AQUARIUS INTERNATIONAL FUND
CONSOLIDATED PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 2020 (UNAUDITED)
	NUMBER
	OF SHARES		VALUE
COMMON STOCKS - 92.1%
Advertising — 0.1%
Dentsu, Inc.		1,800	$	58,188
Publicis Groupe SA		2,188		98,596
WPP, PLC		3,536		34,072
				190,856
Aerospace/Defense — 0.1%
Airbus Group SE*		1,204		125,875
MTU Aero Engines AG, ADR		562		67,092
Safran SA*		649		94,607
Thales SA		486		44,541
				332,115
Agriculture — 0.4%
British American Tabacco, PLC, SP ADR		6,138		216,733
Imperial Brands, PLC, SP ADR		3,146		57,855
Japan Tobacco, Inc.		4,730		95,746
Origin Enterprises, PLC		147,132		628,938
Swedish Match AB		498		40,289
				1,039,561
Airlines — 1.1%
Ryanair Holding, PLC, SP ADR*		31,113		3,228,596
Apparel — 2.1%
adidas AG*		3,886		1,240,190
Adidas AG, SP ADR		1,152		184,435
Gildan Activewear, Inc.*		5,757		150,430
Hermes International		80		77,836
Kering SA		139		100,354
LVMH Moet Hennessy Louis Vuitton SE		6,182		3,550,908
LVMH Moet Hennessy Louis Vuitton SE, ADR		2,000		230,840
NIKE, Inc., Class B		6,384		859,925
Shenzhou International Group Holdings, Ltd.		4,000		67,230
				6,462,148
Auto Manufacturers — 0.9%
Bayerische Motoren Werke AG, SP ADR		3,309		95,928
BYD Co., Ltd.		1,500		34,379
Cummins, Inc.		2,495		576,769
Daimler AG		3,623		242,564
Ferrari NV		141		29,875
Ferrari NV		642		135,533
Geely Automobile Holdings, Ltd.		6,982		19,315
Geely Automobile Holdings, Ltd., ADR		883		48,803
Hyundai Motor Co.		353		57,997
Kia Motors Corp.		8,101		423,717
NIO, Inc., ADR*		2,072		104,698
Nissan Motor Co., Ltd.		10,100		47,803
Peugeot SA*		2,962		69,492
Tata Motors, Ltd., SP ADR*		32,755		391,095
Toyota Motor Corp.		600		40,494
Toyota Motor Corp., SP ADR		1,862		250,365
Volkswagen AG, ADR		5,060		93,914
Volvo AB, Class B*		3,636		82,816
				2,745,557
Auto Parts & Equipment — 0.3%
Continental AG		442		59,825
Fuyao Glass Industrials Group, Ltd. (a)		142,800		682,707
Magna International, Inc.		3,010		184,874
Michelin		463		57,592
				984,998
Banks — 6.0%
Australia & New Zealand Banking Group, Ltd.		5,980		98,915
Banco Santander SA		37,238		107,994
Bangkok Bank		251,800		1,036,199
Bank Central Asia Tbk PT		241,417		530,235
Bank Leumi Le Israel		340,938		1,914,394
Bank Montreal		867		63,048
Bank of Ireland Group, PLC*		460,104		1,441,551
Bank of Nova Scotia, (The)		1,749		85,281
Bank Rakyat Indonesia Persero Tbk PT, ADR		2,219		31,909
Bankia SA		40,101		68,972
Barclays PLC		126,063		223,732
Bendigo & Adelaide Bank, Ltd.		12,614		82,125
BNP Paribas SA*		2,636		134,175
BOC Hong Kong Holdings, Ltd.		28,000		91,122
CaixaBank SA		38,503		98,497
Canadian Imperial Bank of Commerce		573		48,247
China Construction Bank Corp.		106,000		82,864
China Merchants Bank Co., Ltd., ADR		554		17,390
China Merchants Bank Co., Ltd.		84,836		537,714
Commercial International Bank Egypt SAE, ADR		4,572		17,785
Commercial International Bank Egypt SAE		48,225		189,764
Commerzbank AG*		18,102		111,734
Commonwealth Bank Of Australia		4,044		234,514
Concordia Financial Group, Ltd.		11,723		41,405
Credit Suisse Group AG*		13,720		173,783
Dah Sing Financial Holdings, Ltd.		210,000		617,894
DBS Group Holdings, Ltd.		72,900		1,359,993
DBS Group Holdings, Ltd., SP ADR		1,611		120,438
Deutsche Bank AG*		8,776		97,589
DNB ASA*		12,189		219,783
FinecoBank Banca Fineco SpA*		5,751		90,795
FirstRand, Ltd.		13,495		39,579
Fukuoka Financial Group, Inc.		3,000		53,042
Grupo Aval Acciones y Valores SA, ADR		8,589		48,700
Grupo Financiero Banorte SAB de CV		58,246		290,016
Hang Seng Bank, Ltd.		4,400		76,499
HDFC Bank, Ltd.		103,213		1,993,362
HDFC Bank, Ltd., ADR		15,129		1,043,901
HSBC Holdings, PLC, SP ADR*		9,910		256,570
ICICI Bank, Ltd., SP ADR*		62,462		803,261
ING Groep NV		7,103		69,089
Macquarie Group, Ltd.		749		76,168
Mediobanca Banca di Credito Finanziario SpA		3,974		35,651
Mitsubishi UFJ Financial Group Inc., SP ADR		53,334		228,803
National Australia Bank, Ltd.		7,689		127,915
National Australia Bank, Ltd., SP ADR		11,208		93,587
Nedbank Group, Ltd., SP ADR		2,666		20,955
Nordea Bank Abp*		93		788
Nordea Bank Abp*		11,504		98,318
OTP Bank, PLC*		9,446		375,943
Oversea-Chinese Bank Corp., Ltd.		9,000		67,100
Royal Bank Canada		3,116		255,450
Sberbank Russia, SP ADR		52,165		695,359
Shinhan Financial Group Co., Ltd., SP ADR		9,162		273,028
Societe Generale SA*		2,392		47,428
Standard Bank Group, Ltd.		9,099		71,111
Sumitomo Mitsui Financial Group Inc., SP ADR		56,610		326,640
Toronto-Dominion Bank, (The)		3,414		183,434
UBS Group AG*		13,717		194,564
United Overseas Bank, Ltd.		6,000		99,795
Woori Financial Group, Inc., SP ADR		4,696		126,980
				18,042,877
Beverages — 5.2%
Anheuser-Busch InBev SA NV, SP ADR		2,087		139,161
Asahi Group Holdings Ltd.		1,700		65,323
Carlsberg A/S, Class B		499		74,326
China Resources Beer Holdings Co. Ltd.		10,000		73,524
Coca-Cola Amatil, Ltd.		543,299		5,031,082
Coca-Cola European Partners, PLC		476		21,268
Diageo, PLC		127,558		4,910,493
Diageo, PLC, SP ADR		2,046		317,028
Fomento Economico Mexicano SAB de CV, SP ADR		461		33,261
Heineken NV		592		62,510
Kirin Holdings Co., Ltd.		2,000		43,425
Kweichow Moutai Co., Ltd., Class A		2,365		615,061
Pernod Ricard SA		300		57,325
Suntory Beverage & Food Ltd.		800		29,215
Thai Beverage, PCL		5,886,900		3,240,541
Wuliangye Yibin Co., Ltd., Class A		22,399		863,872
				15,577,415
Biotechnology — 0.3%
BeiGene Ltd., ADR*		238		60,854
CSL Ltd., SP ADR		1,030		113,558
CSL, Ltd.		628		137,523
Genmab A/S, SP ADR*		2,330		89,961
Genmab A/S*		184		70,761
Innovent Biologics, Inc. (a)*		36,112		237,186
Zai Lab Ltd., ADR*		2,482		274,956
				984,799
Building Materials — 1.8%
Anhui Conch Cement Co., Ltd., ADR		455		14,492
Anhui Conch Cement Co., Ltd.		3,500		22,372
Cemex SAB de CV, SP ADR		69,925		321,655
China Resources Cement Holdings, Ltd.		252,779		313,933
CRH, PLC		60,005		2,360,181
CRH, PLC, SP ADR		3,605		141,496
Daikin Industries, Ltd., ADR		1,490		33,681
Daikin Industries, Ltd.		249		56,396
Geberit AG		90		54,171
James Hardie Industries PLC*		2,896		83,791
LafargeHolcim, Ltd.*		2,013		105,656
Semen Indonesia Persero Tbk PT, ADR		2,421		39,922
Sika AG		6,651		1,692,319
TOTO, Ltd.		365		20,641
				5,260,706
Chemicals — 3.0%
Air Liquide SA		18,775		3,068,211
Air Liquide SA, ADR		1,771		58,177
Akzo Nobel NV, ADR		2,496		88,234
Asahi Kasei Corp.		6,000		54,855
Asian Paints Ltd.		14,003		417,051
BASF SE, SP ADR		9,844		180,096
Covestro AG (a)		1,716		95,483
Croda International PLC		19,482		1,534,100
Fuchs Petrolub SE		26,345		1,197,192
Givaudan SA, ADR		600		48,888
Givaudan SA		27		110,604
ICL Group, Ltd.		12,592		59,182
Johnson Matthey, PLC		1,377		40,576
Kansai Paint Co., Ltd.		1,360		41,041
Koninklijke DSM NV		561		91,604
LANXESS AG		1,023		71,171
LG Chem, Ltd.		1,017		738,954
Mitsui Chemicals, Inc.		22		615
Nippon Paint Holdings Co., Ltd.		722		92,508
Novozymes A/S, ADR		920		52,523
Novozymes A/S, Class B		8,322		475,306
Shin Etsu Chemical Co., Ltd., ADR		2,744		112,614
Shin-Etsu Chemical Co., Ltd.		654		107,142
Solvay SA		373		42,606
Sumitomo Chemical Co., Ltd.		13,000		45,927
Symrise AG		500		62,669
Umicore SA, ADR		3,052		34,091
				8,921,420
Coal — 0.0%
China Shenhua Energy Co. Ltd.		30,000		57,860
Commercial Services — 3.9%
Adecco Group AG		374		22,609
Adyen NV (a)*		850		1,623,627
ALD SA (a)		54,903		702,508
Amadeus IT Group SA, ADR		1,437		98,779
Amadeus IT Holdings SA		10,382		713,911
Ashtead Group, PLC		2,764		116,665
Atlantia SpA		2,018		36,962
Bidvest Group, Ltd., (The)		3,146		32,981
Bureau Veritas SA*		1,739		44,984
China Merchants Port Holdings Co., Ltd.		60,000		71,123
Edenred		1,223		69,888
Experian, PLC		2,543		90,098
IHS Markit, Ltd.		10,130		1,007,530
Intertek Group, PLC		34,014		2,492,383
Localiza Rent a Car SA*		33,678		422,374
Localiza Rent a Car SA, SP ADR*		4,006		51,637
New Oriental Education & Tech Group, Inc., SP ADR*		662		109,131
Offcn Education Technology Co., Ltd.,Class A		63,433		347,968
Recruit Holdings Co., Ltd.		3,292		138,004
RELX, PLC		95,445		2,208,714
Rentokil Initial PLC*		7,414		49,087
Secom Co., Ltd.		358		35,726
SGS SA		401		1,145,127
TAL Education Group, ADR*		1,488		104,249
Transurban Group		6,366		65,689
Worldline SA (France) (a)*		573		53,053
				11,854,807
Computers — 1.4%
CGI, Inc.*		279		20,590
CyberArk Software Ltd.*		576		66,165
EPAM Systems, Inc.*		1,975		636,602
Fujitsu Ltd.		422		58,379
Globant S.A.*		147		27,736
Infosys Ltd., SP ADR		12,897		196,292
Logitech International SA		536		48,401
Nomura Research Institute Ltd.		52,200		1,765,115
Obic Co., Ltd.		400		89,944
Sangfor Technologies, Inc.		8,618		264,087
Tata Consultancy Services, Ltd.		20,654		742,157
Teleperformance		266		88,458
Wipro Ltd., ADR		38,844		200,047
				4,203,973
Cosmetics/Personal Care — 2.2%
Essity AB, Class B		3,135		99,627
Kao Corp.		1,250		93,694
Kose Corp.		300		45,761
LG Household & Health Care, Ltd.		452		617,854
Lion Corp.		2,631		62,346
L'Oreal SA		2,708		996,802
L'Oreal SA, ADR		3,400		248,574
Natura & Co. Holding SA, ADR*		5,256		98,550
Shiseido Co., Ltd.		1,100		77,621
Unicharm Corp.		1,087		52,800
Unilever PLC, SP ADR		4,479		273,488
Unilever PLC-CVA*		65,322		3,959,853
				6,626,970
Distribution/Wholesale — 1.1%
Bunzl, PLC		100,920		3,143,319
ITOCHU Corp.		3,700		97,640
ITOCHU Corp., ADR		426		22,766
Jardine Cycle & Carriage Ltd.		4,000		57,531
Mitsui & Co., Ltd.		3,159		53,675
				3,374,931
Diversified Financial Services — 2.6%
ASX, Ltd.		1,017		57,515
B3 SA - Brasil Bolsa Balcao		64,273		673,395
Bajaj Finance Ltd.		4,527		298,361
China International Capital Corp. Ltd. (a)*		105,739		246,361
Deutsche Boerse AG		8,899		1,482,322
Deutsche Boerse AG, ADR		2,810		46,674
East Money Information Co., Ltd., Class A		137,000		571,906
Guotai Junan Securities Co., Ltd. (a)		33,000		48,441
Hong Kong Exchange & Clearing, Ltd.		16,203		804,753
Japan Exchange Group, Inc., ADR		62,500		1,546,224
KB Financial Group, Inc.		11,448		473,262
KB Financial Group, Inc., ADR		6,431		267,465
London Stock Exchange Group PLC, ADR		2,464		67,144
London Stock Exchange Group, PLC		791		85,311
Nomura Holdings, Inc.		14,100		70,738
Pagseguro Digital, Ltd., Class A*		7,325		346,912
Rathbone Brothers, PLC		23,415		457,448
Sanlam Ltd., SP ADR		5,156		36,865
SBI Holdings Inc. (Japan)		2,600		70,141
Singapore Exchange, Ltd.		6,000		39,562
St James's Place, PLC		5,807		77,795
Standard Life Aberdeen PLC		15,283		54,494
				7,823,089
Electric — 0.4%
Chugoku Electric Power Co. Inc., (The)		2,300		29,194
E.ON SE		4,210		45,554
Enel SpA		14,744		147,924
Engie SA, SP ADR		8,968		131,561
Fortis, Inc.		2,870		115,575
Iberdrola SA		8,686		119,239
Iberdrola SA, SP ADR		1,618		88,424
National Grid PLC		2,867		32,106
National Grid, PLC, SP ADR		2,605		147,651
Orsted A/S (a)		381		68,552
Power Assets Holdings, Ltd.		9,500		49,836
RWE AG		1,019		42,148
SSE PLC, ADR		5,415		97,091
Terna Rete Elettrica Nazionale SpA		6,010		45,143
				1,159,998
Electrical Components & Equipment — 0.7%
Contemporary Amperex Technology Co., Ltd., Class A		10,000		364,527
Legrand SA		18,483		1,565,146
Schneider Electric SE		698		97,249
Schneider Electric SE, ADR		4,025		111,815
				2,138,737
Electronics — 1.7%
ABB Ltd.		4,533		119,888
Assa Abloy AB, Class B		105,386		2,521,765
Halma, PLC		48,072		1,414,500
Hirose Electric Co., Ltd.		427		60,233
Hon Hai Precision		56,353		162,683
Hoya Corp.		670		89,102
Hoya Corp., SP ADR		487		64,600
Kyocera Corp.		900		51,248
Murata Manufacturing Co., Ltd.		1,119		97,567
Murata Manufacturing Co., Ltd., ADR		5,048		109,542
Nidec Corp.		78		9,893
Nidec Corp., SP ADR		4,640		147,320
Silergy Corp.		4,208		327,845
				5,176,186
Energy-Alternate Sources — 0.1%
Vestas Wind Systems A/S		496		101,092
Xinyi Solar Holdings Ltd.		158,584		290,447
				391,539
Engineering & Construction — 0.1%
Cellnex Telecom SA (a)*		574		36,361
Ferrovial SA		3,085		86,150
Grupo Aeroportuario del Pacifico SAB de CV, SP ADR		392		39,996
Grupo Aeroportuario del Sureste SAB de CV, SP ADR		471		70,414
HOCHTIEF AG		774		74,485
Vinci SA, ADR		3,476		88,290
				395,696
Entertainment — 0.1%
Oriental Land Co., Ltd.		613		104,121
Paddy Power Betfair PLC		321		59,558
				163,679
Environmental Control — 0.1%
China Conch Venture Holdings, Ltd.		79,500		376,399
Food — 2.4%
a2 Milk Co., Ltd.*		3,567		36,884
BRF SA, ADR*		3,487		14,331
China Mengniu Dairy Co., Ltd.*		89,925		452,263
Chocoladefabriken Lindt & Spruengli AG		6		51,313
Cia Brasileira de Distribuicao, SP ADR		2,775		35,326
Coles Group Ltd.		4,109		53,716
Colruyt SA		628		37,470
Danone SA		1,545		99,630
Dino Polska SA (a)*		4,212		283,717
Foshan Haitian Flavouring & Food Co., Ltd., Class A		13,264		320,634
Glanbia, PLC		88,877		1,093,042
ICA Gruppen AB		691		33,454
Jardine Strategic Holdings Ltd.		1,000		23,890
JBS SA, SP ADR		690		5,982
Kerry Group, PLC, Class A		7,146		1,001,997
Koninklijke Ahold Delhaize NV		696		19,899
Koninklijke Ahold Delhaize NV, SP ADR		4,031		114,964
Marine Harvest*		1,851		37,464
Meiji Holdings Co., Ltd.		400		28,309
Nestle SA		13,992		1,567,307
Nestle SA, SP ADR		6,845		760,342
Ocado Group PLC*		2,138		62,860
Seven & i Holdings Co., Ltd., SP ADR		3,000		47,190
Seven & i Holdings Co., Ltd.		22,200		700,146
Tesco, PLC		11,883		35,767
Wilmar International Ltd.		29,000		90,274
Woolworths Group, Ltd.		2,137		57,992
X5 Retail Group NV, GDR		6,727		240,733
				7,306,896
Food Service — 0.5%
Compass Group, PLC		82,635		1,454,024
Compass Group, PLC, SP ADR		7,353		131,251
				1,585,275
Forest Products & Paper — 0.0%
Smurfit Kappa Group PLC, ADR		736		31,615
UPM-Kymmene Corp.		1,590		52,171
				83,786
Gas — 0.1%
Beijing Enterprises Holdings, Ltd.		23,500		76,149
China Gas Holdings, Ltd.		14,200		52,165
China Resources Gas Group Ltd.		6,000		28,918
ENN Energy Holdings, Ltd.		6,000		79,153
Snam SpA		9,397		53,076
Tokyo Gas Co., Ltd.		1,000		22,409
				311,870
Hand/Machine Tools — 0.6%
Amada Co., Ltd.		129,300		1,239,419
Sandvik AB*		3,286		74,109
Schindler Holding AG		216		57,390
Techtronic Industrials Co., Ltd.		37,360		476,936
				1,847,854
Healthcare-Products — 2.0%
Alcon, Inc.*		1,128		72,440
Alcon, Inc.*		65,868		4,206,019
Asahi Intecc Co., Ltd.		1,004		36,783
Cochlear, Ltd.*		376		60,931
Coloplast A/S, SP ADR		1,070		15,943
Coloplast A/S, Class B		327		48,885
Essilor International Cie Generale d'Opitque SA*		384		55,510
EssilorLuxottica SA, ADR*		144		10,440
Fisher & Paykel Healthcare Corp. Ltd.		1,584		39,888
Hengan International Group Co., Ltd.		7,010		48,215
Koninklijke Philips NVR-NY*		1,898		97,785
Koninklijke Philips NV*		21,194		1,092,197
Olympus Corp.		2,000		43,171
QIAGEN NV*		2,099		101,298
Siemens Healthineers AG (a)		1,037		47,669
Smith & Nephew PLC		2,242		43,304
Sysmex Corp.		300		31,408
Sysmex Corp., ADR		450		23,472
Terumo Corp.		1,362		54,045
				6,129,403
Healthcare-Services — 0.5%
Apollo Hospitals Enterprise Ltd.		18,390		579,197
Fresenius Medical Care AG & Co., KGaA, ADR		1,104		46,644
Lonza Group AG		182		114,509
Lonza Group AG, ADR*		370		23,181
PeptiDream, Inc.*		639		32,491
Sonic Healthcare Ltd., SP ADR		3,345		80,999
Wuxi Biologics Cayman, Inc. (a)*		72,867		721,371
				1,598,392
Holding Companies-Diversification — 0.1%
CK Hutchison Holdings, Ltd.		10,000		72,536
Jardine Matheson Holdings, Ltd.		1,000		52,895
				125,431
Home Builders — 0.5%
Berkeley Group Holdings, PLC		683		41,748
Daiwa House Industry Co., Ltd.		730		22,309
Persimmon, PLC		1,243		43,620
Sekisui Chemical Co., Ltd.		81,500		1,404,920
Sekisui House Ltd.		4,000		71,725
				1,584,322
Home Furnishings — 0.2%
Electrolux AB, Class B		972		23,322
Panasonic Corp.		4,000		42,422
Sharp Corp.		3,000		40,111
Sony Corp., SP ADR		4,806		448,352
				554,207
Household Products/Wares — 0.2%
Henkel Ag & Co., KGaA		590		56,925
Hindustan Unilever Ltd.		13,993		402,273
Reckitt Benckiser Group, SP ADR		9,130		162,742
				621,940
Insurance — 5.0%
Admiral Group, PLC		16,942		638,155
Aegon NV		14,288		52,855
Ageas SA/NV		2,481		121,471
AIA Group, Ltd.		159,661		1,752,182
AIA Group, Ltd., SP ADR		9,630		421,794
Allianz SE, SP ADR		6,060		141,986
Aon, PLC, Class A		17,859		3,659,131
Baloise Holding AG		522		89,947
China Life Insurance Co., Ltd., ADR		4,936		55,530
CNP Assurances*		12,462		197,733
Dai-ichi Life Holdings, Inc.		6,692		105,430
Hannover Rueck SE		286		47,796
HDFC Life Insurance Co., Ltd. (a)*		48,950		424,247
Insurance Australia Group Ltd.		12,776		48,210
Lancashire Holdings, Ltd.		285,287		2,802,983
Legal & General Group PLC		36,815		121,577
Manulife Finanical Corp.		6,860		117,032
New China Life Insurance Co., Ltd.		16,800		70,579
NN Group NV		3,039		122,821
Ping An Insurance Group Co. of China, Ltd.		46,746		549,805
Ping An Insurance Group Co. of China, Ltd., ADR		8,016		188,857
Prudential PLC, SP ADR		2,925		44,980
RSA Insurance Group, PLC		8,130		72,265
Sampo, Class A, PLC		40,908		1,757,938
Sun Life Financial, Inc.		2,753		122,481
Suncorp Group, Ltd.		18,597		137,931
T&D Holdings, Inc.		5,200		60,537
Tokio Marine Holdings, Inc.		460		22,778
Topdanmark AS		25,523		1,077,432
Zurich Insurance Group AG		126		51,099
				15,077,562
Internet — 6.2%
51job, Inc., ADR*		1,093		77,056
Alibaba Group Holding, Ltd.*		14,309		470,075
Alibaba Group Holdings, Ltd., SP ADR*		20,082		5,288,796
Autohome, Inc., ADR		467		44,094
Baidu, Inc., SP ADR*		1,335		185,552
Dada Nexus Ltd., ADR*		6,925		401,304
Delivery Hero SE (a)*		2,777		337,647
iQIYI, Inc., ADR*		1,374		30,723
JD.com, Inc., Class A*		6,562		281,600
JD.com, Inc., ADR*		2,393		204,243
JOYY, Inc., ADR		721		64,219
Kakao Corp.		976		325,280
LINE Corp.*		99		5,101
LINE Corp., SP ADR*		1,409		72,747
M3, Inc.		1,300		119,628
Meituan Dianping, Class B*		10,957		409,753
Mercadolibre, Inc.*		502		779,772
Momo, Inc., SP ADR		2,185		31,420
MonotaRO Co., Ltd.		600		36,496
Naspers, Ltd.		2,957		594,466
Naver Corp.		1,033		260,066
Prosus NV*		949		102,870
SEEK Ltd.		4,272		81,102
SINA Corp. (China)*		739		32,021
Tencent Holdings, Ltd.		86,789		6,326,722
Tencent Holdings, Ltd., ADR		17,513		1,278,449
Tencent Music Entertainment Group, ADR*		19,718		330,474
Trip.com Group Ltd., ADR		897		30,130
Vipshop Holdings, Ltd. ADR*		4,069		103,922
Weibo Corp., SP ADR*		653		27,589
Wix.com Ltd.*		100		25,543
Yandex NV*		5,946		410,036
Z Holdings Corp.		6,577		41,475
				18,810,371
Investment Companies — 2.6%
Groupe Bruxelles Lambert SA		57,851		5,639,643
Kinnevik AB, Class B*		849		42,292
Melrose Industries, PLC		1,095,152		2,191,339
Wendel SA		888		100,331
				7,973,605
Iron/Steel — 0.4%
BlueScope Steel, Ltd.		6,357		79,542
Century Iron & Steel Industrial Co., Ltd.		63,068		288,842
Cia Siderurgica Nacional SA, SP ADR		41,580		180,873
Fortescue Metals Group, Ltd.		5,658		75,379
Nippon Steel & Sumitomo Metal Corp.		8,000		97,380
Posco, SP ADR		3,580		190,957
Vale SA, SP ADR		12,347		179,772
voestalpine AG		1,763		56,474
				1,149,219
Leisure Time — 0.1%
Merida Industry Co., Ltd.		25,165		220,187
Shimano, Inc.		236		55,829
				276,016
Lodging — 1.0%
Galaxy Entertainment Group, Ltd.		85,833		651,283
Huazhu Group, Ltd., ADR		8,695		432,837
InterContinental Hotels Group PLC		29,501		1,820,109
Melco Resorts & Entertainment, Ltd., ADR*		988		17,913
				2,922,142
Machinery-Construction & Mining — 0.1%
Hitachi Ltd.		901		34,196
Hitachi Ltd., ADR		1,830		138,476
Komatsu, Ltd.		4,400		107,307
Mitsubishi Electical Corp.		3,000		43,954
Siemens Energy AG*		960		28,514
				352,447
Machinery-Diversified — 1.7%
Atlas Copco AB, Class A		1,701		86,055
Atlas Copco AB, Class A, SP ADR		1,656		83,164
CNH Industrial NV*		6,623		72,156
FANUC Corp.		300		73,587
GEA Group AG		72,561		2,480,511
Keyence Corp.		922		470,094
Kone Corp., Class B		748		62,710
Kubota Corp., SP ADR		883		87,382
SMC Corp.		110		69,966
SMC Corp., ADR		2,280		72,572
Spirax-Sarco Engineering, PLC		8,535		1,257,255
Sumitomo Heavy Industries Ltd.		2,000		43,238
WEG SA		21,446		297,347
				5,156,037
Media — 1.5%
Informa, PLC*		4,850		33,973
MultiChoice Group		5,548		46,379
MultiChoice Group, Ltd., ADR		93		791
Pearson, PLC, SP ADR		15,198		130,855
Shaw Communications, Inc., Class B		9,386		163,223
Thomson Reuters Corp.		1,419		112,569
Vivendi SA, ADR		5,370		160,348
Wolters Kluwer		44,793		3,749,995
Wolters Kluwer NV, SP ADR		667		56,001
				4,454,134
Metal Fabricate/Hardware — 0.1%
Zhejiang Sanhua Intelligent Controls Co., Ltd.		110,800		393,863
Mining — 0.7%
Agnico Eagle Mines Ltd.		1,499		98,739
Antofagasta, PLC		8,790		145,150
Barrick Gold Corp.		6,196		143,375
Boliden AB		2,900		100,299
Cameco Corp.		3,460		34,669
Franco-Nevada Corp.		1,038		138,095
Kirkland Lake Gold Ltd.		749		30,694
MMC Norilsk Nickel PJSC, ADR		2,034		57,013
Newcrest Mining Ltd.		1,769		35,019
Newmont Corp.		9,434		554,908
Norsk Hydro ASA		15,202		61,557
Rio Tinto, PLC, SP ADR		1,211		78,679
South32 Ltd.		44,192		77,885
Southern Copper Corp.		3,807		226,022
Sumitomo Metal Mining Co., Ltd.		2,000		74,256
Teck Resources, Ltd., Class B		8,215		129,797
Vedanta, Ltd., ADR		19,203		125,972
Wheaton Precious Metals Corp.		2,998		117,342
				2,229,471
Miscellaneous Manufacturing — 1.0%
Airtac International Group		14,917		434,917
Orica Ltd.		5,536		65,748
Siemens AG		1,920		256,271
Smiths Group, PLC		106,737		2,050,882
Sunny Optical Technology Group Co., Ltd.		3,869		75,576
Toshiba Corp.		96		2,680
				2,886,074
Office/Business Equipment — 0.0%
Canon, Inc.		2,700		47,829
Fujifilm Holdings Corp.		1,100		59,177
				107,006
Oil & Gas — 2.8%
BP, PLC, SP ADR		1		20
Canadian Natural Resources, Ltd.		4,335		99,011
DCC, PLC		65,934		4,964,257
Eni SpA		72,951		726,429
Equinor ASA, SP ADR		3,137		48,122
Galp Energia SGPS SA		6,634		71,174
Idemitsu Kosan Co., Ltd.		1,100		22,805
Imperial Oil, Ltd.		2,792		48,441
Inpex Corp.		6,228		34,496
Lundin Petroleum AB		1,163		27,785
Neste Oyj		756		50,516
Oil Search Ltd.		31,786		83,968
OMV AG		4,843		162,168
Petroleo Brasileiro, SP ADR		10,959		104,878
Reliance Industries Ltd.		31,301		809,408
Repsol SA		7,844		75,183
Royal Dutch Shell, PLC, Class A, SP ADR		14,983		507,025
Total SA, SP ADR		7,259		305,894
Ultrapar Participacoes SA, SP ADR		7,935		29,994
Woodside Petroleum, Ltd.		7,291		118,927
				8,290,501
Oil & Gas Services — 0.0%
Dialog Group Bhd		133,607		117,433
Pharmaceuticals — 7.8%
Alfresa Holdings Corp.		194,400		3,886,370
Aspen Pharmacare Holdings Ltd., ADR		6,986		56,482
Astellas Pharma, Inc.		3,700		52,701
Astellas Pharma, Inc., ADR		190		2,718
AstraZeneca, PLC, SP ADR		5,764		305,146
Bausch Health Cos., Inc.*		3,548		65,886
Celltrion, Inc.*		118		36,299
China Feihe Ltd. (a)		74,319		177,489
Chugai Pharmaceutical Co., Ltd.		2,100		101,571
CSPC Pharmaceutical Group, Ltd.		23,040		22,396
Daiichi Sankyo Co., Ltd.		2,748		97,294
Daiichi Sankyo Co., Ltd., ADR		876		31,177
Divi's Laboratories Ltd.		12,361		596,514
Dr. Reddy's Laboratories, Ltd., ADR		3,953		259,277
Eisai Co., Ltd.		492		37,079
Glaxosmithkline, PLC		142,956		2,594,636
Glaxosmithkline, PLC, SP ADR		7,009		257,861
Kobayashi Pharmaceutical Co., Ltd.		471		56,563
Merck KGaA		587		93,732
Novartis AG		40,806		3,694,393
Novartis AG, SP ADR		27,175		2,468,305
Novo-Nordisk AS, SP ADR		6,449		432,922
Orion Corporation, Class B		672		31,609
Otsuka Holdings Co., Ltd.		1,100		44,605
Recordati SpA		41,552		2,222,424
Roche Holdings AG		5,949		1,953,932
Roche Holdings AG, SP ADR		12,760		520,863
Sanofi		32,381		3,263,961
Sanofi, ADR		4,424		222,085
Shionogi & Co., Ltd.		227		12,151
UCB SA		21		2,247
				23,600,688
Pipelines — 0.1%
Enbridge, Inc.		6,937		216,504
TC Energy Corp.		166		7,292
				223,796
Private Equity — 0.4%
3i Group, PLC		3,463		48,957
Macquarie Korea Infrastructure Fund		23,033		224,766
Macquarie Korea Infrastructure Fund*		1,528		214
Partners Group Holding AG		812		875,483
				1,149,420
Real Estate — 0.9%
Aroundtown SA		6,368		44,073
China Overseas Land & Investment, Ltd.		26,000		63,305
China Resources Land, Ltd.		5,714		24,729
China Vanke Co., Ltd.		19,900		75,583
CK Asset Holdings, Ltd.		11,000		60,108
Country Garden Holdings Co., Ltd.		31,000		40,879
Country Garden Services Holdings Co., Ltd.		74,282		415,050
Daito Trust Construction Co., Ltd.		300		29,336
Deutsche Wohnen SE		1,095		54,918
Great Eagle Holdings, Ltd.		356,662		950,777
Longfor Group Holdings, Ltd. (a)		6,500		42,476
Multiplan Empreendimentos Imobiliarios SA*		64,978		276,533
REA Group, Ltd.		633		67,385
Shanghai Industrial Urban Development Group, Ltd.		20,000		2,121
Sun Hung Kai Properties, Ltd.		8,472		112,613
Sunac China Holdings, Ltd.		19,261		73,848
Sunac Services Holdings Ltd. (a)*		620		955
Swiss Prime Site AG		543		48,923
Vonovia SE		1,595		109,065
Wharf Holdings Ltd., (The)		14,000		34,632
Wharf Real Estate Investment Co., Ltd.		14,000		65,073
				2,592,382
REITS — 0.2%
Ascendas Real Estate Investment Trust		23,000		50,791
CapitaLand Mall Trust		25,000		36,019
Daiwa House REIT Investment Corp.		12		28,809
Goodman Group		6,677		91,632
Japan Prime Realty Investment Corp.		15		43,946
Japan Retail Fund Investment Corp.		38		60,243
Nippon Prologis REIT, Inc.		15		47,012
Segro, PLC		5,434		65,747
Unibail-Rodamco-Westfield		938		66,001
United Urban Investment Corp.		51		57,444
				547,644
Retail — 2.7%
ABC-Mart, Inc.		500		26,031
Aeon Co., Ltd.		676		20,082
Alibaba Health Information Technology, Ltd.*		108,082		317,559
ANTA Sports Products, Ltd.		5,561		75,463
Astra International Tbk PT, SP ADR		3,615		26,227
Cie Financiere Richemont SA, ADR		12,160		100,685
Dufry AG*		2,857		160,120
Fast Retailing Co., Ltd.		147		120,446
Hennes & Mauritz AB, Class B		2,490		53,026
Industria de Diseno Textil SA, ADR		7,152		119,581
Li Ning Co., Ltd.		100,768		544,446
Moncler SpA*		774		38,168
Next, PLC		352		30,407
Nitori Holdings Co., Ltd.		353		75,054
Pan Pacific International Holdings Corp.		2,000		47,189
Raia Drogasil SA		64,359		313,061
Restaurant Brands International, Inc.		3,260		185,690
Shimamura Co., Ltd.		300		30,910
Sundrug Co., Ltd.		13,600		570,120
Swatch Group AG, (The)		9,378		2,309,697
TITAN COMPANY, Ltd.		11,580		211,236
Tsuruha Holdings		18,100		2,654,285
Wal-Mart de Mexico SAB de CV, SP ADR		1,129		29,839
Yum China Holdings, Inc.		1,728		97,425
Zhongsheng Group Holdings Ltd.		7,000		52,631
				8,209,378
Semiconductors — 7.4%
Advanced Micro Devices, Inc.*		10,110		936,793
ASE Technology Holding Co., Ltd. ADR		6,033		32,096
ASML Holding NV		771		334,986
ASML Holding NV, ADR		1,129		494,197
Infineon Technologies AG		16,944		597,799
Mediatek, Inc.		30,962		764,605
Micron Technology, Inc.*		6,162		394,923
NVIDIA Corp.		1,058		567,151
Rohm Co., Ltd.		40		3,326
Samsung Electronic Co., Ltd.		79,941		4,818,904
Samsung Electronic Co., Ltd., GDR		3,102		4,699,189
SK Hynix, Inc.		917		80,805
SUMCO Corp.		34		688
Taiwan Semiconductor Manufacturing Co., Ltd.		169,000		2,876,689
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR		53,464		5,187,077
Tokyo Electron, Ltd.		400		135,942
Tokyo Electron, Ltd., ADR		1,048		88,766
United Microelectronics Corp., SP ADR		36,418		259,660
				22,273,596
Software — 2.1%
Bilibili, Inc., SP ADR*		785		49,345
BlackBerry Ltd.*		10,732		62,997
Dassault Systemes SE, SP ADR		490		90,630
Dassault Systemes SE		475		87,727
Hundsun Technologies, Inc., Class A		9,300		124,820
NetEase, Inc., ADR		13,930		1,258,854
Nexon Co., Ltd.		20,300		612,244
Open Text Corp.		2,121		93,685
Playtech, PLC*		286,011		1,459,933
SAP SE, SP ADR		2,021		244,864
Sea, Ltd., ADR*		3,044		549,046
SimCorp A/S		9,149		1,200,173
Unity Software, Inc.*		3,433		521,747
				6,356,065
Telecommunications — 3.2%
America Movil SAB de CV, Class L, SP ADR		7,257		108,057
BCE, Inc.		5,954		258,165
Belgacom SA		48,548		1,013,561
Chunghwa Telecom Co., Ltd., SP ADR		10,212		388,873
Deutsche Telekom AG, SP ADR		5,690		102,761
Elisa OYJ		619		33,214
GDS Holdings Ltd., ADR*		373		33,581
Hikari Tsushin, Inc.		200		48,006
KDDI Corp.		57,948		1,648,990
Millicom International Cellular SA, SDR		116		4,614
MTN Group, Ltd.		23,254		99,860
NICE Ltd., SP ADR		288		70,191
Nippon Telegraph & Telephone Corp.		2,100		49,666
Nippon Telegraph & Telephone Corp. ADR		984		23,262
Nokia OYJ, SP ADR		12,708		51,213
NTT DOCOMO, Inc., SP ADR		2,092		77,341
NTT DOCOMO, Inc.		2,753		102,388
Orange SA		5,001		63,303
PLDT, Inc., SP ADR		2,630		72,483
Samsung SDI Co., Ltd.		561		270,849
SK Telecom Ltd., SP ADR		6,177		145,221
SoftBank Corp.		7,979		98,308
Softbank Group Corp., ADR		7,968		273,781
Swisscom AG		80		42,335
Tele2 AB, Class B		1,551		20,039
Telefonaktiebolaget LM Ericsson, Class B		359,167		4,409,032
Telefonaktiebolaget LM Ericsson, SP ADR		2,495		30,539
Telefonica SA		9,365		40,911
Telenor ASA, ADR		3,481		59,108
Turkcell Iletisim Hizmetleri AS, ADR		6,168		30,100
Xiaomi Corp., ADR*		4,033		69,085
				9,738,837
Toys/Games/Hobbies — 0.1%
Bandai Namco Holdings, Inc.		800		72,807
Nintendo Co., Ltd.		200		113,476
Nintendo, Ltd., ADR		1,152		81,734
				268,017
Transportation — 0.4%
Aurizon Holdings Ltd.		22,111		68,879
Canadian National Railway Co.		3,433		367,503
Canadian Pacific Railway, Ltd.		211		67,910
Central Japan Railway Co.		218		27,706
Deutsche Post AG, SP ADR		3,012		145,721
DSV PANALPINA A S, ADR		826		64,948
East Japan Railway Co.		900		55,663
Keio Corp.		1,000		70,922
Kyushu Railway Co.		1,100		23,130
Mitsui OSK Lines Ltd.		3,000		78,011
Nagoya Railroad Co., Ltd.		1,000		27,506
Odakyu Electric Railway Co., Ltd.		2,000		60,543
Poste Italiane SpA (a)		3,442		35,368
SG Holdings Co., Ltd.		2,446		73,185
Tokyu Corp.		4,000		48,445
West Japan Railway Co.		475		21,632
ZTO Express Cayman, Inc., ADR		3,209		90,622
				1,327,694
Water — 0.8%
Severn Trent, PLC		1,160		36,660
United Utilities Group, PLC		204,071		2,430,735
				2,467,395
TOTAL COMMON STOCKS
(Cost $228,755,583)				278,215,081
PREFERRED STOCKS - 0.9%
Airlines — 0.1%
Azul SA*		32,963		234,175
Auto Manufacturers — 0.0%
Porsche Auto SE, 4.029%		851		54,049
Banks — 0.1%
Banco Bradesco SA, ADR, 3.863%		36,819		167,158
Bancolombia SA, SP ADR, 4.930%		1,414		43,057
				210,215
Chemicals — 0.3%
Fuchs Petrolub SE, 2.044%		17,783		1,010,773
Cosmetics/Personal Care — 0.3%
LG Household & Health Care, Ltd., 1.589%		1,482		929,865
Electric — 0.0%
Cia Paranaense de Energia, SP ADR, 3.441%*		3,320		42,430
Electronics — 0.0%
Sartorius AG, 0.099%		88		40,124
Semiconductors — 0.1%
Samsung Electronic Co., Ltd., 2.319%		3,734		206,010
TOTAL PREFERRED STOCKS
(Cost $2,358,048)				2,727,641
EXCHANGE TRADED FUNDS - 0.1%
Diversified Financial Services — 0.1%
Ishares MSCI India ETF		10,140		369,907
TOTAL EXCHANGE TRADED FUNDS
(Cost $331,886)				369,907
SHORT-TERM INVESTMENTS - 6.6%
U.S. Bank Money Market Deposit Account, 0.03%(b)		19,918,080		19,918,080
TOTAL SHORT-TERM INVESTMENTS
(Cost $19,918,080)				19,918,080
TOTAL INVESTMENTS - 99.7%
(Cost $251,363,598)				301,230,709
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%				966,543
NET ASSETS - 100.0%			$	302,197,252

*	Non-income producing security.
(a)	Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of November 30, 2020, total market value of Rule 144A securities is $5,865,218 and represents 1.90% of net assets.
(b)	The rate shown is as of November 30, 2020.
ADR	American Depositary Receipt
GDR	Global Depositary Receipt
PLC	Public Limited Company
REIT	Real Estate Investment Trust
SDR	Special Drawing Right
SP ADR	Sponsored ADR
The accompanying notes are an integral part of the financial statements.

AQUARIUS INTERNATIONAL FUND

NOTES TO PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2020 (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 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. 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 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.

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 November 30, 2020, in valuing the Fund's investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
AQUARIUS INTERNATIONAL FUND
Common Stocks	$	278,215,081	$	65,552,022	$	212,663,059	$	–
Exchange-Traded Funds		369,907		369,907		–		–
Preferred Stocks		2,727,641		486,820		2,240,821		–
Short-Term Investments		19,918,080		19,918,080		–		–
Total Investments*	$	301,230,709	$	86,326,829	$	214,903,880	$	–
* Please refer to 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 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended November 30, 2020, the Fund had no Level 3 transfers.

For more information with regard to significant accounting policies, see the most recent semi-annual or annual report filed with the Securities and Exchange Commission.