082			1,687
Registration fees			29,581			21,141			8,526			11,791
Audit and tax service fees			22,487			20,926			27,668			19,492
Printing and shareholder reporting fees			9,032			25,233			3,798			6,585
Other expenses			76,016			32,038			12,757			573
Dividend expense on securities sold short			—			—			—			—
Prime broker interest expense			—			—			—			—
Total expenses before waivers and/or reimbursements			6,070,742			2,966,978			540,838			185,284
Less: waivers and/or reimbursements net of amounts recouped (Note 2)			(310,112	)		(106,631	)		(17,921	)		(28,953	)
Net expenses after waivers and/or reimbursements net of amounts recouped			5,760,630			2,860,347			522,917			156,331
Net investment income/(loss)			6,579,384			2,002,694			75,924			130,334
Net realized gain/(loss) from:
Investment securities			76,524,509			63,745,244			1,013,119			450,677
Short-term investments			—			—			—			—
Securities sold short			—			—			—			—
Options written **			—			—			—			—
Contracts for difference **			—			—			—			—
Foreign currency transactions			—			—			—			237
Net change in unrealized appreciation/(depreciation) on:
Investment securities			54,043,833			(27,699,027	)		2,607,861			1,771,592
Short-term investments			—			—			—			—
Securities sold short			—			—			—			—
Options written **			(731,254	)		—			—			—
Contracts for difference **			—			—			—			—
Foreign currency translation			(66	)		—			—			(202	)
Net realized and unrealized gain/(loss)			129,837,022			36,046,217			3,620,980			2,222,304
Net increase/(decrease) in net assets resulting from operations		$	136,416,406		$	38,048,911		$	3,696,904		$	2,352,638
†	Net of foreign withholding taxes of	$	(25,178	)	$	(14,751	)	$	(7,698	)	$	(4,734	)

** Primary risk exposure is equity contracts

The accompanying notes are an integral part of the financial statements.

70  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	For the Six Months Ended February 29, 2024 (unaudited)
STATEMENTS OF OPERATIONS (CONTINUED)

		Boston Partners Global Sustainability Fund			Boston Partners Global Equity Fund			Boston Partners Emerging Markets Fund			Boston Partners Long/Short Equity Fund
Investment Income
Dividends †		$	123,277		$	1,720,334		$	170,865		$	541,523
Interest			17,808			149,872			26,480			42,158
Income from securities loaned (Note 8)			—			8,161			—			30,665
Prime broker interest income			—			—			—			125,255
Total investment income			141,085			1,878,367			197,345			739,601
Expenses
Advisory fees (Note 2)			77,720			944,241			86,052			703,187
Transfer agent fees (Note 2)			425			72,798			414			27,617
Distribution fees (Investor Class) (Note 2)			—			—			—			15,400
Administration and accounting fees (Note 2)			9,489			42,553			11,476			20,331
Legal fees			678			12,264			1,328			4,079
Officer’s fees			602			11,812			1,278			4,120
Custodian fees (Note 2)			14,050			30,899			4,199			8,974
Director’s fees			689			12,186			1,111			3,911
Registration fees			6,436			9,853			10,276			16,866
Audit and tax service fees			17,576			23,824			21,956			25,691
Printing and shareholder reporting fees			—			240			440			65
Other expenses			1,301			6,120			547			15,275
Dividend expense on securities sold short			—			—			—			16,380
Prime broker interest expense			—			—			—			—
Total expenses before waivers and/or reimbursements			128,966			1,166,790			139,077			861,896
Less: waivers and/or reimbursements net of amounts recouped (Note 2)			(40,431	)		(169,031	)		(24,269	)		(203,711	)
Net expenses after waivers and/or reimbursements net of amounts recouped			88,535			997,759			114,808			658,185
Net investment income/(loss)			52,550			880,608			82,537			81,416
Net realized gain/(loss) from:
Investment securities			1,909,299			3,679,640			826,444			4,917,180
Short-term investments			—			—			—			—
Securities sold short			—			—			—			1,753,856
Options written **			—			—			—			(104,282	)
Contracts for difference **			—			—			(108,352	)		121,766
Foreign currency transactions			26,025			47,240			(99,131	)		(8,543	)
Net change in unrealized appreciation/(depreciation) on:
Investment securities			(52,065	)		15,079,249			599,388			988,754
Short-term investments			—			—			—			—
Securities sold short			—			—			—			(1,762,062	)
Options written **			—			—			—			(86,109	)
Contracts for difference **			—			—			129,747			169,761
Foreign currency translation			(333	)		(1,788	)		(873	)		(26,856	)
Net realized and unrealized gain/(loss)			1,882,926			18,804,341			1,347,223			5,963,465
Net increase/(decrease) in net assets resulting from operations		$	1,935,476		$	19,684,949		$	1,429,760		$	6,044,881
†	Net of foreign withholding taxes of	$	(9,555	)	$	(94,994	)	$	(23,650	)	$	(14,526	)

** Primary risk exposure is equity contracts

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  71

BOSTON PARTNERS INVESTMENT FUNDS	For the Six Months Ended February 29, 2024 (unaudited)
STATEMENTS OF OPERATIONS (CONCLUDED)

		Boston Partners Long/Short Research Fund			Boston Partners Global Long/Short Fund			Boston Partners Emerging Markets Dynamic Equity Fund
Investment Income
Dividends †		$	4,929,877		$	875,147		$	322,380
Interest			287,739			1,110,235			464,794
Income from securities loaned (Note 8)			—			—			—
Prime broker interest income			3,249,950			—			25,091
Total investment income			8,467,566			1,985,382			812,265
Expenses
Advisory fees (Note 2)			3,927,808			1,164,966			376,857
Transfer agent fees (Note 2)			163,930			97,360			7,509
Distribution fees (Investor Class) (Note 2)			8,646			11,672			—
Administration and accounting fees (Note 2)			98,333			38,616			18,199
Legal fees			40,764			9,550			5,934
Officer’s fees			45,084			10,218			3,485
Custodian fees (Note 2)			19,509			8,775			12,592
Director’s fees			42,558			8,459			3,847
Registration fees			21,535			19,201			10,972
Audit and tax service fees			30,779			25,838			30,894
Printing and shareholder reporting fees			—			8,680			373
Other expenses			62,156			3,487			1,389
Dividend expense on securities sold short			1,456,209			1,603			10,134
Prime broker interest expense			—			2,108			—
Total expenses before waivers and/or reimbursements			5,917,311			1,410,533			482,185
Less: waivers and/or reimbursements net of amounts recouped (Note 2)			—			—			(49,755	)
Net expenses after waivers and/or reimbursements net of amounts recouped			5,917,311			1,410,533			432,430
Net investment income/(loss)			2,550,255			574,849			379,835
Net realized gain/(loss) from:
Investment securities			51,130,336			7,255,261			2,129,333
Short-term investments			—			—			—
Securities sold short			538,359			—			21,532
Options written **			422,721			193,063			—
Contracts for difference **			(553,451	)		3,037,262			496,770
Foreign currency transactions			(805,057	)		(42,792	)		(189,919	)
Net change in unrealized appreciation/(depreciation) on:
Investment securities			7,365,222			2,454,962			2,245,728
Short-term investments			—			—			—
Securities sold short			(5,915,299	)		(37,515	)		2,598
Options written **			(292,444	)		(598,616	)		—
Contracts for difference **			(4,313,645	)		(1,564,826	)		(2,928,781	)
Foreign currency translation			945,491			31,970			(51,793	)
Net realized and unrealized gain/(loss)			48,522,233			10,728,769			1,725,468
Net increase/(decrease) in net assets resulting from operations		$	51,072,488		$	11,303,618		$	2,105,303
†	Net of foreign withholding taxes of	$	(99,728	)	$	(81,461	)	$	(50,969	)

** Primary risk exposure is equity contracts

The accompanying notes are an integral part of the financial statements.

72  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	(unaudited)
STATEMENTS OF CHANGES IN NET ASSETS

	Boston Partners All-Cap Value Fund						Boston Partners Small Cap Value Fund II
	For the Six Months Ended February 29, 2024			For the Year Ended August 31, 2023			For the Six Months Ended February 29, 2024			For the Year Ended August 31, 2023
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	6,579,384		$	18,074,085		$	2,002,694		$	6,160,708
Net realized gain/(loss) from investments and foreign currencies		76,524,509			124,443,037			63,745,244			73,771,623
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		53,312,513			13,885,190			(27,699,027	)		(33,832,805	)
Net increase/(decrease) in net assets resulting from operations		136,416,406			156,402,312			38,048,911			46,099,526
Dividends and distributions to shareholders:
Institutional Class		(113,490,263	)		(96,713,599	)		(60,315,331	)		(46,030,717	)
Investor Class		(23,113,027	)		(18,398,789	)		(7,258,207	)		(5,861,952	)
Net decrease in net assets from dividends and distributions to shareholders		(136,603,290	)		(115,112,388	)		(67,573,538	)		(51,892,669	)
Capital transactions:
Institutional Class
Proceeds from shares sold		156,194,285			227,017,126			36,539,915			87,714,164
Reinvestment of distributions		89,167,313			75,831,183			58,874,148			43,911,312
Shares redeemed		(193,901,831	)		(373,447,509	)		(87,202,797	)		(282,284,621	)
Investor Class
Proceeds from shares sold		5,827,990			16,752,630			1,393,396			5,373,916
Reinvestment of distributions		22,007,650			17,605,766			7,055,068			5,743,917
Shares redeemed		(24,166,757	)		(43,086,278	)		(8,429,376	)		(31,265,355	)
Net increase/(decrease) in net assets from capital transactions		55,128,650			(79,327,082	)		8,230,354			(170,806,667	)
Total increase/(decrease) in net assets		54,941,766			(38,037,158	)		(21,294,273	)		(176,599,810	)
Net assets:
Beginning of period		1,393,028,766			1,431,065,924			594,673,533			771,273,343
End of period	$	1,447,970,532		$	1,393,028,766		$	573,379,260		$	594,673,533
Share transactions:
Institutional Class
Shares sold		5,118,721			7,348,008			1,416,540			3,339,693
Shares reinvested		2,986,179			2,498,556			2,307,885			1,711,942
Shares redeemed		(6,190,573	)		(12,182,535	)		(3,330,307	)		(10,620,746	)
Net increase/(decrease)		1,914,327			(2,335,971	)		394,118			(5,569,111	)
Investor Class
Shares sold		190,024			546,307			57,505			214,612
Shares reinvested		741,248			583,165			293,839			236,278
Shares redeemed		(791,351	)		(1,414,790	)		(346,318	)		(1,272,538	)
Net increase/(decrease)		139,921			(285,318	)		5,026			(821,648	)

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  73

BOSTON PARTNERS INVESTMENT FUNDS	(unaudited)
STATEMENTS OF CHANGES IN NET ASSETS (continued)

	WPG Partners Select Small Cap Value Fund						WPG Partners Small Cap Value Diversified Fund
	For the Six Months Ended February 29, 2024			For the Year Ended August 31, 2023			For the Six Months Ended February 29, 2024			For the Year Ended August 31, 2023
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	75,924		$	529,691		$	130,334		$	323,469
Net realized gain/(loss) from investments and foreign currencies		1,013,119			13,714,809			450,914			1,888,510
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		2,607,861			7,711,422			1,771,390			885,261
Net increase/(decrease) in net assets resulting from operations		3,696,904			21,955,922			2,352,638			3,097,240
Dividends and distributions to shareholders:
Institutional Class		(14,373,145	)		(111,741	)		(2,113,959	)		(4,669,593	)
Net decrease in net assets from dividends and distributions to shareholders		(14,373,145	)		(111,741	)		(2,113,959	)		(4,669,593	)
Capital transactions:
Institutional Class
Proceeds from shares sold		45,275,683			74,949,673			477,465			1,560,898
Reinvestment of distributions		14,245,244			111,438			1,990,247			4,416,593
Shares redeemed		(61,083,544	)		(7,420,975	)		(1,527,441	)		(7,405,913	)
Net increase/(decrease) in net assets from capital transactions		(1,562,617	)		67,640,136			940,271			(1,428,422	)
Total increase/(decrease) in net assets		(12,238,858	)		89,484,317			1,178,950			(3,000,775	)
Net assets:
Beginning of period		107,329,366			17,845,049			29,263,415			32,264,190
End of period	$	95,090,508		$	107,329,366		$	30,442,365		$	29,263,415
Share transactions:
Institutional Class
Shares sold		4,236,344			7,856,153			25,916			83,597
Shares reinvested		1,428,811			11,155			109,055			253,245
Shares redeemed		(5,990,818	)		(682,918	)		(86,170	)		(400,952	)
Net increase/(decrease)		(325,663	)		7,184,390			48,801			(64,110	)

The accompanying notes are an integral part of the financial statements.

74  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	(unaudited)
STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Boston Partners Global Sustainability Fund						Boston Partners Global Equity Fund
	For the Six Months Ended February 29, 2024			For the Year Ended August 31, 2023			For the Six Months Ended February 29, 2024			For the Year Ended August 31, 2023
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	52,550		$	404,279		$	880,608		$	4,257,210
Net realized gain/(loss) from investments and foreign currencies		1,935,324			(1,521,647	)		3,726,880			8,115,011
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		(52,398	)		4,623,906			15,077,461			14,265,482
Net increase/(decrease) in net assets resulting from operations		1,935,476			3,506,538			19,684,949			26,637,703
Dividends and distributions to shareholders:
Institutional Class		(383,298	)		(313,835	)		(4,137,287	)		(2,771,850	)
Net decrease in net assets from dividends and distributions to shareholders		(383,298	)		(313,835	)		(4,137,287	)		(2,771,850	)
Capital transactions:
Institutional Class
Proceeds from shares sold		1,000,119			600,673			8,018,681			27,113,250
Reinvestment of distributions		383,298			313,835			3,944,599			2,760,443
Shares redeemed		(16,496,305	)		(2,850,030	)		(21,382,809	)		(12,982,701	)
Net increase/(decrease) in net assets from capital transactions		(15,112,888	)		(1,935,522	)		(9,419,529	)		16,890,992
Total increase/(decrease) in net assets		(13,560,710	)		1,257,181			6,128,133			40,756,845
Net assets:
Beginning of period		23,897,030			22,639,849			212,163,809			171,406,964
End of period	$	10,336,320		$	23,897,030		$	218,291,942		$	212,163,809
Share transactions:
Institutional Class
Shares sold		95,210			64,724			375,509			1,317,841
Shares reinvested		36,785			33,673			178,005			136,453
Shares redeemed		(1,568,090	)		(335,011	)		(984,730	)		(633,039	)
Net increase/(decrease)		(1,436,095	)		(236,614	)		(431,216	)		821,255

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  75

BOSTON PARTNERS INVESTMENT FUNDS	(unaudited)
STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Boston Partners Emerging Markets Fund						Boston Partners Long/Short Equity Fund
	For the Six Months Ended February 29, 2024			For the Year Ended August 31, 2023			For the Six Months Ended February 29, 2024			For the Year Ended August 31, 2023
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	82,537		$	436,265		$	81,416		$	308,147
Net realized gain/(loss) from investments and foreign currencies		618,961			(714,894	)		6,679,977			11,945,536
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		728,262			2,626,168			(716,512	)		(2,920,874	)
Net increase/(decrease) in net assets resulting from operations		1,429,760			2,347,539			6,044,881			9,332,809
Dividends and distributions to shareholders:
Institutional Class		(349,092	)		(651,962	)		(9,339,469	)		(6,481,806	)
Investor Class		—			—			(2,682,662	)		(1,588,742	)
Net decrease in net assets from dividends and distributions to shareholders		(349,092	)		(651,962	)		(12,022,131	)		(8,070,548	)
Capital transactions:
Institutional Class
Proceeds from shares sold		192,383			319,143			2,391,620			10,379,630
Reinvestment of distributions		349,092			651,962			9,007,247			6,315,049
Shares redeemed		(1,197,573	)		(800,026	)		(17,318,945	)		(16,446,258	)
Investor Class
Proceeds from shares sold		—			—			3,037,301			1,769,405
Reinvestment of distributions		—			—			2,626,901			1,538,484
Shares redeemed		—			—			(1,395,793	)		(3,220,281	)
Net increase/(decrease) in net assets from capital transactions		(656,098	)		171,079			(1,651,669	)		336,029
Total increase/(decrease) in net assets		424,570			1,866,656			(7,628,919	)		1,598,290
Net assets:
Beginning of period		23,370,671			21,504,015			68,051,290			66,453,000
End of period	$	23,795,241		$	23,370,671		$	60,422,371		$	68,051,290
Share transactions:
Institutional Class
Shares sold		20,586			38,499			168,982			716,103
Shares reinvested		37,336			78,079			701,499			453,016
Shares redeemed		(125,532	)		(95,241	)		(1,228,522	)		(1,129,589	)
Net increase/(decrease)		(67,610	)		21,337			(358,041	)		39,530
Investor Class
Shares sold		—			—			287,234			143,479
Shares reinvested		—			—			258,299			132,628
Shares redeemed		—			—			(122,214	)		(267,020	)
Net increase/(decrease)		—			—			423,319			9,087

The accompanying notes are an integral part of the financial statements.

76  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS	(unaudited)
STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Boston Partners Long/Short Research Fund						Boston Partners Global Long/Short Fund
	For the Six Months Ended February 29, 2024			For the Year Ended August 31, 2023			For the Six Months Ended February 29, 2024			For the Year Ended August 31, 2023
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	2,550,255		$	8,419,000		$	574,849		$	2,054,587
Net realized gain/(loss) from investments and foreign currencies		50,732,908			72,632,937			10,442,794			13,070,954
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		(2,210,675	)		(25,356,255	)		285,975			(1,128,440	)
Net increase/(decrease) in net assets resulting from operations		51,072,488			55,695,682			11,303,618			13,997,101
Dividends and distributions to shareholders:
Institutional Class		(66,527,383	)		(144,215,120	)		(2,188,902	)		(2,998,432	)
Investor Class		(732,348	)		(2,234,372	)		(124,802	)		(245,884	)
Net decrease in net assets from dividends and distributions to shareholders		(67,259,731	)		(146,449,492	)		(2,313,704	)		(3,244,316	)
Capital transactions:
Institutional Class
Proceeds from shares sold		69,913,198			307,344,480			23,299,517			96,861,537
Reinvestment of distributions		32,190,432			71,158,668			2,120,859			2,776,329
Shares redeemed		(227,965,650	)		(402,250,403	)		(26,659,154	)		(79,750,344	)
Investor Class
Proceeds from shares sold		55,145			1,843,386			3,966,710			11,778,290
Reinvestment of distributions		731,513			2,215,329			109,781			223,590
Shares redeemed		(1,498,537	)		(7,033,192	)		(2,331,603	)		(9,580,249	)
Net increase/(decrease) in net assets from capital transactions		(126,573,899	)		(26,721,732	)		506,110			22,309,153
Total increase/(decrease) in net assets		(142,761,142	)		(117,475,542	)		9,496,024			33,061,938
Net assets:
Beginning of period		696,426,712			813,902,254			154,299,528			121,237,590
End of period	$	553,665,570		$	696,426,712		$	163,795,552		$	154,299,528
Share transactions:
Institutional Class
Shares sold		5,105,094			21,262,036			1,523,714			6,785,859
Shares reinvested		2,455,410			5,086,395			139,164			194,557
Shares redeemed		(16,705,700	)		(27,847,305	)		(1,755,866	)		(5,564,380	)
Net increase/(decrease)		(9,145,196	)		(1,498,874	)		(92,988	)		1,416,036
Investor Class
Shares sold		4,237			125,654			262,184			825,447
Shares reinvested		58,149			164,220			7,329			15,925
Shares redeemed		(114,217	)		(514,853	)		(156,421	)		(670,848	)
Net increase/(decrease)		(51,831	)		(224,979	)		113,092			170,524

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  77

BOSTON PARTNERS INVESTMENT FUNDS	(unaudited)
STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Boston Partners Emerging Markets Dynamic Equity Fund
	For the Six Months Ended February 29, 2024			For the Year Ended August 31, 2023
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	379,835		$	904,310
Net realized gain/(loss) from investments and foreign currencies		2,457,716			(2,511,765	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		(732,248	)		4,575,484
Net increase/(decrease) in net assets resulting from operations		2,105,303			2,968,029
Dividends and distributions to shareholders:
Institutional Class		—			(11,778,440	)
Net decrease in net assets from dividends and distributions to shareholders		—			(11,778,440	)
Capital transactions:
Institutional Class
Proceeds from shares sold		582,402			6,194,044
Reinvestment of distributions		—			11,469,531
Shares redeemed		(3,083,292	)		(7,644,051	)
Net increase/(decrease) in net assets from capital transactions		(2,500,890	)		10,019,524
Total increase/(decrease) in net assets		(395,587	)		1,209,113
Net assets:
Beginning of period		61,824,728			60,615,615
End of period	$	61,429,141		$	61,824,728
Share transactions:
Institutional Class
Shares sold		67,112			727,968
Shares reinvested		—			1,402,143
Shares redeemed		(356,022	)		(882,460	)
Net increase/(decrease)		(288,910	)		1,247,651

The accompanying notes are an integral part of the financial statements.

78  |  Semi-Annual Report 2024

(THIS PAGE INTENTIONALLY LEFT BLANK.)

BOSTON PARTNERS INVESTMENT FUNDS
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.

	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)*			Net Realized and Unrealized Gain/ (Loss) on Investments			Net Increase/ (Decrease) in Net Assets Resulting from Operations			Dividends to Shareholders from Net Investment Income			Distributions to Shareholders from Net Realized Gains			Total Dividend and Distributions to Shareholders
Boston Partners All-Cap Value Fund
Institutional Class
9/1/23 through 2/29/24†	$	31.76	$	0.15		$	3.00		$	3.15		$	(0.52	)	$	(2.86	)	$	(3.38	)
8/31/23		30.78		0.41			3.16			3.57			(0.31	)		(2.28	)		(2.59	)
8/31/22		33.77		0.33			(1.51	)		(1.18	)		(0.33	)		(1.48	)		(1.81	)
8/31/21		24.53		0.26			9.43			9.69			(0.21	)		(0.24	)		(0.45	)
8/31/20		24.97		0.36			(0.08	)		0.28			(0.37	)		(0.35	)		(0.72	)
8/31/19		27.86		0.34			(1.76	)		(1.42	)		(0.29	)		(1.18	)		(1.47	)
Investor Class
9/1/23 through 2/29/24†	$	31.53	$	0.12		$	2.98		$	3.10		$	(0.44	)	$	(2.86	)	$	(3.30	)
8/31/23		30.58		0.33			3.13			3.46			(0.23	)		(2.28	)		(2.51	)
8/31/22		33.56		0.25			(1.51	)		(1.26	)		(0.24	)		(1.48	)		(1.72	)
8/31/21		24.39		0.18			9.38			9.56			(0.15	)		(0.24	)		(0.39	)
8/31/20		24.82		0.30			(0.09	)		0.21			(0.29	)		(0.35	)		(0.64	)
8/31/19		27.69		0.27			(1.75	)		(1.48	)		(0.21	)		(1.18	)		(1.39	)
Boston Partners Small Cap Value Fund II
Institutional Class
9/1/23 through 2/29/24†	$	27.43	$	0.10		$	1.76		$	1.86		$	(0.25	)	$	(3.06	)	$	(3.31	)
8/31/23		27.51		0.24			1.60			1.84			(0.26	)		(1.66	)		(1.92	)
8/31/22		32.34		0.18			(2.86	)		(2.68	)		(0.12	)		(2.03	)		(2.15	)
8/31/21		21.06		0.15			11.27			11.42			(0.14	)		—			(0.14	)
8/31/20		23.42		0.20			(1.94	)		(1.74	)		(0.28	)		(0.34	)		(0.62	)
8/31/19		27.74		0.23			(3.12	)		(2.89	)		(0.12	)		(1.31	)		(1.43	)
Investor Class
9/1/23 through 2/29/24†	$	25.95	$	0.06		$	1.67		$	1.73		$	(0.18	)	$	(3.06	)	$	(3.24	)
8/31/23		26.12		0.17			1.51			1.68			(0.19	)		(1.66	)		(1.85	)
8/31/22		30.81		0.10			(2.72	)		(2.62	)		(0.04	)		(2.03	)		(2.07	)
8/31/21		20.07		0.07			10.75			10.82			(0.08	)		—			(0.08	)
8/31/20		22.33		0.15			(1.85	)		(1.70	)		(0.22	)		(0.34	)		(0.56	)
8/31/19		26.53		0.16			(2.99	)		(2.83	)		(0.06	)		(1.31	)		(1.37	)
WPG Partners Select Small Cap Value Fund
Institutional Class
9/1/23 through 2/29/24†	$	11.82	$	0.01		$	0.58		$	0.59		$	(0.06	)	$	(1.49	)	$	(1.55	)
8/31/23		9.40		0.07			2.37			2.44			—			(0.02	)		(0.02	)
12/29/21** through 8/31/22		10.00		(0.01	)		(0.59	)		(0.60	)		—			—			—
WPG Partners Small Cap Value Diversified Fund
Institutional Class
9/1/23 through 2/29/24†	$	18.81	$	0.08		$	1.49		$	1.57		$	(0.21	)	$	(1.19	)	$	(1.40	)
8/31/23		19.92		0.20			1.80			2.00			(0.09	)		(3.02	)		(3.11	)
8/31/22		19.33		0.09			0.80			0.89			(0.07	)		(0.23	)		(0.30	)
8/31/21		11.96		0.07			7.39			7.46			(0.09	)		—			(0.09	)
8/31/20		13.19		0.09			(1.26	)		(1.17	)		(0.06	)		—			(0.06	)
8/31/19		17.52		0.06			(3.36	)		(3.30	)		(0.05	)		(0.98	)		(1.03	)

†	unaudited.
*	Calculated based on average shares outstanding for the period.
**	Commencement of operations.

The accompanying notes are an integral part of the financial statements.

80  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS
FINANCIAL HIGHLIGHTS (continued)	Per Share Operating Performance

Net Asset Value, End of Period		Total Investment Return1			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any2			Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense)		Ratio of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any			Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements			Portfolio Turnover Rate
$	31.53		10.49	%	$	1,216,450		0.80	%3		N/A		0.85	%3		1.01	%3		15	%4
	31.76		12.00			1,164,397		0.80			N/A		0.84			1.35			33
	30.78		(3.76	)		1,200,629		0.80			N/A		0.86			1.00			29
	33.77		39.91			1,653,698		0.80			N/A		0.83			0.86			33
	24.53		0.84			1,053,301		0.80			N/A		0.84			1.46			37
	24.97		(4.65	)		1,561,229		0.80			N/A		0.82			1.34			33
$	31.33		10.39	%	$	231,521		1.05	%3		N/A		1.10	%3		0.76	%3		15	%4
	31.53		11.68			228,631		1.05			N/A		1.09			1.10			33
	30.58		(4.00	)		230,437		1.05			N/A		1.11			0.75			29
	33.56		39.57			279,306		1.05			N/A		1.08			0.61			33
	24.39		0.59			220,927		1.05			N/A		1.09			1.21			37
	24.82		(4.90	)		320,962		1.05			N/A		1.07			1.09			33
$	25.98		7.02	%	$	515,764		0.99	%3		N/A		1.03	%3		0.74	%3		32	%4
	27.43		7.17			533,633		0.99			N/A		1.04			0.91			65
	27.51		(8.88	)		688,375		0.99			N/A		1.02			0.61			24
	32.34		54.40			776,442		0.99			N/A		1.01			0.52			33
	21.06		(7.88	)		503,349		1.07			N/A		1.09			0.94			46
	23.42		(9.92	)		421,429		1.10			N/A		1.16			0.97			29
$	24.44		6.90	%	$	57,616		1.24	%3		N/A		1.28	%3		0.49	%3		32	%4
	25.95		6.90			61,041		1.24			N/A		1.29			0.66			65
	26.12		(9.11	)		82,898		1.24			N/A		1.27			0.36			24
	30.81		54.01			104,282		1.24			N/A		1.26			0.27			33
	20.07		(8.07	)		77,032		1.32			N/A		1.34			0.69			46
	22.33		(10.20	)		122,703		1.35			N/A		1.41			0.72			29
$	10.86		6.10	%	$	95,091		1.10	%3		N/A		1.16	%3		0.16	%3		102	%4
	11.82		25.94			107,329		1.10			N/A		1.16			0.65			118
	9.40		(6.00	)		17,845		1.10	3		N/A		2.93	3		(0.22	)3		70	4
$	18.98		8.68	%	$	30,442		1.10	%3		N/A		1.30	%3		0.92	%3		41	%4
	18.81		11.35			29,263		1.10			N/A		1.32			1.06			90
	19.92		4.59			32,264		1.10			N/A		1.26			0.44			92
	19.33		62.66			27,602		1.10			N/A		1.28			0.40			114
	11.96		(8.92	)		19,150		1.10			N/A		1.31			0.74			123
	13.19		(18.85	)		22,273		1.10			N/A		1.23			0.40			79

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.
2	Beginning on September 1, 2018, the expense limitation includes acquired fund fees and expenses (AFFE). AFFE are not reflected as expenses in these financial statements and therefore this may cause the net expense ratios after waivers/reimbursements to be lower than the expense limitation in place.
3	Annualized
4	Not Annualized

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  81

BOSTON PARTNERS INVESTMENT FUNDS
FINANCIAL HIGHLIGHTS (continued)	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.

	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)*			Net Realized and Unrealized Gain/ (Loss) on Investments			Net Increase/ (Decrease) in Net Assets Resulting from Operations			Dividends to Shareholders from Net Investment Income			Distributions to Shareholders from Net Realized Gains			Total Dividend and Distributions to Shareholders
Boston Partners Global Sustainability Fund
Institutional Class
9/1/23 through 2/29/24†	$	10.00	$	0.03		$	0.96		$	0.99		$	(0.16	)	$	—		$	(0.16	)
8/31/23		8.62		0.17			1.35			1.52			(0.14	)		—			(0.14	)
12/29/21** through 8/31/22		10.00		0.11			(1.49	)		(1.38	)		—			—			—
Boston Partners Global Equity Fund
Institutional Class
9/1/23 through 2/29/24†	$	21.23	$	0.09		$	1.94		$	2.03		$	(0.43	)	$	—		$	(0.43	)
8/31/23		18.69		0.45			2.39			2.84			(0.30	)		—			(0.30	)
8/31/22		20.74		0.39			(2.08	)		(1.69	)		(0.36	)		—			(0.36	)
8/31/21		15.15		0.25			5.69			5.94			(0.35	)		—			(0.35	)
8/31/20		15.91		0.15			(0.67	)		(0.52	)		(0.24	)		—			(0.24	)
8/31/19		18.73		0.25			(1.79	)		(1.54	)		(0.18	)		(1.10	)		(1.28	)
Boston Partners Emerging Markets Fund
Institutional Class
9/1/23 through 2/29/24†	$	9.27	$	0.03		$	0.54		$	0.57		$	(0.14	)	$	—		$	(0.14	)
8/31/23		8.61		0.18			0.75			0.93			(0.27	)		—			(0.27	)
8/31/22		11.78		0.19			(2.75	)		(2.56	)		(0.46	)		(0.15	)		(0.61	)
8/31/21		9.79		0.13			1.94			2.07			(0.08	)		—			(0.08	)
8/31/20		9.18		0.21			0.89			1.10			(0.49	)		—			(0.49	)
8/31/19		9.13		0.13			(0.08	)		0.05			—			—			—
Boston Partners Long/Short Equity Fund
Institutional Class
9/1/23 through 2/29/24†	$	14.99	$	0.02		$	1.45		$	1.47		$	(0.27	)	$	(2.70	)	$	(2.97	)
8/31/23		14.73		0.07			1.96			2.03			—			(1.77	)		(1.77	)
8/31/22		14.21		(0.13	)		1.29			1.16			—			(0.64	)		(0.64	)
8/31/21		15.15		(0.12	)		3.69			3.57			—			(4.51	)		(4.51	)
8/31/20		17.74		(0.14	)		(0.70	)		(0.84	)		—			(1.75	)		(1.75	)
8/31/19		20.51		(0.18	)		(1.06	)		(1.24	)		—			(1.53	)		(1.53	)
Investor Class
9/1/23 through 2/29/24†	$	12.45	$	—		$	1.18		$	1.18		$	(0.25	)	$	(2.70	)	$	(2.95	)
8/31/23		12.54		0.03			1.65			1.68			—			(1.77	)		(1.77	)
8/31/22		12.22		(0.14	)		1.10			0.96			—			(0.64	)		(0.64	)
8/31/21		13.64		(0.14	)		3.23			3.09			—			(4.51	)		(4.51	)
8/31/20		16.17		(0.16	)		(0.62	)		(0.78	)		—			(1.75	)		(1.75	)
8/31/19		18.88		(0.20	)		(0.98	)		(1.18	)		—			(1.53	)		(1.53	)

†	unaudited.
*	Calculated based on average shares outstanding.
**	Commencement of operations.

The accompanying notes are an integral part of the financial statements.

82  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS
FINANCIAL HIGHLIGHTS (continued)	Per Share Operating Performance

Net Asset Value, End of Period		Total Investment Return1			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any2			Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense)			Ratio of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any			Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements			Portfolio Turnover Rate
$	10.83		9.97	%	$	10,336		0.90	%3		N/A			1.33	%3		0.54	%3		39	%4
	10.00		17.71			23,897		0.90			N/A			1.36			1.80			77
	8.62		(13.80	)		22,640		0.90	3		N/A			1.73	3		1.75	3		55	4
$	22.83		9.64	%	$	218,292		0.95	%3		N/A			1.11	%3		0.84	%3		21	%4
	21.23		15.28			212,164		0.95			N/A			1.11			2.20			51
	18.69		(8.27	)		171,407		0.95			N/A			1.13			1.94			59
	20.74		39.66			183,433		0.95			N/A			1.04			1.38			88
	15.15		(3.40	)		177,470		0.95			N/A			1.22			0.96			118
	15.91		(7.92	)		683,649		0.95			N/A			1.03			1.55			97
$	9.70		6.19	%	$	23,795		1.00	%3		N/A			1.21	%3		0.72	%3		99	%4
	9.27		11.16			23,371		1.00			N/A			1.54			2.06			153
	8.61		(22.55	)		21,504		1.00			N/A			1.74			1.94			143
	11.78		21.15			23.729		1.00			N/A			1.56			1.16			123
	9.79		12.05			16,508		1.06			N/A			2.39			2.29			177
	9.18		0.55			9,468		1.07			N/A			2.89			1.41			155
$	13.49		10.79	%	$	45,824		2.05	%3		1.96	%3		2.71	%3		0.31	%3		18	%4
	14.99		14.69			56,303		2.02			1.96			2.67			0.50			44
	14.73		8.35			54,733		2.55			1.96			3.18			(0.87	)		40
	14.21		29.08			49,551		2.60			1.97			3.14			(0.91	)		31
	15.15		(5.78	)		68,780		2.57			2.25			2.74			(0.81	)		46
	17.74		(6.05	)		227,834		2.67			2.45			2.68			(0.94	)		64
$	10.68		10.62	%	$	14,599		2.30	%3		2.21	%3		2.96	%3		0.06	%3		18	%4
	12.45		14.44			11,748		2.27			2.21			2.92			0.25			44
	12.54		8.07			11,720		2.80			2.21			3.43			(1.12	)		40
	12.22		28.71			11.571		2.85			2.22			3.39			(1.16	)		31
	13.64		(5.99	)		14,484		2.82			2.50			2.99			(1.06	)		46
	16.17		(6.27	)		28,156		2.92			2.70			2.93			(1.19	)		64

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.
2	Beginning on September 1, 2018, the expense limitation includes acquired fund fees and expenses (AFFE). AFFE are not reflected as expenses in these financial statements and therefore this may cause the net expense ratios after waivers/reimbursements to be lower than the expense limitation in place.
3	Annualized
4	Not Annualized

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  83

BOSTON PARTNERS INVESTMENT FUNDS
FINANCIAL HIGHLIGHTS (continued)	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.

	Net Asset Value, Beginning of Period		Net Investment Income/ (Loss)*			Net Realized and Unrealized Gain/ (Loss) on Investments			Net Increase/ (Decrease) in Net Assets Resulting from Operations			Dividends to Shareholders from Net Investment Income			Distributions to Shareholders from Net Realized Gains			Total Dividend and Distributions to Shareholders
Boston Partners Long/Short Research Fund
Institutional Class
9/1/23 through 2/29/24†	$	14.15	$	0.06		$	1.12		$	1.18		$	(0.34	)	$	(1.16	)	$	(1.50	)
8/31/23		15.98		0.16			0.95			1.11			(0.22	)		(2.72	)		(2.94	)
8/31/22		16.82		(0.02	)		1.18			1.16			—			(2.00	)		(2.00	)
8/31/21		13.31		(0.10	)		3.61			3.51			—			—			—
8/31/20		15.15		(0.00	)		(1.48	)		(1.48	)		(0.21	)		(0.15	)		(0.36	)
8/31/19		16.64		0.09			(0.79	)		(0.70	)		(0.01	)		(0.78	)		(0.79	)
Investor Class
9/1/23 through 2/29/24†	$	13.62	$	0.04		$	1.08		$	1.12		$	(0.31	)	$	(1.16	)	$	(1.47	)
8/31/23		15.48		0.12			0.92			1.04			(0.18	)		(2.72	)		(2.90	)
8/31/22		16.39		(0.05	)		1.14			1.09			—			(2.00	)		(2.00	)
8/31/21		13.01		(0.13	)		3.51			3.38			—			—			—
8/31/20		14.81		(0.04	)		(1.44	)		(1.48	)		(0.17	)		(0.15	)		(0.32	)
8/31/19		16.31		0.06			(0.78	)		(0.72	)		—			(0.78	)		(0.78	)
Boston Partners Global Long/Short Fund
Institutional Class
9/1/23 through 2/29/24†	$	14.74	$	0.06		$	1.04		$	1.10		$	(0.22	)	$	—		$	(0.22	)
8/31/23		13.65		0.19			1.22			1.41			(0.32	)		—			(0.32	)
8/31/22		12.18		0.05			1.42			1.47			—			—			—
8/31/21		9.72		(0.01	)		2.48			2.47			(0.01	)		—			(0.01	)
8/31/20		10.74		0.01			(0.89	)		(0.88	)		(0.14	)		—			(0.14	)
8/31/19		11.52		0.07			(0.65	)		(0.58	)		—			(0.20	)		(0.20	)
Investor Class
9/1/23 through 2/29/24†	$	14.48	$	0.04		$	1.02		$	1.06		$	(0.20	)	$	—		$	(0.20	)
8/31/23		13.43		0.15			1.20			1.35			(0.30	)		—			(0.30	)
8/31/22		12.01		0.01			1.41			1.42			—			—			—
8/31/21		9.61		(0.03	)		2.43			2.40			—			—			—
8/31/20		10.61		(0.02	)		(0.88	)		(0.90	)		(0.10	)		—			(0.10	)
8/31/19		11.40		0.05			(0.84	)		(0.79	)		—			—			—
Boston Partners Emerging Markets Dynamic Equity Fund
Institutional Class
9/1/23 through 2/29/24†	$	8.62	$	0.05		$	0.25		$	0.30		$	—		$	—		$	—
8/31/23		10.23		0.13			0.27			0.40			(2.01	)		—			(2.01	)
8/31/22		11.44		0.07			(1.27	)		(1.20	)		(0.01	)		—			(0.01	)
8/31/21		11.23		(0.02	)		1.17			1.15			(0.94	)		—			(0.94	)
8/31/20		10.45		0.19			0.82			1.01			(0.23	)		—			(0.23	)
8/31/19		10.49		0.04			(0.03	)		0.01			—			(0.05	)		(0.05	)

†	unaudited.
*	Calculated based on average shares outstanding, unless otherwise noted.

The accompanying notes are an integral part of the financial statements.

84  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS
FINANCIAL HIGHLIGHTS (concluded)	Per Share Operating Performance

Net Asset Value, End of Period		Total Investment Return1			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any2			Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense)			Ratio of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any			Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements			Portfolio Turnover Rate
$	13.83		8.88	%	$	547,061		1.88	%3		1.40	%3		1.88	%3		0.81	%3		28	%4
	14.15		7.16			688,944		1.88			1.40			1.88			1.12			54
	15.98		7.17			801,913		1.95			1.40			1.95			(0.10	)		85
	16.82		26.37			808,565		2.15			1.40			2.15			(0.66	)		61
	13.31		(10.13	)		1,082,963		2.21			1.37			2.21			(0.01	)		66
	15.15		(4.05	)		3,212,731		2.15			1.38			2.15			0.62			60
$	13.27		8.79	%	$	6,604		2.13	%3		1.65	%3		2.13	%3		0.56	%3		28	%4
	13.62		6.92			7,483		2.13			1.65			2.13			0.87			54
	15.48		6.91			11,989		2.20			1.65			2.20			(0.35	)		85
	16.39		25.98			10,220		2.40			1.65			2.40			(0.91	)		61
	13.01		(10.32	)		24,436		2.46			1.62			2.46			(0.26	)		66
	14.81		(4.27	)		54,570		2.40			1.63			2.40			0.37			60
$	15.62		7.53	%	$	152,407		1.80	%3		1.80	%3		1.80	%3		0.75	%3		94	%4
	14.74		10.38			145,192		2.39			1.80			2.39			1.34			172
	13.65		12.07			115,079		2.56			1.81			2.56			0.34			161
	12.18		25.39			102,691		2.29			1.83			2.29			(0.07	)		102
	9.72		(8.30	)		130,857		2.46			1.75			2.46			0.07			125
	10.74		(5.00	)		611,254		2.47			1.65			2.47			0.69			99
$	15.34		7.36	%	$	11,388		2.05	%3		2.05	%3		2.05	%3		0.50	%3		94	%4
	14.48		10.16			9,108		2.64			2.05			2.64			1.09			172
	13.43		11.82			6,159		2.81			2.06			2.81			0.09			161
	12.01		24.97			4,960		2.54			2.08			2.54			(0.32	)		102
	9.61		(8.55	)		6,308		2.71			2.00			2.71			(0.18	)		125
	10.61		(5.14	)		14,610		2.72			1.90			2.72			0.44			99
$	8.92		3.48	%	$	61,429		1.43	%3		1.40	%3		1.60	%3		1.26	%3		90	%4
	8.62		4.98			61,825		1.42			1.40			1.67			1.52			132
	10.23		(10.52	)		60,616		1.42			1.40			1.73			0.63			136
	11.44		10.38			61,430		1.75			1.40			2.00			(0.14	)		125
	11.23		9.75			60,176		1.66			1.49			2.19			1.81			219
	10.45		0.18			58,424		1.96			1.96			2.44			0.43			186

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.
2	Beginning on September 1, 2018, the expense limitation includes acquired fund fees and expenses (AFFE). AFFE are not reflected as expenses in these financial statements and therefore this may cause the net expense ratios after waivers/reimbursements to be lower than the expense limitation in place.
3	Annualized
4	Not Annualized

The accompanying notes are an integral part of the financial statements.

Semi-Annual Report 2024  |  85

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS

February 29, 2024

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 mutual fund 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 sixty-four separate investment portfolios, including Boston Partners All-Cap Value Fund (“BP All-Cap Value Fund”), Boston Partners Small Cap Value Fund II (“BP Small Cap Value Fund II”), WPG Partners Select Small Cap Value Fund (“WPG Select Small Cap Value Fund”), WPG Partners Small Cap Value Diversified Fund (“WPG Small Cap Value Diversified Fund”), Boston Partners Global Sustainability Fund (“BP Global Sustainability Fund”), Boston Partners Global Equity Fund (“BP Global Equity Fund”), Boston Partners Emerging Markets Fund (“BP Emerging Markets 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 Global Long/Short Fund (“BP Global Long/Short Fund”) and Boston Partners Emerging Markets Dynamic Equity Fund (“BP Emerging Markets Dynamic Equity Fund”), (each, a “Fund” and collectively, the “Funds”). As of the end of the reporting period, the Funds (other than the WPG Select Small Cap Value Fund, WPG Small Cap Value Diversified Fund, BP Global Sustainability Fund, BP Global Equity Fund, BP Emerging Markets Fund and BP Emerging Markets Dynamic Equity 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 WPG Select Small Cap Value Fund, WPG Small Cap Value Diversified Fund, BP Global Sustainability Fund, BP Emerging Markets Fund and BP Emerging Markets Dynamic Equity 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 92.723 billion shares are currently classified into two hundred and thirty-four classes of common stock. Each class represents an interest in an active or inactive investment portfolio of the Company.

The investment objective of BP Small Cap Value Fund II and BP All-Cap Value Fund is to seek long-term growth of capital primarily through investment in equity securities. The investment objective of BP Global Equity Fund, BP Global/Long Short Fund, BP Emerging Markets Fund, and BP Emerging Markets Dynamic Equity Fund is to seek long-term capital growth. The investment objective of WPG Select Small Cap Value Fund and BP Global Sustainability 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 29, 2024, and the period covered by these Notes to Financial Statements is the six months ended February 29, 2024 (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.

86  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

February 29, 2024

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 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 Portfolio of Investments.

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

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 2/29/2024	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

Semi-Annual Report 2024  |  87

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

February 29, 2024

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 year, 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 Fund, BP Long/Short Equity Fund, BP Long/Short Research Fund, BP Global Long/Short Fund, and BP Emerging Markets Dynamic Equity 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 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 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.

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.

88  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

February 29, 2024

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, the BP Emerging Markets 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.

LIBOR DISCONTINUATION RISK — The terms of many financial instruments in which the Funds may invest or other transactions to which the Funds may be a party may be tied to the London Interbank Offered Rate, or “LIBOR.” LIBOR is the offered rate for short-term Eurodollar deposits between major international banks. LIBOR may be a significant factor in determining the Funds’ payment obligations under a derivative investment, the cost of financing to the Funds or an investment’s value or return to the Funds, and may be used in other ways that affect the Funds’ investment performance. In July 2017, the Financial Conduct Authority (“FCA”), the United Kingdom’s financial regulatory body, announced a desire to phase out the use of LIBOR by the end of 2021.

Most LIBOR settings are no longer published as of December 31, 2021. Overnight and 12-month U.S. dollar LIBOR settings permanently ceased after publication on June 30, 2023. 1-, 3- and 6-month U.S. dollar LIBOR settings will continue to be published using a synthetic methodology until September 2024. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing the Secured Overnight Financing Rate (“SOFR”) that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new reference rates. Uncertainty related to the liquidity impact of the change in rates, and how to appropriately adjust these rates at the time of transition, poses risks for the Funds. The effect of the transition away from LIBOR on the Funds will depend on, among other things, (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new instruments and contracts. In addition, there are obstacles to converting certain longer-term securities and transactions to a new reference rate or rates and the effectiveness of one alternative reference rate versus multiple alternative reference rates in new or existing financial instruments and products has not been determined.

The transition away from LIBOR might lead to increased volatility and illiquidity in markets for instruments whose terms currently reference LIBOR, reduced values of LIBOR-related investments, reduced effectiveness of hedging strategies, increased costs for certain LIBOR-related instruments, increased difficulty in borrowing or refinancing, and prolonged adverse market conditions for the Funds. Furthermore, the risks associated with the transition away from LIBOR may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner.

Although the Funds are working to minimize its exposure to risks associated with the transition away from LIBOR, all of the aforementioned risks may adversely affect the Funds’ performance or NAV.

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.

Semi-Annual Report 2024  |  89

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

February 29, 2024

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 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.

During the current fiscal period, the Funds’ average quarterly volume of options transactions was as follows:

FUND	PURCHASED OPTIONS (COST)		WRITTEN OPTIONS (PROCEEDS)
BP All-Cap Value Fund	$	—	$	4,079,726
BP Long/Short Equity Fund		9,504		195,465
BP Long/Short Research Fund		—		309,570
BP Global Long/Short Fund		—		2,170,104

SHORT SALES — When the Adviser believes that a security is overvalued, the BP Long/Short Equity Fund, the BP Long/Short Research Fund, the BP Global Long/Short Fund and the BP Emerging Markets Dynamic Equity 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 Long/Short Equity Fund, the BP Long/Short Research Fund, the BP Global Long/Short Fund and the BP Emerging Markets Dynamic Equity Fund had net income/(charges) of $195,974, $3,352,067, $(7,120) and $25,303, respectively, on borrowed securities. Such amounts are included in prime broker interest income on the Statements of Operations.

90  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

February 29, 2024

As of the end of the reporting period, BP Long/Short Equity Fund, BP Long/Short Research Fund, BP Global Long/Short Fund and BP Emerging Markets Dynamic Equity Fund had securities sold short valued at $12,338,493, $155,467,725, $823,298 and $183,973, respectively, for which securities of $23,860,881, $134,610,775, $24,345,009 and $29,285,252 and deposits of $13,019,737, $160,180,608, $821,357 and $1,738,380, respectively, were pledged as collateral.

In accordance with Special Custody and Pledge Agreements with Goldman Sachs & Co. (“Goldman Sachs”) (the Funds’ prime broker), BP Long/Short Equity Fund, BP Long/Short Research Fund, BP Global Long/Short Fund and BP Emerging Markets Dynamic Equity 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 Long/Short Equity Fund, BP Long/Short Research Fund, BP Global Long/Short Fund and BP Emerging Markets Dynamic Equity Fund utilized cash borrowings from Goldman Sachs to meet required margin cash deposits as follows during the current fiscal period:

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
	182	USD 2,424,315		5.77	%		46		AUD 39,599		4.67	%
							120		CHF 13,787		2.14	%
							116		DKK 388,852		4.15	%
							121		EUR 416,100		4.34	%
							117		GBP 399,733		5.55	%
							31		HKD 849,921		5.67	%
							107		JPY 55,683,082		0.42	%
							120		SEK 2,804,901		4.43	%
							133		THB 28,042,508		2.81	%
							123		USD 3,653,657		5.77	%
BP GLOBAL LONG/SHORT FUND						BP EMERGING MARKETS DYNAMIC EQUITY FUND
DAYS UTILIZED		AVERAGE DAILY BORROWINGS	WEIGHTED AVERAGE INTEREST RATE			DAYS UTILIZED		AVERAGE DAILY BORROWINGS		WEIGHTED AVERAGE INTEREST RATE
	11	CHF 465		2.18	%		9		USD 146,873		5.77	%
	15	JPY 12,950,062		0.42	%
	165	USD 348,326		5.77	%

The BP Long/Short Equity Fund, BP Long/Short Research Fund, BP Global Long/Short Fund and BP Emerging Markets Dynamic Equity Fund incurred interest expense during the current fiscal period on such borrowings in the amount of $70,719, $102,117, $9,228 and $212, respectively.

CONTRACTS FOR DIFFERENCE — The BP Emerging Markets Fund, BP Long/Short Equity Fund, BP Long/Short Research Fund, BP Global Long/Short Fund and BP Emerging Markets Dynamic Equity 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.

Semi-Annual Report 2024  |  91

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

February 29, 2024

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 Portfolio of Investments. As of the end of the reporting period, BP Emerging Markets Fund, BP Long/Short Equity Fund, BP Long/Short Research Fund, BP Global Long/Short Fund and BP Emerging Markets Dynamic Equity Fund had cash deposits for CFDs of $50,000, $0, $1,761,258, $4,499,222 and $2,417,694, 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 Long/Short Research Fund, BP Global Long/Short Fund, BP Emerging Markets Dynamic Equity Fund and the BP Emerging Markets 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 Fund	$	784,128	$	—
BP Long/Short Equity Fund		—		832,028
BP Long/Short Research Fund		1,579,604		76,202,520
BP Global Long/Short Fund		21,642,793		45,632,067
BP Emerging Markets Dynamic Equity Fund		22,731,346		37,789,201

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 Fund
Goldman Sachs	$	—	$	—	$	—	$	—	$	6,113	$	—	$	50,000	$	—
Total	$	—	$	—	$	—	$	—	$	6,113	$	—	$	50,000	$	—
BP Long/Short Equity Fund
JPMorgan	$	460,359	$	290,598	$	—	$	169,761	$	290,598	$	290,598	$	—	$	—
Total	$	460,359	$	290,598	$	—	$	169,761	$	290,598	$	290,598	$	—	$	—
BP Long/Short Research Fund
Bank of America	$	598,769	$	166,125	$	—	$	432,644	$	166,125	$	166,125	$	711,258	$	—
Goldman Sachs		758,629		758,629		—		—		1,929,433		758,629		1,050,000		120,804
JPMorgan		—		—		—		—		12,609		—		—		12,609
Morgan Stanley		5,300,012		4,751,775		—		548,237		4,751,775		4,751,775		—		—
Total	$	6,657,410	$	5,676,529	$	—	$	980,881	$	6,859,942	$	5,676,529	$	1,761,258	$	133,413
BP Global Long/Short Fund
Goldman Sachs	$	2,652,120	$	2,652,120	$	—	$	—	$	4,826,897	$	2,652,120	$	2,940,000	$	—
HSBC		145,176		145,176		—		—		681,388		145,176		1,380,000		—
Morgan Stanley		627,679		627,679		—		—		1,499,465		627,679		179,222		692,564
Total	$	3,424,975	$	3,424,975	$	—	$	—	$	7,007,750	$	3,424,975	$	4,499,222	$	692,564
BP Emerging Markets Dynamic Equity Fund
Bank of America	$	189,967	$	120,460	$	—	$	69,507	$	120,460	$	120,460	$	2,081,757	$	—
Goldman Sachs		3,339,839		3,339,839		—		—		3,736,625		3,339,839		5,937		390,849
HSBC		260,937		260,937		—		—		314,635		260,937		330,000		—
JPMorgan		460,258		423,850		—		36,408		423,850		423,850		—		—
Morgan Stanley		1,293,629		1,293,629		—		—		1,551,359		1,293,629		—		257,730
Total	$	5,544,630	$	5,438,715	$	—	$	105,915	$	6,146,929	$	5,438,715	$	2,417,694	$	648,579

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.

92  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

February 29, 2024

2. INVESTMENT ADVISERS AND OTHER SERVICES

Boston Partners Global Investors, Inc. (“Boston Partners” or the “Adviser”) serves as the investment adviser to each Fund. Each Fund compensates the Adviser for its services at an annual rate based on the Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown in the following table.

The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed the rates (“Expense Caps”) shown in the following table of each Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause total annual Fund operating expenses to exceed the Expense Caps as applicable: short sale dividend expense, brokerage commissions, extraordinary expenses, interest and taxes. This contractual limitation for all the Funds is in effect until December 31, 2024 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 Small Cap Value Fund II		0.85			0.99			1.24
WPG Select Small Cap Value Fund		0.90			1.10			N/A
WPG Small Cap Value Diversified Fund*		0.80			1.10			N/A
BP Global Sustainability Fund		0.80			0.90			N/A
BP Global Equity Fund		0.90			0.95			1.20
BP Emerging Markets Fund		0.75			1.00			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 Global Long/Short Fund		1.50			2.00			2.25
BP Emerging Markets Dynamic Equity Fund		1.25			1.40			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 that were in effect at the time the fees and expenses were paid, waived, or absorbed by the Adviser, as well as the Expense Caps that are currently in effect, if different.

During the current fiscal period, investment advisory fees accrued, waived and/or reimbursed were as follows:

FUND	GROSS ADVISORY FEES		WAIVERS AND/OR REIMBURSEMENTS*			RECOUPMENTS		NET ADVISORY FEES
BP All-Cap Value Fund	$	4,766,767	$	(310,112	)	$	—	$	4,456,655
BP Small Cap Value Fund II		2,384,350		(107,249	)		618		2,277,719
WPG Select Small Cap Value Fund		420,115		(29,445	)		11,524		402,194
WPG Small Cap Value Diversified Fund		113,696		(28,953	)		—		84,743
BP Global Sustainability Fund		77,720		(40,431	)		—		37,289
BP Global Equity Fund		944,241		(169,031	)		—		775,210
BP Emerging Markets Fund		86,052		(24,269	)		—		61,783
BP Long/Short Equity Fund		703,187		(203,711	)		—		499,476
BP Long/Short Research Fund		3,927,808		—			—		3,927,808
BP Global Long/Short Fund		1,164,966		—			—		1,164,966
BP Emerging Markets Dynamic Equity Fund		376,857		(49,755	)		—		327,102

As of the end of the reporting period, the Funds had amounts available for recoupment as follows:

	EXPIRATION
FUND	August 31, 2024		August 31, 2025		August 31, 2026		August 31, 2027		TOTAL
BP All-Cap Value Fund	$	479,510	$	1,054,852	$	581,154	$	310,112	$	2,425,628
BP Small Cap Value Fund II		138,705		274,029		313,733		107,249		833,716
WPG Select Small Cap Value Fund		—		96,528		52,965		29,445		178,938
WPG Small Cap Value Diversified Fund		43,934		49,003		64,117		28,953		186,007
BP Global Sustainability Fund		—		125,165		102,575		40,431		268,171
BP Global Equity Fund		140,758		327,392		312,531		169,031		949,712
BP Emerging Markets Fund		123,547		170,692		117,642		24,269		436,150
BP Long/Short Equity Fund		366,046		404,556		440,825		203,711		1,415,138
BP Emerging Markets Dynamic Equity Fund		168,395		194,970		150,185		49,755		563,305

* Includes acquired fund fees and expenses. Acquired fund fees and expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds.

Semi-Annual Report 2024  |  93

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

February 29, 2024

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 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 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		$203,352,298		$250,532,927
BP Small Cap Value Fund II		179,757,793		262,879,065
WPG Select Small Cap Value Fund		92,797,898		106,613,546
WPG Small Cap Value Diversified Fund		11,494,705		13,109,260
BP Global Sustainability Fund		7,449,839		22,306,317
BP Global Equity Fund		43,135,170		57,191,049
BP Emerging Markets Fund		21,977,303		22,896,344
BP Long/Short Equity Fund		10,730,665		20,947,244
BP Long/Short Research Fund		171,021,796		362,797,151
BP Global Long/Short Fund		110,940,016		109,395,851
BP Emerging Markets Dynamic Equity Fund		39,146,002		35,728,831

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, BP Global Long/Short 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.

6. RESTRICTED SECURITIES

Each Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve

94  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

February 29, 2024

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 Portfolio of Investments.

As of the end of the reporting period, the Funds did not hold any restricted securities that were illiquid.

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, 2023, 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		$957,263,853		$528,392,107		$(15,134,032	)		$513,258,075
BP Small Cap Value Fund II		550,308,265		166,174,717		(34,638,557	)		131,536,160
WPG Select Small Cap Value Fund		101,019,021		9,308,736		(2,986,803	)		6,321,933
WPG Small Cap Value Diversified Fund		32,899,498		4,820,599		(1,506,497	)		3,314,102
BP Global Sustainability Fund		21,867,581		2,801,482		(890,404	)		1,911,078
BP Global Equity Fund		196,214,341		39,136,296		(10,883,527	)		28,252,769
BP Emerging Markets Fund		22,140,818		2,727,662		(1,381,960	)		1,345,702
BP Long/Short Equity Fund		61,725,904		26,356,810		(2,788,050	)		23,568,760
BP Long/Short Research Fund		539,453,439		199,571,025		(43,357,958	)		156,213,067
BP Global Long/Short Fund		142,353,446		20,814,447		(9,159,839	)		11,654,608
BP Emerging Markets Dynamic Equity Fund		55,503,413		11,735,336		(5,827,481	)		5,907,855

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, 2023 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		$(13,651,496	)		$13,651,496
BP Small Cap Value Fund II		(11,704,308	)		11,704,308
WPG Select Small Cap Value Fund		—			—
WPG Small Cap Value Diversified Fund		(109,773	)		109,773
BP Global Sustainability Fund		—			—
BP Global Equity Fund		—			—
BP Emerging Markets Fund		—			—
BP Long/Short Equity Fund		—			—
BP Long/Short Research Fund		40			(40	)
BP Global Long/Short Fund		—			—
BP Emerging Markets Dynamic Equity Fund		—			—

Semi-Annual Report 2024  |  95

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

February 29, 2024

As of August 31, 2023, 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		$15,911,785		$109,868,566	$	—		$	—		$	—		$	513,259,682
BP Small Cap Value Fund II		3,248,736		47,248,132		—			—			—			131,536,160
WPG Select Small Cap Value Fund		13,481,013		892,005		—			—			—			6,321,933
WPG Small Cap Value Diversified Fund		471,974		1,641,968		—			—			—			3,314,020
BP Global Sustainability Fund		344,985		—		(2,642,578	)		—			—			1,910,978
BP Global Equity Fund		3,604,107		—		(12,623,653	)		—			—			28,239,245
BP Emerging Markets Fund		346,887		—		(4,283,521	)		—			—			1,345,144
BP Long/Short Equity Fund		5,479,165		5,474,652		—			—			—			23,291,642
BP Long/Short Research Fund		25,433,223		41,490,067		—			—			(23,139	)		155,638,646
BP Global Long/Short Fund		2,313,704		—		(141,607	)		—			(2,156,788	)		11,502,917
BP Emerging Markets Dynamic Equity Fund		—		—		(15,769,248	)		(3,516,024	)		—			5,899,907

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, 2023 was as follows:

	2023						2022
FUND	ORDINARY INCOME		LONG-TERM GAINS		TOTAL		ORDINARY INCOME		LONG-TERM GAINS		TOTAL
BP All-Cap Value Fund	$	24,105,403	$	91,006,985	$	115,112,388	$	42,230,699	$	61,493,948	$	103,724,647
BP Small Cap Value Fund II		6,797,983		45,094,686		51,892,669		17,060,225		42,632,065		59,692,290
WPG Select Small Cap Value Fund		111,741		—		111,741		—		—		—
WPG Small Cap Value Diversified Fund		1,862,975		2,806,618		4,669,593		417,759		—		417,759
BP Global Sustainability Fund		313,835		—		313,835		—		—		—
BP Global Equity Fund		2,771,850		—		2,771,850		3,282,335		—		3,282,335
BP Emerging Markets Fund		651,962		—		651,962		926,742		303,862		1,230,604
BP Long/Short Equity Fund		3,983,135		4,087,413		8,070,548		—		2,791,078		2,791,078
BP Long/Short Research Fund		59,860,157		86,589,335		146,449,492		—		87,734,542		87,734,542
BP Global Long/Short Fund		3,244,316		—		3,244,316		—		—		—
BP Emerging Markets Dynamic Equity Fund		11,778,440		—		11,778,440		36,249		—		36,249

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, 2023, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2023.

96  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

February 29, 2024

For the fiscal year ended August 31, 2023, the Funds deferred to September 1, 2023, the following qualified late-year losses.

FUND	LATE-YEAR ORDINARY LOSS DEFERRAL		POST-OCTOBER CAPITAL LOSS DEFERRAL
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		—		—
BP Global Equity Fund		—		—
BP Emerging Markets Fund		—		—
BP Long/Short Equity Fund		—		—
BP Long/Short Research Fund		—		—
BP Global Long/Short Fund		—		—
BP Emerging Markets Dynamic Equity Fund		3,516,024		—

Accumulated capital losses represent net capital loss carryforwards as of August 31, 2023 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 $7,152,860, and BP Global Long/Short Fund had utilized $9,016,955 of carry forward capital losses.

As of August 31, 2023, the BP Global Sustainability Fund had short-term post-enactment capital losses of $2,382,304 and long-term post-enactment capital losses of $260,274. The BP Global Equity Fund had short-term post-enactment capital losses of $12,623,653. The BP Emerging Markets Fund had short-term post-enactment capital losses of $4,191,007 and long-term post-enactment capital losses of $92,514. The BP Global Long/Short Fund had short-term post-enactment capital losses of $141,607. The BP Emerging Markets Dynamic Equity Fund had short-term post-enactment capital losses of $15,769,248. The capital losses can be carried forward for an unlimited period.

8. SECURITIES LENDING

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	$	66,056,324	$	67,457,486	$	55,576
BP Small Cap Value Fund II		99,853,478		100,833,185		322,953
WPG Small Cap Value Diversified Fund		5,361,539		5,515,103		7,654
BP Global Equity Fund		11,231,378		11,482,091		8,161
BP Long/Short Equity Fund		9,082,288		9,341,219		30,665

Semi-Annual Report 2024  |  97

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

February 29, 2024

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	$	66,056,324		—	$	66,056,324	$	(66,056,324	)		—		—
BP Small Cap Value Fund II		99,853,478		—		99,853,478		(99,853,478	)		—		—
WPG Small Cap Value Diversified Fund		5,361,539		—		5,361,539		(5,361,539	)		—		—
BP Global Equity Fund		11,231,378		—		11,231,378		(11,231,378	)		—		—
BP Long/Short Equity Fund		9,082,288		—		9,082,288		(9,082,288	)		—		—

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.

9. LINE OF CREDIT

The Company, on behalf of the Funds, has established a line of credit (“LoC”) with the Custodian to be used for temporary or emergency purposes, primarily for financing redemption payments. Any loan issued to a Fund utilizing the LoC (each, a “Borrowing Fund” and together, the “Borrowing Funds”) is secured by securities held in the Borrowing Fund’s portfolio. The LoC was renewed on September 12, 2023. The LoC will mature, unless renewed, on September 10, 2024. 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 8.50% at February 29, 2024.

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		6		$24,318,500		$40,166,000		$  34,451		8.50	%
BP Small Cap Value Fund II		7		2,345,571		4,264,000		3,877		8.50	%
WPG Select Small Cap Value Fund		2		20,000,000		20,000,000		9,444		8.50	%
BP Global Sustainability Fund		1		4,667,000		4,667,000		1,102		8.50	%
BP Global Equity Fund		3		1,497,000		1,497,000		1,060		8.50	%
BP Emerging Markets Fund		3		100,000		121,000		71		8.50	%
BP Long/Short Equity Fund		63		914,857		2,883,000		13,608		8.50	%
BP Long/Short Research Fund		32		6,938,000		18,722,000		52,420		8.50	%
BP Emerging Markets Dynamic Equity Fund		8		69,875		95,000		132		8.50	%

10. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

In October 2022, the SEC adopted a final rule relating to tailored shareholder reports for mutual funds and exchange-traded funds and fee information in investment company advertisements. Beginning in July 2024, the Funds will be required to transmit concise and visually engaging shareholder reports that highlight key information. The Funds will also be required to tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request.

98  |  Semi-Annual Report 2024

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (concluded)

February 29, 2024

In December 2022, the FASB issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) - Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the London Inter-Bank Offered Rate and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

11. 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.

Semi-Annual Report 2024  |  99

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.

100  |  Semi-Annual Report 2024

INVESTMENT ADVISER

Boston Partners Global Investors, Inc.
1 Beacon Street, 30th Floor
Boston, MA 02108

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, Ste. 2000
Philadelphia, PA 19103-6996

BOS-SAR24

Campbell Systematic Macro Fund

of

THE RBB FUND, INC.

Class A (TICKER: EBSAX)

Class C (TICKER: EBSCX)

Class I (TICKER: EBSIX)

Semi-Annual Report

February 29, 2024
(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

Performance Data
February 29, 2024 (Unaudited)

Average annual total returns for the periods ended February 29, 2024
	SIX MONTHS(1)	ONE YEAR	FIVE YEARS	TEN YEARS	SINCE INCEPTION(2)
Class A Shares (without sales charge)	-0.22%	-3.91%	10.67%	5.56%	4.78%
Class A Shares (with sales charge)	-3.72%	-7.25%	9.87%	5.18%	4.44%
BarclayHedge BTOP50 Index (3)(4)	4.06%	2.17%	8.19%	4.08%	3.50%
S&P 500® Total Return Index (3)(5)	13.92%	30.44%	14.77%	12.71%	13.80%

⁽¹⁾ Not annualized.

⁽²⁾ The Fund commenced operations on March 8, 2013 as a separate portfolio (the “Predecessor Fund”) of Equinox Funds Trust. Effective May 29, 2020, the Predecessor Fund was reorganized as a new series of The RBB Fund, Inc. (the “Reorganization”). The performance shown for periods prior to May 29, 2020 represents the performance of the Predecessor Fund.

⁽³⁾ Benchmark performance is from inception date of the Class only and is not the inception date of the benchmark itself.

⁽⁴⁾ The BarclayHedge BTOP50 Index (“BTOP50 Index”) seeks to replicate the overall composition of the managed futures industry with regard to trading style and overall market exposure. The BTOP50 Index employs a top-down approach in selecting its constituents. The largest investable trading advisor programs, as measured by assets under management, are selected for inclusion in the BTOP50 Index. It is not possible to invest directly in an index.

⁽⁵⁾ This is not a primary benchmark of the Fund. Results of the S&P 500^® Total Return Index are presented for general comparative purposes. The S&P 500^® Total Return Index is a widely accepted, unmanaged index of U.S. stock market performance which does not take into account charges, fees and other expenses. It is not possible to invest directly in an index.

Effective January 15, 2021, the outstanding Class P Shares of the Campbell Systematic Macro Fund (the “Fund”) were converted into Class A Shares of the Fund. Class A Shares of the Fund have a 3.50% maximum sales charge. Prior to February 16, 2021, the Class A Shares of the Fund had a 5.75% maximum sales charge.

Performance data quoted is past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the returns quoted above. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Call the Fund at 1-844-261-6488 for returns current to the most recent month-end.

The performance data quoted reflects fee waivers in effect and would have been less in their absence. The Fund’s total annual operating expense ratio for Class A Shares, as stated in the current prospectus dated December 31, 2023, is 2.12% and the Fund’s net operating expense ratio after waivers for Class A Shares is 2.00%. Campbell & Company Investment Adviser LLC (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) for Class A Shares to 2.00% of the Fund’s average daily net assets. This contractual limitation is in effect until December 31, 2024 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. (the “Company”). Please see the Consolidated Financial Highlights for current figures.

An investment in the Fund is speculative and involves substantial risk. The Fund is not suitable for all investors. It is possible that an investor may lose some or all of its investment. The Fund invests in long and short positions in futures, forwards and spot contracts, each of which may be tied to commodities, financial indices and instruments, foreign currencies, or equity indices. The Fund also invests in investment grade fixed income securities of all durations and maturities. The Fund may be more volatile than investments in traditional securities. Losses on futures and other derivatives can be caused by unanticipated market movements and may be potentially unlimited. Commodities, currencies, foreign investments, and interest rate-linked instruments each entail special risks. The Fund is non-diversified; therefore gains or losses on a single holding may have a relatively great impact on the Fund. A more complete description of the Fund’s risks can be found in its prospectus, which should be read carefully before investing.

Portfolio composition is subject to change.

1

Campbell Systematic Macro Fund

Performance Data (Continued)
February 29, 2024 (Unaudited)

Average annual total returns for the periods Ended February 29, 2024
	SIX MONTHS(1)	ONE YEAR	FIVE YEARS	TEN YEARS	SINCE INCEPTION(2)
Class C Shares (without contingent deferred sales charge) (Pro forma March 8, 2013 to February 11, 2014)*	-0.62%	-4.67%	9.82%	4.77%	4.87%
Class C Shares (with contingent deferred sales charge) (Pro forma March 8, 2013 to February 11, 2014)*	-1.60%	-5.61%	9.82%	4.77%	4.87%
BarclayHedge BTOP50 Index (3)(4)	4.06%	2.17%	8.19%	4.08%	4.02%
S&P 500® Total Return Index (3)(5)	13.92%	30.44%	14.77%	12.71%	13.09%

* Class C Shares performance prior to its inception on February 11, 2014 is the performance of Class I shares, adjusted for the Class C Shares expense ratio.

⁽¹⁾ Not annualized.

⁽²⁾ Class C Shares of the Fund commenced operations on February 11, 2014 in a separate portfolio (the “Predecessor Fund”) of Equinox Funds Trust. Effective May 29, 2020, the Predecessor Fund was reorganized as a new series of The RBB Fund, Inc. (the “Reorganization”). The performance shown for periods prior to May 29, 2020 represents the performance of the Predecessor Fund.

⁽³⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself. The above is shown for illustrative purposes only.

⁽⁴⁾ The BarclayHedge BTOP50 Index (“BTOP50 Index”) seeks to replicate the overall composition of the managed futures industry with regard to trading style and overall market exposure. The BTOP50 Index employs a top-down approach in selecting its constituents. The largest investable trading advisor programs, as measured by assets under management, are selected for inclusion in the BTOP50 Index. It is not possible to invest directly in an index.

⁽⁵⁾ This is not a primary benchmark of the Fund. Results of the S&P 500^® Total Return Index are presented for general comparative purposes. The S&P 500^® Total Return Index is a widely accepted, unmanaged index of U.S. stock market performance which does not take into account charges, fees and other expenses. It is not possible to invest directly in an index.

Performance data quoted is past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the returns quoted above. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Call the Fund at 1-844-261-6488 for returns current to the most recent month-end.

The performance data quoted reflects fee waivers in effect and would have been less in their absence. The Fund’s total annual operating expense ratio for Class C Shares, as stated in the current prospectus dated December 31, 2023, is 2.87% and the Fund’s net operating expense ratio after waivers for Class C Shares is 2.75%. 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) for Class C Shares to 2.75% of the Fund’s average daily net assets. This contractual limitation is in effect until December 31, 2024 and may not be terminated without the approval of the Board of Directors of the Company. Please see the Consolidated Financial Highlights for current figures.

2

Campbell Systematic Macro Fund

Performance Data (Continued)
February 29, 2024 (Unaudited)

An investment in the Fund is speculative and involves substantial risk. The Fund is not suitable for all investors. It is possible that an investor may lose some or all of its investment. The Fund invests in long and short positions in futures, forwards and spot contracts, each of which may be tied to commodities, financial indices and instruments, foreign currencies, or equity indices. The Fund also invests in investment grade fixed income securities of all durations and maturities. The Fund may be more volatile than investments in traditional securities. Losses on futures and other derivatives can be caused by unanticipated market movements and may be potentially unlimited. Commodities, currencies, foreign investments, and interest rate-linked instruments each entail special risks. The Fund is non-diversified; therefore gains or losses on a single holding may have a relatively great impact on the Fund. A more complete description of the Fund’s risks can be found in its prospectus, which should be read carefully before investing.

Portfolio composition is subject to change.

3

Campbell Systematic Macro Fund

Performance Data (Concluded)
February 29, 2024 (Unaudited)

Average annual total returns for the periods ended February 29, 2024
	SIX MONTHS(1)	ONE YEAR	FIVE YEARS	TEN YEARS	SINCE INCEPTION(2)
Class I Shares	-0.06%	-3.61%	10.93%	5.83%	5.05%
BarclayHedge BTOP50 Index (3)(4)	4.06%	2.17%	8.19%	4.08%	3.50%
S&P 500® Total Return Index (3)(5)	13.92%	30.44%	14.77%	12.71%	13.80%

⁽¹⁾ Not annualized.

⁽²⁾ The Fund commenced operations on March 8, 2013 as a separate portfolio (the “Predecessor Fund”) of Equinox Funds Trust. Effective May 29, 2020, the Predecessor Fund was reorganized as a new series of The RBB Fund, Inc. (the “Reorganization”). The performance shown for periods prior to May 29, 2020 represents the performance of the Predecessor Fund.

⁽³⁾ Benchmark performance is from inception date of the Class only and is not the inception date of the benchmark itself.

⁽⁴⁾ The BarclayHedge BTOP50 Index (“BTOP50 Index”) seeks to replicate the overall composition of the managed futures industry with regard to trading style and overall market exposure. The BTOP50 Index employs a top-down approach in selecting its constituents. The largest investable trading advisor programs, as measured by assets under management, are selected for inclusion in the BTOP50 Index. It is not possible to invest directly in an index.

⁽⁵⁾ This is not a primary benchmark of the Fund. Results of the S&P 500^® Total Return Index are presented for general comparative purposes. The S&P 500^® Total Return Index is a widely accepted, unmanaged index of U.S. stock market performance which does not take into account charges, fees and other expenses. It is not possible to invest directly in an index.

Performance data quoted is past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the returns quoted above. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Call the Fund at 1-844-261-6488 for returns current to the most recent month-end.

The performance data quoted reflects fee waivers in effect and would have been less in their absence. The Fund’s total annual operating expense ratio for Class I Shares, as stated in the current prospectus dated December 31, 2023, is 1.87% and the Fund’s net operating expense ratio after waivers is for Class I Shares 1.75%. 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) for Class I Shares to 1.75% of the Fund’s average daily net assets. This contractual limitation is in effect until December 31, 2024 and may not be terminated without the approval of the Board of Directors of the Company. Please see the Consolidated Financial Highlights for current figures.

An investment in the Fund is speculative and involves substantial risk. The Fund is not suitable for all investors. It is possible that an investor may lose some or all of its investment. The Fund invests in long and short positions in futures, forwards and spot contracts, each of which may be tied to commodities, financial indices and instruments, foreign currencies, or equity indices. The Fund also invests in investment grade fixed income securities of all durations and maturities. The Fund may be more volatile than investments in traditional securities. Losses on futures and other derivatives can be caused by unanticipated market movements and may be potentially unlimited. Commodities, currencies, foreign investments, and interest rate-linked instruments each entail special risks. The Fund is non-diversified; therefore gains or losses on a single holding may have a relatively great impact on the Fund. A more complete description of the Fund’s risks can be found in its prospectus, which should be read carefully before investing.

Portfolio composition is subject to change.

Standard & Poor’s 500 Composite Stock Index (S&P 500 Index)

The 500 stocks in the S&P 500 are chosen by Standard & Poor’s based on industry representation, liquidity and stability. The stocks in the S&P 500 are not the 500 largest companies; rather the Index is designed to capture the returns of many different sectors of the U.S. economy. This index includes dividends reinvested.

4

Campbell Systematic Macro Fund

Fund Expense Example

February 29, 2024 (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, (if any) and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2023 through February 29, 2024, and held for the entire period.

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value September 1, 2023	Ending Account Value February 29, 2024	Expenses Paid During Period *	Annualized Expense Ratio	Actual Six-Month Total Investment Returns for the Fund
Actual
Class A Shares	$1,000.00	$997.80	$9.93	2.00%	-0.22%
Class C Shares	1,000.00	993.80	13.63	2.75%	-0.62%
Class I Shares	1,000.00	999.40	8.70	1.75%	-0.06%
Hypothetical (5% return before expenses)
Class A Shares	$1,000.00	$1,014.92	$10.02	2.00%	N/A
Class C Shares	1,000.00	1,011.19	13.75	2.75%	N/A
Class I Shares	1,000.00	1,016.16	8.77	1.75%	N/A

* Expenses are equal to the Fund’s annualized six-month expense ratio for the period September 1, 2023 to February 29, 2024, multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 366 to reflect the one half year period. The Fund’s ending account values on the first line in the table is based on the actual six-month total investment return for the Fund.

5

Campbell Systematic Macro Fund

Consolidated Portfolio Holdings Summary Table

February 29, 2024 (Unaudited)

The following table presents a consolidated summary of the portfolio holdings of the Fund:

SECURITY TYPE/CLASSIFICATION	% OF NET ASSETS			Value
SHORT-TERM INVESTMENTS
U.S. Treasury Bills		73.6	%	$	710,811,661
Money Market Deposit Accounts		8.0			77,721,006
OTHER ASSETS IN EXCESS OF LIABILITIES		18.4			178,015,032
NET ASSETS		100.0	%	$	966,547,699

The Fund seeks to achieve its investment objective by allocating its assets among derivatives and fixed income securities.

As a result of the Fund’s use of derivatives, the Fund may hold significant amounts of U.S. Treasuries or short-term investments.

Portfolio holdings are subject to change at any time.

Refer to the Consolidated Portfolio of Investments for a detailed listing of the Fund’s holdings.

The accompanying notes are an integral part of the consolidated financial statements.
6

Campbell Systematic Macro Fund

Consolidated Portfolio of Investments

February 29, 2024 (Unaudited)

	PAR		Value
SHORT-TERM INVESTMENTS — 73.6%
U.S. Treasury Bills — 73.6%
5.41%, 03/07/2024(a)		100,000,000	$	99,912,450
5.44%, 04/11/2024(a)		110,000,000		109,338,721
5.31%, 05/16/2024(a)		125,000,000		123,619,465
5.29%, 05/23/2024(a)		100,000,000		98,793,042
5.14%, 07/05/2024(a)		135,000,000		132,563,318
5.12%, 08/08/2024(a)		150,000,000		146,584,665
TOTAL SHORT-TERM INVESTMENTS (Cost $710,997,603)				710,811,661
TOTAL INVESTMENTS — 73.6% (Cost $710,997,603)			$	710,811,661
Money Market Deposit Account — 8.0%(b)				77,721,006
Other Assets in Excess of Liabilities — 18.4%				178,015,032
TOTAL NET ASSETS — 100.0%			$	966,547,699

Percentages are stated as a percent of net assets.

^(a) The rate shown is the effective yield.

^(b) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of February 29, 2024 was 5.20%.

The accompanying notes are an integral part of the consolidated financial statements.
7

Campbell Systematic Macro Fund

Consolidated Portfolio of Investments (Continued)

February 29, 2024 (Unaudited)

Futures contracts outstanding as of February 29, 2024 were as follows:

Description	Contracts Purchased		Expiration Date		Notional		Value / Unrealized Appreciation (Depreciation)
3 Month Canadian Bankers’ Acceptances		14		03/19/2025	$	2,468,298	$	(2,790	)
Arabica Coffee		408		05/20/2024		28,205,550		(413,620	)
ASX SPI 200 Index		567		03/21/2024		70,577,396		1,237,783
Austrailian Government 10 Year Bonds		662		03/15/2024		49,491,509		108,012
Brent Crude Oil		223		04/30/2024		18,103,140		(140,674	)
CAC40 10 Euro Index		412		03/15/2024		35,360,469		366,044
Canadian 10 Year Government Bonds		1241		06/19/2024		109,611,075		95,469
Cotton No.2		504		05/08/2024		25,091,640		1,298,618
Crude Oil		140		03/20/2024		10,956,400		(127,439	)
Dow Jones Industrial Average Index		204		03/15/2024		39,823,860		987,831
Euro STOXX 50 Quanto Index		962		03/15/2024		50,884,398		126,222
Feeder Cattle		218		04/25/2024		27,656,025		52,529
FTSE 100 Index		468		03/15/2024		45,054,304		(146,309	)
FTSE China A50 Index		2076		03/28/2024		24,646,272		(4,727	)
FTSE/JSE Top 40 Index		34		03/20/2024		1,173,922		(12,936	)
FTSE/MIB Index		204		03/15/2024		35,971,856		1,703,411
Hang Seng Index		170		03/27/2024		17,860,911		(268,696	)
IBEX 35 Index		333		03/15/2024		36,088,916		50,924
Live Cattle		76		04/30/2024		5,634,640		(16,400	)
London Metals - Aluminum		2867		03/18/2024		157,485,744		(2,906,699	)
London Metals - Aluminum		246		06/17/2024		13,757,673		87,690
London Metals - Copper		1795		03/18/2024		378,161,625		694,690
London Metals - Copper		197		06/17/2024		41,909,288		185,177
London Metals - Zinc		1397		03/18/2024		83,584,256		(1,918,146	)
London Metals - Zinc		140		06/17/2024		8,514,625		101,561
Low Sulphur Gas Oil		407		04/11/2024		32,814,375		(359,450	)
MSCI Singapore Index		482		03/27/2024		10,083,832		(16,364	)
Nasdaq 100 Index		87		03/15/2024		31,463,985		147,619
Nifty 50 Index		957		03/28/2024		42,475,488		(327,956	)
Nikkei 225 Index		181		03/07/2024		47,399,013		792,867
NY Harbor ULSD		353		03/28/2024		39,287,417		(1,412,415	)
OMXS30 Index		1515		03/15/2024		35,907,885		1,220,641
Palladium		9		06/26/2024		852,120		(29,822	)
Russell 2000 Index		32		03/15/2024		3,291,680		67,898
S&P Mid Cap 400 Index		29		03/15/2024		8,388,540		255,795
S&P/Toronto Stock Exchange 60 Index		248		03/14/2024		47,167,785		259,004
SGX FTSE Taiwan Index		819		03/28/2024		52,956,540		100,182
Silver		260		05/29/2024		29,750,500		(98,277	)
Sugar #11		665		04/30/2024		16,154,712		(830,540	)
TOPIX Index		317		03/07/2024		56,688,701		3,128,563
U.S. Treasury Long Bonds		454		06/18/2024		54,139,500		(53,875	)
							$	3,981,395

The accompanying notes are an integral part of the consolidated financial statements.
8

Campbell Systematic Macro Fund

Consolidated Portfolio of Investments (Continued)

February 29, 2024 (Unaudited)

Description	Contracts Sold		Expiration Date		Notional		Value / Unrealized Appreciation (Depreciation)
3 Month Euribor		(1834)		03/17/2025	$	481,746,113	$	1,900,597
3-Month Secured Overnight Financing Rate		(1605)		09/16/2025		385,280,250		(115,727	)
Austrailian Government 3 Year Bonds		(901)		03/15/2024		62,356,781		19,336
Australian 90 Day Bank Bills		(718)		03/13/2025		462,222,349		(31,820	)
Copper		(181)		05/29/2024		17,407,675		40,065
Corn No. 2 Yellow		(1402)		05/14/2024		30,107,950		805,066
Crude Soybean Oil		(1691)		05/14/2024		45,870,066		1,666,540
Euro BUXL 30 Year Bonds		(92)		06/06/2024		13,252,518		(167,129	)
Euro-BOBL		(698)		06/06/2024		88,838,010		(167,653	)
Euro-BTP		(22)		06/06/2024		2,793,156		(16,593	)
Euro-Bund		(1743)		06/06/2024		249,156,089		(813,038	)
Euro-SCHATZ		(1388)		06/06/2024		158,535,991		(86,215	)
French Government Bonds		(126)		06/06/2024		17,353,530		(53,164	)
German Stock Index		(25)		03/15/2024		11,988,781		(14,430	)
Gold		(11)		04/26/2024		2,260,170		(1,297	)
Hang Seng China Enterprises Index		(32)		03/27/2024		1,160,943		21,208
Hard Red Winter Wheat		(52)		05/14/2024		1,526,850		(30,982	)
ICE 3 Month SONIA Rate		(755)		06/17/2025		228,051,076		654,127
Japanese 10 Year Government Bonds		(22)		03/13/2024		21,462,914		(6,492	)
London Metals - Aluminum		(2867)		03/18/2024		157,485,744		3,118,012
London Metals - Aluminum		(1527)		06/17/2024		85,398,239		170,570
London Metals - Copper		(1795)		03/18/2024		378,161,625		(2,526,442	)
London Metals - Copper		(354)		06/17/2024		75,309,075		(1,287,385	)
London Metals - Zinc		(1397)		03/18/2024		83,584,256		4,722,142
London Metals - Zinc		(501)		06/17/2024		30,470,194		(1,255,554	)
Long Gilt		(409)		06/26/2024		50,642,275		(495,155	)
MSCI EAFE Index		(62)		03/15/2024		7,092,490		(183,603	)
MSCI Emerging Markets Index		(159)		03/15/2024		8,083,560		(158,185	)
Natural Gas		(444)		03/26/2024		8,258,400		(380,694	)
Platinum		(234)		04/26/2024		10,342,800		273,442
Reformulated Gasoline Blendstock		(173)		03/28/2024		18,753,546		(120,303	)
S&P 500 Index		(23)		03/15/2024		5,869,313		(8,989	)
Soybean Meal		(362)		05/14/2024		11,917,040		325,137
Soybeans		(372)		05/14/2024		21,217,950		59,902
U.S. Treasury 10 Year Notes		(848)		06/18/2024		93,651,000		(228,224	)
U.S. Treasury 2 Year Notes		(693)		06/28/2024		141,891,750		(77,784	)
U.S. Treasury 5 Year Note		(1112)		06/28/2024		118,879,750		(124,714	)
U.S. Treasury Ultra Bonds		(243)		06/18/2024		31,073,625		(448,571	)
US Cocoa		(23)		05/15/2024		1,391,270		11,691
Wheat		(1357)		05/14/2024		39,098,563		500,127
							$	5,487,819
Total Futures Contracts							$	9,469,214

The accompanying notes are an integral part of the consolidated financial statements.
9

Campbell Systematic Macro Fund

Consolidated Portfolio of Investments (Continued)

February 29, 2024 (Unaudited)

Forward foreign currency contracts outstanding as of February 29, 2024 were as follows:

Settlement Date		Currency Purchased		Currency Sold		Counterparty		Value / Unrealized Appreciation (Depreciation)
	03/20/2024	AUD	1,426,100,000	USD	943,268,444		UBS	$	(15,706,154	)
	03/20/2024	BRL	566,950,000	USD	113,992,652		UBS		(190,639	)
	03/20/2024	CAD	2,169,500,000	USD	1,614,839,032		UBS		(15,785,725	)
	03/20/2024	CHF	45,550,000	USD	52,696,278		UBS		(1,075,883	)
	03/20/2024	CLP	50,980,000,000	USD	56,400,732		UBS		(3,685,176	)
	03/20/2024	CNH	23,600,000	USD	3,318,477		UBS		(39,074	)
	03/20/2024	COP	425,520,000,000	USD	106,020,027		UBS		2,016,693
	03/20/2024	CZK	896,000,000	USD	39,613,549		UBS		(1,407,254	)
	03/20/2024	EUR	1,301,500,000	USD	1,415,628,058		UBS		(7,798,684	)
	03/20/2024	GBP	1,694,400,000	USD	2,149,399,218		UBS		(10,294,743	)
	03/20/2024	HUF	40,395,000,000	USD	114,256,719		UBS		(3,243,665	)
	03/20/2024	IDR	1,289,225,000,000	USD	82,805,303		UBS		(812,753	)
	03/20/2024	INR	12,269,000,000	USD	146,913,617		UBS		959,204
	03/21/2024	JPY	90,055,500,000	USD	621,325,599		UBS		(18,599,148	)
	03/20/2024	KRW	96,225,000,000	USD	73,116,150		UBS		(776,104	)
	03/20/2024	MXN	4,889,400,000	USD	280,690,544		UBS		5,232,302
	03/20/2024	NOK	1,932,900,000	USD	184,909,359		UBS		(2,832,567	)
	03/20/2024	NZD	1,025,600,000	USD	631,052,002		UBS		(6,607,667	)
	03/20/2024	PHP	6,458,250,000	USD	115,996,498		UBS		(1,151,252	)
	03/20/2024	PLN	709,350,000	USD	177,200,882		UBS		400,370
	03/20/2024	SEK	2,572,350,000	USD	248,081,182		UBS		275,367
	03/20/2024	SGD	251,124,000	USD	188,839,641		UBS		(2,037,541	)
	03/20/2024	TWD	2,249,550,000	USD	72,836,157		UBS		(1,479,537	)
	03/20/2024	USD	1,250,273,150	AUD	1,891,000,000		UBS		20,331,147
	03/20/2024	USD	126,582,401	BRL	628,100,000		UBS		505,950
	03/20/2024	USD	1,976,837,395	CAD	2,670,800,000		UBS		8,295,532
	03/20/2024	USD	96,252,625	CHF	83,200,000		UBS		1,964,659
	03/20/2024	USD	92,879,129	CLP	85,310,000,000		UBS		4,664,847
	03/20/2024	USD	56,242,862	CNH	399,700,000		UBS		701,437
	03/20/2024	USD	81,814,634	COP	327,180,000,000		UBS		(1,254,208	)
	03/20/2024	USD	92,726,128	CZK	2,092,400,000		UBS		3,504,197
	03/20/2024	USD	1,235,537,136	EUR	1,133,250,000		UBS		9,703,376
	03/20/2024	USD	1,923,129,518	GBP	1,518,800,000		UBS		5,712,216
	03/20/2024	USD	125,130,893	HUF	44,463,000,000		UBS		2,938,210
	03/20/2024	USD	108,307,917	IDR	1,684,025,000,000		UBS		1,206,749
	03/20/2024	USD	42,047,354	INR	3,506,000,000		UBS		(208,911	)
	03/21/2024	USD	581,216,924	JPY	84,741,000,000		UBS		14,059,536
	03/20/2024	USD	83,130,842	KRW	110,190,000,000		UBS		292,185
	03/20/2024	USD	242,605,315	MXN	4,185,000,000		UBS		(2,125,553	)
	03/20/2024	USD	440,657,701	NOK	4,732,950,000		UBS		(5,180,342	)
	03/20/2024	USD	625,848,187	NZD	1,016,750,000		UBS		6,792,241
	03/20/2024	USD	75,873,922	PHP	4,257,750,000		UBS		159,549
	03/20/2024	USD	127,260,390	PLN	509,850,000		UBS		(391,683	)
	03/20/2024	USD	174,875,624	SEK	1,794,900,000		UBS		1,580,711
	03/20/2024	USD	242,543,459	SGD	323,340,000		UBS		2,022,477
	03/20/2024	USD	152,612,392	TWD	4,728,150,000		UBS		2,633,596

The accompanying notes are an integral part of the consolidated financial statements.
10

Campbell Systematic Macro Fund

Consolidated Portfolio of Investments (Concluded)

February 29, 2024 (Unaudited)

Settlement Date		Currency Purchased		Currency Sold		Counterparty		Value / Unrealized Appreciation (Depreciation)
	03/20/2024	USD	307,021,097	ZAR	5,833,200,000		UBS	$	3,415,206
	03/20/2024	ZAR	5,048,600,000	USD	266,969,050		UBS		(4,199,953	)
								$	(7,516,459	)

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 Yuan Renminbi	PHP	Philippine Peso
COP	Columbian Peso	PLN	Polish Zloty
CZK	Czech Koruna	SEK	Swedish Krona
EUR	Euro	SGD	Singapore Dollar
GBP	British Pound	TWD	Taiwan New Dollar
HUF	Hungarian Forint	UBS	Union Bank of Switzerland
IDR	Indonesian Rupiah	USD	United States Dollar
INR	Indian Rupee	ZAR	South African Rand

The accompanying notes are an integral part of the consolidated financial statements.
11

Campbell Systematic Macro Fund

Consolidated Statement of Assets and Liabilities

February 29, 2024 (Unaudited)

ASSETS
Investments, at value (cost $710,997,603)	$	710,811,661
Cash equivalents		77,721,006
Deposits with brokers:
Futures contracts		157,824,382
Forward foreign currency contracts		8,963,797
Unrealized appreciation on forward foreign currency contracts		99,367,760
Unrealized appreciation on futures contracts		27,356,493
Receivable for capital shares sold		10,795,616
Interest receivable		465,420
Prepaid expenses and other assets		140,416
Total assets		1,093,446,551
LIABILITIES
Unrealized depreciation on forward foreign currency contracts	$	106,884,219
Unrealized depreciation on futures contracts		17,887,279
Payable for:
Advisory fees		1,099,946
Capital shares redeemed		838,791
Other accrued expenses and liabilities		188,617
Total liabilities		126,898,852
Net assets	$	966,547,699
NET ASSETS CONSIST OF:
Par value	$	104,115
Paid-in capital		1,044,069,219
Total distributable earnings/(loss)		(77,625,635	)
Net assets	$	966,547,699
CAPITAL SHARES:
Class A Shares:
Net assets applicable to Class A Shares	$	55,827,846
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		6,077,109
Net asset value, offering and redemption price per share	$	9.19
Maximum offering price per share (100/96.5 of $9.19)	$	9.52
Class C Shares:
Net assets applicable to Class C Shares	$	17,850,477
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		2,077,776
Net asset value, offering and redemption price per share	$	8.59
Class I Shares:
Net assets applicable to Class I Shares	$	892,869,376
Shares outstanding ($0.001 par value, 300,000,000 shares authorized)		95,959,719
Net asset value, offering and redemption price per share	$	9.30

The accompanying notes are an integral part of the consolidated financial statements.
12

Campbell Systematic Macro Fund

Consolidated Statement of Operations

For the Period Ended February 29, 2024 (Unaudited)

INVESTMENT INCOME
Interest	$	21,608,543
Total investment income		21,608,543
EXPENSES
Advisory fees (Note 2)		7,485,327
Transfer agent fees (Note 2)		581,921
Distribution fees - Class A Shares		72,774
Distribution fees - Class C Shares		90,655
Administration and accounting fees (Note 2)		88,863
Printing and shareholder reporting fees		61,049
Registration and filing fees		58,812
Director fees		55,410
Officer fees		41,527
Audit and tax service fees		35,959
Legal fees		33,333
Custodian fees (Note 2)		14,896
Other expenses		23,110
Total expenses before waivers and/or reimbursements		8,643,636
Less: waivers and reimbursements (Note 2)		(492,817	)
Net expenses after waivers and/or reimbursements		8,150,819
Net investment income/(loss)		13,457,724
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		(1,111	)
Futures contracts		(8,306,870	)
Foreign currency transactions		(6,278,995	)
Forward foreign currency contracts		(20,740,769	)
Net change in unrealized appreciation/(depreciation) on:
Investments		88,001
Futures contracts		16,365,311
Foreign currency translations		(1,694,066	)
Forward foreign currency contracts		17,776
Net realized and unrealized gain/(loss) on investments		(20,550,723	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,092,999	)

The accompanying notes are an integral part of the consolidated financial statements.
13

Campbell Systematic Macro Fund

Consolidated Statements of Changes in Net Assets

	For the Period Ended February 29, 2024 (Unaudited)			For the Year Ended August 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	13,457,724		$	15,272,844
Net realized gain/(loss) from investments, futures contracts, foreign currency transactions and forward foreign currency contracts		(35,327,745	)		16,880,850
Net change in unrealized appreciation/(depreciation) on investments, future contracts, foreign currency translation and forward foreign currency contracts		14,777,022			(31,214,109	)
Net increase/(decrease) in net assets resulting from operations		(7,092,999	)		939,585
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class A Shares		(826,673	)		(9,548,573	)
Class C Shares		(98,765	)		(2,517,507	)
Class I Shares		(15,129,015	)		(88,730,836	)
Net decrease in net assets from dividends and distributions to shareholders		(16,054,453	)		(100,796,916	)
CAPITAL SHARE TRANSACTIONS:
Class A Shares
Proceeds from shares sold		5,157,382			34,402,233
Proceeds from reinvestment of distributions		798,910			9,286,917
Shares redeemed		(10,784,961	)		(38,161,798	)
Total from Class A Shares		(4,828,669	)		5,527,352
Class C Shares
Proceeds from shares sold		981,841			6,816,942
Proceeds from reinvestment of distributions		92,450			2,388,732
Shares redeemed		(1,553,050	)		(3,668,971	)
Total from Class C Shares		(478,759	)		5,536,703
Class I Shares
Proceeds from shares sold		378,217,108			703,679,347
Proceeds from reinvestment of distributions		13,897,692			85,541,786
Shares redeemed		(260,544,438	)		(473,269,758	)
Total from Class I Shares		131,570,362			315,951,375
Net increase/(decrease) in net assets from capital share transactions		126,262,934			327,015,430
Total increase/(decrease) in net assets		103,115,482			227,158,099

The accompanying notes are an integral part of the consolidated financial statements.
14

Campbell Systematic Macro Fund

Consolidated Statements of Changes in Net Assets (Concluded)

	For the Period Ended February 29, 2024 (Unaudited)			For the Year Ended August 31, 2023
Net Assets:
Beginning of period	$	863,432,217		$	636,274,118
End of period	$	966,547,699		$	863,432,217
SHARE TRANSACTIONS:
Class A Shares
Shares sold		562,244			3,439,596
Shares reinvested		87,312			979,633
Shares redeemed		(1,171,883	)		(3,977,081	)
Total from Class A Shares		(522,327	)		442,148
Class C Shares
Shares sold		113,671			704,756
Shares reinvested		10,775			269,001
Shares redeemed		(181,607	)		(401,028	)
Total from Class C Shares		(57,161	)		572,729
Class I Shares
Shares sold		40,274,987			70,564,733
Shares reinvested		1,500,829			8,901,331
Shares redeemed		(28,169,340	)		(48,628,923	)
Total from Class I Shares		13,606,476			30,837,141
Net increase/(decrease) in shares outstanding		13,026,988			31,852,018

The accompanying notes are an integral part of the consolidated financial statements.
15

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 29, 2024 (Unaudited)			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			For the Year Ended Sept. 30, 2018
Per Share Operating Performance
Net asset value, beginning of period	$	9.37		$	10.65		$	8.76		$	7.55		$	9.81		$	9.49		$	9.36
Net investment income/(loss)(3)		0.13			0.16			(0.11	)		(0.16	)		(0.07	)		—	(4)		(0.03	)
Net realized and unrealized gain/(loss) on investments, futures, forward currency and swap contracts (5)		(0.18	)		(0.05	)		2.57			1.37			(0.76	)		1.45			0.16
Net increase/(decrease) in net assets resulting from operations		(0.05	)		0.11			2.46			1.21			(0.83	)		1.45			0.13
Dividends and distributions to shareholders from:
Net investment income		(0.13	)		(0.20	)		(0.48	)		—			(0.79	)		(1.13	)		—
Net realized capital gain		—			(1.19	)		(0.09	)		—			(0.64	)		—			—
Total dividends and distributions to shareholders		(0.13	)		(1.39	)		(0.57	)		—			(1.43	)		(1.13	)		—
Net asset value, end of period	$	9.19		$	9.37		$	10.65		$	8.76		$	7.55		$	9.81		$	9.49
Total investment return (6)		(0.22	)%(7)		0.93	%		30.09	%		16.03	%		(8.86	)%(7)		17.73	%		1.39	%

The accompanying notes are an integral part of the consolidated financial statements.
16

Campbell Systematic Macro Fund

Consolidated Financial Highlights (Continued)

	Class A
	For the Period Ended February 29, 2024 (Unaudited)			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			For the Year Ended Sept. 30, 2018
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	55,828		$	61,813		$	65,549		$	12,613		$	10,365		$	12,895		$	14,744
Ratio of expenses to average net assets with waivers and reimbursements and/or recoupments (10)		2.00	%(8)		2.00	%		2.00	%		2.03	%		2.15	%(8)		2.12	%		1.58	%
Ratio of expenses to average net assets without waivers and reimbursements and/or recoupments (9)(11)		2.10	%(8)		2.12	%		2.16	%		2.36	%		2.51	%(8)		2.54	%		1.96	%
Ratio of net investment income/(loss) to average net assets		2.74	%(8)		1.71	%		(1.32	)%		(1.93	)%		(0.93	)%(8)		(0.03	)%		(0.32	)%
Portfolio turnover rate (12)		0	%(7)		0	%		0	%		0	%		0	%(7)		15	%		122	%

(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 (the “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.

(7) Not annualized

(8) Annualized

(9) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(10) Ratio of net expenses to average net assets excluding interest expense	2.00%	2.00%	2.00%	2.00%	2.12%	2.07%	1.58%
(11) Ratio of gross expenses to average net assets excluding interest expense(9)	2.10%	2.12%	2.16%	2.33%	2.48%	2.49%	1.96%

(12) Portfolio turnover excludes derivatives and 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.
17

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 29, 2024 (Unaudited)			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			For the Year Ended Sept. 30, 2018
Per Share Operating Performance
Net asset value, beginning of period	$	8.72		$	10.02		$	8.38		$	7.28		$	9.51		$	9.20		$	9.15
Net investment income/(loss)(3)		0.09			0.09			(0.20	)		(0.21	)		(0.12	)		(0.07	)		(0.10	)
Net realized and unrealized gain/(loss) on investments, futures, forward currency and swap contracts (4)		(0.17	)		(0.05	)		2.45			1.31			(0.74	)		1.42			0.15
Net increase/(decrease) in net assets resulting from operations		(0.08	)		0.04			2.25			1.10			(0.86	)		1.35			0.05
Dividends and distributions to shareholders from:
Net investment income		(0.05	)		(0.15	)		(0.52	)		—			(0.73	)		(1.04	)		—
Net realized capital gain		—			(1.19	)		(0.09	)		—			(0.64	)		—			—
Total dividends and distributions to shareholders		(0.05	)		(1.34	)		(0.61	)		—			(1.37	)		(1.04	)		—
Net asset value, end of period	$	8.59		$	8.72		$	10.02		$	8.38		$	7.28		$	9.51		$	9.20
Total investment return (5)		(0.62	)%(6)		0.22	%		29.13	%		15.11	%		(9.49	)%(6)		16.88	%		0.55	%

The accompanying notes are an integral part of the consolidated financial statements.
18

Campbell Systematic Macro Fund

Consolidated Financial Highlights (Continued)

	Class C
	For the Period Ended February 29, 2024 (Unaudited)			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			For the Year Ended Sept. 30, 2018
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	17,850		$	18,610		$	15,654		$	9,079		$	9,087		$	13,237		$	15,676
Ratio of expenses to average net assets with waivers and reimbursements and/or recoupments (9)		2.75	%(7)		2.75	%		2.75	%		2.78	%		2.88	%(7)		2.87	%		2.35	%
Ratio of expenses to average net assets without waivers and reimbursements and/or recoupments (8)(10)		2.85	%(7)		2.87	%		2.91	%		3.11	%		3.27	%(7)		3.29	%		2.74	%
Ratio of net investment income/(loss) to average net assets		1.99	%(7)		0.96	%		(2.07	)%		(2.67	)%		(1.65	)%(7)		(0.78	)%		(1.05	)%
Portfolio turnover rate (11)		0	%(6)		0	%		0	%		0	%		0	%(6)		15	%		122	%

(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 (the “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.

(6) Not annualized

(7) Annualized

(8) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(9) Ratio of net expenses to average net assets excluding interest expense	2.75%	2.75%	2.75%	2.75%	2.85%	2.82%	2.35%
(10) Ratio of gross expenses to average net assets excluding interest expense(8)	2.85%	2.87%	2.91%	3.08%	3.24%	3.24%	2.74%

(11) Portfolio turnover excludes derivatives and 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.
19

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 29, 2024 (Unaudited)			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			For the Year Ended Sept. 30, 2018
Per Share Operating Performance
Net asset value, beginning of period	$	9.51		$	10.77		$	8.90		$	7.65		$	9.93		$	9.59		$	9.44
Net investment income/(loss)(3)		0.14			0.20			(0.09	)		(0.14	)		(0.07	)		0.02			(0.01	)
Net realized and unrealized gain/(loss) on investments, futures, forward currency and swap contracts (4)		(0.19	)		(0.05	)		2.59			1.39			(0.77	)		1.48			0.16
Net increase/(decrease) in net assets resulting from operations		(0.05	)		0.15			2.50			1.25			(0.84	)		1.50			0.15
Dividends and distributions to shareholders from:
Net investment income		(0.16	)		(0.22	)		(0.54	)		—			(0.80	)		(1.16	)		—
Net realized capital gain		—			(1.19	)		(0.09	)		—			(0.64	)		—			—
Total dividends and distributions to shareholders		(0.16	)		(1.41	)		(0.63	)		—			(1.44	)		(1.16	)		—
Net asset value, end of period	$	9.30		$	9.51		$	10.77		$	8.90		$	7.65		$	9.93		$	9.59
Total investment return (5)		(0.06	)%(6)		1.25	%		30.35	%		16.34	%		(8.75	)%(6)		18.17	%		1.59	%

The accompanying notes are an integral part of the consolidated financial statements.
20

Campbell Systematic Macro Fund

Consolidated Financial Highlights (Concluded)

	Class I
	For the Period Ended February 29, 2024 (Unaudited)			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			For the Year Ended Sept. 30, 2018
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	892,869		$	783,009		$	555,072		$	119,324		$	115,431		$	51,067		$	89,456
Ratio of expenses to average net assets with waivers and reimbursements and/or recoupments (9)		1.75	%(7)		1.75	%		1.75	%		1.78	%		1.88	%(7)		1.84	%		1.30	%
Ratio of expenses to average net assets without waivers and reimbursements and/or recoupments (8)(10)		1.85	%(7)		1.87	%		1.91	%		2.11	%		2.24	%(7)		2.28	%		1.64	%
Ratio of net investment income/(loss) to average net assets		2.99	%(7)		1.96	%		(1.07	)%		(1.68	)%		(0.91	)%(7)		0.23	%		(0.10	)%
Portfolio turnover rate (11)		0	%(6)		0	%		0	%		0	%		0	%(6)		15	%		122	%

(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 (the “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.

(6) Not annualized

(7) Annualized

(8) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(9) Ratio of net expenses to average net assets excluding interest expense	1.75%	1.75%	1.75%	1.75%	1.85%	1.80%	1.30%
(10) Ratio of gross expenses to average net assets excluding interest expense(8)	1.85%	1.87%	1.91%	2.08%	2.21%	2.24%	1.64%

(11) Portfolio turnover excludes derivatives and 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.
21

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements

February 29, 2024 (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 mutual fund 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 sixty-four 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 commenced operations on February 11, 2014.

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 $1,000,000 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 Company has authorized capital of one hundred billion shares of common stock of which 92.723 billion shares are currently classified into two hundred and thirty-four classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

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 29, 2024, and the period covered by these Notes to Consolidated Financial Statements is the six months ended February 29, 2024 (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 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 reporting period, the net assets of the Subsidiary were $41,196,157, which represented 4.26% of the Fund’s net assets.

22

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (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 RBB, Fund, Inc.’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
Assets:
U.S. Treasury Bills	$	710,811,661	$	—	$	—	$	710,811,661
Other Financial Instruments*:
Commodity Contracts
Futures Contracts	$	14,112,959		—		—	$	14,112,959
Equity Contracts
Futures Contracts		10,465,992		—		—		10,465,992
Interest Rate Contracts
Futures Contracts		2,777,542		—		—		2,777,542
Foreign Exchange Contracts
Forward Foreign Currency Contracts		—		99,367,760		—		99,367,760
Total Assets	$	738,168,154	$	99,367,760	$	—	$	837,535,914

23

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (Unaudited)

	LEVEL 1			LEVEL 2			LEVEL 3		Total
Commodity Contracts
Futures Contracts	$	(13,856,140	)		—			—	$	(13,856,140	)
Equity Contracts
Futures Contracts		(1,142,195	)		—			—		(1,142,195	)
Interest Rate Contracts
Futures Contracts		(2,888,944	)		—			—		(2,888,944	)
Foreign Exchange Contracts
Forward Foreign Currency Contracts		—			(106,884,219	)		—		(106,884,219	)
Total Liabilities	$	(17,887,279	)	$	(106,884,219	)	$	—	$	(124,771,498	)

* The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of February 29, 2024.

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

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 transfers.

DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that the Fund used during the period include 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.

24

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (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	$	14,112,959		$	10,465,992		$	2,777,542		$	—		$	27,356,493
Forward Contracts (a)		Unrealized appreciation on forward foreign currency contracts		—			—			—			99,367,760			99,367,760
Total Value - Assets			$	14,112,959		$	10,465,992		$	2,777,542		$	99,367,760		$	126,724,253
Liability Derivatives
Futures Contracts (a)		Unrealized depreciation on futures contracts	$	(13,856,140	)	$	(1,142,195	)	$	(2,888,944	)	$	—		$	(17,887,279	)
Forward Contracts (a)		Unrealized depreciation on forward foreign currency contracts		—			—			—			(106,884,219	)		(106,884,219	)
Total Value - Liabilities			$	(13,856,140	)	$	(1,142,195	)	$	(2,888,944	)	$	(106,884,219	)	$	(124,771,498	)

(a) This amount represents the cumulative appreciation/(depreciation) of forward and futures contracts as reported in 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		Commodity Contracts			Equity Contracts		Interest Rate Contracts			Foreign Currency Contracts			Total
Realized Gain (Loss)
Futures Contracts		Net realized gain/(loss) from futures contracts	$	(22,995,166	)	$	36,414,018	$	(21,725,722	)	$	—		$	(8,306,870	)
Forward Contracts		Net realized gain/(loss) from forward foreign currency contracts		—			—		—			(20,740,769	)		(20,740,769	)
Total Realized Gain/(Loss)			$	(22,995,166	)	$	36,414,018	$	(21,725,722	)	$	(20,740,769	)	$	(29,047,639	)

25

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (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	$	2,193,310	$	9,276,776	$	4,895,225	$	—	$	16,365,311
Forward Contracts		Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts		—		—		—		17,776		17,776
Total Change in Unrealized Appreciation/(Depreciation)			$	2,193,310	$	9,276,776	$	4,895,225	$	17,776	$	16,383,087

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)
	$1,830,027,893		$(3,964,229,095)		$(16,638,087,311)		$16,626,455,716

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.

26

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (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	$	99,367,760	$	(99,367,760	)	$	—	$	—	$	106,884,219	$	(99,367,760	)	$	(7,516,459	)	$	—

(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.

27

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (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

28

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (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.

29

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (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, L.P. 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, 2024 and may not be terminated without the approval of the Board. The Adviser may discontinue this arrangement at any time after December 31, 2024.

	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.

During the current fiscal period, investment advisory fees accrued, waived and/or reimbursed by the Adviser were as follows:

Gross Advisory Fees	Waivers and/or Reimbursements	Net Advisory Fees
$7,485,327	$(492,817)	$6,992,510

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 to exceed the Expense Cap that was in effect at the time of the waiver or reimbursement.

As of the end of the current fiscal period, the Fund had amounts available for recoupment as follows:

Expiration
August 31, 2024	August 31, 2025	August 31, 2026	August 31, 2027	Total
$233,686	$392,091	$951,565	$492,817	$2,070,159

30

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (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.

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 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.

31

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

February 29, 2024 (Unaudited)

As of August 31, 2023, 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)
$792,314,979	$19,584,658	$(35,001,121)	$(15,416,463)

(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 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, 2023, primarily attributable to investments in wholly-owned controlled foreign corporation were reclassified among the following accounts:

Distributable Earnings/(Loss)	PAID-IN CAPITAL
$7,277,275	$(7,277,275)

As of August 31, 2023, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gains	Capital Loss Carryforwards	Qualified Late-Year Loss Deferral	Other Temporary Differences	Unrealized Appreciation/ (Depreciation)
$2,078,038	$—	$—	$(27,553,221)	$(32,082)	$(28,970,918)

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 year ended August 31, 2023 was as follows:

Ordinary Income	Long-Term Gains	Total
$51,700,811	$49,096,105	$100,796,916

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, 2023, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2023. For the fiscal year ended August 31, 2023, the Fund deferred Post October losses of $27,553,221.

32

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Concluded)

February 29, 2024 (Unaudited)

6. New Accounting Pronouncements and Regulatory Updates

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

In October 2022, the SEC adopted a final rule relating to tailored shareholder reports for mutual funds and exchange-traded funds and fee information in investment company advertisements. Beginning in July 2024, the Fund will be required to transmit concise and visually engaging shareholder reports that highlight key information. The Fund will also be required to tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request.

In December 2022, the FASB issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the London Inter-Bank Offered Rate and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

7. 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.

33

Campbell Systematic Macro 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 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.

34

[THIS PAGE INTENTIONALLY LEFT BLANK]

[THIS PAGE INTENTIONALLY LEFT BLANK]

[THIS PAGE INTENTIONALLY LEFT BLANK]

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

CSMF-SAR24

Semi-Annual Report
February 29, 2024
(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 d/b/a North Slope Capital, LLC

Table of Contents

Letter to Shareholders	1
Performance Data	3
Fund Expense Examples	13
Schedules of Investments	17
Financial Statements	36
Notes to Financial Statements	62
Notice to Shareholders	74

US Benchmark Series

Letter to Shareholders

February 29, 2024 (Unaudited)

F/m Investments LLC
d/b/a North Slope Capital, LLC
3050 K Street NW
Suite 201
Washington, DC 20007

Dear Shareholder:

It has been more than 18 months since the listing of the first three ETFs (TBIL, UTWO, and UTEN) of the ten US Benchmark series ETFs (listed below, collectively, the “Funds”). Each of the ten Funds has successfully performed through a significant rise in interest rates and a significant rally. Through the ebbs and flows of this cycle, the Funds continue to grow as investors utilize the benefits of precision, liquidity, and flexibility, all represented in the Funds:

● TBIL – US Treasury 3 Month Bill ETF

● XBIL – US Treasury 6 Month Bill ETF

● OBIL – US Treasury 12 Month Bill ETF

● UTWO – US Treasury 2 Year Note ETF

● UTRE – US Treasury 3 Year Note ETF

● UFIV – US Treasury 5 Year Note ETF

● USVN – US Treasury 7 Year Note ETF

● UTEN – US Treasury 10 Year Note ETF

● UTWY – US Treasury 20 Year Bond ETF

● UTHY – US Treasury 30 Year Bond ETF

From the 3 Month US Treasury that averaged a 5.41% yield to maturity since August 31, 2022 to the 21.44% performance (price and dividends) of UTHY from October 19, 2023 through December 27, 2023 when the 30-Year US Treasury Bond rate rallied from 5.11% to 3.95%, shareholders were able to select and own the point on the US Treasury curve that was appropriate for their portfolios.

That is the power of the point. A single bond, refreshed with each new US Treasury issue, consistently delivers monthly income and principal movement in line with its underlying US Treasury security.

On January 10, 2024, we launched the next step in convenience, flexibility, and functionality, offering the first three ETFs (listed below) in the new US Credit Series. The three ETFs will be joined over time by seven additional ETFs, each designed to align with their counterpart US Benchmark Series ETF, providing access to the specific point on the US Credit curve.

● ZTWO – F/m 2-Year Investment Grade Corporate Bond ETF

● ZTRE – F/m 3-Year Investment Grade Corporate Bond ETF

● ZTEN – F/m 10-Year Investment Grade Corporate Bond ETF

We continue to be excited by the many applications investors are finding for our funds. Adding the US Credit Series, investors are combining the different funds in even more ways to balance income with potential total return or capital preservation, manage interest rate risk, and create portfolios that are easy to implement, quick to adjust, and liquid to buy and sell.

1

US Benchmark Series

Letter to Shareholders (Concluded)

February 29, 2024 (Unaudited)

As the Fed and the markets watch the economic indicators for clues on the “Landing,” we expect volatile markets. Higher rates seem to be taking hold, restricting economic growth. However, inflation is proving difficult to completely roll back to 2%. This may cause rates to stay high or go higher, perhaps for an extended period.

While this may be confounding those expecting lower rates, many investors are enjoying the higher returns and lower volatility brought on by this current period of the rate cycle.

Be well. Do good work. Keep in touch.

Alexander Morris	Peter Baden	Marcin Zdunek

Past performance is not a guarantee of future results.

Must be preceded or accompanied by a current prospectus.

Investments involve risk. Principal loss is possible. As with all ETFs, Fund shares may be bought and sold in the secondary market at market prices higher or lower than the Fund shares’ net asset value. Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise.

Investors should consider the investment objectives, charges and expenses carefully before investing. For a prospectus or other information, please visit www.fminvest.com or call 1-800-617-0004. Please read a fund’s prospectus or summary prospectus carefully before investing.

2

US Treasury 3 Month Bill ETF

Performance Data

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED February 29, 2024
	SIX MONTHS†	One Year	Since Inception	Inception Date
US Treasury 3 Month Bill ETF (at NAV)	2.63%	5.25%	4.66%	8/8/2022
US Treasury 3 Month Bill ETF (at Market Price)	2.58%	5.24%	4.68%	8/8/2022
ICE BofA US 3-Month Treasury Bill Index*	2.70%	5.25%	4.58%(1)	—
Fund Expense Ratio (2): 0.15%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost. For the most recent month end performance, please call 1-800-617-0004 or visit our website at www.ustreasuryetfs.com. Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The ICE BofA US 3-Month Treasury Bill Index is a single security index comprised of the most recently issued 3 Month Treasury bill .

3

US Treasury 6 Month Bill ETF

Performance Data

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED February 29, 2024
	SIX MONTHS†	Since Inception	Inception Date
US Treasury 6 Month Bill ETF (at NAV)	2.64%	5.05%	3/6/2023
US Treasury 6 Month Bill ETF (at Market Price)	2.59%	5.08%	3/6/2023
ICE BofA US 6-Month Treasury Bill Index*	2.75%	5.25%(1)	—
Fund Expense Ratio (2): 0.15%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost. For the most recent month end performance, please call 1-800-617-0004 or visit our website at www.ustreasuryetfs.com. Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The ICE BofA US 6-Month Treasury Bill Index is a single security index comprised of the most recently issued 6-Month Treasury bill .

4

US Treasury 12 Month Bill ETF

Performance Data

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED February 29, 2024
	SIX MONTHS†	One Year	Since Inception	Inception Date
US Treasury 12 Month Bill ETF (at NAV)	2.70%	4.74%	4.46%	11/14/2022
US Treasury 12 Month Bill ETF (at Market Price)	2.70%	4.75%	4.51%	11/14/2022
ICE BofA US 1-Year Treasury Bill Index*	2.71%	4.84%	4.58%(1)	—
Fund Expense Ratio (2): 0.15%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost. For the most recent month end performance, please call 1-800-617-0004 or visit our website at www.ustreasuryetfs.com. Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The ICE BofA US 1-Year Treasury Bill Index is a single security index comprised of the most recently issued US 12-Month Treasury bill .

5

US Treasury 2 Year Note ETF

Performance Data

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED February 29, 2024
	SIX MONTHS†	One Year	Since Inception	Inception Date
US Treasury 2 Year Note ETF (at NAV)	2.24%	3.63%	1.55%	8/8/2022
US Treasury 2 Year Note ETF (at Market Price)	2.23%	3.63%	1.58%	8/8/2022
ICE BofA Current 2-Year US Treasury Index*	2.25%	3.66%	1.54%(1)	—
Fund Expense Ratio (2): 0.15%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost. For the most recent month end performance, please call 1-800-617-0004 or visit our website at www.ustreasuryetfs.com. Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The ICE BofA Current 2-Year US Treasury Index is a single security index comprised of the most recently issued 2-year US Treasury note.

6

US Treasury 3 Year Note ETF

Performance Data

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED February 29, 2024
	SIX MONTHS†	Since Inception	Inception Date
US Treasury 3 Year Note ETF (at NAV)	2.09%	1.43%	3/27/2023
US Treasury 3 Year Note ETF (at Market Price)	2.09%	1.46%	3/27/2023
ICE BofA Current 3-Year US Treasury Index*	2.16%	1.50%(1)	—
Fund Expense Ratio (2): 0.15%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost. For the most recent month end performance, please call 1-800-617-0004 or visit our website at www.ustreasuryetfs.com. Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The ICE BofA Current 3-Year US Treasury Index is a single security index comprised of the most recently issued 3-year US Treasury note.

7

US Treasury 5 Year Note ETF

Performance Data

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED February 29, 2024
	SIX MONTHS†	Since Inception	Inception Date
US Treasury 5 Year Note ETF (at NAV)	1.78%	0.07%	3/27/2023
US Treasury 5 Year Note ETF (at Market Price)	1.76%	0.11%	3/27/2023
ICE BofA Current 5-Year US Treasury Index*	1.85%	0.17%(1)	—
Fund Expense Ratio (2): 0.15%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost. For the most recent month end performance, please call 1-800-617-0004 or visit our website at www.ustreasuryetfs.com. Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The ICE BofA Current 5-Year US Treasury Index is a single security index comprised of the most recently issued 5-year US Treasury note.

8

US Treasury 7 Year Note ETF

Performance Data

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED February 29, 2024
	SIX MONTHS†	Since Inception	Inception Date
US Treasury 7 Year Note ETF (at NAV)	1.32%	-1.30%	3/27/2023
US Treasury 7 Year Note ETF (at Market Price)	1.34%	-1.23%	3/27/2023
ICE BofA Current 7-Year US Treasury Index*	1.21%	-1.29%(1)	—
Fund Expense Ratio (2): 0.15%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost. For the most recent month end performance, please call 1-800-617-0004 or visit our website at www.ustreasuryetfs.com. Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The ICE BofA Current 7-Year US Treasury Index* is a single security index comprised of the most recently issued 7-year US Treasury note.

9

US Treasury 10 Year Note ETF

Performance Data

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED February 29, 2024
	SIX MONTHS†	One Year	Since Inception	Inception Date
US Treasury 10 Year Note ETF (at NAV)	0.57%	0.68%	-4.67%	8/8/2022
US Treasury 10 Year Note ETF (at Market Price)	0.58%	0.71%	-4.63%	8/8/2022
ICE BofA Current 10-Year US Treasury Index*	0.58%	0.69%	-4.56%(1)	—
Fund Expense Ratio (2): 0.15%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost. For the most recent month end performance, please call 1-800-617-0004 or visit our website at www.ustreasuryetfs.com. Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The ICE BofA Current 10-Year US Treasury Index is a single security index comprised of the most recently issued 10-year US Treasury note.

10

US Treasury 20 Year BOND ETF

Performance Data

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED February 29, 2024
	SIX MONTHS†	Since Inception	Inception Date
US Treasury 20 Year Bond ETF (at NAV)	0.04%	-5.06%	3/27/2023
US Treasury 20 Year Bond ETF (at Market Price)	0.01%	-5.03%	3/27/2023
ICE BofA Current 20-Year US Treasury Index*	0.06%	-5.03%(1)	—
Fund Expense Ratio (2): 0.15%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost. For the most recent month end performance, please call 1-800-617-0004 or visit our website at www.ustreasuryetfs.com. Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The ICE BofA Current 20-Year US Treasury Index is a single security index comprised of the most recently issued 20-year US Treasury note.

11

US Treasury 30 Year BOND ETF

Performance Data

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED February 29, 2024
	SIX MONTHS†	Since Inception	Inception Date
US Treasury 30 Year Bond ETF (at NAV)	-0.78%	-6.90%	3/27/2023
US Treasury 30 Year Bond ETF (at Market Price)	-0.78%	-6.85%	3/27/2023
ICE BofA Current 30-Year US Treasury Index*	-0.91%	-6.98%(1)	—
Fund Expense Ratio (2): 0.15%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost. For the most recent month end performance, please call 1-800-617-0004 or visit our website at www.ustreasuryetfs.com. Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The ICE BofA Current 30-Year US Treasury Index is a single security index comprised of the most recently issued 30-year US Treasury note.

12

US Benchmark Series

Fund Expense Examples

February 29, 2024 (UNAUDITED)

As a shareholder of the Fund(s), you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund(s) and to compare these costs with the ongoing costs of investing in other ETFs.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2023 through February 29, 2024, and held for the entire period.

ACTUAL EXPENSES

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

13

US Benchmark Series

Fund Expense Examples (Continued)

February 29, 2024 (Unaudited)

	Beginning Account Value September 1, 2023		Ending Account Value February 29, 2024		Expenses Paid During Period*		Annualized Expense Ratio			ACTUAL SIX MONTH TOTAL INVESTMENT RETURNS FOR THE FUNDS
US Treasury 3 Month Bill ETF
Actual	$	1,000.00	$	1,026.30	$	0.76		0.15	%		2.63	%
Hypothetical (5% return before expenses)		1,000.00		1,024.12		0.75		0.15	%		N/A
US Treasury 6 Month Bill ETF
Actual	$	1,000.00	$	1,026.40	$	0.76		0.15	%		2.64	%
Hypothetical (5% return before expenses)		1,000.00		1,024.12		0.75		0.15	%		N/A
US Treasury 12 Month Bill ETF
Actual	$	1,000.00	$	1,027.00	$	0.76		0.15	%		2.70	%
Hypothetical (5% return before expenses)		1,000.00		1,024.12		0.75		0.15	%		N/A
US Treasury 2 Year Note ETF
Actual	$	1,000.00	$	1,022.40	$	0.75		0.15	%		2.24	%
Hypothetical (5% return before expenses)		1,000.00		1,024.12		0.75		0.15	%		N/A
US Treasury 3 Year Note ETF
Actual	$	1,000.00	$	1,020.90	$	0.75		0.15	%		2.09	%
Hypothetical (5% return before expenses)		1,000.00		1,024.12		0.75		0.15	%		N/A
US Treasury 5 Year Note ETF
Actual	$	1,000.00	$	1,017.80	$	0.75		0.15	%		1.78	%
Hypothetical (5% return before expenses)		1,000.00		1,024.12		0.75		0.15	%		N/A
US Treasury 7 Year Note ETF
Actual	$	1,000.00	$	1,013.20	$	0.75		0.15	%		1.32	%
Hypothetical (5% return before expenses)		1,000.00		1,024.12		0.75		0.15	%		N/A
US Treasury 10 Year Note ETF
Actual	$	1,000.00	$	1,005.70	$	0.75		0.15	%		0.57	%
Hypothetical (5% return before expenses)		1,000.00		1,024.12		0.75		0.15	%		N/A
US Treasury 20 Year Bond ETF
Actual	$	1,000.00	$	1,000.40	$	0.75		0.15	%		0.04	%
Hypothetical (5% return before expenses)		1,000.00		1,024.12		0.75		0.15	%		N/A

14

US Benchmark Series

Fund Expense Examples (Concluded)

February 29, 2024 (Unaudited)

	Beginning Account Value September 1, 2023		Ending Account Value February 29, 2024		Expenses Paid During Period*		Annualized Expense Ratio			ACTUAL SIX MONTH TOTAL INVESTMENT RETURNS FOR THE FUNDS
US Treasury 30 Year Bond ETF
Actual	$	1,000.00	$	992.20	$	0.74		0.15	%		-0.78	%
Hypothetical (5% return before expenses)		1,000.00		1,024.12		0.75		0.15	%		N/A

* Expenses are equal to each Fund’s annualized expense ratio for the period September 1, 2023 through February 29, 2024, multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period. Each Fund’s ending account value in the first section in the table is based on the actual six-month total investment return for the Fund.

15

US Treasury 3 Month Bill ETF

PORTFOLIO HOLDINGS SUMMARY TABLE

FEBRUARY 29, 2024 (UNAUDITED)

SECURITY TYPE/CLASSIFICATION	% OF NET ASSETS			VALUE
SHORT-TERM INVESTMENTS
U.S. Treasury Obligations		100.0	%	$	2,974,244,232
Money Market Deposit Accounts		0.0			32,347
LIABILITIES IN EXCESS OF OTHER ASSETS		0.0			(320,130	)
NET ASSETS		100.0	%	$	2,973,956,449

The accompanying notes are an integral part of these financial statements.

16

US Treasury 3 Month Bill ETF

Schedule of Investments

February 29, 2024 (UNAUDITED)

SHORT-TERM INVESTMENTS — 100.0%	Par		Value
U.S. Treasury Bills — 100.0%
5.26%, 03/05/2024(a)		12,855,000	$	12,847,472
5.31%, 05/30/2024(a)		3,000,649,000		2,961,396,760
TOTAL SHORT-TERM INVESTMENTS (Cost $2,974,222,558)				2,974,244,232
TOTAL INVESTMENTS — 100.0% (Cost $2,974,222,558)			$	2,974,244,232
Money Market Deposit Account — 0.0%(b)(c)				32,347
Liabilities in Excess of Other Assets — 0.0%(c)				(320,130	)
TOTAL NET ASSETS — 100.0%			$	2,973,956,449

Percentages are stated as a percent of net assets.

(a) The rate shown is the effective yield.

(b) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The MMDA interest rate as of February 29, 2024 was 5.20%.

(c) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

17

US Treasury 6 Month Bill ETF

PORTFOLIO HOLDINGS SUMMARY TABLE

FEBRUARY 29, 2024 (UNAUDITED)

SECURITY TYPE/CLASSIFICATION	% OF NET ASSETS			VALUE
SHORT-TERM INVESTMENTS
U.S. Treasury Obligations		100.0	%	$	507,082,010
Money Market Deposit Accounts		0.0			5,555
LIABILITIES IN EXCESS OF OTHER ASSETS		0.0			(60,088	)
NET ASSETS		100.0	%	$	507,027,477

The accompanying notes are an integral part of these financial statements.

18

US Treasury 6 Month Bill ETF

Schedule of Investments

February 29, 2024 (UNAUDITED)

SHORT-TERM INVESTMENTS — 100.0%	Par		Value
U.S. Treasury Bills — 100.0%
5.26%, 03/05/2024(a)		2,075,000	$	2,073,785
5.23%, 08/29/2024(a)		518,325,000		505,008,225
TOTAL SHORT-TERM INVESTMENTS (Cost $507,108,332)				507,082,010
TOTAL INVESTMENTS — 100.0% (Cost $507,108,332)			$	507,082,010
Money Market Deposit Account — 0.0%(b)(c)				5,555
Liabilities in Excess of Other Assets — 0.0%(c)				(60,088	)
TOTAL NET ASSETS — 100.0%			$	507,027,477

Percentages are stated as a percent of net assets.

(a) The rate shown is the effective yield.

(b) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The MMDA interest rate as of February 29, 2024 was 5.20%.

(c) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

19

US Treasury 12 Month Bill ETF

PORTFOLIO HOLDINGS SUMMARY TABLE

FEBRUARY 29, 2024 (UNAUDITED)

SECURITY TYPE/CLASSIFICATION	% OF NET ASSETS			VALUE
SHORT-TERM INVESTMENTS
U.S. Treasury Obligations		100.0	%	$	237,872,128
Money Market Deposit Accounts		0.0			3,346
LIABILITIES IN EXCESS OF OTHER ASSETS		0.0			(28,245	)
NET ASSETS		100.0	%	$	237,847,229

The accompanying notes are an integral part of these financial statements.

20

US Treasury 12 Month Bill ETF

Schedule of Investments

February 29, 2024 (UNAUDITED)

SHORT-TERM INVESTMENTS — 100.0%	Par		Value
U.S. Treasury Bills — 100.0%
5.26%, 03/05/2024(a)		1,000,000	$	999,414
4.97%, 02/20/2025(a)		248,557,000		236,872,714
TOTAL SHORT-TERM INVESTMENTS (Cost $237,932,860)				237,872,128
TOTAL INVESTMENTS — 100.0% (Cost $237,932,860)			$	237,872,128
Money Market Deposit Account — 0.0%(b)(c)				3,346
Liabilities in Excess of Other Assets — 0.0%(c)				(28,245	)
TOTAL NET ASSETS — 100.0%			$	237,847,229

Percentages are stated as a percent of net assets.

(a) The rate shown is the effective yield.

(b) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The MMDA interest rate as of February 29, 2024 was 5.20%.

(c) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

21

US Treasury 2 Year Note ETF

PORTFOLIO HOLDINGS SUMMARY TABLE

FEBRUARY 29, 2024 (UNAUDITED)

SECURITY TYPE/CLASSIFICATION	% OF NET ASSETS			VALUE
U.S. GOVERNMENT NOTES/BONDS
U.S. Treasury Obligations		99.7	%	$	356,590,141
SHORT-TERM INVESTMENTS
U.S. Treasury Obligations		0.3			1,234,277
Money Market Deposit Accounts		0.0			39,946
OTHER ASSETS IN EXCESS OF LIABILITIES		0.0			2,995
NET ASSETS		100.0	%	$	357,867,359

The accompanying notes are an integral part of these financial statements.

22

US Treasury 2 Year Note ETF

Schedule of Investments

February 29, 2024 (UNAUDITED)

U.S. TREASURY OBLIGATIONS — 99.7%	Par		Value
United States Treasury Note/Bond, 4.63%, 02/28/2026		356,618,000	$	356,590,141
TOTAL U.S. TREASURY OBLIGATIONS (Cost $356,427,434)				356,590,141

SHORT-TERM INVESTMENTS — 0.3%
U.S. Treasury Bills — 0.3%
5.26%, 03/05/2024(a)	1,235,000	$	1,234,277
TOTAL SHORT-TERM INVESTMENTS (Cost $1,234,279)			1,234,277
TOTAL INVESTMENTS — 100.0% (Cost $357,661,713)		$	357,824,418
Money Market Deposit Account — 0.0%(b)(c)			39,946
Other Assets in Excess of Liabilities — 0.0%(c)			2,995
TOTAL NET ASSETS — 100.0%		$	357,867,359

Percentages are stated as a percent of net assets.

(a) The rate shown is the effective yield.

(b) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The MMDA interest rate as of February 29, 2024 was 5.20%.

(c) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

23

US Treasury 3 Year Note ETF

PORTFOLIO HOLDINGS SUMMARY TABLE

FEBRUARY 29, 2024 (UNAUDITED)

SECURITY TYPE/CLASSIFICATION	% OF NET ASSETS			VALUE
U.S. GOVERNMENT NOTES/BONDS
U.S. Treasury Obligations		99.8	%	$	6,353,451
SHORT-TERM INVESTMENTS
Money Market Deposit Accounts		0.0			2,412
OTHER ASSETS IN EXCESS OF LIABILITIES		0.2			10,140
NET ASSETS		100.0	%	$	6,366,003

The accompanying notes are an integral part of these financial statements.

24

US Treasury 3 Year Note ETF

Schedule of Investments

February 29, 2024 (UNAUDITED)

U.S. TREASURY OBLIGATIONS — 99.8%	Par		Value
United States Treasury Note/Bond, 4.13%, 02/15/2027		6,406,000	$	6,353,451
TOTAL U.S. TREASURY OBLIGATIONS (Cost $6,359,036)				6,353,451
TOTAL INVESTMENTS — 99.8% (Cost $6,359,036)			$	6,353,451
Money Market Deposit Account — 0.0%(a)(b)				2,412
Other Assets in Excess of Liabilities — 0.2%				10,140
TOTAL NET ASSETS — 100.0%			$	6,366,003

Percentages are stated as a percent of net assets.

(a) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The MMDA interest rate as of February 29, 2024 was 5.20%.

(b) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

25

US Treasury 5 Year Note ETF

PORTFOLIO HOLDINGS SUMMARY TABLE

FEBRUARY 29, 2024 (UNAUDITED)

SECURITY TYPE/CLASSIFICATION	% OF NET ASSETS			VALUE
U.S. GOVERNMENT NOTES/BONDS
U.S. Treasury Obligations		99.7	%	$	17,847,789
SHORT-TERM INVESTMENTS
U.S. Treasury Obligations		0.3			60,964
Money Market Deposit Accounts		0.0			2,275
OTHER ASSETS IN EXCESS OF LIABILITIES		0.0			28
NET ASSETS		100.0	%	$	17,911,056

The accompanying notes are an integral part of these financial statements.

26

US Treasury 5 Year Note ETF

Schedule of Investments

February 29, 2024 (UNAUDITED)

U.S. TREASURY OBLIGATIONS — 99.7%	Par		Value
United States Treasury Note/Bond, 4.25%, 02/28/2029		17,845,000	$	17,847,789
TOTAL U.S. TREASURY OBLIGATIONS (Cost $17,829,888)				17,847,789

SHORT-TERM INVESTMENTS — 0.3%
U.S. Treasury Bills — 0.3%
5.26%, 03/05/2024(a)	61,000	$	60,964
TOTAL SHORT-TERM INVESTMENTS (Cost $60,964)			60,964
TOTAL INVESTMENTS — 100.0% (Cost $17,890,852)		$	17,908,753
Money Market Deposit Account — 0.0%(b)(c)			2,275
Other Assets in Excess of Liabilities — 0.0%(c)			28
TOTAL NET ASSETS — 100.0%		$	17,911,056

Percentages are stated as a percent of net assets.

(a) The rate shown is the effective yield.

(b) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The MMDA interest rate as of February 29, 2024 was 5.20%.

(c) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

27

US Treasury 7 Year Note ETF

PORTFOLIO HOLDINGS SUMMARY TABLE

FEBRUARY 29, 2024 (UNAUDITED)

SECURITY TYPE/CLASSIFICATION	% OF NET ASSETS			VALUE
U.S. GOVERNMENT NOTES/BONDS
U.S. Treasury Obligations		99.7	%	$	5,235,448
SHORT-TERM INVESTMENTS
U.S. Treasury Obligations		0.3			17,989
Money Market Deposit Accounts		0.0			1,369
OTHER ASSETS IN EXCESS OF LIABILITIES		0.0			2
NET ASSETS		100.0	%	$	5,254,808

The accompanying notes are an integral part of these financial statements.

28

US Treasury 7 Year Note ETF

Schedule of Investments

February 29, 2024 (UNAUDITED)

U.S. TREASURY OBLIGATIONS — 99.7%	Par		Value
United States Treasury Note/Bond, 4.25%, 02/28/2031		5,242,000	$	5,235,448
TOTAL U.S. TREASURY OBLIGATIONS (Cost $5,229,780)				5,235,448

SHORT-TERM INVESTMENTS — 0.3%
U.S. Treasury Bills — 0.3%
5.26%, 03/05/2024(a)	18,000	$	17,989
TOTAL SHORT-TERM INVESTMENTS (Cost $17,989)			17,989
TOTAL INVESTMENTS — 100.0% (Cost $5,247,769)		$	5,253,437
Money Market Deposit Account — 0.0%(b)(c)			1,369
Other Assets in Excess of Liabilities — 0.0%(c)			2
TOTAL NET ASSETS — 100.0%		$	5,254,808

Percentages are stated as a percent of net assets.

(a) The rate shown is the effective yield.

(b) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The MMDA interest rate as of February 29, 2024 was 5.20%.

(c) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

29

US Treasury 10 Year Note ETF

PORTFOLIO HOLDINGS SUMMARY TABLE

FEBRUARY 29, 2024 (UNAUDITED)

SECURITY TYPE/CLASSIFICATION	% OF NET ASSETS			VALUE
U.S. GOVERNMENT NOTES/BONDS
U.S. Treasury Obligations		99.5	%	$	101,316,738
SHORT-TERM INVESTMENTS
U.S. Treasury Obligations		0.3			349,795
Money Market Deposit Accounts		0.0			21,706
OTHER ASSETS IN EXCESS OF LIABILITIES		0.2			158,899
NET ASSETS		100.0	%	$	101,847,138

The accompanying notes are an integral part of these financial statements.

30

US Treasury 10 Year Note ETF

Schedule of Investments

February 29, 2024 (UNAUDITED)

U.S. TREASURY OBLIGATIONS — 99.5%	Par		Value
United States Treasury Note/Bond, 4.00%, 02/15/2034		103,335,000	$	101,316,738
TOTAL U.S. TREASURY OBLIGATIONS (Cost $101,130,912)				101,316,738

SHORT-TERM INVESTMENTS — 0.3%
U.S. Treasury Bills — 0.3%
5.25%, 03/05/2024(a)	350,000	$	349,795
TOTAL SHORT-TERM INVESTMENTS (Cost $349,796)			349,795
TOTAL INVESTMENTS — 99.8% (Cost $101,480,708)		$	101,666,533
Money Market Deposit Account — 0.0%(b)(c)			21,706
Other Assets in Excess of Liabilities — 0.2%			158,899
TOTAL NET ASSETS — 100.0%		$	101,847,138

Percentages are stated as a percent of net assets.

(a) The rate shown is the effective yield.

(b) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The MMDA interest rate as of February 29, 2024 was 5.20%.

(c) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

31

US Treasury 20 Year Bond ETF

PORTFOLIO HOLDINGS SUMMARY TABLE

FEBRUARY 29, 2024 (UNAUDITED)

SECURITY TYPE/CLASSIFICATION	% OF NET ASSETS			VALUE
U.S. GOVERNMENT NOTES/BONDS
U.S. Treasury Obligations		99.4	%	$	11,865,291
SHORT-TERM INVESTMENTS
U.S. Treasury Obligations		0.4			45,973
Money Market Deposit Accounts		0.0			958
OTHER ASSETS IN EXCESS OF LIABILITIES		0.2			20,592
NET ASSETS		100.0	%	$	11,932,814

The accompanying notes are an integral part of these financial statements.

32

US Treasury 20 Year Bond ETF

Schedule of Investments

February 29, 2024 (UNAUDITED)

U.S. TREASURY OBLIGATIONS — 99.4%	Par		Value
United States Treasury Note/Bond, 4.50%, 02/15/2044		11,869,000	$	11,865,291
TOTAL U.S. TREASURY OBLIGATIONS (Cost $11,817,221)				11,865,291

SHORT-TERM INVESTMENTS — 0.4%
U.S. Treasury Bills — 0.4%
5.26%, 03/05/2024(a)	46,000	$	45,973
TOTAL SHORT-TERM INVESTMENTS (Cost $45,973)			45,973
TOTAL INVESTMENTS — 99.8% (Cost $11,863,194)		$	11,911,264
Money Market Deposit Account — 0.0%(b)(c)			958
Other Assets in Excess of Liabilities — 0.2%			20,592
TOTAL NET ASSETS — 100.0%		$	11,932,814

Percentages are stated as a percent of net assets.

(a) The rate shown is the effective yield.

(b) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The MMDA interest rate as of February 29, 2024 was 5.20%.

(c) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

33

US Treasury 30 Year Bond ETF

PORTFOLIO HOLDINGS SUMMARY TABLE

FEBRUARY 29, 2024 (UNAUDITED)

SECURITY TYPE/CLASSIFICATION	% OF NET ASSETS			VALUE
U.S. GOVERNMENT NOTES/BONDS
U.S. Treasury Obligations		99.8	%	$	12,142,969
SHORT-TERM INVESTMENTS
Money Market Deposit Accounts		0.0			2,238
OTHER ASSETS IN EXCESS OF LIABILITIES		0.2			20,238
NET ASSETS		100.0	%	$	12,165,445

The accompanying notes are an integral part of these financial statements.

34

US Treasury 30 Year Bond ETF

Schedule of Investments

February 29, 2024 (UNAUDITED)

U.S. TREASURY OBLIGATIONS — 99.8%	Par		Value
United States Treasury Note/Bond, 4.25%, 02/15/2054		12,375,000	$	12,142,969
TOTAL U.S. TREASURY OBLIGATIONS (Cost $11,984,569)				12,142,969
TOTAL INVESTMENTS — 99.8% (Cost $11,984,569)			$	12,142,969
Money Market Deposit Account — 0.0%(a)(b)				2,238
Other Assets in Excess of Liabilities — 0.2%				20,238
TOTAL NET ASSETS — 100.0%			$	12,165,445

Percentages are stated as a percent of net assets.

(a) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The MMDA interest rate as of February 29, 2024 was 5.20%.

(b) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

35

US Benchmark Series

Statements of Assets and Liabilities

February 29, 2024 (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 $356,427,434, respectively)	$	—	$	—	$	—	$	356,590,141
Short-term investments, at value (cost $2,974,222,558, $507,108,332, $237,932,860, and $1,234,279, respectively)		2,974,244,231		507,082,010		237,872,128		1,234,278
Cash equivalents		32,347		5,555		3,346		39,946
Receivables for:
Capital shares sold		8,505,593		—		—		—
Interest		4,808		374		76		45,855
Prepaid expenses and other assets		—		—		—		—
Total assets		2,982,786,979		507,087,939		237,875,550		357,910,220
LIABILITIES
Payables for:
Investments purchased		8,489,475		—		—		—
Advisory fees		341,055		60,462		28,321		42,861
Total liabilities		8,830,530		60,462		28,321		42,861
Net assets	$	2,973,956,449	$	507,027,477	$	237,847,229	$	357,867,359
NET ASSETS CONSIST OF:
Par value	$	59,440	$	10,120	$	4,760	$	7,440
Paid-in capital		2,967,601,164		506,305,833		238,124,295		367,672,883
Total distributable earnings/(losses)		6,295,845		711,524		837,100		(9,812,964	)
Net assets	$	2,973,956,449	$	507,027,477	$	237,847,229	$	357,867,359
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		59,440,000		10,120,000		4,760,000		7,440,000
Net asset value and redemption price per share	$	50.03	$	50.10	$	49.97	$	48.10

The accompanying notes are an integral part of these financial statements.

36

US Benchmark Series

Statements of Assets and Liabilities (CONTINUED)

February 29, 2024 (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 $6,359,036, $17,829,888, $5,229,780, and $101,130,912, respectively)	$	6,353,451		$	17,847,789		$	5,235,448		$	101,316,738
Short-term investments, at value (cost $—, $60,964, $17,989, and $349,796, respectively)		—			60,965			17,990			349,796
Cash equivalents		2,412			2,275			1,369			21,706
Receivables for:
Capital shares sold		—			—			—			—
Interest		10,898			2,096			628			170,434
Prepaid expenses and other assets		—			—			—			—
Total assets		2,412			63,242			19,360			371,505
LIABILITIES
Payables for:
Investments purchased		—			—			—			—
Advisory fees		758			2,069			627			11,536
Total liabilities		758			2,069			627			11,536
Net assets	$	6,366,003		$	17,911,056		$	5,254,808		$	101,847,138
NET ASSETS CONSIST OF:
Par value	$	130		$	370		$	110		$	2,320
Paid-in capital		6,447,511			17,988,171			5,266,270			102,891,764
Total distributable earnings/(losses)		(81,638	)		(77,485	)		(11,572	)		(1,046,946	)
Net assets	$	6,366,003		$	17,911,056		$	5,254,808		$	101,847,138
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		130,000			370,000			110,000			2,320,000
Net asset value and redemption price per share	$	48.97		$	48.41		$	47.77		$	43.90

The accompanying notes are an integral part of these financial statements.

37

US Benchmark Series

Statements of Assets and Liabilities (Concluded)

February 29, 2024 (UNAUDITED)

	US Treasury 20 Year BOND ETF		US Treasury 30 Year BOND ETF
ASSETS
Investments in securities of unaffiliated issuers, at value (cost $11,817,221, $11,984,569, respectively)	$	11,865,290	$	12,142,969
Short-term investments, at value (cost $45,973, $—, respectively)		45,973		—
Cash equivalents		958		2,238
Receivables for:
Capital shares sold		—		—
Interest		22,017		21,682
Prepaid expenses and other assets		—		—
Total assets		46,931		2,238
LIABILITIES
Payables for:
Investments purchased		—		—
Advisory fees		1,424		1,444
Total liabilities		1,424		1,444
Net assets	$	11,932,814	$	12,165,445
NET ASSETS CONSIST OF:
Par value	$	260	$	270
Paid-in capital		10,973,367		12,356,060
Total distributable earnings/(losses)		959,187		(190,884	)
Net assets	$	11,932,814	$	12,165,445
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		260,000		270,000
Net asset value and redemption price per share	$	45.90	$	45.06

The accompanying notes are an integral part of these financial statements.

38

US Benchmark Series

Statements of Operations

FOR THE Six Months ENDED February 29, 2024 (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	$	69,484,206		$	13,290,653		$	4,967,755		$	8,074,874
Total investment income		69,484,206			13,290,653			4,967,755			8,074,874
EXPENSES
Advisory fees (Note 3)		1,927,767			373,659			144,588			259,044
Total expenses		1,927,767			373,659			144,588			259,044
Net investment income/(loss)		67,556,439			12,916,994			4,823,167			7,815,830
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments		(6,445,639,679	)		(1,420,870,001	)		(251,315,002	)		(37,830,828	)
Net realized gain from redemption in-kind		6,445,360,879			1,421,044,554			251,618,299			38,004,753
Net change in unrealized appreciation/ (depreciation) on investments		31,554			(46,616	)		3,977			(51,388	)
Net realized and unrealized gain/(loss)		(247,246	)		127,937			307,274			122,537
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	67,309,193		$	13,044,931		$	5,130,441		$	7,938,367

The accompanying notes are an integral part of these financial statements.

39

US Benchmark Series

Statements of Operations (CONTINUED)

FOR THE Six Months ENDED February 29, 2024 (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	$	102,206		$	199,839		$	73,327		$	2,004,638
Total investment income		102,206			199,839			73,327			2,004,638
EXPENSES
Advisory fees (Note 3)		3,644			7,128			2,583			69,750
Total expenses		3,644			7,128			2,583			69,750
Net investment income/(loss)		98,562			192,711			70,744			1,934,888
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments		(18,236,072	)		(9,821,884	)		(5,297,478	)		(49,583,715	)
Net realized gain from redemption in-kind		18,200,437			9,776,153			5,325,506			50,971,576
Net change in unrealized appreciation/ (depreciation) on investments		(9,800	)		10,787			4,239			(218,867	)
Net realized and unrealized gain/(loss)		(45,435	)		(34,944	)		32,267			1,168,994
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	53,127		$	157,767		$	103,011		$	3,103,882

The accompanying notes are an integral part of these financial statements.

40

US Benchmark Series

Statements of Operations (Concluded)

FOR THE Six Months ENDED February 29, 2024 (UNAUDITED)

	US Treasury 20 Year Bond ETF			US Treasury 30 Year Bond ETF
INVESTMENT INCOME
Interest income	$	165,893		$	143,183
Total investment income		165,893			143,183
EXPENSES
Advisory fees (Note 3)		5,587			4,876
Total expenses		5,587			4,876
Net investment income/(loss)		160,306			138,307
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments		(40,062,599	)		(128,561	)
Net realized gain from redemption in-kind		41,085,356			—
Net change in unrealized appreciation/ (depreciation) on investments		42,225			119,707
Net realized and unrealized gain/(loss)		1,064,982			(8,854	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,225,288		$	129,453

The accompanying notes are an integral part of these financial statements.

41

US Treasury 3 Month Bill ETF

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED)			FOR THE Year ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	67,556,439		$	28,135,880
Net realized gain/(loss) from investments		(278,800	)		(193,513	)
Net change in unrealized appreciation/(depreciation) on investments		31,554			(10,665	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		67,309,193			27,931,702
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(64,978,398	)		(23,559,224	)
Net decrease in net assets from dividends and distributions to shareholders		(64,978,398	)		(23,559,224	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		7,640,647,761			2,413,134,681
Shares redeemed		(6,445,605,416	)		(679,767,752	)
Net increase/(decrease) in net assets from capital share transactions		1,195,042,345			1,733,366,929
TOTAL INCREASE/(DECREASE) IN NET ASSETS		1,197,373,140			1,737,739,407
NET ASSETS:
Beginning of period	$	1,776,583,309		$	38,843,902
End of period	$	2,973,956,449		$	1,776,583,309
SHARE TRANSACTIONS:
Shares sold		153,050,000			48,300,000
Shares redeemed		(129,100,000	)		(13,590,000	)
Net increase/(decrease) in shares		23,950,000			34,710,000

The accompanying notes are an integral part of these financial statements.

42

US Treasury 6 Month Bill ETF

Statement of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED)			FOR THE PERIOD ENDED AUGUST 31, 2023(1)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	12,916,994		$	3,466,353
Net realized gain/(loss) from investments		174,553			(273,097	)
Net change in unrealized appreciation/(depreciation) on investments		(46,616	)		20,294
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		13,044,931			3,213,550
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(12,819,853	)		(2,720,580	)
Net decrease in net assets from dividends and distributions to shareholders		(12,819,853	)		(2,720,580	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,616,499,233			353,006,880
Shares redeemed		(1,421,015,244	)		(42,181,440	)
Net increase/(decrease) in net assets from capital share transactions		195,483,989			310,825,440
TOTAL INCREASE/(DECREASE) IN NET ASSETS		195,709,067			311,318,410
NET ASSETS:
Beginning of period	$	311,318,410		$	—
End of period	$	507,027,477		$	311,318,410
SHARE TRANSACTIONS:
Shares sold		32,320,000			7,050,000
Shares redeemed		(28,410,000	)		(840,000	)
Net increase/(decrease) in shares		3,910,000			6,210,000

⁽¹⁾ Inception date of the Fund was March 6, 2023.

The accompanying notes are an integral part of these financial statements.

43

US Treasury 12 Month Bill ETF

Statement of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED)			For the Period Ended August 31, 2023(1)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	4,823,167		$	2,560,805
Net realized gain/(loss) from investments		303,297			(559,463	)
Net change in unrealized appreciation/(depreciation) on investments		3,977			(64,709	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		5,130,441			1,936,633
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(4,729,600	)		(2,206,389	)
Net decrease in net assets from dividends and distributions to shareholders		(4,729,600	)		(2,206,389	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		362,804,185			208,609,456
Shares redeemed		(251,639,690	)		(82,057,807	)
Net increase/(decrease) in net assets from capital share transactions		111,164,495			126,551,649
TOTAL INCREASE/(DECREASE) IN NET ASSETS		111,565,336			126,281,893
NET ASSETS:
Beginning of period	$	126,281,893		$	—
End of period	$	237,847,229		$	126,281,893
SHARE TRANSACTIONS:
Shares sold		7,270,000			4,160,000
Shares redeemed		(5,040,000	)		(1,630,000	)
Net increase/(decrease) in shares		2,230,000			2,530,000

⁽¹⁾ Inception date of the Fund was November 14, 2022.

The accompanying notes are an integral part of these financial statements.

44

US Treasury 2 Year Note ETF

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED)			FOR THE Year ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	7,815,830		$	9,978,594
Net realized gain/(loss) from investments		173,925			(6,349,565	)
Net change in unrealized appreciation/(depreciation) on investments		(51,388	)		219,991
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		7,938,367			3,849,020
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(8,040,033	)		(9,134,861	)
Net decrease in net assets from dividends and distributions to shareholders		(8,040,033	)		(9,134,861	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		94,568,867			949,817,059
Shares redeemed		(41,942,117	)		(657,095,514	)
Net increase/(decrease) in net assets from capital share transactions		52,626,750			292,721,545
TOTAL INCREASE/(DECREASE) IN NET ASSETS		52,525,084			287,435,704
NET ASSETS:
Beginning of period	$	305,342,275		$	17,906,571
End of period	$	357,867,359		$	305,342,275
SHARE TRANSACTIONS:
Shares sold		1,970,000			19,390,000
Shares redeemed		(870,000	)		(13,410,000	)
Net increase/(decrease) in shares		1,100,000			5,980,000

The accompanying notes are an integral part of these financial statements.

45

US Treasury 3 Year Note ETF

Statement of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED)			For the Period Ended August 31, 2023(1)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	98,562		$	23,851
Net realized gain/(loss) from investments		(35,635	)		(39,008	)
Net change in unrealized appreciation/(depreciation) on investments		(9,800	)		4,215
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		53,127			(10,942	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(96,038	)		(19,629	)
Net decrease in net assets from dividends and distributions to shareholders		(96,038	)		(19,629	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		26,172,777			3,006,457
Shares redeemed		(21,234,427	)		(1,505,322	)
Net increase/(decrease) in net assets from capital share transactions		4,938,350			1,501,135
TOTAL INCREASE/(DECREASE) IN NET ASSETS		4,895,439			1,470,564
NET ASSETS:
Beginning of period	$	1,470,564		$	—
End of period	$	6,366,003		$	1,470,564
SHARE TRANSACTIONS:
Shares sold		530,000			60,000
Shares redeemed		(430,000	)		(30,000	)
Net increase/(decrease) in shares		100,000			30,000

⁽¹⁾ Inception date of the Fund was March 27, 2023.

The accompanying notes are an integral part of these financial statements.

46

US Treasury 5 Year Note ETF

Statement of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED)			For the Period Ended August 31, 2023(1)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	192,711		$	28,549
Net realized gain/(loss) from investments		(45,731	)		(64,395	)
Net change in unrealized appreciation/(depreciation) on investments		10,787			7,114
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		157,767			(28,732	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(175,823	)		(19,503	)
Net decrease in net assets from dividends and distributions to shareholders		(175,823	)		(19,503	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		23,374,370			5,428,657
Shares redeemed		(9,817,120	)		(1,008,560	)
Net increase/(decrease) in net assets from capital share transactions		13,557,250			4,420,097
TOTAL INCREASE/(DECREASE) IN NET ASSETS		13,539,194			4,371,862
NET ASSETS:
Beginning of period	$	4,371,862		$	—
End of period	$	17,911,056		$	4,371,862
SHARE TRANSACTIONS:
Shares sold		480,000			110,000
Shares redeemed		(200,000	)		(20,000	)
Net increase/(decrease) in shares		280,000			90,000

⁽¹⁾ Inception date of the Fund was March 27, 2023.

The accompanying notes are an integral part of these financial statements.

47

US Treasury 7 Year Note ETF

Statement of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED)			For the Period Ended August 31, 2023(1)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	70,744		$	15,045
Net realized gain/(loss) from investments		28,028			(47,170	)
Net change in unrealized appreciation/(depreciation) on investments		4,239			1,429
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		103,011			(30,696	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(60,119	)		(11,541	)
Net decrease in net assets from dividends and distributions to shareholders		(60,119	)		(11,541	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		9,592,715			2,014,762
Shares redeemed		(5,343,614	)		(1,009,710	)
Net increase/(decrease) in net assets from capital share transactions		4,249,101			1,005,052
TOTAL INCREASE/(DECREASE) IN NET ASSETS		4,291,993			962,815
NET ASSETS:
Beginning of period	$	962,815		$	—
End of period	$	5,254,808		$	962,815
SHARE TRANSACTIONS:
Shares sold		200,000			40,000
Shares redeemed		(110,000	)		(20,000	)
Net increase/(decrease) in shares		90,000			20,000

⁽¹⁾ Inception date of the Fund was March 27, 2023.

The accompanying notes are an integral part of these financial statements.

48

US Treasury 10 Year Note ETF

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED)			FOR THE Year ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	1,934,888		$	753,933
Net realized gain/(loss) from investments		1,387,861			(3,708,055	)
Net change in unrealized appreciation/(depreciation) on investments		(218,867	)		906,748
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		3,103,882			(2,047,374	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(1,760,623	)		(679,725	)
Net decrease in net assets from dividends and distributions to shareholders		(1,760,623	)		(679,725	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		98,341,818			82,290,461
Shares redeemed		(53,931,483	)		(43,803,707	)
Net increase/(decrease) in net assets from capital share transactions		44,410,335			38,486,754
TOTAL INCREASE/(DECREASE) IN NET ASSETS		45,753,594			35,759,655
NET ASSETS:
Beginning of period	$	56,093,544		$	20,333,889
End of period	$	101,847,138		$	56,093,544
SHARE TRANSACTIONS:
Shares sold		2,280,000			1,790,000
Shares redeemed		(1,220,000	)		(950,000	)
Net increase/(decrease) in shares		1,060,000			840,000

The accompanying notes are an integral part of these financial statements.

49

US Treasury 20 Year Bond ETF

Statement of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED)			For the Period Ended August 31, 2023(1)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	160,306		$	20,666
Net realized gain/(loss) from investments		1,022,757			(110,655	)
Net change in unrealized appreciation/(depreciation) on investments		42,225			5,844
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,225,288			(84,145	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(166,779	)		(15,177	)
Net decrease in net assets from dividends and distributions to shareholders		(166,779	)		(15,177	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		50,272,165			1,973,766
Shares redeemed		(41,272,304	)		—
Net increase/(decrease) in net assets from capital share transactions		8,999,861			1,973,766
TOTAL INCREASE/(DECREASE) IN NET ASSETS		10,058,370			1,874,444
NET ASSETS:
Beginning of period	$	1,874,444		$	—
End of period	$	11,932,814		$	1,874,444
SHARE TRANSACTIONS:
Shares sold		1,110,000			40,000
Shares redeemed		(890,000	)		—
Net increase/(decrease) in shares		220,000			40,000

⁽¹⁾ Inception date of the Fund was March 27, 2023.

The accompanying notes are an integral part of these financial statements.

50

US Treasury 30 Year Bond ETF

Statement of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED)			For the Period Ended August 31, 2023(1)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	138,307		$	35,783
Net realized gain/(loss) from investments		(128,561	)		(241,154	)
Net change in unrealized appreciation/(depreciation) on investments		119,707			38,693
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		129,453			(166,678	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(123,705	)		(29,955	)
Net decrease in net assets from dividends and distributions to shareholders		(123,705	)		(29,955	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		9,377,630			2,978,700
Shares redeemed		—			—
Net increase/(decrease) in net assets from capital share transactions		9,377,630			2,978,700
TOTAL INCREASE/(DECREASE) IN NET ASSETS		9,383,378			2,782,067
NET ASSETS:
Beginning of period	$	2,782,067		$	—
End of period	$	12,165,445		$	2,782,067
SHARE TRANSACTIONS:
Shares sold		210,000			60,000
Shares redeemed		—			—
Net increase/(decrease) in shares		210,000			60,000

⁽¹⁾ Inception date of the Fund was March 27, 2023.

The accompanying notes are an integral part of these financial statements.

51

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.

	SIX Months ENDED February 29, 2024			FOR THE YEAR ENDED AUGUST 31,			FOR THE PERIOD ENDED AUGUST 31,
	(unaudited)			2023			2022(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	50.06		$	49.80		$	49.75
Net investment income/(loss)(2)		1.31			2.49			0.09
Net realized and unrealized gain/(loss) from investments		(0.02	)		(0.29	)		(0.04	)
Net increase/(decrease) in net assets resulting from operations		1.29			2.20			0.05
Dividends and distributions to shareholders from:
Net investment income		(1.32	)		(1.94	)		—
Total dividends and distributions to shareholders		(1.32	)		(1.94	)		—
Net asset value, end of period	$	50.03		$	50.06		$	49.80
Market value, end of period	$	50.05		$	50.10		$	49.81
Total investment return/(loss) on net asset value(3)		2.63	%(5)		4.50	%		0.10	%(5)
Total investment return/(loss) on market price(4)		2.58	%(5)		4.56	%		0.12	%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	2,973,956		$	1,776,583		$	38,844
Ratio of expenses to average net assets		0.15	%(6)		0.15	%		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		5.24	%(6)		4.98	%		2.61	%(6)
Portfolio turnover rate		0	%(5)		0	%		0	%(5)

⁽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.

⁽⁴⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

The accompanying notes are an integral part of these financial statements.

52

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.

	SIX Months ENDED February 29, 2024			FOR THE PERIOD ENDED AUGUST 31,
	(unaudited)			2023(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	50.13		$	50.00
Net investment income/(loss)(2)		1.29			1.28
Net realized and unrealized gain/(loss) from investments		0.02			(0.12	)
Net increase/(decrease) in net assets resulting from operations		1.31			1.16
Dividends and distributions to shareholders from:
Net investment income		(1.34	)		(1.03	)
Total dividends and distributions to shareholders		(1.34	)		(1.03	)
Net asset value, end of period	$	50.10		$	50.13
Market value, end of period	$	50.12		$	50.17
Total investment return/(loss) on net asset value(3)		2.64	%(5)		2.35	%(5)
Total investment return/(loss) on market price(4)		2.59	%(5)		2.42	%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	507,027		$	311,318
Ratio of expenses to average net assets		0.15	%(6)		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		5.17	%(6)		5.26	%(6)
Portfolio turnover rate		0	%(5)		0	%(5)

⁽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.

⁽⁴⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

The accompanying notes are an integral part of these financial statements.

53

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.

	SIX Months ENDED February 29, 2024			FOR THE Period ENDED AUGUST 31,
	(unaudited)			2023(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	49.91		$	50.07
Net investment income/(loss)(2)		1.24			1.96
Net realized and unrealized gain/(loss) from investments		21.22			(0.48	)
Net increase/(decrease) in net assets resulting from operations		22.46			1.48
Dividends and distributions to shareholders from:
Net investment income		(1.28	)		(1.64	)
Total dividends and distributions to shareholders		(1.28	)		(1.64	)
Net asset value, end of period	$	49.97		$	49.91
Market value, end of period	$	50.00		$	49.94
Total investment return/(loss) on net asset value(3)		2.70	%(5)		3.01	%(5)
Total investment return/(loss) on market price(4)		2.70	%(5)		3.08	%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	237,847		$	126,282
Ratio of expenses to average net assets		0.15	%(6)		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		4.99	%(6)		4.93	%(6)
Portfolio turnover rate		0	%(5)		0	%(5)

⁽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.

⁽⁴⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

The accompanying notes are an integral part of these financial statements.

54

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.

	SIX Months ENDED February 29, 2024			FOR THE YEAR ENDED AUGUST 31,			FOR THE PERIOD ENDED AUGUST 31,
	(unaudited)			2023			2022(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	48.16		$	49.74		$	49.84
Net investment income/(loss)(2)		1.08			2.02			0.11
Net realized and unrealized gain/(loss) from investments		(0.01	)		(1.84	)		(0.21	)
Net increase/(decrease) in net assets resulting from operations		1.07			0.18			(0.10	)
Dividends and distributions to shareholders from:
Net investment income		(1.13	)		(1.76	)		—
Total dividends and distributions to shareholders		(1.13	)		(1.76	)		—
Net asset value, end of period	$	48.10		$	48.16		$	49.74
Market value, end of period	$	48.12		$	48.19		$	49.74
Total investment return/(loss) on net asset value(3)		2.24	%(5)		0.38	%		(0.20	)%(5)
Total investment return/(loss) on market price(4)		2.23	%(5)		0.44	%		(0.20	)%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	357,867		$	305,342		$	17,907
Ratio of expenses to average net assets		0.15	%(6)		0.15	%		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		4.51	%(6)		4.15	%		3.54	%(6)
Portfolio turnover rate		611	%(5)		1048	%		100	%(5)

⁽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.

⁽⁴⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

The accompanying notes are an integral part of these financial statements.

55

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.

	SIX Months ENDED February 29, 2024			FOR THE PERIOD ENDED AUGUST 31,
	(unaudited)			2023(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	49.02		$	50.00
Net investment income/(loss)(2)		0.99			0.82
Net realized and unrealized gain/(loss) from investments		0.03			(1.15	)
Net increase/(decrease) in net assets resulting from operations		1.02			(0.33	)
Dividends and distributions to shareholders from:
Net investment income		(1.07	)		(0.65	)
Total dividends and distributions to shareholders		(1.07	)		(0.65	)
Net asset value, end of period	$	48.97		$	49.02
Market value, end of period	$	48.99		$	49.04
Total investment return/(loss) on net asset value(3)		2.09	%(5)		(0.66	)%(5)
Total investment return/(loss) on market price(4)		2.09	%(5)		(0.62	)%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	6,366		$	1,471
Ratio of expenses to average net assets		0.15	%(6)		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		4.05	%(6)		3.86	%(6)
Portfolio turnover rate		354	%(5)		422	%(5)

⁽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.

⁽⁴⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

The accompanying notes are an integral part of these financial statements.

56

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.

	SIX Months ENDED February 29, 2024			FOR THE PERIOD ENDED AUGUST 31,
	(unaudited)			2023(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	48.58		$	50.00
Net investment income/(loss)(2)		0.98			0.79
Net realized and unrealized gain/(loss) from investments		(0.13	)		(1.63	)
Net increase/(decrease) in net assets resulting from operations		0.85			(0.84	)
Dividends and distributions to shareholders from:
Net investment income		(1.02	)		(0.58	)
Total dividends and distributions to shareholders		(1.02	)		(0.58	)
Net asset value, end of period	$	48.41		$	48.58
Market value, end of period	$	48.43		$	48.61
Total investment return/(loss) on net asset value(3)		1.78	%(5)		(1.69	)%(5)
Total investment return/(loss) on market price(4)		1.76	%(5)		(1.62	)%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	17,911		$	4,372
Ratio of expenses to average net assets		0.15	%(6)		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		4.04	%(6)		3.77	%(6)
Portfolio turnover rate		531	%(5)		548	%(5)

⁽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.

⁽⁴⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

The accompanying notes are an integral part of these financial statements.

57

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.

	SIX Months ENDED February 29, 2024			FOR THE PERIOD ENDED AUGUST 31,
	(unaudited)			2023(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	48.14		$	50.00
Net investment income/(loss)(2)		0.98			0.75
Net realized and unrealized gain/(loss) from investments		(0.36	)		(2.03	)
Net increase/(decrease) in net assets resulting from operations		0.62			(1.28	)
Dividends and distributions to shareholders from:
Net investment income		(0.99	)		(0.58	)
Total dividends and distributions to shareholders		(0.99	)		(0.58	)
Net asset value, end of period	$	47.77		$	48.14
Market value, end of period	$	47.80		$	48.16
Total investment return/(loss) on net asset value(3)		1.32	%(5)		(2.58	)%(5)
Total investment return/(loss) on market price(4)		1.34	%(5)		(2.55	)%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	5,255		$	963
Ratio of expenses to average net assets		0.15	%(6)		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		4.10	%(6)		3.55	%(6)
Portfolio turnover rate		564	%(5)		497	%(5)

⁽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.

⁽⁴⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

The accompanying notes are an integral part of these financial statements.

58

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.

	SIX Months ENDED February 29, 2024			FOR THE YEAR ENDED AUGUST 31,			FOR THE PERIOD ENDED AUGUST 31,
	(unaudited)			2023			2022(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	44.52		$	48.41		$	49.91
Net investment income/(loss)(2)		0.91			1.55			0.09
Net realized and unrealized gain/(loss) from investments		(0.66	)		(3.88	)		(1.59	)
Net increase/(decrease) in net assets resulting from operations		0.25			(2.33	)		(1.50	)
Dividends and distributions to shareholders from:
Net investment income		(0.87	)		(1.56	)		—
Total dividends and distributions to shareholders		(0.87	)		(1.56	)		—
Net asset value, end of period	$	43.90		$	44.52		$	48.41
Market value, end of period	$	43.93		$	44.55		$	48.26
Total investment return/(loss) on net asset value(3)		0.57	%(5)		(4.87	)%		(3.00	)%(5)
Total investment return/(loss) on market price(4)		0.58	%(5)		(4.49	)%		(3.31	)%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	101,847		$	56,094		$	20,334
Ratio of expenses to average net assets		0.63	%(6)		0.15	%		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		17.51	%(6)		3.40	%		2.77	%(6)
Portfolio turnover rate		239	%(5)		289	%		97	%(5)

⁽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.

⁽⁴⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

The accompanying notes are an integral part of these financial statements.

59

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.

	SIX Months ENDED February 29, 2024			FOR THE PERIOD ENDED AUGUST 31,
	(unaudited)			2023(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	46.86		$	50.00
Net investment income/(loss)(2)		0.98			0.81
Net realized and unrealized gain/(loss) from investments		(0.97	)		(3.34	)
Net increase/(decrease) in net assets resulting from operations		0.01			(2.53	)
Dividends and distributions to shareholders from:
Net investment income		(0.97	)		(0.61	)
Total dividends and distributions to shareholders		(0.97	)		(0.61	)
Net asset value, end of period	$	45.90		$	46.86
Market value, end of period	$	45.90		$	46.89
Total investment return/(loss) on net asset value(3)		0.04	%(5)		(5.10	)%(5)
Total investment return/(loss) on market price(4)		0.01	%(5)		(5.04	)%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	11,933		$	1,874
Ratio of expenses to average net assets		0.15	%(6)		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		4.29	%(6)		3.87	%(6)
Portfolio turnover rate		382	%(5)		219	%(5)

⁽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.

⁽⁴⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

The accompanying notes are an integral part of these financial statements.

60

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.

	SIX Months ENDED February 29, 2024			FOR THE PERIOD ENDED AUGUST 31,
	(unaudited)			2023(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	46.37		$	50.00
Net investment income/(loss)(2)		0.95			0.77
Net realized and unrealized gain/(loss) from investments		(1.33	)		(3.83	)
Net increase/(decrease) in net assets resulting from operations		(0.38	)		(3.06	)
Dividends and distributions to shareholders from:
Net investment income		(0.93	)		(0.57	)
Total dividends and distributions to shareholders		(0.93	)		(0.57	)
Net asset value, end of period	$	45.06		$	46.37
Market value, end of period	$	45.07		$	46.38
Total investment return/(loss) on net asset value(3)		(0.78	)%(5)		(6.17	)%(5)
Total investment return/(loss) on market price(4)		(0.78	)%(5)		(6.12	)%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	12,165		$	2,782
Ratio of expenses to average net assets		0.15	%(6)		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		4.24	%(6)		3.72	%(6)
Portfolio turnover rate		253	%(5)		180	%(5)

⁽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.

⁽⁴⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

The accompanying notes are an integral part of these financial statements.

61

US Benchmark Series

Notes to Financial Statements

February 29, 2024 (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 mutual fund 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 sixty-four 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 92.723 billion shares are currently classified into two hundred and thirty-four 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, 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 29, 2024, and the period covered by these Notes to Financial Statements is the six months ended February 29, 2024 (the “current fiscal period”).

PORTFOLIO VALUATION — Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. 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 F/m Investments, LLC d/b/a North Slope Capital, 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.

62

US Benchmark Series

Notes to Financial Statements (continued)

February 29, 2024 (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
Short-Term Investments	$	2,974,244,232	$	—	$	2,974,244,232	$	—
Total Investments*	$	2,974,244,232	$	—	$	2,974,244,232	$	—

US TREASURY 6 MONTH BILL ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Short-Term Investments	$	507,082,010	$	—	$	507,082,010	$	—
Total Investments*	$	507,082,010	$	—	$	507,082,010	$	—

US TREASURY 12 MONTH BILL ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Short-Term Investments	$	237,872,128	$	—	$	237,872,128	$	—
Total Investments*	$	237,872,128	$	—	$	237,872,128	$	—

US TREASURY 2 YEAR NOTE ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
U.S. Government Notes/Bonds	$	356,590,141	$	—	$	356,590,141	$	—
Short-Term Investments	$	1,234,277	$	—	$	1,234,277	$	—
Total Investments*	$	357,824,418	$	—	$	357,824,418	$	—

US TREASURY 3 YEAR NOTE ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
U.S. Government Notes/Bonds	$	6,353,451	$	—	$	6,353,451	$	—
Total Investments*	$	6,353,451	$	—	$	6,353,451	$	—

US TREASURY 5 YEAR NOTE ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
U.S. Government Notes/Bonds	$	17,847,789	$	—	$	17,847,789	$	—
Short-Term Investments	$	60,964	$	—	$	60,964	$	—
Total Investments*	$	17,908,753	$	—	$	17,908,753	$	—

63

US Benchmark Series

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

US TREASURY 7 YEAR NOTE ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
U.S. Government Notes/Bonds	$	5,235,448	$	—	$	5,235,448	$	—
Short-Term Investments	$	17,989	$	—	$	17,989	$	—
Total Investments*	$	5,253,437	$	—	$	5,253,437	$	—

US TREASURY 10 YEAR NOTE ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
U.S. Government Notes/Bonds	$	101,316,738	$	—	$	101,316,738	$	—
Short-Term Investments	$	349,795	$	—	$	349,795	$	—
Total Investments*	$	101,666,533	$	—	$	101,666,533	$	—

US TREASURY 20 YEAR BOND ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
U.S. Government Notes/Bonds	$	11,865,291	$	—	$	11,865,291	$	—
Short-Term Investments	$	45,973	$	—	$	45,973	$	—
Total Investments*	$	11,911,264	$	—	$	11,911,264	$	—

US TREASURY 30 YEAR BOND ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
U.S. Government Notes/Bonds	$	12,142,969	$	—	$	12,142,969	$	—
Total Investments*	$	12,142,969	$	—	$	12,142,969	$	—

* Please refer to the Schedule of Investments for further details.

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

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.

64

US Benchmark Series

Notes to Financial Statements (continued)

February 29, 2024 (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 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. 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, 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

65

US Benchmark Series

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

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 (“ETFs”) 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 revisions to the rules 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. Rule 12d1-4 went into effect on January 19, 2021. The rescission of the applicable exemptive orders and the withdrawal of the applicable no-action letters was effective on January 19, 2022. These regulatory changes may adversely impact a Fund’s investment strategies and operations.

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

66

US Benchmark Series

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

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.

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

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 controlled by Diffractive Managers Group, LLC, a Delaware limited liability company, and EQSF Holdings, LLC, a Delaware limited liability company owned by three officers of the Company. 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 and other services. However, under the 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 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.

67

US Benchmark Series

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

During the current fiscal period, investment advisory fees accrued were as follows:

FUND	ADVISORY FEES
US Treasury 3 Month Bill ETF	$	1,927,767
US Treasury 6 Month Bill ETF		373,659
US Treasury 12 Month Bill ETF		144,588
US Treasury 2 Year Note ETF		259,044
US Treasury 3 Year Note ETF		3,644
US Treasury 5 Year Note ETF		7,128
US Treasury 7 Year Note ETF		2,583
US Treasury 10 Year Note ETF		69,750
US Treasury 20 Year Bond ETF		5,587
US Treasury 30 Year Bond ETF		4,876

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.

Under the Funds’ unitary fee, the Adviser compensates Fund Services and the Custodian for services provided.

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 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. As of the end of the current fiscal period, there were no director and officer fees charged or paid by the Funds.

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		2,112,655,580		2,111,350,793

68

US Benchmark Series

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

FUND	U.S. GOVERNMENT PURCHASES		U.S. GOVERNMENT SALES
US Treasury 3 Year Note ETF	$	30,398,955	$	16,667,583
US Treasury 5 Year Note ETF		68,738,258		51,897,296
US Treasury 7 Year Note ETF		24,768,085		18,114,735
US Treasury 10 Year Note ETF		226,447,035		215,202,023
US Treasury 20 Year Bond ETF		37,562,870		31,085,373
US Treasury 30 Year Bond ETF		20,130,445		16,848,330

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		84,888,094		41,921,518
US Treasury 3 Year Note ETF		9,378,892		18,272,897
US Treasury 5 Year Note ETF		6,303,091		9,816,200
US Treasury 7 Year Note ETF		2,859,102		5,340,960
US Treasury 10 Year Note ETF		85,015,108		53,860,935
US Treasury 20 Year Bond ETF		43,538,062		41,228,804
US Treasury 30 Year Bond ETF		5,966,735		—

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, 2023, 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	$	1,776,763,356	$	771	$	(10,652	)	$	(9,881	)
US Treasury 6 Month Bill ETF		311,325,736		20,339		(45	)		20,294
US Treasury 12 Month Bill ETF		126,361,430		782		(65,491	)		(64,709	)

69

US Benchmark Series

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

FUND	FEDERAL TAX COST		UNREALIZED APPRECIATION		UNREALIZED (DEPRECIATION)			NET UNREALIZED APPRECIATION/ (DEPRECIATION)
US Treasury 2 Year Note ETF	$	305,125,206	$	214,095	$	—		$	214,095
US Treasury 3 Year Note ETF		1,463,554		4,215		—			4,215
US Treasury 5 Year Note ETF		4,364,690		7,114		—			7,114
US Treasury 7 Year Note ETF		961,396		1,430		—			1,430
US Treasury 10 Year Note ETF		55,413,927		404,987		(294	)		404,693
US Treasury 20 Year Bond ETF		1,865,056		5,843		—			5,843
US Treasury 30 Year Bond ETF		2,738,359		38,693		—			38,693

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, 2023, 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	$	(443,251	)	$	443,251
US Treasury 6 Month Bill ETF		(6,525	)		6,525
US Treasury 12 Month Bill ETF		(412,912	)		412,912
US Treasury 2 Year Note ETF		(4,395,918	)		4,395,918
US Treasury 3 Year Note ETF		(8,155	)		8,155
US Treasury 5 Year Note ETF		(11,194	)		11,194
US Treasury 7 Year Note ETF		(12,227	)		12,227
US Treasury 10 Year Note ETF		943,757			(943,757	)
US Treasury 20 Year Bond ETF		—			—
US Treasury 30 Year Bond ETF		—			—

70

US Benchmark Series

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

As of August 31, 2023, 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	$	4,630,894	$	—	$	(9,881	)	$	(655,964	)	$	—
US Treasury 6 Month Bill ETF		745,773		—		20,294			(279,622	)		—
US Treasury 12 Month Bill ETF		354,416		—		(64,709	)		(972,375	)		—
US Treasury 2 Year Note ETF		861,380		—		214,095			(10,786,774	)		—
US Treasury 3 Year Note ETF		4,222		—		4,215			(47,163	)		—
US Treasury 5 Year Note ETF		9,046		—		7,114			(75,589	)		—
US Treasury 7 Year Note ETF		3,503		—		1,430			(59,397	)		—
US Treasury 10 Year Note ETF		107,251		—		404,693			(2,902,147	)		—
US Treasury 20 Year Bond ETF		5,490		—		5,843			(110,655	)		—
US Treasury 30 Year Bond ETF		5,828		—		38,693			(241,154	)		—

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 year ended August 31, 2023 was as follows:

FUND	Ordinary Income		Long-Term Capital Gains
US Treasury 3 Month Bill ETF	$	23,559,224	$	—
US Treasury 6 Month Bill ETF		2,720,580		—
US Treasury 12 Month Bill ETF		2,206,389		—
US Treasury 2 Year Note ETF		9,134,861		—
US Treasury 3 Year Note ETF		19,629		—
US Treasury 5 Year Note ETF		19,503		—
US Treasury 7 Year Note ETF		11,541		—
US Treasury 10 Year Note ETF		679,725		—
US Treasury 20 Year Bond ETF		15,177		—
US Treasury 30 Year Bond ETF		29,955		—

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, 2023, the US Treasury 3 Month Bill ETF had unexpiring short-term losses of $655,964, the US Treasury 6 Month Bill ETF had unexpiring short-term losses of $279,622, the US Treasury 12 Month Bill ETF had unexpiring short-term losses of $972,375, the US Treasury 2 Year Note ETF had unexpiring short-term losses of $10,786,774, the US Treasury 3 Year Note ETF had unexpiring short-term losses of $47,163, the US Treasury 5 Year Note ETF had unexpiring short-term losses of $75,589, the US Treasury 7 Year Note ETF had unexpiring short-term losses of $59,397, the US Treasury 10 Year Note ETF had unexpiring short-term losses of $2,902,147, the US Treasury 20 Year Bond ETF had unexpiring short-term losses of $110,655, and the US Treasury 30 Year Bond ETF had unexpiring short-term losses of $241,154.

71

US Benchmark Series

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

6. SHARE TRANSACTIONS

Shares of the Funds are listed and traded on the NASDAQ, Inc. (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 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 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.

7. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

In October 2022, the SEC adopted a final rule relating to tailored shareholder reports for mutual funds and exchange-traded funds and fee information in investment company advertisements. Beginning in July 2024, the Funds will be required to transmit concise and visually engaging shareholder reports that highlight key information. The Funds will also be required to tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request.

In December 2022, the FASB issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the London Inter-Bank Offered Rate and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

72

US Benchmark Series

Notes to Financial Statements (CONCLUDED)

February 29, 2024 (Unaudited)

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 available to be issued.

Subsequent to February 29, 2024, the Funds paid the following distributions:

Fund	Record Date	Ex-Date	Pay Date	Distribution Rate Per Share
US Treasury 3 Month Bill ETF	3/4/2024	3/1/2024	3/5/2024	$0.21934168
US Treasury 6 Month Bill ETF	3/4/2024	3/1/2024	3/5/2024	$0.21130933
US Treasury 12 Month Bill ETF	3/4/2024	3/1/2024	3/5/2024	$0.19627258
US Treasury 2 Year Note ETF	3/4/2024	3/1/2024	3/5/2024	$0.16444417
US Treasury 3 Year Note ETF	3/4/2024	3/1/2024	3/5/2024	$0.15960723
US Treasury 5 Year Note ETF	3/4/2024	3/1/2024	3/5/2024	$0.15537959
US Treasury 7 Year Note ETF	3/4/2024	3/1/2024	3/5/2024	$0.15314982
US Treasury 10 Year Note ETF	3/4/2024	3/1/2024	3/5/2024	$0.15030703
US Treasury 20 Year Bond ETF	3/4/2024	3/1/2024	3/5/2024	$0.17637165
US Treasury 30 Year Bond ETF	3/4/2024	3/1/2024	3/5/2024	$0.16366619
US Treasury 3 Month Bill ETF	4/2/2024	4/1/2024	4/3/2024	$0.21856517
US Treasury 6 Month Bill ETF	4/2/2024	4/1/2024	4/3/2024	$0.21534683
US Treasury 12 Month Bill ETF	4/2/2024	4/1/2024	4/3/2024	$0.20147963
US Treasury 2 Year Note ETF	4/2/2024	4/1/2024	4/3/2024	$0.17933563
US Treasury 3 Year Note ETF	4/2/2024	4/1/2024	4/3/2024	$0.16459823
US Treasury 5 Year Note ETF	4/2/2024	4/1/2024	4/3/2024	$0.16570627
US Treasury 7 Year Note ETF	4/2/2024	4/1/2024	4/3/2024	$0.16381209
US Treasury 10 Year Note ETF	4/2/2024	4/1/2024	4/3/2024	$0.14132709
US Treasury 20 Year Bond ETF	4/2/2024	4/1/2024	4/3/2024	$0.16747500
US Treasury 30 Year Bond ETF	4/2/2024	4/1/2024	4/3/2024	$0.15426250

73

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.

74

Investment Adviser

F/m Investments, LLC d/b/a North Slope Capital, LLC
3050K Street NW, Suite W-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

75

(This Page Intentionally Left Blank.)

(This Page Intentionally Left Blank.)

F/m Corporate Bond ETFs

Semi-Annual Report
February 29, 2024
(Unaudited)

F/m 2-Year Investment Grade Corporate Bond ETF | (NYSE: ZTWO)

F/m 3-Year Investment Grade Corporate Bond ETF | (NYSE: ZTRE)

F/m 10-Year Investment Grade Corporate Bond ETF | (NYSE: ZTEN)

Each a series of The RBB Fund, Inc.

F/m Investments, LLC d/b/a North Slope Capital, LLC

Table of Contents

Letter to Shareholders	1
Performance Data	2
Fund Expense Examples	5
Schedules of Investments	8
Financial Statements	41
Notes to Financial Statements	49
Notice to Shareholders	57

F/m Corporate Bond ETFs

Letter to Shareholders

February 29, 2024 (Unaudited)

F/m Investments LLC
d/b/a North Slope Capital, LLC
3050 K Street NW
Suite 201
Washington, DC 20007

Dear Shareholder:

As we were talking with investors about the US Benchmark Series, they would ask: What’s Next? The F/m Corporate Bond ETFs are Next.

The listing of F/m 2-Year Investment Grade Corporate Bond ETF (ZTWO), F/m 3-Year Investment Grade Corporate Bond ETF (ZTRE) and F/m 10-Year Investment Grade Corporate Bond ETF (ZTEN) (together, the “Funds”) represents the first three ETFs of ten US Credit Series ETFs. We believe these Funds bring similar benefits as the US Benchmark Series: liquidity, flexibility, consistent exposure, tax-efficiency, and increased cash flow frequency. But they also bring comparatively increased yields. US corporate bonds typically yield higher than US Treasuries and have traditionally provided good capital preservation.

Each Credit Series ETF buys investment grade corporate bonds that have maturities plus or minus six months of the ETF’s target maturity, closely aligning with its sibling US Benchmark Series ETF. Monthly rebalancing stays evergreen on the target maturity.

The US Benchmark Series ETFs enable investors to use the 10 ETFs in concert to closely manage their portfolios’ interest rate risk (duration). the US Credit Series ETFs enable investors easily and precisely to target attractive parts of the US corporate credit curve, all while precisely controlling their duration.

Looking forward, we believe the markets will continue to be volatile. Uncertainty over inflation, economic growth and the Fed’s monetary policies will cause fixed income markets to swing. Fortunately, the US Credit Series ETFs are expected to offer attractive yields that will help mitigate this volatility, and the flexibility to quickly move between ETFs within the US Credit Series will enable your portfolio to be positioned to take advantage of the opportunities the market presents.

Until our Annual Report,

Justin Hennessy	Marcin Zdunek	John Han

Past performance is not a guarantee of future results.

Must be preceded or accompanied by a current prospectus.

Investments involve risk. Principal loss is possible. As with all ETFs, Fund shares may be bought and sold in the secondary market at market prices higher or lower than the Fund shares’ net asset value. Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise.

Investors should consider the investment objectives, charges and expenses carefully before investing. For a prospectus or other information, please visit www.ustreasuryetf.com or call 1-800-617-0004. Please read a fund’s prospectus or summary prospectus carefully before investing.

1

F/m 2-Year Investment Grade Corporate Bond ETF

Performance Data

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED February 29, 2024
	Since Inception	Inception Date
F/m 2-Year Investment Grade Corporate Bond ETF (at NAV)	0.16%	1/10/2024
F/m 2-Year Investment Grade Corporate Bond ETF (at Market Price)	0.24%	1/10/2024
ICE 2-Year US Target Maturity Corporate Index*	0.31%(1)	—
Fund Expense Ratio (2): 0.15%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost. For the most recent month end performance, please call 1-800-617-0004 or visit our website at www.fminvest.com/etfs/us-credit-series. Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The ICE 2-Year US Target Maturity Corporate Index incorporates investment grade, US dollar denominated, fixed-rate, taxable 2-year maturity corporate bonds.

2

F/m 3-Year Investment Grade Corporate Bond ETF

Performance Data

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED February 29, 2024
	Since Inception	Inception Date
F/m 3-Year Investment Grade Corporate Bond ETF (at NAV)	0.00%	1/10/2024
F/m 3-Year Investment Grade Corporate Bond ETF (at Market Price)	0.05%	1/10/2024
ICE 3-Year US Target Maturity Corporate Index*	0.14%(1)	—
Fund Expense Ratio (2): 0.15%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost. For the most recent month end performance, please call 1-800-617-0004 or visit our website at www.fminvest.com/etfs/us-credit-series. Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The ICE 3-Year US Target Maturity Corporate Index incorporates investment grade, US dollar denominated, fixed-rate, taxable 3-year maturity corporate bonds.

3

F/m 10-Year Investment Grade Corporate Bond ETF

Performance Data

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED February 29, 2024
	Since Inception	Inception Date
F/m 10-Year Investment Grade Corporate Bond ETF (at NAV)	-0.81%	1/10/2024
F/m 10-Year Investment Grade Corporate Bond ETF (at Market Price)	-0.62%	1/10/2024
ICE 10-Year US Target Maturity Corporate Index*	-0.64%(1)	—
Fund Expense Ratio (2): 0.15%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost. For the most recent month end performance, please call 1-800-617-0004 or visit our website atwww.fminvest.com/etfs/us-credit-series. Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The ICE 10-Year US Target Maturity Corporate Index incorporates investment grade, US dollar denominated, fixed-rate, taxable 10-year maturity corporate bonds.

4

F/m Corporate Bond ETFs

Fund Expense Examples

FEBRUARY 29, 2024 (UNAUDITED)

As a shareholder of the Fund(s), you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund(s) and to compare these costs with the ongoing costs of investing in other ETFs.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2023 through February 29, 2024, and held for the entire period. The actual values and expenses are based on the 50-day period from each Fund’s inception on January 10, 2024 through February 29, 2024.

ACTUAL EXPENSES

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

5

F/m Corporate Bond ETFs

Fund Expense Examples (CONCLUDED)

FEBRUARY 29, 2024 (UNAUDITED)

	Beginning Account Value September 1, 2023		Ending Account Value February 29, 2024		Expenses Paid During Period		Annualized Expense Ratio			ACTUAL SINCE INCEPTION TOTAL INVESTMENT RETURN FOR THE FUNDS
F/m 2-Year Investment Grade Corporate Bond ETF
Actual	$	1,000.00	$	1,001.60	$	0.21		0.15	%		0.16	%
Hypothetical (5% return before expenses)		1,000.00		1,024.12		0.75		0.15	%		N/A
F/m 3-Year Investment Grade Corporate Bond ETF
Actual	$	1,000.00	$	1,000.00	$	0.20		0.15	%		0.00	%
Hypothetical (5% return before expenses)		1,000.00		1,024.12		0.75		0.15	%		N/A
F/m 10-Year Investment Grade Corporate Bond ETF
Actual	$	1,000.00	$	991.90	$	0.20		0.15	%		-0.81	%
Hypothetical (5% return before expenses)		1,000.00		1,024.12		0.75		0.15	%		N/A

Expenses are equal to each Fund’s annualized expense ratio for the period September 1, 2023 through February 29, 2024, multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period. The actual dollar amounts shown are expenses paid by each Fund during the period from the inception of the Fund on January 10, 2024 multiplied by 50 days, which is the number of days from the inception of the Fund through February 29, 2024. Each Fund’s ending account value is based on the actual since inception total investment return for the Fund.

6

F/m 2-Year Investment Grade Corporate Bond ETF

PORTFOLIO HOLDINGS SUMMARY TABLE

FEBRUARY 29, 2024 (UNAUDITED)

SECURITY TYPE/CLASSIFICATION	% OF NET ASSETS			VALUE
CORPORATE BONDS
Financials		30.0	%	$	2,998,304
Industrials		9.0			901,351
Health Care		8.7			875,250
Consumer Discretionary		8.3			840,769
Consumer Staples		8.0			802,897
Utilities		8.0			799,187
Technology		7.9			794,769
Energy		7.5			750,393
Materials		6.7			672,803
Communications		3.4			335,096
Transportation and Warehousing		0.3			25,801
SHORT-TERM INVESTMENTS
U.S. Treasury Obligations		0.6			58,965
Money Market Deposit Accounts		0.1			12,841
OTHER ASSETS IN EXCESS OF OTHER LIABILITIES		1.5			146,976
NET ASSETS		100.0	%	$	10,015,402

The accompanying notes are an integral part of these financial statements.

7

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 97.8%
Communications — 3.4%
Alphabet, Inc., 2.00%, 08/15/2026		27,000	$	25,370
AT&T, Inc., 1.70%, 03/25/2026		27,000		25,110
Booking Holdings, Inc., 3.60%, 06/01/2026		27,000		26,167
Comcast Corp., 3.95%, 10/15/2025		28,000		27,511
Expedia Group, Inc., 5.00%, 02/15/2026		27,000		26,814
Omnicom Group, Inc. / Omnicom Capital, Inc., 3.60%, 04/15/2026		26,000		25,193
Paramount Global, 4.00%, 01/15/2026		26,000		24,936
Rogers Communications, Inc., 3.63%, 12/15/2025		26,000		25,199
Sprint LLC, 7.63%, 03/01/2026		26,000		26,864
T-Mobile USA, Inc., 2.25%, 02/15/2026		27,000		25,437
Verizon Communications, Inc., 1.45%, 03/20/2026		27,000		25,035
Walt Disney Co., 1.75%, 01/13/2026		27,000		25,467
Warnermedia Holdings, Inc., 6.41%, 03/15/2026		26,000		25,993
				335,096
Consumer Discretionary — 8.3%
Amazon.com, Inc., 1.00%, 05/12/2026		27,000		24,853
American Honda Finance Corp., 5.80%, 10/03/2025		26,000		26,246
AutoNation, Inc., 4.50%, 10/01/2025		28,000		27,507
AutoZone, Inc., 5.05%, 07/15/2026		27,000		26,942
Block Financial LLC, 5.25%, 10/01/2025		26,000		25,843
BMW US Capital LLC, 2.80%, 04/11/2026 (a)		26,000		24,871
BorgWarner, Inc., 5.00%, 10/01/2025 (a)		26,000		25,720
Delta Air Lines, Inc. / SkyMiles IP Ltd., 4.50%, 10/20/2025 (a)		27,750		27,405
DR Horton, Inc., 2.60%, 10/15/2025		28,000		26,791
eBay, Inc., 1.40%, 05/10/2026		27,000		24,901
ERAC USA Finance LLC, 3.80%, 11/01/2025 (a)		27,000		26,293
General Motors Co., 6.13%, 10/01/2025		26,000		26,211
GXO Logistics, Inc., 1.65%, 07/15/2026		29,000		26,462
Home Depot, Inc., 3.00%, 04/01/2026		27,000		26,004
Hyatt Hotels Corp., 4.85%, 03/15/2026		28,000		27,677
Hyundai Capital America, 5.50%, 03/30/2026 (a)		26,000		26,020
Las Vegas Sands Corp., 3.50%, 08/18/2026		27,000		25,387
Lennar Corp., 5.25%, 06/01/2026		26,000		25,955
Lowe’s Cos., Inc., 2.50%, 04/15/2026		28,000		26,580
Magna International, Inc., 4.15%, 10/01/2025		28,000		27,486

The accompanying notes are an integral part of these financial statements.

8

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 97.8% (continued)
Consumer Discretionary — 8.3% (continued)
Marriott International, Inc., 3.13%, 06/15/2026		28,000	$	26,733
Mattel, Inc., 3.38%, 04/01/2026 (a)		29,000		27,522
McDonald’s Corp., 3.70%, 01/30/2026		28,000		27,350
O’Reilly Automotive, Inc., 3.55%, 03/15/2026		26,000		25,162
PulteGroup, Inc., 5.50%, 03/01/2026		26,000		26,052
Ralph Lauren Corp., 3.75%, 09/15/2025		28,000		27,360
Ross Stores, Inc., 0.88%, 04/15/2026		27,000		24,693
Stanley Black & Decker, Inc., 3.40%, 03/01/2026		26,000		25,076
Starbucks Corp., 4.75%, 02/15/2026		26,000		25,828
Tapestry, Inc., 7.05%, 11/27/2025		25,000		25,467
Toll Brothers Finance Corp., 4.88%, 11/15/2025		28,000		27,654
Toyota Motor Credit Corp., 4.45%, 05/18/2026		27,000		26,718
				840,769
Consumer Staples — 8.0%
7-Eleven, Inc., 0.95%, 02/10/2026 (a)		27,000		24,882
Altria Group, Inc., 4.40%, 02/14/2026		27,000		26,581
Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc., 3.65%, 02/01/2026		28,000		27,286
Archer-Daniels-Midland Co., 2.50%, 08/11/2026		27,000		25,410
BAT International Finance PLC, 1.67%, 03/25/2026		27,000		25,015
Bunge Ltd. Finance Corp., 3.25%, 08/15/2026		27,000		25,756
Cargill, Inc., 4.88%, 10/10/2025 (a)		26,000		25,897
Coca-Cola Consolidated, Inc., 3.80%, 11/25/2025		27,000		26,407
Colgate-Palmolive Co., 4.80%, 03/02/2026		26,000		26,062
Conagra Brands, Inc., 4.60%, 11/01/2025		28,000		27,588
Constellation Brands, Inc., 5.00%, 02/02/2026		27,000		26,828
Dollar General Corp., 4.15%, 11/01/2025		26,000		25,474
General Mills, Inc., 5.24%, 11/18/2025		28,000		27,970
Hershey Co., 2.30%, 08/15/2026		27,000		25,480
Kellanova, 3.25%, 04/01/2026		26,000		24,994
Kenvue, Inc., 5.35%, 03/22/2026		25,000		25,162
Keurig Dr Pepper, Inc., 3.40%, 11/15/2025		27,000		26,159
Kimberly-Clark Corp., 2.75%, 02/15/2026		26,000		24,971
Kraft Heinz Foods Co., 3.00%, 06/01/2026		26,000		24,799
Kroger Co., 3.50%, 02/01/2026		26,000		25,213
Mars, Inc., 0.88%, 07/16/2026 (a)		29,000		26,299
McCormick & Co., Inc., 0.90%, 02/15/2026		27,000		24,827
Mead Johnson Nutrition Co., 4.13%, 11/15/2025		28,000		27,480

The accompanying notes are an integral part of these financial statements.

9

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 97.8% (continued)
Consumer Staples — 8.0% (continued)
Molson Coors Beverage Co., 3.00%, 07/15/2026		28,000	$	26,668
PepsiCo, Inc., 5.25%, 11/10/2025		26,000		26,107
Philip Morris International, Inc., 4.88%, 02/13/2026		26,000		25,874
Procter & Gamble Co., 1.00%, 04/23/2026		27,000		24,992
Sysco Corp., 3.30%, 07/15/2026		26,000		24,950
Target Corp., 2.50%, 04/15/2026		26,000		24,827
Tyson Foods, Inc., 4.00%, 03/01/2026		28,000		27,337
Walmart, Inc., 3.90%, 09/09/2025		26,000		25,602
				802,897
Energy — 7.5%
Boardwalk Pipelines LP, 5.95%, 06/01/2026		26,000		26,205
BP Capital Markets America, Inc., 3.41%, 02/11/2026		26,000		25,213
Chevron Corp., 2.95%, 05/16/2026		26,000		24,977
Colonial Pipeline Co., 3.75%, 10/01/2025 (a)		26,000		25,349
Colorado Interstate Gas Co. LLC / Colorado Interstate Issuing Corp., 4.15%, 08/15/2026 (a)		26,000		25,112
Columbia Pipelines Holding Co. LLC, 6.06%, 08/15/2026 (a)		25,000		25,300
Devon Energy Corp., 5.85%, 12/15/2025		26,000		26,150
Energy Transfer LP, 4.75%, 01/15/2026		27,000		26,688
Enterprise Products Operating LLC, 3.70%, 02/15/2026		27,000		26,333
EOG Resources, Inc., 4.15%, 01/15/2026		27,000		26,587
EQT Corp., 3.13%, 05/15/2026 (a)		27,000		25,534
Equinor ASA, 1.75%, 01/22/2026		27,000		25,426
Exxon Mobil Corp., 3.04%, 03/01/2026		25,000		24,121
Gray Oak Pipeline LLC, 2.60%, 10/15/2025 (a)		26,000		24,735
Gulfstream Natural Gas System LLC, 4.60%, 09/15/2025 (a)		28,000		27,508
Halliburton Co., 3.80%, 11/15/2025		26,000		25,400
HF Sinclair Corp., 5.88%, 04/01/2026		26,000		26,080
MPLX LP, 1.75%, 03/01/2026		27,000		25,189
Occidental Petroleum Corp., 5.55%, 03/15/2026		26,000		26,029
Ovintiv, Inc., 5.38%, 01/01/2026		28,000		27,864
Phillips 66, 1.30%, 02/15/2026		27,000		24,984
Pioneer Natural Resources Co., 5.10%, 03/29/2026		26,000		25,972
Plains All American Pipeline LP / PAA Finance Corp., 4.65%, 10/15/2025		28,000		27,633
Sabine Pass Liquefaction LLC, 5.88%, 06/30/2026		26,000		26,211
Schlumberger Holdings Corp., 4.00%, 12/21/2025 (a)		27,000		26,436
Shell International Finance BV, 2.88%, 05/10/2026		26,000		24,883
TransCanada PipeLines Ltd., 6.20%, 03/09/2026		26,000		25,999

The accompanying notes are an integral part of these financial statements.

10

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 97.8% (continued)
Energy — 7.5% (continued)
Western Midstream Operating LP, 4.65%, 07/01/2026		27,000	$	26,415
Williams Cos., Inc., 5.40%, 03/02/2026		26,000		26,060
				750,393
Financials — 30.0%(b)
Aflac, Inc., 1.13%, 03/15/2026		27,000		24,921
Air Lease Corp., 2.88%, 01/15/2026		26,000		24,794
Aircastle Ltd., 4.25%, 06/15/2026		26,000		25,206
Alexandria Real Estate Equities, Inc., 3.80%, 04/15/2026		26,000		25,253
Allied World Assurance Co. Holdings Ltd., 4.35%, 10/29/2025		27,000		26,187
Allstate Corp., 0.75%, 12/15/2025		27,000		24,912
American Express Co., 6.34% to 10/30/2025 then SOFR + 1.33%, 10/30/2026		25,000		25,380
American Tower Corp., 1.60%, 04/15/2026		27,000		25,003
Aon Global Ltd., 3.88%, 12/15/2025		27,000		26,328
Apollo Management Holdings LP, 4.40%, 05/27/2026 (a)		27,000		26,326
Ares Capital Corp., 3.88%, 01/15/2026		28,000		26,863
Ares Finance Co. III LLC, 4.13% to 06/30/2026 then 5 yr. CMT Rate + 3.24%, 06/30/2051 (a)		28,000		25,295
Athene Global Funding, 1.45%, 01/08/2026 (a)		27,000		24,922
AvalonBay Communities, Inc., 2.95%, 05/11/2026		26,000		24,828
Aviation Capital Group LLC, 1.95%, 01/30/2026 (a)		27,000		25,095
Avolon Holdings Funding Ltd., 4.25%, 04/15/2026 (a)		26,000		25,070
Bain Capital Specialty Finance, Inc., 2.95%, 03/10/2026		27,000		25,269
Bank of Montreal, 5.30%, 06/05/2026		26,000		26,066
Bank of New York Mellon Corp., 4.95% to 04/26/2026 then SOFR + 1.03%, 04/26/2027		28,000		27,848
Bank of Nova Scotia, 4.75%, 02/02/2026		28,000		27,777
BankUnited, Inc., 4.88%, 11/17/2025		26,000		25,275
Berkshire Hathaway, Inc., 3.13%, 03/15/2026		26,000		25,120
BlackRock TCP Capital Corp., 2.85%, 02/09/2026		28,000		26,187
Blackstone Private Credit Fund, 7.05%, 09/29/2025		26,000		26,342
Blackstone Secured Lending Fund, 3.63%, 01/15/2026		28,000		26,677
Blue Owl Capital Corp., 3.40%, 07/15/2026		27,000		25,146
Blue Owl Technology Finance Corp., 4.75%, 12/15/2025 (a)		26,000		24,777
Boston Properties LP, 3.65%, 02/01/2026		28,000		26,925
Brighthouse Financial Global Funding, 1.55%, 05/24/2026 (a)		27,000		24,621
Brixmor Operating Partnership LP, 4.13%, 06/15/2026		26,000		25,054
Brookfield Finance, Inc., 4.25%, 06/02/2026		27,000		26,513
Canadian Imperial Bank of Commerce, 1.25%, 06/22/2026		28,000		25,663
Capital One Financial Corp., 3.75%, 07/28/2026		27,000		25,934

The accompanying notes are an integral part of these financial statements.

11

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 97.8% (continued)
Financials — 30.0%(b) (continued)
CBRE Services, Inc., 4.88%, 03/01/2026		28,000	$	27,688
Charles Schwab Corp., 0.90%, 03/11/2026		29,000		26,599
Chubb INA Holdings, Inc., 3.35%, 05/03/2026		26,000		25,067
CNA Financial Corp., 4.50%, 03/01/2026		28,000		27,552
Commonwealth Bank of Australia, 1.13%, 06/15/2026 (a)		29,000		26,553
COPT Defense Properties LP, 2.25%, 03/15/2026		27,000		25,250
Corebridge Global Funding, 5.75%, 07/02/2026 (a)		26,000		26,020
Crown Castle, Inc., 1.05%, 07/15/2026		28,000		25,315
CubeSmart LP, 4.00%, 11/15/2025		27,000		26,273
Enstar Finance LLC, 5.75% to 09/01/2025 then 5 yr. CMT Rate + 5.47%, 09/01/2040		26,000		24,870
Equinix, Inc., 1.45%, 05/15/2026		27,000		24,844
Equitable Financial Life Global Funding, 1.30%, 07/12/2026 (a)		28,000		25,340
Essex Portfolio LP, 3.38%, 04/15/2026		26,000		25,001
Extra Space Storage LP, 3.50%, 07/01/2026		28,000		26,812
F&G Global Funding, 1.75%, 06/30/2026 (a)		28,000		25,279
Federal Realty OP LP, 1.25%, 02/15/2026		27,000		24,877
Fidelity National Information Services, Inc., 1.15%, 03/01/2026		27,000		24,968
Fiserv, Inc., 3.20%, 07/01/2026		28,000		26,754
FS KKR Capital Corp., 3.40%, 01/15/2026		28,000		26,472
GA Global Funding Trust, 1.63%, 01/15/2026 (a)		27,000		24,861
Global Payments, Inc., 1.20%, 03/01/2026		27,000		24,854
GLP Capital LP / GLP Financing II, Inc., 5.38%, 04/15/2026		26,000		25,716
Goldman Sachs BDC, Inc., 2.88%, 01/15/2026		28,000		26,684
Goldman Sachs Group, Inc., 1.43% to 03/09/2026 then SOFR + 0.80%, 03/09/2027		29,000		26,803
Golub Capital BDC, Inc., 2.50%, 08/24/2026		28,000		25,552
Guardian Life Global Funding, 0.88%, 12/10/2025 (a)		27,000		24,964
Hanover Insurance Group, Inc., 4.50%, 04/15/2026		28,000		27,446
Healthcare Realty Holdings LP, 3.50%, 08/01/2026		27,000		25,681
Healthpeak OP LLC, 3.25%, 07/15/2026		28,000		26,749
Host Hotels & Resorts LP, 4.50%, 02/01/2026		28,000		27,384
Invesco Finance PLC, 3.75%, 01/15/2026		26,000		25,269
Jackson National Life Global Funding, 3.05%, 04/29/2026 (a)		27,000		25,345
JPMorgan Chase & Co., 1.58% to 04/22/2026 then SOFR + 0.89%, 04/22/2027		27,000		24,968
Kilroy Realty LP, 4.38%, 10/01/2025		27,000		26,311
Legg Mason, Inc., 4.75%, 03/15/2026		26,000		25,840
Loews Corp., 3.75%, 04/01/2026		26,000		25,297
Macquarie Group Ltd., 1.34% to 01/12/2026 then SOFR + 1.07%, 01/12/2027 (a)		27,000		24,915
Main Street Capital Corp., 3.00%, 07/14/2026		29,000		26,828

The accompanying notes are an integral part of these financial statements.

12

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 97.8% (continued)
Financials — 30.0%(b) (continued)
Manulife Financial Corp., 4.15%, 03/04/2026		28,000	$	27,448
Marsh & McLennan Cos., Inc., 3.75%, 03/14/2026		26,000		25,352
MetLife, Inc., 3.60%, 11/13/2025		27,000		26,353
Mid-America Apartments LP, 4.00%, 11/15/2025		27,000		26,418
Morgan Stanley, 1.59% to 05/04/2026 then SOFR + 0.88%, 05/04/2027		27,000		24,892
Mutual of Omaha Cos. Global Funding, 5.80%, 07/27/2026 (a)		25,000		25,190
Nasdaq, Inc., 3.85%, 06/30/2026		27,000		26,220
New York Life Global Funding, 0.85%, 01/15/2026 (a)		27,000		25,003
NNN REIT, Inc., 4.00%, 11/15/2025		27,000		26,339
Northern Trust Corp., 3.95%, 10/30/2025		28,000		27,453
Northwestern Mutual Global Funding, 0.80%, 01/14/2026 (a)		27,000		24,951
Old Republic International Corp., 3.88%, 08/26/2026		26,000		25,106
Omega Healthcare Investors, Inc., 5.25%, 01/15/2026		28,000		27,750
Pacific Life Global Funding II, 1.38%, 04/14/2026 (a)		27,000		24,928
Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.70%, 06/15/2026 (a)		27,000		24,853
PNC Financial Services Group, Inc., 4.76% to 01/26/2026 then SOFR + 1.09%, 01/26/2027		27,000		26,675
Principal Life Global Funding II, 3.00%, 04/18/2026 (a)		27,000		25,660
Prologis LP, 3.25%, 06/30/2026		26,000		24,975
Prospect Capital Corp., 3.71%, 01/22/2026		28,000		26,344
Prudential Financial, Inc., 1.50%, 03/10/2026		27,000		25,159
Public Storage Operating Co., 0.88%, 02/15/2026		27,000		24,920
Realty Income Corp., 4.88%, 06/01/2026		28,000		27,784
Reliance Standard Life Global Funding II, 5.24%, 02/02/2026 (a)		28,000		27,528
Royal Bank of Canada, 1.20%, 04/27/2026		27,000		24,852
Sabra Health Care LP, 5.13%, 08/15/2026		26,000		25,529
Santander Holdings USA, Inc., 5.81% to 09/09/2025 then SOFR + 2.33%, 09/09/2026		26,000		25,966
Scentre Group Trust 1 / Scentre Group Trust 2, 3.63%, 01/28/2026 (a)		26,000		25,134
Simon Property Group LP, 3.50%, 09/01/2025		28,000		27,319
SITE Centers Corp., 4.25%, 02/01/2026		26,000		25,374
Sixth Street Specialty Lending, Inc., 2.50%, 08/01/2026		28,000		25,681
Skandinaviska Enskilda Banken AB, 1.40%, 11/19/2025 (a)		27,000		25,324
State Street Corp., 5.27%, 08/03/2026		25,000		25,091
Sumitomo Mitsui Financial Group, Inc., 2.63%, 07/14/2026		27,000		25,510
Synchrony Financial, 3.70%, 08/04/2026		27,000		25,484
Toronto-Dominion Bank, 5.53%, 07/17/2026		25,000		25,218
Trinity Acquisition PLC, 4.40%, 03/15/2026		28,000		27,437
Truist Financial Corp., 6.05% to 06/08/2026 then SOFR + 2.05%, 06/08/2027		25,000		25,253
US Bancorp, 5.73% to 10/21/2025 then SOFR + 1.43%, 10/21/2026		26,000		26,115

The accompanying notes are an integral part of these financial statements.

13

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 97.8% (continued)
Financials — 30.0%(b) (continued)
Ventas Realty LP, 4.13%, 01/15/2026		27,000	$	26,274
Visa, Inc., 3.15%, 12/14/2025		27,000		26,177
Voya Financial, Inc., 3.65%, 06/15/2026		27,000		25,911
Welltower OP LLC, 4.25%, 04/01/2026		28,000		27,441
Western Union Co., 1.35%, 03/15/2026		27,000		24,870
Westpac Banking Corp., 2.85%, 05/13/2026		28,000		26,746
Weyerhaeuser Co., 4.75%, 05/15/2026		28,000		27,719
				2,998,304
Health Care — 8.7%
Abbott Laboratories, 3.88%, 09/15/2025		28,000		27,564
AbbVie, Inc., 3.20%, 05/14/2026		26,000		25,030
Amgen, Inc., 5.51%, 03/02/2026		26,000		25,966
AstraZeneca PLC, 3.38%, 11/16/2025		27,000		26,259
Baxter International, Inc., 2.60%, 08/15/2026		27,000		25,329
Biogen, Inc., 4.05%, 09/15/2025		27,000		26,464
Bristol-Myers Squibb Co., 3.20%, 06/15/2026		26,000		25,020
Cardinal Health, Inc., 3.75%, 09/15/2025		27,000		26,337
Cigna Group, 4.13%, 11/15/2025		26,000		25,559
CommonSpirit Health, 1.55%, 10/01/2025		27,000		25,361
CVS Health Corp., 2.88%, 06/01/2026		27,000		25,657
Danaher Corp., 3.35%, 09/15/2025		27,000		26,332
Elevance Health, Inc., 1.50%, 03/15/2026		27,000		25,083
Eli Lilly & Co., 5.00%, 02/27/2026		26,000		25,990
Gilead Sciences, Inc., 3.65%, 03/01/2026		27,000		26,217
HCA, Inc., 5.88%, 02/15/2026		26,000		26,108
Highmark, Inc., 1.45%, 05/10/2026 (a)		29,000		26,456
Humana, Inc., 5.70%, 03/13/2026		26,000		25,805
Illumina, Inc., 5.80%, 12/12/2025		26,000		26,003
Johnson & Johnson, 2.45%, 03/01/2026		26,000		24,880
Laboratory Corp. of America Holdings, 1.55%, 06/01/2026		27,000		24,896
McKesson Corp., 5.25%, 02/15/2026		26,000		26,000
Merck & Co., Inc., 0.75%, 02/24/2026		27,000		24,960
Novartis Capital Corp., 3.00%, 11/20/2025		26,000		25,193
PeaceHealth Obligated Group, 1.38%, 11/15/2025		27,000		25,097
Pfizer Investment Enterprises Pte Ltd., 4.45%, 05/19/2026		27,000		26,661
Quest Diagnostics, Inc., 3.45%, 06/01/2026		26,000		25,018
Royalty Pharma PLC, 1.20%, 09/02/2025		27,000		25,279

The accompanying notes are an integral part of these financial statements.

14

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 97.8% (continued)
Health Care — 8.7% (continued)
Stryker Corp., 3.50%, 03/15/2026		27,000	$	26,174
Thermo Fisher Scientific, Inc., 4.95%, 08/10/2026		25,000		25,021
UnitedHealth Group, Inc., 1.15%, 05/15/2026		27,000		24,866
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026		26,000		25,095
Zimmer Biomet Holdings, Inc., 3.05%, 01/15/2026		28,000		26,900
Zoetis, Inc., 4.50%, 11/13/2025		27,000		26,670
				875,250
Industrials — 9.0%
Amphenol Corp., 4.75%, 03/30/2026		26,000		25,821
BAE Systems Holdings, Inc., 3.85%, 12/15/2025 (a)		27,000		26,334
Boeing Co., 2.20%, 02/04/2026		28,000		26,267
Burlington Northern Santa Fe LLC, 3.65%, 09/01/2025		28,000		27,417
Canadian National Railway Co., 2.75%, 03/01/2026		26,000		24,946
Carrier Global Corp., 5.80%, 11/30/2025		26,000		26,183
Caterpillar Financial Services Corp., 4.35%, 05/15/2026		28,000		27,673
CNH Industrial Capital LLC, 1.45%, 07/15/2026		28,000		25,611
CSX Corp., 3.35%, 11/01/2025		26,000		25,239
Cummins, Inc., 0.75%, 09/01/2025		27,000		25,326
Dover Corp., 3.15%, 11/15/2025		26,000		25,051
Element Fleet Management Corp., 6.27%, 06/26/2026 (a)		25,000		25,223
FedEx Corp., 3.25%, 04/01/2026		26,000		25,066
Fortive Corp., 3.15%, 06/15/2026		28,000		26,732
General Dynamics Corp., 1.15%, 06/01/2026		27,000		24,872
Hubbell, Inc., 3.35%, 03/01/2026		25,000		24,139
JB Hunt Transport Services, Inc., 3.88%, 03/01/2026		28,000		27,340
John Deere Capital Corp., 4.80%, 01/09/2026		26,000		25,935
Johnson Controls International PLC, 3.90%, 02/14/2026		28,000		27,285
Lockheed Martin Corp., 3.55%, 01/15/2026		27,000		26,312
Norfolk Southern Corp., 2.90%, 06/15/2026		26,000		24,781
PACCAR Financial Corp., 4.45%, 03/30/2026		25,000		24,779
Regal Rexnord Corp., 6.05%, 02/15/2026 (a)		26,000		26,108
Republic Services, Inc., 2.90%, 07/01/2026		27,000		25,793
RTX Corp., 5.00%, 02/27/2026		25,000		24,939
Ryder System, Inc., 3.35%, 09/01/2025		26,000		25,208
Sydney Airport Finance Co. Pty Ltd., 3.63%, 04/28/2026 (a)		27,000		25,976
Textron, Inc., 4.00%, 03/15/2026		28,000		27,244

The accompanying notes are an integral part of these financial statements.

15

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 97.8% (continued)
Industrials — 9.0% (continued)
Trane Technologies Financing Ltd., 3.50%, 03/21/2026		26,000	$	25,133
Transurban Finance Co. Pty Ltd., 4.13%, 02/02/2026 (a)		28,000		27,300
Triton Container International Ltd., 2.05%, 04/15/2026 (a)		27,000		24,748
Tyco Electronics Group SA, 4.50%, 02/13/2026		26,000		25,711
Union Pacific Corp., 2.75%, 03/01/2026		26,000		24,904
Vontier Corp., 1.80%, 04/01/2026		27,000		24,885
Waste Management, Inc., 0.75%, 11/15/2025		27,000		25,070
				901,351
Materials — 6.7%
Air Products and Chemicals, Inc., 1.50%, 10/15/2025		26,000		24,578
Amcor Finance USA, Inc., 3.63%, 04/28/2026		26,000		25,030
ArcelorMittal SA, 4.55%, 03/11/2026		28,000		27,584
Berry Global, Inc., 1.57%, 01/15/2026		27,000		25,142
BHP Billiton Finance USA Ltd., 4.88%, 02/27/2026		26,000		25,888
Brambles USA, Inc., 4.13%, 10/23/2025 (a)		28,000		27,354
Celanese US Holdings LLC, 1.40%, 08/05/2026		28,000		25,395
DuPont de Nemours, Inc., 4.49%, 11/15/2025		27,000		26,682
EIDP, Inc., 4.50%, 05/15/2026		28,000		27,568
FMC Corp., 5.15%, 05/18/2026		28,000		27,614
Georgia-Pacific LLC, 1.75%, 09/30/2025 (a)		27,000		25,561
Glencore Funding LLC, 1.63%, 09/01/2025 (a)		26,000		24,559
Graphic Packaging International LLC, 1.51%, 04/15/2026 (a)		29,000		26,509
International Flavors & Fragrances, Inc., 1.23%, 10/01/2025 (a)		27,000		25,162
Linde, Inc., 3.20%, 01/30/2026		26,000		25,201
LYB International Finance III LLC, 1.25%, 10/01/2025		27,000		25,230
Nutrien Ltd., 5.95%, 11/07/2025		25,000		25,202
Owens Corning, 3.40%, 08/15/2026		27,000		25,792
PPG Industries, Inc., 1.20%, 03/15/2026		27,000		24,952
Sherwin-Williams Co., 3.95%, 01/15/2026		26,000		25,437
Silgan Holdings, Inc., 1.40%, 04/01/2026 (a)		29,000		26,472
Vale Overseas Ltd., 6.25%, 08/10/2026		25,000		25,340
Vulcan Materials Co., 5.80%, 03/01/2026		26,000		26,000
Westlake Corp., 3.60%, 08/15/2026		27,000		25,977
WRKCo, Inc., 4.65%, 03/15/2026		28,000		27,636
Yara International ASA, 3.80%, 06/06/2026 (a)		26,000		24,938
				672,803

The accompanying notes are an integral part of these financial statements.

16

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 97.8% (continued)
Technology — 7.9%
Apple, Inc., 3.25%, 02/23/2026		27,000	$	26,195
Applied Materials, Inc., 3.90%, 10/01/2025		27,000		26,532
Arrow Electronics, Inc., 6.13%, 03/01/2026		26,000		25,976
Automatic Data Processing, Inc., 3.38%, 09/15/2025		27,000		26,384
Avnet, Inc., 4.63%, 04/15/2026		28,000		27,398
Broadcom, Inc., 3.15%, 11/15/2025		26,000		25,085
Broadridge Financial Solutions, Inc., 3.40%, 06/27/2026		28,000		26,768
Cisco Systems, Inc., 4.90%, 02/26/2026		26,000		26,004
Concentrix Corp., 6.65%, 08/02/2026		25,000		25,360
Dell International LLC / EMC Corp., 6.02%, 06/15/2026		25,000		25,274
Electronic Arts, Inc., 4.80%, 03/01/2026		26,000		25,877
Equifax, Inc., 2.60%, 12/15/2025		26,000		24,779
Flex Ltd., 3.75%, 02/01/2026		26,000		25,134
Fortinet, Inc., 1.00%, 03/15/2026		29,000		26,609
Genpact Luxembourg SARL/Genpact USA, Inc., 1.75%, 04/10/2026		27,000		24,457
Hewlett Packard Enterprise Co., 4.90%, 10/15/2025		26,000		25,822
HP, Inc., 1.45%, 06/17/2026		27,000		24,809
Intel Corp., 4.88%, 02/10/2026		26,000		25,910
Jabil, Inc., 1.70%, 04/15/2026		27,000		24,992
Juniper Networks, Inc., 1.20%, 12/10/2025		27,000		25,010
Lam Research Corp., 3.75%, 03/15/2026		26,000		25,367
Marvell Technology, Inc., 1.65%, 04/15/2026		27,000		25,041
Microchip Technology, Inc., 4.25%, 09/01/2025		27,000		26,496
Micron Technology, Inc., 4.98%, 02/06/2026		27,000		26,859
NXP BV / NXP Funding LLC / NXP USA, Inc., 3.88%, 06/18/2026		26,000		25,175
Oracle Corp., 2.65%, 07/15/2026		27,000		25,431
Roper Technologies, Inc., 1.00%, 09/15/2025		27,000		25,294
Skyworks Solutions, Inc., 1.80%, 06/01/2026		27,000		24,891
Take-Two Interactive Software, Inc., 5.00%, 03/28/2026		26,000		25,858
Teledyne Technologies, Inc., 1.60%, 04/01/2026		27,000		25,031
Thomson Reuters Corp., 3.35%, 05/15/2026		26,000		24,951
				794,769
Transportation and Warehousing — 0.3%
Magellan Midstream Partners LP SR GLBL NT 5% 26, 5.00%, 03/01/2026		26,000		25,801

The accompanying notes are an integral part of these financial statements.

17

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 97.8% (continued)
Utilities — 8.0%
AES Corp., 1.38%, 01/15/2026		27,000	$	24,942
Ameren Corp., 3.65%, 02/15/2026		26,000		25,139
Black Hills Corp., 3.95%, 01/15/2026		27,000		26,200
CenterPoint Energy, Inc., 1.45%, 06/01/2026		27,000		24,870
Cleco Corporate Holdings LLC, 3.74%, 05/01/2026		26,000		24,978
CMS Energy Corp., 3.00%, 05/15/2026		28,000		26,601
Duke Energy Corp., 0.90%, 09/15/2025		27,000		25,258
Electricite de France SA, 3.63%, 10/13/2025 (a)		27,000		26,312
Emera US Finance LP, 3.55%, 06/15/2026		28,000		26,852
Entergy Corp., 0.90%, 09/15/2025		27,000		25,236
Evergy Kansas Central, Inc., 2.55%, 07/01/2026		27,000		25,434
Eversource Energy, 4.75%, 05/15/2026		28,000		27,646
Exelon Corp., 3.40%, 04/15/2026		26,000		25,033
ITC Holdings Corp., 3.25%, 06/30/2026		26,000		24,829
Jersey Central Power & Light Co., 4.30%, 01/15/2026 (a)		27,000		26,354
National Fuel Gas Co., 5.50%, 01/15/2026		26,000		25,907
National Rural Utilities Cooperative Finance Corp., 4.45%, 03/13/2026		28,000		27,652
NextEra Energy Capital Holdings, Inc., 5.75%, 09/01/2025		26,000		26,139
NRG Energy, Inc., 2.00%, 12/02/2025 (a)		27,000		25,297
Oncor Electric Delivery Co. LLC, 0.55%, 10/01/2025		27,000		25,104
Pacific Gas and Electric Co., 2.95%, 03/01/2026		26,000		24,674
PPL Capital Funding, Inc., 3.10%, 05/15/2026		28,000		26,693
Public Service Electric and Gas Co., 0.95%, 03/15/2026		28,000		25,903
Sempra, 5.40%, 08/01/2026		25,000		25,063
Sierra Pacific Power Co., 2.60%, 05/01/2026		28,000		26,526
Southern California Edison Co., 4.90%, 06/01/2026		25,000		24,826
Southern Co., 3.25%, 07/01/2026		27,000		25,820
Southwestern Electric Power Co., 1.65%, 03/15/2026		27,000		25,120
Spire, Inc., 5.30%, 03/01/2026		26,000		25,944
Virginia Electric and Power Co., 3.15%, 01/15/2026		26,000		25,108
WEC Energy Group, Inc., 4.75%, 01/09/2026		28,000		27,727
				799,187
TOTAL CORPORATE BONDS (Cost $9,840,382)				9,796,620

The accompanying notes are an integral part of these financial statements.

18

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Concluded)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
SHORT-TERM INVESTMENTS — 0.6%
U.S. Treasury Bills — 0.6%
5.26%, 03/05/2024(c)		59,000	$	58,965
TOTAL SHORT-TERM INVESTMENTS (Cost $58,966)				58,965
TOTAL INVESTMENTS — 98.4% (Cost $9,899,348)			$	9,855,585
Money Market Deposit Account — 0.1%(d)				12,841
Other Assets in Excess of Liabilities — 1.5%				146,976
TOTAL NET ASSETS — 100.0%			$	10,015,402

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

SA - Sociedad Anónima

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 29, 2024, the value of these securities total $1,463,500 or 14.6% of the Fund’s net assets.

^(b) 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.

^(c) The rate shown is the effective yield.

^(d) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The MMDA interest rate as of February 29, 2024 was 5.20%.

The accompanying notes are an integral part of these financial statements.

19

F/m 3-Year Investment Grade Corporate Bond ETF

PORTFOLIO HOLDINGS SUMMARY TABLE

FEBRUARY 29, 2024 (UNAUDITED)

SECURITY TYPE/CLASSIFICATION	% OF NET ASSETS			VALUE
CORPORATE BONDS
Financials		31.9	%	$	5,118,839
Consumer Discretionary		8.9			1,414,295
Energy		8.7			1,398,074
Industrials		8.3			1,328,362
Utilities		8.0			1,277,410
Technology		7.7			1,231,322
Consumer Staples		7.5			1,195,803
Health Care		7.2			1,152,255
Materials		6.2			997,459
Communications		4.0			639,526
SHORT-TERM INVESTMENTS
U.S. Treasury Obligations		0.2			24,985
Money Market Deposit Accounts		0.0			180
OTHER ASSETS IN EXCESS OF OTHER LIABILITIES		1.4			220,359
NET ASSETS		100.0	%	$	15,998,869

The accompanying notes are an integral part of these financial statements.

20

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 98.4%
Communications — 4.0%
Alphabet, Inc., 0.80%, 08/15/2027		45,000	$	39,764
AT&T, Inc., 2.30%, 06/01/2027		43,000		39,374
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.15%, 11/10/2026		44,000		44,384
Comcast Corp., 2.35%, 01/15/2027		43,000		40,089
Cox Communications, Inc., 3.50%, 08/15/2027 (a)		42,000		39,624
Expedia Group, Inc., 4.63%, 08/01/2027		41,000		40,127
Meta Platforms, Inc., 3.50%, 08/15/2027		42,000		40,256
Netflix, Inc., 4.38%, 11/15/2026		41,000		40,339
Paramount Global, 2.90%, 01/15/2027		44,000		39,644
Rogers Communications, Inc., 3.20%, 03/15/2027		42,000		39,546
TELUS Corp., 2.80%, 02/16/2027		43,000		40,277
T-Mobile USA, Inc., 3.75%, 04/15/2027		40,000		38,342
TWDC Enterprises 18 Corp., 2.95%, 06/15/2027		42,000		39,835
VeriSign, Inc., 4.75%, 07/15/2027		41,000		40,211
Verizon Communications, Inc., 4.13%, 03/16/2027		41,000		39,864
Warnermedia Holdings, Inc., 3.76%, 03/15/2027		40,000		37,850
				639,526
Consumer Discretionary — 8.9%
Amazon.com, Inc., 3.15%, 08/22/2027		42,000		39,874
AutoZone, Inc., 3.75%, 06/01/2027		40,000		38,422
BMW US Capital LLC, 3.45%, 04/01/2027 (a)		40,000		38,369
BorgWarner, Inc., 2.65%, 07/01/2027		43,000		39,705
Cintas Corp. No 2, 3.70%, 04/01/2027		45,000		43,632
Darden Restaurants, Inc., 3.85%, 05/01/2027		40,000		38,411
DR Horton, Inc., 1.30%, 10/15/2026		44,000		39,809
eBay, Inc., 3.60%, 06/05/2027		42,000		40,157
ERAC USA Finance LLC, 3.30%, 12/01/2026 (a)		42,000		39,981
General Motors Financial Co., Inc., 5.00%, 04/09/2027		41,000		40,605
Harley-Davidson Financial Services, Inc., 3.05%, 02/14/2027 (a)		43,000		40,294
Hasbro, Inc., 3.55%, 11/19/2026		42,000		39,876
Home Depot, Inc., 2.13%, 09/15/2026		40,000		37,396
Honda Motor Co. Ltd., 2.53%, 03/10/2027		43,000		40,160
Hyatt Hotels Corp., 5.75%, 01/30/2027		40,000		40,507
Hyundai Capital America, 5.25%, 01/08/2027 (a)		40,000		39,857
Leland Stanford Junior University, 1.29%, 06/01/2027		45,000		40,388
Lennar Corp., 5.00%, 06/15/2027		40,000		39,669

The accompanying notes are an integral part of these financial statements.

21

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 98.4% (continued)
Consumer Discretionary — 8.9% (continued)
Lowe’s Cos., Inc., 3.10%, 05/03/2027		42,000	$	39,708
Marriott International, Inc., 5.45%, 09/15/2026		40,000		40,178
McDonald’s Corp., 3.50%, 07/01/2027		42,000		40,223
Meritage Homes Corp., 5.13%, 06/06/2027		45,000		44,321
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027 (a)		49,600		49,613
NIKE, Inc., 2.75%, 03/27/2027		42,000		39,607
Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026 (a)		45,000		40,508
O’Reilly Automotive, Inc., 5.75%, 11/20/2026		44,000		44,622
PulteGroup, Inc., 5.00%, 01/15/2027		41,000		40,817
Snap-on, Inc., 3.25%, 03/01/2027		40,000		38,239
Southwest Airlines Co., 5.13%, 06/15/2027		41,000		40,834
Starbucks Corp., 4.85%, 02/08/2027		40,000		39,790
Tapestry, Inc., 7.00%, 11/27/2026		39,000		40,055
TJX Cos., Inc., 2.25%, 09/15/2026		42,000		39,465
Toll Brothers Finance Corp., 4.88%, 03/15/2027		41,000		40,317
Toyota Motor Credit Corp., 3.05%, 03/22/2027		42,000		39,845
VF Corp., 2.80%, 04/23/2027		43,000		39,041
				1,414,295
Consumer Staples — 7.5%
Alimentation Couche-Tard, Inc., 3.55%, 07/26/2027 (a)		42,000		40,021
Altria Group, Inc., 2.63%, 09/16/2026		42,000		39,448
BAT Capital Corp., 3.56%, 08/15/2027		42,000		39,705
Cargill, Inc., 3.63%, 04/22/2027 (a)		40,000		38,493
Church & Dwight Co., Inc., 3.15%, 08/01/2027		42,000		39,585
Coca-Cola Co., 1.45%, 06/01/2027		44,000		39,823
Colgate-Palmolive Co., 3.10%, 08/15/2027		42,000		40,112
Conagra Brands, Inc., 5.30%, 10/01/2026		40,000		40,009
Conopco, Inc., 7.25%, 12/15/2026		40,000		42,325
Constellation Brands, Inc., 4.35%, 05/09/2027		40,000		39,120
Costco Wholesale Corp., 1.38%, 06/20/2027		45,000		40,482
Dollar General Corp., 3.88%, 04/15/2027		40,000		38,482
Estee Lauder Cos., Inc., 3.15%, 03/15/2027		42,000		40,039
Flowers Foods, Inc., 3.50%, 10/01/2026		40,000		38,317
General Mills, Inc., 3.20%, 02/10/2027		42,000		39,920
Ingredion, Inc., 3.20%, 10/01/2026		40,000		38,158
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 2.50%, 01/15/2027		43,000		39,450

The accompanying notes are an integral part of these financial statements.

22

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 98.4% (continued)
Consumer Staples — 7.5% (continued)
Keurig Dr Pepper, Inc., 3.43%, 06/15/2027		40,000	$	38,082
Kraft Heinz Foods Co., 3.88%, 05/15/2027		48,000		46,361
Kroger Co., 2.65%, 10/15/2026		42,000		39,475
McCormick & Co., Inc., 3.40%, 08/15/2027		42,000		39,786
Mondelez International, Inc., 2.63%, 03/17/2027		43,000		40,113
PepsiCo, Inc., 2.38%, 10/06/2026		42,000		39,573
Philip Morris International, Inc., 4.75%, 02/12/2027		40,000		39,503
Procter & Gamble Co., 1.90%, 02/01/2027		43,000		39,835
Smithfield Foods, Inc., 4.25%, 02/01/2027 (a)		42,000		40,187
Sysco Corp., 3.25%, 07/15/2027		42,000		39,632
Target Corp., 1.95%, 01/15/2027		43,000		39,763
Tyson Foods, Inc., 3.55%, 06/02/2027		42,000		39,807
Walmart, Inc., 1.05%, 09/17/2026		44,000		40,197
				1,195,803
Energy — 8.7%
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 2.06%, 12/15/2026		43,000		39,658
Boardwalk Pipelines LP, 4.45%, 07/15/2027		41,000		39,960
BP Capital Markets America, Inc., 3.02%, 01/16/2027		42,000		39,904
Canadian Natural Resources Ltd., 3.85%, 06/01/2027		40,000		38,337
Cenovus Energy, Inc., 4.25%, 04/15/2027		40,000		38,746
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027		40,000		39,818
Chevron Corp., 2.00%, 05/11/2027		43,000		39,557
Continental Resources, Inc., 2.27%, 11/15/2026 (a)		44,000		40,380
Coterra Energy, Inc., 3.90%, 05/15/2027		40,000		38,468
DCP Midstream Operating LP, 5.63%, 07/15/2027		40,000		40,135
Diamondback Energy, Inc., 3.25%, 12/01/2026		40,000		38,234
Enbridge, Inc., 5.90%, 11/15/2026		44,000		44,823
Energy Transfer LP, 6.05%, 12/01/2026		40,000		40,708
Enterprise Products Operating LLC, 4.60%, 01/11/2027		40,000		39,710
Equinor ASA, 3.00%, 04/06/2027		42,000		39,734
Exxon Mobil Corp., 3.29%, 03/19/2027		40,000		38,534
Hess Corp., 4.30%, 04/01/2027		41,000		39,999
HF Sinclair Corp., 6.38%, 04/15/2027 (a)		45,000		45,078
Kinder Morgan, Inc., 1.75%, 11/15/2026		44,000		40,185
Marathon Oil Corp., 4.40%, 07/15/2027		41,000		39,830
Marathon Petroleum Corp., 5.13%, 12/15/2026		41,000		40,955
MPLX LP, 4.13%, 03/01/2027		41,000		39,755

The accompanying notes are an integral part of these financial statements.

23

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 98.4% (continued)
Energy — 8.7% (continued)
NGPL PipeCo LLC, 4.88%, 08/15/2027 (a)		41,000	$	40,022
Occidental Petroleum Corp., 8.50%, 07/15/2027		37,000		40,135
ONEOK, Inc., 5.55%, 11/01/2026		44,000		44,327
Phillips 66 Co., 3.55%, 10/01/2026		40,000		38,384
Plains All American Pipeline LP / PAA Finance Corp., 4.50%, 12/15/2026		41,000		40,213
Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027		40,000		39,702
Shell International Finance BV, 2.50%, 09/12/2026		42,000		39,664
Targa Resources Corp., 5.20%, 07/01/2027		40,000		39,802
TC PipeLines LP, 3.90%, 05/25/2027		40,000		38,155
Transcanada Trust, 5.30% to 03/15/2027 then 3 mo. LIBOR US + 3.21%, 03/15/2077		44,000		40,459
Valero Energy Corp., 3.40%, 09/15/2026		40,000		38,216
Williams Cos., Inc., 3.75%, 06/15/2027		40,000		38,280
Woodside Finance Ltd., 3.70%, 09/15/2026 (a)		40,000		38,207
				1,398,074
Financials — 31.9%(b)
Aflac, Inc., 2.88%, 10/15/2026		42,000		39,674
Air Lease Corp., 2.20%, 01/15/2027		44,000		40,339
Alexandria Real Estate Equities, Inc., 3.95%, 01/15/2027		40,000		38,586
Allstate Corp., 3.28%, 12/15/2026		42,000		40,022
Ally Financial, Inc., 4.75%, 06/09/2027		40,000		38,853
American Equity Investment Life Holding Co., 5.00%, 06/15/2027		40,000		38,475
American Express Credit Corp., 3.30%, 05/03/2027		42,000		39,875
American Tower Corp., 3.38%, 10/15/2026		40,000		38,152
Ameriprise Financial, Inc., 2.88%, 09/15/2026		42,000		39,861
Andrew W Mellon Foundation, 0.95%, 08/01/2027		45,000		39,404
Aon Corp. / Aon Global Holdings PLC, 2.85%, 05/28/2027		43,000		40,063
Arch Capital Finance LLC, 4.01%, 12/15/2026		40,000		38,573
Ares Capital Corp., 7.00%, 01/15/2027		39,000		39,777
Athene Global Funding, 2.95%, 11/12/2026 (a)		43,000		39,848
AvalonBay Communities, Inc., 3.35%, 05/15/2027		42,000		39,826
Aviation Capital Group LLC, 1.95%, 09/20/2026 (a)		44,000		40,037
Avolon Holdings Funding Ltd., 3.25%, 02/15/2027 (a)		43,000		39,731
Bain Capital Specialty Finance, Inc., 2.55%, 10/13/2026		44,000		40,066
Bank of America Corp., 4.95% to 07/22/2027 then SOFR + 2.04%, 07/22/2028		40,000		39,603
Bank of Montreal, 1.25%, 09/15/2026		44,000		40,025
Bank of New York Mellon Corp., 2.05%, 01/26/2027		43,000		39,733
Bank of Nova Scotia/The, 5.35%, 12/07/2026		39,000		39,142

The accompanying notes are an integral part of these financial statements.

24

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 98.4% (continued)
Financials — 31.9%(b) (continued)
Barings BDC, Inc., 3.30%, 11/23/2026		43,000	$	39,264
Berkshire Hathaway Finance Corp., 2.30%, 03/15/2027		42,000		39,352
BlackRock, Inc., 3.20%, 03/15/2027		40,000		38,268
Blackstone Private Credit Fund, 2.63%, 12/15/2026		45,000		40,649
Blackstone Secured Lending Fund, 2.75%, 09/16/2026		43,000		39,457
Blue Owl Capital Corp., 2.63%, 01/15/2027		45,000		40,791
Blue Owl Capital Corp. II, 8.45%, 11/15/2026 (a)		38,000		38,987
Blue Owl Capital Corp. III, 3.13%, 04/13/2027		44,000		39,837
Blue Owl Credit Income Corp., 4.70%, 02/08/2027		42,000		39,548
Blue Owl Technology Finance Corp., 2.50%, 01/15/2027		46,000		40,472
Boston Properties LP, 2.75%, 10/01/2026		43,000		39,801
Brighthouse Financial, Inc., 3.70%, 06/22/2027		43,000		40,538
Brixmor Operating Partnership LP, 3.90%, 03/15/2027		40,000		38,148
Camden Property Trust, 5.85%, 11/03/2026		39,000		39,828
Canadian Imperial Bank of Commerce, 3.45%, 04/07/2027		40,000		38,142
Cantor Fitzgerald LP, 4.50%, 04/14/2027 (a)		40,000		37,895
Capital One Financial Corp., 4.93% to 05/10/2027 then SOFR + 2.06%, 05/10/2028		41,000		40,115
Cboe Global Markets, Inc., 3.65%, 01/12/2027		40,000		38,735
Charles Schwab Corp., 2.45%, 03/03/2027		43,000		39,858
Citadel LP, 4.88%, 01/15/2027 (a)		41,000		39,808
CNA Financial Corp., 3.45%, 08/15/2027		42,000		39,778
Commonwealth Bank of Australia, 2.55%, 03/14/2027 (a)		43,000		40,080
Corebridge Financial, Inc., 3.65%, 04/05/2027		42,000		39,853
Crown Castle, Inc., 2.90%, 03/15/2027		43,000		40,033
CubeSmart LP, 3.13%, 09/01/2026		42,000		39,709
Digital Realty Trust LP, 3.70%, 08/15/2027		42,000		40,068
Discover Financial Services, 4.10%, 02/09/2027		42,000		40,282
Eaton Vance Corp., 3.50%, 04/06/2027		40,000		38,100
Enstar Finance LLC, 5.50% to 01/15/2027 then 5 yr. CMT Rate + 4.01%, 01/15/2042		47,000		42,329
EPR Properties, 4.50%, 06/01/2027		42,000		39,701
Equinix, Inc., 2.90%, 11/18/2026		42,000		39,541
Equitable Financial Life Global Funding, 1.40%, 08/27/2027 (a)		46,000		39,807
ERP Operating LP, 2.85%, 11/01/2026		42,000		39,635
Essex Portfolio LP, 3.63%, 05/01/2027		42,000		39,837
F&G Global Funding, 2.30%, 04/11/2027 (a)		44,000		39,396
Federal Realty OP LP, 3.25%, 07/15/2027		43,000		40,064
Fidelity National Information Services, Inc., 4.70%, 07/15/2027		40,000		39,703
Fiserv, Inc., 2.25%, 06/01/2027		44,000		40,249

The accompanying notes are an integral part of these financial statements.

25

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 98.4% (continued)
Financials — 31.9%(b) (continued)
FS KKR Capital Corp., 3.25%, 07/15/2027		44,000	$	39,941
GAIF Bond Issuer Pty Ltd., 3.40%, 09/30/2026 (a)		41,000		39,030
GATX Corp., 3.25%, 09/15/2026		40,000		38,041
Global Payments, Inc., 2.15%, 01/15/2027		44,000		40,381
Goldman Sachs Group, Inc., 1.95% to 10/21/2026 then SOFR + 0.91%, 10/21/2027		44,000		40,280
Golub Capital BDC, Inc., 2.05%, 02/15/2027		46,000		40,561
Guardian Life Global Funding, 1.40%, 07/06/2027 (a)		45,000		39,936
Healthcare Realty Holdings LP, 3.75%, 07/01/2027		42,000		39,415
Healthpeak OP LLC, 1.35%, 02/01/2027		45,000		40,475
Hercules Capital, Inc., 3.38%, 01/20/2027		43,000		39,007
Highwoods Realty LP, 3.88%, 03/01/2027		43,000		40,369
Jackson Financial, Inc., 5.17%, 06/08/2027		41,000		40,733
Jefferies Financial Group, Inc., 4.85%, 01/15/2027		41,000		40,717
KeyCorp, 2.25%, 04/06/2027		45,000		40,195
Kimco Realty OP LLC, 2.80%, 10/01/2026		42,000		39,372
Kite Realty Group LP, 4.00%, 10/01/2026		41,000		38,827
Lazard Group LLC, 3.63%, 03/01/2027		40,000		37,891
Lincoln National Corp., 3.63%, 12/12/2026		40,000		38,180
M&T Bank Corp., 0.00% to 08/16/2027 then SOFR + 1.78%, 08/16/2028		42,000		40,057
Macquarie Group Ltd., 1.63% to 09/23/2026 then SOFR + 0.91%, 09/23/2027 (a)		45,000		40,647
Manulife Financial Corp., 2.48%, 05/19/2027		43,000		39,886
Mastercard, Inc., 3.30%, 03/26/2027		40,000		38,372
Mercury General Corp., 4.40%, 03/15/2027		40,000		38,170
Mid-America Apartments LP, 3.60%, 06/01/2027		40,000		38,220
Morgan Stanley Direct Lending Fund, 4.50%, 02/11/2027		42,000		40,156
New York Life Global Funding, 5.45%, 09/18/2026 (a)		40,000		40,364
NNN REIT, Inc., 3.60%, 12/15/2026		42,000		39,976
Northern Trust Corp., 4.00%, 05/10/2027		48,000		46,635
Northwestern Mutual Global Funding, 1.75%, 01/11/2027 (a)		44,000		40,215
Oaktree Specialty Lending Corp., 2.70%, 01/15/2027		45,000		40,064
Omega Healthcare Investors, Inc., 4.50%, 04/01/2027		40,000		38,466
ORIX Corp., 3.70%, 07/18/2027		42,000		40,158
PayPal Holdings, Inc., 2.65%, 10/01/2026		40,000		37,698
Penske Truck Leasing Co. Lp / PTL Finance Corp., 4.40%, 07/01/2027 (a)		41,000		39,784
Physicians Realty LP, 4.30%, 03/15/2027		40,000		38,931
PNC Financial Services Group, Inc., 6.62% to 10/20/2026 then SOFR + 1.73%, 10/20/2027		39,000		40,062
Principal Financial Group, Inc., 3.10%, 11/15/2026		42,000		39,822
Progressive Corp., 2.50%, 03/15/2027		42,000		39,093

The accompanying notes are an integral part of these financial statements.

26

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 98.4% (continued)
Financials — 31.9%(b) (continued)
Prologis LP, 2.13%, 04/15/2027		43,000	$	39,489
Prospect Capital Corp., 3.36%, 11/15/2026		44,000		39,647
Public Storage Operating Co., 1.50%, 11/09/2026		44,000		40,165
Radian Group, Inc., 4.88%, 03/15/2027		40,000		38,803
Realty Income Corp., 4.13%, 10/15/2026		41,000		39,915
Regency Centers LP, 3.60%, 02/01/2027		42,000		40,110
Reinsurance Group of America, Inc., 3.95%, 09/15/2026		40,000		38,906
Reliance Standard Life Global Funding II, 1.51%, 09/28/2026 (a)		45,000		40,126
RenaissanceRe Finance, Inc., 3.45%, 07/01/2027		43,000		40,654
Royal Bank of Canada, 4.88%, 01/19/2027		40,000		39,816
Sammons Financial Group, Inc., 4.45%, 05/12/2027 (a)		42,000		39,769
Santander Holdings USA, Inc., 4.40%, 07/13/2027		42,000		40,266
SBL Holdings, Inc., 5.13%, 11/13/2026 (a)		43,000		40,325
Scentre Group Trust 1 / Scentre Group Trust 2, 3.75%, 03/23/2027 (a)		40,000		38,044
Simon Property Group LP, 3.38%, 06/15/2027		42,000		39,853
SiriusPoint Ltd., 4.60%, 11/01/2026 (a)		42,000		39,710
SITE Centers Corp., 4.70%, 06/01/2027		41,000		40,321
State Street Corp., 2.20% to 02/07/2027 then SOFR + 0.73%, 02/07/2028		43,000		39,639
Tanger Properties LP, 3.13%, 09/01/2026		43,000		40,134
Toronto-Dominion Bank, 4.11%, 06/08/2027		41,000		39,839
Truist Financial Corp., 4.12% to 06/06/2027 then SOFR + 1.37%, 06/06/2028		40,000		38,512
UDR, Inc., 3.50%, 07/01/2027		42,000		39,434
US Bancorp, 4.55% to 07/22/2027 then SOFR + 1.66%, 07/22/2028		41,000		40,029
Ventas Realty LP, 3.25%, 10/15/2026		42,000		39,650
VICI Properties LP / VICI Note Co., Inc., 4.25%, 12/01/2026 (a)		40,000		38,265
Visa, Inc., 1.90%, 04/15/2027		43,000		39,619
WEA Finance LLC, 2.88%, 01/15/2027 (a)		45,000		40,881
Welltower OP LLC, 2.70%, 02/15/2027		43,000		40,186
Westpac Banking Corp., 4.04%, 08/26/2027		40,000		39,147
Willis North America, Inc., 4.65%, 06/15/2027		41,000		40,239
WP Carey, Inc., 4.25%, 10/01/2026		41,000		39,896
				5,118,839
Health Care — 7.2%
Abbott Laboratories, 3.75%, 11/30/2026		42,000		40,892
AbbVie, Inc., 2.95%, 11/21/2026		42,000		39,823
Agilent Technologies, Inc., 3.05%, 09/22/2026		40,000		38,046
Amgen, Inc., 2.20%, 02/21/2027		43,000		39,653

The accompanying notes are an integral part of these financial statements.

27

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 98.4% (continued)
Health Care — 7.2% (continued)
Astrazeneca Finance LLC, 4.80%, 02/26/2027		40,000	$	39,938
Baxter International, Inc., 1.92%, 02/01/2027		44,000		40,024
Becton Dickinson & Co., 3.70%, 06/06/2027		42,000		40,265
Bio-Rad Laboratories, Inc., 3.30%, 03/15/2027		42,000		39,605
Bristol-Myers Squibb Co., 4.90%, 02/22/2027		40,000		39,955
Cardinal Health, Inc., 3.41%, 06/15/2027		42,000		39,824
Cigna Group, 3.40%, 03/01/2027		40,000		38,084
CSL Finance PLC, 3.85%, 04/27/2027 (a)		40,000		38,521
CVS Health Corp., 1.30%, 08/21/2027		45,000		39,564
Eli Lilly & Co., 4.50%, 02/09/2027		40,000		39,844
Gilead Sciences, Inc., 2.95%, 03/01/2027		42,000		39,681
HCA, Inc., 5.38%, 09/01/2026		40,000		39,885
Humana, Inc., 1.35%, 02/03/2027		45,000		40,350
Johnson & Johnson, 2.95%, 03/03/2027		40,000		38,261
Kaiser Foundation Hospitals, 3.15%, 05/01/2027		42,000		39,931
Merck & Co., Inc., 1.70%, 06/10/2027		44,000		39,858
Novartis Capital Corp., 2.00%, 02/14/2027		43,000		39,854
Pfizer, Inc., 3.00%, 12/15/2026		42,000		40,060
Providence St Joseph Health Obligated Group, 2.75%, 10/01/2026		42,000		39,322
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/2026		40,000		38,102
SSM Health Care Corp., 3.82%, 06/01/2027		40,000		38,494
Thermo Fisher Scientific, Inc., 5.00%, 12/05/2026		45,000		45,111
UnitedHealth Group, Inc., 3.45%, 01/15/2027		40,000		38,600
Universal Health Services, Inc., 1.65%, 09/01/2026		44,000		40,004
Viatris, Inc., 2.30%, 06/22/2027		45,000		40,704
				1,152,255
Industrials — 8.3%
3M Co., 2.25%, 09/19/2026		43,000		40,064
Boeing Co., 5.04%, 05/01/2027		41,000		40,614
Burlington Northern Santa Fe LLC, 3.25%, 06/15/2027		42,000		40,075
Canadian Pacific Railway Co., 1.75%, 12/02/2026		43,000		39,433
Carrier Global Corp., 2.49%, 02/15/2027		43,000		39,935
Caterpillar Financial Services Corp., 3.60%, 08/12/2027		41,000		39,484
CSX Corp., 3.25%, 06/01/2027		42,000		39,871
Emerson Electric Co., 0.88%, 10/15/2026		45,000		40,703
General Dynamics Corp., 3.50%, 04/01/2027		40,000		38,490
Hexcel Corp., 4.20%, 02/15/2027		41,000		39,073

The accompanying notes are an integral part of these financial statements.

28

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 98.4% (continued)
Industrials — 8.3% (continued)
Honeywell International, Inc., 2.50%, 11/01/2026		42,000	$	39,585
Howmet Aerospace, Inc., 5.90%, 02/01/2027		44,000		44,421
Hubbell, Inc., 3.15%, 08/15/2027		43,000		40,344
Illinois Tool Works, Inc., 2.65%, 11/15/2026		42,000		39,920
John Deere Capital Corp., 4.50%, 01/08/2027		40,000		39,691
Keysight Technologies, Inc., 4.60%, 04/06/2027		41,000		40,357
L3Harris Technologies, Inc., 5.40%, 01/15/2027		41,000		41,255
Lennox International, Inc., 1.70%, 08/01/2027		45,000		40,289
Norfolk Southern Corp., 7.80%, 05/15/2027		40,000		43,286
Northrop Grumman Corp., 3.20%, 02/01/2027		42,000		40,016
Otis Worldwide Corp., 2.29%, 04/05/2027		43,000		39,786
PACCAR Financial Corp., 5.20%, 11/09/2026		44,000		44,376
Parker-Hannifin Corp., 3.25%, 03/01/2027		40,000		38,035
RTX Corp., 5.75%, 11/08/2026		44,000		44,628
Ryder System, Inc., 2.85%, 03/01/2027		42,000		39,353
Textron, Inc., 3.65%, 03/15/2027		40,000		38,265
Transurban Finance Co. Pty Ltd., 3.38%, 03/22/2027 (a)		42,000		39,567
Tyco Electronics Group SA, 3.13%, 08/15/2027		42,000		39,657
Union Pacific Corp., 2.15%, 02/05/2027		43,000		39,906
United Parcel Service, Inc., 2.40%, 11/15/2026		42,000		39,575
Veralto Corp., 5.50%, 09/18/2026 (a)		40,000		40,172
Westinghouse Air Brake Technologies Corp., 3.45%, 11/15/2026		42,000		39,938
Xylem, Inc., 3.25%, 11/01/2026		40,000		38,198
				1,328,362
Materials — 6.2%
Air Products and Chemicals, Inc., 1.85%, 05/15/2027		43,000		39,311
Albemarle Corp., 4.65%, 06/01/2027		41,000		40,265
Bayport Polymers LLC, 4.74%, 04/14/2027 (a)		40,000		37,915
Berry Global, Inc., 1.65%, 01/15/2027		45,000		40,523
BHP Billiton Finance USA Ltd., 5.25%, 09/08/2026		40,000		40,248
CCL Industries, Inc., 3.25%, 10/01/2026 (a)		42,000		39,585
Celanese US Holdings LLC, 6.17%, 07/15/2027		39,000		39,593
CF Industries, Inc., 4.50%, 12/01/2026 (a)		45,000		43,855
Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. LP, 3.40%, 12/01/2026 (a)		42,000		40,018
Ecolab, Inc., 2.70%, 11/01/2026		40,000		37,966
FMC Corp., 3.20%, 10/01/2026		42,000		39,350
Georgia-Pacific LLC, 2.10%, 04/30/2027 (a)		44,000		40,241

The accompanying notes are an integral part of these financial statements.

29

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 98.4% (continued)
Materials — 6.2% (continued)
Glencore Funding LLC, 4.00%, 03/27/2027 (a)		40,000	$	38,487
Kinross Gold Corp., 4.50%, 07/15/2027		41,000		39,846
LYB International Finance II BV, 3.50%, 03/02/2027		40,000		38,116
Martin Marietta Materials, Inc., 3.45%, 06/01/2027		42,000		40,109
Nucor Corp., 4.30%, 05/23/2027		41,000		40,085
Nutrien Ltd., 4.00%, 12/15/2026		45,000		43,575
RPM International, Inc., 3.75%, 03/15/2027		40,000		38,163
Sealed Air Corp., 1.57%, 10/15/2026 (a)		45,000		40,498
Sherwin-Williams Co., 3.45%, 06/01/2027		42,000		40,000
Sonoco Products Co., 2.25%, 02/01/2027		44,000		40,405
Steel Dynamics, Inc., 5.00%, 12/15/2026		41,000		40,681
Suzano International Finance BV, 5.50%, 01/17/2027		40,000		39,889
Vulcan Materials Co., 3.90%, 04/01/2027		40,000		38,735
				997,459
Technology — 7.7%
Adobe, Inc., 2.15%, 02/01/2027		43,000		40,025
Analog Devices, Inc., 3.50%, 12/05/2026		45,000		43,465
Apple, Inc., 3.35%, 02/09/2027		40,000		38,482
Applied Materials, Inc., 3.30%, 04/01/2027		40,000		38,286
Autodesk, Inc., 3.50%, 06/15/2027		40,000		38,285
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027		40,000		38,651
CDW LLC / CDW Finance Corp., 2.67%, 12/01/2026		43,000		39,826
CGI, Inc., 1.45%, 09/14/2026		44,000		39,873
Cisco Systems, Inc., 4.80%, 02/26/2027		40,000		40,033
Dell International LLC / EMC Corp., 4.90%, 10/01/2026		41,000		40,624
DXC Technology Co., 1.80%, 09/15/2026		44,000		39,948
FactSet Research Systems, Inc., 2.90%, 03/01/2027		40,000		37,276
HP, Inc., 3.00%, 06/17/2027		43,000		40,158
Intel Corp., 3.75%, 08/05/2027		41,000		39,527
Intuit, Inc., 5.25%, 09/15/2026		40,000		40,338
Jabil, Inc., 4.25%, 05/15/2027		40,000		38,605
Kyndryl Holdings, Inc., 2.05%, 10/15/2026		44,000		40,176
Micron Technology, Inc., 4.19%, 02/15/2027		42,000		40,829
Microsoft Corp., 3.30%, 02/06/2027		45,000		43,463
NetApp, Inc., 2.38%, 06/22/2027		43,000		39,411
Nokia Oyj, 4.38%, 06/12/2027		40,000		38,333
NVIDIA Corp., 3.20%, 09/16/2026		40,000		38,558

The accompanying notes are an integral part of these financial statements.

30

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 98.4% (continued)
Technology — 7.7% (continued)
NXP BV / NXP Funding LLC / NXP USA, Inc., 4.40%, 06/01/2027		41,000	$	40,023
Oracle Corp., 2.80%, 04/01/2027		43,000		40,108
QUALCOMM, Inc., 3.25%, 05/20/2027		42,000		40,047
Roper Technologies, Inc., 3.80%, 12/15/2026		42,000		40,619
S&P Global, Inc., 2.45%, 03/01/2027		43,000		40,087
Take-Two Interactive Software, Inc., 3.70%, 04/14/2027		40,000		38,249
Texas Instruments, Inc., 4.60%, 02/08/2027		40,000		39,866
VMware LLC, 3.90%, 08/21/2027		42,000		40,036
Workday, Inc., 3.50%, 04/01/2027		40,000		38,115
				1,231,322
Utilities — 8.0%
AEP Transmission Co. LLC, 3.10%, 12/01/2026		40,000		38,096
Ameren Corp., 5.70%, 12/01/2026		44,000		44,500
APA Infrastructure Ltd., 4.25%, 07/15/2027 (a)		42,000		40,987
Atmos Energy Corp., 3.00%, 06/15/2027		41,000		38,554
Black Hills Corp., 3.15%, 01/15/2027		42,000		39,745
Boston Gas Co., 3.15%, 08/01/2027 (a)		43,000		39,921
CenterPoint Energy Houston Electric LLC, 3.00%, 02/01/2027		42,000		39,833
CMS Energy Corp., 3.45%, 08/15/2027		42,000		39,789
DTE Energy Co., 2.85%, 10/01/2026		40,000		37,672
Duke Energy Corp., 2.65%, 09/01/2026		42,000		39,512
Duquesne Light Holdings, Inc., 3.62%, 08/01/2027 (a)		43,000		40,029
Edison International, 5.75%, 06/15/2027		40,000		40,373
Entergy Corp., 2.95%, 09/01/2026		42,000		39,858
Evergy Kansas Central, Inc., 3.10%, 04/01/2027		42,000		39,587
Exelon Corp., 2.75%, 03/15/2027		43,000		40,000
Fortis, Inc., 3.06%, 10/04/2026		42,000		39,674
Georgia Power Co., 5.00%, 02/23/2027		40,000		39,907
MidAmerican Energy Co., 3.10%, 05/01/2027		42,000		39,721
Monongahela Power Co., 3.55%, 05/15/2027 (a)		42,000		39,830
National Fuel Gas Co., 5.50%, 10/01/2026		45,000		44,930
National Rural Utilities Cooperative Finance Corp., 4.80%, 02/05/2027		40,000		39,801
New York State Electric & Gas Corp., 3.25%, 12/01/2026 (a)		42,000		39,565
NextEra Energy Capital Holdings, Inc., 3.55%, 05/01/2027		42,000		39,969
NiSource, Inc., 3.49%, 05/15/2027		42,000		39,915
NSTAR Electric Co., 3.20%, 05/15/2027		42,000		40,034
Pacific Gas and Electric Co., 3.30%, 03/15/2027		43,000		40,301

The accompanying notes are an integral part of these financial statements.

31

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Concluded)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 98.4% (continued)
Utilities — 8.0% (continued)
Public Service Electric and Gas Co., 3.00%, 05/15/2027		42,000	$	39,688
Sempra, 3.25%, 06/15/2027		40,000		37,637
Virginia Electric and Power Co., 3.50%, 03/15/2027		40,000		38,304
Vistra Operations Co. LLC, 3.70%, 01/30/2027 (a)		42,000		39,726
WEC Energy Group, Inc., 5.60%, 09/12/2026		40,000		40,390
Xcel Energy, Inc., 1.75%, 03/15/2027		44,000		39,562
				1,277,410
TOTAL CORPORATE BONDS (Cost $15,896,269)				15,753,345
SHORT-TERM INVESTMENTS — 0.2%
U.S. Treasury Bills — 0.2%
5.26%, 03/05/2024(c)		25,000	$	24,985
TOTAL SHORT-TERM INVESTMENTS (Cost $24,985)				24,985
TOTAL INVESTMENTS — 98.6% (Cost $15,921,254)			$	15,778,330
Money Market Deposit Account — 0.0%(d)(e)				180
Other Assets in Excess of Liabilities — 1.4%				220,359
TOTAL NET ASSETS — 100.0%			$	15,998,869

Percentages are stated as a percent of net assets.

LIBOR - London Interbank Offered Rate

PLC - Public Limited Company

SA - Sociedad Anónima

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 29, 2024, the value of these securities total $2,082,236 or 13.0% of the Fund’s net assets.

^(b) 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.

^(c) The rate shown is the effective yield.

^(d) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The MMDA interest rate as of February 29, 2024 was 5.20%.

^(e) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

32

F/m 10-Year Investment Grade Corporate Bond ETF

PORTFOLIO HOLDINGS SUMMARY TABLE

FEBRUARY 29, 2024 (UNAUDITED)

SECURITY TYPE/CLASSIFICATION	% OF NET ASSETS			VALUE
CORPORATE BONDS
Financials		29.3	%	$	4,055,722
Utilities		13.9			1,934,631
Industrials		10.3			1,441,787
Health Care		8.8			1,218,950
Energy		8.7			1,214,497
Materials		6.3			861,624
Consumer Staples		5.7			789,772
Technology		5.7			788,910
Consumer Discretionary		5.5			764,424
Communications		4.1			569,263
SHORT-TERM INVESTMENTS
Money Market Deposit Accounts		0.0			5,955
OTHER ASSETS IN EXCESS OF OTHER LIABILITIES		1.7			238,155
NET ASSETS		100.0	%	$	13,883,691

The accompanying notes are an integral part of these financial statements.

33

F/m 10-Year Investment Grade Corporate Bond ETF

Schedule of Investments

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 98.3%
Communications — 4.1%
AT&T, Inc., 2.55%, 12/01/2033		88,000	$	69,408
Bell Telephone Co. of Canada or Bell Canada, 5.20%, 02/15/2034		73,000		72,029
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.65%, 02/01/2034		71,000		71,244
Comcast Corp., 4.20%, 08/15/2034		78,000		71,717
Fox Corp., 6.50%, 10/13/2033		68,000		71,420
Rogers Communications, Inc., 5.30%, 02/15/2034		73,000		71,648
T-Mobile USA, Inc., 5.15%, 04/15/2034		73,000		71,881
Verizon Communications, Inc., 6.40%, 09/15/2033		65,000		69,916
				569,263
Consumer Discretionary — 5.5%
American Honda Finance Corp., 4.90%, 01/10/2034		74,000		72,118
AutoZone, Inc., 6.55%, 11/01/2033		66,000		71,299
Darden Restaurants, Inc., 6.30%, 10/10/2033		68,000		71,030
ERAC USA Finance LLC, 6.70%, 06/01/2034 (a)		44,000		48,473
General Motors Financial Co., Inc., 6.10%, 01/07/2034		71,000		71,777
Genuine Parts Co., 6.88%, 11/01/2033		65,000		71,019
Marriott International, Inc., 5.30%, 05/15/2034		73,000		71,839
Starbucks Corp., 5.00%, 02/15/2034		73,000		71,841
Tapestry, Inc., 7.85%, 11/27/2033		66,000		71,395
Toyota Motor Credit Corp., 4.80%, 01/05/2034		74,000		72,172
Whirlpool Corp., 5.75%, 03/01/2034		72,000		71,461
				764,424
Consumer Staples — 5.7%
Alimentation Couche-Tard, Inc., 5.27%, 02/12/2034 (a)		72,000		71,329
Altria Group, Inc., 6.88%, 11/01/2033		66,000		71,305
BAT Capital Corp., 6.00%, 02/20/2034		72,000		71,228
Estee Lauder Cos., Inc., 5.00%, 02/14/2034		73,000		71,722
J M Smucker Co., 6.20%, 11/15/2033		68,000		71,874
JBS USA LUX SA / JBS USA Food Co. / JBS Luxembourg SARL, 6.75%, 03/15/2034 (a)		69,000		71,070
Mars, Inc., 3.60%, 04/01/2034 (a)		83,000		73,126
Philip Morris International, Inc., 5.25%, 02/13/2034		73,000		71,321
Procter & Gamble Co., 4.55%, 01/29/2034		74,000		72,960

The accompanying notes are an integral part of these financial statements.

34

F/m 10-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 98.3% (continued)
Consumer Staples — 5.7% (continued)
Sysco Corp., 6.00%, 01/17/2034		68,000	$	71,663
Tyson Foods, Inc., 4.88%, 08/15/2034		76,000		72,174
				789,772
Energy — 8.7%
Boardwalk Pipelines LP, 5.63%, 08/01/2034		72,000		71,422
BP Capital Markets America, Inc., 4.89%, 09/11/2033		73,000		71,593
Cheniere Energy Partners LP, 5.95%, 06/30/2033		72,000		72,892
Columbia Pipelines Operating Co. LLC, 6.04%, 11/15/2033 (a)		69,000		70,849
ConocoPhillips Co., 5.05%, 09/15/2033		71,000		70,780
Enbridge, Inc., 8.50% to 01/15/2034 then 5 yr. CMT Rate + 4.43%, 01/15/2084		66,000		70,377
Energy Transfer LP, 6.55%, 12/01/2033		68,000		72,128
Enterprise Products Operating LLC, 4.85%, 01/31/2034		73,000		71,107
EQT Corp., 5.75%, 02/01/2034		74,000		72,787
Kinder Morgan, Inc., 5.40%, 02/01/2034		73,000		71,782
ONEOK, Inc., 6.05%, 09/01/2033		68,000		70,081
Ovintiv, Inc., 6.50%, 08/15/2034		69,000		72,315
Patterson-UTI Energy, Inc., 7.15%, 10/01/2033		67,000		70,987
Santos Finance Ltd., 6.88%, 09/19/2033 (a)		68,000		70,811
Targa Resources Corp., 6.50%, 03/30/2034		67,000		70,960
TransCanada PipeLines Ltd., 4.63%, 03/01/2034		77,000		71,375
Williams Cos., Inc., 5.15%, 03/15/2034		74,000		72,251
				1,214,497
Financials — 29.3%(b)
Alexandria Real Estate Equities, Inc., 2.95%, 03/15/2034		86,000		69,488
American Homes 4 Rent LP, 5.50%, 02/01/2034		74,000		72,571
American Tower Corp., 5.90%, 11/15/2033		69,000		70,765
Apollo Global Management, Inc., 6.38%, 11/15/2033		67,000		71,931
Arch Capital Group Ltd., 7.35%, 05/01/2034		64,000		71,944
Arthur J Gallagher & Co., 5.45%, 07/15/2034		72,000		71,736
Athene Holding Ltd., 5.88%, 01/15/2034		73,000		72,419
AvalonBay Communities, Inc., 5.30%, 12/07/2033		72,000		72,201
Bank of America Corp., 5.47% to 01/23/2034 then SOFR + 1.65%, 01/23/2035		73,000		72,788
Bank of New York Mellon Corp., 6.47% to 10/25/2033 then SOFR + 1.85%, 10/25/2034		66,000		71,594
Bank of Nova Scotia, 5.65%, 02/01/2034		71,000		72,071
Boston Properties LP, 2.45%, 10/01/2033		90,000		66,353
Brixmor Operating Partnership LP, 5.50%, 02/15/2034		74,000		72,039

The accompanying notes are an integral part of these financial statements.

35

F/m 10-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 98.3% (continued)
Financials — 29.3%(b) (continued)
Brookfield Finance, Inc., 6.35%, 01/05/2034		68,000	$	71,453
Camden Property Trust, 4.90%, 01/15/2034		74,000		71,178
Canadian Imperial Bank of Commerce, 6.09%, 10/03/2033		68,000		70,585
Capital One Financial Corp., 6.05% to 02/01/2034 then SOFR + 2.26%, 02/01/2035		71,000		71,712
CBRE Services, Inc., 5.95%, 08/15/2034		71,000		71,651
Citigroup, Inc., 5.83% to 02/13/2034 then SOFR + 2.06%, 02/13/2035		73,000		71,421
CNA Financial Corp., 5.13%, 02/15/2034		74,000		71,551
COPT Defense Properties LP, 2.90%, 12/01/2033		90,000		68,655
Corebridge Financial, Inc., 5.75%, 01/15/2034		72,000		71,784
Crown Castle, Inc., 5.80%, 03/01/2034		71,000		71,957
Discover Financial Services, 7.96% to 11/02/2033 then SOFR + 3.37%, 11/02/2034		63,000		70,565
Extra Space Storage LP, 5.40%, 02/01/2034		74,000		72,539
Fairfax Financial Holdings Ltd., 6.00%, 12/07/2033 (a)		72,000		72,333
GATX Corp., 6.90%, 05/01/2034		66,000		71,742
GLP Capital LP / GLP Financing II, Inc., 6.75%, 12/01/2033		69,000		71,599
Goldman Sachs Group, Inc., 6.56% to 10/24/2033 then SOFR + 1.95%, 10/24/2034		66,000		71,096
Highwoods Realty LP, 7.65%, 02/01/2034		66,000		70,882
Huntington Bancshares, Inc., 5.71% to 02/02/2034 then SOFR + 1.87%, 02/02/2035		72,000		71,040
Invitation Homes Operating Partnership LP, 2.70%, 01/15/2034		88,000		68,514
JPMorgan Chase & Co., 5.34% to 01/23/2034 then SOFR + 1.62%, 01/23/2035		73,000		72,608
Kilroy Realty LP, 2.65%, 11/15/2033		103,000		75,000
Kimco Realty OP LLC, 6.40%, 03/01/2034		68,000		71,556
Kite Realty Group LP, 5.50%, 03/01/2034		74,000		72,310
Macquarie Group Ltd., 6.26% to 12/07/2033 then SOFR + 2.30%, 12/07/2034 (a)		69,000		71,394
Marsh & McLennan Cos., Inc., 5.40%, 09/15/2033		70,000		71,210
MetLife, Inc., 6.38%, 06/15/2034		67,000		72,284
Mid-America Apartments LP, 5.00%, 03/15/2034		74,000		72,010
Morgan Stanley, 5.47% to 01/18/2034 then SOFR + 1.73%, 01/18/2035		73,000		72,913
Nasdaq, Inc., 5.55%, 02/15/2034		72,000		72,487
New York Life Global Funding, 5.00%, 01/09/2034 (a)		74,000		72,673
NNN REIT, Inc., 5.60%, 10/15/2033		71,000		70,805
Pacific LifeCorp, 6.60%, 09/15/2033 (a)		44,000		47,370
PNC Financial Services Group, Inc., 6.88% to 10/20/2033 then SOFR + 2.28%, 10/20/2034		65,000		70,414
Prologis LP, 5.00%, 03/15/2034		74,000		72,722
Realty Income Corp., 5.13%, 02/15/2034		75,000		72,563
Regency Centers LP, 5.25%, 01/15/2034		74,000		72,317
Reinsurance Group of America, Inc., 6.00%, 09/15/2033		68,000		69,825
Royal Bank of Canada, 5.15%, 02/01/2034		74,000		72,869

The accompanying notes are an integral part of these financial statements.

36

F/m 10-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 98.3% (continued)
Financials — 29.3%(b) (continued)
Simon Property Group LP, 6.25%, 01/15/2034		68,000	$	71,655
State Street Corp., 6.12% to 11/21/2033 then SOFR + 1.96%, 11/21/2034		69,000		71,322
Truist Financial Corp., 5.71% to 01/24/2034 then SOFR + 1.92%, 01/24/2035		73,000		72,272
US Bancorp, 5.68% to 01/23/2034 then SOFR + 1.86%, 01/23/2035		72,000		71,833
Wells Fargo & Co., 6.49% to 10/23/2033 then SOFR + 2.06%, 10/23/2034		67,000		71,255
Westpac Banking Corp., 6.82%, 11/17/2033		67,000		71,898
				4,055,722
Health Care — 8.8%
Astrazeneca Finance LLC, 5.00%, 02/26/2034		72,000		72,242
Becton Dickinson & Co., 5.11%, 02/08/2034		73,000		71,729
Bristol-Myers Squibb Co., 5.20%, 02/22/2034		72,000		72,586
Cardinal Health, Inc., 5.45%, 02/15/2034		72,000		72,023
Cencora, Inc., 5.13%, 02/15/2034		73,000		71,658
Cigna Group, 5.25%, 02/15/2034		73,000		72,135
Eli Lilly & Co., 4.70%, 02/09/2034		73,000		72,060
Gilead Sciences, Inc., 5.25%, 10/15/2033		70,000		70,816
GlaxoSmithKline Capital, Inc., 5.38%, 04/15/2034		68,000		71,764
HCA, Inc., 5.60%, 04/01/2034		72,000		71,683
Humana, Inc., 5.95%, 03/15/2034		69,000		71,336
Johnson & Johnson, 4.38%, 12/05/2033		73,000		72,114
Merck & Co., Inc., 6.50%, 12/01/2033		64,000		72,137
Providence St Joseph Health Obligated Group, 5.40%, 10/01/2033		71,000		70,747
Quest Diagnostics, Inc., 6.40%, 11/30/2033		67,000		71,571
Thermo Fisher Scientific, Inc., 5.20%, 01/31/2034		70,000		70,790
Wyeth LLC, 6.50%, 02/01/2034		65,000		71,559
				1,218,950
Industrials — 10.3%
AP Moller - Maersk AS, 5.88%, 09/14/2033 (a)		70,000		70,506
Boeing Co., 3.60%, 05/01/2034		84,000		70,605
Canadian National Railway Co., 6.25%, 08/01/2034		66,000		71,880
Carrier Global Corp., 5.90%, 03/15/2034		77,000		79,878
CSX Corp., 5.20%, 11/15/2033		71,000		71,494
Cummins, Inc., 5.15%, 02/20/2034		72,000		71,898
FedEx Corp., 4.90%, 01/15/2034		75,000		73,040
Honeywell International, Inc., 4.50%, 01/15/2034		75,000		72,133
John Deere Capital Corp., 5.15%, 09/08/2033		70,000		71,200

The accompanying notes are an integral part of these financial statements.

37

F/m 10-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 98.3% (continued)
Industrials — 10.3% (continued)
Lockheed Martin Corp., 4.75%, 02/15/2034		74,000	$	72,304
Nordson Corp., 5.80%, 09/15/2033		69,000		71,221
Norfolk Southern Corp., 5.55%, 03/15/2034		70,000		71,864
Northrop Grumman Corp., 4.90%, 06/01/2034		74,000		72,033
Republic Services, Inc., 5.00%, 04/01/2034		72,000		70,888
RTX Corp., 6.10%, 03/15/2034		68,000		71,796
Ryder System, Inc., 6.60%, 12/01/2033		67,000		71,738
Textron, Inc., 6.10%, 11/15/2033		69,000		72,017
Veralto Corp., 5.45%, 09/18/2033 (a)		71,000		71,312
Waste Connections, Inc., 5.00%, 03/01/2034		73,000		71,476
Waste Management, Inc., 4.88%, 02/15/2034		74,000		72,504
				1,441,787
Materials — 6.3%
Air Products and Chemicals, Inc., 4.85%, 02/08/2034		73,000		71,574
Berry Global, Inc., 5.65%, 01/15/2034 (a)		73,000		72,027
BHP Billiton Finance USA Ltd., 5.25%, 09/08/2033		71,000		71,316
Celanese US Holdings LLC, 6.70%, 11/15/2033		68,000		71,433
CF Industries, Inc., 5.15%, 03/15/2034		74,000		71,608
Dow Chemical Co., 5.15%, 02/15/2034		73,000		71,937
Eastman Chemical Co., 5.63%, 02/20/2034		72,000		71,471
Glencore Funding LLC, 6.50%, 10/06/2033 (a)		67,000		71,481
Mosaic Co., 5.45%, 11/15/2033		73,000		72,181
Packaging Corp. of America, 5.70%, 12/01/2033		70,000		71,639
Rio Tinto Alcan, Inc., 6.13%, 12/15/2033		68,000		72,306
Vale Overseas Ltd., 8.25%, 01/17/2034		62,000		72,651
				861,624
Technology — 5.7%
Broadcom, Inc., 3.47%, 04/15/2034 (a)		85,000		71,788
Cisco Systems, Inc., 5.05%, 02/26/2034		72,000		72,360
Constellation Software, Inc., 5.46%, 02/16/2034 (a)		72,000		71,993
Intel Corp., 5.15%, 02/21/2034		72,000		71,263
Intuit, Inc., 5.20%, 09/15/2033		70,000		70,725
KLA Corp., 4.70%, 02/01/2034		74,000		72,052
Kyndryl Holdings, Inc., 6.35%, 02/20/2034		71,000		71,664
Marvell Technology, Inc., 5.95%, 09/15/2033		69,000		71,270
Micron Technology, Inc., 5.88%, 09/15/2033		70,000		71,370

The accompanying notes are an integral part of these financial statements.

38

F/m 10-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 98.3% (continued)
Technology — 5.7% (continued)
Oracle Corp., 4.30%, 07/08/2034		80,000	$	72,604
S&P Global, Inc., 5.25%, 09/15/2033 (a)		71,000		71,821
				788,910
Utilities — 13.9%
American Water Capital Corp., 5.15%, 03/01/2034		73,000		72,393
Atmos Energy Corp., 5.90%, 11/15/2033		68,000		71,506
Black Hills Corp., 6.15%, 05/15/2034		69,000		70,910
Consolidated Edison Co. of New York, Inc., 5.50%, 03/15/2034		70,000		71,489
Constellation Energy Generation LLC, 6.13%, 01/15/2034		69,000		71,987
DTE Electric Co., 5.20%, 03/01/2034		72,000		71,641
Duke Energy Corp., 5.75%, 09/15/2033		70,000		71,313
Entergy Arkansas LLC, 5.30%, 09/15/2033		71,000		71,196
Essential Utilities, Inc., 5.38%, 01/15/2034		73,000		71,790
Evergy Kansas Central, Inc., 5.90%, 11/15/2033		69,000		71,763
Eversource Energy, 5.50%, 01/01/2034		73,000		72,253
Exelon Corp., 5.45%, 03/15/2034		72,000		71,650
Georgia Power Co., 5.25%, 03/15/2034		72,000		71,675
Interstate Power and Light Co., 5.70%, 10/15/2033		70,000		71,205
Kentucky Power Co., 7.00%, 11/15/2033 (a)		68,000		71,749
Liberty Utilities Co., 5.87%, 01/31/2034 (a)		72,000		72,330
Monongahela Power Co., 5.85%, 02/15/2034 (a)		71,000		72,319
National Grid PLC, 5.42%, 01/11/2034		74,000		72,190
NextEra Energy Capital Holdings, Inc., 5.25%, 03/15/2034		73,000		71,602
Oncor Electric Delivery Co. LLC, 5.65%, 11/15/2033		69,000		71,279
Pacific Gas and Electric Co., 6.95%, 03/15/2034		66,000		71,329
PacifiCorp, 5.45%, 02/15/2034		73,000		71,943
PPL Electric Utilities Corp., 4.85%, 02/15/2034		74,000		72,059
Public Service Enterprise Group, Inc., 6.13%, 10/15/2033		68,000		70,868
Southern California Edison Co., 5.20%, 06/01/2034		74,000		72,382
Virginia Electric and Power Co., 5.00%, 01/15/2034		73,000		70,961

The accompanying notes are an integral part of these financial statements.

39

F/m 10-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Concluded)

FEBRUARY 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 98.3% (continued)
Utilities — 13.9% (continued)
Vistra Operations Co. LLC, 6.95%, 10/15/2033 (a)		68,000	$	70,849
				1,934,631
TOTAL CORPORATE BONDS (Cost $13,828,914)				13,639,580
TOTAL INVESTMENTS — 98.3% (Cost $13,828,914)			$	13,639,580
Money Market Deposit Account — 0.0%(c)				5,955
Other Assets in Excess of Liabilities — 1.7%				238,156
TOTAL NET ASSETS — 100.0%			$	13,883,691

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

SA - Sociedad Anónima

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 29, 2024, the value of these securities total $1,457,603 or 10.5% of the Fund’s net assets.

(b) 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.

(c) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The MMDA interest rate as of February 29, 2024 was 5.20%.

The accompanying notes are an integral part of these financial statements.

40

F/m Corporate Bond ETFs

Statements of Assets and Liabilities

FEBRUARY 29, 2024 (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
ASSETS
Investments in securities of unaffiliated issuers, at value (cost $9,840,382, $15,896,269, 13,828,914, respectively)	$	9,796,620	$	15,753,345		$	13,639,580
Short-term investments, at value (cost $58,966, $24,986, and $—, respectively)		58,966		24,986			—
Cash equivalents		12,841		180			5,955
Receivables for:
Investments sold		945,463		1,932,598			3,709,954
Interest		97,458		158,935			179,094
Total assets		10,911,348		17,870,044			17,534,583
LIABILITIES
Payables for:
Investments purchased		894,805		1,869,271			3,649,325
Advisory fees		1,141		1,904			1,567
Total liabilities		895,946		1,871,175			3,650,892
Net assets	$	10,015,402	$	15,998,869		$	13,883,691
NET ASSETS CONSIST OF:
Par value	$	200	$	320		$	280
Paid-in capital		10,007,036		16,059,180			14,037,815
Total distributable earnings/(losses)		8,166		(60,631	)		(154,404	)
Net assets	$	10,015,402	$	15,998,869		$	13,883,691
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		200,000		320,000			280,000
Net asset value and redemption price per share	$	50.08	$	50.00		$	49.58

The accompanying notes are an integral part of these financial statements.

41

F/m Corporate Bond ETFs

Statements of Operations

FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (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)
INVESTMENT INCOME
Interest income	$	56,665		$	99,687		$	87,177
Total investment income		56,665			99,687			87,177
EXPENSES
Advisory fees (Note 3)		1,659			3,013			2,427
Total expenses		1,659			3,013			2,427
Net investment income/(loss)		55,006			96,674			84,750
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments		(3,077	)		(14,381	)		(49,820	)
Net change in unrealized appreciation/(depreciation) on investments		(43,762	)		(142,924	)		(189,334	)
Net realized and unrealized gain/(loss)		(46,839	)		(157,305	)		(239,154	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	8,167		$	(60,631	)	$	(154,404	)

(1) Inception date of the Fund was January 10, 2024.

The accompanying notes are an integral part of these financial statements.

42

F/m 2-Year Investment Grade Corporate Bond ETF

Statements of Changes in Net Assets

	FOR THE PERIOD ENDED FEBRUARY 29, 2024(1) (UNAUDITED)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	55,006
Net realized gain/(loss) from investments		(3,077	)
Net change in unrealized appreciation/(depreciation) on investments		(43,762	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		8,167
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		10,007,235
Net increase/(decrease) in net assets from capital share transactions		10,007,235
TOTAL INCREASE/(DECREASE) IN NET ASSETS		10,015,402
NET ASSETS:
Beginning of period	$	—
End of period	$	10,015,402
SHARE TRANSACTIONS:
Shares sold		200,000
Shares redeemed		—
Net increase/(decrease) in shares		200,000

(1) Inception date of the Fund was January 10, 2024.

The accompanying notes are an integral part of these financial statements.

43

F/m 3-Year Investment Grade Corporate Bond ETF

StatementS of Changes in Net Assets

	FOR THE PERIOD ENDED FEBRUARY 29, 2024(1) (UNAUDITED)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	96,674
Net realized gain/(loss) from investments		(14,381	)
Net change in unrealized appreciation/(depreciation) on investments		(142,924	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(60,631	)
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		16,059,500
Net increase/(decrease) in net assets from capital share transactions		16,059,500
TOTAL INCREASE/(DECREASE) IN NET ASSETS		15,998,869
NET ASSETS:
Beginning of period	$	—
End of period	$	15,998,869
SHARE TRANSACTIONS:
Shares sold		320,000
Shares redeemed		—
Net increase/(decrease) in shares		320,000

(1) Inception date of the Fund was January 10, 2024.

The accompanying notes are an integral part of these financial statements.

44

F/m 10-Year Investment Grade Corporate Bond ETF

StatementS of Changes in Net Assets

	FOR THE PERIOD ENDED FEBRUARY 29, 2024(1) (UNAUDITED)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	84,750
Net realized gain/(loss) from investments		(49,820	)
Net change in unrealized appreciation/(depreciation) on investments		(189,334	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(154,404	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(615,913	)
Net decrease in net assets from dividends and distributions to shareholders		(615,913	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		14,038,095
Net increase/(decrease) in net assets from capital share transactions		14,038,095
TOTAL INCREASE/(DECREASE) IN NET ASSETS		13,883,691
NET ASSETS:
Beginning of period	$	—
End of period	$	13,883,691
SHARE TRANSACTIONS:
Shares sold		280,000
Shares redeemed		—
Net increase/(decrease) in shares		280,000

(1) Inception date of the Fund was January 10, 2024.

The accompanying notes are an integral part of these financial statements.

45

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 period. This information has been derived from information provided in the financial statements.

	FOR THE PERIOD ENDED FEBRUARY 29, 2024(1)
	(UNAUDITED)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	50.00
Net investment income/(loss)(2)		0.34
Net realized and unrealized gain/(loss) from investments		(0.26	)
Net increase/(decrease) in net assets resulting from operations		0.08
Net asset value, end of period	$	50.08
Market value, end of period	$	50.12
Total investment return/(loss) on net asset value(3)		0.16	%(5)
Total investment return/(loss) on market price(4)		0.24	%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	10,015
Ratio of expenses to average net assets		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		4.97	%(6)
Portfolio turnover rate		48	%(5)

(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.

(4) Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

(5) Not annualized.

(6) Annualized.

The accompanying notes are an integral part of these financial statements.

46

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 period. This information has been derived from information provided in the financial statements.

	FOR THE PERIOD ENDED FEBRUARY 29, 2024(1)
	(UNAUDITED)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	50.00
Net investment income/(loss)(2)		0.33
Net realized and unrealized gain/(loss) from investments		(0.33	)
Net increase/(decrease) in net assets resulting from operations		—
Net asset value, end of period	$	50.00
Market value, end of period	$	50.02
Total investment return/(loss) on net asset value(3)		0.00	%(5)
Total investment return/(loss) on market price(4)		0.05	%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	15,999
Ratio of expenses to average net assets		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		4.81	%(6)
Portfolio turnover rate		30	%(5)

(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.

(4) Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

(5) Not annualized.

(6) Annualized.

The accompanying notes are an integral part of these financial statements.

47

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 period. This information has been derived from information provided in the financial statements.

	FOR THE PERIOD ENDED FEBRUARY 29, 2024(1)
	(UNAUDITED)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	50.00
Net investment income/(loss)(2)		0.36
Net realized and unrealized gain/(loss) from investments		(0.78	)
Net increase/(decrease) in net assets resulting from operations		(0.42	)
Net asset value, end of period	$	49.58
Market value, end of period	$	49.69
Total investment return/(loss) on net asset value(3)		(0.81	)%(5)
Total investment return/(loss) on market price(4)		(0.62	)%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	13,884
Ratio of expenses to average net assets		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		5.24	%(6)
Portfolio turnover rate		55	%(5)

(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.

(4) Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

(5) Not annualized.

(6) Annualized.

The accompanying notes are an integral part of these financial statements.

48

F/m Corporate Bond ETFs

Notes to Financial Statements

FEBRUARY 29, 2024 (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 mutual fund 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 sixty-four 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 92.723 billion shares are currently classified into two hundred and thirty-four 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 29, 2024, and the period covered by these Notes to Financial Statements is the fiscal period since the Funds’ inception from January 10, 2024 through February 29, 2024 (the “current fiscal period”).

PORTFOLIO VALUATION — Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. 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 d/b/a North Slope Capital, 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 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.).

49

F/m Corporate Bond ETFs

Notes to Financial Statements (continued)

FEBRUARY 29, 2024 (UNAUDITED)

● 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	$	9,796,620	$	—	$	9,796,620	$	—
Short-Term Investments	$	58,965	$	—	$	58,965	$	—
Total Investments*	$	9,855,585	$	—	$	9,855,585	$	—

F/M 3-YEAR INVESTMENT GRADE CORPORATE BOND ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Corporate Bonds	$	15,753,345	$	—	$	15,753,345	$	—
Short-Term Investments	$	24,985	$	—	$	24,985	$	—
Total Investments*	$	15,778,330	$	—	$	15,778,330	$	—

F/M 10-YEAR INVESTMENT GRADE CORPORATE BOND ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Corporate Bonds	$	13,639,581	$	—	$	13,639,581	$	—
Total Investments*	$	13,639,581	$	—	$	13,639,581	$	—

* Please refer to the Schedule of Investments for further details.

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of each Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires each Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only if a Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers in and out of each level is disclosed when a Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

50

F/m Corporate Bond ETFs

Notes to Financial Statements (continued)

FEBRUARY 29, 2024 (UNAUDITED)

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, 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 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

51

F/m Corporate Bond ETFs

Notes to Financial Statements (continued)

FEBRUARY 29, 2024 (UNAUDITED)

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 (“ETFs”) 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 revisions to the rules 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. Rule 12d1-4 went into effect on January 19, 2021. The rescission of the applicable exemptive orders and the withdrawal of the applicable no-action letters was effective on January 19, 2022. These regulatory changes may adversely impact a Fund’s investment strategies and operations.

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.

52

F/m Corporate Bond ETFs

Notes to Financial Statements (continued)

FEBRUARY 29, 2024 (UNAUDITED)

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 controlled by Diffractive Managers Group, LLC, a Delaware limited liability company, and EQSF Holdings, LLC, a Delaware limited liability company owned by three officers of the Company. 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 and other services. However, under the 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 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.

During the current fiscal period, investment advisory fees accrued were as follows:

FUND	ADVISORY FEES
F/m 2-Year Investment Grade Corporate Bond ETF	$	1,659
F/m 3-Year Investment Grade Corporate Bond ETF		3,013
F/m 10-Year Investment Grade Corporate Bond ETF		2,427

53

F/m Corporate Bond ETFs

Notes to Financial Statements (continued)

FEBRUARY 29, 2024 (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.

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 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. As of the end of the current fiscal period, there were no director and officer fees charged or paid by the Funds.

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	$	4,320,007	$	4,929,270	$	7,396,577
Proceeds from sales of investment securities		4,266,291		4,695,184		7,133,432

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	$	9,898,125	$	15,782,824	$	13,787,842
Proceeds from in-kind sales of investment securities		—		—		—

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

54

F/m Corporate Bond ETFs

Notes to Financial Statements (continued)

FEBRUARY 29, 2024 (UNAUDITED)

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 Funds are listed and traded on the NYSE Arca, Inc. (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 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 $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 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.

7. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

In October 2022, the SEC adopted a final rule relating to tailored shareholder reports for mutual funds and exchange-traded funds and fee information in investment company advertisements. Beginning in July 2024, the Funds will be required to transmit concise and visually engaging shareholder reports that highlight key information. The Funds will also be required to tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request.

In December 2022, the FASB issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the London Inter-Bank Offered Rate and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

55

F/m Corporate Bond ETFs

Notes to Financial Statements (Concluded)

FEBRUARY 29, 2024 (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 available to be 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
F/m 2-Year Investment Grade Corporate Bond ETF	3/4/2024	3/1/2024	3/5/2024	$0.26312100
F/m 3-Year Investment Grade Corporate Bond ETF	3/4/2024	3/1/2024	3/5/2024	$0.29043828
F/m 10-Year Investment Grade Corporate Bond ETF	3/4/2024	3/1/2024	3/5/2024	$0.28812289

Fund	Record Date	Ex-Date	Pay Date	Distribution Rate Per Share
F/m 2-Year Investment Grade Corporate Bond ETF	4/2/2024	4/1/2024	4/3/2024	$0.19777240
F/m 3-Year Investment Grade Corporate Bond ETF	4/2/2024	4/1/2024	4/3/2024	$0.19133641
F/m 10-Year Investment Grade Corporate Bond ETF	4/2/2024	4/1/2024	4/3/2024	$0.19032931

56

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.

APPROVAL OF NEW 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 “Advisory Agreement”) between F/m and the Company with respect to each Fund, at a meeting of the Board held on November 15-16, 2023 (the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Advisory Agreement for an initial period ending August 16, 2025. The Board’s decision to approve the Advisory Agreement reflects the exercise of its business judgment. In approving the 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 Advisory Agreement between the Company and F/m with respect to each 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 Advisory Agreement with counsel in executive sessions, at which no representatives of F/m were present. The Directors considered whether approval of the Advisory Agreement would be in the best interests of each Fund and its shareholders and the overall fairness of the Advisory Agreement. Among other things, the Directors considered (i) the nature, extent, and quality of services to be provided to the Funds by F/m; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) F/m’s investment philosophy and process; (iv) F/m’s assets under management and client descriptions; (v) F/m’s soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) F/m’s advisory fee arrangements with the Company, Trust 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 Funds. The Directors noted that the Funds had not yet commenced operations and, consequently, there was no performance information to review with respect to the Funds.

As part of their review, the Directors considered the nature, extent and quality of the services to be provided by F/m. The Directors concluded that F/m had sufficient resources to provide services to the Funds.

The Board also took into consideration that the advisory fee for each Fund was a “unitary fee,” meaning the Funds 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 Funds’ other service providers and paying other expenses of the Funds out of F/m’s own fees and resources.

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 Funds to F/m were fair and reasonable and that the Advisory Agreement should be approved for an initial period ending August 16, 2025.

57

Investment Adviser

F/m Investments, LLC d/b/a North Slope Capital, LLC
3050K Street NW, Suite W-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

58

(This Page Intentionally Left Blank.)

(This Page Intentionally Left Blank.)

(This Page Intentionally Left Blank.)

Oakhurst Mutual Funds
Semi-Annual Report
February 29, 2024
(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.

Table of Contents

Performance Data	1
Fund Expense Examples	4
Portfolio Information	6
Schedule of Investments	9
Financial Statements	25
Financial Highlights	30
Notes to Financial Statements	33
Other Information	43

OAKHURST FIXED INCOME FUND

Performance Data

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODs ENDED February 29, 2024
	six Months†	1 Year	5 Year	10 Year	Since Inception (10/31/2012)
Oakhurst Fixed Income Fund - Institutional Shares(a)	3.00%	4.40%	0.82%	1.79%	1.83%
Bloomberg U.S. Aggregate Bond Index(b)	2.35%	3.33%	0.56%	1.43%	1.26%(c)

† Not annualized

^(a) The Fund commenced operations on October 31, 2012 as a separate series (the “Predecessor Fund”) of F/m Funds Trust. Effective as of the close of business on October 27, 2023, the Predecessor Fund was reorganized as a new series of The RBB Fund, Inc. (the “Reorganization”). The performance shown for periods prior to October 30, 2023 represents the performance of the Predecessor Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

^(b) The Bloomberg U.S. Aggregate Bond Index covers the U.S. investment grade fixed rate bond market, with index components for U.S. government, agency and corporate securities. The Fund does not invest solely in securities included in the Bloomberg U.S. Aggregate Bond Index and may invest in other types of securities.

^(c) Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

The performance of Oakhurst Fixed Income Fund (the “Fund”) quoted reflects fee waivers in effect and would have been less in their absence. F/m Investments, LLC d/b/a Oakhurst Capital Management, LLC (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 0.58% of the Fund’s average daily net assets attributable to Institutional Class Shares through October 30, 2024, and to 0.60% of the Fund’s average daily net assets attributable to Institutional Class Shares through October 30, 2025. Without the contractual expense limitation arrangement, the gross expense ratio is 0.78% for the fiscal year ended August 31, 2023 for Institutional Class Shares as stated in the current prospectus. This contractual expense limitation arrangement is in effect until October 30, 2025 and may not be terminated without the approval of the Board of Directors (“Board”) of The RBB Fund, Inc. Please see the Financial Highlights for current figures.

Performance data quoted represents past performance; past performance does not guarantee future results. Must be preceded or accompanied by a prospectus. The performance data quoted reflects fee waivers in effect and would have been less in their absence. The investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-800-292-6775.

1

OAKHURST SHORT DURATION BOND FUND

Performance Data

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODs ENDED February 29, 2024
	SIX Months†	1 Year	5 Year	10 Year	Since Inception (4/26/2013)
Oakhurst Short Duration Bond Fund - Institutional Class Shares(a)	3.13%	5.52%	1.70%	1.76%	1.82%
ICE BofA U.S. Corp./Govt. 1-3 Years Bond Index(b)	2.69%	4.63%	1.43%	1.26%	1.23%(c)

† Not annualized

^(a) The Fund commenced operations on April 26, 2013 as a separate series (the “Predecessor Fund”) of F/m Funds Trust. Effective as of the close of business on October 27, 2023, the Predecessor Fund was reorganized as a new series of The RBB Fund, Inc. (the “Reorganization”). The performance shown for periods prior to October 30, 2023 represents the performance of the Predecessor Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

^(b) The ICE BofA U.S. Corp./Govt. 1-3 Years Bond Index covers the U.S. investment grade debt publicly issued in the U.S. domestic market, including U.S. Treasury, U.S. agency, foreign government, supranational and corporate securities, with a remaining term to final maturity less than 3 years. The Fund does not invest solely in securities included in the ICE BofA U.S. Corp./Govt. 1-3 Years Bond Index and may invest in other types of securities.

^(c) Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

The performance of Oakhurst Short Duration Bond Fund (the “Fund”) quoted reflects fee waivers in effect and would have been less in their absence. F/m Investments, LLC d/b/a Oakhurst Capital Management, LLC (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 0.60% of the Fund’s average daily net assets attributable to Institutional Class Shares. Without the contractual expense limitation arrangement, the gross expense ratio is 1.03% for the fiscal year ended August 31, 2023 for Institutional Class Shares as stated in the current prospectus. This contractual expense limitation arrangement is in effect until October 30, 2025 and may not be terminated without the approval of the Board of The RBB Fund, Inc. Please see the Financial Highlights for current figures.

Performance data quoted represents past performance; past performance does not guarantee future results. Must be preceded or accompanied by a prospectus. The performance data quoted reflects fee waivers in effect and would have been less in their absence. The investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-800-292-6775.

2

OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND

Performance Data

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODs ENDED February 29, 2024
	SIX Months†	1 Year	5 Year	Since Inception (10/01/2015)
Oakhurst Short Duration High Yield Credit Fund - Institutional Class Shares(a)	5.62%	9.45%	3.08%	4.07%
ICE BofA 1-5 Year U.S. Cash Pay High Yield Constrained Index(b)	5.59%	9.99%	4.12%	5.45%(c)

† Not annualized

^(a) The Fund commenced operations on October 1, 2015 as a separate series (the “Predecessor Fund”) of F/m Funds Trust. Effective as of the close of business on October 27, 2023, the Predecessor Fund was reorganized as a new series of The RBB Fund, Inc. (the “Reorganization”). The performance shown for periods prior to October 30, 2023 represents the performance of the Predecessor Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

^(b) The ICE BofA 1-5 Year U.S. Cash Pay High Yield Constrained Index covers the performance of U.S. dollar denominated below investment grade corporate debt, currently in a coupon paying period, with a remaining term to final maturity less than 5 years but caps issuer exposure at 2%. The Fund does not invest solely in securities included in the ICE BofA 1-5 Year U.S. Cash Pay High Yield Constrained Index and may invest in other types of securities.

^(c) Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

The performance of Oakhurst Short Duration High Yield Credit Fund (the “Fund”) quoted reflects fee waivers in effect and would have been less in their absence. F/m Investments, LLC d/b/a Oakhurst Capital Management, LLC (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 0.95% of the Fund’s average daily net assets attributable to Institutional Class Shares. Without the contractual expense limitation arrangement, the gross expense ratio is 1.22% for the fiscal year ended August 31, 2023 for Institutional Class Shares as stated in the current prospectus. This contractual expense limitation arrangement is in effect until October 30, 2025 and may not be terminated without the approval of the Board of The RBB Fund, Inc. Please see the Financial Highlights for current figures.

Performance data quoted represents past performance; past performance does not guarantee future results. Must be preceded or accompanied by a prospectus. The performance data quoted reflects fee waivers in effect and would have been less in their absence. The investment returns and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Fund may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 1-800-292-6775.

3

Oakhurst Mutual Funds

Fund Expense Examples

February 29, 2024 (Unaudited)

As a shareholder of the Fund, you incur ongoing costs, including management fees and other operating expenses. The following examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

A mutual fund’s ongoing costs are expressed as a percentage of its average net assets. This figure is known as the expense ratio. The expenses in the table below are based on an investment of $1,000 made at the beginning of the six-month period from September 1, 2023 through February 29, 2024, and held for the entire period.

The table below illustrates the Fund’s ongoing costs in two ways:

Actual EXPENSES – This section helps you to estimate the actual expenses that you paid over the current fiscal period. The “Ending Account Value” shown is derived from the Fund’s actual return, and the fourth column shows the dollar amount of operating expenses that would have been paid by an investor who started with $1,000 in the Fund. You may use the information here, together with the amount you invested, to estimate the expenses that you paid over the period.

To do so, simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number given for the Fund under the heading “Expenses Paid During Period.”

Hypothetical EXAMPLES FOR COMPARISON PURPOSES – This section is intended to help you compare each Fund’s ongoing costs with those of other mutual funds. It assumes that a Fund had an annual return of 5% before expenses during the period shown, but that the expense ratio is unchanged. In this case, because the return used is not the Fund’s actual return, the results do not apply to your investment. The example is useful in making comparisons because the U.S. Securities and Exchange Commission (the “SEC”) requires all mutual funds to calculate expenses based on a 5% return. You can assess a Fund’s ongoing costs by comparing this hypothetical example with the hypothetical examples that appear in shareholder reports of other funds.

Note that expenses shown in the table are meant to highlight and help you compare ongoing costs only. The Funds do not charge transaction fees, such as purchase or redemption fees, nor do they carry a “sales load.” The calculations assume no shares were bought or sold during the period. Your actual costs may have been higher or lower, depending on the amount of your investment and the timing of any purchases or redemptions.

More information about each Fund’s expenses can be found in this report. For additional information on operating expenses and other shareholder costs, please refer to the Funds’ prospectus.

4

Oakhurst Mutual Funds

Fund Expense Example (Continued)

February 29, 2024 (Unaudited)

	Beginning Account Value September 1, 2023		Ending Account Value February 29, 2024		Expenses Paid During Period*		ANNUALIZED Expense Ratio*			Actual Six-Month Total Investment Returns for the Funds
OAKHURST FIXED INCOME FUND - Institutional Shares
Actual	$	1,000.00	$	1,030.00	$	2.98		0.59	%		3.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.93	$	2.97		0.59	%		N/A
OAKHURST SHORT DURATION BOND FUND - Institutional Shares
Actual	$	1,000.00	$	1,031.30	$	3.03		0.60	%		3.13	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.88	$	3.02		0.60	%		N/A
OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND - Institutional Shares
Actual	$	1,000.00	$	1,056.20	$	4.86		0.95	%		5.62	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.14	$	4.77		0.95	%		N/A

* Expenses are equal to each Fund’s Institutional Class Shares annualized six-month expense ratio for the period September 1, 2023 through February 29, 2024, multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period. The Funds’ ending account values on the first line in the table are based on the actual six-month total investment return for each Fund.

5

OAKHURST FIXED INCOME FUND

Portfolio Information

(Unaudited)

Sector Allocation (% of Net Assets)

Top 10 Long-Term Holdings

Security Description	% of Total Net Assets
U.S. Treasury Notes, 3.875%, due 08/15/33	4.6%
U.S. Treasury Bonds, 5.250%, due 02/15/29	4.3%
U.S. Treasury Notes, 3.875%, due 02/15/33	4.0%
U.S. Treasury Notes, 4.125%, due 11/15/32	3.8%
U.S. Treasury Bonds, 3.000%, due 05/15/42	3.4%
U.S. Treasury Notes, 2.750%, due 08/15/32	3.1%
U.S. Treasury Bonds, 2.500%, due 02/15/45	2.8%
Invesco Short-Term Investments Trust Treasury Portfolio	2.7%
Federal Farm Credit Bank, 1.150%, due 08/12/30	1.4%
FHLMC SUPER 30Y FIXED 5.500%, due 07/01/53	1.3%

6

OAKHURST SHORT DURATION BOND FUND

Portfolio Information

(Unaudited)

Sector Allocation (% of Net Assets)

Top 10 Long-Term Holdings

Security Description	% of Total Net Assets
U.S. Treasury Notes, 4.625%, due 11/15/26	5.1%
U.S. Treasury Notes, 4.000%, due 02/15/26	2.5%
Structured Asset Mortgage Investments, Inc., Series 2004-AR3-I-A-1, 5.726%(a), due 07/19/34	2.4%
JPMorgan Mortgage Trust, 144A, Series 2018-1-A-7, 3.500%(a), due 06/25/48	2.2%
FHLMC, Series 4319-PM, 3.000%, due 03/15/43	2.0%
Mortgage Investment Trust TR Series 2004-2 M-1, 6.260%, due 12/25/34	2.0%
American Airlines, Inc., 144A, 4.000%, due 07/15/25	1.8%
FHLMC, Series 4570-PA, 3.000%, due 03/15/43	1.7%
FHLMC, Series 4938-PA, 2.250%, due 07/25/49	1.7%
MASTR SEASONED SEC 2005-1, 5.822%, due 09/25/32	1.6%

^(a) Variable rate security.

7

OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND

Portfolio Information

(Unaudited)

Sector Allocation (% of Net Assets)

Top 10 Long-Term Holdings

Security Description	% of Total Net Assets
Heartland Dental, LLC, 144A, 8.500%, due 05/01/26	2.2%
White Cap Parent, LLC, 144A, 8.250%, due 03/15/26	2.0%
Fly Leasing Ltd., 144A, 7.000%, due 10/15/24	2.0%
Prime Healthcare Services Inc., 144A, 7.250%, due 11/01/25	2.0%
Burford Capital Global Finance LLC, 144A, 6.250%, due 04/15/28	2.0%
Howard Midstream Energy Partners, 144A, 6.750%, due 01/15/27	2.0%
Brundrage-Bone Concrete Pumping, 6.000%, due 02/01/26	1.9%
Stonex Group Inc., 8.625%, due 06/15/25	1.9%
Carnival Corporation, 144A, 7.625%, due 03/01/26	1.9%
Energizer Holdings Inc., 144A, 6.500%, due 12/31/27	1.9%

8

OAKHURST FIXED INCOME FUND

Schedule of Investments

February 29, 2024 (UNAUDITED)

	Par		Value
COLLATERALIZED MORTGAGE OBLIGATIONS — 27.1%
ABN Amro Mortgage Corp., Series 2003-12, Class 1A, 5.00%, 12/25/2033		89,946	$	85,521
Banc of America Mortgage Securities, Inc.
Series 2003-J, Class 2A1, 5.09%, 11/25/2033 (a)		234,222		207,907
Series 2004-A, Class 3A1, 6.37%, 02/25/2034 (a)		13,754		13,645
Bear Stearns Alt-A Trust, Series 2003-6, Class 2A1, 5.68%, 01/25/2034 (a)		156,107		141,147
Countrywide Home Loan Mortgage Pass Through Trust, Series 2003-49, Class A9, 5.25%, 12/19/2033 (a)		32,615		30,162
Credit Suisse Management LLC, Series 2002-AR31, Class 4A2, 6.25%, 11/25/2032 (a)		36,296		35,330
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR1, Class A2, 3.00%, 03/25/2043 (a)(b)		330,642		291,159
Fannie Mae Whole Loan, Series 2004-W3, Class A7, 5.50%, 05/25/2034		389,375		391,236
Federal Home Loan Mortgage Corp.
Series 2569, Class LD, 5.50%, 02/15/2033		28,485		28,699
Series 3622, Class WA, 5.50%, 09/15/2039		145,170		146,438
Series 3793, Class UA, 4.00%, 06/15/2033		29,613		28,339
Series 3827, Class HA, 3.50%, 11/15/2025		33,020		32,469
Series 3940, Class PD, 2.50%, 02/15/2041		90,924		86,569
Series 4077, Class AP, 4.00%, 01/15/2042		33,417		31,984
Series 4183, Class PA, 3.50%, 01/15/2043		27,454		26,785
Series 4566, Class CA, 3.00%, 01/15/2043		25,764		25,564
Series 4753, Class JA, 3.00%, 12/15/2047		1,007,918		893,019
Series 4760, Class A, 3.00%, 02/15/2048		636,173		588,399
Series 4960, Class PD, 2.00%, 10/25/2049		701,674		573,400
Series 5145, Class AB, 1.50%, 09/25/2049		1,230,116		954,333
Series 5206, Class DV, 3.50%, 06/25/2033		1,026,448		950,693
Series 5227, Class JQ, 4.00%, 04/25/2047		1,043,887		990,833
Series 5231, Class LV, 4.50%, 05/25/2052		1,079,505		1,034,050
Series 5252, Class BA, 4.00%, 02/25/2050		1,100,898		1,052,876
Federal National Mortgage Association
Series 2005-80, Class BA, 5.00%, 04/25/2029		20,370		20,203
Series 2009-96, Class DB, 4.00%, 11/25/2029		61,093		59,751
Series 2013-13, Class MA, 4.00%, 01/25/2043		226,350		214,866
Series 2014-80, Class KA, 2.00%, 03/25/2044		257,976		189,067
Series 2016-24, Class HA, 3.00%, 04/25/2044		54,612		52,191
Series 2016-49, Class LA, 3.50%, 01/25/2043		113,073		109,482
Series 2016-89, Class CG, 3.00%, 04/25/2046		108,474		97,729
Series 2017-105, Class N, 3.00%, 01/25/2048		1,238,944		1,080,191
Series 2017-22, Class EC, 3.00%, 06/25/2044		115,380		111,949
Series 2018-45, Class AB, 3.00%, 06/25/2048		204,835		178,477
Series 2019-33, Class N, 3.00%, 03/25/2048		262,085		240,321

The accompanying notes are an integral part of these financial statements.

9

OAKHURST FIXED INCOME FUND

Schedule of Investments (Continued)

February 29, 2024 (UNAUDITED)

	Par		Value
COLLATERALIZED MORTGAGE OBLIGATIONS — 27.1% (continued)
Series 2022-22, Class EV, 4.00%, 07/25/2033		736,145	$	697,024
Government National Mortgage Association
Series 2017-84, Class JD, 3.00%, 05/20/2047		36,187		31,738
Series 2018-6, Class JA, 2.75%, 01/20/2048		206,343		186,276
Series 2019-152, Class HA, 3.50%, 08/20/2049		142,215		134,351
Series 2019-61, Class KU, 3.50%, 05/20/2049		539,823		476,403
Series 2019-99, Class JC, 3.00%, 08/20/2049		72,143		63,941
Series 2020-122, Class DP, 2.50%, 07/20/2050		1,165,275		979,239
Series 2020-123, Class PB, 2.25%, 08/20/2050		573,581		460,063
Series 2020-133, Class A, 6.39%, 05/20/2050 (a)		237,853		240,639
Series 2020-133, Class HA, 3.50%, 09/20/2050		269,752		240,619
Series 2020-134, Class NP, 2.50%, 09/20/2050		896,238		733,613
Series 2020-183, Class AY, 2.00%, 11/20/2050		886,671		702,818
Series 2020-5, Class NA, 3.50%, 12/20/2049		216,153		196,388
Series 2020-78, Class CB, 5.00%, 09/20/2034		187,935		183,376
Series 2020-84, Class WA, 3.50%, 06/20/2050		161,989		144,787
Series 2020-95, Class NB, 4.50%, 07/20/2050		24,716		23,007
Series 2022-20, Class KA, 2.50%, 01/20/2052		1,087,685		946,379
Series 2022-24, Class BC, 4.00%, 02/20/2052		677,785		629,590
Series 2022-78, Class LA, 4.50%, 07/20/2050		919,607		895,848
GS Mortgage-Backed Securities Trust, Series 2021-PJ1, Class A4, 2.50%, 06/25/2051 (a)(b)		605,606		476,808
Harborview Mortgage Loan Trust
Series 2003-1, Class A, 5.62%, 05/19/2033 (a)		40,607		35,974
Series 2004-4, Class 2A, 5.99% (1 mo. Term SOFR + 0.67%), 06/19/2034 (a)		52,053		45,817
Impac CMB Trust, Series 2005-4, Class 2A1, 6.04% (1 mo. Term SOFR + 0.41%), 05/25/2035 (a)		278,661		257,476
Impac Funding Corp., Series 2003-3, Class A1, 5.20%, 08/25/2033 (a)		21,039		20,144
Impac Secured Assets CMN Owner Trust, Series 2006-1, Class 2A1, 6.14% (1 mo. Term SOFR + 0.81%), 05/25/2036 (a)		81,461		71,947
JP Morgan Mortgage Trust
Series 2003-A1, Class 1A1, 4.69%, 10/25/2033 (a)		61,446		55,804
Series 2004-A1, Class 4A1, 5.71%, 02/25/2034 (a)		51,593		50,454
Series 2004-A3, Class SF3, 5.24%, 06/25/2034 (a)		52,672		48,897
Series 2004-A4, Class 2A2, 5.30%, 09/25/2034 (a)		578,954		514,522
Series 2004-A5, Class 2A1, 5.87%, 12/25/2034 (a)		23,944		23,808
Series 2013-3, Class A3, 3.36%, 07/25/2043 (a)(b)		53,376		48,448
Series 2017-2, Class A3, 3.50%, 05/25/2047 (a)(b)		109,856		96,823
Series 2018-1, Class A7, 3.50%, 06/25/2048 (a)(b)		389,864		344,104
Mastr Adjustable Rate Mortgages Trust, Series 2003-3, Class 2A1, 5.82%, 09/25/2033 (a)		48,049		43,885
MASTR Asset Securitization Trust, Series 2004-1, Class 3A7, 5.25%, 01/25/2034		37,407		35,308

The accompanying notes are an integral part of these financial statements.

10

OAKHURST FIXED INCOME FUND

Schedule of Investments (Continued)

February 29, 2024 (UNAUDITED)

	Par		Value
COLLATERALIZED MORTGAGE OBLIGATIONS — 27.1% (continued)
Merrill Lynch Mortgage Investors, Inc.
Series 2004-A3, Class 1A, 4.26%, 05/25/2034 (a)		110,432	$	97,012
Series 2005-A1, Class 1A, 5.83%, 12/25/2034 (a)		221,963		210,929
MortgageIT Trust, Series 2004-1, Class A2, 6.34% (1 mo. Term SOFR + 1.01%), 11/25/2034 (a)		695,496		651,301
Nationstar Mortgage Loan Trust, Series 2013-A, Class A, 3.75%, 12/25/2052 (a)(b)		33,155		30,551
New Residential Mortgage Loan Trust, Series 2017-3A, Class A1, 4.00%, 04/25/2057 (a)(b)		190,317		180,026
RCKT Mortgage Trust, Series 2022-1, Class A5, 2.50%, 01/25/2052 (a)(b)		1,355,628		1,171,813
Rithm Capital Corp., Series 2015-2A, Class A2, 3.75%, 08/25/2055 (a)(b)		170,430		158,600
Sequoia Mortgage Trust
Series 2003-8, Class A1, 6.07% (1 mo. Term SOFR + 0.75%), 01/20/2034 (a)		166,804		155,521
Series 2004-6, Class A2, 5.99% (1 mo. Term SOFR + 0.67%), 07/20/2034 (a)		71,375		62,737
Series 2013-5, Class A1, 2.50%, 05/25/2043 (a)(b)		158,590		134,474
Series 2013-6, Class A2, 3.00%, 05/25/2043 (a)		191,234		166,995
Series 2018-5, Class A7, 3.50%, 05/25/2048 (a)(b)		720,067		636,825
Series 2019-2, Class A1, 4.00%, 06/25/2049 (a)(b)		538,511		493,680
Series 2019-4, Class A1, 3.50%, 11/25/2049 (a)(b)		529,774		465,972
Series 2020-4, Class A2, 2.50%, 11/25/2050 (a)(b)		546,966		442,585
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-1, Class 4A4, 6.91%, 02/25/2034 (a)		61,267		57,348
Structured Asset Mortgage Investments, Inc.
Series 2003-AR4, Class A1, 6.13% (1 mo. Term SOFR + 0.81%), 01/19/2034 (a)		25,956		24,248
Series 2004-AR4, Class 1A1, 6.13% (1 mo. Term SOFR + 0.81%), 12/19/2034 (a)		34,573		31,953
Series 2004-AR6, Class A1A, 6.13% (1 mo. Term SOFR + 0.81%), 02/19/2035 (a)		928,276		840,996
Structured Asset Securities Corp.
Series 2003-34A, Class 5A4, 6.59%, 11/25/2033 (a)		90,349		85,525
Series 2003-9A, Class 2A1, 6.78%, 03/25/2033 (a)		62,899		59,923
Terwin Mortgage Trust, Series 2004-1HE, Class M1, 6.56% (1 mo. Term SOFR + 1.24%), 02/25/2034 (a)(b)		301,936		284,235
WaMu Mortgage Pass Through Certificates
Series 2002-AR2, Class A, 4.38% (Enterprise 11th District COFI Replacement Index + 1.25%), 02/27/2034 (a)		85,002		79,299
Series 2003-AR7, Class A7, 5.58%, 08/25/2033 (a)		381,545		350,248
Series 2003-AR8, Class A, 5.55%, 08/25/2033 (a)		143,062		136,562
Series 2005-AR13, Class A1A3, 7.00% (1 mo. Term SOFR + 1.67%), 10/25/2045 (a)		127,609		122,958
Series 2005-AR2, Class 1A1A, 6.10% (1 mo. Term SOFR + 0.77%), 01/25/2045 (a)		887,251		863,910
Wells Fargo Alternative Loan Trust, Series 2002-1, Class 1A1, 6.25%, 08/25/2032		190,072		182,906
Wells Fargo Mortgage Backed Securities Trust, Series 2021-RR1, Class A3, 2.50%, 12/25/2050 (a)(b)		1,035,529		912,331
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $33,356,348)				30,222,565

The accompanying notes are an integral part of these financial statements.

11

OAKHURST FIXED INCOME FUND

Schedule of Investments (Continued)

February 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 26.6%
Communications — 2.3%
BellSouth LLC, 6.88%, 10/15/2031		895,000	$	947,310
Discovery Communications LLC, 5.00%, 09/20/2037		1,025,000		878,826
Paramount Global, 7.88%, 07/30/2030		765,000		781,114
				2,607,250
Consumer Discretionary — 2.2%
Fortune Brands Innovations, Inc., 5.88%, 06/01/2033		900,000		913,960
Genting New York LLC / GENNY Capital, Inc., 3.30%, 02/15/2026 (b)		825,000		769,680
United Airlines 2020-1 Class A Pass Through Trust, Series 2020-1, 5.88%, 10/15/2027		781,657		789,750
				2,473,390
Energy — 2.2%
Enbridge, Inc., 5.70%, 03/08/2033		904,000		914,515
Gray Oak Pipeline LLC, 3.45%, 10/15/2027 (b)		613,000		571,150
Phillips 66 Partners LP
3.55%, 10/01/2026		565,000		528,418
3.75%, 03/01/2028		515,000		451,403
				2,465,486
Financials — 11.2%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032		1,075,000		909,232
American Homes 4 Rent LP, 2.38%, 07/15/2031		928,000		747,868
Antares Holdings LP, 7.95%, 08/11/2028 (b)		800,000		827,311
Aviation Capital Group LLC, 6.38%, 07/15/2030 (b)		900,000		917,953
Bank of America Corp., 5.29% to 04/25/2033 then SOFR + 1.91%, 04/25/2034		905,000		892,102
Blackstone Private Credit Fund, 3.25%, 03/15/2027		975,000		892,166
Blue Owl Capital Corp., 2.63%, 01/15/2027		997,000		904,254
Bridge Housing Corp., 3.25%, 07/15/2030		1,002,000		859,683
Crown Castle, Inc., 5.10%, 05/01/2033		919,000		888,460
Fairfax Financial Holdings Ltd., 5.63%, 08/16/2032		904,000		890,347
First American Financial Corp., 4.00%, 05/15/2030		1,017,000		903,935
First-Citizens Bank & Trust Co., 2.97% to 09/27/2024 then 3 mo. Term SOFR + 1.72%, 09/27/2025		460,000		451,042
FS KKR Capital Corp., 3.40%, 01/15/2026		933,000		882,623
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 4.38%, 02/01/2029		750,000		631,961
Jackson Financial, Inc., 3.13%, 11/23/2031		1,100,000		909,897
				12,508,834

The accompanying notes are an integral part of these financial statements.

12

OAKHURST FIXED INCOME FUND

Schedule of Investments (Continued)

February 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 26.6% (continued)
Health Care — 1.4%
Bristol-Myers Squibb Co., 5.88%, 11/15/2036		485,000	$	511,740
CVS Pass-Through Trust, 6.94%, 01/10/2030		300,604		306,489
CVS Pass-Through Trust Series 2013, Series 2013, 4.70%, 01/10/2036 (b)		199,601		182,184
CVS Pass-Through Trust Series 2014, 4.16%, 08/11/2036 (b)		643,054		562,075
				1,562,488
Industrials — 1.3%
GE Capital Funding LLC, 4.40%, 05/15/2030		580,000		539,376
MasTec, Inc., 4.50%, 08/15/2028 (b)		975,000		914,458
				1,453,834
Technology — 3.2%
Hewlett Packard Enterprise Co., 6.20%, 10/15/2035		857,000		895,397
Leidos, Inc., 5.50%, 07/01/2033		950,000		919,225
NXP BV / NXP Funding LLC / NXP USA, Inc., 2.50%, 05/11/2031		1,067,000		882,913
TD SYNNEX Corp., 2.38%, 08/09/2028		1,019,000		887,839
				3,585,374
Utilities — 2.8%
Berkshire Hathaway Energy Co., 6.50%, 09/15/2037		800,000		869,116
Elwood Energy LLC, 8.16%, 07/05/2026		231,677		193,161
National Rural Utilities Cooperative Finance Corp., 8.00%, 03/01/2032		755,000		878,623
NSG Holdings LLC / NSG Holdings, Inc., 7.75%, 12/15/2025 (b)		220,315		219,850
Potomac Electric Power Co., 7.90%, 12/15/2038		780,000		986,670
				3,147,420
TOTAL CORPORATE BONDS (Cost $31,557,014)				29,804,076
U.S. TREASURY OBLIGATIONS — 26.1%
United States Treasury Note/Bond
5.25%, 02/15/2029		4,600,000		4,803,945
2.75%, 08/15/2032		3,835,000		3,421,988
4.13%, 11/15/2032		4,330,000		4,282,218
3.50%, 02/15/2033		4,800,000		4,525,781
3.88%, 08/15/2033		5,348,000		5,185,472
3.00%, 05/15/2042		4,699,000		3,808,209
2.50%, 02/15/2045		4,323,000		3,132,655
TOTAL U.S. TREASURY OBLIGATIONS (Cost $31,699,244)				29,160,268

The accompanying notes are an integral part of these financial statements.

13

OAKHURST FIXED INCOME FUND

Schedule of Investments (Continued)

February 29, 2024 (UNAUDITED)

	Par		Value
ASSET-BACKED SECURITIES — 7.7%
Air Canada, Series 2017-1, 3.55%, 01/15/2030 (b)		898,000	$	790,852
Alaska Airlines, Inc., Series A, 4.80%, 08/15/2027 (b)		1,012,269		984,360
American Airlines Group, Inc., Series AA, 3.15%, 02/15/2032		1,000,672		889,121
Countrywide Asset-Backed Certificates, Series 2004-6, Class 2A3, 6.64% (1 mo. Term SOFR + 1.31%), 11/25/2034 (a)		148,892		145,061
DB Master Finance Parent LLC, Series 2021-1A, Class A2II, 2.49%, 11/20/2051 (b)		1,058,633		934,253
Flagship Credit Auto Trust, Series 2020-4, Class D, 2.18%, 02/16/2027 (b)		735,000		698,376
GLS Auto Receivables Trust, Series 2020-1A, Class C, 2.72%, 11/17/2025 (b)		90,199		90,075
Impac CMB Trust, Series 2007-A, Class M1, 6.24% (1 mo. Term SOFR + 0.91%), 05/25/2037 (a)(b)		248,525		232,089
Jack in the Box, Inc., Series 2022-1A, Class A2I, 3.45%, 02/26/2052 (b)		854,400		792,006
Long Beach Mortgage Loan Trust, Series 2004-4, Class 1A1, 6.00% (1 mo. Term SOFR + 0.67%), 10/25/2034 (a)		726,683		694,308
SBA Depositor LLC
Series 2020-1-2, 1.88%, 01/15/2026 (b)		1,050,000		979,055
Series 2020-1-2, 2.33%, 01/15/2028 (b)		10,000		8,773
Verizon Master Trust, Series 2023-6, Class A, 5.35%, 09/22/2031 (b)		750,000		763,849
World Omni Select Auto Trust, Series 2021-A, Class C, 1.09%, 11/15/2027		695,000		649,713
TOTAL ASSET-BACKED SECURITIES (Cost $8,859,475)				8,651,891
MORTGAGE-BACKED SECURITIES — 5.9%
Federal Home Loan Mortgage Corp.
Pool C91859, 3.50%, 12/01/2035		204,838		194,096
Pool SB8257, 5.50%, 09/01/2038		1,032,958		1,036,363
Pool SD3386, 5.50%, 07/01/2053		1,464,709		1,448,899
Federal National Mortgage Association
Pool FM5329, 2.00%, 01/01/2031		472,779		438,773
Pool FS0862, 2.50%, 12/01/2036		869,432		797,104
Pool FS4239, 5.00%, 03/01/2053		1,297,418		1,258,884
Pool FS4522, 5.00%, 05/01/2053		996,017		966,808
Pool FS5649, 5.50%, 08/01/2053		390,127		385,974
Pool MA0584, 4.50%, 10/01/2040		9,014		8,494
Pool MA1201, 3.50%, 10/01/2032		83,214		79,416
TOTAL MORTGAGE-BACKED SECURITIES (Cost $6,722,461)				6,614,811

The accompanying notes are an integral part of these financial statements.

14

OAKHURST FIXED INCOME FUND

Schedule of Investments (CONCLUDED)

February 29, 2024 (UNAUDITED)

	Par		Value
U.S. GOVERNMENT AGENCY ISSUES — 3.0%
United States of America
1.15%, 08/12/2030		2,000,000	$	1,616,582
4.65%, 06/15/2035		1,100,000		1,098,644
2.40%, 03/24/2036		900,000		690,574
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $3,882,870)				3,405,800
CONVERTIBLE BONDS — 0.8%
Financials — 0.8%
PennyMac Corp., 5.50%, 11/01/2024		900,000		889,875
TOTAL CONVERTIBLE BONDS (Cost $905,410)				889,875

	Shares		Value
SHORT-TERM INVESTMENTS — 2.8%
Money Market Funds — 2.8%
Invesco Treasury Portfolio - Class Institutional, 5.24%(c)		3,173,422	$	3,173,422
TOTAL SHORT-TERM INVESTMENTS (Cost $3,173,422)				3,173,422
TOTAL INVESTMENTS — 100.0% (Cost $120,156,244)			$	111,922,708
Liabilities in Excess of Other Assets — 0.0%(d)				(2,935	)
TOTAL NET ASSETS — 100.0%			$	111,919,773

Percentages are stated as a percent of net assets.

SOFR - Secured Overnight Financing Rate

^(a) 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 29, 2024.

^(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 29, 2024, the value of these securities total $17,406,783 or 15.6% of the Fund’s net assets.

^(c) The rate shown represents the 7-day effective yield as of February 29, 2024.

^(d) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

15

OAKHURST SHORT DURATION BOND FUND

Schedule of Investments

February 29, 2024 (UNAUDITED)

	Par		Value
COLLATERALIZED MORTGAGE OBLIGATIONS — 43.3%
American Home Mortgage Investment Trust, Series 2004-3, Class 4A, 4.48% (6 mo. Term SOFR + 1.93%), 10/25/2034 (a)		83,654	$	83,103
Citigroup Financial Products, Inc., Series 2005-6, Class A1, 7.56% (1 Year CMT Rate + 2.10%), 09/25/2035 (a)		81,807		80,459
Credit Suisse Management LLC, Series 2004-6, Class 2A1, 4.75%, 09/25/2019		12,056		2
Federal Home Loan Mortgage Corp.
Series 2580, Class PY, 4.00%, 03/15/2033		9,379		8,840
Series 3597, Class LH, 4.50%, 07/15/2039		113,029		110,379
Series 3664, Class DA, 4.00%, 11/15/2037		272,937		266,556
Series 4312, Class GA, 2.50%, 12/15/2041		46,135		43,913
Series 4319, Class PM, 3.00%, 03/15/2043		416,924		399,740
Series 4570, Class PA, 3.00%, 03/15/2044		360,757		339,379
Series 4768, Class E, 3.50%, 09/15/2042		194,895		191,524
Series 4938, Class BL, 2.25%, 07/25/2049		394,564		336,128
Series 4960, Class PD, 2.00%, 10/25/2049		233,891		191,133
Federal National Mortgage Association
Series 2005-109, Class PC, 6.00%, 12/25/2035		33,106		33,112
Series 2005-80, Class BA, 5.00%, 04/25/2029		71,296		70,711
Series 2008-17, Class PA, 4.50%, 10/25/2037		83,451		81,737
Series 2008-49, Class PA, 5.00%, 04/25/2038		76,043		73,420
Series 2009-94, Class DA, 4.50%, 10/25/2039		161,297		158,453
Series 2010-112, Class CY, 4.00%, 10/25/2025		16,924		16,780
Series 2012-136, Class PD, 2.50%, 11/25/2042		197,636		187,434
Series 2012-41, Class BA, 2.50%, 04/25/2027		199,308		191,815
Series 2013-82, Class BP, 2.75%, 12/25/2042		300,700		276,627
Series 2014-80, Class KA, 2.00%, 03/25/2044		79,992		58,626
Series 2016-72, Class AP, 3.00%, 07/25/2044		82,442		77,265
Series 2018-14, Class PA, 3.50%, 04/25/2047		324,958		305,333
Government National Mortgage Association
Series 2011-26, Class PA, 4.00%, 07/20/2040		8,170		8,131
Series 2018-131, Class PG, 3.00%, 09/20/2048		85,167		75,841
Series 2019-152, Class HA, 3.50%, 08/20/2049		140,615		132,839
Series 2019-24, Class PE, 3.25%, 02/20/2049		187,790		170,752
Series 2019-65, Class EB, 3.00%, 05/20/2049		168,531		145,721
Series 2020-95, Class NB, 4.50%, 07/20/2050		69,296		64,505
GSR Mortgage Loan Trust
Series 2003-13, Class 1A1, 5.61%, 10/25/2033 (a)		72,693		70,466
Series 2003-7F, Class 1A4, 5.25%, 06/25/2033		149,770		146,987

The accompanying notes are an integral part of these financial statements.

16

OAKHURST SHORT DURATION BOND FUND

Schedule of Investments (Continued)

February 29, 2024 (UNAUDITED)

	Par		Value
COLLATERALIZED MORTGAGE OBLIGATIONS — 43.3% (continued)
Series 2004-10F, Class 7A1, 5.50%, 09/25/2034		17,083	$	16,380
Series 2005-5F, Class 8A2, 5.50% (1 mo. Term SOFR + 0.61%), 06/25/2035 (a)		40,429		37,974
Series 2005-AR6, Class 1A1, 5.98%, 09/25/2035 (a)		6,165		6,068
Impac CMB Trust, Series 2005-4, Class 2A1, 6.04% (1 mo. Term SOFR + 0.41%), 05/25/2035 (a)		166,863		154,177
JP Morgan Mortgage Trust
Series 2018-1, Class A7, 3.50%, 06/25/2048 (a)(b)		493,828		435,865
Series 2018-8, Class A3, 4.00%, 01/25/2049 (a)(b)		88,106		80,420
Mastr Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 5.95%, 04/21/2034 (a)		86,215		81,421
Series 2004-6, Class 4A6, 5.59%, 07/25/2034 (a)		142,570		141,507
MASTR Alternative Loans Trust, Series 2003-1, Class 2A1, 6.50%, 01/25/2033		224,401		222,453
MASTR Asset Securitization Trust, Series 2003-11, Class 7A5, 5.25%, 12/25/2033		181,182		173,991
Mastr Seasoned Securities Trust, Series 2005-1, Class 1A1, 5.82%, 09/25/2032 (a)		331,228		322,942
MortgageIT Trust
Series 2004-2, Class M1, 6.26% (1 mo. Term SOFR + 0.94%), 12/25/2034 (a)		421,182		396,125
Series 2005-5, Class A1, 5.96% (1 mo. Term SOFR + 0.63%), 12/25/2035 (a)		321,063		309,075
Nationstar Mortgage Loan Trust, Series 2013-A, Class A, 3.75%, 12/25/2052 (a)(b)		215,506		198,581
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 3A3, 5.95%, 09/25/2034 (a)		17,673		17,020
Structured Asset Mortgage Investments, Inc.
Series 2004-AR3, Class 1A1, 6.03% (1 mo. Term SOFR + 0.71%), 07/19/2034 (a)		529,724		473,966
Series 2004-AR6, Class A1A, 6.13% (1 mo. Term SOFR + 0.81%), 02/19/2035 (a)		319,331		289,306
Structured Asset Securities Corp., Series 2003-34A, Class 3A4, 5.72%, 11/25/2033 (a)		42,293		41,406
Thornburg Mortgage Securities Trust, Series 2003-4, Class A1, 6.08% (1 mo. Term SOFR + 0.75%), 09/25/2043 (a)		342,692		319,273
WaMu Mortgage Pass Through Certificates
Series 2002-AR2, Class A, 4.38% (Enterprise 11th District COFI Replacement Index + 1.25%), 02/27/2034 (a)		15,455		14,418
Series 2003-AR7, Class A7, 5.58%, 08/25/2033 (a)		89,982		82,601
Series 2003-AR8, Class A, 5.55%, 08/25/2033 (a)		62,905		60,047
Wells Fargo Mortgage Backed Securities Trust
Series 2004-K, Class 2A6, 5.74%, 07/25/2034 (a)		210,949		211,399
Series 2004-K, Class 2A12, 5.74%, 07/25/2034 (a)		8,754		8,772
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $9,192,564)				8,492,898

The accompanying notes are an integral part of these financial statements.

17

OAKHURST SHORT DURATION BOND FUND

Schedule of Investments (Continued)

February 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 32.8%
Communications — 2.2%
Discovery Communications LLC, 3.45%, 03/15/2025		250,000	$	244,134
TFCF America, Inc., 3.70%, 09/15/2024		200,000		196,599
				440,733
Consumer Discretionary — 4.0%
Macmillan Bloedel Pembroke LP, 7.70%, 02/15/2026		250,000		260,219
Southwest Airlines Co., 5.25%, 05/04/2025		285,000		284,239
United Airlines 2020-1 Class B Pass Through Trust, Series B, 4.88%, 01/15/2026		233,520		230,261
				774,719
Energy — 2.9%
El Paso Natural Gas Co. LLC, 7.50%, 11/15/2026		269,000		284,023
Phillips 66 Partners LP, 3.61%, 02/15/2025		293,000		285,423
				569,446
Financials — 14.6%
Ally Financial, Inc., 5.80%, 05/01/2025		285,000		284,581
American Tower Corp., 4.00%, 06/01/2025		290,000		284,445
Antares Holdings LP, 8.50%, 05/18/2025 (b)		275,000		278,833
Ares Capital Corp., 4.25%, 03/01/2025		295,000		289,336
Aviation Capital Group LLC, 4.13%, 08/01/2025 (b)		295,000		286,766
Blue Owl Capital Corp., 3.75%, 07/22/2025		300,000		289,079
Fidelity & Guaranty Life Holdings, Inc., 5.50%, 05/01/2025 (b)		290,000		286,401
Goldman Sachs BDC, Inc., 3.75%, 02/10/2025		290,000		284,170
Goldman Sachs Group, Inc., 3.50%, 01/23/2025		290,000		285,037
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 4.75%, 09/15/2024		290,000		288,444
				2,857,092
Health Care — 1.5%
CVS Pass-Through Trust, 6.04%, 12/10/2028		287,110		288,818
Industrials — 2.2%
GE Capital Funding LLC, 4.05%, 05/15/2027		200,000		192,035
Ryder System, Inc., 4.63%, 06/01/2025		250,000		247,698
				439,733
Technology — 2.8%
Leidos, Inc., 3.63%, 05/15/2025		295,000		288,236
TD SYNNEX Corp., 1.25%, 08/09/2024		259,000		253,865
				542,101

The accompanying notes are an integral part of these financial statements.

18

OAKHURST SHORT DURATION BOND FUND

Schedule of Investments (Continued)

February 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 32.8% (continued)
Utilities — 2.6%
Elwood Energy LLC, 8.16%, 07/05/2026		210,456	$	175,468
NSG Holdings LLC / NSG Holdings, Inc., 7.75%, 12/15/2025 (b)		70,362		70,213
PacifiCorp, 6.71%, 01/15/2026		270,000		273,734
				519,415
TOTAL CORPORATE BONDS (Cost $6,605,647)				6,432,057
ASSET-BACKED SECURITIES — 11.8%
Accredited Mortgage Loan Trust, Series 2004-3, Class 2A2, 6.64% (1 mo. Term SOFR + 1.31%), 10/25/2034 (a)		55,000		54,001
ACE Securities Corp., Series 2003-NC1, Class A2A, 6.28% (1 mo. Term SOFR + 0.95%), 07/25/2033 (a)		234,621		210,221
American Airlines Group, Inc., Series 2013-1, 4.00%, 07/15/2025		368,438		355,841
Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class A2, 3.49% (1 mo. Term SOFR + 0.89%), 10/25/2034 (a)		213,720		205,083
Carvana Auto Receivables Trust
Series 2021-N1, Class B, 1.09%, 01/10/2028		226,782		215,604
Series 2021-P2, Class A4, 0.80%, 01/10/2027		310,000		294,532
Countrywide Asset-Backed Certificates, Series 2004-6, Class 2A3, 6.64% (1 mo. Term SOFR + 1.31%), 11/25/2034 (a)		152,019		148,107
DB Master Finance Parent LLC, Series 2021-1A, Class A2I, 2.05%, 11/20/2051 (b)		278,588		254,017
Delta Air Lines, Inc., Series 2019-1, 3.40%, 04/25/2024		146,000		145,149
OneMain Holdings, Inc., Series 2006-1, Class A5, 5.75%, 12/25/2035 (a)(b)		1,001		1,056
SBA Depositor LLC, Series 2020-1-2, 1.88%, 01/15/2026 (b)		250,000		233,108
Soundview Home Equity Loan Trust, Series 2003-2, Class A2, 6.74% (1 mo. Term SOFR + 1.41%), 11/25/2033 (a)		192,495		192,353
TOTAL ASSET-BACKED SECURITIES (Cost $2,323,457)				2,309,072
U.S. TREASURY OBLIGATIONS — 7.6%
United States Treasury Note/Bond
4.00%, 02/15/2026		500,000		493,984
4.63%, 11/15/2026		1,000,000		1,003,516
TOTAL U.S. TREASURY OBLIGATIONS (Cost $1,503,423)				1,497,500
CONVERTIBLE BONDS — 1.5%
Financials — 1.5%
PennyMac Corp., 5.50%, 11/01/2024		290,000		286,738
TOTAL CONVERTIBLE BONDS (Cost $291,749)				286,738

The accompanying notes are an integral part of these financial statements.

19

OAKHURST SHORT DURATION BOND FUND

Schedule of Investments (CONCLUDED)

February 29, 2024 (UNAUDITED)

	Par		Value
MORTGAGE-BACKED SECURITIES — 1.1%
Federal Home Loan Mortgage Corp., Pool J12630, 4.00%, 07/01/2025		55,743	$	55,150
Federal National Mortgage Association
Pool AL0300, 4.50%, 06/01/2026		44,772		44,632
Pool AL4309, 4.00%, 10/01/2028		116,704		114,484
TOTAL MORTGAGE-BACKED SECURITIES (Cost $219,895)				214,266

	Shares		Value
SHORT-TERM INVESTMENTS — 1.6%
Money Market Funds — 1.6%
Invesco Treasury Portfolio - Class Institutional, 5.24% (c)		316,927	$	316,927
TOTAL SHORT-TERM INVESTMENTS (Cost $316,927)				316,927
TOTAL INVESTMENTS — 99.7% (Cost $20,453,662)			$	19,549,458
Other Assets in Excess of Liabilities — 0.3%				57,251
TOTAL NET ASSETS — 100.0%			$	19,606,709

Percentages are stated as a percent of net assets.

SOFR - Secured Overnight Financing Rate

^(a) 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 29, 2024.

^(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 29, 2024, the value of these securities total $2,125,260 or 10.8% of the Fund’s net assets.

^(c) The rate shown represents the 7-day effective yield as of February 29, 2024.

The accompanying notes are an integral part of these financial statements.

20

OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND

Schedule of Investments

February 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 94.5%
Communications — 4.0%
Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 (a)		250,000	$	236,140
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc.
4.45%, 04/01/2024		335,000		318,629
3.95%, 01/15/2025		438,000		371,753
Uber Technologies, Inc., 6.25%, 01/15/2028 (a)		515,000		516,127
				1,442,649
Consumer Discretionary — 16.7%
Caesars Entertainment, Inc., 8.13%, 07/01/2027 (a)		560,000		575,343
Carnival Corp., 7.63%, 03/01/2026 (a)		695,000		704,051
Ford Motor Credit Co. LLC, 4.27%, 01/09/2027		325,000		311,339
Garda World Security Corp., 4.63%, 02/15/2027 (a)		515,000		492,412
Genting New York LLC / GENNY Capital, Inc., 3.30%, 02/15/2026 (a)		550,000		513,120
MGM Resorts International, 5.50%, 04/15/2027		625,000		612,710
NCL Corp. Ltd., 3.63%, 12/15/2024 (a)		512,000		504,598
Prime Security Services Borrower LLC / Prime Finance, Inc., 5.75%, 04/15/2026 (a)		520,000		515,949
Rakuten Group, Inc., 11.25%, 02/15/2027 (a)		500,000		532,464
United Airlines 2020-1 Class B Pass Through Trust, Series B, 4.88%, 01/15/2026		583,800		575,652
White Cap Parent LLC, 8.25% (9.00% PIK), 03/15/2026 (a)		750,000		743,708
				6,081,346
Consumer Staples — 5.4%
B&G Foods, Inc., 5.25%, 09/15/2027		750,000		698,260
Coty, Inc., 6.50%, 04/15/2026 (a)		578,000		577,907
Energizer Holdings, Inc., 6.50%, 12/31/2027 (a)		708,000		702,562
				1,978,729
Energy — 12.4%
Antero Midstream Partners LP / Antero Midstream Finance Corp., 5.75%, 03/01/2027 (a)		585,000		572,792
Ascent Resources Utica Holdings LLC / ARU Finance Corp., 7.00%, 11/01/2026 (a)		693,000		693,085
Energy Transfer LP, 5.63%, 05/01/2027 (a)		495,000		490,983
Howard Midstream Energy Partners LLC, 6.75%, 01/15/2027 (a)		723,000		720,896
New Fortress Energy, Inc., 6.50%, 09/30/2026 (a)		685,000		663,169
Phillips 66 Partners LP
3.61%, 02/15/2025		70,000		68,190
3.75%, 03/01/2028		55,000		48,208
SM Energy Co., 6.63%, 01/15/2027		663,000		660,888
Sunnova Energy Corp., 5.88%, 09/01/2026 (a)		730,000		594,165
				4,512,376

The accompanying notes are an integral part of these financial statements.

21

OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND

Schedule of Investments (Continued)

February 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 94.5% (continued)
Financials — 32.3%(b)
Acrisure LLC / Acrisure Finance, Inc., 10.13%, 08/01/2026 (a)		675,000	$	702,340
Ally Financial, Inc., 5.75%, 11/20/2025		600,000		597,096
Antares Holdings LP, 2.75%, 01/15/2027 (a)		475,000		423,280
BGC Group, Inc., 8.00%, 05/25/2028		500,000		528,842
Block, Inc., 2.75%, 06/01/2026		555,000		518,323
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 5.75%, 05/15/2026 (a)		593,000		572,493
Burford Capital Global Finance LLC, 6.25%, 04/15/2028 (a)		750,000		721,649
First-Citizens Bank & Trust Co., 2.97% to 09/27/2024 then 3 mo. Term SOFR + 1.72%, 09/27/2025		380,000		372,600
Fly Leasing Ltd., 7.00%, 10/15/2024 (a)		750,000		736,436
Fortress Transportation and Infrastructure Investors LLC, 9.75%, 08/01/2027 (a)		375,000		389,059
HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 06/15/2026 (a)		275,000		257,540
HUB International Ltd., 5.63%, 12/01/2029 (a)		730,000		678,369
Jefferson Capital Holdings LLC, 6.00%, 08/15/2026 (a)		550,000		528,479
MBIA, Inc., 7.00%, 12/15/2025		675,000		662,526
Midcap Financial Issuer Trust, 6.50%, 05/01/2028 (a)		750,000		687,383
Navient Corp., 5.00%, 03/15/2027		530,000		503,112
New York Community Bancorp, Inc., 8.33% (3 mo. Term SOFR + 3.04%), 11/06/2028 (c)		543,000		452,194
Rithm Capital Corp., 6.25%, 10/15/2025 (a)		675,000		666,887
SBA Communications Corp., 3.88%, 02/15/2027		274,000		258,798
StoneX Group, Inc., 8.63%, 06/15/2025 (a)		700,000		704,961
United Wholesale Mortgage LLC, 5.50%, 11/15/2025 (a)		493,000		485,026
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 10.50%, 02/15/2028 (a)		250,000		259,393
				11,706,786
Health Care — 5.8%
Heartland Dental LLC / Heartland Dental Finance Corp., 8.50%, 05/01/2026 (a)		803,000		792,465
Prime Healthcare Services, Inc., 7.25%, 11/01/2025 (a)		736,000		733,890
Tenet Healthcare Corp., 4.63%, 06/15/2028		620,000		590,805
				2,117,160
Industrials — 5.2%
Bombardier, Inc., 7.88%, 04/15/2027 (a)		602,000		603,141
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 02/01/2026 (a)		720,000		708,066
RXO, Inc., 7.50%, 11/15/2027 (a)		550,000		568,460
				1,879,667

The accompanying notes are an integral part of these financial statements.

22

OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND

Schedule of Investments (Continued)

February 29, 2024 (UNAUDITED)

	Par		Value
CORPORATE BONDS — 94.5% (continued)
Materials — 4.8%
Arsenal AIC Parent LLC, 11.50%, 10/01/2031 (a)		510,000	$	561,688
Clearwater Paper Corp., 4.75%, 08/15/2028 (a)		725,000		672,200
First Quantum Minerals Ltd., 7.50%, 04/01/2025 (a)		525,000		525,000
				1,758,888
Technology — 5.7%
Cloud Software Group, Inc., 6.50%, 03/31/2029 (a)		533,000		496,774
Gen Digital, Inc., 6.75%, 09/30/2027 (a)		645,000		648,938
MicroStrategy, Inc., 6.13%, 06/15/2028 (a)		250,000		241,324
Sabre GLBL, Inc., 11.25%, 12/15/2027 (a)		710,000		666,956
				2,053,992
Utilities — 2.2%
Elwood Energy LLC, 8.16%, 07/05/2026		597,026		497,771
NSG Holdings LLC / NSG Holdings, Inc., 7.75%, 12/15/2025 (a)		292,086		291,470
				789,241
TOTAL CORPORATE BONDS (Cost $34,471,820)				34,320,834
ASSET-BACKED SECURITIES — 1.7%
United Airlines, Inc., Series 2016-1B, 3.65%, 01/07/2026		656,250		623,705
TOTAL ASSET-BACKED SECURITIES (Cost $607,442)				623,705
CONVERTIBLE BONDS — 1.6%
Financials — 1.6%
PennyMac Corp., 5.50%, 11/01/2024		590,000		583,363
TOTAL CONVERTIBLE BONDS (Cost $586,113)				583,363

The accompanying notes are an integral part of these financial statements.

23

OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND

Schedule of Investments (CONCLUDED)

February 29, 2024 (UNAUDITED)

	Shares		Value
SHORT-TERM INVESTMENTS — 0.8%
Money Market Funds — 0.8%
Invesco Treasury Portfolio - Class Institutional, 5.24% (d)		307,048	$	307,048
TOTAL SHORT-TERM INVESTMENTS (Cost $307,048)				307,048
TOTAL INVESTMENTS — 98.6% (Cost $35,972,423)			$	35,834,950
Other Assets in Excess of Liabilities — 1.4%				518,679
TOTAL NET ASSETS — 100.0%			$	36,353,629

Percentages are stated as a percent of net assets.

PIK - Payment In Kind

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 29, 2024, the value of these securities total $25,673,138 or 70.6% of the Fund’s net assets.

^(b) 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.

^(c) Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of February 29, 2024.

^(d) The rate shown represents the 7-day effective yield as of February 29, 2024.

The accompanying notes are an integral part of these financial statements.

24

Oakhurst Mutual Funds

Statements of Assets and Liabilities

February 29, 2024 (UNAUDITED)

	Oakhurst Fixed Income Fund			Oakhurst Short Duration Bond Fund			Oakhurst Short Duration High Yield Credit Fund
ASSETS
Investments at value (cost $116,982,822, $20,136,735, and $35,665,375, respectively)	$	108,749,286		$	19,232,531		$	35,527,902
Short-term investments, at value (cost $3,173,422 and $316,927, and $307,048, respectively)		3,173,422			316,927			307,048
Receivable for:
Due from Adviser (Note 2)		—			28,957			7,217
Dividends and interest		669,082			126,679			656,097
Capital shares sold		209,711			—			—
Prepaid and other expenses		971			—			3,786
Total assets		112,802,472			19,705,094			36,502,050
LIABILITIES
Payables for:
Investments purchased		463,238			—			—
Capital shares redeemed		244,597			55,639			108,597
Dividends		120,646			1,213			6,986
Administration and accounting fees		21,595			15,135			8,368
Professional fees		9,617			9,330			9,713
Advisory fees		7,203			—			—
Other accrued expenses and liabilities		15,803			17,068			14,757
Total liabilities		882,699			98,385			148,421
Net assets		111,919,773			19,606,709			36,353,629
NET ASSETS CONSIST OF:
Par value	$	12,956		$	2,113		$	4,131
Paid-in capital		128,207,856			25,299,949			48,568,514
Total distributable earnings/(loss)		(16,301,039	)		(5,695,353	)		(12,219,016	)
Net assets	$	111,919,773		$	19,606,709		$	36,353,629
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		12,956,283			2,113,104			4,130,889
Net asset value, offering and redemption price per share	$	8.64		$	9.28		$	8.80

The accompanying notes are an integral part of these financial statements.

25

Oakhurst Mutual Funds

Statements of Operations

FOR THE SIX MONTHS ENDED February 29, 2024 (UNAUDITED)

	Oakhurst Fixed Income Fund			Oakhurst Short Duration Bond Fund			Oakhurst Short Duration High Yield Credit Fund
INVESTMENT INCOME
Interest	$	2,549,858		$	541,823		$	1,413,103
Total investment income		2,549,858			541,823			1,413,103
EXPENSES
Advisory fees (Note 2)	$	275,469		$	42,595		$	147,535
Administration and accounting fees (Note 2)		57,629			28,721			37,336
Transfer agent fees (Note 2)		27,702			15,681			12,460
Custodian fees (Note 2)		8,934			5,379			2,694
Audit and tax service fees		7,355			10,772			9,064
Registration and filing fees		6,885			8,030			5,470
Director fees		5,788			5,788			—
Legal fees		5,745			5,344			1,635
Printing and shareholder reporting fees		5,130			5,879			3,774
Other expenses		30,982			18,498			23,187
Total expenses before waivers and reimbursments		431,619			146,687			243,155
Less: waivers and reimbursemets (Note 2)		(108,495	)		(73,666	)		(56,278	)
Net expenses after waivers and reimbursments		323,124			73,021			186,877
Net investment income/(loss)		2,226,734			468,802			1,226,226
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments		(1,748,943	)		(310,503	)		(368,682	)
Net change in unrealized appreciation/(depreciation) on
investments		2,518,106			593,393			1,254,996
Net realized and unrealized gain/(loss) from investments		769,163			282,890			886,314
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,995,897		$	751,692		$	2,112,540

The accompanying notes are an integral part of these financial statements.

26

OAKHURST FIXED INCOME FUND

Statements of Changes in Net Assets

	Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	2,226,734		$	3,756,470
Net realized gain/(loss) on investments		(1,748,943	)		(4,450,490	)
Net change in unrealized appreciation/(depreciation) on investments		2,518,106			50,843
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		2,995,897			(643,177	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(2,239,363	)		(3,883,963	)
Net decrease in net assets from dividends and distributions to shareholders		(2,239,363	)		(3,883,963	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		20,919,558			35,053,632
Reinvestment of distributions		1,214,935			2,486,866
Shares redeemed		(26,379,249	)		(37,015,263	)
Net increase/(decrease) in net assets from capital share transactions		(4,244,756	)		525,235
Total increase/(decrease) in net assets		(3,488,222	)		(4,001,905	)
NET ASSETS:
Beginning of period		115,407,995			119,409,900
End of period	$	111,919,773		$	115,407,995
SHARE TRANSACTIONS:
Shares sold		2,446,313			4,050,926
Shares reinvested		141,418			288,571
Shares redeemed		(3,106,847	)		(4,287,559	)
Net increase/(decrease) in shares outstanding		(519,116	)		51,938

The accompanying notes are an integral part of these financial statements.

27

OAKHURST SHORT DURATION BOND FUND

Statements of Changes in Net Assets

	Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	468,802		$	1,336,521
Net realized gain/(loss) on investments		(310,503	)		(2,021,832	)
Net change in unrealized appreciation/(depreciation) on investments		593,393			1,307,819
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		751,692			622,508
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(473,070	)		(1,417,288	)
Net decrease in net assets from dividends and distributions to shareholders		(473,070	)		(1,417,288	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,391,603			7,798,441
Reinvestment of distributions		371,052			1,398,059
Shares redeemed		(9,543,823	)		(39,080,692	)
Net increase/(decrease) in net assets from capital share transactions		(7,781,168	)		(29,884,192	)
Total increase/(decrease) in net assets		(7,502,546	)		(30,678,972	)
NET ASSETS:
Beginning of period		27,109,255			57,788,227
End of period	$	19,606,709		$	27,109,255
SHARE TRANSACTIONS:
Shares sold		150,859			852,160
Shares reinvested		40,204			152,703
Shares redeemed		(1,029,746	)		(4,257,943	)
Net increase/(decrease) in shares outstanding		(838,683	)		(3,253,080	)

The accompanying notes are an integral part of these financial statements.

28

OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND

Statements of Changes in Net Assets

	Six Months Ended February 29, 2024 (Unaudited)			Year Ended August 31, 2023
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	1,226,226		$	3,341,257
Net realized gain/(loss) on investments		(368,682	)		(8,762,831	)
Net change in unrealized appreciation/(depreciation) on investments		1,254,996			7,335,135
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		2,112,540			1,913,561
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(1,235,104	)		(3,364,705	)
Net decrease in net assets from dividends and distributions to shareholders		(1,235,104	)		(3,883,963	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,294,106			10,876,689
Reinvestment of distributions		976,157			3,291,666
Shares redeemed		(11,573,235	)		(35,451,954	)
Net increase/(decrease) in net assets from capital share transactions		(8,302,972	)		(21,283,599	)
Total increase/(decrease) in net assets		(7,425,536	)		(22,734,743	)
NET ASSETS:
Beginning of period		43,779,165			66,513,908
End of period	$	36,353,629		$	43,779,165
SHARE TRANSACTIONS:
Shares sold		264,012			1,263,476
Shares reinvested		112,195			384,295
Shares redeemed		(1,337,695	)		(4,118,132	)
Net increase/(decrease) in shares outstanding		(961,488	)		(2,470,361	)

The accompanying notes are an integral part of these financial statements.

29

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 29,			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,
	2024(1) (Unaudited)			2023			2022			2021			2020			2019
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	8.56		$	8.90		$	10.28		$	10.40		$	10.10		$	9.60
Net investment income/(loss)(3)		0.17			0.27			0.19			0.15			0.22			0.28
Net realized and unrealized gain/(loss) from investments		0.08			(0.33	)		(1.26	)		—	(2)		0.32			0.51
Net increase/(decrease) in net assets resulting from operations		0.25			(0.06	)		(1.07	)		0.15			0.54			0.79
Dividends and distributions to shareholders from:
Net investment income		(0.17	)		(0.28	)		(0.22	)		(0.21	)		(0.24	)		(0.29	)
Net realized gains on investments		—			—			(0.09	)		(0.06	)		—			—
Total distributions		(0.17	)		(0.28	)		(0.31	)		(0.27	)		(0.24	)		(0.29	)
Net asset value, end of period	$	8.64		$	8.56		$	8.90		$	10.28		$	10.40		$	10.10
Total investment return/(loss)(4)		3.00	%(5)		(0.62	)%		(10.59	)%		1.42	%		5.45	%		8.42	%
RATIOS/SUPPLEMENTAL DATA
Net assets at end of period (000’s omitted)	$	111,920		$	115,408		$	119,410		$	126,210		$	96,428		$	76,637
Ratio of expenses to average net assets with waivers and/or reimbursements		0.59	%(6)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of expenses to average net assets without waivers and reimbursements		0.78	%(6)		0.78	%		0.84	%		0.80	%		0.87	%		0.94	%
Ratio of net investment income/(loss) to average net assets with waviers		4.05	%(6)		3.16	%		1.97	%		1.45	%		2.20	%		2.92	%
Portfolio turnover rate		17	%(5)		36	%		48	%		52	%		43	%		36	%

⁽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.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

The accompanying notes are an integral part of these financial statements.

30

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 29,			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,
	2024(1) (Unaudited)			2023			2022			2021			2020			2019
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	9.18		$	9.31		$	9.99		$	9.98		$	9.94		$	9.80
Net investment income/(loss)(2)		0.18			0.31			0.14			0.15			0.22			0.24
Net realized and unrealized gain/(loss) from investments		0.10			(0.11	)		(0.60	)		0.07			0.07			0.18
Net increase/(decrease) in net assets resulting from operations		0.28			0.20			(0.46	)		0.22			0.29			0.42
Dividends and distributions to shareholders from:
Net investment income		(0.18	)		(0.33	)		(0.22	)		(0.21	)		(0.25	)		(0.28	)
Net asset value, end of period	$	9.28		$	9.18		$	9.31		$	9.99		$	9.98		$	9.94
Total investment return/(loss)(3)		3.13	%(4)		2.23	%		(4.65	)%		2.26	%		2.95	%		4.31	%
RATIOS/SUPPLEMENTAL DATA
Net assets at end of period (000’s omitted)	$	19,607		$	27,109		$	57,788		$	131,145		$	125,823		$	112,976
Ratio of expenses to average net assets with waivers and/or reimbursements		0.60	%(5)		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of expenses to average net assets without waivers and reimbursements		1.21	%(5)		1.03	%		0.77	%		0.65	%		0.68	%		0.63	%
Ratio of net investment income/(loss) to average net assets with waviers		3.86	%(5)		3.24	%		1.58	%		1.51	%		2.13	%		2.48	%
Portfolio turnover rate		17	%(4)		22	%		70	%		102	%		70	%		47	%

⁽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.

⁽⁴⁾ Not annualized.

⁽⁵⁾ Annualized.

The accompanying notes are an integral part of these financial statements.

31

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 29,			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,
	2024(1) (Unaudited)			2023			2022			2021			2020			2019
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	8.60		$	8.79		$	10.06		$	9.64		$	9.95		$	10.00
Net investment income/(loss)(2)		0.27			0.53			0.47			0.47			0.52			0.52
Net realized and unrealized gain/(loss) from investments		0.07			(0.19	)		(1.26	)		0.42			(0.31	)		(0.05	)
Net increase/(decrease) in net assets resulting from operations		0.34			0.34			(0.79	)		0.89			0.21			0.47
Dividends and distributions to shareholders from:
Net investment income		(0.14	)		(0.53	)		(0.48	)		(0.47	)		(0.52	)		(0.52	)
Net asset value, end of period	$	8.80		$	8.60		$	8.79		$	10.06		$	9.64		$	9.95
Total investment return/(loss)(3)		5.62	%(4)		4.05	%		(8.11	)%		9.45	%		2.27	%		4.87	%
RATIOS/SUPPLEMENTAL DATA
Net assets at end of period (000’s omitted)	$	36,354		$	43,779		$	66,514		$	101,433		$	41,894		$	45,830
Ratio of expenses to average net assets with waivers and/or reimbursements		0.95	%(4)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Ratio of expenses to average net assets without waivers and reimbursements		1.24	%(5)		1.22	%		1.11	%		1.18	%		1.29	%		1.25	%
Ratio of net investment income/(loss) to average net assets with waviers		6.24	%(5)		6.00	%		4.84	%		4.72	%		5.38	%		5.29	%
Portfolio turnover rate		12	%(4)		52	%		53	%		60	%		113	%		86	%

⁽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.

⁽⁴⁾ Not annualized.

⁽⁵⁾ Annualized.

The accompanying notes are an integral part of these financial statements.

32

Oakhurst Mutual Funds

Notes to Financial Statements

February 29, 2024 (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 mutual fund 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 sixty-four 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. The Agreement and Plan of Reorganization pursuant to which the Reorganization was accomplished was approved by shareholders of the Predecessor Funds on June 29, 2023 with respect to the Oakhurst Short Duration Bond Fund and Oakhurst Short Duration High Yield Credit Fund, and on July 31, 2023, with respect to the Oakhurst Fixed Income Fund. Unless otherwise indicated, references to the “Funds” in these Notes to Financial Statements refer to the Predecessor Funds and Funds. 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 92.723 billion shares are currently classified into two hundred and thirty-four classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

As a tax-free reorganization, any unrealized appreciation or depreciation on the securities held by the Funds on the date of Reorganization was treated as a non-taxable event, thus the cost basis of the securities held reflects their historical cost basis as of the date of Reorganization. As a result of the Reorganization, the Funds are the accounting successors of the Predecessor Funds. The Reorganization was accomplished by a tax-free exchange of the Funds’ shares and value of net assets for the same shares and value of the Predecessor Funds’ shares. For financial reporting purposes, assets received and shares issued by the Funds were recorded at fair value; however, the cost basis of the investments received from the Funds was carried forward to align ongoing reporting of the Funds’ realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Immediately prior to the Reorganization, the net assets, fair value of investments, net unrealized depreciation and shares outstanding of the Predecessor Funds were as follows:

Oakhurst Fixed Income Fund:
Net Assets	Fair Value of Investments		Net Unrealized Depreciation			Fund Shares Outstanding
$ 106,907,416	$	106,032,661	$	(14,475,288	)		12,935,591

33

Oakhurst Mutual Funds

Notes to Financial Statements

February 29, 2024 (UNAUDITED)

Oakhurst Short Duration Bond Fund:
Net Assets	Fair Value of Investments		Net Unrealized Depreciation			Fund Shares Outstanding
$ 25,997,806	$	25,801,854	$	(1,679,767	)		2,849,158

Oakhurst Short Duration High Yield Credit Fund:
Net Assets	Fair Value of Investments		Net Unrealized Depreciation			Fund Shares Outstanding
$ 40,532,559	$	39,809,676	$	(1,974,807	)		4,786,327

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 29, 2024, and the period covered by these Notes to Financial Statements is the six months ended February 29, 2024 (the “current fiscal period”).

PORTFOLIO VALUATION – Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. 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 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 d/b/a Oakhurst Capital 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 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).

34

Oakhurst Mutual Funds

Notes to Financial Statements

February 29, 2024 (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 Funds’ investments carried at fair value:

Oakhurst Fixed Income Fund	Total		Level 1		Level 2		Level 3
Collateralized Mortgage Obligations	$	30,222,565	$	—	$	30,222,565	$	—
Corporate Bonds		29,804,076		—		29,804,076		—
U.S. Treasury Obligations		29,160,268		—		29,160,268		—
Asset-Backed Securities		8,651,891		—		8,651,891		—
Mortgage-Backed Securities		6,614,811		—		6,614,811		—
U.S. Government Agency Issues		3,405,800		—		3,405,800		—
Convertible Bonds		889,875		—		889,875		—
Money Market Funds		3,173,422		3,173,422		—		—
Total Investments*	$	111,922,708	$	3,173,422	$	108,749,286	$	—

Oakhurst Short Duration Bond Fund	Total		Level 1		Level 2		Level 3
Collateralized Mortgage Obligations	$	8,492,898	$	—	$	8,492,898	$	—
Corporate Bonds		6,432,057		—		6,432,057		—
Asset-Backed Securities		2,309,072		—		2,309,072		—
U.S. Treasury Obligations		1,497,500		—		1,497,500		—
Convertible Bonds		286,738		—		286,738		—
Mortgage-Backed Securities		214,266		—		214,266		—
Money Market Funds		316,927		316,927		—		—
Total Investments*	$	19,549,458	$	316,927	$	19,232,531	$	—

Oakhurst Short Duration High Yield Credit Fund	Total		Level 1		Level 2		Level 3
Corporate Bonds	$	34,320,834	$	—	$	34,320,834	$	—
Asset-Backed Securities		623,705		—		623,705		—
Convertible Bonds		583,363		—		583,363		—
Money Market Funds		307,048		307,048		—		—
Total Investments*	$	35,834,950	$	307,048	$	35,527,902	$	—

* Please refer to the Schedule of Investments for further details.

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

35

Oakhurst Mutual Funds

Notes to Financial Statements

February 29, 2024 (UNAUDITED)

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds’ investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires each Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only if a Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers in and out of each level is disclosed when a Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

The Funds did not have any significant Level 3 transfers during the current fiscal period.

USE OF ESTIMATES – The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of increase (decrease) in net assets from operations during the reporting period. Actual results could differ from those estimates.

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, 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, the Funds expect the risk of material loss from such claims to be remote.

36

Oakhurst Mutual Funds

Notes to Financial Statements

February 29, 2024 (UNAUDITED)

2. INVESTMENT ADVISER AND OTHER SERVICES

Effective October 30, 2023, under the terms of an investment advisory agreement between the Company, on behalf of the Funds, and the Adviser (the “Current Advisory Agreement”), the Adviser serves as the investment adviser to the Funds, and 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 Current 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.

Under an expense limitation agreement between the Company, on behalf of the Funds, and the Adviser (the “Current Expense Limitation Agreement”), the Adviser has contractually agreed until October 30, 2025 to reduce its investment advisory fees and to pay other operating expenses to the extent necessary to limit annual 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 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 October 30, 2023 through February 29, 2024, 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 $64,935, $41,657, and $30,471, respectively.

Prior to October 30, 2023, the Sub-Adviser served as the investment adviser to the Predecessor Funds pursuant to an investment advisory agreement between the F/m Funds Trust, on behalf of the Predecessor Funds, and the Sub-Adviser (the “Prior Advisory Agreement”). The fee structure under the Prior Advisory Agreement was identical to the fee structure under the Current Advisory Agreement. In addition, the Sub-Adviser contractually agreed through October 29, 2023 to limit the amount of the Predecessor Funds’ total annual 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) pursuant to an expense limitation agreement (the “Prior Expense Limitation Agreement”) to 0.60% 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, 2023 through October 29, 2023, the Sub-Adviser reduced advisory fees to the Predecessor Funds by $43,560, $32,009, and $25,807, for the Oakhurst Fixed Income Fund, the Oakhurst Short Duration Bond Fund, and the Oakhurst Short Duration High Yield Credit Fund, 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 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 the expense caps that were in effect when the fees and expenses were paid, waived, or absorbed by the Adviser, as well as the expense cap currently in effect. As of February 29, 2024, the Adviser may in the future recover advisory fee reductions and expense reimbursements totaling $64,935, $41,657, and $30,471 for the Oakhurst Fixed Income Fund, Oakhurst Short Duration Bond Fund, and the Oakhurst Short Duration High Yield Credit Fund, respectively. The Adviser may recover this amount no later than February 28, 2027. The advisory fees and expense waivers and/or reimbursement under the Prior Expense Limitation Agreement is not subject to repayment by the Funds.

37

Oakhurst Mutual Funds

Notes to Financial Statements

February 29, 2024 (UNAUDITED)

During the current fiscal period, investment advisory fees accrued, waived and/or reimbursed were as follows:

	Gross Advisory Fees		Waivers and/or Reimbursements			Recoupments		Net Advisory Fees
Oakhurst Fixed Income Fund	$	275,469	$	(108,495	)	$	—	$	166,974
Oakhurst Short Duration Bond Fund		42,595		(73,666	)		—		(31,071	)
Oakhurst Short Duration High Yield Credit Fund		147,535		(56,278	)		—		91,257

Ultimus Fund Solutions served as administrator for the Funds through October 27, 2023. Effective October 28, 2023, 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.

Ultimus Fund Solutions served as transfer and dividend disbursing agent for the Funds through October 27, 2023. Effective October 28, 2023, 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.

Ultimus Fund Distributors, LLC served as the principal underwriter and distributor of the Funds’ shares pursuant to a distribution agreement with F/m Funds Trust through October 27, 2023. Effective October 28, 2023, 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 the Company.

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. Key Bridge Compliance, LLC provided the Chief Compliance Officer and compliance services to F/m Funds Trust. Additionally, certain trustees of the Predecessor Funds were affiliated with the Adviser and were not paid by the Predecessor Funds for serving in such capacities. Employees of the Company serve as President, Chief Financial Officer, Chief Operating Officer, 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. As of the end of the current fiscal period, there were no director and officer fees charged or paid by the Funds.

PRINCIPAL HOLDERS OF FUND SHARES - As of February 29, 2024, the following shareholders owned of record 25% or more of the outstanding shares of each Fund:

NAME OF RECORD OWNER	% Ownership
Oakhurst Fixed Income Fund
Charles Schwab & Company (for the benefit of its customers)		61	%
National Financial Services, LLC (for the benefit of its customers)		39	%
Oakhurst Short Duration Bond Fund
Charles Schwab & Company (for the benefit of its customers)		94	%
Oakhurst Short Duration High Yield Credit Fund
Charles Schwab & Company (for the benefit of its customers)		81	%

38

Oakhurst Mutual Funds

Notes to Financial Statements

February 29, 2024 (UNAUDITED)

A beneficial owner of 25% or more of a Fund’s outstanding shares may be considered a controlling person. That shareholder’s vote could have a more significant effect on matters presented at a shareholders’ meeting.

3. INVESTMENT TRANSACTIONS

During the current fiscal period ended February 29, 2024, 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	$	11,448,369	$	754,908	$	4,553,893
Proceeds from sales and maturities of investment securities		13,381,008		7,351,960		10,915,126

During the fiscal period ended February 29, 2024, 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	$	9,915,314	$	2,913,895	$	—
Proceeds from sales and maturities of U.S. government securities		9,789,934		1,039,119		—

4. FEDERAL INCOME TAX INFORMATION

Each Fund has qualified and intends to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (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.

The following information is computed on a tax basis for each item as of August 31, 2023:

	Oakhurst Fixed Income Fund			Oakhurst Short Duration Bond Fund			Oakhurst Short Duration High Yield Credit Fund
Tax cost of investments	$	125,706,107		$	28,816,509		$	44,508,911
Gross unrealized appreciation		270,159			59,830			217,309
Gross unrealized depreciation		(11,067,212	)		(1,558,181	)		(1,609,856	)
Net unrealized depreciation on investments		(10,797,053	)		(1,498,351	)		(1,392,547	)
Undistributed ordinary income		170,671			10,439			29,178

39

Oakhurst Mutual Funds

Notes to Financial Statements

February 29, 2024 (UNAUDITED)

	Oakhurst Fixed Income Fund			Oakhurst Short Duration Bond Fund			Oakhurst Short Duration High Yield Credit Fund
Tax cost of investments	$	(6,294,048	)	$	(4,484,098	)	$	(11,725,290	)
Distributions payable		(137,143	)		(1,965	)		(7,793	)
Accumulated deficit	$	(17,057,573	)	$	(5,973,975	)	$	(13,096,452	)

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, 2023 was as follows:

Year Ended	Ordinary Income		Long-Term Capital Gains		Total Distributions*
Oakhurst Fixed Income Fund:
August 31, 2023	$	4,008,527	$	—	$	4,008,527
Oakhurst Short Duration Bond Fund:
August 31, 2023	$	1,532,262	$	—	$	1,532,262
Oakhurst Short Duration High Yield Credit Fund:
August 31, 2023	$	3,601,448	$	—	$	3,601,448

* 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, 2023, 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	$	812,224	$	2,003,293	$	4,797,340
Long-term loss carryforwards		5,481,824		2,480,805		6,927,950
Total	$	6,294,048	$	4,484,098	$	11,725,290

These CLCFs may be carried forward indefinitely and are available to offset net realized capital gains in future years, thereby reducing future taxable capital gain distributions.

The 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, 2023, the Funds did not incur any interest or penalties.

40

Oakhurst Mutual Funds

Notes to Financial Statements

February 29, 2024 (UNAUDITED)

5. 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 collateralized mortgage obligations (“CMOs”). This means each Fund will invest at least 25% of its total assets in agency and non-agency 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 27.1% and 43.3%, respectively, of the value of their net assets invested in CMOs.

6. 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.

7. Risks Associated with Rule 144A Securities

Rule 144A securities are securities that are exempt from registration in compliance with the Securities Act of 1933, as amended, and the rules thereunder, and may have legal restrictions on resale. Under Rule 144A, these privately placed securities may be resold to qualified institutional buyers (“QIBs”), subject to certain conditions. An insufficient number 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.

8. Bank Line of Credit

Oakhurst Fixed Income Fund had an uncommitted senior secured line of credit up to $6,000,000 with its custodian bank which expired on December 15, 2023. Oakhurst Short Duration Bond Fund had an uncommitted senior secured line of credit up to $3,000,000, with its custodian bank which expired on December 15, 2023. Oakhurst Short Duration High Yield Credit Fund had an uncommitted senior secured line of credit up to $3,500,000, with its custodian bank which expired on December 15, 2023. All portfolio securities held by each Fund are pledged as collateral for its line of credit. Borrowings under the lines of credit bear interest at a rate per annum equal to the bank’s Prime Rate at the time of borrowing. As of the end of the current fiscal period, the Prime Rate was 8.50%. During the current fiscal period, none of the Funds borrowed under their respective lines of credit.

9. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

41

Oakhurst Mutual Funds

Notes to Financial Statements

February 29, 2024 (UNAUDITED)

In October 2022, the SEC adopted a final rule relating to tailored shareholder reports for mutual funds and exchange-traded funds and fee information in investment company advertisements. Beginning in July 2024, the Funds will be required to transmit concise and visually engaging shareholder reports that highlight key information. The Funds will also be required to tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request.

In December 2022, the FASB issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the London Inter-Bank Offered Rate and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

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 available to be 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, 2024		March 28, 2024	$	0.02598148
Oakhurst Short Duration Bond Fund		March 27, 2024		March 28, 2024	$	0.02874828
Oakhurst Short Duration High Yield Credit Fund		March 27, 2024		March 28, 2024	$	0.04515305

42

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 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.fm-funds.com.

43

OAKHURST MUTUAL FUNDS

OTHER INFORMATION

(Unaudited)

APPROVAL OF NEW INVESTMENT ADVISORY 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 “Oakhurst Funds Advisory Agreement”) between the Company and the Adviser with respect to each Fund, and (ii) a new sub-advisory agreement (the “Oakhurst Funds Sub-Advisory Agreement”) by and among the Company, the Adviser and the Sub-Adviser with respect to each Fund, at a meeting of the Board held on February 8-9, 2023 (the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Oakhurst Funds Advisory Agreement and Oakhurst Funds Sub-Advisory Agreement for an initial period ending August 16, 2024. The Board’s decision to approve the Oakhurst Funds Advisory Agreement and Oakhurst Funds Sub-Advisory Agreement reflects the exercise of its business judgment. In approving the Oakhurst Funds Advisory Agreement and Oakhurst Funds Sub-Advisory Agreement, the Board considered information provided by the Adviser and the Sub-Adviser, with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the approval of the Oakhurst Funds Advisory Agreement and Oakhurst Funds Sub Advisory Agreement, the Directors took into account all materials provided prior to and during the Meeting and at other meetings throughout the past year, the presentations made during the Meeting, and the discussions held during the Meeting. The Directors reviewed these materials with management of the Adviser and Sub-Adviser, and discussed the Oakhurst Funds Advisory Agreement and Oakhurst Funds Sub-Advisory Agreement with counsel in executive sessions, at which no representatives of the Adviser or Sub-Adviser were present. The Directors considered whether approval of the Oakhurst Funds Advisory Agreement and Oakhurst Funds Sub-Advisory Agreement would be in the best interests of the Funds and their shareholders and the overall fairness of the Oakhurst Funds Advisory Agreement and Oakhurst Funds Sub-Advisory Agreement. Among other things, the Directors considered (i) the nature, extent, and quality of services proposed to be provided to the Funds by the Adviser and Sub-Adviser; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) the Adviser’s and Sub-Adviser’s investment philosophy and process; (iv) the Adviser’s and Sub-Adviser’s assets under management and client descriptions; (v) the Adviser’s and Sub-Adviser’s soft dollar commission and trade allocation policies; (vi) the Adviser’s and Sub-Adviser’s advisory fee arrangements and other similarly managed clients, as applicable; (vii) the Adviser’s and Sub- Adviser’s compliance procedures; (viii) the Adviser’s and Sub-Adviser’s financial information, insurance coverage and profitability analysis relating to providing services to the Funds; (ix) the extent to which economies of scale are relevant to the Funds; and (x) a report comparing each of the Predecessor Funds’ advisory fees and total expense ratio to those of its Morningstar peer group and comparing the performance of each of the Predecessor Funds to the performance of its Morningstar peer group.

The Directors evaluated the nature, extent and quality of the services that the Adviser and Sub-Adviser would provide under the Oakhurst Funds Advisory Agreement and Oakhurst Funds Sub-Advisory Agreement, respectively. Based on the information provided and the Directors’ prior experience with affiliates of the Adviser and Sub-Adviser, the Directors concluded that the nature and extent of the services that the Adviser and Sub- Adviser would provide under the Oakhurst Funds Advisory Agreement and Oakhurst Funds Sub-Advisory Agreement, respectively, as well as the quality of those services, was satisfactory.

The Directors examined fee information for the Funds, including a comparison of such information to other similarly situated funds, and the projected total expense ratio of the Funds. In this regard, the Directors noted that the fees payable to the Sub-Adviser under the Oakhurst Funds Sub-Advisory Agreement would be paid directly by the Adviser and not by the Funds. The Directors also noted that the Adviser had contractually agreed to waive its management fee and reimburse expenses for at least two years to limit total annual operating expenses to agreed upon levels for each Fund.

The Directors also reviewed analyses of the estimated profitability of each of the Adviser and Sub-Adviser related to its provision of advisory services to the Funds. Based on the information provided, the Directors concluded that the amount of fees payable under the Oakhurst Funds Advisory Agreement and Oakhurst Funds Sub-Advisory Agreement were reasonable in light of the nature and quality of the services provided.

The Directors reviewed information concerning each Predecessor Fund’s investment performance, both absolutely as well as compared to its benchmark index and Morningstar peer group. The Directors considered each Predecessor Fund’s investment performance in light of its investment objective and strategies. After considering all of the information, the Directors concluded that each Fund and its shareholders were likely to benefit from the Adviser’s and Sub-Adviser’s provision of investment management services to the Funds.

44

OAKHURST MUTUAL FUNDS

OTHER INFORMATION

(Unaudited)

In considering the overall fairness of the Oakhurst Funds Advisory Agreement and Oakhurst Funds Sub-Advisory Agreement, the Directors assessed the degree to which economies of scale that would be expected to be realized as each Fund’s assets increased and the extent to which fee levels would reflect those economies of scale for the benefit of the Fund’s shareholders. The Directors noted that each Fund’s advisory fee structure did not contain any breakpoint reductions as the Fund’s assets grew in size, but that the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis. The Directors determined that the fee schedules in the Oakhurst Funds Advisory Agreement and Oakhurst Funds Sub-Advisory Agreement were reasonable and appropriate.

In addition to the above factors, the Directors also considered other benefits to be received by the Adviser and Sub-Adviser from their management of the Funds, including, without limitation, the ability to market their advisory services for similar products in the future.

Based on all of the information presented to and considered by the Directors and the conclusions that they reached, the Board determined to approve the Oakhurst Funds Advisory Agreement and Oakhurst Funds Sub-Advisory Agreement for an initial period ending August 16, 2024.

45

(This Page Intentionally Left Blank.)

(This Page Intentionally Left Blank.)

(This Page Intentionally Left Blank.)

Investment Adviser

F/m Investments, LLC d/b/a Oakhurst Capital Management, LLC
3050 K Street, NW
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

49

Semi-Annual Report
February 29, 2024
(Unaudited)

F/m Opportunistic Income ETF | (Nasdaq: XFIX)

a series of The RBB Fund, Inc.

F/m Investments, LLC d/b/a North Slope Capital, LLC

Table of Contents

Letter to Shareholders	1
Performance Data	2
Fund Expense Example	3
Schedule of Investments	5
Financial Statements	8
Notes to Financial Statements	12
Notice to Shareholders	20

F/m Opportunistic Income ETF

Letter to Shareholders

February 29, 2024 (Unaudited)

F/m Investments LLC
d/b/a North Slope Capital, LLC
3050 K Street NW
Suite 201
Washington, DC 20007

Dear Shareholder:

It’s been less than six months since we listed the F/m Opportunistic Income ETF (the “Fund”). Since the listing, the rate markets have oscillated between “Higher for Longer,” driving Treasury yields to higher and prices lower, to a “Hard Landing” with rallying Treasury yields and prices, to a “Soft Landing” with rates backing up somewhat but supported by easing inflation. Throughout these market shifts, your Fund has been managed using the same strategy. Invest in good credits with a history of supporting bond holders, whose bonds are undervalued.

This strategy, born in the fires of the Great Recession, is similar to a value stock strategy, picking stocks that are undervalued that theoretically, over time, will have that value recognized by the market. However, picking value bonds means combining good yield with potential capital gains, not just if the market recognizes it, but also if the bonds mature, get called, or tendered. Unlike stocks, our focused portfolio of bonds and preferred stocks has multiple possibilities for gain, while paying income backed by a good credit.

From its inception on September 5, 2023 through February 29, 2024, the Fund has owned 35 investments and a market return of 4.90% versus the Bloomberg US Agg Total Return Value Unhedged USD Index return of 3.37% for the same period. Our strongest contribution for the period came from the bonds of a gold mining company that benefited from the rise in the price of gold and the potential of an improved credit profile from an acquisition. Not all of the investments have worked out well. Two investments of $25 par value bonds, one in a financial company and the other in an industrial company, rapidly deteriorated to the point where we felt they were no longer “Good” credits that could support the bonds, and we sold them at a loss. However, these positions were appropriately sized and their impact on the overall portfolio was muted, allowing the rest of the solid performers in the portfolio to drive the outperformance for the period.

Looking forward, we continue to expect volatile markets. By definition, a potential “Soft Landing” would mean inflation cooling, while the economy “flirts” with a recession. But this leaves plenty of potential for a “Hard Landing” with a recession and lower inflation, and potential for a “No Landing” with no recession but resurgent inflation (and other potentials we don’t have room for).

While we believe the US will have a “Soft Landing,” we will be watchful for a “Hard Landing” or “No Landing” and the potential market disruptions that may cause. But we remind shareholders that, just like the Great Recession, market disruptions are potential opportunities to purchase great assets at great prices. We will seek to be proactive and position the Fund appropriately to weather the turmoil and take advantage of any opportunities the markets should present.

Enjoy the markets, take what they give you, and may all your returns be positive.

Peter Baden	Justin Hennessy	Marcin Zdunek

Past performance is not a guarantee of future results.

Must be preceded or accompanied by a current prospectus.

Investments involve risk. Principal loss is possible. As with all ETFs, Fund shares may be bought and sold in the secondary market at market prices higher or lower than the Fund shares’ net asset value. Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt instruments tend to fall, and if interest rates fall, the values of debt instruments tend to rise.

1

F/m Opportunistic Income ETF

Performance Data

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED FEBRUARY 29, 2024
	Since Inception	Inception Date
F/m Opportunistic Income ETF (at NAV)	4.40%	9/5/2023
F/m Opportunistic Income ETF (at Market Price)	4.90%	9/5/2023
Bloomberg US Agg Total Return Value Unhedged USD Index*	3.37%(1)	—
Fund Expense Ratio(2) : 0.39%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost. For the most recent month end performance, please call 1-800-617-0004 or visit our website at www.fminvest.com/etfs/xfix. Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

⁽¹⁾ Benchmark performance is from inception date of the F/m Opportunistic Income ETF (the “Fund”) only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The Bloomberg US Agg Total Return Value Unhedged USD Index is a broad-based flagship benchmark that measures the investment grade, US dollar-denominated, fixed-rate taxable bond market.

2

F/m Opportunistic Income ETF

Fund Expense Example

February 29, 2024 (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs and (2) ongoing costs, including management fees. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other ETFs.

This example is based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2023 through February 29, 2024, and held for the entire period. The actual values and expenses are based on the 177-day period from the Fund’s inception on September 5, 2023 through February 29, 2024.

ACTUAL EXPENSES

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value SEPTEMBER 1, 2023		Ending Account Value FEBRUARY 29, 2024		Expenses Paid During Period*		Annualized Expense Ratio			ACTUAL SINCE INCEPTION TOTAL INVESTMENT RETURN FOR THE FUND
Actual	$	1,000.00	$	1,044.00	$	1.93		0.39	%		4.40	%
Hypothetical (5% return before expenses)		1,000.00		1,022.92		1.96		0.39	%		N/A

* Expenses are equal to the Fund’s annualized expense ratio for the period September 1, 2023 through February 29, 2024, multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period. The actual dollar amounts shown are expenses paid by the Fund during the period from the Fund’s inception on September 5, 2023 through February 29, 2024 multiplied by 177 days, which is the number of days from the Fund’s inception through February 29, 2024. The Fund’s ending account value in the first section in the table is based on the actual since inception total investment return for the Fund.

3

F/m Opportunistic Income ETF

PORTFOLIO HOLDINGS SUMMARY TABLE

February 29, 2024 (Unaudited)

SECURITY TYPE/CLASSIFICATION	% OF NET ASSETS			VALUE
CORPORATE BONDS
Administrative and Support and Waste Management and Remediation Services		4.5	%	$	1,266,284
Communication Services		4.9			1,369,853
Consumer Discretionary		9.9			2,776,989
Energy		12.7			3,570,679
Finance and Insurance		4.8			1,352,735
Financials		10.0			2,815,593
Health Care		5.2			1,455,157
Industrials		9.4			2,641,756
Information Technology		15.2			4,241,635
Manufacturing		10.0			2,797,206
Professional, Scientific, and Technical Services		4.9			1,379,143
Utilities		4.9			1,386,541
EXCHANGE TRADED FUNDS		1.5			426,484
MUNICIPAL BONDS		0.5			146,374
SHORT-TERM INVESTMENTS
Money Market Deposit Accounts		0.0			1,340
OTHER ASSETS IN EXCESS OF OTHER LIABILITIES		1.6			450,200
NET ASSETS		100.0	%	$	28,077,969

The accompanying notes are an integral part of these financial statements.

4

F/m Opportunistic Income ETF

Schedule of Investments

February 29, 2024 (Unaudited)

	Par		Value
CORPORATE BONDS — 96.4%
Administrative and Support and Waste Management and Remediation Services — 4.5%
Enstar Finance LLC, 5.50% to 01/15/2027 then 5 yr. CMT Rate + 4.01%, 01/15/2042		1,406,000	$	1,266,284
Communication Services — 4.9%
Paramount Global, 4.95%, 01/15/2031		1,560,000		1,369,853
Consumer Discretionary — 9.9%
Ford Motor Co., 3.25%, 02/12/2032		1,753,000		1,437,560
VF Corp., 2.95%, 04/23/2030		1,625,000		1,339,429
				2,776,989
Energy — 12.7%
Cheniere Energy Partners LP, 4.50%, 10/01/2029		1,461,000		1,368,467
Kinder Morgan, Inc., 5.55%, 06/01/2045		1,531,000		1,437,392
Phillips 66 Partners LP
3.61%, 02/15/2025		65,000		63,294
3.75%, 03/01/2028		500,000		437,797
3.15%, 12/15/2029		325,000		263,729
				3,570,679
Finance and Insurance — 4.8%
Nationwide Financial Services, Inc., 6.75%, 05/15/2037		1,396,000		1,352,735
Financials — 10.0%
Bank of America Corp., 5.88% to 03/15/2028 then 3 mo. Term SOFR + 3.19%, Perpetual		1,446,000		1,401,110
JPMorgan Chase & Co., 4.60% to 02/01/2025 then 3 mo. Term SOFR + 3.13%, Perpetual		1,453,000		1,414,483
				2,815,593
Health Care — 5.2%
Viatris, Inc., 3.85%, 06/22/2040		1,980,000		1,455,157
Industrials — 9.4%
Concentrix Corp., 6.60%, 08/02/2028		1,396,000		1,403,920
Howmet Aerospace, Inc., 6.88%, 05/01/2025		1,225,000		1,237,836
				2,641,756

The accompanying notes are an integral part of these financial statements.

5

F/m Opportunistic Income ETF

Schedule of Investments (COntinued)

February 29, 2024 (Unaudited)

	Par		Value
CORPORATE BONDS — 96.4% (continued)
Information Technology — 15.2%
Autodesk, Inc., 2.40%, 12/15/2031		1,697,000	$	1,409,325
Kyndryl Holdings, Inc., 6.35%, 02/20/2034		1,437,000		1,450,439
VeriSign, Inc., 4.75%, 07/15/2027		1,409,000		1,381,871
				4,241,635
Manufacturing — 10.0%
Celanese US Holdings LLC, 6.33%, 07/15/2029		1,373,000		1,410,004
Dell, Inc., 6.50%, 04/15/2038		1,329,000		1,387,202
				2,797,206
Professional, Scientific, and Technical Services — 4.9%
Leidos, Inc., 5.75%, 03/15/2033		1,357,000		1,379,143
Utilities — 4.9%
Florida Power & Light Co., 3.80%, 12/15/2042		1,696,000		1,386,541
TOTAL CORPORATE BONDS (Cost $26,368,010)				27,053,571

	Shares
EXCHANGE TRADED FUNDS — 1.5%(a)
F/m 2-Year Investment Grade Corporate Bond ETF (b)		8,210	411,477
F/m 3-Year Investment Grade Corporate Bond ETF(b)		300	15,007
TOTAL EXCHANGE TRADED FUNDS (Cost $426,696)			426,484

The accompanying notes are an integral part of these financial statements.

6

F/m Opportunistic Income ETF

Schedule of Investments (CONCLUDED)

February 29, 2024 (Unaudited)

	Par		Value
MUNICIPAL BONDS — 0.5%
New Hampshire Business Finance Authority
3.25%, 04/01/2028		130,000	$	112,279
3.96%, 10/01/2031		40,000		34,095
TOTAL MUNICIPAL BONDS (Cost $143,093)				146,374
TOTAL INVESTMENTS — 98.4% (Cost $26,937,799)				27,626,429
Money Market Deposit Account — 0.0%(c)(d)				1,340
Other Assets in Excess of Liabilities — 1.6%				450,200
TOTAL NET ASSETS — 100.0%			$	28,077,969

Percentages are stated as a percent of net assets.

SOFR - Secured Overnight Financing Rate

(a) Non-income producing security.

(b) Affiliated company as defined by the Investment Company Act of 1940, as amended.

(c) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The MMDA interest rate as of February 29, 2024 was 5.20%.

(d) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

7

F/m Opportunistic Income ETF

Statements of Assets and Liabilities

February 29, 2024 (Unaudited)

ASSETS
Investments in securities of unaffiliated issuers, at value (cost $26,511,103)	$	27,199,945
Investments in securities of affiliated issuers, at value (cost $426,696) (See Note 8)		426,484
Cash equivalents		1,340
Receivables for:
Investments sold		1,389,297
Interest		337,183
Total assets		29,354,249
LIABILITIES
Payables for:
Investments purchased		1,267,564
Advisory fees		8,716
Total liabilities		1,276,280
Net assets	$	28,077,969
NET ASSETS CONSIST OF:
Par value	$	550
Paid-in capital		27,316,968
Total distributable earnings/(losses)		760,451
Net assets	$	28,077,969
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		550,000
Net asset value and redemption price per share	$	51.05

The accompanying notes are an integral part of these financial statements.

8

F/m Opportunistic Income ETF

Statement of Operations

FOR THE Period ENDED February 29, 2024⁽¹⁾ (Unaudited)

INVESTMENT INCOME
Interest income	$	754,919
Dividends from unaffiliated investments		20,783
Dividends from affiliated investments (See Note 8)		19,219
Total investment income		794,921
EXPENSES
Advisory fees (Note 3)		49,950
Total expenses		49,950
Net investment income/(loss)		744,971
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments in unaffiliated issuers		(58,225	)
Net realized gain/(loss) from investments in affiliated issuers (See Note 8)		988
Net change in unrealized appreciation/(depreciation) on investments of unaffiliated issuers		689,054
Net change in unrealized appreciation/(depreciation) on investments of affiliated issuers (See Note 8)		(212	)
Net realized and unrealized gain/(loss)		631,393
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,376,364

⁽¹⁾ Inception date of the Fund was September 5, 2023.

The accompanying notes are an integral part of these financial statements.

9

F/m Opportunistic Income ETF

Statements of Changes in Net Assets

	FOR THE PERIOD ENDED FEBRUARY 29, 2024(1) (UNAUDITED)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	744,971
Net realized gain/(loss) from investments		(57,237	)
Net change in unrealized appreciation/(depreciation) on investments		688,630
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,376,364
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(615,913	)
Net decrease in net assets from dividends and distributions to shareholders		(615,913	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		27,317,518
Shares redeemed		—
Net increase/(decrease) in net assets from capital share transactions		27,317,518
TOTAL INCREASE/(DECREASE) IN NET ASSETS		28,077,969
NET ASSETS:
Beginning of period	$	—
End of period	$	28,077,969
SHARE TRANSACTIONS:
Shares sold		550,000
Shares redeemed		—
Net increase/(decrease) in shares		550,000

⁽¹⁾ Inception date of the Fund was September 5, 2023.

The accompanying notes are an integral part of these financial statements.

10

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 period. This information has been derived from information provided in the financial statements.

	FOR THE Period ENDED FEBRUARY 29, 2024(1)
	(UNAUDITED)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	50.00
Net investment income/(loss)(2)		1.42
Net realized and unrealized gain/(loss) from investments		0.75
Net increase/(decrease) in net assets resulting from operations		2.17
Dividends and distributions to shareholders from:
Net investment income		(1.12	)
Total dividends and distributions to shareholders		(1.12	)
Net asset value, end of period	$	51.05
Market value, end of period	$	51.31
Total investment return/(loss) on net asset value(3)		4.40	%(5)
Total investment return/(loss) on market price(4)		4.90	%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	28,078
Ratio of expenses to average net assets		0.39	%(6)
Ratio of net investment income/(loss) to average net assets		5.82	%(6)
Portfolio turnover rate		86	%(5)

⁽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.

⁽⁴⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

The accompanying notes are an integral part of these financial statements.

11

F/m Opportunistic Income ETF

Notes to Financial Statements

February 29, 2024 (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 mutual fund 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 sixty-four 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 92.723 billion shares are currently classified into two hundred and thirty-four 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 29, 2024, and the period covered by these Notes to Financial Statements is the fiscal period since the Fund’s inception from September 5, 2023 through February 29, 2024 (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. 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 d/b/a North Slope Capital, 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 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.

12

F/m Opportunistic Income ETF

Notes to Financial Statements (continued)

February 29, 2024 (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
Corporate Bonds	$	27,053,571	$	—	$	27,053,571	$	—
Exchange Traded Funds		426,484		426,484		—		—
Municipal Bonds		146,374		—		146,374		—
Total Investments*		27,626,429		426,484		27,199,945		—

* Please refer to the Schedule of Investments for further details.

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

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.

13

F/m Opportunistic Income ETF

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

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, 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 - 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 - The Fund may invest in other investment companies, including open-end funds, closed-end funds, unit investment trusts, and exchange-traded funds (“ETFs”) 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

14

F/m Opportunistic Income ETF

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

adopted revisions to the rules 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. These regulatory changes may adversely impact the Fund’s investment strategies and operations.

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 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.

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.

15

F/m Opportunistic Income ETF

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

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 controlled by Diffractive Managers Group, LLC, a Delaware limited liability company, and EQSF Holdings, LLC, a Delaware limited liability company owned by three officers of the Company. 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 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 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.

During the current fiscal period, investment advisory fees accrued were as follows:

ADVISORY FEES
	$49,950

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.

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 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. As of the end of the current fiscal period, there were no director and officer fees charged or paid by the Fund.

16

F/m Opportunistic Income ETF

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

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	$	23,408,996
Sales of investment securities		23,538,463

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	$	27,339,788
Proceeds from in-kind 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 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, Inc. (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 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 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 the transaction. 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 Statements of Changes in Net Assets.

17

F/m Opportunistic Income ETF

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

7. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

In October 2022, the SEC adopted a final rule relating to tailored shareholder reports for mutual funds and exchange-traded funds and fee information in investment company advertisements. Beginning in July 2024, the Fund will be required to transmit concise and visually engaging shareholder reports that highlight key information. The Fund will also be required to tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request.

In December 2022, the FASB issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the London Inter-Bank Offered Rate and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

8. TRANSACTIONS WITH AFFILIATES

The following issuers are affiliated with the Fund. Fund of funds are allowed to invest in other investment companies in excess of the limits imposed, if certain requirements, such as being part of the same group of investment companies, are met. As defined in Section (2)(a)(3) of the 1940 Act, such affiliated issuers are:

	September 5, 2023*				Additions				Reductions
Issuer Name	Share Balance		Cost		Share Balance		Cost		Share Balance		Cost
F/m 2-Year Investment Grade Corporate Bond ETF		—	$	—		8,210	$	411,649		—	$	—
F/m 3-Year Investment Grade Corporate Bond ETF		—		—		300		15,047		—		—
U.S. Treasury 3 Month Bill ETF		1,320		65,868		308,800		15,478,131		310,120		15,479,286
		1,320	$	65,868		317,310	$	15,904,827		310,120	$	15,479,286

* Inception date of the Fund was September 5, 2023.

18

F/m Opportunistic Income ETF

Notes to Financial Statements (CONCLUDED)

February 29, 2024 (Unaudited)

	February 29, 2024
Issuer Name	Dividend Income		Capital Gain Distribution		Net Change in Unrealized Appreciation/ (Depreciation)			Realized Gain/(Loss)			Share Balance		Value		Cost
F/m 2-Year Investment Grade Corporate Bond ETF	$	—	$	—	$	(172	)	$	(167	)		8,210	$	411,477	$	411,649
F/m 3-Year Investment Grade Corporate Bond ETF		—		—		(40	)		—			300		15,007		15,047
U.S. Treasury 3 Month Bill ETF		19,219		—		—			1,155			—		—		—
	$	19,219	$	—	$	(212	)	$	988			8,510	$	426,484	$	426,696

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 available to be 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
3/4/2024	3/1/2024	3/5/2024	$0.21938096
4/2/2024	4/1/2024	4/3/2024	$0.23129325

19

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.

APPROVAL OF NEW 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 “Advisory Agreement”) between F/m and the Company with respect to the Fund, at a special meeting of the Board commenced on August 14, 2023, and reconvened on August 22, 2023 (the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Advisory Agreement for an initial period ending August 16, 2025. The Board’s decision to approve the Advisory Agreement reflects the exercise of its business judgment. In approving the 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 Advisory Agreement between F/m and the Company with respect to the Fund, the Board 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 Advisory Agreement with counsel in executive sessions, at which no representatives of F/m were present. Among other things, the Directors considered (i) the nature, extent, and quality of services 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, as applicable; (v) F/m’s soft dollar commission and trade allocation policies, as applicable; (vi) F/m’s advisory fee arrangements 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; (x) the extent to which economies of scale are relevant to the Fund; and (xi) information on the performance of similarly advised accounts as compared to the performance of unaffiliated mutual funds and ETFs with strategies similar to the Fund.

As part of their review, the Directors considered the nature, extent and quality of the services proposed to be provided by F/m. The Directors concluded that F/m had sufficient resources to provide services to the Fund. The Board also considered the effect of the unitary management fee payable by the Fund under the Advisory Agreement. 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 unitary management fee to be paid by the Fund to F/m was fair and reasonable and that the Advisory Agreement should be approved for an initial period ending August 16, 2025.

20

Investment Adviser

F/m Investments, LLC d/b/a North Slope Capital, LLC
3050K Street NW, Suite W-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

21

FREE MARKET U.S. EQUITY FUND
FREE MARKET INTERNATIONAL EQUITY FUND
FREE MARKET FIXED INCOME FUND

of

The RBB Fund, Inc.

Semi-Annual Report

February 29, 2024
(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

PERFORMANCE DATA

February 29, 2024 (Unaudited)

Free Market U.S. Equity Fund

Average Annual Total Returns for the Periods Ended February 29, 2024
	Six months(1)	1 Year	5 Years	10 Years	Since Inception
Free Market U.S. Equity Fund	10.12%	13.36%	9.98%	8.48%	9.06%(2)
Russell 2500® Index	9.89%	12.25%	8.84%	8.36%	8.75%
Composite Index(3)	10.08%	14.97%	9.58%	8.91%	8.25%

⁽¹⁾ Not annualized.

⁽²⁾ The Fund commenced operations on December 31, 2007.

⁽³⁾ The Composite Index is comprised of the S&P 500^® Index, Russell 1000^® Value Index, Russell 2000^® Index and Russell 2000^® Value Index, each weighted 25%, respectively.

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. For performance data current to the most recent month-end, please call 1-866-780-0357 ext. 3863. The Fund’s annual operating expense ratio, as stated in the current prospectus dated December 31, 2023, is 0.78% (included in the ratio is 0.23% attributable to acquired fund fees and expenses).

The Fund’s aggregate total return since inception is based on an increase in net asset value from $10.00 per share on December 31, 2007 (commencement of operations) to $22.61 per share on February 29, 2024.

Portfolio composition is subject to change.

The Free Market U.S. Equity Fund’s underlying funds invest in small-cap and micro-cap stocks, large-cap stocks and other equity securities. In addition to the ordinary risks of equity investing, small companies entail special risk. Small companies tend to have more risk than large companies. An investor in the Fund will incur the expenses of the underlying funds in addition to the Fund’s expenses. The foregoing is not intended to be a complete discussion of all risks associated with the investment strategies of the Fund.

1

FREE MARKET FUNDS

PERFORMANCE DATA (Continued)

February 29, 2024 (Unaudited)

Free Market International Equity Fund

Average Annual Total Returns for the Periods Ended February 29, 2024
	Six months(1)	1 Year	5 Years	10 Years	Since Inception
Free Market International Equity Fund	6.01%	10.29%	5.66%	3.65%	3.54%(2)
MSCI World (excluding U.S.) Index	9.07%	14.01%	6.88%	4.41%	2.89%
Composite Index(3)	6.70%	10.60%	4.82%	3.90%	2.77%

⁽¹⁾ Not annualized.

⁽²⁾ The Fund commenced operations on December 31, 2007.

⁽³⁾ The Composite Index is comprised of the MSCI EAFE Index, MSCI EAFE Value Index, MSCI EAFE Small Company Index and MSCI Emerging Markets Free Index, each weighted 25%, respectively.

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. For performance data current to the most recent month-end, please call 1-866-780-0357 ext. 3863. The Fund’s annual operating expense ratio, as stated in the current prospectus dated December 31, 2023, is 0.85% (included in the ratio is 0.30% attributable to acquired fund fees and expenses).

The Fund’s aggregate total return since inception is based on an increase in net asset value from $10.00 per share on December 31, 2007 (commencement of operations) to $11.18 per share on February 29, 2024.

Portfolio composition is subject to change.

The Free Market International Equity Fund’s underlying funds invest in common stock, preferred stock, securities convertible into stocks and other equity securities issued by foreign companies. In addition to the ordinary risks of equity investing, foreign and small companies entail special risk. The return on foreign equities may be adversely affected by currency fluctuations. Emerging markets may be subject to social instability and lack of market liquidity. Small companies tend to have more risk than large companies. An investor in the Fund will incur the expenses of the underlying funds in addition to the Fund’s expenses. The foregoing is not intended to be a complete discussion of all risks associated with the investment strategies of the Fund.

2

FREE MARKET FUNDS

PERFORMANCE DATA (CONCLUDED)

February 29, 2024 (Unaudited)

Free Market Fixed Income Fund

Average Annual Total Returns for the Periods Ended February 29, 2024
	Six months(1)	1 Year	5 Years	10 Years	Since Inception
Free Market Fixed Income Fund	2.85%	5.00%	0.88%	0.90%	1.33%(2)
FTSE World Government Bond Index 1-5 Years	2.60%	4.87%	1.21%	1.32%	1.85%
Composite Index(3)	2.52%	4.26%	1.20%	1.27%	1.86%

⁽¹⁾ Not annualized.

⁽²⁾ The Fund commenced operations on December 31, 2007.

⁽³⁾ The Composite Index is comprised of the Three-Month Treasury Bill Index, Bloomberg Barclays Intermediate Government/Credit Bond Index, ICE BofA Merrill Lynch 1-3 Year US Government/Corporate Index and Bloomberg Barclays U.S. Capital Aggregate Bond Index, each weighted 25%, respectively.

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. For performance data current to the most recent month-end, please call 1-866-780-0357 ext. 3863. The Fund’s annual operating expense ratio, as stated in the current prospectus dated December 31, 2023, is 0.66% (included in the ratio is 0.11% attributable to acquired fund fees and expenses).

The Fund’s aggregate total return since inception is based on a decrease in net asset value from $10.00 per share on December 31, 2007 (commencement of operations) to $9.87 per share on February 29, 2024.

Portfolio composition is subject to change.

The Free Market Fixed Income Fund’s underlying funds invest in fixed income securities. The underlying funds may invest their assets in bonds and other debt securities issued by domestic and foreign governments and companies. Debt instruments involve the risk that their prices will fall when interest rates rise, and they are subject to the risk that the borrower may default. In addition, the return on foreign debt securities may be adversely affected by currency fluctuations. An investor in the Fund will incur expenses of the underlying funds in addition to the Fund’s expenses. The foregoing is not intended to be a complete discussion of all risks associated with the investment strategies of the Fund.

3

FREE MARKET FUNDS

Fund Expense Examples

February 29, 2024 (Unaudited)

As a shareholder of the Fund(s), you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund(s) and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2023 through February 29, 2024, and held for the entire period.

Actual Expenses

The first section of the accompanying table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical EXAMPLES for Comparison Purposes

The second section of the accompanying table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

The expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second section of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Beginning Account Value September 1, 2023		Ending Account Value February 29, 2024		Expenses Paid DURING PERIOD*		Annualized Expense Ratio*			Actual Six-Month Total Investment Return for the FUNDS
Actual
Free Market U.S. Equity Fund	$	1,000.00	$	1,101.20	$	2.82		0.54	%		10.12	%
Free Market International Equity Fund		1,000.00		1,060.10		2.82		0.55	%		6.01	%
Free Market Fixed Income Fund		1,000.00		1,028.50		2.77		0.55	%		2.85	%
Hypothetical (5% return before expenses)
Free Market U.S. Equity Fund	$	1,000.00	$	1,022.18	$	2.72		0.54	%		N/A
Free Market International Equity Fund		1,000.00		1,022.13		2.77		0.55	%		N/A
Free Market Fixed Income Fund		1,000.00		1,022.13		2.77		0.55	%		N/A

* Expenses are equal to each Fund’s annualized six-month expense ratio for the period September 1, 2023 through February 29, 2024, multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 366 to reflect the one half year period. The annualized expense ratios do not reflect fees and expenses associated with the underlying funds. If such fees and expenses had been included, the expenses would have been higher. Each Fund’s ending account values in the first section in the table is based on the actual six-month total investment return for each Fund for the period September 1, 2023 through February 29, 2024, The range of weighted expense ratios of the underlying funds held by the Funds, as stated in the underlying funds’ current prospectuses, were as follows:

FUNDS	RANGE OF WEIGHTED EXPENSE RATIO
Free Market U.S. Equity Fund	0.00% - 0.08%
Free Market International Equity Fund	0.00% - 0.18%
Free Market Fixed Income Fund	0.00% - 0.04%

4

FREE MARKET FUNDS

FREE MARKET U.S. EQUITY FUND

Portfolio of Investments

February 29, 2024 (Unaudited)

	Shares		Value
OPEN END FUNDS — 99.9%
iShares Core S&P 500 ETF(a)		620,081	$	316,520,346
iShares MSCI USA Value Factor ETF(a)		3,994,910		410,796,595
U.S. Large Cap Value Portfolio III - Class Institutional(b)		19,006,561		568,486,246
U.S. Large Cap Value Series(c)		2,825,615		219,126,479
U.S. Large Company Portfolio - Class Institutional(b)		8,467,481		286,708,911
U.S. Micro Cap Portfolio - Class Institutional(d)		22,496,116		594,347,374
U.S. Small Cap Portfolio - Class Institutional(d)		13,312,619		597,204,084
U.S. Small Cap Value Portfolio - Class Institutional(d)		21,966,013		984,297,062
TOTAL OPEN END FUNDS
(Cost $2,439,752,386)				3,977,487,097
SHORT-TERM INVESTMENTS — 0.2%
Investments Purchased with Proceeds from Securities Lending — 0.1%
Mount Vernon Liquid Assets Portfolio, LLC, 5.44%(e)		2,919,000		2,919,000
Money Market Funds — 0.1%
Invesco Government & Agency Portfolio - Class Institutional, 5.25%(f)		4,301,925		4,301,925
TOTAL SHORT-TERM INVESTMENTS
(Cost $7,220,925)				7,220,925
TOTAL INVESTMENTS — 100.1%
(Cost $2,409,784,333)				3,984,708,022
Liabilities in Excess of Other Assets — (0.1)%				(3,421,591	)
TOTAL NET ASSETS — 100.0%			$	3,981,286,431

Portfolio Holdings Summary Table

	% of Net Assets			Value
Open End Funds		99.9	%	$	3,977,487,097
Money Market Funds		0.1			4,301,925
Investments Purchased with Proceeds from Securities Lending		0.1			2,919,000
Liabilities In Excess Of Other Assets		-0.1			(3,421,591	)
NET ASSETS		100.0	%	$	3,981,286,431

Percentages are stated as a percent of net assets.

(a) All or a portion of this security is on loan as of February 29, 2024. The total market value of these securities was $2,879,240 which represented 0.1% of 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 29, 2024.

(f) The rate shown represents the 7-day effective yield as of February 29, 2024.

ETF Exchange-Traded Fund

The accompanying notes are an integral part of the financial statements.

5

FREE MARKET FUNDS

FREE MARKET INTERNATIONAL EQUITY FUND

Portfolio of Investments

February 29, 2024 (Unaudited)

	Shares		Value
OPEN END FUNDS — 99.8%
Canadian Small Company Series(a)		2,108,704	$	36,044,879
DFA International Small Cap Value Portfolio - Class Institutional(b)		55,605,303		1,179,388,466
DFA International Value Portfolio III - Class Institutional(c)		25,703,920		448,790,436
DFA International Value Series(a)		13,331,142		441,794,060
Emerging Markets Small Cap Portfolio - Class Institutional(b)		6,316,637		143,766,661
Emerging Markets Value Portfolio - Class Institutional(b)		4,906,347		145,571,315
iShares Core MSCI EAFE ETF(d)		2,065,457		148,299,813
iShares Core MSCI Emerging Markets ETF(d)		3,086,449		155,371,843
iShares MSCI EAFE Small-Cap ETF(d)		4,124,547		252,628,504
TOTAL OPEN END FUNDS
(Cost $2,501,822,323)				2,951,655,977

SHORT-TERM INVESTMENTS — 2.9%
Investments Purchased with Proceeds from Securities Lending — 2.7%
Mount Vernon Liquid Assets Portfolio, LLC, 5.44%(e)	79,969,713		79,969,713
Money Market Funds — 0.2%
Invesco Government & Agency Portfolio - Class Institutional, 5.25%(f)	4,903,234		4,903,234
TOTAL SHORT-TERM INVESTMENTS
(Cost $84,872,947)			84,872,947
TOTAL INVESTMENTS — 102.7%
(Cost $2,489,975,685)			3,036,528,924
Liabilities in Excess of Other Assets — (2.7)%			(79,679,003	)
TOTAL NET ASSETS — 100.0%		$	2,956,849,921

Portfolio Holdings Summary Table

	% of Net Assets			Value
Open End Funds		99.8	%	$	2,951,655,977
Money Market Funds		0.2			4,903,234
Investments Purchased with Proceeds from Securities Lending		2.7			79,969,713
Liabilities In Excess Of Other Assets		(2.7	)		(79,679,003	)
NET ASSETS		100.0	%	$	2,956,849,921

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) A portfolio of DFA Investment Dimensions Group Inc.

(d) All or a portion of this security is on loan as of February 29, 2024. The total market value of these securities was $78,336,181 which represented 2.6% of net assets.

(e) The rate shown is as of February 29, 2024.

(f) The rate shown represents the 7-day effective yield as of February 29, 2024.

ETF Exchange-Traded Fund

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

6

FREE MARKET FUNDS

FREE MARKET FIXED INCOME FUND

Portfolio of Investments

February 29, 2024 (Unaudited)

	Shares		Value
OPEN END FUNDS — 99.4%
DFA One-Year Fixed Income Portfolio - Class Institutional (a)		39,122,409	$	400,613,470
DFA Two-Year Global Fixed Income Portfolio - Class Institutional (a)		71,285,740		695,748,824
iShares 1-3 Year Treasury Bond ETF		1,342,391		109,727,040
iShares 1-5 Year Investment Grade Corporate Bond ETF(b)		12,954,476		661,585,089
iShares 3-7 Year Treasury Bond ETF(b)		1,425,011		164,717,021
iShares 5-10 Year Investment Grade Corporate Bond ETF(b)		3,223,908		164,838,416
iShares Core International Aggregate Bond ETF(b)		8,389,642		415,455,072
iShares TIPS Bond ETF(b)		1,294,753		138,176,040
TOTAL OPEN END FUNDS
(Cost $2,874,056,908)				2,750,860,972

SHORT-TERM INVESTMENTS — 3.6%
Investments Purchased with Proceeds from Securities Lending — 3.1%
Mount Vernon Liquid Assets Portfolio, LLC, 5.44%(c)	84,572,048		84,572,048
Money Market Funds — 0.5%
Invesco Government & Agency Portfolio - Class Institutional, 5.25%(d)	14,615,729		14,615,729
TOTAL SHORT-TERM INVESTMENTS
(Cost $99,187,777)			99,187,777
TOTAL INVESTMENTS — 103.0%
(Cost $2,977,452,429)			2,850,048,749
Liabilities in Excess of Other Assets — (3.0)%			(82,346,782	)
TOTAL NET ASSETS — 100.0%		$	2,767,701,967

Portfolio Holdings Summary Table

	% of Net Assets			Value
Open End Funds		99.4	%	$	2,750,860,972
Money Market Funds		0.5			14,615,729
Investments Purchased with Proceeds from Securities Lending		3.1			84,572,048
Liabilities In Excess Of Other Assets		(3.0	)		(82,346,782	)
NET ASSETS		100.0	%	$	2,767,701,967

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 29, 2024. The total market value of these securities was $82,938,465 which represented 3.0% of net assets.

(c) The rate shown is as of February 29, 2024.

(d) The rate shown represents the 7-day effective yield as of February 29, 2024.

ETF Exchange-Traded Fund

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

7

FREE MARKET FUNDS

Statements of Assets and Liabilities

February 29, 2024 (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 $2,439,752,386, $2,501,822,323 and $2,874,056,908, respectively)	$	3,977,487,097	$	2,951,655,977	$	2,750,860,972
Short-term investments, at value (cost $4,301,925, $4,903,234 and $14,615,729, respectively)		4,301,925		4,903,234		14,615,729
Investments purchased with proceeds from securities lending collateral (cost $2,919,000, $79,969,713 and $84,572,048 respectively)		2,919,000		79,969,713		84,572,048
Receivables for:
Cash		—		—		1,503,474
Capital shares sold		2,677,780		2,409,119		2,765,821
Dividends and interest		1,679		19,782		19,027
Prepaid expenses and other assets		262,121		198,833		240,812
Total assets		3,987,649,602		3,039,156,658		2,854,577,883
LIABILITIES
Payables for:
Securities lending collateral (see Note 6)		2,919,000		79,969,713		84,572,048
Capital shares redeemed		1,701,503		1,015,780		1,052,124
Advisory fees		1,519,491		1,136,517		1,081,447
Administration and accounting fees		118,520		90,992		103,183
Transfer agent fees		9,158		7,347		7,606
Other accrued expenses and liabilities		95,499		86,388		59,508
Total liabilities		6,363,171		82,306,737		86,875,916
Net assets	$	3,981,286,431	$	2,956,849,921	$	2,767,701,967
NET ASSETS CONSIST OF:
Par value	$	176,097	$	264,495	$	280,540
Paid-in capital		2,345,101,500		2,462,299,859		2,899,934,975
Total distributable earnings/(loss)		1,636,008,834		494,285,567		(132,513,548	)
Net assets	$	3,981,286,431	$	2,956,849,921	$	2,767,701,967
CAPITAL SHARES:
Net assets	$	3,981,286,431	$	2,956,849,921	$	2,767,701,967
Shares outstanding ($0.001 par value, 700,000,000 shares authorized)		176,097,210		264,494,887		280,539,896
Net asset value, offering and redemption price per share	$	22.61	$	11.18	$	9.87

The accompanying notes are an integral part of the financial statements.

8

FREE MARKET FUNDS

Statements of Operations

FOR THE Six Months ENDED February 29, 2024 (Unaudited)

	Free Market U.S. Equity Fund		Free Market International Equity Fund			Free Market Fixed Income Fund
INVESTMENT INCOME
Dividends from non-affiliated funds	$	29,569,555	$	52,549,699		$	65,889,371
Securities lending income		18,711		132,052			92,814
Total investment income		29,588,266		52,681,751			65,982,185
EXPENSES
Advisory fees (Note 2)		8,987,302		6,885,396			6,748,892
Administration and accounting fees (Note 2)		267,627		232,251			194,201
Director fees		190,073		150,973			146,453
Officer fees		149,061		117,894			119,208
Legal fees		87,823		72,885			67,365
Custodian fees (Note 2)		51,714		44,686			33,771
Registration and filing fees		30,427		27,849			27,749
Transfer agent fees (Note 2)		29,564		33,251			32,959
Audit and tax service fees		19,103		20,838			20,178
Printing and shareholder reporting fees		1,189		1,132			883
Other expenses		102,607		137,428			74,311
Total expenses		9,916,490		7,724,583			7,465,970
Net investment income/(loss)		19,671,776		44,957,168			58,516,215
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Non-affiliated funds		25,442,204		(598,731	)		(4,351,430	)
Capital gain distributions from non-affiliated fund investments		64,832,047		1,394,269			—
Net change in unrealized appreciation/(depreciation) on:
Non-affiliated funds		254,895,341		119,800,075			21,507,712
Net realized and unrealized gain/(loss) on investments		345,169,592		120,595,613			17,156,282
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	364,841,368	$	165,552,781		$	75,672,497

The accompanying notes are an integral part of the financial statements.

9

FREE MARKET U.S. EQUITY FUND

Statements of Changes in Net Assets

	For the six months Ended February 29, 2024 (Unaudited)			For the Year Ended August 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	19,671,776		$	40,625,266
Net realized gain/(loss) from investments		90,274,251			125,519,038
Net change in unrealized appreciation/(depreciation) on investments		254,895,341			167,184,995
Net increase/(decrease) in net assets resulting from operations		364,841,368			333,329,299
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(155,017,081	)		(254,085,784	)
Net decrease in net assets from dividends and distributions to shareholders		(155,017,081	)		(254,085,784	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		229,230,584			478,766,781
Reinvestment of distributions		154,979,410			253,858,591
Shares redeemed		(291,646,653	)		(425,824,595	)
Net increase/(decrease) in net assets from capital shares		92,563,341			306,800,777
Total increase/(decrease) in net assets		302,387,628			386,044,292
NET ASSETS:
Beginning of period		3,678,898,803			3,292,854,511
End of period	$	3,981,286,431		$	3,678,898,803
SHARE TRANSACTIONS:
Shares sold		10,783,059			23,305,151
Dividends and distributions reinvested		6,949,749			13,098,999
Shares redeemed		(13,754,520	)		(20,585,763	)
Net increase/(decrease) in shares outstanding		3,978,288			15,818,387

The accompanying notes are an integral part of the financial statements.

10

FREE MARKET INTERNATIONAL EQUITY FUND

Statements of Changes in Net Assets

	For the six months Ended February 29, 2024 (Unaudited)			For the Year Ended August 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	44,957,168		$	70,936,748
Net realized gain/(loss) from investments		795,538			1,605,191
Net change in unrealized appreciation/(depreciation) on investments		119,800,075			317,867,303
Net increase/(decrease) in net assets resulting from operations		165,552,781			390,409,242
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(71,432,283	)		(86,538,910	)
Net decrease in net assets from dividends and distributions to shareholders		(71,432,283	)		(86,538,910	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		184,619,067			387,653,039
Reinvestment of distributions		71,413,639			86,521,788
Shares redeemed		(218,932,127	)		(347,793,059	)
Net increase/(decrease) in net assets from capital shares		37,100,579			126,381,768
Total increase/(decrease) in net assets		131,221,077			430,252,100
NET ASSETS:
Beginning of period		2,825,628,844			2,395,376,745
End of period	$	2,956,849,921		$	2,825,628,845
SHARE TRANSACTIONS:
Shares sold		17,087,929			38,443,413
Dividends and distributions reinvested		6,416,320			8,874,030
Shares redeemed		(20,483,064	)		(33,803,982	)
Net increase/(decrease) in shares outstanding		3,021,185			13,513,461

The accompanying notes are an integral part of the financial statements.

11

FREE MARKET FIXED INCOME FUND

Statements of Changes in Net Assets

	For the six months Ended February 29, 2024 (Unaudited)			For the Year Ended August 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	58,516,215		$	46,630,289
Net realized gain/(loss) from investments		(4,351,430	)		(4,986,787	)
Net change in unrealized appreciation/(depreciation) on investments		21,507,712			68,242
Net increase/(decrease) in net assets resulting from operations		75,672,497			41,711,744
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(62,823,239	)		(42,935,911	)
Net decrease in net assets from dividends and distributions to shareholders		(62,823,239	)		(42,935,911	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		194,637,564			409,425,077
Reinvestment of distributions		62,810,375			42,929,725
Shares redeemed		(287,950,199	)		(414,939,183	)
Net increase/(decrease) in net assets from capital shares		(30,502,260	)		37,415,619
Total increase/(decrease) in net assets		(17,653,002	)		36,191,452
NET ASSETS:
Beginning of period		2,785,354,969			2,749,163,517
End of period	$	2,767,701,967		$	2,785,354,969
SHARE TRANSACTIONS:
Shares sold		19,756,820			42,009,136
Dividends and distributions reinvested		6,366,963			4,445,055
Shares redeemed		(29,272,366	)		(42,657,402	)
Net increase/(decrease) in shares outstanding		(3,148,583	)		3,796,789

The accompanying notes are an integral part of the financial statements.

12

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 29, 2024 (Unaudited)			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			For the Year Ended August 31, 2019
Per Share Operating Performance
Net asset value, beginning of period	$	21.37		$	21.07		$	23.59		$	16.06		$	16.90		$	20.37
Net investment income/(loss)(1)		0.11			0.24			0.21			0.21			0.17			0.17
Net realized and unrealized gain/(loss) on investments		2.04			1.68			(1.69	)		7.62			—	(2)		(2.73	)
Net increase/(decrease) in net assets resulting from operations		2.15			1.92			(1.48	)		7.83			0.17			(2.56	)
Dividends and distributions to shareholders from:
Net investment income		(0.25	)		(0.21	)		(0.41	)		(0.08	)		(0.16	)		(0.15	)
Net realized capital gains		(0.66	)		(1.41	)		(0.63	)		(0.22	)		(0.85	)		(0.76	)
Total dividends and distributions to shareholders		(0.91	)		(1.62	)		(1.04	)		(0.30	)		(1.01	)		(0.91	)
Net asset value, end of period	$	22.61		$	21.37		$	21.07		$	23.59		$	16.06		$	16.90
Total investment return/(loss)(3)		10.12	%(5)		9.92	%		(6.77	)%		49.28	%		0.32	%		(12.09	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,981,286		$	3,678,899		$	3,292,855		$	3,635,318		$	2,839,337		$	2,899,018
Ratio of expenses to average net assets(4)		0.54	%(6)		0.55	%		0.56	%		0.55	%		0.56	%		0.55	%
Ratio of net investment income/(loss) to average net assets(4)		1.07	%(6)		1.18	%		0.92	%		1.05	%		1.05	%		0.96	%
Portfolio turnover rate		2	%(5)		2	%		7	%		5	%		14	%		7	%

(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.

(5) Not Annualized

(6) Annualized.

The accompanying notes are an integral part of the financial statements.

13

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 29, 2024 (Unaudited)			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			For the Year Ended August 31, 2019
Per Share Operating Performance
Net asset value, beginning of period	$	10.81		$	9.66		$	11.60		$	8.89		$	9.09		$	10.72
Net investment income/(loss)(1)		0.17			0.27			0.34			0.18			0.19			0.21
Net realized and unrealized gain/(loss) on investments		0.48			1.22			(2.13	)		2.84			(0.13	)		(1.47	)
Net increase/(decrease) in net assets resulting from operations		0.65			1.49			(1.79	)		3.02			0.06			(1.26	)
Dividends and distributions to shareholders from:
Net investment income		(0.28	)		(0.34	)		(0.15	)		(0.13	)		(0.14	)		(0.18	)
Net realized capital gains		—			—			—			(0.18	)		(0.12	)		(0.19	)
Total dividends and distributions to shareholders		(0.28	)		(0.34	)		(0.15	)		(0.31	)		(0.26	)		(0.37	)
Net asset value, end of period	$	11.18		$	10.81		$	9.66		$	11.60		$	8.89		$	9.09
Total investment return/(loss)(2)		6.01	%(4)		15.82	%		(15.63	)%		34.43	%		0.30	%		(11.66	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,956,850		$	2,825,629		$	2,395,377		$	2,682,213		$	2,153,655		$	2,154,908
Ratio of expenses to average net assets(3)		0.55	%(5)		0.55	%		0.56	%		0.56	%		0.58	%		0.58	%
Ratio of net investment income/(loss) to average net assets(3)		3.22	%(5)		2.68	%		3.08	%		1.70	%		2.13	%		2.22	%
Portfolio turnover rate		2	%(4)		3	%		2	%		5	%		28	%		4	%

(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.

(4) Not Annualized.

(5) Annualized.

The accompanying notes are an integral part of the financial statements.

14

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 29, 2024 (Unaudited)			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			For the Year Ended August 31, 2019
Per Share Operating Performance
Net asset value, beginning of period	$	9.82		$	9.82		$	10.56		$	10.61		$	10.47		$	10.22
Net investment income/(loss)(1)		0.21			0.17			0.05			0.03			0.15			0.27
Net realized and unrealized gain/(loss) on investments		0.07			(0.01	)		(0.74	)		—	(2)		0.16			0.24
Net increase/(decrease) in net assets resulting from operations		0.28			0.16			(0.69	)		0.03			0.31			0.51
Dividends and distributions to shareholders from:
Net investment income		(0.23	)		(0.16	)		(0.05	)		(0.05	)		(0.17	)		(0.26	)
Net realized capital gains		—			—			—			(0.03	)		—			—	(2)
Return of capital		—			—			—			—	(2)		—			—
Total dividends and distributions to shareholders		(0.23	)		(0.16	)		(0.05	)		(0.08	)		(0.17	)		(0.26	)
Net asset value, end of period	$	9.87		$	9.82		$	9.82		$	10.56		$	10.61		$	10.47
Total investment return/(loss)(3)		2.85	%(5)		1.62	%		(6.51	)%		0.31	%		2.98	%		5.11	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,767,702		$	2,785,355		$	2,749,164		$	2,820,610		$	2,307,909		$	2,748,593
Ratio of expenses to average net assets(4)		0.55	%(6)		0.55	%		0.56	%		0.56	%		0.56	%		0.55	%
Ratio of net investment income/(loss) to average net assets(4)		4.28	%(6)		1.72	%		0.51	%		0.27	%		1.39	%		2.62	%
Portfolio turnover rate		2	%(5)		3	%		3	%		2	%		46	%		3	%

(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.

(5) Not Annualized.

(6) Annualized.

The accompanying notes are an integral part of the financial statements.

15

FREE MARKET FUNDS

Notes to Financial Statements

February 29, 2024 (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 mutual fund 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 sixty-four 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 92.723 billion shares are currently classified into two hundred and thirty-four classes of common stock. Each class represents an interest in an active or inactive investment portfolio of the Company.

Free Market U.S. Equity and Free Market International Equity’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 29, 2024, and the period covered by these Notes to Financial Statements is the six months ended February 29, 2024 (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”). 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

16

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

February 29, 2024 (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 reporting 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	$	3,758,360,618	$	—	$	—	$	3,758,360,618
Investments Measured at Net Asset Value*		—		—		—		219,126,479
Investments Purchased with Proceeds From Securities Lending Collateral*		—		—		—		2,919,000
Short-Term Investments		4,301,925		—		—		4,301,925
Total Investments**	$	3,762,662,543	$	—	$	—	$	3,984,708,022

* 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	$	2,473,817,038	$	—	$	—	$	2,473,817,038
Investments Measured at Net Asset Value*		—		—		—		477,838,939
Investments Purchased with Proceeds From Securities Lending Collateral*		—		—		—		79,969,713
Short-Term Investments		4,903,234		—		—		4,903,234
Total Investments**	$	2,478,720,272	$	—	$	—	$	3,036,528,924

* 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.

17

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

February 29, 2024 (Unaudited)

FREE MARKET FIXED INCOME Fund

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Open End Funds	$	2,750,860,972	$	—	$	—	$	2,750,860,972
Investments Measured at Net Asset Value*		—		—		—		—
Investments Purchased with Proceeds From Securities Lending Collateral*		—		—		—		84,572,048
Short-Term Investments		14,615,729		—		—		14,615,729
Total Investments**	$	2,765,476,701	$	—	$	—	$	2,850,048,749

* 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.

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

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

18

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

February 29, 2024 (Unaudited)

of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Funds. In addition to the net annual operating expenses that the Funds bear directly, the shareholders indirectly bear the Funds’ pro-rata expenses of the underlying mutual funds in which each Fund invests.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders recorded on the ex-dividend date for each Fund with the exception of the Free Market Fixed Income Fund which declares and pays quarterly dividends from net investment income. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is each Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

MARKET RISK — The value of a Fund’s shares will fluctuate as a result of the movement of the overall stock market or the value of the underlying fund held by a Fund, and you could lose money.

CASH AND CASH EQUIVALENTS — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

OTHER — In the normal course of business, the Funds may enter into contracts that provide general indemnifications. Each Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and, therefore, cannot be estimated; however, the Funds expect the risk of material loss for such claims is considered to be remote.

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

19

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

February 29, 2024 (Unaudited)

During the current fiscal period, investment advisory fees accrued were as follows:

FUND	ADVISORY FEES
Free Market U.S. Equity Fund	$	8,987,302
Free Market International Equity Fund		6,885,396
Free Market Fixed Income Fund		6,748,892

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for the Funds. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Fund Services serves as the Funds’ transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Funds. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Vigilant Distributors, LLC (the “Distributor”), serves as the principal underwriter and distributor of the Funds’ shares pursuant to a Distribution Agreement with RBB.

For compensation amounts paid to Fund Services and the Custodian, please refer to the Statements of Operations.

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 and Director of Marketing & Business Development of the Company. They are compensated 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	$	88,301,469	$	67,000,206
Free Market International Equity Fund		73,399,720		63,612,305
Free Market Fixed Income Fund		44,469,129		83,761,744

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.

20

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

February 29, 2024 (Unaudited)

As of August 31, 2023, 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	$	2,377,603,873	$	1,333,128,902	$	(30,330,466	)	$	1,302,798,436
Free Market International Equity Fund		2,545,870,875		456,829,915		(46,381,978	)		410,447,937
Free Market Fixed Income Fund		3,091,301,763		5,422,593		(153,353,553	)		(147,930,960	)

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.

Permanent differences as of August 31, 2023, 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	$	(9,126,831	)	$	9,126,831
Free Market International Equity Fund		—			—
Free Market Fixed Income Fund		—			—

As of August 31, 2023, 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	$	15,326,977	$	108,059,134	$	—		$	1,302,798,436
Free Market International Equity Fund		71,432,281		—		(81,715,149	)		410,447,937
Free Market Fixed Income Fund		7,665,003		—		(5,096,849	)		(147,930,960	)

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, 2023 was as follows:

	Ordinary Income		Long-Term Gains		RETURN OF CAPITAL		Total
Free Market U.S. Equity Fund	$	33,276,666	$	220,809,118	$	—	$	254,085,784
Free Market International Equity Fund		86,538,910		—		—		86,538,910
Free Market Fixed Income Fund		42,935,911		—		—		42,935,911

Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

21

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

February 29, 2024 (Unaudited)

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, 2023, the Free Market International Equity Fund had $15,991,945 of short-term capital loss carryforwards and $65,723,204 of long-term capital loss carryforwards, the Free Market Fixed Income Fund had $3,974,290 of short-term capital loss carryforwards and $1,122,559 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 securities. Collateral is invested in short-term investments and the Funds will bear the risk of loss of the invested collateral. Investments purchased with proceeds from securities lending are overnight and continuous. Securities lending will expose the Funds to the risk of loss should a borrower default on its obligation to return the borrowed securities. The market value of the securities on loan and cash collateral as of the end of the reporting period and the income generated from the program during the current fiscal period with respect to such secured loans were as follows:

Fund	Market Value of Securities Loaned		Market Value of Collateral		INCOME RECEIVED FROM SECURITIES LENDING
Free Market U.S. Equity Fund	$	2,879,240	$	2,919,000	$	18,711
Free Market International Equity Fund		78,336,181		79,969,713		132,052
Free Market Fixed Income Fund		82,938,465		84,572,048		92,814

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	$	2,879,240	$	—	$	2,879,240	$	(2,879,240	)	$	—	$	—
Free Market International Equity Fund		78,336,181		—		78,336,181		(78,336,181	)		—		—
Free Market Fixed Income Fund		82,938,465		—		82,938,465		(82,938,465	)		—		—

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.

22

FREE MARKET FUNDS

Notes to Financial Statements (Concluded)

February 29, 2024 (Unaudited)

7. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

In October 2022, the SEC adopted a final rule relating to tailored shareholder reports for mutual funds and exchange-traded funds and fee information in investment company advertisements. Beginning in July 2024, the Funds will be required to transmit concise and visually engaging shareholder reports that highlight key information. The Funds will also be required to tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request.

In December 2022, the FASB issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the London Inter-Bank Offered Rate (LIBOR) and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

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 there were no subsequent events.

23

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.

24

[THIS PAGE INTENTIONALLY LEFT BLANK]

[THIS PAGE INTENTIONALLY LEFT BLANK]

Investment Adviser

Matson Money, Inc.
5955 Deerfield Blvd.
Mason, OH 45040

Administrator and Transfer Agent

U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, WI 53201

Principal Underwriter

Vigilant Distributors, LLC
Gateway Corporate Center, Suite 216
223 Wilmington West Chester Pike
Chadds Ford, PA 19317

Custodian

U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1800
2001 Market Street
Philadelphia, PA 19103-7042

Legal Counsel

Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

FMFI-SAR24

MATSON MONEY U.S. EQUITY VI PORTFOLIO
MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO
MATSON MONEY FIXED INCOME VI PORTFOLIO

of

The RBB Fund, Inc.

SEMI-Annual Report

February 29, 2024
(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

Performance Data

February 29, 2024 (Unaudited)

Matson Money U.S. Equity VI Portfolio

Average Annual Total Returns for the Periods Ended February 29, 2024
	SIX MONTHS(1)	1 YEAR	5 YEARS	SINCE INCEPTION
Matson Money U.S. Equity VI Portfolio	9.75%	12.90%	9.96%	8.44%(2)
Russell 2500® Index	9.89%	12.25%	8.84%	8.53%(4)
Composite Index(2)	10.08%	14.97%	9.58%	9.32%(4)

⁽¹⁾ Not annualized.

⁽²⁾ The Portfolio commenced operations on February 18, 2014.

⁽³⁾ The Composite Index is comprised of the S&P 500^® Index, Russell 1000^® Value Index, Russell 2000^® Index and Russell 2000^® Value Index, each weighted 25%, respectively.

⁽⁴⁾ Index information is not available as of the date of the inception of the Portfolio. The average annual returns for the Russell 2500^® Index and the Composite Index are presented as of March 1, 2014. If the Portfolio had commenced operations on March 1, 2014, its average annual return since inception would have been 8.30%.

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares. For performance data current to the most recent month-end, please call 1-866-780-0357 ext. 3863. The Portfolio’s annual operating expense ratio, as stated in the current prospectus dated December 31, 2023 is 0.98% (included in the ratio is 0.24% attributable to acquired fund fees and expenses).

The Portfolio’s aggregate total return since inception is based on an increase in net asset value from $25.00 per share on February 18, 2014 (commencement of operations) to $32.12 per share on February 29, 2024.

Portfolio composition is subject to change.

The Matson Money U.S. Equity VI Portfolio’s underlying funds invest in small-cap and micro-cap stocks, large-cap stocks and other equity securities. In addition to the ordinary risks of equity investing, small companies entail special risk. Small companies tend to have more risk than large companies. An investor in the Portfolio will incur the expenses of the underlying funds in addition to the Portfolio’s expenses. The foregoing is not intended to be a complete discussion of all risks associated with the investment strategies of the Portfolio.

1

MATSON MONEY VI PORTFOLIOS

Performance Data (Continued)

February 29, 2024 (Unaudited)

Matson Money International Equity VI Portfolio

Average Annual Total Returns for the Periods Ended February 29, 2024
	SIX MONTHS(1)	1 YEAR	5 YEARS	SINCE INCEPTION
Matson Money International Equity VI Portfolio	5.85%	9.92%	5.44%	3.46%(2)
MSCI World (excluding U.S.) Index	9.07%	14.01%	6.88%	4.93%(4)
Composite Index(2)	6.70%	10.60%	4.82%	4.37%(4)

⁽¹⁾ Not annualized.

⁽²⁾ The Portfolio commenced operations on February 18, 2014.

⁽³⁾ The Composite Index is comprised of the MSCI EAFE Index, MSCI EAFE Value Index, MSCI EAFE Small Company Index, and MSCI Emerging Markets Index, each weighted 25%, respectively.

⁽⁴⁾ Index information is not available as of the date of the inception of the Portfolio. The average annual returns for the MSCI World (excluding U.S.) Index and the Composite Index are presented as of March 1, 2014. If the Portfolio had commenced operations on March 1, 2014, its average annual return since inception would have been 3.34%.

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares. For performance data current to the most recent month-end, please call 1-866-780-0357 ext. 3863. The Portfolio’s annual operating expense ratio, as stated in the current prospectus dated December 31, 2023 is 1.14% (included in the ratio is 0.34% attributable to acquired fund fees and expenses).

The Portfolio’s aggregate total return since inception is based on a decrease in net asset value from $25.00 per share on February 18, 2014 (commencement of operations) to $25.49 per share on February 29, 2024.

Portfolio composition is subject to change.

The Matson Money International Equity VI Portfolio’s underlying funds invest in common stock, preferred stock, securities convertible into stocks and other equity securities issued by foreign companies. In addition to the ordinary risks of equity investing, foreign and small companies entail special risk. The return on foreign equities may be adversely affected by currency fluctuations. Emerging markets may be subject to social instability and lack of market liquidity. Small companies tend to have more risk than large companies. An investor in the Portfolio will incur the expenses of the underlying funds in addition to the Portfolio’s expenses. The foregoing is not intended to be a complete discussion of all risks associated with the investment strategies of the Portfolio.

2

MATSON MONEY VI PORTFOLIOS

Performance Data (Concluded)

February 29, 2024 (Unaudited)

Matson Money Fixed Income VI Portfolio

Average Annual Total Returns for the Periods Ended February 29, 2024
	SIX MONTHS(1)	1 YEAR	5 YEARS	SINCE INCEPTION
Matson Money Fixed Income VI Portfolio	2.74%	4.82%	0.62%	0.61%(2)
FTSE World Government Bond Index 1-5 Years	2.60%	4.87%	1.21%	1.36%(4)
Composite Index(2)	2.52%	4.52%	1.20%	1.29%(4)

⁽¹⁾ Not annualized.

⁽²⁾ The Portfolio commenced operations on February 18, 2014.

⁽³⁾ The Composite Index is comprised of the Three-Month Treasury Bill Index, Bloomberg Barclays Capital Intermediate Government Bond Index, ICE BofA Merrill Lynch 1-3 Year US Government/Corporate Index and Bloomberg Barclays U.S. Aggregate Bond Index, each weighted 25%, respectively.

⁽⁴⁾ Index information is not available as of the date of the inception of the Portfolio. The average annual returns for the FTSE World Government Bond Index 1-5 Years (formerly known as the Citigroup World Govt. Bond 1-5 Year Currency Hedged U.S. Dollar Index), and the Composite Index are presented as of March 1, 2014. If the Portfolio had commenced operations on March 1, 2014, its average annual return since inception would have been 0.60%.

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares. For performance data current to the most recent month-end, please call 1-866-780-0357 ext. 3863. The Portfolio’s annual operating expense ratio, as stated in the current prospectus dated December 31, 2023 is 0.86% (included in the ratio is 0.12% attributable to acquired fund fees and expenses).

The Portfolio’s aggregate total return since inception is based on a decrease in net asset value from $25.00 per share on February 18, 2014 (commencement of operations) to $23.71 per share on February 29, 2024.

Portfolio composition is subject to change.

The Matson Money Fixed Income VI Portfolio’s underlying funds invest in fixed income securities. The underlying funds may invest their assets in bonds and other debt securities issued by domestic and foreign governments and companies. Debt instruments involve the risk that their prices will fall when interest rates rise, and they are subject to the risk that the borrower may default. In addition, the return on foreign debt securities may be adversely affected by currency fluctuations. An investor in the Portfolio will incur expenses of the underlying funds in addition to the Portfolio’s expenses. The foregoing is not intended to be a complete discussion of all risks associated with the investment strategies of the Portfolio.

3

MATSON MONEY VI PORTFOLIOS

Fund Expense Examples

February 29, 2024 (Unaudited)

As a shareholder of the Portfolio(s), you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, and other Portfolio expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Portfolio(s) and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2023 through February 29, 2024, and held for the entire period.

ACTUAL EXPENSES

The first section of the accompanying table provides information about actual account values and actual expenses. You may use the information in this section, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

The second section of the accompanying table provides information about hypothetical account values and hypothetical expenses based on each Portfolio’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Portfolio’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Portfolio and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

The expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second section of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	BEGINNING ACCOUNT VALUE SEPTEMBER 1, 2023	ENDING ACCOUNT VALUE FEBRUARY 29, 2024	EXPENSES PAID DURING PERIOD*	Annualized EXPENSE RATIO*	ACTUAL SIX- MONTH TOTAL INVESTMENT RETURN FOR THE PORTFOLIO
Actual
Matson Money U.S. Equity VI Portfolio	$ 1,000.00	$ 1,097.50	$ 3.86	0.74%	9.75%
Matson Money International Equity VI Portfolio	1,000.00	1,058.50	4.20	0.82%	5.85%
Matson Money Fixed Income VI Portfolio	1,000.00	1,027.40	3.73	0.74%	2.74%
Hypothetical (5% return before expenses)
Matson Money U.S. Equity VI Portfolio	$ 1,000.00	$ 1,021.18	$ 3.72	0.74%	N/A
Matson Money International Equity VI Portfolio	1,000.00	1,020.79	4.12	0.82%	N/A
Matson Money Fixed Income VI Portfolio	1,000.00	1,021.18	3.72	0.74%	N/A

* Expenses are equal to each Portfolio’s annualized six-month expense ratio for the period September 1, 2023 through February 29, 2024, multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 366 to reflect the one half year period. The annualized expense ratios do not reflect fees and expenses associated with the underlying funds. Fees and expenses presented for a Portfolio do not reflect any fees and expenses imposed on shares of the Portfolio purchased through variable annuity contracts, variable life insurance policies, and certain qualified pension and retirement plans, which would increase overall fees and expenses. If such fees and expenses had been included, the expenses would have been higher. Each Portfolio’s ending account value in the first section in the table is based on the actual six-month total investment return for each Portfolio for the period September 1, 2023 through February 29, 2024. The range of weighted expense ratios of the underlying funds held by the Portfolios, as stated in the underlying funds’ current prospectuses, were as follows:

FUNDS	RANGE OF WEIGHTED EXPENSE RATIO
Matson Money U.S. Equity VI Portfolio	0.01% - 0.06%
Matson Money International Equity VI Portfolio	0.00% - 0.12%
Matson Money Fixed Income VI Portfolio	0.00% - 0.02%

4

MATSON MONEY VI PORTFOLIOS

MATSON MONEY U.S. EQUITY VI PORTFOLIO

Portfolio of Investments

February 29, 2024 (Unaudited)

	Shares		Value
OPEN END FUNDS — 99.1%
U.S. Large Cap Value Portfolio III - Class Institutional(a)		250,085	$	7,480,036
U.S. Large Company Portfolio - Class Institutional(a)		119,007		4,029,592
U.S. Micro Cap Portfolio - Class Institutional(b)		162,668		4,297,691
U.S. Small Cap Portfolio - Class Institutional(b)		96,334		4,321,534
U.S. Small Cap Value Portfolio - Class Institutional(b)		63,980		2,866,928
VA U.S. Large Value Portfolio(b)		33,733		1,149,296
VA U.S. Targeted Value Portfolio(b)		192,408		4,302,258
TOTAL OPEN END FUNDS
(Cost $23,260,664)				28,447,335
SHORT-TERM INVESTMENTS — 0.9%
Money Market Funds — 0.9%
STIT-Government & Agency Portfolio - Class Institutional, 5.25%(c)		259,000		259,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $259,000)				259,000
TOTAL INVESTMENTS — 100.0%
(Cost $23,519,664)				28,706,335
Liabilities in Excess of Other Assets — 0.0%(d)				(5,509	)
TOTAL NET ASSETS — 100.0%			$	28,700,826

PORTFOLIO HOLDINGS SUMMARY TABLE
	% of Net Assets			Value
Open End Funds		99.1	%	$	28,447,335
Money Market Funds		0.9			259,000
Liabilities In Excess Of Other Assets		0.0			(5,509	)
NET ASSETS		100.0	%	$	28,700,826

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 effective yield as of February 29, 2024.

(d) Represents less than 0.05% of net assets.

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

5

MATSON MONEY VI PORTFOLIOS

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

Portfolio of Investments

February 29, 2024 (Unaudited)

	Shares		Value
OPEN END FUNDS — 99.1%
DFA International Small Cap Value Portfolio - Class Institutional(a)		276,730	$	5,869,441
DFA International Value Portfolio III - Class Institutional(b)		361,428		6,310,540
Emerging Markets Small Cap Portfolio - Class Institutional(a)		44,718		1,017,785
Emerging Markets Value Portfolio - Class Institutional(a)		34,034		1,009,793
iShares Core MSCI EAFE ETF(c)		11,672		838,050
iShares Core MSCI Emerging Markets ETF(c)		21,433		1,078,937
VA International Small Portfolio(a)		300,777		3,549,169
VA International Value Portfolio(a)		77,134		1,061,362
TOTAL OPEN END FUNDS
(Cost $18,512,446)				20,735,077
SHORT-TERM INVESTMENTS — 10.2%
Investments Purchased with Proceeds from Securities Lending — 9.3%
Mount Vernon Liquid Assets Portfolio, LLC, 5.44%(d)		1,939,131		1,939,131
Money Market Funds — 0.9%
STIT-Government & Agency Portfolio - Class Institutional, 5.25%(e)		197,962		197,962
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,137,093)				2,137,093
TOTAL INVESTMENTS — 109.3%
(Cost $20,649,538)				22,872,170
Liabilities in Excess of Other Assets — (9.3)%				(1,953,792	)
TOTAL NET ASSETS — 100.0%			$	20,918,378

PORTFOLIO HOLDINGS SUMMARY TABLE
	% of Net Assets			Value
Open End Funds		99.1	%	$	20,735,077
Money Market Funds		9.3			197,962
Investments Purchased with Proceeds from Securities Lending		0.9			1,939,131
Liabilities In Excess Of Other Assets		(9.3	)		(1,953,792	)
NET ASSETS		100	%	$	20,918,378

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 29, 2024. The total market value of these securities was $1,897,763 which represented 9.1% of net assets.

(d) The rate shown is as of February 29, 2024.

(e) The rate shown represents the 7-day effective yield as of February 29, 2024.

ETF Exchange-Traded Fund

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

6

MATSON MONEY VI PORTFOLIOS

MATSON MONEY FIXED INCOME VI PORTFOLIO

Portfolio of Investments

February 29, 2024 (Unaudited)

	Shares		Value
OPEN END FUNDS — 98.6%
DFA One-Year Fixed Income Portfolio - Class Institutional(a)		304,233	$	3,115,346
DFA Two-Year Global Fixed Income Portfolio - Class Institutional(a)		417,604		4,075,815
iShares 1-3 Year Treasury Bond ETF		13,329		1,089,512
iShares 1-5 Year Investment Grade Corporate Bond ETF(b)		127,419		6,507,287
iShares 3-7 Year Treasury Bond ETF(b)		14,115		1,631,553
iShares 5-10 Year Investment Grade Corporate Bond ETF		31,900		1,631,047
iShares Core International Aggregate Bond ETF(b)		82,203		4,070,693
iShares TIPS Bond ETF(b)		12,714		1,356,838
VA Global Bond Portfolio(a)		277,551		2,719,998
VA Short-Term Fixed Income Portfolio(a)		53,810		545,097
TOTAL OPEN END FUNDS
(Cost $28,071,603)				26,743,186
SHORT-TERM INVESTMENTS — 6.6%
Investments Purchased with Proceeds from Securities Lending — 5.0%
Mount Vernon Liquid Assets Portfolio, LLC, 5.44%(c)		1,368,728		1,368,728
Money Market Funds — 1.6%
STIT-Government & Agency Portfolio - Class Institutional, 5.25%(d)		427,868		427,868
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,796,596)				1,796,596
TOTAL INVESTMENTS — 105.2%
(Cost $29,893,243)				28,539,782
Liabilities in Excess of Other Assets — (5.2)%				(1,416,917	)
TOTAL NET ASSETS — 100.0%			$	27,122,865

PORTFOLIO HOLDINGS SUMMARY TABLE
	% of Net Assets			Value
Open End Funds		98.6	%	$	26,743,186
Money Market Funds		1.6			427,868
Investments Purchased with Proceeds from Securities Lending		5.0			1,368,728
Liabilities In Excess Of Other Assets		(5.2	)		(1,416,917	)
NET ASSETS		100.0	%	$	27,122,865

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 29, 2024. The total market value of these securities was $1,343,178 which represented 5.0% of net assets.

(c) The rate is shown as of February 29, 2024.

(d) The rate shown represents the 7-day effective yield as of February 29, 2024.

ETF Exchange-Traded Fund

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.

7

MATSON MONEY VI PORTFOLIOS

Statements of Assets and Liabilities

February 29, 2024 (Unaudited)

	MATSON MONEY U.S. EQUITY VI PORTFOLIO		MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO		MATSON MONEY FIXED INCOME VI PORTFOLIO
ASSETS
Investments, at value (cost $23,260,664, $18,512,446 and $28,071,603, respectively)	$	28,447,335	$	20,735,077	$	26,743,186
Short-term investments, at value (cost $259,000, $197,962,and $427,868, respectively)		259,000		197,962		427,868
Investments purchased with proceeds from securities lending collateral (cost $—, $1,939,191 and $1,368,728 respectively)		—		1,939,131		1,368,728
Receivables for:
Cash		40,000		20,000		11,692
Investments sold		906		730		1,545
Dividends and interest		—		—		532
Prepaid expenses and other assets		1,195		350		1,147
Total assets		28,748,436		22,893,250		28,554,698
LIABILITIES
Payables for:
Audit fees	$	16,642	$	16,691	$	16,710
Capital shares redeemed		15,256		7,451		30,644
Advisory fees		11,263		8,210		10,773
Administration and accounting fees		3,105		2,790		3,142
Transfer agent fees		726		599		752
Securities lending collateral (see Note 6)		—		1,939,131		1,368,728
Other accrued expenses and liabilities		618		—		1,084
Total liabilities		47,610		1,974,872		1,431,833
Net assets	$	28,700,826	$	20,918,378	$	27,122,865
NET ASSETS CONSIST OF:
Par Value	$	894	$	821	$	1,144
Paid-in capital		22,622,423		19,396,483		28,841,983
Total distributable earnings/(loss)		6,077,509		1,521,074		(1,720,262	)
Net assets	$	28,700,826	$	20,918,378	$	27,122,865
CAPITAL SHARES:
Net assets	$	28,700,826	$	20,918,378	$	27,122,865
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		893,559		820,585		1,143,950
Net asset value, offering and redemption price per share	$	32.12	$	25.49	$	23.71

The accompanying notes are an integral part of the financial statements.

8

MATSON MONEY VI PORTFOLIOS

Statements of Operations

FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED)

	MATSON MONEY U.S. EQUITY VI PORTFOLIO		MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO			MATSON MONEY FIXED INCOME VI PORTFOLIO
INVESTMENT INCOME
Dividends from non-affiliated funds	$	269,526	$	519,221		$	687,172
Securities lending income		—		892			3,899
Total investment income		269,526		520,113			691,071
EXPENSES:
Advisory fees (Note 2)		68,101		50,231			67,799
Audit and tax services fees		17,065		16,906			16,925
Administration and accounting fees (Note 2)		8,469		8,066			8,415
Director fees		1,454		1,082			1,428
Officer fees		1,195		896			1,207
Custodian fees (Note 2)		1,006		2,103			1,561
Legal fees		682		515			676
Printing and shareholder reporting fees		157		272			211
Other expenses		3,451		3,213			3,437
Total expenses		101,580		83,284			101,659
Net investment income/(loss)		167,946		436,829			589,412
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Non-affiliated funds		429,653		(15,042	)		(91,641	)
Capital gain distributions from non-affiliated fund investments		859,417		16,616			—
Net change in unrealized appreciation/(depreciation) on:
Non-affiliated funds		1,212,855		730,502			243,152
Net realized and unrealized gain/(loss) on investments		2,501,925		732,076			151,511
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,669,871	$	1,168,905		$	740,923

The accompanying notes are an integral part of the financial statements.

9

MATSON MONEY U.S. EQUITY VI PORTFOLIO

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	167,946		$	251,488
Net realized gain/(loss) from investments		1,289,070			1,833,022
Net change in unrealized appreciation/(depreciation) on investments		1,212,855			656,457
Net increase/(decrease) in net assets resulting from operations		2,669,871			2,740,967
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(2,176,502	)		(2,775,746	)
Net decrease in net assets from dividends and distributions to shareholders		(2,176,502	)		(2,775,746	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		816,617			1,602,156
Reinvestment of distributions		2,176,501			2,775,746
Shares redeemed		(2,556,522	)		(4,389,190	)
Net increase/(decrease) in net assets from capital shares		436,596			(11,288	)
Total increase/(decrease) in net assets		929,965			(46,067	)
NET ASSETS:
Beginning of period		27,770,861			27,816,928
End of period	$	28,700,826		$	27,770,861
SHARE TRANSACTIONS:
Shares sold		27,079			53,564
Dividends and distributions reinvested		68,790			96,851
Shares redeemed		(81,720	)		(142,873	)
Net increase/(decrease) in shares outstanding		14,149			7,542

The accompanying notes are an integral part of the financial statements.

10

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	436,829		$	526,970
Net realized gain/(loss) from investments		1,574			(219,290	)
Net change in unrealized appreciation/(depreciation) on investments		730,502			2,773,306
Net increase/(decrease) in net assets resulting from operations		1,168,905			3,080,986
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(638,754	)		(663,764	)
Net decrease in net assets from dividends and distributions to shareholders		(638,754	)		(663,764	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		507,126			1,869,280
Reinvestment of distributions		638,754			663,764
Shares redeemed		(1,108,975	)		(3,699,124	)
Net increase/(decrease) in net assets from capital shares		36,905			(1,166,080	)
Total increase/(decrease) in net assets		567,056			1,251,142
NET ASSETS:
Beginning of period		20,351,322			19,100,180
End of period	$	20,918,378		$	20,351,322
SHARE TRANSACTIONS:
Shares sold		20,754			84,786
Dividends and distributions reinvested		25,168			29,553
Shares redeemed		(45,075	)		(154,187	)
Net increase/(decrease) in shares outstanding		847			(39,848	)

The accompanying notes are an integral part of the financial statements.

11

MATSON MONEY FIXED INCOME VI PORTFOLIO

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	589,412		$	439,628
Net realized gain/(loss) from investments		(91,641	)		(193,139	)
Net change in unrealized appreciation/(depreciation) on investments		243,152			127,777
Net increase/(decrease) in net assets resulting from operations		740,923			374,266
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(721,924	)		(338,690	)
Net decrease in net assets from dividends and distributions to shareholders		(721,924	)		(338,690	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,647,641			2,633,205
Reinvestment of distributions		721,924			338,690
Shares redeemed		(2,192,715	)		(4,379,286	)
Net increase/(decrease) in net assets from capital shares		176,850			(1,407,391	)
Total increase/(decrease) in net assets		195,849			(1,371,815	)
NET ASSETS:
Beginning of period		26,927,016			28,298,832
End of period	$	27,122,865		$	26,927,017
SHARE TRANSACTIONS:
Shares sold		69,577			112,199
Dividends and distributions reinvested		30,435			14,630
Shares redeemed		(92,377	)		(186,124	)
Net increase/(decrease) in shares outstanding		7,635			(59,295	)

The accompanying notes are an integral part of the financial statements.

12

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 29, 2024 (UNAUDITED)			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			FOR THE YEAR ENDED AUGUST 31, 2019
Per Share Operating Performance
Net asset value, beginning of period	$	31.58		$	31.90		$	36.70		$	25.62		$	27.08		$	33.12
Net investment income/(loss)(1)		0.19			0.28			0.23			0.25			0.22			0.21
Net realized and unrealized gain/(loss) on investments		2.85			2.62			(2.37	)		12.06			(0.04	)		(4.34	)
Net increase/(decrease) in net assets resulting from operations		3.04			2.90			(2.14	)		12.31			0.18			(4.13	)
Dividends and distributions to shareholders from:
Net investment income		(0.33	)		(0.26	)		(0.34	)		(0.29	)		(0.24	)		(0.27	)
Net realized capital gains		(2.17	)		(2.96	)		(2.32	)		(0.94	)		(1.40	)		(1.64	)
Total dividends and distributions to shareholders		(2.50	)		(3.22	)		(2.66	)		(1.23	)		(1.64	)		(1.91	)
Net asset value, end of period	$	32.12		$	31.58		$	31.90		$	36.70		$	25.62		$	27.08
Total investment return/(loss)(2)		9.75	%(4)		10.14	%		(6.64	)%		49.31	%		(0.02	)%		(11.89	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	28,701		$	27,771		$	27,817		$	31,796		$	25,070		$	24,839
Ratio of expenses to average net assets with waivers, if any(3)		0.74	%(5)		0.74	%		0.73	%		0.74	%		0.76	%		0.76	%
Ratio of expenses to average net assets without waivers, if any(3)		0.74	%(5)		0.74	%		0.73	%		0.74	%		0.76	%		0.76	%
Ratio of net investment income/(loss) to average net assets with waivers(3)		1.23	%(5)		0.90	%		0.65	%		0.77	%		0.86	%		0.72	%
Portfolio turnover rate		5	%(4)		9	%		15	%		18	%		18	%		17	%

(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.

(4) Not Annualized.

(5) Annualized.

The accompanying notes are an integral part of the financial statements.

13

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 29, 2024 (UNAUDITED)			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			FOR THE YEAR ENDED AUGUST 31, 2019
Per Share Operating Performance
Net asset value, beginning of period	$	24.83		$	22.22		$	28.00		$	21.35		$	22.27		$	26.16
Net investment income/(loss)(1)		0.53			0.61			0.73			0.37			0.42			0.43
Net realized and unrealized gain/(loss) on investments		0.92			2.73			(4.87	)		6.80			(0.25	)		(3.51	)
Net increase/(decrease) in net assets resulting from operations		1.45			3.34			(4.14	)		7.17			0.17			(3.08	)
Dividends and distributions to shareholders from:
Net investment income		(0.79	)		(0.50	)		(0.82	)		(0.35	)		(0.52	)		(0.39	)
Net realized capital gains		—			(0.23	)		(0.82	)		(0.17	)		(0.57	)		(0.42	)
Total dividends and distributions to shareholders		(0.79	)		(0.73	)		(1.64	)		(0.52	)		(1.09	)		(0.81	)
Net asset value, end of period	$	25.49		$	24.83		$	22.22		$	28.00		$	21.35		$	22.27
Total investment return/(loss)(2)		5.85	%(4)		15.39	%		(15.66	)%		33.96	%		0.17	%		(11.62	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	20,918		$	20,351		$	19,100		$	22,780		$	18,559		$	18,228
Ratio of expenses to average net assets with waivers, if any(3)		0.82	%(5)		0.80	%		0.80	%		0.80	%		0.83	%		0.86	%
Ratio of expenses to average net assets without waivers, if any(3)		0.82	%(5)		0.80	%		0.80	%		0.80	%		0.83	%		0.86	%
Ratio of net investment income/(loss) to average net assets with waivers(3)		4.35	%(5)		2.60	%		2.86	%		1.48	%		1.99	%		1.82	%
Portfolio turnover rate		3	%(4)		11	%		11	%		18	%		26	%		13	%

(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.

(4) Not Annualized.

(5) Annualized.

The accompanying notes are an integral part of the financial statements.

14

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 29, 2024 (UNAUDITED)			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			FOR THE YEAR ENDED AUGUST 31, 2019
Per Share Operating Performance
Net asset value, beginning of period	$	23.70		$	23.67		$	25.55		$	25.66		$	25.38		$	24.74
Net investment income/(loss)(1)		0.51			0.37			0.10			0.02			0.43			0.59
Net realized and unrealized gain/(loss) on investments		0.14			(0.05	)		(1.90	)		0.04			0.27			0.61
Net increase/(decrease) in net assets resulting from operations		0.65			0.32			(1.80	)		0.06			0.70			1.20
Dividends and distributions to shareholders from:
Net investment income		(0.64	)		(0.29	)		(0.08	)		(0.16	)		(0.42	)		(0.56	)
Net realized capital gains		—			—			—			—			—			—	(2)
Return of capital		—			—			—			(0.01	)		—			—
Total dividends and distributions to shareholders		(0.64	)		(0.29	)		(0.08	)		(0.17	)		(0.42	)		(0.56	)
Net asset value, end of period	$	23.71		$	23.70		$	23.67		$	25.55		$	25.66		$	25.38
Total investment return/(loss)(3)		2.74	%(6)		1.36	%		(7.08	)%		0.22	%		2.80	%		4.98	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	27,123		$	26,927		$	28,299		$	33,103		$	27,323		$	29,546
Ratio of expenses to average net assets with waivers, if any(4)		0.74	%(5)		0.74	%		0.73	%		0.73	%		0.74	%		0.74	%
Ratio of expenses to average net assets without waivers, if any(4)		0.74	%(5)		0.74	%		0.73	%		0.73	%		0.74	%		0.74	%
Ratio of net investment income/(loss) to average net assets with waivers(4)		4.35	%(5)		1.59	%		0.39	%		0.07	%		1.69	%		2.39	%
Portfolio turnover rate		6	%(6)		8	%		7	%		8	%		46	%		19	%

(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 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.

(5) Not Annualized.

(6) Annualized.

The accompanying notes are an integral part of the financial statements.

15

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements

February 29, 2024 (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 mutual fund 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 sixty-four 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 92.723 billion shares are currently classified into two hundred and thirty-four classes of common stock. Each class represents an interest in an active or inactive investment portfolio of the Company.

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 29, 2024, and the period covered by these Notes to Financial Statements is the six months ended February 29, 2024 (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”). 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.

16

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (continued)

February 29, 2024 (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 reporting 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	$	22,995,781	$	—	$	—	$	22,995,781
Investments Measured at Net Asset Value*		—		—		—		5,451,554
Investments Purchased with Proceeds From Securities Lending Collateral*		—		—		—		—
Short-Term Investments		259,000		—		—		259,000
Total Investments**	$	23,254,781	$	—	$	—	$	28,706,335

* 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	$	16,124,546	$	—	$	—	$	16,124,546
Investments Measured at Net Asset Value*		—		—		—		4,610,531
Investments Purchased with Proceeds From Securities Lending Collateral*		—		—		—		1,939,131
Short-Term Investments		197,962		—		—		197,962
Total Investments**	$	16,322,508	$	—	$	—	$	22,872,170

* 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.

17

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (Continued)

February 29, 2024 (Unaudited)

MATSON MONEY FIXED INCOME VI PORTFOLIO

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Open End Funds	$	23,478,091	$	—	$	—	$	23,478,091
Investments Measured at Net Asset Value*		—		—		—		3,265,095
Investments Purchased with Proceeds From Securities Lending Collateral*		—		—		—		1,368,728
Short-Term Investments		427,868		—		—		427,868
Total Investments**	$	23,905,959	$	—	$	—	$	28,539,782

* 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.

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

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

18

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (Continued)

February 29, 2024 (Unaudited)

Trust (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Portfolios. In addition to the net annual operating expenses that the Portfolios bear directly, the shareholders indirectly bear the Portfolios’ pro-rata expenses of the underlying mutual funds in which each Portfolio invests.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders recorded on the ex-dividend date for each Portfolio. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is each Portfolio’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

MARKET RISK — The value of a Portfolio’s shares will fluctuate as a result of the movement of the overall stock market or the value of the underlying fund held by a Portfolio, and you could lose money.

CASH AND CASH EQUIVALENTS — Cash and cash equivalents are valued at cost plus accrued interest, which approximates market value.

OTHER — In the normal course of business, the Portfolios may enter into contracts that provide general indemnifications. Each Portfolio’s maximum exposure under these arrangements is dependent on claims that may be made against the Portfolios in the future, and, therefore, cannot be estimated; however, the Portfolios expect the risk of material loss for such claims to be remote.

For additional information about the DFA Underlying Funds’ and iShares Underlying Funds’ valuation policies, refer to the DFA Underlying Funds’ and iShares Underlying Funds’ most recent annual or semiannual report which can be found at us.dimensional.com and iShares.com, respectively.

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

19

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (Continued)

February 29, 2024 (Unaudited)

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, 2024 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2024.

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

During the current fiscal period, investment advisory fees accrued were as follows:

PORTFOLIO	ADVISORY FEES
Matson Money U.S. Equity VI Portfolio	$	68,101
Matson Money International Equity VI Portfolio		50,231
Matson Money Fixed Income VI Portfolio		67,799

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 the Expense Cap that was in effect at the time of the waiver or 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 and Director of Marketing & Business Development of the Company. They are compensated 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.

20

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (CONTINUED)

February 29, 2024 (Unaudited)

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	$	1,442,935	$	2,173,783
Matson Money International Equity VI Portfolio		626,303		787,610
Matson Money Fixed Income VI Portfolio		1,773,614		1,723,153

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 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, 2023, 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 Portfolio	$	24,092,021	$	4,448,775	$	(707,302	)	$	3,741,473
Matson Money International Equity Portfolio		19,451,492		2,042,864		(1,091,398	)		951,466
Matson Money Fixed Income Portfolio		28,721,983		54,846		(1,788,800	)		(1,733,954	)

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, 2023, there were no permanent differences between distributable earnings/(loss) and paid in capital.

As of August 31, 2023, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Capital Loss Carry Forwards			Net Unrealized Appreciation/ (Depreciation)
Matson Money U.S. Equity Portfolio	$	57,270	$	1,785,397	$	—		$	3,741,473
Matson Money International Equity Portfolio		175,800		—		(136,343	)		951,466
Matson Money Fixed Income Portfolio		169,613		—		(174,920	)		(1,733,954	)

21

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (CONTINUED)

February 29, 2024 (Unaudited)

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, 2023 was as follows:

	ORDINARY INCOME		LONG-TERM GAINS		RETURN OF CAPITAL		TOTAL
Matson Money U.S. Equity Portfolio	$	225,930	$	2,549,816		—	$	2,775,746
Matson Money International Equity Portfolio		453,501		210,263		—		663,764
Matson Money Fixed Income Portfolio		338,690		—		—		338,690

Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

Pursuant to federal income tax rules applicable to regulated investment companies, the Portfolios may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the fiscal year ended August 31, 2023, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2023. The Matson Money Fixed Income Portfolio deferred qualified late-year losses of $174,920, and the Matson Money International Equity Portfolio deferred qualified late-year losses of $136,343 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, 2023, 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 reporting 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 Portfolio	$	—	$	—	$	—
Matson Money International Equity Portfolio		1,897,763		1,939,131		892
Matson Money Fixed Income Portfolio		1,343,178		1,368,728		3,899

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

22

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (continued)

February 29, 2024 (Unaudited)

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 Portfolio	$	—	$	—	$	—	$	—		$	—	$	—
Matson Money International Equity Portfolio		1,897,763		—		1,897,763		(1,897,763	)		—		—
Matson Money Fixed Income Portfolio		1,343,178		—		1,343,178		(1,343,178	)		—		—

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. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

In October 2022, the SEC adopted rule and form amendments relating to tailored shareholder reports for mutual funds and exchange-traded funds and fee information in investment company advertisements. The rule and form amendments will, among other things, require the Portfolios to transmit concise and visually engaging shareholder reports that highlight key information. The amendments will require that funds tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request. The amendments became effective January 24, 2023. There is an 18-month transition period after the effective date of the amendments until the Portfolios are required to comply.

In December 2022, the FASB issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the London Inter-Bank Offered Rate (LIBOR) and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

23

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (concluded)

February 29, 2024 (Unaudited)

8. Subsequent Events

Management has evaluated the impact of all subsequent events on the Portfolios through the date the financial statements were issued and has determined there were no subsequent events.

24

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.

25

[THIS PAGE INTENTIONALLY LEFT BLANK]

Investment Adviser

Matson Money, Inc.
5955 Deerfield Blvd.
Mason, OH 45040

Administrator and Transfer Agent

U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, WI 53201

Principal Underwriter

Vigilant Distributors, LLC
Gateway Corporate Center, Suite 216
223 Wilmington West Chester Pike
Chadds Ford, PA 19317

Custodian

U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1800
2001 Market Street
Philadelphia, PA 19103-7042

Legal Counsel

Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

MMFI-SAR24

Semi-ANNUAL
report 2024

Motley Fool Asset Management ETFs
Series of The RBB Fund, Inc.

2/29/24
(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 (TMFG)
Motley Fool Mid-Cap Growth ETF (TMFM)
Motley Fool 100 Index ETF (TMFC)
Motley Fool Small-Cap Growth ETF (TMFS)
Motley Fool Capital Efficiency 100 Index ETF (TMFE)
Motley Fool Next Index ETF (TMFX)

Table of Contents

Portfolio Characteristics	1
Fund Expense Examples	14
Schedules of Investments	16
Financial Statements	46
Notes to Financial Statements	62
Notice to Shareholders	76

Motley Fool GLOBAL OPPORTUNITIES ETF

Portfolio Characteristics

(Unaudited)

Average Annual Total Returns for the periods ended February 29, 2024
	SIX MONTHS†	One Year	Five Years	Since Inception	Inception Date
Motley Fool Global Opportunities ETF (at NAV)*	13.70%	25.59%	10.46%	9.55%	6/17/2014
Motley Fool Global Opportunities ETF (at Market Price)	13.69%	25.60%	N/A	-1.17%	6/17/2014
FTSE Global All Cap Net Tax Index**	11.48%	22.38%	10.54%	8.32%(1)	—
Fund Expense Ratio:(2) 0.85%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.fooletfs.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratios of the Fund are set forth according to the Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios.

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

** The FTSE Global All Cap Net Tax Index is a market-capitalization weighted index representing the performance of large, mid and small cap companies in Developed and Emerging markets. The index is comprised of approximately 9,500 securities from 49 countries and captures 98% of the world’s investable market capitalization. Fair value prices and foreign exchange as of 4 pm ET are used in the calculation of this index, and returns are adjusted for withholding taxes applicable to dividends received by a U.S. Regulated Investment Company domiciled in the United States. The index is unmanaged and not available for direct investments. Its performance does not reflect deductions for fees, expenses or taxes.

The investment objective of the Motley Fool Global Opportunities ETF is to achieve long-term capital appreciation, and it pursues this objective by investing primarily in common stocks of companies located anywhere in the world. The Fund seeks long-term growth by identifying and acquiring securities of companies that are, in the view of Motley Fool Asset Management, LLC (the “Adviser”), high quality. To identify these high-quality businesses, the Adviser engages in research to evaluate each company under consideration using four criteria: management, culture, and incentives; the economics of the business; competitive advantage; and trajectory. The Adviser’s approach prizes a long-term mindset and a balance of qualitative and quantitative factors.

The Fund will invest in areas of the market, that, in the view of the Adviser, offer the greatest potential for long-term capital appreciation, and it does not attempt to match the allocations of its benchmark. As such, significant deviation from the benchmark is expected from time to time, especially over shorter time frames.

The allocations to various sectors, countries, or any other macro-economic designation, are the byproduct of rigorous bottom-up analysis rather than an intentional top-down opinion of asset classes. While market conditions are constantly changing, exposure to equity market risk is needed to consistently achieve equity-like returns.

1

Motley Fool GLOBAL OPPORTUNITIES ETF

Portfolio Characteristics (Continued)

(Unaudited)

The following tables show the top ten holdings, sector allocations, and top ten countries in which the Fund was invested in as of February 29, 2024. Portfolio holdings are subject to change without notice.

Top Ten Holdings	% OF NET Assets
Amazon.com, Inc.	6.3%
ICON PLC	5.7
Axon Enterprise, Inc.	4.9
Mastercard, Inc., Class A	4.8
Watsco, Inc.	4.4
Waste Connections, Inc.	4.4
Canadian National Railway Co.	3.6
International Container Terminal Services, Inc.	3.6
Georgia Capital PLC	3.5
Alphabet, Inc., Class C	3.4
	44.6%

The Motley Fool Global Opportunities ETF uses the Global Industry Classification Standard^SM (“GICS ^SM”) as the basis for the classification of securities on the Schedule of Investments (“SOI”).

Sector Allocation	% OF Net Assets
Industrials	25.1%
Financials	16.1
Communication Services	13.9
Consumer Discretionary	12.5
Health Care	9.6
Information Technology	8.2
Real Estate	7.3
Consumer Staples	3.3
Materials	1.9
	97.9%

2

Motley Fool GLOBAL OPPORTUNITIES ETF

Portfolio Characteristics (Concluded)

(Unaudited)

Top ten Countries	% OF Net Assets
United States*	48.6%
Canada	10.6
Ireland	6.2
United Kingdom	4.8
Philippines	3.6
Georgia	3.5
Taiwan	3.2
Spain	2.9
Netherlands	2.7
Argentina	2.3
	88.4%

* As of the date of this report, the Fund had a holding of 2.1% in the U.S. Bank Money Market Deposit Account.

3

Motley Fool MID-CAP GROWTH ETF

Portfolio Characteristics

(Unaudited)

Average Annual Total Returns for the periods ended February 29, 2024
	SIX MONTHS†	One Year	Five Years	Since Inception	Inception Date
Motley Fool Mid-Cap Growth ETF (at NAV)*	9.63%	19.06%	7.79%	8.16%	6/17/2014
Motley Fool Mid-Cap Growth ETF (at Market Price)	9.88%	19.24%	N/A	-3.80%	6/17/2014
Russell MidCap® Growth Total Return Index**	16.53%	25.03%	11.59%	11.11%(1)	—
Fund Expense Ratio:(2) 0.85%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.fooletfs.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratios of the Fund are set forth according to the Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios.

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

** The Russell Midcap^® Growth Total Return Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap^® Growth Total Return Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market.

The investment objective of the Motley Fool Mid-Cap Growth ETF is to achieve long-term capital appreciation, and it pursues this objective by investing primarily in common stocks of companies organized in the United States. The Fund seeks long-term growth by identifying and acquiring securities of companies that are, in the view of the Adviser, high quality. To identify these high-quality businesses, the Adviser engages in research to evaluate each company under consideration using four criteria: management, culture, and incentives; the economics of the business; competitive advantage; and trajectory. The Adviser’s approach prizes a long-term mindset and a balance of qualitative and quantitative factors.

The Fund will invest in areas of the market, that, in the view of the Adviser, offer the greatest potential for long-term capital appreciation, and it does not attempt to match the allocations of its benchmark. As such, significant deviation from the benchmark is expected from time to time, especially over shorter time frames.

The allocations to various sectors, or any other macro-economic designation, are the byproduct of rigorous bottom-up analysis rather than an intentional top-down opinion of asset classes. While market conditions are constantly changing, exposure to equity market risk is needed to consistently achieve equity-like returns. The Adviser views its time as best spent focused on evaluating businesses and seeking to minimize company-specific risk in order to pursue its objective of long-term capital appreciation.

Although the Motley Fool Mid-Cap Growth ETF may invest in companies with any market capitalization, the Adviser expects that investments in the securities of companies having smaller- and mid-market capitalizations will be important components of the Fund’s investment program. Investments in securities of these companies may involve greater risk than do investments in larger, more established companies. Small- and mid-cap stocks tend to be more volatile and less liquid than their large-cap counterparts.

4

Motley Fool MID-CAP GROWTH ETF

Portfolio Characteristics (Concluded)

(Unaudited)

The following tables show the top ten holdings, and sector allocations in which the Fund was invested in as of February 29, 2024.Portfolio holdings are subject to change without notice.

Top ten Holdings	% OF Net Assets
Axon Enterprise, Inc.	8.0%
Brown & Brown, Inc.	6.2
Fastenal Co.	5.2
Broadridge Financial Solutions, Inc.	4.7
Watsco, Inc.	4.7
Tyler Technologies, Inc.	4.5
Gentex Corp	4.0
Alarm.com Holdings, Inc.	3.8
SBA Communications Corp.	3.4
Cooper Cos, Inc.	3.4
	47.9

The Motley Fool Mid-Cap Growth ETF uses the Global Industry Classification Standard^SM (“GICS ^SM”) as the basis for the classification of securities on the Schedule of Investments (“SOI”).

Sector Allocation	% OF Net Assets
Industrials	31.2%
Health Care	19.0
Financials	18.3
Information Technology	11.8
Real Estate	7.5
Consumer Discretionary	6.6
Materials	2.2
	96.6%

5

Motley Fool 100 Index ETF

Portfolio Characteristics

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED February 29, 2024
	SIX MONTHS†	One Year	Five Years	Since Inception	Inception Date
Motley Fool 100 Index ETF (at NAV)	17.46%	48.45%	19.02%	16.21%	1/29/2018
Motley Fool 100 Index ETF (at Market Price)	17.62%	48.71%	19.05%	16.23%	1/29/2018
Motley Fool 100 Index*	17.63%	49.06%	19.61%	16.78%(1)	—
S&P 500© Total Return Index**	13.93%	30.45%	14.76%	11.95%(1)	—
Fund Expense Ratio:(2) 0.50%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.fooletfs.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The Motley Fool 100 Index (“Fool 100 Index”) was developed by The Motley Fool, LLC (“The Motley Fool”), an affiliate of Motley Fool Asset Management, LLC (“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 included in the Fool 100 Index is incorporated and listed in the U.S. The Fool 100 Index is calculated and administered by Solactive AG (the “Index Calculation Agent”), which is not affiliated with the Fund, the Adviser or The Motley Fool. Additional information regarding the Fool 100 Index, including its value, is available on the websites of the Fund at www.fooletfs.com and the Index Calculation Agent, at www.solactive.com. You cannot invest directly in an index.

** The S&P 500^® Total Return Index is the total return version of the S&P 500^® Index. Dividends are reinvested on a daily basis and all regular cash dividends are assumed reinvested in the index on the ex-dividend date. The S&P 500^® Index is a market-capitalization-weighted index of 500 US stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500^® Index is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe. The S&P 500^® Index was first introduced on the 1st of January, 1923, though expanded to 500 stocks on March 4, 1957.

6

Motley Fool 100 Index ETF

Portfolio Characteristics (Concluded)

(Unaudited)

The following tables show the top ten holdings and sector allocations, in which the Motley Fool 100 Index ETF was invested in as of February 29, 2024. Portfolio holdings are subject to change without notice.

Top TEN Holdings	% OF Net Assets
Microsoft Corp.	12.1%
Apple, Inc.	11.1%
NVIDIA Corp.	7.7%
Amazon.com, Inc.	7.2%
Alphabet, Inc., Class C	6.8%
Meta Platforms, Inc., Class A	5.0%
Berkshire Hathaway, Inc., Class B	3.6%
Broadcom, Inc.	2.4%
Tesla, Inc.	2.4%
Visa, Inc., Class A	2.3%
	60.6%

The Motley Fool 100 Index ETF uses the Global Industry Classification Standard^SM (“GICS^SM”) as the basis for the classification of securities on the Schedule of Investments (“SOI”). We believe that this makes the SOI classifications more standard with the rest of the industry.

Sector Allocation	% OF Net Assets
Information Technology	41.8%
Communication Services	14.8%
Consumer Discretionary	13.9%
Financials	12.0%
Health Care	7.9%
Industrials	3.6%
Consumer Staples	3.5%
Real Estate	1.1%
Materials	0.6%
Utilities	0.4%
Energy	0.2%
	99.8%

7

MOTLEY FOOL SMALL-CAP GROWTH ETF

Portfolio Characteristics

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED February 29, 2024
	SIX MONTHS†	One Year	FIVE YEAR	Since Inception	Inception Date
Motley Fool Small-Cap Growth ETF (at NAV)	5.80%	16.19%	7.47%	10.42%	10/29/2018
Motley Fool Small-Cap Growth ETF (at Market Price)	5.81%	16.34%	7.43%	10.42%	10/29/2018
Russell 2000 Growth Total Return® Index*	10.21%	14.18%	6.50%	7.96%(1)	—
Fund Expense Ratio:(2) 0.85%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The Russell 2000 Growth Total Return^® Index measures the performance of those companies included in the Russell 2000 Index with higher price-to-book ratios and higher forecasted earnings growth rates. The Russell 2000 Index measures the performance of approximately 2,000 companies with small-market capitalizations.

8

MOTLEY FOOL SMALL-CAP GROWTH ETF

Portfolio Characteristics (CONCLUDED)

(Unaudited)

The following tables show the top ten holdings and sector allocations, in which the Motley Fool Small-Cap Growth ETF was invested in as of February 29, 2024. Portfolio holdings are subject to change without notice.

Top TEN Holdings	% OF Net Assets
Alarm.com Holdings, Inc.	5.7%
Northern Oil & Gas, Inc.	4.3%
Goosehead Insurance, Inc., Class A	4.2%
Axon Enterprise, Inc.	3.9%
Globus Medical, Inc., Class A	3.7%
Gentex Corp.	3.7%
Leonardo DRS, Inc.	3.6%
HealthEquity, Inc.	3.6%
Smartsheet, Inc., Class A	3.4%
Toast, Inc. - Class A	3.4%
	39.5%

The Motley Fool Small-Cap Growth ETF uses GICS^SM as the basis for the classification of securities on the Schedule of Investments.

Sector Allocation	% OF Net Assets
Industrials	24.4%
Health Care	23.9%
Information Technology	16.5%
Financials	13.6%
Consumer Discretionary	8.2%
Energy	4.3%
Real Estate	2.6%
Consumer Staples	2.2%
	95.7%

9

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Portfolio Characteristics

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED February 29, 2024
	SIX MONTHS†	One Year	Since Inception	Inception Date
Motley Fool Capital Efficiency 100 Index ETF (at NAV)	20.20%	49.33%	6.81%	12/30/2021
Motley Fool Captial Efficiency 100 Index ETF (at Market Price)	20.44%	49.97%	7.00%	12/30/2021
Motley Fool Capital Efficiency 100 Index*	20.28%	49.85%	7.16%(1)	—
S&P 500© Total Return Index**	13.93%	30.45%	4.71%(1)	—
Fund Expense Ratio:(2) 0.50%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The Motley Fool Capital Efficiency 100 Index (“Capital Efficiency 100 Index”) was developed by The Motley Fool, LLC (“The Motley Fool”), an affiliate of Motley Fool Asset Management, LLC (“Adviser”), 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 Capital Efficiency 100 Index is calculated and administered by Solactive AG (the “Index Calculation Agent”), which is not affiliated with the Fund, the Adviser or The Motley Fool. Additional information regarding the Capital Efficiency 100 Index, including its value, is available on the websites of the Fund at www.fooletfs.com and the Index Calculation Agent, at www.solactive.com. You cannot invest directly in an index.

** The S&P 500^® Total Return Index is the total return version of the S&P 500^® Index. Dividends are reinvested on a daily basis and all regular cash dividends are assumed reinvested in the index on the ex-dividend date. The S&P 500^® Index is a market-capitalization-weighted index of 500 US stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500^® Index is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe. The S&P 500^® Index was first introduced on the 1st of January, 1923, though expanded to 500 stocks on March 4, 1957.

10

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Portfolio Characteristics (CONCLUDED)

(Unaudited)

The following tables show the top ten holdings and sector allocations, in which the Motley Fool Capital Efficiency 100 Index ETF was invested in as of February 29, 2024 Portfolio holdings are subject to change without notice.

Top TEN Holdings	% OF Net Assets
NVIDIA, Corp.	7.1%
Meta Platforms, Inc., Class A	6.4%
Amazon.com, Inc.	5.2%
Walmart, Inc.	5.1%
Microsoft Corp.	5.0%
Visa, Inc., Class A	4.9%
Broadcom, Inc.	4.8%
Alphabet, Inc., Class C	4.6%
Mastercard, Inc., Class A	4.3%
Apple, Inc.	4.2%
	51.6%

The Motley Fool Capital Efficiency 100 Index ETF uses GICS^SM as the basis for the classification of securities on the Schedule of Investments.

Sector Allocation	% OF Net Assets
Information Technology	33.4%
Health Care	14.7%
Communication Services	14.0%
Consumer Discretionary	11.5%
Financials	9.8%
Consumer Staples	9.4%
Industrials	5.1%
Materials	1.6%
	99.5%

11

MOTLEY FOOL NEXT INDEX ETF

Portfolio Characteristics

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED February 29, 2024
	SIX MONTHS†	One Year	Since Inception	Inception Date
Motley Fool Next Index ETF (at NAV)	9.37%	13.10%	-6.51%	12/30/2021
Motley Fool Next Index ETF (at Market Price)	9.18%	12.98%	-6.57%	12/30/2021
Motley Fool Next Index*	9.72%	13.81%	-6.06%(1)	—
Russell Midcap® Growth Total Return Index**	16.53%	25.03%	0.83%(1)	—
Fund Expense Ratio:(2) 0.50%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The Motley Fool Next Index (“Next Index”) was developed by The Motley Fool, LLC (“The Motley Fool”), an affiliate of Motley Fool Asset Management, LLC (“Adviser”), 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 Capital Efficiency 100 Index is incorporated and listed in the U.S. The Next Index is calculated and administered by Solactive AG (the “Index Calculation Agent”), which is not affiliated with the Fund, the Adviser or The Motley Fool. Additional information regarding the Next Index, including its value, is available on the websites of the Fund at www.fooletfs.com and the Index Calculation Agent, at www.solactive.com. You cannot invest directly in an index.

** The Russell Midcap^® Growth Total Return Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap^® Growth Total Return Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market.

12

MOTLEY FOOL NEXT INDEX ETF

Portfolio Characteristics (CONCLUDED)

(Unaudited)

The following tables show the top ten holdings and sector allocations, in which the Motley Fool Next Index ETF was invested in as of February 29, 2024. Portfolio holdings are subject to change without notice.

Top TEN Holdings	% OF Net Assets
Cloudflare, Inc.	1.9%
MongoDB, Inc.	1.9%
Fair Isaac Corp.	1.8%
HubSpot, Inc.	1.8%
Corning, Inc.	1.6%
Tractor Supply Co.	1.6%
Ulta Beauty, Inc.	1.5%
Splunk, Inc.	1.5%
Westinghouse Air Brake Technologies Corp.	1.5%
Take-Two Interactive Software, Inc.	1.4%
	16.5%

The Motley Fool Next Index ETF uses GICS^SM as the basis for the classification of securities on the Schedule of Investments.

Sector Allocation	% OF Net Assets
Information Technology	32.7%
Industrials	16.8%
Consumer Discretionary	16.1%
Health Care	10.6%
Financials	10.2%
Communication Services	5.9%
Consumer Staples	3.9%
Real Estate	1.3%
Materials	1.2%
Energy	1.1%
	99.8%

13

Motley Fool Asset Management ETFs

Fund Expense Examples

FEBRUARY 29, 2024 (UNAUDITED)

As a shareholder of the Fund(s), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, (if any), including brokerage commissions on purchases and sales of Fund shares, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund(s) and to compare these costs with the ongoing costs of investing in other ETFs.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2023 through February 29, 2024, and held for the entire period.

Actual Expenses

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Examples for Comparison Purposes

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in a Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs. Therefore, the second line of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

Do you know how many times a fund, or the market, has returned a smooth 5% over a long period of time? Never. But we have to pick some example. In reality, the market’s returns are always far bumpier, with the market returning 20% one year, followed by a loss of 10% the next year, followed by a 3% gain,etc. These variations affect actual expenses as well. Happily, over almost all time periods of 20 years or longer, according to the research of University of Pennsylvania’s Jeremy Siegel and others, the domestic market’s returns have been at least 5% per year on average.

14

Motley Fool Asset Management ETFs

Fund Expense Examples (Concluded)

FEBRUARY 29, 2024 (UNAUDITED)

	Beginning Account Value September 1, 2023	Ending Account Value February 29, 2024	Expenses Paid During Period(1)	Annualized Expense Ratio	Actual Six- Month Total Investment Returns for the Funds
Motley Fool Global Opportunities ETF
Actual	$1,000.00	$1,137.00	$4.52	0.85%	13.70%
Hypothetical (5% return before expenses)	1,000.00	1,020.64	4.27	0.85%	N/A
Motley Fool Mid-Cap Growth ETF
Actual	$1,000.00	$1,096.30	$4.43	0.85%	9.63%
Hypothetical (5% return before expenses)	1,000.00	1,020.64	4.27	0.85%	N/A
Motley Fool 100 Index ETF
Actual	$1,000.00	$1,174.60	$2.70	0.50%	17.46%
Hypothetical (5% return before expenses)	1,000.00	1,022.38	2.51	0.50%	N/A
Motley Fool Small-Cap Growth ETF
Actual	$1,000.00	$1,058.00	$4.35	0.85%	5.80%
Hypothetical (5% return before expenses)	1,000.00	1,020.64	4.27	0.85%	N/A
Motley Fool Capital Efficiency 100 Index ETF
Actual	$1,000.00	$1,202.00	$2.74	0.50%	20.20%
Hypothetical (5% return before expenses)	1,000.00	1,022.38	2.51	0.50%	N/A
Motley Fool Next Index ETF
Actual	$1,000.00	$1,093.70	$2.60	0.50%	9.37%
Hypothetical (5% return before expenses)	1,000.00	1,022.38	2.51	0.50%	N/A

⁽¹⁾ Expenses are equal to the Fund’s annualized expense ratio for the period September 1, 2023 through February 29, 2024, multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 366 to reflect the one-half year period. The Fund’s ending account value in the first section in the table is based on the actual six-month total investment return for the Fund.

15

Motley Fool global opportunities ETF

Schedule of Investments

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (Note 1)
COMMON STOCKS — 98.0%
Argentina — 2.3%
MercadoLibre, Inc.(a)		6,309	$	10,064,748
Australia — 2.0%
Atlassian Corp. - Class A(a)		42,411		8,796,890
Canada — 10.6%
Brookfield Asset Management Ltd.		56,028		2,283,141
Brookfield Corp.		222,190		9,169,781
Canadian National Railway Co.		123,718		16,044,988
Waste Connections, Inc.		115,818		19,276,748
				46,774,658
China — 1.7%
Yum China Holdings, Inc.(b)		175,317		7,519,346
France — 0.8%
Vivendi SA		297,030		3,316,242
Georgia — 3.5%
Georgia Capital PLC(a)		1,009,005		15,615,251
Germany — 1.9%
Symrise AG		80,340		8,210,789
India — 1.3%
HDFC Bank., Ltd., ADR		108,854		5,823,689
Ireland — 6.1%
ICON PLC(a)		79,046		25,343,729
Kerry Group PLC - Class A		19,802		1,717,512
				27,061,241
Japan — 1.9%
Nintendo Co. Ltd.		149,004		8,348,677
Kenya — 0.1%
Safaricom PLC		4,000,000		360,544
Netherlands — 2.7%
Universal Music Group NV		395,831		11,923,187
Philippines — 3.6%
International Container Terminal Services, Inc.		3,117,052		16,024,691

The accompanying notes are an integral part of these financial statements.

16

Motley Fool global opportunities ETF

Schedule of Investments (continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (Note 1)
COMMON STOCKS (continued)
Spain — 2.9%
Cellnex Telecom SA(c)		361,201	$	12,988,151
Taiwan — 3.2%
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		108,596		13,973,047
United Arab Emirates — 0.0%(d)
NMC Health PLC(a)(e)		485,482		—
United Kingdom — 4.8%
Aon PLC - Class A		32,068		10,133,167
Rentokil Initial PLC - ADR(b)		300,020		8,568,571
System1 Group PLC(a)		490,291		2,537,482
				21,239,220
United States — 48.6%(f)
Alphabet, Inc. - Class C(a)		106,502		14,886,850
Amazon.com, Inc.(a)		156,573		27,675,843
American Tower Corp.		67,214		13,366,176
Axon Enterprise, Inc.(a)		70,506		21,671,429
Comcast Corp. - Class A		171,981		7,369,386
Costco Wholesale Corp.		17,255		12,835,822
Equinix, Inc.		14,956		13,293,192
Fastenal Co.		136,854		9,991,710
Mastercard, Inc. - Class A		45,076		21,400,282
MSCI, Inc.		12,340		6,922,370
Salesforce, Inc.(a)		42,950		13,263,819
SBA Communications Corp.		26,480		5,540,410
Shockwave Medical, Inc.(a)		36,240		9,453,929
Starbucks Corp.		104,166		9,885,353
Waters Corp.(a)(b)		23,012		7,764,709
Watsco, Inc.(b)		49,641		19,564,511
				214,885,791
TOTAL COMMON STOCKS (Cost $233,455,865)			$	432,926,162

The accompanying notes are an integral part of these financial statements.

17

Motley Fool global opportunities ETF

Schedule of Investments (continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (Note 1)
SHORT-TERM INVESTMENTS — 8.2%
Investments Purchased with Proceeds from Securities Lending — 8.2%
Mount Vernon Liquid Assets Portfolio, LLC, 5.44%(g)		36,421,063	$	36,421,063
TOTAL SHORT-TERM INVESTMENTS (Cost $36,421,063)				36,421,063
TOTAL INVESTMENTS — 106.2% (Cost $269,876,928)				469,347,225
Money Market Deposit Account — 2.1%(h)				9,133,884
Liabilities in Excess of Other Assets — (8.3)%				(36,538,576	)
TOTAL NET ASSETS — 100.0%			$	441,942,533

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. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR — American Depositary Receipt

PLC — Public Limited Company

SA — Sociedad Anónima

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of February 29, 2024. At February 29, 2024, the total market value of these securities was $35,685,808 which represented 8.1% 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 29, 2024, the value of these securities total $12,988,151 or 2.9% 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 29, 2024.

(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 effective yield as of February 29, 2024.

(h) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of February 29, 2024 was 5.20%.

The accompanying notes are an integral part of these financial statements.

18

Motley Fool mid-cap growth ETF

Schedule of Investments

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (NOTE 1)
COMMON STOCKS — 96.6%
Aerospace & Defense — 8.0%
Axon Enterprise, Inc.(a)		52,065	$	16,003,219
Air Freight & Logistics — 2.8%
GXO Logistics, Inc.(a)		107,139		5,545,515
Automobile Components — 4.0%
Gentex Corp.		218,418		7,978,810
Biotechnology — 4.3%
BioMarin Pharmaceutical, Inc.(a)		44,271		3,819,702
Ultragenyx Pharmaceutical, Inc.(a)		91,502		4,732,483
				8,552,185
Building Products — 2.9%
Trex Co., Inc.(a)		62,930		5,774,457
Capital Markets — 7.1%
Morningstar, Inc.		14,883		4,443,915
MSCI, Inc.		5,439		3,051,116
StoneX Group, Inc.(a)		94,551		6,548,602
				14,043,633
Chemicals — 2.2%
Eastman Chemical Co.		50,771		4,454,648
Financial Services — 3.2%
Toast, Inc. - Class A(a)(b)		281,200		6,467,600
Ground Transportation — 2.9%
RXO, Inc.(a)		267,019		5,746,249
Health Care Equipment & Supplies — 8.4%
Cooper Cos., Inc.		72,620		6,797,232
Globus Medical, Inc. - Class A(a)		107,000		5,776,930
Shockwave Medical, Inc.(a)(b)		16,170		4,218,268
				16,792,430
Health Care Providers & Services — 3.4%
HealthEquity, Inc.(a)		81,174		6,705,784

The accompanying notes are an integral part of these financial statements.

19

Motley Fool mid-cap growth ETF

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (NOTE 1)
COMMON STOCKS (continued)
Insurance — 8.0%
Brown & Brown, Inc.		145,599	$	12,260,892
Goosehead Insurance, Inc. - Class A(a)		47,900		3,623,635
				15,884,527
Life Sciences Tools & Services — 2.9%
Waters Corp.(a)(b)		17,156		5,788,777
Office REITs — 2.0%
Alexandria Real Estate Equities, Inc.(b)		31,544		3,934,483
Professional Services — 4.7%
Broadridge Financial Solutions, Inc.		46,314		9,428,604
Real Estate Management & Development — 2.1%
CoStar Group, Inc.(a)(b)		47,000		4,090,410
Software — 11.8%
Alarm.com Holdings, Inc.(a)		99,696		7,545,990
DoubleVerify Holdings, Inc.(a)(b)		94,000		2,903,660
Guidewire Software, Inc.(a)		33,000		3,938,220
Tyler Technologies, Inc.(a)		20,716		9,055,792
				23,443,662
Specialized REITs — 3.4%
SBA Communications Corp.		32,796		6,861,907
Specialty Retail — 2.6%
Tractor Supply Co.(b)		20,421		5,193,469
Trading Companies & Distributors — 9.9%
Fastenal Co.		140,877		10,285,430
Watsco, Inc.(b)		23,694		9,338,279
				19,623,709
TOTAL COMMON STOCKS (Cost $116,927,802)			$	192,314,078

The accompanying notes are an integral part of these financial statements.

20

Motley Fool mid-cap growth ETF

Schedule of Investments (CONCLUDED)

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (NOTE 1)
SHORT-TERM INVESTMENTS — 13.3%
Investments Purchased with Proceeds from Securities Lending — 13.3%
Mount Vernon Liquid Assets Portfolio, LLC, 5.44%(c)		26,482,994	$	26,482,994
TOTAL SHORT-TERM INVESTMENTS (Cost $26,482,994)				26,482,994
TOTAL INVESTMENTS — 109.9% (Cost $143,410,796)				218,797,072
Money Market Deposit Account — 3.4%(d)				6,831,431
Liabilities in Excess of Other Assets — (13.3)%				(26,563,354	)
TOTAL NET ASSETS — 100.0%			$	199,065,149

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. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of February 29, 2024. At February 29, 2024, the total market value of these securities was $25,914,548 which represented 13.0% of net assets.

(c) The rate shown represents the 7-day effective yield as of February 29, 2024.

(d) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of February 29, 2024 was 5.20%.

The accompanying notes are an integral part of these financial statements.

21

Motley Fool 100 Index ETF

Schedule of Investments

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (NOTE 1)
COMMON STOCKS — 100.0%
Aerospace & Defense — 0.3%
TransDigm Group, Inc.		1,641	$	1,932,671
Air Freight & Logistics — 0.8%
FedEx Corp.		7,463		1,858,063
United Parcel Service, Inc. - Class B		25,571		3,791,157
				5,649,220
Automobiles — 2.4%
Tesla, Inc.(a)		87,626		17,689,937
Banks — 2.4%
JPMorgan Chase & Co.		86,303		16,057,536
Truist Financial Corp.		40,166		1,405,007
				17,462,543
Beverages — 0.2%
Monster Beverage Corp.(a)		30,314		1,791,557
Biotechnology — 1.6%
Amgen, Inc.		16,009		4,383,745
Biogen, Inc.(a)		3,499		759,248
Gilead Sciences, Inc.		36,985		2,666,619
Moderna, Inc.(a)(b)		9,722		896,757
Vertex Pharmaceuticals, Inc.(a)		7,649		3,218,240
				11,924,609
Broadline Retail — 7.4%
Amazon.com, Inc.(a)		301,044		53,212,537
Coupang, Inc.(a)		51,942		961,966
eBay, Inc.		15,106		714,212
				54,888,715
Capital Markets — 1.5%
Charles Schwab Corp.		49,899		3,332,255
CME Group, Inc.		10,684		2,354,219
Intercontinental Exchange, Inc.		16,988		2,351,479
Moody’s Corp.		5,432		2,061,010
Nasdaq, Inc.		16,739		940,732
				11,039,695

The accompanying notes are an integral part of these financial statements.

22

Motley Fool 100 Index ETF

Schedule of Investments (continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (NOTE 1)
COMMON STOCKS (continued)
Chemicals — 0.6%
Ecolab, Inc.		8,463	$	1,902,821
Sherwin-Williams Co.		7,598		2,522,764
				4,425,585
Commercial Services & Supplies — 0.8%
Cintas Corp.		3,029		1,904,060
Copart, Inc.(a)		28,005		1,488,466
Waste Management, Inc.		11,954		2,458,340
				5,850,866
Communications Equipment — 0.3%
Arista Networks, Inc.(a)		9,234		2,562,804
Consumer Staples Distribution & Retail — 3.2%
Costco Wholesale Corp.		13,191		9,812,653
Walmart, Inc.		239,686		14,047,996
				23,860,649
Electric Utilities — 0.4%
NextEra Energy, Inc.		53,560		2,955,976
Entertainment — 2.1%
Electronic Arts, Inc.		7,817		1,090,315
Netflix, Inc.(a)		12,991		7,832,534
ROBLOX Corp. - Class A(a)		12,802		510,800
Walt Disney Co.		49,316		5,502,679
Warner Bros Discovery, Inc.(a)(b)		64,265		564,889
				15,501,217
Financial Services — 8.0%
Berkshire Hathaway, Inc. - Class B(a)		64,644		26,465,254
Block, Inc.(a)		13,784		1,095,414
Mastercard, Inc. - Class A		27,878		13,235,359
PayPal Holdings, Inc.(a)		27,414		1,654,161
Visa, Inc. - Class A(b)		59,670		16,865,129
				59,315,317

The accompanying notes are an integral part of these financial statements.

23

Motley Fool 100 Index ETF

Schedule of Investments (continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (NOTE 1)
COMMON STOCKS (continued)
Ground Transportation — 1.5%
Old Dominion Freight Line, Inc.(b)		3,174	$	1,404,432
Uber Technologies, Inc.(a)		61,081		4,855,939
Union Pacific Corp.		18,093		4,590,013
				10,850,384
Health Care Equipment & Supplies — 1.3%
Align Technology, Inc.(a)		2,008		607,259
Becton Dickinson & Co.		8,594		2,024,317
DexCom, Inc.(a)		11,259		1,295,573
IDEXX Laboratories, Inc.(a)		2,465		1,417,942
Intuitive Surgical, Inc.(a)		10,451		4,029,905
ResMed, Inc.		2,687		466,786
				9,841,782
Health Care Providers & Services — 2.8%
CVS Health Corp.		38,545		2,866,592
HCA Healthcare, Inc.		7,945		2,476,456
McKesson Corp.		3,949		2,059,048
UnitedHealth Group, Inc.		27,445		13,546,852
				20,948,948
Health Care Technology — 0.1%
Veeva Systems, Inc. - Class A(a)		4,257		959,996
Hotels, Restaurants & Leisure — 2.1%
Airbnb, Inc. - Class A(a)(b)		16,643		2,620,773
Booking Holdings, Inc.(a)		1,034		3,586,770
Chipotle Mexican Grill, Inc.(a)		814		2,188,659
DoorDash, Inc. - Class A(a)		11,819		1,472,293
Marriott International, Inc. - Class A		8,736		2,182,864
Starbucks Corp.		33,942		3,221,096
				15,272,455
Industrial Conglomerates — 0.1%
3M Co.		11,085		1,021,150
Insurance — 0.2%
Aflac, Inc.		17,455		1,409,317

The accompanying notes are an integral part of these financial statements.

24

Motley Fool 100 Index ETF

Schedule of Investments (continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (NOTE 1)
COMMON STOCKS (continued)
Interactive Media & Services — 11.8%
Alphabet, Inc. - Class C(a)		362,600	$	50,684,228
Meta Platforms, Inc. - Class A		74,891		36,706,326
				87,390,554
IT Services — 0.5%
Cognizant Technology Solutions Corp. - Class A		14,623		1,155,510
Gartner, Inc.(a)		2,250		1,047,510
Snowflake, Inc. - Class A(a)		9,436		1,776,610
				3,979,630
Life Sciences Tools & Services — 0.1%
Illumina, Inc.(a)		3,363		470,248
Machinery — 0.1%
Cummins, Inc.(b)		4,107		1,103,181
Media — 0.2%
Trade Desk, Inc. - Class A(a)		14,283		1,220,197
Oil, Gas & Consumable Fuels — 0.2%
Kinder Morgan, Inc.		67,068		1,166,313
Pharmaceuticals — 1.9%
Bristol-Myers Squibb Co.		55,698		2,826,674
Johnson & Johnson		71,896		11,602,576
				14,429,250
Real Estate Management & Development — 0.1%
CoStar Group, Inc.(a)		11,869		1,032,959
Semiconductors & Semiconductor Equipment — 11.9%
Advanced Micro Devices, Inc.(a)		47,951		9,232,006
Broadcom, Inc.		13,881		18,052,101
Lam Research Corp.		3,912		3,670,434
NVIDIA Corp.		71,973		56,939,280
				87,893,821
Software — 18.1%
Adobe Systems, Inc.(a)		13,514		7,571,624
Autodesk, Inc.(a)		6,230		1,608,399
Crowdstrike Holdings, Inc. - Class A(a)		7,127		2,310,217

The accompanying notes are an integral part of these financial statements.

25

Motley Fool 100 Index ETF

Schedule of Investments (continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (NOTE 1)
COMMON STOCKS (continued)
Software (continued)
Datadog, Inc. - Class A(a)		9,433	$	1,240,062
Fortinet, Inc.(a)		22,366		1,545,714
Intuit, Inc.		8,321		5,515,908
Microsoft Corp.		216,866		89,704,452
Palo Alto Networks, Inc.(a)(b)		9,359		2,906,438
Roper Technologies, Inc.		3,175		1,729,518
Salesforce, Inc.(a)		28,732		8,873,016
ServiceNow, Inc.(a)		6,071		4,682,805
Synopsys, Inc.(a)		4,511		2,588,096
Workday, Inc. - Class A(a)		7,806		2,300,116
Zoom Video Communications, Inc. - Class A(a)		5,002		353,792
Zscaler, Inc.(a)		4,261		1,031,034
				133,961,191
Specialized REITs — 1.0%
American Tower Corp.		12,383		2,462,483
Crown Castle, Inc.		10,544		1,159,207
Digital Realty Trust, Inc.		8,816		1,294,277
Equinix, Inc.		2,786		2,476,253
				7,392,220
Specialty Retail — 1.5%
Home Depot, Inc.		29,541		11,243,600
Technology Hardware, Storage & Peripherals — 11.1%
Apple, Inc.		453,555		81,980,066
Textiles, Apparel & Luxury Goods — 0.6%
NIKE, Inc. - Class B(b)		40,381		4,196,797
Wireless Telecommunication Services — 0.8%
T-Mobile US, Inc.(b)		34,326		5,605,436
TOTAL COMMON STOCKS (Cost $466,339,699)			$	740,220,856

The accompanying notes are an integral part of these financial statements.

26

Motley Fool 100 Index ETF

Schedule of Investments (Concluded)

FEBRUARY 29, 2024 (UNAUDITED)

	Contract		Value (NOTE 1)
RIGHTS — 0.0%(c)
Altaba, Inc. - Escrow Shares, Expires , Exercise Price $0.00(a)(d)		8,565	$	21,327
TOTAL RIGHTS (Cost $2,161)				21,327

	Number of Shares		Value (Note 2)
SHORT-TERM INVESTMENTS — 4.7%
Investments Purchased with Proceeds from Securities Lending — 4.7%
Mount Vernon Liquid Assets Portfolio, LLC, 5.44%(e)		35,178,725	$	35,178,725
TOTAL SHORT-TERM INVESTMENTS (Cost $35,178,725)				35,178,725
TOTAL INVESTMENTS — 104.7% (Cost $501,520,585)				775,420,908
Money Market Deposit Account — 0.0%(f)				316,122
Liabilities in Excess of Other Assets — (4.7)%				(34,884,567	)
TOTAL NET ASSETS — 100.0%			$	740,852,463

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. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of February 29, 2024. At February 29, 2024, the total market value of these securities was $34,254,570 which represented 4.6% of 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 $21,327 or 0.0% of net assets as of February 29, 2024.

(e) The rate shown represents the 7-day effective yield as of February 29, 2024.

(f) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of February 29, 2024 was 5.20%.

The accompanying notes are an integral part of these financial statements.

27

MOTLEY FOOL Small-Cap Growth ETF

Schedule of Investments

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (Note 1)
COMMON STOCKS — 95.9%
Aerospace & Defense — 7.5%
Axon Enterprise, Inc.(a)		10,879	$	3,343,878
Leonardo DRS, Inc.(a)		136,848		3,107,818
				6,451,696
Air Freight & Logistics — 3.3%
GXO Logistics, Inc.(a)(b)		55,154		2,854,771
Automobile Components — 4.9%
Fox Factory Holding Corp.(a)		20,064		1,015,038
Gentex Corp.		87,072		3,180,740
				4,195,778
Banks — 3.1%
Live Oak Bancshares, Inc.(b)		66,150		2,627,478
Biotechnology — 3.4%
Ultragenyx Pharmaceutical, Inc.(a)		55,628		2,877,080
Building Products — 1.9%
Trex Co., Inc.(a)(b)		17,728		1,626,721
Capital Markets — 3.0%
StoneX Group, Inc.(a)		37,421		2,591,779
Electronic Equipment, Instruments & Components — 1.2%
IPG Photonics Corp.(a)		11,655		1,006,409
Financial Services — 3.4%
Toast, Inc. - Class A(a)(b)		126,096		2,900,208
Ground Transportation — 5.2%
Landstar System, Inc.		8,607		1,637,051
RXO, Inc.(a)		132,320		2,847,527
				4,484,578
Health Care Equipment & Supplies — 13.0%
Globus Medical, Inc. - Class A(a)(b)		59,425		3,208,356
Inari Medical, Inc.(a)(b)		42,920		1,979,470
Penumbra, Inc.(a)		6,967		1,636,688
Shockwave Medical, Inc.(a)(b)		9,435		2,461,308
UFP Technologies, Inc.(a)(b)		8,880		1,849,793
				11,135,615

The accompanying notes are an integral part of these financial statements.

28

MOTLEY FOOL Small-Cap Growth ETF

Schedule of Investments (CONTINUED)

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (Note 1)
COMMON STOCKS (continued)
Health Care Providers & Services — 3.6%
HealthEquity, Inc.(a)		36,807	$	3,040,626
Health Care Technology — 1.9%
Certara, Inc.(a)(b)		98,566		1,663,794
Industrial REITs — 2.6%
STAG Industrial, Inc.(b)		58,984		2,190,666
Insurance — 4.2%
Goosehead Insurance, Inc. - Class A(a)(b)		46,953		3,551,995
Leisure Products — 1.9%
Topgolf Callaway Brands Corp.(a)(b)		114,932		1,636,632
Life Sciences Tools & Services — 2.1%
Mesa Laboratories, Inc.(b)		16,407		1,791,480
Machinery — 3.2%
John Bean Technologies Corp.		27,258		2,766,142
Oil, Gas & Consumable Fuels — 4.3%
Northern Oil & Gas, Inc.(b)		103,863		3,711,025
Personal Care Products — 2.2%
BellRing Brands, Inc.(a)		33,300		1,896,435
Semiconductors & Semiconductor Equipment — 1.1%
Wolfspeed, Inc.(a)(b)		36,288		944,214
Software — 14.3%
Alarm.com Holdings, Inc.(a)(b)		64,765		4,902,063
DoubleVerify Holdings, Inc.(a)(b)		25,932		801,039
LiveRamp Holdings, Inc.(a)		26,524		927,810
Q2 Holdings, Inc.(a)(b)		57,976		2,680,230
Smartsheet, Inc. - Class A(a)		69,204		2,921,101
				12,232,243
Textiles, Apparel & Luxury Goods — 1.4%
Crocs, Inc.(a)		9,824		1,200,984
Trading Companies & Distributors — 3.2%
Watsco, Inc.(b)		6,861		2,704,057
TOTAL COMMON STOCKS (Cost $75,035,733)			$	82,082,406

The accompanying notes are an integral part of these financial statements.

29

MOTLEY FOOL Small-Cap Growth ETF

Schedule of Investments (Concluded)

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (Note 1)
SHORT-TERM INVESTMENTS — 34.4%
Investments Purchased with Proceeds from Securities Lending — 34.4%
Mount Vernon Liquid Assets Portfolio, LLC, 5.44%(c)		29,399,685	$	29,399,685
TOTAL SHORT-TERM INVESTMENTS (Cost $29,399,685)				29,399,685
TOTAL INVESTMENTS — 130.3% (Cost $104,435,418)				111,482,091
Money Market Deposit Account — 4.1%(d)				3,505,602
Liabilities in Excess of Other Assets — (34.4)%				(29,422,390	)
TOTAL NET ASSETS — 100.0%			$	85,565,303

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. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of February 29, 2024. At February 29, 2024, the total market value of these securities was $28,330,468 which represented 33.1% of net assets.

(c) The rate shown represents the 7-day effective yield as of February 29, 2024.

(d) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of February 29, 2024 was 5.20%.

The accompanying notes are an integral part of these financial statements.

30

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (Note 1)
COMMON STOCKS — 99.6%
Air Freight & Logistics — 1.1%
GXO Logistics, Inc.(a)		323	$	16,718
United Parcel Service, Inc. - Class B		2,330		345,446
				362,164
Beverages — 0.5%
Boston Beer Co., Inc. - Class A(a)		24		7,395
Monster Beverage Corp.(a)		2,907		171,804
				179,199
Biotechnology — 2.9%
Amgen, Inc.		1,398		382,814
Gilead Sciences, Inc.		4,082		294,312
Neurocrine Biosciences, Inc.(a)		342		44,597
Vertex Pharmaceuticals, Inc.(a)		627		263,804
				985,527
Broadline Retail — 5.5%
Amazon.com, Inc.(a)		10,051		1,776,615
eBay, Inc.		1,514		71,582
Etsy, Inc.(a)		323		23,156
				1,871,353
Capital Markets — 0.4%
Cboe Global Markets, Inc.		279		53,568
Nasdaq, Inc.		1,455		81,771
PJT Partners, Inc. - Class A		68		7,167
				142,506
Chemicals — 1.6%
Balchem Corp.		77		12,104
Ecolab, Inc.		802		180,322
RPM International, Inc.		436		50,293
Sherwin-Williams Co.		922		306,131
				548,850
Commercial Services & Supplies — 1.9%
Cintas Corp.		369		231,957
Copart, Inc.(a)		2,264		120,332

The accompanying notes are an integral part of these financial statements.

31

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (Note 1)
COMMON STOCKS (continued)
Commercial Services & Supplies (continued)
Rollins, Inc.		1,392	$	61,345
Waste Management, Inc.		1,099		226,009
				639,643
Communications Equipment — 0.7%
Arista Networks, Inc.(a)		824		228,693
Ubiquiti, Inc.		153		17,929
				246,622
Consumer Staples Distribution & Retail — 8.8%
Casey’s General Stores, Inc.		140		42,629
Costco Wholesale Corp.		1,640		1,219,980
Walmart, Inc.		29,976		1,756,893
				3,019,502
Distributors — 0.1%
LKQ Corp.		861		45,022
Electronic Equipment, Instruments & Components — 0.1%
Zebra Technologies Corp. - Class A(a)		129		36,053
Entertainment — 2.5%
Electronic Arts, Inc.		798		111,305
Netflix, Inc.(a)		1,227		739,783
				851,088
Financial Services — 9.4%
Jack Henry & Associates, Inc.		216		37,534
Mastercard, Inc. - Class A		3,140		1,490,746
Visa, Inc. - Class A		5,982		1,690,753
				3,219,033
Food Products — 0.0%(b)
Darling Ingredients, Inc.(a)		381		16,120
Ground Transportation — 1.6%
Old Dominion Freight Line, Inc.		332		146,903
RXO, Inc.(a)		309		6,650
Union Pacific Corp.		1,625		412,246
				565,799

The accompanying notes are an integral part of these financial statements.

32

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (Note 1)
COMMON STOCKS (continued)
Health Care Equipment & Supplies — 2.5%
Becton Dickinson & Co.		756	$	178,076
IDEXX Laboratories, Inc.(a)		351		201,906
Insulet Corp.(a)		211		34,604
Intuitive Surgical, Inc.(a)		970		374,031
ResMed, Inc.		436		75,742
				864,359
Health Care Providers & Services — 5.5%
HCA Healthcare, Inc.		920		286,764
McKesson Corp.		365		190,315
UnitedHealth Group, Inc.		2,846		1,404,785
				1,881,864
Health Care Technology — 0.3%
Veeva Systems, Inc. - Class A(a)		433		97,646
Household Durables — 0.2%
Dream Finders Homes, Inc. - Class A(a)		220		8,609
Meritage Homes Corp.		92		14,505
NVR, Inc.(a)		8		61,004
				84,118
Industrial Conglomerates — 0.4%
3M Co.		1,339		123,349
Interactive Media & Services — 11.2%
Alphabet, Inc. - Class C(a)		11,261		1,574,063
Meta Platforms, Inc. - Class A		4,485		2,198,233
Pinterest, Inc. - Class A(a)		1,897		69,620
				3,841,916
IT Services — 1.3%
Cognizant Technology Solutions Corp. - Class A		1,562		123,429
EPAM Systems, Inc.(a)		159		48,400
Gartner, Inc.(a)		264		122,908
GoDaddy, Inc. - Class A(a)		458		52,281
MongoDB, Inc.(a)		199		89,068
				436,086

The accompanying notes are an integral part of these financial statements.

33

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (Note 1)
COMMON STOCKS (continued)
Machinery — 0.0%(b)
Tennant Co.		45	$	5,094
Media — 0.4%
New York Times Co. - Class A		487		21,564
Trade Desk, Inc. - Class A(a)		1,297		110,803
				132,367
Pharmaceuticals — 3.6%
Johnson & Johnson		7,624		1,230,361
Professional Services — 0.0%(b)
TaskUS, Inc. - Class A(a)		269		3,586
Upwork, Inc.(a)		341		4,467
				8,053
Semiconductors & Semiconductor Equipment — 13.2%
Broadcom, Inc.		1,264		1,643,819
Cirrus Logic, Inc.(a)		151		13,865
Enphase Energy, Inc.(a)		333		42,294
Impinj, Inc.(a)		77		8,410
Lam Research Corp.		372		349,029
NVIDIA Corp.		3,092		2,446,143
Universal Display Corp.		128		22,326
				4,525,886
Software — 13.8%
Adobe Systems, Inc.(a)		1,683		942,952
Alteryx, Inc. - Class A(a)		186		8,935
Appfolio, Inc. - Class A(a)		94		22,756
Autodesk, Inc.(a)		760		196,209
DocuSign, Inc.(a)		548		29,192
Fair Isaac Corp.(a)		99		125,721
Fortinet, Inc.(a)		2,602		179,824
HubSpot, Inc.(a)		141		87,252
Microsoft Corp.		4,155		1,718,675
Nutanix, Inc. - Class A(a)		933		58,928
Palo Alto Networks, Inc.(a)		933		289,743
Pegasystems, Inc.		278		18,081
ServiceNow, Inc.(a)		657		506,771

The accompanying notes are an integral part of these financial statements.

34

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (Note 1)
COMMON STOCKS (continued)
Software (continued)
Synopsys, Inc.(a)		516	$	296,045
Workday, Inc. - Class A(a)		845		248,988
Zuora, Inc. - Class A(a)		381		3,078
				4,733,150
Specialty Retail — 4.5%
Camping World Holdings, Inc. - Class A		125		3,336
Chewy, Inc. - Class A(a)		1,064		18,769
Home Depot, Inc.		3,607		1,372,860
Ulta Beauty, Inc.(a)		143		78,444
Wayfair, Inc. - Class A(a)		333		19,847
Williams-Sonoma, Inc.		159		37,449
Winmark Corp.		16		6,073
				1,536,778
Technology Hardware, Storage & Peripherals — 4.3%
Apple, Inc.		7,901		1,428,105
Pure Storage, Inc. - Class A(a)		1,041		54,809
				1,482,914
Textiles, Apparel & Luxury Goods — 1.2%
NIKE, Inc. - Class B		3,939		409,380
Under Armour, Inc. - Class A(a)		1,401		12,553
				421,933
Trading Companies & Distributors — 0.1%
Watsco, Inc.		126		49,659
TOTAL COMMON STOCKS (Cost $26,825,688)				34,184,014

The accompanying notes are an integral part of these financial statements.

35

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments (Concluded)

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares	Value (Note 1)
TOTAL INVESTMENTS — 99.6% (Cost $26,825,688)		$	34,184,014
Money Market Deposit Account — 0.3%(c)			107,575
Other Assets in Excess of Liabilities — 0.1%			17,362
TOTAL NET ASSETS — 100.0%		$	34,308,951

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. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

(a) Non-income producing security.

(b) Represents less than 0.05% of net assets.

(c) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of February 29, 2024 was 5.20%.

The accompanying notes are an integral part of these financial statements.

36

MOTLEY FOOL next index ETF

Schedule of Investments

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (Note 1)
COMMON STOCKS — 99.8%
Aerospace & Defense — 3.9%
AeroVironment, Inc.(a)		418	$	52,998
Axon Enterprise, Inc.(a)		1,176		361,467
HEICO Corp.		1,897		366,881
Textron, Inc.		3,077		274,068
				1,055,414
Air Freight & Logistics — 0.4%
GXO Logistics, Inc.(a)		1,870		96,791
Automobile Components — 0.5%
BorgWarner, Inc.		3,693		114,963
Phinia, Inc.		724		24,775
				139,738
Banks — 0.5%
Axos Financial, Inc.(a)		908		47,325
Western Alliance Bancorp		1,706		98,487
				145,812
Beverages — 1.3%
Boston Beer Co., Inc. - Class A(a)		189		58,238
Celsius Holdings, Inc.(a)		3,635		296,689
				354,927
Biotechnology — 4.3%
2seventy bio, Inc.(a)		807		4,196
Alnylam Pharmaceuticals, Inc.(a)		1,969		297,497
AnaptysBio, Inc.(a)		419		10,697
BioMarin Pharmaceutical, Inc.(a)		2,957		255,131
Bluebird Bio, Inc.(a)		1,701		2,364
Editas Medicine, Inc.(a)		1,248		12,555
Emergent BioSolutions, Inc.(a)		784		2,532
Exact Sciences Corp.(a)		2,841		163,443
Exelixis, Inc.(a)		4,886		107,003
Ionis Pharmaceuticals, Inc.(a)		2,245		101,496
Neurocrine Biosciences, Inc.(a)		1,542		201,077
				1,157,991

The accompanying notes are an integral part of these financial statements.

37

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (Note 1)
COMMON STOCKS (continued)
Broadline Retail — 0.5%
Etsy, Inc.(a)		1,880	$	134,777
Building Products — 0.6%
Trex Co., Inc.(a)		1,706		156,543
Capital Markets — 4.7%
Affiliated Managers Group, Inc.		532		83,157
Cboe Global Markets, Inc.		1,657		318,143
FactSet Research Systems, Inc.		596		275,698
Houlihan Lokey, Inc.		1,062		136,637
Interactive Brokers Group, Inc. - Class A		1,682		182,867
Jefferies Financial Group, Inc.		3,307		138,299
MarketAxess Holdings, Inc.		595		126,979
PJT Partners, Inc. - Class A		378		39,841
				1,301,621
Chemicals — 1.2%
Balchem Corp.		507		79,695
RPM International, Inc.		2,025		233,584
				313,279
Commercial Services & Supplies — 1.3%
Healthcare Services Group, Inc.(a)		1,176		15,006
Rollins, Inc.		7,604		335,108
				350,114
Communications Equipment — 0.4%
Ubiquiti, Inc.		950		111,321
Construction & Engineering — 0.3%
MasTec, Inc.(a)		1,219		91,986
Consumer Finance — 0.1%
Upstart Holdings, Inc.(a)		1,323		34,067
Consumer Staples Distribution & Retail — 0.7%
Casey’s General Stores, Inc.		582		177,213
Distributors — 0.8%
LKQ Corp.		4,205		219,879

The accompanying notes are an integral part of these financial statements.

38

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (Note 1)
COMMON STOCKS (continued)
Diversified Consumer Services — 0.6%
2U, Inc.(a)		1,116	$	503
Chegg, Inc.(a)		1,829		16,351
Duolingo, Inc.(a)		657		157,023
				173,877
Diversified Telecommunication Services — 0.0%(b)
Bandwidth, Inc. - Class A(a)		378		7,764
Electronic Equipment, Instruments & Components — 3.9%
Cognex Corp.		2,706		106,752
Coherent Corp.(a)		2,381		141,622
Corning, Inc.		13,392		431,757
IPG Photonics Corp.(a)		739		63,813
Littelfuse, Inc.		392		93,390
Zebra Technologies Corp. - Class A(a)		806		225,261
				1,062,595
Energy Equipment & Services — 0.2%
Core Laboratories, Inc.		743		11,123
Oceaneering International, Inc.(a)		1,575		31,122
				42,245
Entertainment — 3.3%
Live Nation Entertainment, Inc.(a)		3,583		347,479
Roku, Inc.(a)		2,240		141,523
Skillz, Inc.(a)		315		2,155
Take-Two Interactive Software, Inc.(a)		2,669		392,156
				883,313
Financial Services — 2.7%
Euronet Worldwide, Inc.(a)		726		79,453
Jack Henry & Associates, Inc.		1,143		198,620
Marqeta, Inc. - Class A(a)		8,197		53,526
Toast, Inc. - Class A(a)		8,464		194,672
Walker & Dunlop, Inc.		527		50,265
WEX, Inc.(a)		671		147,439
				723,975

The accompanying notes are an integral part of these financial statements.

39

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (Note 1)
COMMON STOCKS (continued)
Food Products — 1.8%
Darling Ingredients, Inc.(a)		2,508	$	106,113
Freshpet, Inc.(a)		758		85,677
McCormick & Co., Inc.		4,224		290,865
				482,655
Ground Transportation — 1.7%
RXO, Inc.(a)		1,838		39,554
U-Haul Holding Co.(a)		2,980		191,852
XPO, Inc.(a)		1,820		218,983
				450,389
Health Care Equipment & Supplies — 2.6%
Globus Medical, Inc. - Class A(a)		2,166		116,942
Inari Medical, Inc.(a)		905		41,739
Insulet Corp.(a)		1,096		179,744
Masimo Corp.(a)		830		106,688
QuidelOrtho Corp.(a)		1,051		47,926
Shockwave Medical, Inc.(a)		579		151,044
STAAR Surgical Co.(a)		756		23,617
TransMedics Group, Inc.(a)		510		41,616
				709,316
Health Care Providers & Services — 1.6%
Fulgent Genetics, Inc.(a)		452		10,197
Guardant Health, Inc.(a)		1,854		35,226
HealthEquity, Inc.(a)		1,342		110,863
Progyny, Inc.(a)		1,474		53,830
Quest Diagnostics, Inc.		1,766		220,556
				430,672
Health Care Technology — 0.6%
Doximity, Inc. - Class A(a)		2,922		82,488
GoodRx Holdings, Inc. - Class A(a)		6,187		48,197
Teladoc, Inc.(a)		2,611		39,374
				170,059

The accompanying notes are an integral part of these financial statements.

40

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (Note 1)
COMMON STOCKS (continued)
Hotels, Restaurants & Leisure — 3.5%
Cava Group, Inc.(a)		1,748	$	102,101
Dave & Buster’s Entertainment, Inc.(a)		632		39,020
Hyatt Hotels Corp. - Class A		1,619		248,661
Planet Fitness, Inc. - Class A(a)		1,341		83,209
Sweetgreen, Inc. - Class A(a)		1,720		21,913
Texas Roadhouse, Inc.		1,048		156,540
Vail Resorts, Inc.		596		137,265
Wingstop, Inc.		462		162,185
				950,894
Household Durables — 2.0%
Dream Finders Homes, Inc. - Class A(a)		1,449		56,699
iRobot Corp.(a)		440		5,020
Meritage Homes Corp.		573		90,339
NVR, Inc.(a)		50		381,279
				533,337
Household Products — 0.2%
Spectrum Brands Holdings, Inc.		557		44,794
Industrial REITs — 0.4%
STAG Industrial, Inc.		2,844		105,626
Insurance — 2.0%
Kinsale Capital Group, Inc.		364		187,890
Lemonade, Inc.(a)		1,081		17,555
Markel Group, Inc.(a)		207		308,944
Safety Insurance Group, Inc.		234		19,225
Trupanion, Inc.(a)		640		17,120
				550,734
Interactive Media & Services — 2.1%
Bumble, Inc. - Class A(a)		2,149		24,606
Match Group, Inc.(a)		4,271		153,927
Pinterest, Inc. - Class A(a)		10,592		388,726
				567,259

The accompanying notes are an integral part of these financial statements.

41

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (Note 1)
COMMON STOCKS (continued)
IT Services — 7.6%
Cloudflare, Inc. - Class A(a)		5,270	$	519,306
DigitalOcean Holdings, Inc.(a)		1,352		51,268
EPAM Systems, Inc.(a)		907		276,091
Fastly, Inc. - Class A(a)		2,020		28,724
GoDaddy, Inc. - Class A(a)		2,210		252,272
MongoDB, Inc.(a)		1,133		507,108
Okta, Inc.(a)		2,586		277,478
Twilio, Inc. - Class A(a)		2,844		169,474
				2,081,721
Leisure Products — 0.4%
Hasbro, Inc.		2,181		109,682
Life Sciences Tools & Services — 0.7%
Mesa Laboratories, Inc.		83		9,063
Repligen Corp.(a)		876		169,935
				178,998
Machinery — 3.5%
Chart Industries, Inc.(a)		661		94,430
Middleby Corp.(a)		841		127,967
Proto Labs, Inc.(a)		405		14,754
RBC Bearings, Inc.(a)		444		121,137
Tennant Co.		290		32,825
Toro Co.		1,630		150,465
Westinghouse Air Brake Technologies Corp.		2,812		397,308
				938,886
Media — 0.5%
Boston Omaha Corp. - Class A(a)		504		8,271
New York Times Co. - Class A		2,583		114,375
PubMatic, Inc. - Class A(a)		777		16,270
				138,916
Oil, Gas & Consumable Fuels — 0.9%
Clean Energy Fuels Corp.(a)		3,473		10,245
EQT Corp.		6,325		234,974
Vitesse Energy, Inc.		431		9,797
				255,016

The accompanying notes are an integral part of these financial statements.

42

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (Note 1)
COMMON STOCKS (continued)
Passenger Airlines — 0.3%
Alaska Air Group, Inc.(a)		2,017	$	75,416
Hawaiian Holdings, Inc.(a)		756		10,667
				86,083
Pharmaceuticals — 0.9%
Viatris, Inc.		18,844		233,100
Professional Services — 3.7%
Broadridge Financial Solutions, Inc.		1,847		376,011
NV5 Global, Inc.(a)		252		25,631
Paycom Software, Inc.		907		165,428
Robert Half, Inc.		1,638		131,695
SS&C Technologies Holdings, Inc.		3,885		247,708
TaskUS, Inc. - Class A(a)		1,381		18,409
Upwork, Inc.(a)		2,059		26,973
				991,855
Real Estate Management & Development — 0.8%
Redfin Corp.(a)		1,764		12,533
Zillow Group, Inc. - Class C(a)		3,647		204,779
				217,312
Retail REITs — 0.1%
Retail Opportunity Investments Corp.		1,954		25,265
Semiconductors & Semiconductor Equipment — 4.1%
Cirrus Logic, Inc.(a)		848		77,863
Enphase Energy, Inc.(a)		2,137		271,420
First Solar, Inc.(a)		1,677		258,074
Impinj, Inc.(a)		427		46,637
Silicon Laboratories, Inc.(a)		500		68,770
Skyworks Solutions, Inc.		2,511		263,454
Universal Display Corp.		743		129,594
				1,115,812
Software — 15.6%
Alarm.com Holdings, Inc.(a)		786		59,492
Alteryx, Inc. - Class A(a)		1,131		54,333
Appfolio, Inc. - Class A(a)		561		135,812

The accompanying notes are an integral part of these financial statements.

43

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (Note 1)
COMMON STOCKS (continued)
Software (continued)
Appian Corp. - Class A(a)		1,152	$	40,147
Asana, Inc. - Class A(a)		3,463		68,221
Blackbaud, Inc.(a)		825		57,074
BlackLine, Inc.(a)		966		54,801
Box, Inc. - Class A(a)		2,258		58,234
Braze, Inc. - Class A(a)		1,561		88,821
Confluent, Inc. - Class A(a)		4,725		160,036
DocuSign, Inc.(a)		3,205		170,730
Fair Isaac Corp.(a)		387		491,454
Five9, Inc.(a)		1,134		69,174
HubSpot, Inc.(a)		790		488,860
LivePerson, Inc.(a)		1,187		1,507
Manhattan Associates, Inc.(a)		947		239,904
Nutanix, Inc. - Class A(a)		3,735		235,903
Pegasystems, Inc.		1,315		85,528
Q2 Holdings, Inc.(a)		922		42,624
Samsara, Inc. - Class A(a)		8,452		292,017
Smartsheet, Inc. - Class A(a)		2,141		90,372
Splunk, Inc.(a)		2,646		413,358
Tyler Technologies, Inc.(a)		661		288,950
UiPath, Inc. - Class A(a)		8,892		211,185
Unity Software, Inc.(a)		5,971		175,070
Varonis Systems, Inc.(a)		1,711		86,919
Workiva, Inc.(a)		831		71,566
Zuora, Inc. - Class A(a)		2,194		17,728
				4,249,820
Specialty Retail — 6.9%
Camping World Holdings, Inc. - Class A		710		18,950
CarMax, Inc.(a)		2,494		197,026
Chewy, Inc. - Class A(a)		6,778		119,564
Designer Brands, Inc. - Class A		859		9,071
Five Below, Inc.(a)		866		173,789
GameStop Corp. - Class A(a)		4,795		68,425
RH(a)		286		78,478
Sleep Number Corp.(a)		334		5,518
Stitch Fix, Inc. - Class A(a)		1,616		5,220

The accompanying notes are an integral part of these financial statements.

44

MOTLEY FOOL next index ETF

Schedule of Investments (Concluded)

FEBRUARY 29, 2024 (UNAUDITED)

	Number of Shares		Value (Note 1)
COMMON STOCKS (continued)
Specialty Retail (continued)
Tractor Supply Co.		1,697	$	431,581
Ulta Beauty, Inc.(a)		762		418,003
Wayfair, Inc. - Class A(a)		1,843		109,843
Williams-Sonoma, Inc.		1,008		237,414
Winmark Corp.		55		20,875
				1,893,757
Technology Hardware, Storage & Peripherals — 1.0%
Pure Storage, Inc. - Class A(a)		4,959		261,091
Textiles, Apparel & Luxury Goods — 0.8%
Skechers USA, Inc. - Class A(a)		2,420		149,580
Under Armour, Inc. - Class A(a)		6,709		60,113
				209,693
Trading Companies & Distributors — 1.3%
Watsco, Inc.		578		227,802
WESCO International, Inc.		803		120,040
				347,842
TOTAL COMMON STOCKS (Cost $28,077,473)				27,065,826
TOTAL INVESTMENTS — 99.8% (Cost $28,077,473)				27,065,826
Money Market Deposit Account — 0.2%(c)(d)				53,494
Other Assets in Excess of Liabilities — 0.0%(d)				6,896
TOTAL NET ASSETS — 100.0%			$	27,126,216

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. and Standard & Poor’s Financial Services LLC (“S&P”). GICS is a service mark of MSCI, Inc. and S&P and has been licensed for use by U.S. Bank Global Fund Services.

(a) Non-income producing security.

(b) Represents less than 0.05% of net assets.

(c) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of February 29, 2024 was 5.20%.

(d) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

45

Motley Fool ETFs

Statements of Assets and Liabilities

FEBRUARY 29, 2024 (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 $233,455,865, $116,927,802, $466,341,860 and $75,035,733 respectively)^	$	432,926,162	$	192,314,078	$	740,242,183	$	82,082,406
Investments purchased with proceeds from securities lending collateral (cost $36,421,063, $26,482,994, $35,178,725 and $29,399,685 respectively)		36,421,063		26,482,994		35,178,725		29,399,685
Short-term investments, at value (cost $9,133,884, $6,831,431, $316,122 and $3,505,602 respectively)		9,133,884		6,831,431		316,122		3,505,602
Receivables for:
Dividends and tax reclaims		173,399		50,189		561,315		34,860
Capital shares sold		—		—		1,209,718		—
Total assets		478,654,508		225,678,692		777,508,063		115,022,553
LIABILITIES
Payables for:
Securities lending collateral (see Note 7)		36,421,063		26,482,994		35,178,725		29,399,685
Investments purchased		—		—		1,191,669		—
Advisory fees		290,912		130,549		285,206		57,565
Total liabilities		36,711,975		26,613,543		36,655,600		29,457,250
Net assets	$	441,942,533	$	199,065,149	$	740,852,463	$	85,565,303
NET ASSETS CONSIST OF:
Par value	$	14,994	$	7,568	$	15,200	$	2,775
Paid-in capital		221,358,401		99,712,897		474,738,758		93,201,501
Total distributable earnings/(losses)		220,569,138		99,344,684		266,098,505		(7,638,973	)
Net assets	$	441,942,533	$	199,065,149	$	740,852,463	$	85,565,303
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		14,993,873		7,567,511		15,200,000		2,775,000
Net asset value, price per share	$	29.47	$	26.31	$	48.74	$	30.83
^ Includes market value of securities on loan	$	35,685,808	$	25,914,548	$	34,254,570	$	28,330,468

The accompanying notes are an integral part of these financial statements.

46

Motley Fool ETFs

Statements of Assets and Liabilities (concluded)

FEBRUARY 29, 2024 (UNAUDITED)

	Motley Fool Capital Efficiency 100 Index ETF		Motley Fool Next Index ETF
ASSETS
Investments in securities of unaffiliated issurers, at value (cost $26,825,688 and $28,077,473 respectively)^	$	34,184,014	$	27,065,826
Short-term investments, at value (cost $107,575 and $53,494 respectively)		107,575		53,494
Receivables for:
Dividends and tax reclaims		30,365		17,520
Total assets		34,321,954		27,136,840
LIABILITIES
Payables for:
Advisory fees		13,003		10,624
Total liabilities		13,003		10,624
Net assets	$	34,308,951	$	27,126,216
NET ASSETS CONSIST OF:
Par value	$	1,500	$	1,575
Paid-in capital		27,671,982		30,107,472
Total distributable earnings/(losses)		6,635,469		(2,982,831	)
Net assets	$	34,308,951	$	27,126,216
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		1,500,000		1,575,000
Net asset value, price per share	$	22.87	$	17.22
^ Includes market value of securities on loan	$	26,825,687	$	28,077,473

The accompanying notes are an integral part of these financial statements.

47

Motley Fool ETFs

Statements of Operations

FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (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	$	2,371,725		$	882,344		$	2,551,934		$	303,640
Less foreign taxes withheld		(81,336	)		—			—			—
Securities lending income		29,888			23,526			14,449			19,673
Total investment income		2,320,277			905,870			2,566,383			323,313
EXPENSES
Advisory fees (Note 3)		1,772,092			798,434			1,520,555			322,685
Total expenses		1,772,092			798,434			1,520,555			322,685
Net investment income/(loss)		548,185			107,436			1,045,828			628
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		27,038,692			21,861,015			(3,275,650	)		(10,639,477	)
Foreign currency transactions		(568,701	)		—			—			—
Redemption in-kind		16,400,562			3,884,333			7,507,478			1,606,897
Net change in unrealized appreciation/(depreciation) on:
Investments		11,426,261			(8,215,243	)		100,571,975			13,810,580
Foreign currency transactions		62,201			—			—			—
Net realized and unrealized gain		54,359,015			17,530,105			104,803,803			4,778,000
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	54,907,200		$	17,637,541		$	105,849,631		$	4,778,628

The accompanying notes are an integral part of these financial statements.

48

Motley Fool ETFs

Statements of Operations (CONCLUDED)

FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED)

	Motley Fool Capital Efficiency 100 Index ETF		Motley Fool NEXT INDEX ETF
INVESTMENT INCOME
Dividends	$	127,741	$	85,705
Total investment income		127,741		85,705
EXPENSES
Advisory fees (Note 3)		61,325		65,294
Total expenses		61,325		65,294
Net investment income/(loss)		66,416		20,411
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		460,302		(265,233	)
Redemption in-kind		—		64,039
Net change in unrealized appreciation on:
Investments		4,363,474		2,441,545
Net realized and unrealized gain		4,823,776		2,240,351
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	4,890,192	$	2,260,762

The accompanying notes are an integral part of these financial statements.

49

MOTLEY FOOL Global Opportunities ETF
Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2023
OPERATIONS
Net investment income	$	548,185		$	1,883,189
Net realized gain from investments and foreign currency transactions		42,870,553			20,808,505
Net change in unrealized appreciation/(depreciation) on investments, foreign currency translation and assets and liabilities denominated in foreign currencies		11,488,462			21,314,343
Net increase/(decrease) in net assets resulting from operations		54,907,200			44,006,037
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Shares		(23,006,101	)		(2,705,256	)
Total dividends and distributions to shareholders		(23,006,101	)		(2,705,256	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		7,701,448			1,935,173
Shares redeemed		(27,625,998	)		(46,922,013	)
Net decrease in net assets from capital share transactions		(19,924,550	)		(44,986,840	)
Total decrease in net assets		11,976,549			(3,686,059	)
NET ASSETS:
Beginning of period	$	429,965,984		$	433,652,043
End of period	$	441,942,533		$	429,965,984
SHARES TRANSACTIONS:
Shares sold		275,000			75,000
Shares redeemed		(1,000,000	)		(1,875,000	)
Net increase/(decrease) in shares outstanding		(725,000	)		(1,800,000	)

The accompanying notes are an integral part of these financial statements.

50

MOTLEY FOOL Mid-Cap Growth ETF
Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2023
OPERATIONS
Net investment income/(loss)	$	107,436		$	569,856
Net realized gain from investments and foreign currency transactions		25,745,348			17,160,148
Net change in unrealized depreciation on investments, foreign currency translation, and assets and liabilities denominated in foreign currencies		(8,215,243	)		(2,432,722	)
Net increase/(decrease) in net assets resulting from operations		17,637,541			15,297,282
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Shares		(4,987,801	)		—
Total dividends and distributions to shareholders		(4,987,801	)		—
CAPITAL SHARE TRANSACTIONS:
Shares redeemed		(7,930,328	)		(29,995,560	)
Net decrease in net assets from capital share transactions		(7,930,328	)		(29,995,560	)
Total decrease in net assets		4,719,412			(14,698,278	)
NET ASSETS:
Beginning of period	$	194,345,737		$	209,044,015
End of period	$	199,065,149		$	194,345,737
SHARES TRANSACTIONS:
Shares redeemed		(325,000	)		(1,325,000	)
Net increase/(decrease) in shares outstanding		(325,000	)		(1,325,000	)

The accompanying notes are an integral part of these financial statements.

51

Motley Fool 100 Index ETF

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,045,828		$	1,549,001
Net realized gain from investments		4,231,828			10,767,400
Net change in unrealized appreciation/(depreciation) on investments		100,571,975			78,108,704
Net increase/(decrease) in net assets resulting from operations		105,849,631			90,425,105
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(846,637	)		(1,701,998	)
Net decrease in net assets from dividends and distributions to shareholders		(846,637	)		(1,701,998	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		100,029,528			76,561,270
Shares redeemed		(13,703,023	)		(33,030,150	)
Net increase/(decrease) in net assets from capital share transactions		86,326,505			43,531,120
Total increase/(decrease) in net assets		191,329,499			132,254,227
NET ASSETS:
Beginning of period		549,522,964			417,268,737
End of period	$	740,852,463		$	549,522,964
SHARES TRANSACTIONS:
Shares sold		2,300,000			1,950,000
Shares redeemed		(325,000	)		(1,000,000	)
Net increase/(decrease) in shares outstanding		1,975,000			950,000

The accompanying notes are an integral part of these financial statements.

52

Motley Fool Small-Cap Growth ETF

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	628		$	102,230
Net realized gain/(loss) from investments		(9,032,580	)		(3,442,931	)
Net change in unrealized appreciation/(depreciation) on investments		13,810,580			13,349,768
Net increase/(decrease) in net assets resulting from operations		4,778,628			10,009,067
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(2,037	)		(227,522	)
Net decrease in net assets from dividends and distributions to shareholders		(2,037	)		(227,522	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		15,776,198			691,953
Shares redeemed		(7,842,678	)		(15,668,161	)
Net decrease in net assets from capital share transactions		7,933,520			(14,976,208	)
Total decrease in net assets		12,710,111			(5,194,663	)
NET ASSETS:
Beginning of period		72,855,192			78,049,855
End of period	$	85,565,303		$	72,855,192
SHARES TRANSACTIONS:
Shares sold		550,000			25,000
Shares redeemed		(275,000	)		(625,000	)
Net decrease in shares outstanding		275,000			(600,000	)

The accompanying notes are an integral part of these financial statements.

53

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	66,416		$	107,613
Net realized loss from investments		460,302			(527,598	)
Net change in unrealized appreciation/(depreciation) on investments		4,363,474			4,912,480
Net increase/(decrease) in net assets resulting from operations		4,890,192			4,492,495
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(109,818	)		(76,457	)
Net decrease in net assets from dividends and distributions to shareholders		(109,818	)		(76,457	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		7,068,105			474,105
Shares redeemed		—			(3,183,860	)
Net increase/(decrease) in net assets from capital share transactions		7,068,105			(2,709,755	)
Total increase/(decrease) in net assets		11,848,479			1,706,283
NET ASSETS:
Beginning of period		22,460,472			20,754,189
End of period	$	34,308,951		$	22,460,472
SHARES TRANSACTIONS:
Shares sold		325,000			25,000
Shares redeemed		—			(200,000	)
Net increase/(decrease) in shares outstanding		325,000			(175,000	)

The accompanying notes are an integral part of these financial statements.

54

MOTLEY FOOL NEXT INDEX ETF

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 29, 2024 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	20,411		$	44,071
Net realized loss from investments		(201,194	)		(1,362,880	)
Net change in unrealized appreciation/(depreciation) on investments		2,441,545			2,748,952
Net increase/(decrease) in net assets resulting from operations		2,260,762			1,430,143
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(46,367	)		(64,299	)
Net decrease in net assets from dividends and distributions to shareholders		(46,367	)		(64,299	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		420,680			—
Shares redeemed		(4,691,410	)		(4,861,270	)
Net increase/(decrease) in net assets from capital share transactions		(4,270,730	)		(4,861,270	)
Total increase/(decrease) in net assets		(2,056,335	)		(3,495,426	)
NET ASSETS:
Beginning of period		29,182,551			32,677,977
End of period	$	27,126,216		$	29,182,551
SHARES TRANSACTIONS:
Shares sold		25,000			—
Shares redeemed		(300,000	)		(325,000	)
Net increase/(decrease) in shares outstanding		(275,000	)		(325,000	)

The accompanying notes are an integral part of these financial statements.

55

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 29, 2024			YEARS ENDED AUGUST 31,
	(UNAUDITED)			2023			2022			2021			2020			2019
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	27.35		$	24.75		$	37.03		$	30.17		$	25.09		$	25.97
Net investment income/(loss)(1)		0.04			0.11			0.30			(0.05	)		—	*		0.05
Net realized and unrealized gain/(loss) from investments		3.58			2.65			(10.00	)		9.03			6.21			0.80
Net increase/(decrease) in net assets resulting from operations		3.62			2.76			(9.70	)		8.98			6.21			0.85
Dividends and distributions to shareholders from:
Net investment income		(0.10	)		(0.06	)		(0.77	)		—			(0.04	)		—
Net realized capital gains		(1.40	)		(0.10	)		(1.81	)		(2.12	)		(1.09	)		(1.73	)
Total dividends and distributions to shareholders		(1.50	)		(0.16	)		(2.58	)		(2.12	)		(1.13	)		(1.73	)
Net asset value, end of period	$	29.47		$	27.35		$	24.75		$	37.03		$	30.17		$	25.09
Market value, end of period	$	29.44		$	27.32		$	24.74		$	—		$	—		$	—
Total investment return/(loss) on net asset value(2)		13.70	%(4)		11.24	%		(27.61	)%		30.86	%		25.64	%		4.94	%
Total investment return/(loss) on market value(3)		13.69	%		11.19	%		(27.65	)%		—	%		—	%		—	%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (thousands)	$	441,943		$	429,966		$	433,652		$	181,509		$	122,406		$	92,760
Ratio of expenses to average net assets		0.85	%(5)		0.85	%		0.87	%		0.95	%		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	%(5)		0.85	%		0.88	%		0.98	%		1.00	%		0.99	%
Ratio of net investment income/(loss) to average net assets		0.26	%(5)		0.45	%		1.08	%		(0.16	)%		(0.01	)%		0.19	%
Ratio of net investment income/(loss) to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees)		0.26	%(5)		0.45	%		1.07	%		(0.19	)%		(0.06	)%		0.15	%
Portfolio turnover rate		17	%(4)		4	%		14	%		12	%		10	%		11	%

* 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.

⁽³⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁴⁾ Not annualized.

⁽⁵⁾ Annualized.

The accompanying notes are an integral part of these financial statements.

56

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 29, 2024			YEARS ENDED AUGUST 31,
	(UNAUDITED)			2023			2022			2021			2020			2019
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	24.62		$	22.68		$	33.20		$	29.79		$	24.48		$	27.50
Net investment income/(loss)(1)		0.01			0.07			(0.04	)		(0.09	)		(0.02	)		0.02
Net realized and unrealized gain/(loss) from investments		2.32			1.87			(8.38	)		6.90			6.79			(1.88	)
Net increase/(decrease) in net assets resulting from operations		2.33			1.94			(8.42	)		6.81			6.77			(1.86	)
Dividends and distributions to shareholders from:
Net investment income		(0.06	)		—			—			—			—			—
Net realized capital gains		(0.58	)		—			(2.10	)		(3.40	)		(1.46	)		(1.16	)
Total dividends and distributions to shareholders		(0.64	)		—			(2.10	)		(3.40	)		(1.46	)		(1.16	)
Net asset value, end of period	$	26.31		$	24.62		$	22.68		$	33.20		$	29.79		$	24.48
Market value, end of period	$	26.33		$	24.58		$	22.62		$	—		$	—		$	—
Total investment return/(loss) on net asset value(2)		9.63	%(4)		8.58	%		(26.66	)%		24.38	%		28.77	%		(5.97	)%
Total investment return/(loss) on market value(3)		9.88	%		8.65	%		(26.84	)%		—	%		—	%		—	%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (thousands)	$	199,065		$	194,346		$	209,044		$	54,460		$	39,488		$	29,205
Ratio of expenses to average net assets		0.85	%(5)		0.85	%		0.90	%		0.95	%		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	%(5)		0.85	%		0.88	%		0.98	%		1.00	%		0.98	%
Ratio of net investment income/(loss) to average net assets		0.11	%(5)		0.29	%		(0.17	)%		(0.30	)%		(0.06	)%		0.10	%
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	%(5)		0.29	%		(0.15	)%		(0.33	)%		(0.11	)%		0.07	%
Portfolio turnover rate		18	%(4)		18	%		2	%		15	%		14	%		4	%

* 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.

⁽³⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁴⁾ Not annualized.

⁽⁵⁾ Annualized.

The accompanying notes are an integral part of these financial statements.

57

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 29, 2024			YEARS ENDED AUGUST 31,
	(UNAUDITED)			2023			2022			2021			2020			2019
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	41.55		$	33.99		$	42.16		$	33.67		$	22.46		$	22.10
Net investment income/(loss)(1)		0.07			0.13			0.08			0.05			0.11			0.15
Net realized and unrealized gain/(loss) from investments		7.18			7.57			(8.15	)		8.59			11.23			0.32
Net increase/(decrease) in net assets resulting from operations		7.25			7.70			(8.07	)		8.64			11.34			0.47
Dividends and distributions to shareholders from:
Net investment income		(0.06	)		(0.14	)		(0.02	)		(0.10	)		(0.13	)		(0.11	)
Net realized capital gains		—			—			(0.08	)		(0.05	)		—			—
Total dividends and distributions to shareholders		(0.06	)		(0.14	)		(0.10	)		(0.15	)		(0.13	)		(0.11	)
Net asset value, end of period	$	48.74		$	41.55		$	33.99		$	42.16		$	33.67		$	22.46
Market value, end of period	$	48.78		$	41.53		$	34.00		$	42.20		$	33.66		$	22.42
Total investment return/(loss) on net asset value(2)		17.46	%(4)		22.71	%		(19.18	)%		25.74	%		50.67	%		2.27	%
Total investment return/(loss) on market price(3)		17.62	%		22.63	%		(19.24	)%		25.91	%		50.89	%		1.93	%
RATIO/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	740,852		$	549,523		$	417,269		$	528,011		$	337,547		$	185,871
Ratio of expenses to average net assets		0.50	%(5)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income/(loss) to average net assets		0.34	%(5)		0.37	%		0.20	%		0.15	%		0.43	%		0.69	%
Portfolio turnover rate		5	%(4)		6	%		15	%		23	%		26	%		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.

⁽³⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁴⁾ Not annualized.

⁽⁵⁾ Annualized.

The accompanying notes are an integral part of these financial statements.

58

MOTLEY FOOL Small-Cap Growth ETF

Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss) 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.

	For the SIX MONTHS ENDED FEBRUARY 29, 2024			YEARS ENDED AUGUST 31,												FOR THE PERIOD ENDED AUGUST 31,
	(UNAUDITED)			2023			2022			2021			2020			2019(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	29.14		$	25.18		$	40.73		$	32.59		$	23.33		$	20.00
Net investment income/(loss)(2)		—			0.04			(0.15	)		(0.19	)		(0.07	)		—	*
Net realized and unrealized gain/(loss) from investments		1.69			4.00			(14.53	)		10.48			9.67			3.33
Net increase/(decrease) in net assets resulting from operations		1.69			4.04			(14.68	)		10.29			9.60			3.33
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	$	30.83		$	29.14		$	25.18		$	40.73		$	32.59		$	23.33
Market value, end of period	$	30.86		$	29.17		$	25.18		$	40.74		$	32.68		$	23.34
Total investment return/(loss) on net asset value(3)		5.80	%(5)		16.13	%		(36.66	)%		32.00	%		41.58	%		16.65	%(5)
Total investment return/(loss) on market price(4)		5.81	%		16.21	%		(36.65	)%		31.54	%		41.88	%		16.69	%(5)
RATIO/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	85,565		$	72,855		$	78,050		$	189,382		$	106,745		$	71,153
Ratio of expenses to average net assets		0.85	%(6)		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%(6)
Ratio of net investment income/(loss) to average net assets		0.00	%(6)		0.15	%		(0.46	)%		(0.51	)%		(0.29	)%		(0.01	)%(6)
Portfolio turnover rate		17	%(5)		62	%		11	%		21	%		27	%		21	%(5)

* Amount represents less than $0.005 per share.

⁽¹⁾ Inception date of the Fund was October 29, 2018.

⁽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.

⁽⁴⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

The accompanying notes are an integral part of these financial statements.

59

Motley Fool CAPITAL EFFICIENCY 100 INDEX ETF

Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss) 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.

	For the SIX MONTHS ENDED FEBRUARY 29, 2024			For the year Ended august 31,			For the Period Ended august 31,
	(UNAUDITED)			2023			2022(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	19.12		$	15.37		$	20.00
Net investment income/(loss)(2)		0.05			0.09			0.05
Net realized and unrealized gain/(loss) from investments		3.79			3.72			(4.68	)
Net increase/(decrease) in net assets resulting from operations		3.84			3.81			(4.63	)
Dividends and distributions to shareholders from:
Net realized capital gains		(0.09	)		(0.06	)		—
Total dividends and distributions to shareholders		(0.09	)		(0.06	)		—
Net asset value, end of period	$	22.87		$	19.12		$	15.37
Market value, end of period	$	22.96		$	19.15		$	15.38
Total investment return/(loss) on net asset value(3)		20.20	%(5)		24.81	%		(23.13	)%(5)
Total investment return/(loss) on market price(4)		20.44	%		24.99	%		(23.09	)%(5)
RATIO/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	34,309		$	22,460		$	20,754
Ratio of expenses to average net assets		0.50	%(6)		0.50	%		0.50	%(6)
Ratio of net investment income/(loss) to average net assets		0.54	%(6)		0.53	%		0.50	%(6)
Portfolio turnover rate		16	%(5)		25	%		17	%(5)

⁽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.

⁽⁴⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

The accompanying notes are an integral part of these financial statements.

60

MOTLEY FOOL NEXT INDEX ETF

Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss) 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.

	For the SIX MONTHS ENDED FEBRUARY 29, 2024			For the year Ended august 31,			For the period Ended august 31,
	(UNAUDITED)			2023			2022(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	15.77		$	15.02		$	20.00
Net investment income/(loss)(2)		0.01			0.02			0.03
Net realized and unrealized gain/(loss) from investments		1.47			0.76			(5.01	)
Net increase/(decrease) in net assets resulting from operations		1.48			0.78			(4.98	)
Dividends and distributions to shareholders from:
Net realized capital gains		(0.03	)		(0.03	)		—
Total dividends and distributions to shareholders		(0.03	)		(0.03	)		—
Net asset value, end of period	$	17.22		$	15.77		$	15.02
Market value, end of period	$	17.20		$	15.78		$	15.01
Total investment return/(loss) on net asset value(3)		9.37	%(5)		5.21	%		(24.88	)%(5)
Total investment return/(loss) on market price(4)		9.18	%		5.39	%		(24.97	)%(5)
RATIO/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	27,126		$	29,183		$	32,678
Ratio of expenses to average net assets		0.50	%(6)		0.50	%		0.50	%(6)
Ratio of net investment income/(loss) to average net assets		0.16	%(6)		0.15	%		0.26	%(6)
Portfolio turnover rate		9	%(5)		27	%		11	%(5)

⁽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.

⁽⁴⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

The accompanying notes are an integral part of these financial statements.

61

Motley Fool Asset Management ETFs

Notes to Financial Statements

FEBRUARY 29, 2024 (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 mutual fund 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 sixty-four 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 92.723 billion shares are currently classified into two hundred and thirty-four 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 29, 2024, and the period covered by these Notes to Financial Statements is the six months ended February 29, 2024 (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

62

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 29, 2024 (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 Motley Fool Asset Management, LLC (the “Adviser”) as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

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.

63

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 29, 2024 (UNAUDITED)

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
Argentina	$	10,064,748	$	—	$	—	$	10,064,748
Australia		8,796,890		—		—		8,796,890
Canada		46,774,658		—		—		46,774,658
China		7,519,346		—		—		7,519,346
France		3,316,242		—		—		3,316,242
Georgia		15,615,251		—		—		15,615,251
Germany		8,210,789		—		—		8,210,789
India		5,823,689		—		—		5,823,689
Ireland		27,061,241		—		—		27,061,241
Japan		8,348,677		—		—		8,348,677
Kenya		360,544		—		—		360,544
Netherlands		11,923,187		—		—		11,923,187
Philippines		16,024,691		—		—		16,024,691
Spain		12,988,151		—		—		12,988,151
Taiwan		13,973,047		—		—		13,973,047
United Arab Emirates		—		—		—		—
United Kingdom		21,239,220		—		—		21,239,220
United States		214,885,791		—		—		214,885,791
Common Stocks - Total	$	432,926,162	$	—	$	—	$	432,926,162
Investments Purchased with Proceeds from Securities Lending(a)		—		—		—		36,421,063
Total Assets	$	432,926,162	$	—	$	—	$	469,347,225

MID-CAP GROWTH FUND

	LEVEL 1		LEVEL 2		LEVEL 3		Total
Assets:
Common Stocks	$	192,314,078	$	—	$	—	$	192,314,078
Investments Purchased with Proceeds from Securities Lending(a)		—		—		—		26,482,994
Total Assets	$	192,314,078	$	—	$	—	$	218,797,072

64

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 29, 2024 (UNAUDITED)

FOOL 100 FUND

	LEVEL 1		LEVEL 2		LEVEL 3		Total
Assets:
Common Stocks	$	740,220,856	$	—	$	—	$	740,220,856
Rights		—		—		21,327		21,327
Investments Purchased with Proceeds from Securities Lending(a)		—		—		—		35,178,725
Total Assets	$	740,220,856	$	—	$	21,327	$	775,420,908

SMALL-CAP GROWTH FUND

	LEVEL 1		LEVEL 2		LEVEL 3		Total
Assets:
Common Stocks	$	82,082,406	$	—	$	—	$	82,082,406
Investments Purchased with Proceeds from Securities Lending(a)		—		—		—		29,399,685
Total Assets	$	82,082,406	$	—	$	—	$	111,482,091

CAPITAL EFFICIENCY FUND

	LEVEL 1		LEVEL 2		LEVEL 3		Total
Assets:
Common Stocks	$	34,184,014	$	—	$	—	$	34,184,014
Total Assets	$	34,184,014	$	—	$	—	$	34,184,014

NEXT FUND

	LEVEL 1		LEVEL 2		LEVEL 3		Total
Assets:
Common Stocks	$	27,065,826	$	—	$	—	$	27,065,826
Total Assets	$	27,065,826	$	—	$	—	$	27,065,826

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.

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

65

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 29, 2024 (UNAUDITED)

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 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 and fees, 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.

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.

66

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 29, 2024 (UNAUDITED)

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.

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,

67

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 29, 2024 (UNAUDITED)

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.

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.

68

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 29, 2024 (UNAUDITED)

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 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%

69

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 29, 2024 (UNAUDITED)

During the current fiscal period, investment advisory fees accrued were as follows:

FUND	GROSS ADVISORY FEES		RECOUPMENT/ WAIVERS		NET ADVISORY FEES
Global Opportunities Fund	$	1,772,092	$	—	$	1,772,092
Mid-Cap Growth Fund		798,434		—		798,434
Fool 100 Fund		1,520,555		—		1,520,555
Small-Cap Growth Fund		322,685		—		322,685
Capital Efficiency Fund		61,325		—		61,325
Next Fund		65,294		—		65,294

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.

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 and Director of Marketing & Business Development of the Company. They are compensated for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Funds or the Company. During the current fiscal period, director and officer fees charged to the Funds were paid by the Adviser out of each Fund’s unitary fee.

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.

70

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 29, 2024 (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	$	72,035,468	$	88,354,363
Mid-Cap Growth Fund		33,161,292		42,985,560
Fool 100 Fund		33,245,114		31,090,737
Small-Cap Growth Fund		15,037,989		12,288,905
Capital Efficiency Fund		4,176,072		4,013,162
Next Fund		2,414,511		2,641,906

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	$	7,428,580	$	29,586,999
Mid-Cap Growth Fund		—		7,725,826
Fool 100 Fund		98,509,462		13,472,810
Small-Cap Growth Fund		14,527,952		7,276,036
Capital Efficiency Fund		6,890,592		—
Next Fund		404,519		4,504,135

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, 2023, 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	$	279,823,206	$	206,932,202	$	(18,950,252	)	$	187,981,950
Mid-Cap Growth Fund		135,989,188		85,588,354		(1,986,836	)		83,601,518
Fool 100 Fund		395,327,867		191,011,765		(21,530,729	)		169,481,036
Small-Cap Growth Fund		112,120,856		10,100,483		(16,866,726	)		(6,766,243	)
Capital Efficiency Fund		19,675,861		3,538,922		(766,447	)		2,772,475
Next Fund		32,632,634		2,455,806		(5,923,812	)		(3,468,006	)

71

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 29, 2024 (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, 2023, 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	$	(19,636,237	)	$	19,636,237
Mid-Cap Growth Fund		(14,039,117	)		14,039,117
Fool 100 Fund		(13,150,419	)		13,150,419
Small-Cap Growth Fund		(734,694	)		734,694
Capital Efficiency Fund		(384,723	)		384,723
Next Fund		(161,997	)		161,997

As of August 31, 2023, the components of distributable earnings on a tax basis were as follows:

FUND	UNDISTRIBUTED ORDINARY INCOME		UNDISTRIBUTED LONG-TERM CAPITAL GAINS		CAPITAL Loss Carryover			Post October Losses and Qualified Late- Year losses			UNREALIZED APPRECIATION/ (DEPRECIATION)			Total
Global Opportunities Fund	$	686,089	$	—	$	—		$	—		$	187,981,950		$	188,668,039
Mid-Cap Growth Fund		486,537		2,606,889		—			—			83,601,518			86,694,944
Fool 100 Fund		829,826		—		(9,215,351	)		—			169,481,036			161,095,511
Small-Cap Growth Fund		—		—		—			(5,649,321	)		(6,766,243	)		(12,415,564	)
Capital Efficiency Fund		73,939		—		(991,319	)		—			2,772,475			1,855,095
Next Fund		30,724		—		(1,759,944	)		—			(3,468,006	)		(5,197,226	)

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 year ended August 31, 2023 was as follows:

FUND	Tax year		ORDINARY INCOME		LONG-TERM CAPITAL GAIN		TOTAL
Global Opportunities Fund		2023	$	1,203,987	$	1,501,269	$	2,705,256
Mid-Cap Growth Fund		2023		—		—		—
Fool 100 Fund		2023		1,701,998		—		1,701,998
Small-Cap Growth Fund		2023		—		227,522		227,522
Capital Efficiency Fund		2023		76,457		—		76,457
Next Fund		2023		64,299		—		64,299

72

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 29, 2024 (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, 2023 any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2023 The Small-Cap Growth Fund deferred $5,649,321 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, 2023, the Fool 100 Fund had $7,834,523 of short-term capital loss carryforwards and $1,380,828 of long-term capital loss carryforwards, the Capital Efficiency Fund had $882,875 of short-term capital loss carryforwards and $108,444 of long-term capital loss carryforwards, and the Next Fund had $1,438,883 of short-term capital loss carryforwards and $322,061 of long-term capital loss carryforwards..

6. SHARE TRANSACTIONS

Shares of the Global Opportunities Fund, Mid-Cap Growth Fund, Fool 100 Fund and Small-Cap Growth Fund are listed and trade on the Cboe BZX Exchange, Inc. Shares of the Capital Efficiency Fund and Next Fund are listed and trade on the NYSE, Arca, 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

73

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 29, 2024 (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	$	35,685,808	$	36,421,063	$	29,888
Mid-Cap Growth Fund		25,914,548		26,482,994		23,526
Fool 100 Fund		34,254,570		35,178,725		14,449
Small-Cap Growth Fund		28,330,468		29,399,685		19,673

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	$	35,685,808	$	—	$	35,685,808	$	(35,685,808	)	$	—	$	—
Mid-Cap Growth Fund		25,914,548		—		25,914,548		(25,914,548	)		—		—
Fool 100 Fund		34,254,570		—		34,254,570		(34,254,570	)		—		—
Small-Cap Growth Fund		28,330,468		—		28,330,468		(28,330,468	)		—		—

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. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements

74

Motley Fool Asset Management ETFs

Notes to Financial Statements (Concluded)

FEBRUARY 29, 2024 (UNAUDITED)

for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

In October 2022, the SEC adopted a final rule relating to tailored shareholder reports for mutual funds and exchange-traded funds and fee information in investment company advertisements. Beginning in July 2024, the Funds will be required to transmit concise and visually engaging shareholder reports that highlight key information. The Funds will also be required to tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request.

In December 2022, the FASB issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the London Inter-Bank Offered Rate (LIBOR)and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

9. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no significant events requiring recognition or disclosure in the financial statements.

75

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.

76

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 16^th St. Suite 2900
Philadelphia, PA 19102-2529

Legal Counsel

Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

77

(This Page Intentionally Left Blank.)

(This Page Intentionally Left Blank.)

(This Page Intentionally Left Blank.)

Thank you for being a valued part of our Community!

Our investors are just as diverse as our portfolios! No matter where you are on your investment path, Motley Fool Asset Management strives to make investing accessible to people of all backgrounds and experience levels.

Optima Strategic Credit Fund

of

THE RBB FUND, INC.

Semi-Annual Report

February 29, 2024

(Unaudited)

Optima Strategic Credit Fund

Table of Contents

Performance Data	1
Fund Expense Example	2
Portfolio Holdings Summary Table	3
Schedule of Investments	4
Credit Default Swap	5
Statement of Assets And Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Financial Highlights	9
Notes To Financial Statements	10
Other Information	18

Optima Strategic Credit Fund

Performance Data

February 29, 2024 (Unaudited)

Average Annual Total Returns for the Periods Ended February 29, 2024
	Six Months*	One Year	Since Inception(1)
Optima Strategic Credit Fund	3.54%	3.70%	1.16%
iBoxx USD Liquid High Yield Index(2)(3)(4)	5.93%	10.10%	0.36%
Markit CDX North America High Yield Index(2)(4)	8.26%	14.57%	7.36%
Net Expense Ratio(5) 1.61%
Gross Expense Ratio(6) 1.61%

* Not annualized.

(1) Inception date of the Founders Class Shares of the Fund was December 29, 2021.

(2) Benchmark performance is from inception date of the Class only and is not the inception date of the benchmark itself.

(3) The iBoxx USD Liquid High Yield Index seeks to accurately and objectively replicate the USD High Yield Corporate Bond Market by utilizing multi-source independent pricing and quality tested reference data. The index consists of liquid USD high yield bonds and is subject to monthly rebalancing and daily total return calculations to maintain a high quality rendering of bond market performance. The index is market-value weighted with an issuer cap of 3%.

(4) Beginning on February 28, 2023, the Fund has opted to change its primary index from the iBoxx USD Liquid High Yield Index to the Markit CDX North America High Yield Index (the “HY Index”). The HY Index is composed of one hundred (100) liquid North American entities with high yield credit ratings that trade in the credit default swaps market.

(5) The expense ratios of the Fund are set forth according to the Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratios. Net expense ratio reflects contractual fee waivers through December 31, 2024.

(6) The gross expense ratio of the Fund as of the most recent prospectus.

The performance quoted reflects fee waivers in effect and would have been less in their absence. 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 expenses, interest and taxes) to 1.25% of the Fund’s average daily net assets attributable to Founders Class Shares. This contractual limitation is in effect until December 31, 2024 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. Please see the Financial Highlights for current figures.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of investments will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost.

1

Optima Strategic Credit Fund

Fund Expense Example

February 29, 2024 (Unaudited)

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

This example is based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2023 through February 29, 2024, and held for the entire period.

ACTUAL EXPENSES

The first line of the accompanying table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

The second line of the accompanying table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the accompanying table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads) on purchase payments (if any). Therefore, the second line of the accompanying table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	Founders Class Shares
	Beginning Account Value September 1, 2023	Ending Account Value February 29, 2024	Expenses Paid During Period*	Annualized Expense Ratio	Actual Six-Month Total Investment Return for the Fund
Actual	$ 1,000.00	$ 1,035.40	$ 6.33	1.25%	3.54%
Hypothetical (5% return before expenses)	$ 1,000.00	$ 1,024.86	$ 6.29	1.25%	N/A

* Expenses are equal to the Fund’s annualized expense ratio for the period September 1, 2023 to February 29, 2024, multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 366 days to reflect the one half year period. The Fund’s ending account value on the first line in the table is based on the actual six-month total investment return for the Fund.

2

Optima Strategic Credit Fund

Portfolio Holdings Summary Table

February 29, 2024 (Unaudited)

The following table presents a summary of the portfolio holdings of the Fund:

	% of Net Assets		Value
SHORT-TERM INVESTMENTS
Money Market Funds		28.2%	$	5,727,361
U.S. Treasury Bills		58.8		11,932,978
Money Market Deposit Accounts		1.2		250,000
OTHER ASSETS IN EXCESS OF LIABILITIES		11.8		2,403,742
NET ASSETS		100.0%	$	20,314,081

Portfolio holdings are subject to change at any time.

Refer to the Portfolio of Investments for a detailed listing of the Fund’s holdings.

The accompanying notes are an integral part of the financial statements.
3

Optima Strategic Credit Fund

Schedule of Investments

as of February 29, 2024 (Unaudited)

	Shares		Value
SHORT-TERM INVESTMENTS — 87.0%
Money Market Funds — 28.2%
First American Treasury Obligations Fund - Class X, 5.25%(a)		5,727,361	$	5,727,361
	PAR
U.S. Treasury Bills — 58.8%
5.47%, 04/04/2024(b)		5,000,000		4,975,060
5.47%, 04/11/2024(b)(c)		7,000,000		6,957,918
				11,932,978
TOTAL SHORT-TERM INVESTMENTS (Cost $17,659,755)				17,660,339
TOTAL INVESTMENTS — 87.0% (Cost $17,659,755)			$	17,660,339
Money Market Deposit Account — 1.2%(d)				250,000
Other Assets in Excess of Liabilities — 11.8%				2,403,742
TOTAL NET ASSETS — 100.0%			$	20,314,081

Percentages are stated as a percent of net assets.

^(a) The rate shown represents the 7-day effective yield as of February 29, 2024.

^(b) The rate shown is the effective yield.

^(c) All or a portion of security has been pledged as collateral. The total value of assets committed as collateral as of February 29, 2024, is $6,957,887.

^(d) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The rate as of February 29, 2024, was 5.20%.

The accompanying notes are an integral part of the financial statements.
4

Optima Strategic Credit Fund

Credit Default Swap

February 29, 2024 (Unaudited)

Reference Entity	Fixed Annual Rate		Buy/ Sell Protection		Payment Frequency		Counter party		Maturity Date		Notional AMOUNT		Upfront payments (receipts)		Unrealized Appreciation (Depreciation)		Value
MARKIT CDX.North American High Yield (Series #41)		5.00%		Sell		Paid		Wells Fargo		12/20/2028	$	8,910,000	$	464,578	$	181,401	$	645,979
MARKIT CDX.North America High Yield (Series #41)		5.00%		Sell		Paid		J.P. Morgan Securities, Inc.		12/20/2028		9,900,000		504,647		213,107		717,754
													$	969,225	$	394,508	$	1,363,733

The accompanying notes are an integral part of the financial statements.
5

Optima Strategic Credit Fund

Statement of Assets And Liabilities

February 29, 2024 (Unaudited)

ASSETS
Short-term investments, at value (cost $17,659,755)	$	17,660,339
Cash and cash equivalents		347,173
Deposit at broker for swap contracts		2,303,220
Receivables for:
Interest		34,057
Variation margin on centrally cleared swaps		199
Capital shares sold		20,000
Prepaid expenses and other assets		10,072
Total assets		20,375,060
LIABILITIES
Payables for:
Broker fees		16,000
Audit expenses		15,632
Transfer agent fees		14,995
Administration and accounting services fees		8,111
Advisory fees		3,692
Custodian fees		528
Printing and shareholder reporting fees		126
Other accrued expenses and liabilities		1,895
Total liabilities		60,979
Net assets		20,314,081
NET ASSETS CONSIST OF:
Par value	$	2,097
Paid-in capital		21,685,124
Total distributable earnings/(losses)	$	(1,373,140	)
Net assets	$	20,314,081
FOUNDERS CLASS SHARES:
Net assets	$	20,314,081
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		2,096,713
Net asset value, offering and redemption price per share	$	9.69

The accompanying notes are an integral part of the financial statements.
6

Optima Strategic Credit Fund

Statement of Operations

For the Period Ended February 29, 2024 (Unaudited)

INVESTMENT INCOME
Interest	$	775,516
Broker interest income		58,686
Total investment income		834,202
EXPENSES
Broker expenses		116,500
Advisory fees (Note 2)		79,005
Broker interest expense		46,710
Transfer agent fees (Note 2)		33,305
Administration and accounting services fees (Note 2)		19,683
Registration and filing fees		11,769
Audit fees and tax services		11,290
Officer fees		9,118
Director fees		6,515
Legal fees		3,503
Printing and shareholder reporting fees		1,641
Custodian fees (Note 2)		381
Other expenses		4,804
Total expenses before waivers and/or reimbursements		344,224
Waivers and reimbursements (Note 2)		(12,493	)
Net expenses after waivers and/or reimbursements		331,731
Net investment income/(loss)		502,471
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Short-term investments		(1,476	)
Swap contracts		23,532
Net change in unrealized appreciation/(depreciation) from:
Short-term investments		14,654
Swap contracts		394,508
Net realized and unrealized gain/(loss) from investments		431,218
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	933,689

The accompanying notes are an integral part of the financial statements.
7

Optima Strategic Credit Fund

Statements of Changes in Net Assets

	For the Period Ended February 29, 2024 (Unaudited)			For the Year Ended August 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	502,471		$	957,345
Net realized gain/(loss) from investments and swap contracts		22,056			(1,108,197	)
Net change in unrealized appreciation/(depreciation) on investments		409,162			172,530
Net increase/(decrease) in net assets resulting from operations		933,689			21,678
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(1,538,074	)		(606,258	)
Net decrease in net assets from dividends and distributions to shareholders		(1,538,074	)		(606,258	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,618,998			11,485,654
Proceeds from reinvestment of distributions		1,538,074			606,258
Shares redeemed		(29,605,757	)		(5,242,501	)
Net increase/(decrease) in net assets from capital share transactions		(26,448,685	)		6,849,411
Total increase/(decrease) in net assets		(27,053,070	)		6,264,831
NET ASSETS:
Beginning of period		47,367,151			41,102,320
End of period	$	20,314,081		$	47,367,151
SHARE TRANSACTIONS:
Shares sold		168,585			1,162,982
Shares reinvested		161,444			61,989
Shares redeemed		(3,077,763	)		(534,927	)
Net increase/(decrease) in shares outstanding		(2,747,734	)		690,044

The accompanying notes are an integral part of the financial statements.
8

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 Six-Months Ended February 29, 2024 (Unaudited)			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	$	9.78		$	9.89		$	10.00
Net investment income/(loss)(2)		0.15			0.19			—
Net realized and unrealized gain/(loss) from investments		0.18			(0.18	)		(0.11	)
Net increase/(decrease) in net assets resulting from operations		0.33			0.01			(0.11	)
Total dividends and distributions to shareholders		(0.42	)		(0.12	)		—
Net asset value, end of period	$	9.69		$	9.78		$	9.89
Total investment return/(loss)(3)		3.54	%(4)		0.12	%		(1.10	)%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	20,314		$	47,367		$	41,102
Ratio of expenses to average net assets with waivers and/or reimbursements		2.47	%(5)		1.61	%		1.48	%(5)
Ratio of expenses to average net assets without waivers and/or reimbursements		2.55	%(5)		1.61	%		1.94	%(5)
Ratio of expenses to average net assets with waivers and/or reimbursements (excluding broker expenses)		1.07	%(5)		1.18	%		1.25	%(5)
Ratio of expenses to average net assets without waivers and/or reimbursements (excluding broker expenses)		1.15	%(5)		1.18	%		1.71	%(5)
Ratio of net investment income/(loss) to average net assets		3.18	%(5)		1.94	%		0.03	%(5)
Portfolio turnover rate		0	%(4)		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.

(4) Not annualized.

(5) Annualized.

The accompanying notes are an integral part of the financial statements.
9

Optima Strategic Credit Fund

Notes To Financial Statements

February 29, 2024 (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 mutual fund 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 sixty-four 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 92.723 billion shares are currently classified into two hundred and thirty-four 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 29, 2024, and the period covered by these Notes to Financial Statements is the six-months ended February 29, 2024 (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. 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.).

10

Optima Strategic Credit Fund

Notes To Financial Statements (Continued)

February 29, 2024 (Unaudited)

● 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
Assets:
Money Market Funds	$	5,727,361	$	—	$	—	$	5,727,361
U.S. Treasury Bills		—		11,932,978		—		11,932,978
Credit Default Swaps*		—		394,508		—		394,508
Total Assets	$	5,727,361	$	12,327,486	$	—	$	18,054,847

* The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of February 29, 2024.

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

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

11

Optima Strategic Credit Fund

Notes To Financial Statements (Continued)

February 29, 2024 (Unaudited)

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.

Credit Default Swap – During the current fiscal period, the Fund entered into a credit default swap 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 the credit default swap in the Fund during the current fiscal period was as follows:

Portfolio
Optima Strategic Credit Fund	$	14,355,000

For the current fiscal period, the Fund is invested in derivative contracts, which are reflected in the Statement of Assets and Liabilites, as follows:

		DERIVATIVE ASSETS
RISK	DERIVATIVE TYPE	STATEMENT OF ASSETS AND LIABILITIES LOCATION	FAIR VALUE AMOUNT
Credit	Swap contracts*	Variation margin receivable on swap contracts	$	1,363,733

* Includes cumulatve appreciation/(depreciation) as reported on the Schedule of Credit Default Swaps. For credit default swap contracts only current day’s variation margin is reported within the Statement of Assets and Liabilities.

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	$	23,532	$	394,508

12

Optima Strategic Credit Fund

Notes To Financial Statements (Continued)

February 29, 2024 (Unaudited)

Dividends and Distributions to Shareholders — Dividends from net investment income, if any, are declared and paid quarterly. Net realized capital gains (including net short-term capital gains), if any, are distributed by the Fund at least annually. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

U.S. Tax Status — No provision is made for U.S. income taxes as it is the Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income.

Active Management Risk — The Fund is subject to management risk as an actively-managed investment portfolio. The Fund’s ability to achieve its investment objective depends on the investment skill and ability of Anthony Capital Management, LLC (the “Sub-Adviser”) and on the Sub-Adviser’s ability to correctly identify economic trends.

Cash Positions Risk — The Fund may hold a significant position in cash and/or cash equivalent securities. When the Fund’s investment in cash or cash equivalent securities increases, the Fund may not participate in market advances or declines to the same extent that it would if the Fund were more fully invested in other securities.

Counterparty Risk — Counterparty risk is the risk that the other party(s) to an agreement or a participant to a transaction might default on a contract or fail to perform by failing to pay amounts due or failing to fulfill the obligations of the contract or transaction.

Credit Risk — Credit risk is the risk that an issuer or other obligated party of a debt security may be unable or unwilling to make interest and principal payments when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value or default. In addition, the credit quality of securities may be lowered if an issuer’s financial condition changes. The Fund could also be delayed or hindered in its enforcement of rights against an issuer, guarantor, or counterparty.

Credit Default Swap Risk — Credit default swaps are typically two-party financial contracts that transfer credit exposure between the two parties. Under a typical credit default swap, one party (the “seller”) receives pre-determined periodic payments from the other party (the “buyer”). The seller agrees to make specific payments to the buyer if a negative credit event occurs, such as the bankruptcy of or default by the issuer of the underlying debt instrument. The use of credit default swaps involves investment techniques and risks different from those associated with ordinary portfolio security transactions, such as potentially heightened counterparty or concentration risks.

Cyber Security Risk — Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Adviser, Sub-Adviser, custodian, transfer agent, distributor and/or other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors 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.

13

Optima Strategic Credit Fund

Notes To Financial Statements (Continued)

February 29, 2024 (Unaudited)

Government Intervention and Regulatory Changes — The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) (which was passed into law in July 2010) significantly revised and expanded the rulemaking, supervisory and enforcement authority of federal bank, securities and commodities regulators. There can be no assurance that future regulatory actions including, but not limited to, those authorized by the Dodd-Frank Act will not adversely impact the Fund. Major changes resulting from legislative or regulatory actions could materially affect the profitability of the Fund or the value of investments made by the Fund or force the Fund to revise its investment strategy or divest certain of its investments. Any of these developments could expose the Fund to additional costs, taxes, liabilities, enforcement actions and reputational risk.

In addition, effective August 19, 2022, the Securities and Exchange Commission (the “SEC”) implemented Rule 18f-4 under the 1940 Act (“Rule 18f-4”), providing for the regulation of a registered investment company’s use of derivatives and certain related instruments. Among other things, Rule 18f-4 limits a fund’s derivatives exposure through a value-at-risk test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. The Fund, as a full derivatives user (as defined in Rule 18f-4), is subject to the full requirements of Rule 18f-4. The Fund is required to comply with Rule18f-4 and has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4.

High Yield Securities — High yield securities, which are rated below investment grade and commonly referred to as “junk” bonds, are high risk, speculative investments that may cause income and principal losses for the Fund. They generally have greater credit risk, are less liquid and have more volatile prices than investment grade securities.

Interest Rate Risk— Interest rate risk is the risk that prices of fixed income securities generally increase when interest rates decline and decrease when interest rates increase. The Fund may lose money if short term or long term interest rates rise sharply or otherwise change in a manner not anticipated by the Sub-Adviser. It is likely there will be less governmental action in the near future to maintain low interest rates. Changing interest rates may have unpredictable effects on the markets and the Fund’s investments and may also affect the liquidity of fixed income securities and instruments held by the Fund. Any future declines in interest rate levels could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a negative yield, and a decline in the Fund’s share price. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.

Cash and Cash Equivalents —The Fund maintains cash in bank deposit accounts which, at times, may exceed United States federally insured limits and is classified as Cash and Cash Equivalents on the Statement of Assets and Liabilities.

Other — In the normal course of business, the Fund may enter into contracts that provide general indemnifications. The Fund’s maximum exposure under these arrangements is dependent on claims that may be made against the Fund in the future, and, therefore, cannot be estimated; however, the Fund expects the risk of material loss from such claims to be remote.

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

14

Optima Strategic Credit Fund

Notes To Financial Statements (Continued)

February 29, 2024 (Unaudited)

and/or reimburse expenses, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed the Expense Cap as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary expenses, interest and taxes. This contractual limitation is in effect until December 31, 2024 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2024.

Advisory Fee	Expense Cap
	Founders Class
.50%	1.25%

During the current fiscal period, investment advisory fees accrued, waived and/or reimbursed were as follows:

Gross Advisory Fees	Waivers/ Recoupment	Net Advisory Fees
$79,005	$(12,493)	$66,512

If at any time the Fund’s total annual fund operating expenses (not including 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 to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

As of the end of the current fiscal period, the Fund had amounts available for recoupment as follows:

Expiration

AUGUST 31,
2027

$12,493

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,

15

Optima Strategic Credit Fund

Notes To Financial Statements (Continued)

February 29, 2024 (Unaudited)

Chief Operating Officer, Secretary and Director of Marketing & Business Development of the Company. They are compensated by the Fund for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Fund or the Company. For Director and Officer compensation amounts, please refer to the Statement of Operations.

4. Purchases and Sales of Investment Securities

During the current fiscal period, 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, 2023, 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)
$44.355,611	$0	$(14,070)	$(14,070)

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, 2023, 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
$1,036,396	$0	$(14,070)	$(1,791,081)	$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, 2023 were as follows:

Ordinary Income	Long-Term Gains	Total
$606,258	$0	$606,258

16

Optima Strategic Credit Fund

Notes To Financial Statements (Concluded)

February 29, 2024 (Unaudited)

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, 2023, the Fund had unexpiring short-term losses of $1,791,081 to offset future capital gains.

6. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

In October 2022, the SEC adopted a final rule relating to tailored shareholder reports for mutual funds and exchange-traded funds and fee information in investment company advertisements. Beginning in July 2024, the Fund will be required to transmit concise and visually engaging shareholder reports that highlight key information. The Fund will also be required to tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request.

In December 2022, the FASB issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the London Inter-Bank Offered Rate and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

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 or disclosure in the financial statements.

17

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.

18

[THIS PAGE INTENTIONALLY LEFT BLANK]

[THIS PAGE INTENTIONALLY LEFT BLANK]

[THIS PAGE INTENTIONALLY LEFT BLANK]

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

OSCF-SAR24

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.

SEMI-ANNUAL REPORT

February 29, 2024
(Unaudited)

This report is submitted for the general information of the shareholders of the Funds and may not be used as sales literature unless preceded or accompanied by a current prospectus for the Funds.

SGI U.S. LARGE CAP EQUITY FUND - CLASS I SHARES

Performance Data

February 29, 2024 (UNAUDITED)

Average Annual Total Returns for the periods ended February 29, 2024
	Six Months(1)	One Year	Five Years	Ten Years	Since Inception(2)
Class I Shares	12.14%	16.14%	8.71%	9.85%	10.68%
S&P 500® Low Volatility Index(3)	13.93%	30.45%	14.76%	12.70%	13.77%

⁽¹⁾ Not annualized.

⁽²⁾ Class I Shares of the Fund commenced operations on February 29, 2012.

⁽³⁾ Benchmark performance is from the inception date of the Class I Shares only and is not the inception date of the benchmark itself.

Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by calling 1-855-744-8500.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2023, are 0.97% and 0.98%, respectively, of average daily net assets for Class I Shares. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. Summit Global Investments, LLC (the “Adviser”) has contractually agreed to waive management fees and/or reimburse expenses through December 31, 2024 to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed 0.98% of the Fund’s average daily net assets attributable to Class I Shares. 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 0.98%: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. The contractual limitation may not be terminated before December 31, 2024 without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s total annual Fund operating expenses for a year are less than 0.98% of the Fund’s average daily net assets attributable to Class I Shares, 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 to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

The Fund’s investments will generally consist of securities, which may include common stocks, preferred stocks, warrants to acquire common stock and securities convertible into common stock. Portfolio composition is subject to change. The Fund evaluates performance as compared to that of the Standard & Poor’s 500^® Low Volatility Index (“S&P 500^® Low Volatility Index”). The S&P 500^® Low Volatility Index is designed to measure the performance of the 100 least volatile stocks of the S&P 500^® Index. It is impossible to invest directly in an index.

1

SGI U.S. LARGE CAP EQUITY FUND - CLASS A SHARES

Performance Data (continued)

February 29, 2024 (UNAUDITED)

Average Annual Total Returns for the periods ended February 29, 2024
	Six Months(1)	One Year	Three Years	Five Years	Since Inception(2)
Class A Shares (without sales charge) (Pro forma February 29, 2012 to October 29, 2015)	12.05%	15.91%	8.44%	9.59%*	10.41%*
Class A Shares (with sales charge) (Pro forma February 29, 2012 to October 29, 2015)	6.16%	9.80%	7.29%	9.59%*	10.41%*
S&P 500® Low Volatility Index (3)	6.06%	6.87%	6.99%	9.38%	10.56%

* Class A Shares performance prior to its inception on October 29, 2015 is the performance of Class I Shares, adjusted for the Class A Shares expense ratio.

⁽¹⁾ Not annualized.

⁽²⁾ Class A Shares of the Fund commenced operations on October 29, 2015.

⁽³⁾ Benchmark performance is from the inception date of the Fund only and is not the inception date of the benchmark itself.

Class A Shares of the Fund have a 5.25% maximum sales charge.

Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by calling 1-855-744-8500.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2023, are 1.22% and 1.23%, respectively, of average daily net assets for Class A Shares. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. Summit Global Investments, LLC (the “Adviser”) has contractually agreed to waive management fees and/or reimburse expenses through December 31, 2024 to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed 1.23% of the Fund’s average daily net assets attributable to Class A Shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse certain expenses, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed 1.23%: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. The contractual limitation may not be terminated before December 31, 2024 without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s total annual Fund operating expenses for a year are less than 1.23% of the Fund’s average daily net assets attributable to Class A Shares, 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 to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

The Fund’s investments will generally consist of securities, which may include common stocks, preferred stocks, warrants to acquire common stock and securities convertible into common stock. Portfolio composition is subject to change. The Fund evaluates performance as compared to that of the Standard & Poor’s 500^® Low Volatility Index (“S&P 500^® Low Volatility Index”). The S&P 500^® Low Volatility Index is designed to measure the performance of the 100 least volatile stocks of the S&P 500^® Index. It is impossible to invest directly in an index.

2

SGI U.S. LARGE CAP EQUITY FUND - CLASS C SHARES

Performance Data (continued)

February 29, 2024 (UNAUDITED)

Average Annual Total Returns for the periods ended February 29, 2024
	Six Months(1)	One Year	Three Years	Five Years	Since Inception(2)
Class C Shares (Pro forma February 29, 2012 to December 31, 2015)	11.58%	14.99%	7.73%	8.76%*	9.58%*
S&P 500® Low Volatility Index (3)	6.06%	6.87%	6.99%	9.38%	10.56%

* Class C Shares performance prior to its inception on December 31, 2015 is the performance of Class I Shares, adjusted for the Class C Shares expense ratio.

⁽¹⁾ Not annualized.

⁽²⁾ Class C Shares of the Fund commenced operations on December 31, 2015.

⁽³⁾ Benchmark performance is from the inception date of the Fund only and is not the inception date of the benchmark itself.

Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by calling 1-855-744-8500.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2023, are 1.97% and 1.98%, respectively, of average daily net assets for Class C Shares. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. Summit Global Investments, LLC (the “Adviser”) has contractually agreed to waive management fees and/or reimburse expenses through December 31, 2024 to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed 1.98% of the Fund’s average daily net assets attributable to Class C Shares. 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 1.98%: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. The contractual limitation may not be terminated before December 31, 2024 without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s total annual Fund operating expenses for a year are less than 1.98% of the Fund’s average daily net assets attributable to Class C Shares, 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 to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

The Fund’s investments will generally consist of securities, which may include common stocks, preferred stocks, warrants to acquire common stock and securities convertible into common stock. Portfolio composition is subject to change. The Fund evaluates performance as compared to that of the Standard & Poor’s 500^® Low Volatility Index (“S&P 500^® Low Volatility Index”). The S&P 500^® Low Volatility Index is designed to measure the performance of the 100 least volatile stocks of the S&P 500^® Index. It is impossible to invest directly in an index.

3

SGI GLOBAL EQUITY FUND - CLASS I SHARES

Performance Data (continued)

February 29, 2024 (UNAUDITED)

Average Annual Total Returns for the periods ended February 29, 2024(2)
	Six Months(1)	One Year	Five Years	Ten Years	Since Inception
Class I Shares(3)	9.69%	13.93%	6.93%	5.64%	13.32%
MSCI ACWI Index(4)	11.66%	23.15%	10.51%	8.37%	11.47%

⁽¹⁾ Not annualized.

⁽²⁾ Returns for periods prior to January 3, 2017 were generated under the management of the Fund’s former investment adviser and reflect a previous investment strategy.

⁽³⁾ The Fund operated as a series of Scotia Institutional Funds prior to the close of business on March 21, 2014 (the “Predecessor Fund”), at which time the Predecessor Fund was reorganized into the Fund. The fiscal year end of the Predecessor Fund was September 30. The performance shown for periods prior to March 21, 2014 represents the performance for the Predecessor Fund. While the Predecessor Fund commenced operations on March 31, 2009, the Predecessor Fund began investing consistent with its investment objective on April 1, 2009.

⁽⁴⁾ Benchmark performance is from the inception date of the Predecessor Fund only and is not the inception date of the benchmark itself.

Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by calling 1-855-744-8500.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2023, are 1.00% and 0.84%, respectively, of average daily net assets for Class I Shares. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. Summit Global Investments, LLC (the “Adviser”) has contractually agreed to waive management fees and/or reimburse certain expenses of the Fund through December 31, 2024 to the extent the total annual Fund operating expenses (excluding certain items discussed below) exceed 0.84% of the Fund’s average daily net assets attributable to Class I Shares. 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 0.84%: acquired fund fees and expenses, short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes. The contractual limitation may not be terminated before December 31, 2024 without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s total annual Fund operating expenses for a year are less than 0.84% of the Fund’s average daily net assets attributable to Class I Shares, 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 to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

International investing is subject to special risks including, but not limited to, currency risk associated with securities denominated in other than the U.S. dollar, which may be affected by fluctuations in currency exchange rates, political, social or economic instability, and differences in taxation, auditing, and other financial practices.

The MSCI ACWI Minimum (USD) Volatility Index (the “MSCI ACWI Index”) is designed to reflect the performance of the lowest volatility optimized version of the parent MSCI index. The MSCI ACWI Index captures large and mid cap representation across 23 Developed Markets (DM) and 27 Emerging Markets (EM) countries. With more than 3,000 constituents, the Index covers approximately 85% of the global investable equity opportunity set. It is not possible to invest directly in an index.

4

SGI PRUDENT GROWTH FUND - CLASS I SHARES

Performance Data (continued)

February 29, 2024 (UNAUDITED)

Average Annual Total Returns for the periods ended February 29, 2024
	Six Months(1)	One Year	Since Inception
Class I Shares	8.40%	12.23%	4.59%(2)
S&P 500® Index(3)	13.93%	30.45%	14.80%
Composite Index(4)	9.24%	19.03%	7.81%

⁽¹⁾ Not annualized.

⁽²⁾ Inception date of the Fund is June 8, 2020.

⁽³⁾ Benchmark performance is from the inception date of the Fund only and is not the inception date of the benchmark itself.

⁽⁴⁾ The Composite Index is comprised of the S&P 500^® Index and Bloomberg US Aggregate Bond Index, weighted 60% and 40%, respectively.

Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by calling 1-855-744-8500.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2023 are 1.97% and 2.07%, respectively, of average daily net assets for Class I Shares. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. Summit Global Investments, LLC (the “Adviser”) has contractually agreed to waive management fees and/or reimburse certain expenses of the Fund through December 31, 2024 to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed 1.70% of the average daily net assets attributable to the Fund’s Class I Shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account: acquired fund fees and expenses, fund services administrative fee, short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation may not be terminated before December 31, 2024 without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s total annual Fund operating expenses for a year are less than 1.70% of the Fund’s average daily net assets attributable to Class I Shares, 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 to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

The S&P 500^® Index is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. It is impossible to invest directly in an index.

The Bloomberg US Aggregate Bond Index is a broad-based, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States. It is not possible to invest directly in an index.

5

SGI PEAK GROWTH FUND - CLASS I SHARES

Performance Data (continued)

February 29, 2024 (UNAUDITED)

Average Annual Total Returns for the periods ended February 29, 2024
	Six Months(1)	One Year	Since Inception
Class I Shares	9.96%	13.71%	7.37%(2)
S&P 500® Index(3)	13.93%	30.45%	14.80%

⁽¹⁾ Not annualized.

⁽²⁾ Inception date of the Fund is June 8, 2020.

⁽³⁾ Benchmark performance is from the inception date of the Fund only and is not the inception date of the benchmark itself.

Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by calling 1-855-744-8500.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2023 are 2.32% and 2.37%, respectively, of average daily net assets for Class I Shares. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. Summit Global Investments, LLC (the “Adviser”) has contractually agreed to waive management fees and/or reimburse certain expenses of the Fund through December 31, 2024 to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed 1.70% of the average daily net assets attributable to the Fund’s Class I Shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account: acquired fund fees and expenses, fund services administrative fee, short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation may not be terminated before December 31, 2024 without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s total annual Fund operating expenses for a year are less than 1.70% of the Fund’s average daily net assets attributable to Class I Shares, 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 to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

The S&P 500^® Index is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. It is impossible to invest directly in an index.

6

SGI SMALL CAP CORE FUND - CLASS I SHARES

Performance Data (Concluded)

February 29, 2024 (UNAUDITED)

Average Annual Total Returns for the periods ended February 29, 2024
	Six Months(1)	One Year	Five Years	Ten Years	Since Inception(2)
Class I Shares	10.11%	11.28%	10.40%	7.71%	10.68%
Russell 2000® Index	8.97%	10.05%	6.89%	7.13%	8.12%

⁽¹⁾ Not annualized.

⁽²⁾ Inception date of the Fund is October 1, 1999.

⁽³⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by calling 1-855-744-8500.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2023, are 1.25% and 1.23%, respectively, of average daily net assets for Class I Shares. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. Summit Global Investments, LLC (the “Adviser”) has contractually agreed to waive management fees and/or reimburse expenses through December 31, 2024 to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed 1.23% of the Fund’s average daily net assets attributable to Class I Shares. 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 1.23%: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation may not be terminated before December 31, 2024 without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s total annual Fund operating expenses for a year are less than 1.23% of the Fund’s average daily net assets attributable to Class I Shares, 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 to exceed expense limitations that were in effect at the time of the waiver or reimbursement. The Fund’s investments will generally consist of securities, which may include common stocks, preferred stocks, warrants to acquire common stock and securities convertible into common stock. Portfolio composition is subject to change. The Fund evaluates performance as compared to that of the Russell 2000^® Index (“Russell 2000^®”). The Russell 2000^® is a widely recognized, unmanaged index of 2,000 common stocks which are generally representative of the U.S. Small Companies. It is impossible to invest directly in an index.

The Fund invests in equity securities and in stocks of small companies which are subject to market, economic and business risks that may cause their price to rise or fall over time. Stocks of small companies may be more volatile, less liquid or not as readily marketable as those of larger companies. Small companies may also have limited product lines, markets or financial resources and may be dependent on relatively small or inexperienced management groups. Although the Fund seeks lower volatility, there is no guarantee the Fund will perform as expected.

7

SUMMIT GLOBAL INVESTMENTS

Fund Expense Examples

February 29, 2024 (UNAUDITED)

As a shareholder of the Fund(s), you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments (if applicable); and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Fund(s) and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2023 through February 29, 2024 and held for the entire period.

Actual Expenses

The first line of the accompanying tables provide information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Examples for Comparison Purposes

The second section of the accompanying tables provide information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

The expenses shown in the accompanying tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees or exchange fees. Therefore, the second section of the accompanying tables is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

	SGI U.S. Large Cap Equity Fund
	Beginning Account Value SEPTEMBER 1, 2023	Ending Account Value February 29, 2024	Expenses Paid During Period*	Annualized Expense Ratio	Actual Six-Month Total Investment Return for the Fund
Actual
Class I Shares	$ 1,000.00	$ 1,121.40	$ 5.17	0.98%	12.14%
Class A Shares	1,000.00	1,120.50	6.48	1.23	12.05
Class C Shares	1,000.00	1,115.80	10.42	1.98	11.58
Hypothetical (5% return before expenses)
Class I Shares	$ 1,000.00	$ 1,019.99	$ 4.92	0.98%	N/A
Class A Shares	1,000.00	1,018.75	6.17	1.23	N/A
Class C Shares	1,000.00	1,015.02	9.92	1.98	N/A

8

SUMMIT GLOBAL INVESTMENTS

Fund Expense Examples (CONTINUED)

February 29, 2024 (UNAUDITED)

	SGI Global Equity Fund
	Beginning Account Value SEPTEMBER 1, 2023	Ending Account Value February 29, 2024	Expenses Paid During Period*	Annualized Expense Ratio	Actual Six-Month Total Investment Return for the Fund
Actual
Class I Shares	$ 1,000.00	$ 1,096.90	$ 4.38	0.84%	9.69%
Hypothetical (5% return before expenses)
Class I Shares	$ 1,000.00	$ 1,020.69	$ 4.22	0.84%	N/A

	SGI Prudent GROWTH Fund
	Beginning Account Value SEPTEMBER 1, 2023	Ending Account Value February 29, 2024	Expenses Paid During Period*	Annualized Expense Ratio	Actual Six-Month Total Investment Return for the Fund
Actual
Class I Shares	$ 1,000.00	$ 1,084.00	$ 6.74	1.30%	8.40%
Hypothetical (5% return before expenses)
Class I Shares	$ 1,000.00	$ 1,018.40	$ 6.52	1.30%	N/A

	SGI Peak Growth Fund
	Beginning Account Value SEPTEMBER 1, 2023	Ending Account Value February 29, 2024	Expenses Paid During Period*	Annualized Expense Ratio	Actual Six-Month Total Investment Return for the Fund
Actual
Class I Shares	$ 1,000.00	$ 1,099.60	$ 6.84	1.31%	9.96%
Hypothetical (5% return before expenses)
Class I Shares	$ 1,000.00	$ 1,018.35	$ 6.57	1.31%	N/A

9

SUMMIT GLOBAL INVESTMENTS

Fund Expense Examples (Concluded)

February 29, 2024 (UNAUDITED)

	SGI small cap CORE Fund
	Beginning Account Value SEPTEMBER 1, 2023	Ending Account Value February 29, 2024	Expenses Paid During Period*	Annualized Expense Ratio	Actual Six-Month Total Investment Return for the Fund
Actual
Class I Shares	$ 1,000.00	$ 1,101.10	$ 6.43	1.23%	10.11%
Hypothetical (5% return before expenses)
Class I Shares	$ 1,000.00	$ 1,018.75	$ 6.17	1.23%	N/A

* Expenses are equal to each Fund’s annualized six-month expense ratio for the period September 1, 2023 to February 29, 2024, multiplied by the average account value over the period, multiplied by the number of days (182) in the most recent fiscal half-year, then divided by 366 to reflect the one half year period. Each Fund’s ending account values on the first line in the tables is based on the actual six-month total investment return for each Fund.

10

SGI U.S. LARGE CAP EQUITY FUND

PORTFOLIO HOLDINGS SUMMARY TABLE

as of February 29, 2024 (UNAUDITED)

The following table presents a summary by sector of the portfolio holdings of the Fund:

SECURITY TYPE /CLASSIFICATION	% of Net Assets			Value
COMMON STOCKS
Biotechnology		8.6	%	$	12,953,867
Software		8.5			12,719,964
Healthcare-Services		7.8			11,693,922
Pharmaceuticals		7.7			11,613,985
Insurance		6.7			10,092,656
Home Builders		5.7			8,546,620
Internet		4.7			6,990,962
Food		3.7			5,495,700
Cosmetics & Personal Care		3.4			5,184,773
Building Materials		3.4			5,120,977
Transportation		3.2			4,862,721
Aerospace/Defense		3.1			4,611,632
Semiconductors		2.4			3,602,129
Commercial Services		2.3			3,428,929
Telecommunications		2.2			3,354,263
Electric		2.2			3,254,783
Computers		2.1			3,150,078
Beverages		1.8			2,746,175
Household Products/Wares		1.4			2,163,837
Retail		1.3			2,022,270
Media		0.8			1,178,463
REITs		0.6			891,067
Banks		0.5			723,473
Shipbuilding		0.3			512,376
Packaging & Containers		0.2			268,161
Gas		0.2			251,062
Chemicals		0.2			261,029
Hand/Machine Tools		0.2			260,499
EXCHANGE TRADED FUNDS
Exchange Traded Funds		14.3			21,469,933
MONEY MARKET DEPOSIT ACCOUNT		0.3			460,259
OTHER ASSETS IN EXCESS OF LIABILITIES		0.2			242,750
NET ASSETS		100.0	%	$	150,129,315

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.
11

SGI U.S. LARGE CAP EQUITY FUND

PORTFOLIO of Investments

as of February 29, 2024 (UNAUDITED)

	NUMBER OF Shares		Value
COMMON STOCKS — 85.2%
Aerospace/Defense — 3.1%
General Dynamics Corp.		7,632	$	2,085,444
Lockheed Martin Corp.		5,899		2,526,188
				4,611,632
Banks — 0.5%
Bank of New York Mellon Corp.		8,044		451,188
State Street Corp.		3,693		272,285
				723,473
Beverages — 1.8%
Coca-Cola Co.		41,647		2,499,653
PepsiCo, Inc.		1,491		246,522
				2,746,175
Biotechnology — 8.6%
Gilead Sciences, Inc.		3,493		251,845
Incyte Corp.(a)		37,467		2,186,574
Regeneron Pharmaceuticals, Inc.(a)		3,609		3,486,619
United Therapeutics Corp.(a)		11,624		2,622,840
Vertex Pharmaceuticals, Inc.(a)		10,472		4,405,989
				12,953,867
Building Materials — 3.4%
Builders FirstSource, Inc.(a)		7,037		1,373,482
Owens Corning		25,020		3,747,495
				5,120,977
Chemicals — 0.2%
LyondellBasell Industries NV - Class A		2,603		261,029
Commercial Services — 2.3%
Automatic Data Processing, Inc.		13,654		3,428,929
Computers — 2.1%
Accenture PLC - Class A		6,931		2,597,600
EPAM Systems, Inc.(a)		951		289,485
NetApp, Inc.		2,951		262,993
				3,150,078
Cosmetics & Personal Care — 3.4%
Colgate-Palmolive Co.		51,626		4,466,682
Procter & Gamble Co.		4,518		718,091
				5,184,772
Electric — 2.2%
Consolidated Edison, Inc.		2,857		249,159
DTE Energy Co.		2,317		251,047
Entergy Corp.		2,507		254,636
Evergy, Inc.		40,484		2,005,578
NextEra Energy, Inc.		4,438		244,933
Southern Co.		3,709		249,430
				3,254,783
Food — 3.7%
Hershey Co.		23,030		4,327,798
Performance Food Group Co.(a)		15,213		1,167,902
				5,495,700
Gas — 0.2%
NiSource, Inc.		9,634		251,062
Hand/Machine Tools — 0.2%
Snap-on, Inc.		945		260,499
Healthcare-Services — 7.8%
Centene Corp.(a)		23,910		1,875,261
Elevance Health, Inc.		9,217		4,620,021
HCA Healthcare, Inc.		1,234		384,638
Humana, Inc.		686		240,320
Molina Healthcare, Inc.(a)		11,007		4,335,767
UnitedHealth Group, Inc.		482		237,915
				11,693,922
Home Builders — 5.7%
DR Horton, Inc.		27,600		4,124,544
Lennar Corp. - Class A		8,366		1,326,095
NVR, Inc.(a)		406		3,095,981
				8,546,620
Household Products/Wares — 1.4%
Clorox Co.		1,647		252,501
Kimberly-Clark Corp.		15,774		1,911,336
				2,163,837
Insurance — 6.7%
American International Group, Inc.		17,413		1,269,234
Cincinnati Financial Corp.		2,255		257,070
Everest Group Ltd.		5,962		2,199,263
Hartford Financial Services Group Inc., (The)		2,689		257,714
Loews Corp.		16,963		1,274,430
MetLife, Inc.		3,652		254,691
Progressive Corp.		9,924		1,881,193
Reinsurance Group of America, Inc.		1,628		287,912
RenaissanceRe Holdings Ltd.		1,114		250,449
Travelers Cos, Inc., (The)		8,627		1,906,222
W R Berkley Corp.		3,044		254,478
				10,092,656
Internet — 4.7%
Alphabet, Inc. - Class A(a)		21,884		3,030,058
GoDaddy, Inc. - Class A(a)		17,434		1,990,091
Meta Platforms, Inc. - Class A		4,021		1,970,813
				6,990,962
Media — 0.8%
Fox Corp. - Class A		39,559		1,178,463

The accompanying notes are an integral part of the financial statements.
12

SGI U.S. LARGE CAP EQUITY FUND

PORTFOLIO of Investments (Concluded)

as of February 29, 2024

	NUMBER OF Shares		Value
Packaging & Containers — 0.2%
Packaging Corp. of America		1,480	$	268,161
Pharmaceuticals — 7.7%
AbbVie, Inc.		4,181		736,065
Cardinal Health, Inc.		38,896		4,355,575
Eli Lilly & Co.		826		622,540
McKesson Corp.		6,650		3,467,377
Merck & Co., Inc.		17,189		2,185,581
Neurocrine Biosciences, Inc.(a)		1,893		246,847
				11,613,984
REITS — 0.6%
American Homes 4 Rent - Class A		7,633		282,497
Kimco Realty Corp.		13,488		266,523
Weyerhaeuser Co.		9,949		342,047
				891,067
Retail — 1.3%
Costco Wholesale Corp.		1,037		771,414
McDonald’s Corp.		3,423		1,000,474
Wal-Mart Stores, Inc.		4,272		250,382
				2,022,270
Semiconductors — 2.4%
Applied Materials, Inc.		1,333		268,760
KLA-Tencor Corp.		486		331,598
Micron Technology, Inc.		3,330		301,731
Monolithic Power Systems, Inc.		358		257,774
NVIDIA Corp.		1,419		1,122,599
Qorvo, Inc.(a)		2,260		258,883
QUALCOMM, Inc.		5,095		803,940
Skyworks Solutions, Inc.		2,448		256,844
				3,602,129
Shipbuilding — 0.3%
Huntington Ingalls Industries, Inc.		1,757		512,376
Software — 8.5%
Adobe Systems, Inc.(a)		4,152		2,326,283
Atlassian Corp. - Class A(a)		1,250		259,275
Cadence Design Systems, Inc.(a)		882		268,463
DocuSign, Inc.(a)		5,139		273,754
Electronic Arts, Inc.		4,503		628,078
HubSpot, Inc.(a)		427		264,232
Microsoft Corp.		6,901		2,854,530
PTC, Inc.(a)		4,399		805,061
ServiceNow, Inc.(a)		2,989		2,305,535
Synopsys, Inc.(a)		467		267,932
Workday, Inc. - Class A(a)		847		249,577
Zoom Video Communications, Inc. - Class A(a)		31,348		2,217,244
				12,719,964
Telecommunications — 2.2%
Arista Networks, Inc.(a)		4,196		1,164,558
Cisco Systems, Inc.		5,216		252,298
Motorola Solutions, Inc.		5,864		1,937,407
				3,354,263
Transportation — 3.2%
FedEx Corp.		5,362		1,334,977
Union Pacific Corp.		8,961		2,273,316
United Parcel Service, Inc. - Class B		8,461		1,254,428
				4,862,721
TOTAL COMMON STOCKS (Cost $107,954,130)				127,956,373
EXCHANGE TRADED FUNDS — 14.3%
Invesco S&P 500 Low Volatility ETF		83,821		5,365,382
iShares Core S&P 500 ETF		10,523		5,371,465
iShares Edge MSCI Min Vol USA ETF		65,863		5,360,589
Vanguard S&P 500 ETF		11,506		5,372,497
TOTAL EXCHANGE TRADED FUNDS (Cost $21,411,749)				21,469,933
TOTAL INVESTMENTS — 99.5% (Cost $129,365,878)				149,426,306
Money Market Deposit Account — 0.3%(b)				460,259
Other Assets in Excess of Liabilities — 0.2%				242,750
TOTAL NET ASSETS — 100.0%			$	150,129,315

Percentages are stated as a percent of net assets.

ETF – Exchange Traded Funds

PLC – Public Limited Company

REIT – Real Estate Investment Trust

^(a) Non-income producing security.

^(b) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The MMDA interest rate as of February 29, 2024 was 5.20%.

The accompanying notes are an integral part of the financial statements.
13

SGI GLOBAL EQUITY FUND

Allocation of Portfolio Holdings by Country

as of February 29, 2024 (UNAUDITED)

COUNTRY	% of Net Assets			Value
United States		59.3	%	$	94,476,097
Japan		8.0			12,736,880
United Kingdom		5.3			8,355,546
Taiwan		4.4			7,094,055
India		4.3			6,734,694
Israel		4.0			6,457,037
Brazil		3.1			4,991,382
Canada		2.4			3,776,322
Bermuda		2.2			3,473,488
Peru		2.1			3,365,994
Mexico		1.7			2,775,048
Denmark		1.2			1,920,632
Ireland		1.0			1,518,814
Indonesia		0.5			761,747
South Korea		0.2			302,994
France		0.2			298,287
OTHER ASSETS IN EXCESS OF LIABILITIES		0.1			210,469
NET ASSETS		100.0	%	$	159,249,486

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.
14

SGI GLOBAL EQUITY FUND

PORTFOLIO HOLDINGS SUMMARY TABLE

as of February 29, 2024 (UNAUDITED)

The following table presents a summary by sector of the portfolio holdings of the Fund:

SECURITY TYPE /CLASSIFICATION	% of Net Assets			Value
COMMON STOCKS
Pharmaceuticals		13.6	%	$	21,548,638
Insurance		8.3			13,151,730
Telecommunications		7.2			11,364,512
Biotechnology		5.9			9,445,854
Auto Manufacturers		5.4			8,601,988
Software		5.2			8,282,705
Banks		5.2			8,223,579
Retail		4.7			7,248,647
Semiconductors		4.0			6,477,360
Beverages		4.0			6,433,567
Healthcare-Services		4.0			6,409,248
Internet		3.6			5,817,100
Mining		3.5			5,518,213
Cosmetics & Personal Care		3.3			5,295,450
Food		3.2			5,211,387
Iron/Steel		3.2			5,127,886
Aerospace/Defense		2.3			3,725,688
Household Products/Wares		2.2			3,463,523
Electric		1.9			3,048,205
Oil & Gas		1.3			2,065,864
Media		1.1			1,835,571
Gas		1.1			1,730,173
Airlines		1.0			1,518,814
Computers		0.9			1,438,326
Building Materials		0.7			1,104,804
REITs		0.6			961,482
Machinery-Diversified		0.2			318,780
Commercial Services		0.2			311,401
MONEY MARKET DEPOSIT ACCOUNT		2.1			3,358,522
OTHER ASSETS IN EXCESS OF LIABILITIES		0.1			210,469
NET ASSETS		100.0	%	$	159,249,486

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.
15

SGI GLOBAL EQUITY FUND

PORTFOLIO of Investments

as of February 29, 2024 (UNAUDITED)

	NUMBER OF Shares		Value
COMMON STOCKS — 97.8%
Aerospace/Defense — 2.3%
Lockheed Martin Corp.		8,700	$	3,725,688
Airlines — 1.0%
Ryanair Holdings PLC - ADR		10,986		1,518,814
Auto Manufacturers — 5.4%
Cummins, Inc.		1,637		439,715
Honda Motor Co. Ltd. - ADR		151,675		5,398,113
Toyota Motor Corp. - ADR		11,491		2,764,160
				8,601,988
Banks — 5.2%
Credicorp Ltd.		19,698		3,365,994
First Horizon Corp.		22,897		322,848
HDFC Bank, Ltd. - ADR		79,098		4,231,743
Shinhan Financial Group Co. Ltd. - ADR		9,300		302,994
				8,223,579
Beverages — 4.0%
Coca-Cola Co.		60,955		3,658,519
Coca-Cola Femsa SAB de CV - ADR		28,594		2,775,048
				6,433,567
Biotechnology — 5.9%
Exelixis, Inc.(a)		45,702		1,000,874
United Therapeutics Corp.(a)		14,527		3,277,872
Vertex Pharmaceuticals, Inc.(a)		12,281		5,167,108
				9,445,854
Building Materials — 0.7%
UFP Industries, Inc.		9,638		1,104,804
Commercial Services — 0.2%
Automatic Data Processing, Inc.		1,240		311,401
Computers — 0.9%
Check Point Software Technologies Ltd.(a)		8,966		1,438,326
Cosmetics & Personal Care — 3.3%
Colgate-Palmolive Co.		57,597		4,983,292
Procter & Gamble Co.		1,964		312,158
				5,295,450
Electric — 1.9%
Consolidated Edison, Inc.		7,028		612,912
National Grid PLC - ADR		16,810		1,120,555
Pinnacle West Capital Corp.		19,241		1,314,738
				3,048,205
Food — 3.2%
Flowers Foods, Inc.		30,920		693,226
Hershey Co.		24,043		4,518,161
				5,211,387
Gas — 1.1%
National Fuel Gas Co.		35,498		1,730,173
Healthcare-Services — 4.0%
Centene Corp.(a)		3,966		311,053
Chemed Corp.		560		350,633
Elevance Health, Inc.		2,148		1,076,685
Ensign Group, Inc.		2,574		321,544
Humana, Inc.		4,080		1,429,306
Molina Healthcare, Inc.(a)		3,269		1,287,692
UnitedHealth Group, Inc.		3,307		1,632,335
				6,409,248
Household Products/Wares — 2.2%
Kimberly-Clark Corp.		28,584		3,463,523
Insurance — 8.3%
American International Group, Inc.		20,890		1,522,672
Axis Capital Holdings Ltd.		21,933		1,372,348
Cincinnati Financial Corp.		11,974		1,365,036
CNA Financial Corp.		11,900		523,005
Everest Group Ltd.		5,696		2,101,140
Loews Corp.		10,346		777,295
Markel Group, Inc.(a)		200		298,496
MetLife, Inc.		29,043		2,025,459
Progressive Corp.		15,024		2,847,949
Reinsurance Group of America, Inc.		1,800		318,330
				13,151,730
Internet — 3.6%
Alphabet, Inc. - Class C(a)		39,265		5,488,462
GoDaddy, Inc. - Class A(a)		2,879		328,638
				5,817,100
Iron/Steel — 3.2%
Commercial Metals Co.		58,694		3,169,476
Vale SA - ADR		146,041		1,958,410
				5,127,886
Machinery-Diversified — 0.2%
Nordson Corp.		1,200		318,780
Media — 1.1%
Thomson Reuters Corp.		11,633		1,835,571
Mining — 3.5%
Agnico Eagle Mines Ltd.		5,897		283,410
Rio Tinto PLC - ADR		81,122		5,234,803
				5,518,213
Oil & Gas — 1.3%
Cenovus Energy, Inc.		62,716		1,093,140
PBF Energy, Inc. - Class A		14,265		666,176
Shell PLC - ADR		4,879		306,548
				2,065,864

The accompanying notes are an integral part of the financial statements.
16

SGI GLOBAL EQUITY FUND

PORTFOLIO of Investments (Concluded)

as of February 29, 2024 (UNAUDITED)

	NUMBER OF Shares		Value
Pharmaceuticals — 13.6%
Bristol-Myers Squibb Co.		8,927	$	453,045
Cardinal Health, Inc.		18,693		2,093,242
CVS Health Corp.		6,401		476,042
Dr Reddy’s Laboratories Ltd. - ADR		32,599		2,502,951
GSK PLC - ADR		40,421		1,693,640
McKesson Corp.		2,818		1,469,333
Merck & Co., Inc.		20,725		2,635,184
Neurocrine Biosciences, Inc.(a)		28,604		3,729,962
Novo Nordisk AS - ADR		16,036		1,920,632
Takeda Pharmaceutical Co. Ltd. - ADR		313,544		4,574,607
				21,548,638
REITs — 0.6%
American Homes 4 Rent - Class A		17,139		634,314
Welltower, Inc.		3,550		327,168
				961,482
Retail — 4.7%
BJ’s Wholesale Club Holdings, Inc.(a)		10,486		765,897
Costco Wholesale Corp.		1,874		1,394,050
McDonald’s Corp.		10,687		3,123,596
Murphy USA, Inc.		2,239		933,685
Wal-Mart Stores, Inc.		17,598		1,031,419
				7,248,647
Semiconductors — 4.0%
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		31,499		4,052,976
United Microelectronics Corp. - ADR		315,675		2,424,384
				6,477,360
Software — 5.2%
Electronic Arts, Inc.		20,151		2,810,661
Microsoft Corp.		13,229		5,472,044
				8,282,705
Telecommunications — 7.2%
Chunghwa Telecom Co. Ltd. - ADR		16,319		616,695
Cisco Systems, Inc.		15,569		753,073
Motorola Solutions, Inc.		965		318,826
Nice Ltd. - ADR(a)		20,472		5,018,711
Orange SA - ADR		25,938		298,287
Telefonica Brasil SA - ADR		164,820		1,801,483
Telkom Indonesia Persero Tbk PT - ADR		29,779		761,747
TELUS Corp.		32,351		564,201
TIM SA - ADR		66,603		1,231,489
				11,364,512
TOTAL COMMON STOCKS (Cost $139,423,131)				155,680,495
TOTAL INVESTMENTS — 97.8% (Cost $139,423,131)				155,680,495
Money Market Deposit Account — 2.1%(b)				3,358,522
Other Assets in Excess of Liabilities — 0.1%				210,469
TOTAL NET ASSETS — 100.0%			$	159,249,486

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.

^(b) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The MMDA interest rate as of February 29, 2024 was 5.20%.

The accompanying notes are an integral part of the financial statements.
17

SGI PRUDENT GROWTH FUND

PORTFOLIO HOLDINGS SUMMARY TABLE

as of February 29, 2024 (UNAUDITED)

The following table presents a summary by sector of the portfolio holdings of the Fund:

SECURITY TYPE /CLASSIFICATION	% of Net Assets			Value
OPEN END FUNDS		48.1	%	$	11,851,206
EXCHANGE TRADED FUNDS		47.2			11,643,254
SHORT-TERM INVESTMENTS		5.2			1,145,743
OTHER ASSETS IN EXCESS OF LIABILITIES		0.1			17,611
NET ASSETS		100.0	%	$	24,657,814

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.
18

SGI PRUDENT GROWTH FUND

PORTFOLIO of Investments

as of February 29, 2024 (UNAUDITED)

	NUMBER OF Shares		Value
OPEN END FUNDS — 48.1%(a)
SGI Global Equity Fund - Class I(a)		151,519	$	5,597,121
SGI Small Cap Core Fund - Class I(a)(b)		108,732		3,292,402
SGI U.S. Large Cap Equity Fund - Class I(a)		153,694		2,961,683
TOTAL OPEN END FUNDS (Cost $10,843,440)				11,851,206
EXCHANGE TRADED FUNDS — 47.2%
iShares Core U.S. Aggregate Bond ETF		40,210		3,914,444
PGIM Ultra Short Bond ETF		17,270		857,628
SGI Dynamic Tactical ETF(a)		158,630		4,489,228
SGI U.S. Large Cap Core ETF(a)		74,080		2,381,954
TOTAL EXCHANGE TRADED FUNDS (Cost $10,858,845)				11,643,254
TOTAL INVESTMENTS — 95.3% (Cost $21,702,285)				23,494,460
Money Market Deposit Account — 5.2%(c)				1,145,743
Other Assets in Excess of Liabilities — 0.1%				17,611
TOTAL NET ASSETS — 100.0%			$	24,657,814

Percentages are stated as a percent of net assets.

^(a) Affiliated company as defined by the Investment Company Act of 1940. See Note 7.

^(b) Non-income producing security.

^(c) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The MMDA interest rate as of February 29, 2024 was 5.20%.

ETF - Exchange Traded Funds

The accompanying notes are an integral part of the financial statements.
19

SGI PEAK GROWTH FUND

PORTFOLIO HOLDINGS SUMMARY TABLE

as of February 29, 2024 (UNAUDITED)

The following table presents a summary by sector of the portfolio holdings of the Fund:

SECURITY TYPE /CLASSIFICATION	% of Net Assets			Value
OPEN END FUNDS		73.7	%	$	17,514,752
EXCHANGE TRADED FUNDS		23.2			5,530,116
SHORT-TERM INVESTMENTS		5.2			749,618
OTHER ASSETS IN EXCESS OF LIABILITIES		0.0			6,226
NET ASSETS		100.0	%	$	23,800,712

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.
20

SGI PEAK GROWTH FUND

PORTFOLIO of Investments

as of February 29, 2024 (UNAUDITED)

	NUMBER OF Shares		Value
OPEN END FUNDS — 73.7%(a)
SGI Global Equity Fund - Class I(a)		188,825	$	6,975,189
SGI Small Cap Core Fund - Class I(a)(b)		209,417		6,341,152
SGI U.S. Large Cap Equity Fund - Class I		217,873		4,198,412
TOTAL OPEN END FUNDS (Cost $15,966,437)				17,514,753
EXCHANGE TRADED FUNDS — 23.2%
iShares Core MSCI EAFE ETF		9,760		700,768
iShares Core MSCI Emerging Markets ETF		11,460		576,896
SGI Dynamic Tactical ETF(a)		83,280		2,356,825
SGI U.S. Large Cap Core ETF(a)		58,955		1,895,627
TOTAL EXCHANGE TRADED FUNDS (Cost $4,847,032)				5,530,116
TOTAL INVESTMENTS — 96.9% (Cost $20,813,469)				23,044,869
Money Market Deposit Account — 5.2%(c)(d)				749,618
Other Assets in Excess of Liabilities — 0.0%(d)				6,225
TOTAL NET ASSETS — 100.0%			$	23,800,712

Percentages are stated as a percent of net assets.

^(a) Affiliated company as defined by the Investment Company Act of 1940. See Note 7.

^(b) Non-income producing security.

^(c) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The MMDA interest rate as of February 29, 2024 was 5.20%.

^(d) Represents less than 0.05% of net assets.

ETF - Exchange Traded Funds

The accompanying notes are an integral part of the financial statements.
21

SGI SMALL CAP CORE FUND

PORTFOLIO HOLDINGS SUMMARY TABLE

as of February 29, 2024 (UNAUDITED)

The following table presents a summary by sector of the portfolio holdings of the Fund:

SECURITY TYPE /CLASSIFICATION	% of Net Assets			Value
COMMON STOCKS
Home Builders		9.6	%	$	13,985,475
Software		8.1			11,738,633
Commercial Services		6.6			9,523,585
Insurance		5.4			7,908,873
Building Materials		5.1			7,339,202
Transportation		4.8			6,956,657
REITs		4.7			6,874,981
Diversified Financial Services		4.5			6,531,543
Retail		3.3			4,814,483
Banks		3.1			4,503,461
Healthcare-Services		2.7			3,907,449
Engineering & Construction		2.5			3,586,229
Machinery-Diversified		2.1			3,185,409
Healthcare-Products		2.1			3,039,324
Food		2.1			2,977,447
Electric		2.0			2,925,148
Chemicals		2.0			2,856,098
Biotechnology		1.9			2,773,588
Pharmaceuticals		1.8			2,578,368
Machinery-Construction & Mining		1.8			2,540,199
Semiconductors		1.7			2,552,571
Oil & Gas		1.7			2,504,582
Distribution/Wholesale		1.7			2,427,144
Internet		1.6			2,350,455
Agriculture		1.4			1,974,453
Apparel		1.3			1,937,586
Metal Fabricate/Hardware		1.2			1,786,689
Lodging		1.1			1,566,027
Iron/Steel		1.0			1,464,137
Electrical Components & Equipment		0.9			1,291,006
Leisure Time		0.8			1,109,146
Airlines		0.8			1,099,196
Oil & Gas Services		0.8			1,099,745
Household Products/Wares		0.7			944,518
Packaging & Containers		0.5			783,016
Toys/Games/Hobbies		0.5			746,579
Gas		0.4			576,671
Computers		0.4			521,429
Multi-National		0.3			372,113
Real Estate		0.2			334,766
Miscellaneous Manufacturing		0.2			316,718
Auto Parts & Equipment		0.1			230,616
Electronics		0.1			184,158
Auto Manufacturers		0.1			81,322

The accompanying notes are an integral part of the financial statements.
22

SGI SMALL CAP CORE FUND

PORTFOLIO HOLDINGS SUMMARY TABLE (Concluded)

as of February 29, 2024 (UNAUDITED)

SECURITY TYPE /CLASSIFICATION	% of Net Assets			Value
Aerospace/Defense		0.0	%	$	73,775
Private Equity		0.0			59,764
EXCHANGE TRADED FUNDS
Exchange Traded Funds		2.7			3,855,462
MONEY MARKET DEPOSIT ACCOUNT		2.1			3,012,097
LIABILITIES IN EXCESS OF OTHER ASSETS		(0.5	)		(778,404	)
NET ASSETS		100.0	%	$	145,023,489

Portfolio holdings are subject to change at any time.

The accompanying notes are an integral part of the financial statements.
23

SGI SMALL CAP CORE FUND

PORTFOLIO of Investments

as of February 29, 2024 (UNAUDITED)

	NUMBER OF Shares		Value
COMMON STOCKS — 95.7%
Aerospace/Defense — 0.0%(a)
Moog, Inc. - Class A		492	$	73,775
Agriculture — 1.4%
Andersons, Inc.		10,249		566,565
Dole PLC		53,014		626,095
Fresh Del Monte Produce, Inc.		32,670		781,793
				1,974,453
Airlines — 0.8%
Allegiant Travel Co.		15,103		1,099,196
Apparel — 1.3%
Movado Group, Inc.		17,835		512,043
Oxford Industries, Inc.		14,060		1,425,543
				1,937,586
Auto Manufacturers — 0.1%
REV Group, Inc.		3,940		81,322
Auto Parts & Equipment — 0.1%
Adient PLC(b)		5,055		171,567
Visteon Corp.(b)		522		59,049
				230,616
Banks — 3.1%
Bank of NT Butterfield & Son Ltd.		13,726		410,270
Bank7 Corp.		2,381		66,692
Bankwell Financial Group, Inc.		2,485		63,293
Comerica, Inc.		4,111		203,001
Financial Institutions, Inc.		4,243		77,901
First Financial Corp.		7,260		270,290
Hanmi Financial Corp.		20,163		304,663
Heartland Financial USA, Inc.		20,219		687,446
Meta Financial Group, Inc.		12,909		656,293
Popular, Inc.		813		68,032
Preferred Bank		8,807		632,783
Texas Capital Bancshares, Inc.(b)		4,344		254,776
UMB Financial Corp.		9,901		808,021
				4,503,461
Biotechnology — 1.9%
ANI Pharmaceuticals, Inc.(b)		18,242		1,234,436
Ligand Pharmaceuticals, Inc.(b)		19,397		1,539,152
				2,773,588
Building Materials — 5.1%
American Woodmark Corp.(b)		15,547		1,558,431
Apogee Enterprises, Inc.		10,591		605,911
Boise Cascade Co.		13,129		1,784,362
Eagle Materials, Inc.		7,828		1,984,790
MDU Resources Group, Inc.		3,061		66,363
Building Materials — (Continued)
Summit Materials, Inc. - Class A(b)		1,785		76,237
UFP Industries, Inc.		11,019		1,263,108
				7,339,202
Chemicals — 2.0%
Minerals Technologies, Inc.		21,786		1,576,435
Orion Engineered Carbons SA		56,773		1,279,663
				2,856,098
Commercial Services — 6.6%
Barrett Business Services Inc.		5,743		700,589
Heidrick & Struggles International Inc.		31,876		1,083,784
Herc Holdings, Inc.		10,166		1,613,141
Information Services Group, Inc.		15,427		66,799
Insperity, Inc.		555		56,493
John Wiley & Sons, Inc. - Class A		44,037		1,468,634
Korn/Ferry International		25,836		1,644,720
National Research Corp.		14,702		592,785
Perdoceo Education Corp.		53,651		955,524
PROG Holdings, Inc.(b)		43,444		1,341,116
				9,523,585
Computers — 0.4%
Grid Dynamics Holdings, Inc.(b)		5,163		69,649
Rapid7, Inc.(b)		1,238		72,522
TTEC Holdings, Inc.		21,734		379,258
				521,429
Distribution/Wholesale — 1.7%
Global Industrial Co.		6,556		287,481
H&E Equipment Services, Inc.		10,204		576,424
Rush Enterprises, Inc. - Class A		14,686		715,208
Titan Machinery, Inc.(b)		33,612		848,031
				2,427,144
Diversified Financial Services — 4.5%
Affiliated Managers Group, Inc.		372		58,147
Air Lease Corp.		33,954		1,361,555
Diamond Hill Investment Group, Inc.		2,712		392,372
Enact Holdings, Inc.		37,843		1,049,008
Enova International, Inc.(b)		28,193		1,783,207
International Money Express, Inc.(b)		2,998		59,061
Radian Group, Inc.		2,129		62,039
Regional Management Corp.		11,077		259,202
Victory Capital Holdings, Inc. - Class A		1,841		70,750
Virtus Investment Partners, Inc.		6,182		1,436,202
				6,531,543

The accompanying notes are an integral part of the financial statements.
24

SGI SMALL CAP CORE FUND

PORTFOLIO of Investments (CONtinued)

as of February 29, 2024 (UNAUDITED)

	NUMBER OF Shares		Value
Electric — 2.0%
ALLETE, Inc.		24,527	$	1,389,209
Black Hills Corp.		17,619		916,717
Northwestern Energy Group, Inc.		12,922		619,222
				2,925,148
Electrical Components & Equipment — 0.9%
EnerSys		14,051		1,291,006
Electronics — 0.1%
Avnet, Inc.		1,324		61,685
Kimball Electronics, Inc.(b)		2,616		58,886
TD SYNNEX Corp.		612		63,587
				184,158
Engineering & Construction — 2.5%
EMCOR Group, Inc.		4,445		1,393,596
Frontdoor, Inc.(b)		45,197		1,417,378
MYR Group, Inc.(b)		373		60,598
Primoris Services Corp.		18,088		714,657
				3,586,229
Food — 2.1%
Ingles Markets, Inc. - Class A		14,082		1,084,455
Seaboard Corp.		251		825,185
SpartanNash Co.		50,679		1,067,807
				2,977,447
Gas — 0.4%
Northwest Natural Holding Co.		15,696		576,671
Healthcare-Products — 2.1%
iRadimed Corp.		7,088		297,483
LeMaitre Vascular, Inc.		19,376		1,356,320
Omnicell, Inc.(b)		21,395		561,405
Semler Scientific, Inc.(b)		7,823		369,011
Surmodics, Inc.(b)		9,893		315,587
Utah Medical Products, Inc.		1,988		139,518
				3,039,324
Healthcare-Services — 2.7%
Addus HomeCare Corp.(b)		12,162		1,122,309
Astrana Health, Inc.(b)		5,419		244,072
Medpace Holdings, Inc.(b)		3,509		1,394,898
National HealthCare Corp.		9,801		966,967
Pennant Group, Inc.(b)		4,687		87,412
Viemed Healthcare, Inc.(b)		10,850		91,791
				3,907,449
Home Builders — 9.6%
Beazer Homes USA, Inc.(b)		49,589		1,553,623
Cavco Industries, Inc.(b)		3,924		1,461,965
Century Communities, Inc.		15,564		1,343,018
Dream Finders Homes, Inc. - Class A(b)		2,477		96,925
Home Builders — (Continued)
Forestar Group, Inc.(b)		30,359		1,023,705
Green Brick Partners, Inc.(b)		27,027		1,581,080
KB Home		23,363		1,552,004
M/I Homes, Inc.(b)		9,981		1,267,487
Meritage Homes Corp.		9,086		1,432,499
Toll Brothers, Inc.		10,493		1,202,918
Tri Pointe Homes, Inc.(b)		41,556		1,470,251
				13,985,475
Household Products/Wares — 0.7%
Quanex Building Products Corp.		27,314		944,518
Insurance — 5.4%
Axis Capital Holdings Ltd.		27,406		1,714,793
Brighthouse Financial, Inc.(b)		23,693		1,102,909
Employers Holdings, Inc.		12,987		593,636
Essent Group Ltd.		26,229		1,405,088
Jackson Financial, Inc. - Class A		16,425		904,196
MGIC Investment Corp.		35,536		706,811
NMI Holdings, Inc. - Class A(b)		49,250		1,481,440
				7,908,873
Internet — 1.6%
Cargurus, Inc.(b)		14,386		318,506
F5, Inc.(b)		5,675		1,062,474
HealthStream, Inc.		12,378		337,672
Squarespace, Inc. - Class A(b)		2,264		75,346
Yelp, Inc.(b)		14,476		556,457
				2,350,455
Iron/Steel — 1.0%
Commercial Metals Co.		24,322		1,313,388
Radius Recycling, Inc. - Class A		7,629		150,749
				1,464,137
Leisure Time — 0.8%
Malibu Boats, Inc. - Class A(b)		23,659		1,032,479
MasterCraft Boat Holdings, Inc.(b)		3,496		76,667
				1,109,146
Lodging — 1.1%
Travel + Leisure Co.		35,042		1,566,027
Machinery-Construction & Mining — 1.8%
Argan, Inc.		7,617		356,933
Manitowoc Co., Inc.(b)		32,713		456,019
Oshkosh Corp.		13,342		1,479,094
Terex Corp.		4,327		248,153
				2,540,199
Machinery-Diversified — 2.1%
AGCO Corp.		12,548		1,376,516
Cactus, Inc. - Class A		20,641		947,422

The accompanying notes are an integral part of the financial statements.
25

SGI SMALL CAP CORE FUND

PORTFOLIO of Investments (CONtinued)

as of February 29, 2024 (UNAUDITED)

	NUMBER OF Shares		Value
Machinery-Diversified — (Continued)
Columbus McKinnon Corp.		17,013	$	710,633
DXP Enterprises Inc.(b)		2,160		76,723
Gates Industrial Corp. PLC(b)		5,035		74,115
				3,185,409
Metal Fabricate/Hardware — 1.2%
Mueller Industries, Inc.		14,011		719,885
Ryerson Holding Corp.		33,781		1,066,804
				1,786,689
Miscellaneous Manufacturing — 0.2%
Myers Industries, Inc.		16,470		316,718
Multi-National — 0.3%
Banco Latinoamericano de Comercio Exterior SA		13,304		372,113
Oil & Gas — 1.7%
Amplify Energy Corp.(b)		8,979		54,233
Berry Corp.		55,847		393,722
Chord Energy Corp.		291		47,273
Par Pacific Holdings, Inc.(b)		43,735		1,579,708
SM Energy Co.		9,816		429,646
				2,504,582
Oil & Gas Services — 0.8%
DNOW, Inc.(b)		63,953		904,935
Solaris Oilfield Infrastructure, Inc. - Class A		23,000		194,810
				1,099,745
Packaging & Containers — 0.5%
Clearwater Paper Corp.(b)		1,694		66,557
Greif, Inc. - Class A		4,446		286,589
Greif, Inc. - Class B		847		54,225
Karat Packaging, Inc.		12,695		375,645
				783,016
Pharmaceuticals — 1.8%
Catalyst Pharmaceuticals Partners, Inc.(b)		103,596		1,660,644
Harmony Biosciences Holdings, Inc.(b)		16,173		519,153
Ironwood Pharmaceuticals, Inc.(b)		5,561		52,440
Nature’s Sunshine Products, Inc.(b)		3,913		69,456
USANA Health Sciences, Inc.(b)		5,733		276,675
				2,578,368
Private Equity — 0.0%(a)
Patria Investments Ltd. - Class A		4,011		59,764
Real Estate — 0.2%
Newmark Group, Inc. - Class A		7,558		81,551
RMR Group, Inc. - Class A		10,348		253,215
				334,766
REITS — 4.7%
Alexander & Baldwin, Inc.		35,632		579,376
American Assets Trust, Inc.		46,217		996,901
Broadstone Net Lease, Inc.		46,844		698,444
Equity Commonwealth(b)		80,750		1,520,523
Four Corners Property Trust, Inc.		2,711		65,552
Innovative Industrial Properties, Inc.		14,948		1,464,754
Kilroy Realty Corp.		35,967		1,362,790
NexPoint Residential Trust, Inc.		1,590		46,444
Park Hotels & Resorts, Inc.		4,472		74,235
Xenia Hotels & Resorts, Inc.		4,300		65,962
				6,874,981
Retail — 3.3%
American Eagle Outfitters, Inc.		33,850		803,937
AutoNation, Inc.(b)		480		71,904
BlueLinx Holdings, Inc.(b)		10,302		1,306,809
GMS, Inc.(b)		16,289		1,454,771
Group 1 Automotive, Inc.		180		48,717
Haverty Furniture Cos., Inc.		1,951		66,919
PriceSmart, Inc.		12,615		1,061,426
				4,814,483
Semiconductors — 1.7%
ACM Research, Inc. - Class A(b)		32,802		1,014,238
Alpha & Omega Semiconductor Ltd.(b)		9,046		198,107
Axcelis Technologies, Inc.(b)		10,765		1,212,892
IPG Photonics Corp.(b)		698		60,272
Vishay Precision Group, Inc.(b)		1,941		67,062
				2,552,571
Software — 8.1%
Appfolio, Inc. - Class A(b)		8,430		2,040,819
Appian Corp. - Class A(b)		16,185		564,047
BigCommerce Holdings, Inc.(b)		31,793		246,396
Braze, Inc. - Class A(b)		24,834		1,413,054
CommVault Systems, Inc.(b)		19,844		1,899,269
eGain Corp.(b)		8,115		49,745
Freshworks, Inc. - Class A(b)		53,143		1,086,243
Gitlab, Inc. - Class A(b)		1,147		82,722
Health Catalyst, Inc.(b)		75,072		624,599
Olo, Inc. - Class A(b)		129,900		756,018
Sapiens International Corp. NV		2,536		78,033
Smartsheet, Inc. - Class A(b)		34,402		1,452,108

The accompanying notes are an integral part of the financial statements.
26

SGI SMALL CAP CORE FUND

PORTFOLIO of Investments (COncluded)

as of February 29, 2024 (UNAUDITED)

	NUMBER OF Shares		Value
Workiva, Inc.(b)		2,900	$	249,748
Zuora, Inc. - Class A(b)		147,999		1,195,832
				11,738,633
Toys/Games/Hobbies — 0.5%
JAKKS Pacific, Inc.(b)		21,264		746,579
Transportation — 4.8%
Ardmore Shipping Corp.		69,483		1,127,709
Covenant Logistics Group, Inc.		6,562		319,438
Forward Air Corp.		6,036		224,117
Hub Group, Inc. - Class A(b)		29,222		1,242,812
Matson, Inc.		14,340		1,592,457
Ryder System, Inc.		1,806		206,065
Schneider National, Inc. - Class B		2,732		64,338
Teekay Corp.(b)		89,692		678,969
Teekay Tankers Ltd. - Class A		27,376		1,500,752
				6,956,657
TOTAL COMMON STOCKS (Cost $128,036,148)				138,934,334
EXCHANGE TRADED FUNDS — 2.7%
iShares Core S&P Small-Cap ETF		14,209		1,525,336
iShares Russell 2000 ETF		3,872		788,843
Vanguard Russell 2000 ETF		18,739		1,541,283
TOTAL EXCHANGE TRADED FUNDS (Cost $3,790,335)				3,855,462
TOTAL INVESTMENTS — 98.4% (Cost $131,826,483)				142,789,796
Money Market Deposit Account — 2.1%(c)				3,012,097
Liabilities in Excess of Other Assets — (0.5)%				(778,404	)
TOTAL NET ASSETS — 100.0%			$	145,023,489

Percentages are stated as a percent of net assets.

ETF - Exchange Traded Funds

PLC - Public Limited Company

REIT - Real Estate Investment Trust

^(a) Represents less than 0.05% of net assets.

^(b) Non-income producing security.

^(c) The U.S. Bank Money Market Deposit Account (the “MMDA”) is a short-term vehicle in which the Fund holds cash balances. The MMDA will bear interest at a variable rate that is determined based on market conditions and is subject to change daily. The MMDA interest rate as of February 29, 2024 was 5.20%.

The accompanying notes are an integral part of the financial statements.
27

SUMMIT GLOBAL INVESTMENTS

Statements of Assets and Liabilities

February 29, 2024 (UNAUDITED)

	SGI U.S. Large Cap Equity Fund		SGI Global Equity Fund
ASSETS
Investments, at fair value:
Unaffiliated investments (cost $129,365,879 and $139,423,131, respectively)	$	149,426,306	$	155,680,495
Affiliated investments ($— and $—, respectively) (see Note 7)		—		—
Short-term investments (cost $460,259 and $3,358,522, respectively)		460,259		3,358,522
Receivables for:
Investments sold		1,831,597		—
Capital shares sold		50,645		46,835
Dividends		523,198		321,457
Prepaid expenses and other assets		68,516		26,286
Total assets	$	152,360,521	$	159,433,595
LIABILITIES
Payables for:
Capital shares redeemed	$	1,873,902	$	47,422
Advisory fees		165,411		67,640
Due to Custodian		6,507		738
Other accrued expenses and liabilities		185,386		68,309
Total liabilities		2,231,206		184,109
Net assets	$	150,129,315	$	159,249,486
NET ASSETS CONSIST OF:
Par value	$	7,791	$	4,311
Paid-in capital		69,366,801		140,077,597
Total distributable earnings/(loss)		80,754,723		19,167,578
Net assets	$	150,129,315	$	159,249,486
CLASS I SHARES:
Net assets applicable to Class I Shares	$	121,124,064	$	159,249,486
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		6,285,162		4,311,117
Net asset value, offering and redemption price per share	$	19.27	$	36.94
CLASS A Shares:
Net assets applicable to Class A Shares	$	26,915,836	$	—
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		1,392,583		—
Net asset value and redemption price per share	$	19.33	$	—
Maximum offering price per share (100/94.75 of $19.33)	$	20.40		—
CLASS C Shares:
Net assets applicable to Class C Shares	$	2,089,415	$	—
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		113,047		—
Net asset value, offering and redemption price per share	$	18.48	$	—

The accompanying notes are an integral part of the financial statements.
28

SUMMIT GLOBAL INVESTMENTS

Statements of Assets and Liabilities (Concluded)

February 29, 2024 (UNAUDITED)

	SGI prudent growth Fund		SGI PEAK GROWTH FUND		SGI SMALL CAP core FUND
ASSETS
Investments, at fair value
Unaffiliated investments (cost $4,899,609, $1,205,105 and $131,826,483, respectively)	$	4,772,072	$	1,277,665	$	142,789,796
Affiliated investments (cost $16,802,676, $19,608,364 and $—, respectively) (see Note 7)		18,722,388		21,767,204		—
Short-term investments (cost $1,145,743, $749,618 and $3,012,097, respectively)		1,145,743		749,618		3,012,097
Receivables for:
Capital shares sold		37,099		32,845		24,845
Dividends		7,266		2,294		132,866
Prepaid expenses and other assets		9,794		9,080		24,119
Total assets	$	24,694,362	$	23,838,706	$	145,983,723
LIABILITIES
Investments Purchased	$	—	$	—	$	786,514
Payables for:
Capital shares redeemed		—		—		24,208
Advisory fees		14,416		13,466		104,461
Due to Custodian		357		—		553
Other accrued expenses and liabilities		21,775		24,528		44,498
Total liabilities		36,548		37,994		960,234
Net assets	$	24,657,814	$	23,800,712	$	145,023,489
NET ASSETS CONSIST OF:
Par value	$	2,224	$	2,051	$	4,789
Paid-in capital		22,982,194		21,855,227		137,309,088
Total distributable earnings/(loss)		1,673,396		1,943,434		7,709,612
Net assets	$	24,657,814	$	23,800,712	$	145,023,489
CLASS I SHARES:
Net assets applicable to Class I Shares	$	24,657,814	$	23,800,712	$	145,023,489
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		2,223,890		2,051,027		4,789,199
Net asset value, offering and redemption price per share	$	11.09	$	11.60	$	30.28

The accompanying notes are an integral part of the financial statements.
29

SUMMIT GLOBAL INVESTMENTS

Statements of Operations

FOR THE SIX mONTHS ENDED February 29, 2024 (UNAUDITED)

	SGI U.S. Large Cap Equity Fund			SGI Global Equity Fund
INVESTMENT INCOME
Dividends
Dividends from unaffiliated investments	$	3,019,913		$	1,343,039	(1)
Dividends from affiliated investments (see Note 7)		—			—
Interest		180,865			65,865
Total investment income		3,200,778			1,408,904
EXPENSES
Advisory fees (Note 2)		1,181,125			537,862
Transfer agent fees (Note 2)		206,198			93,704
Administration and accounting fees (Note 2)		75,355			35,908
Legal fees		47,879			20,939
Director fees		32,669			13,652
Officer fees		32,519			11,837
Distribution fees - Class A Shares		35,243			—
Distribution fees - Class C Shares		11,248			—
Printing and shareholder reporting fees		—			—
Registration and filing fees		25,531			12,226
Audit and tax service fees		16,363			16,065
Distribution fees - Class C Shares		—			—
Custodian fees (Note 2)		8,582			3,087
Other expenses		8,455			7,876
Total expenses before waivers and/or reimbursements		1,681,167			753,156
(Waivers and/or reimbursements) net of amounts recouped (Note 2)		18,897			(107,721	)
Net expenses after waivers and/or reimbursements net of amounts recouped		1,700,064			645,435
Net investment income/(loss)		1,500,714			763,469
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments
Unaffiliated investments		60,605,936			5,166,685
Affiliated investments (see Note 7)		—			—
Distributions from unaffiliated investments		—			—
Distributions from affiliated investments (see Note 7)		—			—
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		(24,661,723	)		8,742,561
Affiliated mutual fund (see Note 7)		—			—
Net realized and unrealized gain/(loss) on investments		35,944,213			13,909,246
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	37,444,927		$	14,672,715

⁽¹⁾ Net of foreign withholding taxes of $58,123.

The accompanying notes are an integral part of the financial statements.
30

SUMMIT GLOBAL INVESTMENTS

Statements of Operations (Concluded)

FOR THE SIX MONTHS ENDED February 29, 2024 (UNAUDITED)

	SGI prudent growth Fund		SGI PEAK GROWTH FUND		SGI SMALL CAP core FUND
INVESTMENT INCOME
Dividends
Dividends from unaffiliated investments	$	83,065	$	19,883	$	911,848	(1)
Dividends from affiliated investments (see Note 7)		141,942		150,166		—
Interest		29,940		12,247		55,560
Total investment income		254,947		182,296		967,408
EXPENSES
Advisory fees (Note 2)		83,852		78,625		545,833
Audit and tax service fees		15,539		15,539		16,191
Registration and filing fees		12,796		12,916		15,100
Transfer agent fees (Note 2)		11,031		9,928		41,112
Administration and accounting fees (Note 2)		10,844		9,977		27,623
Legal fees		3,231		2,818		13,465
Director fees		2,283		1,849		9,032
Officer fees		1,999		1,596		7,951
Custodian Fees (Note 2)		1,327		—		6,792
Printing and shareholder reporting fees		20		—		—
Other expenses		2,282		4,562		5,868
Total expenses before waivers and/or reimbursements		145,204		137,810		688,967
(Waivers and/or reimbursements) net of amounts recouped (Note 2)		—		—		17,743
Net expenses after waivers and/or reimbursements net of amounts recouped		145,204		137,810		706,710
Net investment income/(loss)		109,743		44,486		260,698
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments
Unaffiliated investments		—		—		2,645,796
Affiliated investments (see Note 7)		158,458		141,391		—
Distributions from unaffiliated investments		—		—		—
Distributions from affiliated investments (see Note 7)		138,238		178,437		—
Net change in unrealized appreciation/ (depreciation) on investments
Unaffiliated investments		28,758		63,976		8,935,566
Affiliated investments (see Note 7)		1,483,850		1,724,829		—
Net realized and unrealized gain/(loss) on investments		1,809,304		2,108,633		11,581,362
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,919,047	$	2,153,119	$	11,842,060

⁽¹⁾ Net of foreign withholding taxes of $422.

The accompanying notes are an integral part of the financial statements.
31

SGI U.S. LARGE CAP EQUITY FUND

Statements of Changes in Net Assets

	FOR THE Six months ENDED February 29, 2024 (Unaudited)			FOR THE Year ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	1,500,714		$	3,909,918
Net realized gain/(loss) on investments
Unaffiliated investments		60,605,936			17,344,683
Affliliated investments (see Note 7)		—			—
Distributions from unaffiliated investments		—			—
Distributions from affiliated investments (see Note 7)		—			—
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		(24,661,723	)		1,974,967
Affliliated investments (see Note 7)		—			—
Net increase/(decrease) in net assets resulting from operations		37,444,927			23,229,568
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Distributable earnings
Net investment income
Class I Shares		(2,850,750	)		(19,244,500	)
Class A Shares		(180,668	)		(1,382,773	)
Class C Shares		(294	)		(96,977	)
Total net investment income		(3,031,712	)		(20,724,250	)
Net realized capital gains
Class I Shares		(11,160,298	)		—
Class A Shares		(1,012,344	)		—
Class C Shares		(86,325	)		—
Total Distributable Earnings		(12,258,967	)		—
Net decrease in net assets from dividends and distributions to shareholders		(15,290,679	)		(20,724,250	)

The accompanying notes are an integral part of the financial statements.
32

SGI U.S. LARGE CAP EQUITY FUND

Statements of Changes in Net Assets (Concluded)

	FOR THE Six months ENDED February 29, 2024 (Unaudited)			FOR THE Year ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		17,936,096			48,850,931
Reinvestment of distributions		13,978,702			19,066,017
Shares redeemed		(282,212,123	)		(110,308,065	)
Total from Class I Shares		(250,297,325	)		(42,391,117	)
Class A Shares
Proceeds from shares sold		524,626			6,201,827
Reinvestment of distributions		1,192,151			1,381,238
Shares redeemed		(8,007,277	)		(4,889,029	)
Total from Class A Shares		(6,290,500	)		2,694,036
Class C Shares
Proceeds from shares sold		31,074			121,554
Reinvestment of distributions		86,007			96,321
Shares redeemed		(486,455	)		(473,379	)
Total from Class C Shares		(369,374	)		(255,504	)
Net increase/(decrease) in net assets from capital share transactions		(256,957,199	)		(39,952,585	)
Total increase/(decrease) in net assets		(234,802,951	)		(37,447,267	)
NET ASSETS:
Beginning of period		384,932,266			422,379,533
End of period	$	150,129,315		$	384,932,266
SHARES TRANSACTIONS:
Class I Shares
Shares sold		980,278			2,762,128
Shares reinvested		766,778			1,069,285
Shares redeemed		(14,984,396	)		(6,239,269	)
Total from Class I Shares		(13,237,340	)		(2,407,856	)
Class A Shares
Shares sold		28,919			350,650
Shares reinvested		65,363			77,361
Shares redeemed		(437,372	)		(274,723	)
Total from Class A Shares		(343,090	)		153,288
Class C Shares
Shares sold		1,774			7,199
Shares reinvested		4,965			5,649
Shares redeemed		(27,132	)		(28,153	)
Total from Class C Shares		(20,393	)		(15,305	)
Net increase/(decrease) in shares outstanding		(13,600,823	)		(2,269,873	)

The accompanying notes are an integral part of the financial statements.
33

SGI GLOBAL EQUITY FUND

Statements of Changes in Net Assets

	FOR THE Six months ENDED February 29, 2024 (Unaudited)			FOR THE Year ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	763,469		$	1,780,348
Net realized gain/(loss) from investments
Unaffiliated investments		5,166,685			(1,631,160	)
Affiliated investments (see Note 7)		—			—
Distributions from unaffiliated investments		—			—
Distributions from affiliated investments (see Note 7)		—			—
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		8,742,561			8,032,739
Affiliated investments (see Note 7)		—			—
Net increase/(decrease) in net assets resulting from operations		14,672,715			8,181,927
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(2,003,073	)		(4,229,443	)
Net decrease in net assets from dividends and distributions to shareholders		(2,003,073	)		(4,229,443	)
INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		28,764,061			42,896,182
Reinvestment of distributions		2,000,278			4,221,767
Shares redeemed		(34,481,446	)		(19,033,537	)
Net increase/(decrease) in net assets from capital share transactions		(3,717,107	)		28,084,412
Total increase/(decrease) in net assets		8,952,535			32,036,896
NET ASSETS:
Beginning of period		150,296,951			118,260,055
End of period	$	159,249,486		$	150,296,951
SHARES TRANSACTIONS:
Class I Shares
Shares sold		825,691			1,284,747
Shares reinvested		56,601			128,236
Shares redeemed		(977,645	)		(572,849	)
Net increase/(decrease) in shares outstanding		(95,353	)		840,134

The accompanying notes are an integral part of the financial statements.
34

SGI PRUDENT GROWTH FUND

Statements of Changes in Net Assets

	FOR THE Six months ENDED February 29, 2024 (Unaudited)			FOR THE Year ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	109,743		$	47,006
Net realized gain/(loss) on investments
Unaffiliated investments		—			(105,023	)
Affiliated investments (see Note 7)		158,458			(193,894	)
Distributions from unaffiliated investments		—			—
Distributions from affiliated investments (see Note 7)		138,238			182,199
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		28,758			176,986
Affiliated investments (see Note 7)		1,483,850			809,842
Net increase/(decrease) in net assets resulting from operations		1,919,047			917,116
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(114,358	)		(23,212	)
Net decrease in net assets from dividends and distributions to shareholders		(114,358	)		(23,212	)
INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		4,582,079			8,960,109
Reinvestment of distributions		114,358			23,212
Shares redeemed		(3,060,079	)		(4,187,290	)
Net increase/(decrease) in net assets from capital share transactions		1,636,358			4,796,031
Total increase/(decrease) in net assets		3,441,047			5,689,935
NET ASSETS:
Beginning of period		21,216,767			15,526,832
End of period	$	24,657,814		$	21,216,767
SHARES TRANSACTIONS:
Class I Shares
Shares sold		439,227			893,341
Shares reinvested		10,579			2,400
Shares redeemed		(290,503	)		(416,101	)
Net increase/(decrease) in shares outstanding		159,303			479,640

The accompanying notes are an integral part of the financial statements.
35

SGI PEAK GROWTH FUND

Statements of Changes in Net Assets

	FOR THE Six months ENDED February 29, 2024 (Unaudited)			FOR THE Year ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	44,486		$	(81,588	)
Net realized gain/(loss) on investments
Unaffiliated investments		—			37,722
Affiliated investments (see Note 7)		141,391			(106,896	)
Distributions from unaffiliated investments		—			—
Distributions from affiliated investments (see Note 7)		178,437			211,725
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		63,976			84,217
Affiliated investments (see Note 7)		1,724,829			761,919
Net increase/(decrease) in net assets resulting from operations		2,153,119			907,099
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(131,475	)		(1,109	)
Net decrease in net assets from dividends and distributions to shareholders		(131,475	)		(1,109	)
INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		4,510,718			7,812,686
Reinvestment of distributions		131,475			1,109
Shares redeemed		(2,417,776	)		(2,153,372	)
Net increase/(decrease) in net assets from capital share transactions		2,224,417			5,660,423
Total increase/(decrease) in net assets		4,246,061			6,566,413
NET ASSETS:
Beginning of period		19,554,651			12,988,238
End of period	$	23,800,712		$	19,554,651
SHARES TRANSACTIONS:
Class I Shares
Shares sold		416,979			752,103
Shares reinvested		11,676			113
Shares redeemed		(219,814	)		(209,678	)
Net increase/(decrease) in shares outstanding		208,841			542,538

The accompanying notes are an integral part of the financial statements.
36

SGI SMALL CAP CORE FUND

Statements of Changes in Net Assets

	FOR THE Six months ENDED February 29, 2024 (Unaudited)			FOR THE Year ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	260,698		$	226,440
Net realized gain/(loss) from investments
Unaffiliated investments		2,645,796			3,864,198
Affiliated investments (see Note 7)		—			—
Distributions from unaffiliated investments		—			—
Distributions from affiliated investments (see Note 7)		—			—
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		8,935,566			3,754,938
Affiliated investments (see Note 7)		—			—
Net increase/(decrease) in net assets resulting from operations		11,842,060			7,845,576
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		—			(554,990	)
Net decrease in net assets from dividends and distributions to shareholders		—			(554,990	)
INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		48,445,065			20,090,886
Reinvestment of distributions		—			548,528
Shares redeemed		(18,765,295	)		(14,264,163	)
Net increase/(decrease) in net assets from capital share transactions		29,679,770			6,375,251
Total increase/(decrease) in net assets		41,521,830			13,665,837
NET ASSETS:
Beginning of period		103,501,659			89,835,822
End of period	$	145,023,489		$	103,501,659
SHARES TRANSACTIONS:
Class I Shares
Shares sold		1,717,048			767,765
Shares reinvested		—			21,544
Shares redeemed		(690,983	)		(545,180	)
Net increase/(decrease) in shares outstanding		1,026,065			244,129

The accompanying notes are an integral part of the financial statements.
37

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 29, 2024 (unaudited)			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			For the Year Ended August 31, 2019
Per Share Operating Performance
Net asset value, beginning of period	$	18.00		$	17.85		$	23.21		$	19.55		$	18.24		$	17.97
Net investment income/(loss) (1)		0.08			0.18			0.17			0.03			0.14			0.18
Net realized and unrealized gain/(loss) on investments (2)		2.05			0.88			(2.27	)		3.76			1.66			0.75
Net increase/(decrease) in net assets resulting from operations		2.13			1.06			(2.10	)		3.79			1.80			0.93
Dividends and distributions to shareholders from:
Net investment income		(0.17	)		(0.20	)		(0.04	)		(0.08	)		(0.18	)		(0.11	)
Net realized capital gain		(0.69	)		(0.71	)		(3.22	)		(0.05	)		(0.31	)		(0.55	)
Total dividends and distributions to shareholders		(0.86	)		(0.91	)		(3.26	)		(0.13	)		(0.49	)		(0.66	)
Net Asset value, end of period	$	19.27		$	18.00		$	17.85		$	23.21		$	19.55		$	18.24
Total investment return/(loss) (3)		12.14	%(4)		6.02	%		(10.71	)%		19.46	%		10.10	%		5.83	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	121,124		$	351,360		$	391,548		$	506,159		$	556,511		$	497,097
Ratio of expenses to average net assets with waivers and reimbursements net of amounts recouped		0.98	%(5)		0.98	%		0.92	%		0.87	%		0.85	%		0.93	%
Ratio of expenses to average net assets without waivers and/or reimbursements net of amounts recouped		0.97	%(5)		0.97	%		0.96	%		0.87	%		0.85	%		0.86	%
Ratio of net investment income/(loss) to average net assets		0.92	%(5)		0.99	%		0.85	%		0.15	%		0.76	%		1.07	%
Portfolio turnover rate (6)		101	%(4)		88	%		133	%		91	%		129	%		104	%

(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.

(4) Not annualized.

(5) Annualized

(6) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the financial statements.
38

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 29, 2024 (unaudited)			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			For the Year Ended August 31, 2019
Per Share Operating Performance
Net asset value, beginning of period	$	18.02		$	17.88		$	23.25		$	19.59		$	18.29		$	17.99
Net investment income/(loss) (1)		0.06			0.13			0.12			(0.02	)		0.08			0.14
Net realized and unrealized gain/(loss) on investments (2)		2.06			0.87			(2.27	)		3.77			1.67			0.76
Net increase/(decrease) in net assets resulting from operations		2.12			1.00			(2.15	)		3.75			1.75			0.90
Dividends and distributions to shareholders from:
Net investment income		(0.12	)		(0.15	)		—			(0.04	)		(0.14	)		(0.05	)
Net realized capital gains		(0.69	)		(0.71	)		(3.22	)		(0.05	)		(0.31	)		(0.55	)
Total dividends and distributions to shareholders		(0.81	)		(0.86	)		(3.22	)		(0.09	)		(0.45	)		(0.60	)
Net Asset value, end of period	$	19.33		$	18.02		$	17.88		$	23.25		$	19.59		$	18.29
Total investment return/(loss) (3)		12.05	%(4)		5.69	%		(10.89	)%		19.20	%		9.78	%		5.61	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	26,916		$	31,276		$	28,285		$	29,423		$	23,424		$	14,751
Ratio of expenses to average net assets with waivers and reimbursements net of amounts recouped		1.23	%(5)		1.23	%		1.17	%		1.12	%		1.10	%		1.18	%
Ratio of expenses to average net assets without waivers and reimbursements net of amounts recouped		1.22	%(5)		1.22	%		1.21	%		1.12	%		1.10	%		1.11	%
Ratio of net investment income/(loss) to average net assets		0.67	%(5)		0.74	%		0.64	%		(0.09	)%		0.47	%		0.84	%
Portfolio turnover rate (6)		101	%(4)		88	%		133	%		91	%		129	%		104	%

(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. Total investment return does not reflect any applicable sales charge.

(4) Not annualized.

(5) Annualized

(6) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the financial statements.
39

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 29, 2024 (unaudited)			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			For the Year Ended August 31, 2019
Per Share Operating Performance
Net asset value, beginning of period	$	17.22		$	17.12		$	22.54		$	19.11		$	17.79		$	17.59
Net investment income/(loss) (1)		(0.01	)		—			(0.03	)		(0.17	)		(0.05	)		0.01
Net realized and unrealized gain/(loss) on investments (2)		1.96			0.83			(2.17	)		3.65			1.71			0.74
Net increase/(decrease) in net assets resulting from operations		1.95			0.83			(2.20	)		3.48			1.66			0.75
Dividends and distributions to shareholders from:
Net investment income		—			(0.02	)		—			0.00			(0.03	)		—
Net realized capital gains		(0.69	)		(0.71	)		(3.22	)		(0.05	)		(0.31	)		(0.55	)
Total dividends and distributions to shareholders		(0.69	)		(0.73	)		(3.22	)		(0.05	)		(0.34	)		(0.55	)
Net Asset value, end of period	$	18.48		$	17.22		$	17.12		$	22.54		$	19.11		$	17.79
Total investment return/(loss) (3)		11.58	%(4)		4.93	%		(11.54	)%		18.25	%		9.47	%		4.78	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,089		$	2,297		$	2,546		$	2,917		$	2,915		$	2,350
Ratio of expenses to average net assets with waivers and reimbursements net of amounts recouped		1.98	%(5)		1.98	%		1.92	%		1.87	%		1.85	%		1.93	%
Ratio of expenses to average net assets without waivers and reimbursements net of amounts recouped		1.97	%(5)		1.97	%		1.96	%		1.87	%		1.85	%		1.86	%
Ratio of net investment income/(loss) to average net assets		(0.08	)%(5)		(0.01	)%		(0.15	)%		(0.84	)%		(0.26	)%		0.07	%
Portfolio turnover rate (6)		101	%(4)		88	%		133	%		91	%		129	%		104	%

(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.

(4) Not annualized.

(5) Annualized

(6) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the financial statements.
40

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 29, 2024 (unaudited)			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			For the Year Ended August 31, 2019
Per Share Operating Performance
Net asset value, beginning of period	$	34.11		$	33.16		$	38.33		$	32.93		$	32.62		$	30.30
Net investment income/(loss) (1)		0.17			0.45			0.45			0.38			0.41			0.53
Net realized and unrealized gain/(loss) on investments (2)		3.11			1.62			(3.77	)		5.24			1.06			2.20
Net increase/(decrease) in net assets resulting from operations		3.28			2.07			(3.32	)		5.62			1.47			2.73
Dividends and distributions to shareholders from:
Net investment income		(0.45	)		(0.31	)		(0.58	)		(0.22	)		(0.85	)		(0.41	)
Net realized capital gain		—			(0.81	)		(1.27	)		—			(0.31	)		—
Total dividends and distributions to shareholders		(0.45	)		(1.12	)		(1.85	)		(0.22	)		(1.16	)		(0.41	)
Redemption fees added to paid-in capital (1)		—			—			—			—			—			—	(3)
Net Asset value, end of period	$	36.94		$	34.11		$	33.16		$	38.33		$	32.93		$	32.62
Total investment return/(loss) (4)		9.69	%(5)		6.39	%		(9.20	)%		17.15	%		4.53	%		9.18	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	159,249		$	150,297		$	118,260		$	112,035		$	58,262		$	21,520
Ratio of expenses to average net assets with waivers and reimbursements		0.84	%(6)		0.84	%		0.84	%		0.97	%		0.84	%		0.84	%
Ratio of expenses to average net assets without waivers and reimbursements		0.98	%(6)		1.00	%		1.01	%		1.10	%		0.98	%		1.11	%
Ratio of net investment income/(loss) to average net assets		0.99	%(6)		1.37	%		1.24	%		1.26	%		1.32	%		1.75	%
Portfolio turnover rate (7)		48	%(5)		96	%		87	%		88	%		122	%		74	%

(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) Amount represents less than $0.005 per share.

(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) Not annualized.

(6) Annualized

(7) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the financial statements.
41

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 29, 2024 (unaudited)			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	$	10.28		$	9.80		$	11.69		$	10.60		$	10.00
Net investment income/(loss) (2)		0.06			0.03			0.02			(0.07	)		(0.03	)
Net realized and unrealized gain/(loss) on investments (3)		0.80			0.46			(1.26	)		1.16			0.63
Net increase/(decrease) in net assets resulting from operations		0.86			0.49			(1.24	)		1.09			0.60
Dividends and distributions to shareholders from:
Net investment income		(0.05	)		(0.01	)		(0.40	)		—	(4)		—
Net realized capital gains		—			—			(0.25	)		—	(4)		—
Total dividends and distributions to shareholders		(0.05	)		(0.01	)		(0.65	)		—			—
Net Asset value, end of period	$	11.09		$	10.28		$	9.80		$	11.69		$	10.60
Total investment return/(loss) (5)		8.40	%(7)		5.04	%		(11.26	)%		10.34	%		6.00	%(7)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	24,658		$	21,217		$	15,527		$	10,807		$	6,408
Ratio of expenses to average net assets with waivers and reimbursements		1.30	%(6)		1.47	%		1.70	%		1.70	%		1.70	%(6)
Ratio of expenses to average net assets without waivers and reimbursements		1.30	%(6)		1.37	%		1.61	%		1.75	%		3.97	%(6)
Ratio of net investment income/(loss) to average net assets		1.23	%(6)		0.26	%		0.23	%		(0.67	)%		(1.08	)%(6)
Portfolio turnover rate (8)		8	%(7)		61	%		67	%		170	%		6	%(7)

(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.

(6) Annualized.

(7) Not annualized.

(8) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the financial statements.
42

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 29, 2024 (unaudited)			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	$	10.61		$	9.99		$	12.63		$	10.94		$	10.00
Net investment income/(loss) (2)		0.03			(0.06	)		(0.03	)		(0.14	)		(0.04	)
Net realized and unrealized gain/(loss) on investments (3)		1.03			0.68			(1.27	)		1.83			0.98
Net increase/(decrease) in net assets resulting from operations		1.06			0.62			(1.30	)		1.69			0.94
Dividends and distributions to shareholders from:
Net investment income		(0.01	)		—	(4)		(0.75	)		—			—
Net realized capital gain		(0.06	)		—			(0.59	)		—			—
Total dividends and distributions to shareholders		(0.07	)		—			(1.34	)		—			—
Net Asset value, end of period	$	11.60		$	10.61		$	9.99		$	12.63		$	10.94
Total investment return/(loss) (5)		9.96	%(6)		6.22	%		(11.64	)%		15.45	%		9.40	%(6)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	23,801		$	19,555		$	12,988		$	10,940		$	7,327
Ratio of expenses to average net assets with waivers and reimbursements		1.31	%(7)		1.53	%		1.70	%		1.70	%		1.70	%(7)
Ratio of expenses to average net assets without waivers and reimbursements		1.31	%(7)		1.48	%		1.58	%		1.74	%		3.52	%(7)
Ratio of net investment income/(loss) to average net assets		0.63	%(7)		(0.55	)%		(0.29	)%		(1.17	)%		(1.58	)%(7)
Portfolio turnover rate (8)		11	%(6)		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.

(6) Not annualized.

(7) Annualized.

(8) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the financial statements.
43

SGI SMALL CAP CORE 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 29, 2024 (unaudited)			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			FOR THE YEAR ENDED AUGUST 31, 2019
Per Share Operating Performance
Net asset value, beginning of period	$	27.50		$	25.53		$	38.64		$	28.16		$	25.67		$	35.14
Net investment income/(loss) (2)		0.06			0.06			(0.10	)		(0.15	)		(0.10	)		(0.15	)
Net realized and unrealized gain/(loss) from investments (3)		2.72			2.06			(2.97	)		12.33			2.68			(5.55	)
Net increase/(decrease) in net assets resulting from operations		2.78			2.12			(3.07	)		12.18			2.58			(5.70	)
Dividends and distributions to shareholders from:
Net investment income		—			—			—			(0.07	)		—			—
Net realized capital gains		—			(0.15	)		(10.04	)		(1.63	)		(0.09	)		(3.77	)
Total dividends and distributions to shareholders		—			(0.15	)		(10.04	)		(1.70	)		(0.09	)		(3.77	)
Net Asset value, end of period	$	30.28		$	27.50		$	25.53		$	38.64		$	28.16		$	25.67
Total investment return (4)		10.11	%(6)		8.37	%		(9.93	)%		44.61	%		10.04	%		(16.02	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	145,023		$	103,502		$	89,836		$	97,409		$	57,109		$	69,302
Ratio of expenses to average net assets with waivers and reimbursements		1.23	%(7)		1.23	%		1.23	%		1.07	%		1.25	%		1.25	%
Ratio of expenses to average net assets without waivers and reimbursements (5)		1.20	%(7)		1.25	%		1.33	%		1.12	%		1.38	%		1.37	%
Ratio of net investment income/(loss) to average net assets		0.45	%(7)		0.24	%		(0.34	)%		(0.37	)%		(0.38	)%		(0.53	)%
Portfolio turnover rate (8)		83	%(6)		197	%		270	%		314	%		302	%		344	%

(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 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).

(6) Not annualized.

(7) Annualized

(8) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the financial statements.
44

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements

February 29, 2024 (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 mutual fund 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 sixty-four 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 92.723 billion shares are currently classified into two hundred and thirty-four 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 29, 2024, and the period covered by these Notes to Financial Statements is the six-months ended February 29, 2024 (the “current fiscal period”).

Portfolio Valuation— Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. 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”). 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.

45

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (Continued)

February 29, 2024 (UNAUDITED)

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:

	Total		Level 1		Level 2		Level 3
SGI U.S. Large Cap Equity Fund
Common Stocks	$	127,956,371	$	127,956,371	$	—	$	—
Exchange Traded Funds		21,469,933		21,469,933		—		—
Total Investments*	$	149,426,304	$	149,426,304	$	—	$	—
SGI Global Equity Fund
Common Stocks	$	155,680,495	$	155,680,495		—		—
Total Investments*	$	155,680,495	$	155,680,495	$	—	$	—
SGI PRUDENT GROWTH Fund
Open End Funds	$	11,851,206	$	11,851,206	$	—	$	—
Exchange Traded Funds		11,643,254		11,643,254		—		—
Total Investments*	$	23,494,460	$	23,494,460	$	—	$	—
SGI PEAK GROWTH FUND
Open End Funds	$	17,514,752	$	17,514,752	$	—	$	—
Exchange Traded Funds		5,530,116		5,530,116		—		—
Total Investments*	$	23,044,868	$	23,044,868	$	—	$	—
SGI SMALL CAP core Fund
Common Stocks	$	138,934,334	$	138,934,334	$	—	$	—
Exchange Traded Funds		3,855,462		3,855,462		—		—
Total Investments*	$	142,789,796	$	142,789,796	$	—	$	—

* Please refer to Portfolio of Investments for further details.

46

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (Continued)

February 29, 2024 (UNAUDITED)

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds’ investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires each Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only if a Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all Level 3 transfers are disclosed if a Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

During the current fiscal period, the Funds had no Level 3 purchases, sales, or transfers.

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

Investment Transactions, Investment Income and Expenses — The Funds record security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds’ investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Funds.

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.

47

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (Continued)

February 29, 2024 (UNAUDITED)

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 and expenses, brokerage commissions, extraordinary expenses, interest and taxes. This contractual limitation is in effect until December 31, 2024 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.

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			1.70			—			—
SGI Peak Growth Fund		0.75			1.70			—			—
SGI Small Cap Core Fund		0.95			1.23			—			—

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 recoupment does not cause the Fund to exceed the relevant share class’s Expense Cap that was in effect at the time of the waiver or reimbursement.

During the current fiscal period, investment advisory fees accrued, waived and/or reimbursed and recoupments were as follows:

FUND	Gross Advisory Fees		Waivers AND/OR Reimbursements*			RECOUPMENTS		Net Advisory Fees
SGI U.S. Large Cap Equity Fund	$	1,181,125	$	(7,986	)	$	26,883	$	1,200,022
SGI Global Equity Fund		537,862		(107,721	)		—		430,141
SGI Prudent Growth Fund		83,852		—			—		83,852
SGI Peak Growth Fund		78,625		—			—		78,625
SGI Small Cap Core Fund		545,833		(1,681	)		19,424		563,576

48

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (Continued)

February 29, 2024 (UNAUDITED)

As of the end of the reporting period, the Funds had amounts available for recoupment by the Adviser as follows:

	EXPIRATION
FUND	August 31, 2024		August 31, 2025		August 31, 2026		August 31, 2027
SGI U.S. Large Cap Equity Fund	$	—	$	40,987	$	87,307	$	7,986
SGI Global Equity Fund		—		—		—		107,721
SGI Prudent Growth Fund		—		—		—		—
SGI Peak Growth Fund		—		—		—		—
SGI Small Cap Core Fund		14,011		88,935		21,348		1,681

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for the Funds. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Fund Services serves as the Funds’ transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Funds. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Quasar Distributors, LLC (the “Distributor”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Funds’ shares pursuant to a Distribution Agreement with RBB.

For compensation amounts paid to Fund Services and the Custodian, please refer to the Statements of Operations.

The Board has adopted a Plan of Distribution (the “Plan”) for the Class A Shares and Class C Shares of the Funds pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor is entitled to receive from each Fund a distribution fee with respect to the Shares, which is accrued daily and paid monthly, of up to 0.25% on an annualized basis of the average daily net assets of the Class A Shares and up to 1.00% on an annualized basis of the average daily net assets of the Class C Shares. The actual amount of such compensation under the Plan is agreed upon by the Board and by the Distributor. Because these fees are paid out of each Fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. Amounts paid to the Distributor under the Plan may be used by the Distributor to cover expenses that are related to (i) the sale of the Shares, (ii) ongoing servicing and/or maintenance of the accounts of shareholders, and (iii) sub-transfer agency services, subaccounting services or administrative services related to the sale of the Shares, all as set forth in each Fund’s 12b-1 Plan.

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 and Director of Marketing & Business Development of the Company. They are compensated 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.

49

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (continued)

February 29, 2024 (UNAUDITED)

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	$	316,551,095	$	582,550,548
SGI Global Equity Fund		72,425,755		77,792,232
SGI Prudent Growth Fund		3,258,326		1,617,924
SGI Peak Growth Fund		4,328,885		2,275,673
SGI Small Cap Core Fund		124,708,799		95,429,149

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, 2023, 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)
SGI U.S. Large Cap Equity Fund	$	340,644,664	$	52,927,000	$	(8,517,597	)	$	44,409,403
SGI Global Equity Fund		142,346,797		12,149,418		(5,113,105	)		7,036,313
SGI Prudent Growth Fund		21,163,275		713,443		(624,624	)		88,819
SGI Peak Growth Fund		19,522,487		848,137		(915,549	)		(67,412	)
SGI Small Cap Core Fund		101,856,766		7,519,025		(5,725,178	)		1,793,847

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.

50

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (continued)

February 29, 2024 (UNAUDITED)

Permanent differences as of August 31, 2023, primarily attributable to Net Operating Losses and Deemed Distributions due to Shareholder Redemptions were reclassified among the following accounts:

	Distributable Earnings/(loss)			Paid-in Capital
SGI U.S. Large Cap Equity Fund	$	(1,807,871	)	$	1,807,871
SGI Global Equity Fund		151			(151	)
SGI Prudent Growth Fund		46			(46	)
SGI Peak Growth Fund		70,378			(70,378	)
SGI Small Cap Core Fund		77,034			(77,034	)

As of August 31, 2023, 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	$	1,932,135	$	12,258,937	$	—		$	—		$	—		$	44,409,403
SGI Global Equity Fund		1,169,463		—		—			(1,707,840	)		—			7,036,313
SGI Prudent Growth Fund		—		—		(180,815	)		(29,431	)		(9,866	)		88,819
SGI Peak Growth Fund		—		116,992		—			(115,523	)		(12,267	)		(67,412	)
SGI Small Cap Core Fund		—		—		(5,926,295	)		—			—			1,793,847

The differences between the book and tax basis components of distributable earnings relate primarily to wash sales and investments in passive foreign investment companies.

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2023 was as follows:

			2023
FUND	Ordinary Income		Long-Term Gains		TOTAL
SGI U.S. Large Cap Equity Fund	$	4,425,439	$	16,298,811	$	20,724,250
SGI Global Equity Fund		1,176,535		3,052,908		4,229,443
SGI Prudent Growth Fund		23,212		—		23,212
SGI Peak Growth Fund		—		1,109		1,109
SGI Small Cap Core Fund		—		554,990		554,990

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2023 was as follows:

FUND	Ordinary Income		Long-Term Gains		TOTAL
SGI U.S. Large Cap Equity Fund	$	22,024,821	$	52,940,729	$	74,965,550
SGI Global Equity Fund		2,759,100		2,805,201		5,564,301
SGI Prudent Growth Fund		661,801		49,828		711,629
SGI Peak Growth Fund		1,309,074		93,998		1,403,072
SGI Small Cap Core Fund		23,796,320		1,182,537		24,978,857

51

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (continued)

February 29, 2024 (UNAUDITED)

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, 2023, the SGI Prudent Growth Fund had $39,299 of short-term loss carryovers, as well as $141,516 of long-term loss carryovers, and the SGI Small Cap Core Fund had $5,926,295 of short-term loss carryovers. During the fiscal year, the SGI Peak Growth Fund utilized $114,721 of carry forward capital losses.

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, 2023, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2023.

	Late-year ordinary loss deferral		post-october capital loss deferral
SGI U.S. Large Cap Equity Fund	$	—	$	—
SGI Global Equity Fund		—		1,707,840
SGI Prudent Growth Fund		29,431		—
SGI Peak Growth Fund		115,523		—
SGI Small Cap Core Fund		—		—

6. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

In June 2022, the FASB issued Accounting Standards Update 2022-03, which amends Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions (“ASU 2022-03”). ASU 2022-03 clarifies guidance for fair value measurement of an equity security subject to a contractual sale restriction and establishes new disclosure requirements for such equity securities. ASU 2022-03 is effective for fiscal years beginning after December 15, 2023 and for interim periods within those fiscal years, with early adoption permitted. Management is currently evaluating the impact of these amendments on the financial statements.

In October 2022, the SEC adopted a final rule relating to tailored shareholder reports for mutual funds and exchange-traded funds and fee information in investment company advertisements. Beginning in July 2024, the Funds will be required to transmit concise and visually engaging shareholder reports that highlight key information. The Funds will also be required to tag information in a structured data format and that certain more in-depth information be made available online and available for delivery free of charge to investors on request.

In December 2022, the FASB issued an Accounting Standards Update, ASU 2022-06, Reference Rate Reform (Topic 848) – Deferral of the Sunset Date of Topic 848 (“ASU 2022-06”). ASU 2022-06 is an amendment to ASU 2020-04, which provided optional guidance to ease the potential accounting burden due to the discontinuation of the London Inter-Bank Offered Rate and other interbank-offered based reference rates and which was effective as of March 12, 2020 through December 31, 2022. ASU 2022-06 extends the effective period through December 31, 2024. Management is currently evaluating the impact, if any, of applying ASU 2022-06.

52

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (Continued)

February 29, 2024 (UNAUDITED)

7. TRANSACTIONS WITH AFFILIATES

The following issuers are affiliated with the Funds. Fund of Funds are allowed to invest in other investment companies in excess of the limits imposed, if certain requirement, such as being part of the same group of investment companies, are met. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:

	August 31, 2023				Additions				Reductions
Issuer Name	Share Balance		Cost		Share Balance		Cost		Share Balance			Cost
SGI Prudent Growth Fund
SGI Dynamic Tactical ETF		148,890	$	3,792,279		16,240	$	425,091		(6,500	)	$	(170,013	)
SGI Global Equity Fund		141,279		4,638,412		15,794		548,264		(5,554	)		(199,700	)
SGI Small Cap Core Fund		69,840		2,021,405		38,892		1,094,970		—			—
SGI U.S. Large Cap Core ETF		72,890		1,876,034		6,690		189,680		(5,500	)		(153,835	)
SGI U.S. Large Cap Equity Fund		140,420		2,510,834		18,739		339,971		(5,465	)		(110,716	)
SGI U.S. Small Cap Equity Fund		72,077		738,593		7,809		86,609		(79,886	)		(825,202	)
		645,396	$	15,577,557		104,164	$	2,684,585		(102,905	)	$	(1,459,466	)
SGI Peak Growth Fund
SGI Dynamic Tactical ETF		75,030	$	1,904,297		11,170		292,207		(2,920	)	$	(77,430	)
SGI Global Equity Fund		169,059		5,518,092		30,277		1,055,606		(10,511	)		(382,291	)
SGI Small Cap Core Fund		149,014		4,229,239		65,853		1,851,326		(5,450	)		(212,104	)
SGI U.S. Large Cap Core ETF		55,530		1,425,836		6,370		180,643		(2,945	)		(83,626	)
SGI U.S. Large Cap Equity Fund		192,484		3,461,172		37,079		680,256		(11,690	)		(234,859	)
SGI U.S. Small Cap Equity Fund		100,486		1,018,503		11,230		125,469		(111,716	)		(1,143,972	)
		741,603	$	17,557,139		161,979	$	4,185,507		(145,232	)	$	(2,134,282	)

53

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (CONCLUDED)

February 29, 2024 (UNAUDITED)

	February 29, 2024
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	$	38,006	$	—	$	355,567		$	8,606			158,630	$	4,489,228	$	4,047,357
SGI Global Equity Fund		—		—		429,513			792			151,519		5,597,121		4,986,976
SGI Small Cap Core Fund		—		—		276,841			—			108,732		3,292,402		3,116,375
SGI U.S. Large Cap Core ETF		5,702		28,170		305,189			15,399			74,080		2,381,954		1,911,879
SGI U.S. Large Cap Equity Fund		—		102,169		204,872			(7,760	)		153,694		2,961,683		2,740,089
SGI U.S. Small Cap Equity Fund		—		7,899		(88,132	)		141,421			—		—		—
	$	43,708	$	138,238	$	1,483,850		$	158,458			646,655	$	18,722,388	$	16,802,676
SGI Peak Growth Fund
SGI Dynamic Tactical ETF	$	19,685	$	—	$	187,516		$	1,880			83,280	$	2,356,824	$	2,119,074
SGI Global Equity Fund		—		—		535,277			(6,957	)		188,825		6,975,189		6,191,407
SGI Small Cap Core Fund		—		—		604,033			(50,396	)		209,417		6,341,152		5,868,461
SGI U.S. Large Cap Core ETF		4,405		30		243,770			5,759			58,955		1,895,627		1,522,853
SGI U.S. Large Cap Equity Fund		—		167,361		288,309			(16,695	)		217,873		4,198,412		3,906,569
SGI U.S. Small Cap Equity Fund		68		11,046		(134,076	)		207,800			—		—		—
	$	24,158	$	178,437	$	1,724,829		$	141,391			758,350	$	21,767,204	$	19,608,364

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.

54

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.

55

[THIS PAGE INTENTIONALLY LEFT BLANK]

[THIS PAGE INTENTIONALLY LEFT BLANK]

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-SAR24

(b) Not applicable

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 to open-end investment companies.

Item 6. Investments.

(a) The Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. 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.

1

Item 11. 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 (the “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. 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 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 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable.

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 .Furnished herewith.

2

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	4/30/2024

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	4/30/2024
By (Signature and Title)*	/s/ James Shaw
	James Shaw, CFO/COO
	(principal financial officer)
Date	4/30/2024

* Print the name and title of each signing officer under his or her signature.

3