N-Q

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT
INVESTMENT COMPANY

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)

Salvatore Faia, President

c/o U.S. Bancorp Fund Services, LLC

615 East Michigan Street

Milwaukee, WI 53202

(Name and address of agent for service)

Registrant's telephone number, including area code: (414) 765-5366

Date of fiscal year end: August 31

Date of reporting period: May 31, 2019

Item 1. Schedule of Investments. 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2019
(UNAUDITED)

	COUPON*	MATURITY DATE	PAR (000's)		VALUE
SHORT-TERM INVESTMENTS - 78.2%
U.S. TREASURY OBLIGATIONS - 78.2%
U.S. Treasury Bills	2.541%	06/06/19	$	10,579	$	10,577,114
U.S. Treasury Bills	2.478%	06/20/19		7,438		7,430,088
U.S. Treasury Bills	2.471%	06/27/19		15,088		15,065,569
U.S. Treasury Bills	2.509%	07/05/19		10,028		10,007,532
U.S. Treasury Bills	2.502%	07/11/19		35,813		35,726,516
U.S. Treasury Bills	2.505%	07/25/19		5,798		5,778,835
U.S. Treasury Bills	2.473%	08/01/19		3,227		3,214,901
U.S. Treasury Bills	2.484%	08/08/19		2,846		2,834,065
U.S. Treasury Bills	2.510%	08/15/19		33,352		33,198,141
U.S. Treasury Bills	2.496%	08/22/19		8,633		8,589,068
U.S. Treasury Bills	2.479%	08/29/19		31,577		31,401,483
U.S. Treasury Bills	2.521%	09/05/19		4,237		4,211,457
U.S. Treasury Bills	2.463%	09/19/19		38,675		38,408,868
U.S. Treasury Bills	2.427%	09/26/19		5,100		5,062,509
U.S. Treasury Bills	2.447%	10/03/19		56,792		56,346,452
U.S. Treasury Bills	2.446%	10/10/19		3,054		3,028,952
U.S. Treasury Bills	2.457%	10/17/19		2,438		2,416,840
U.S. Treasury Bills	2.432%	10/24/19		20,302		20,116,774
U.S. Treasury Bills	2.431%	10/31/19		37,488		37,130,433
U.S. Treasury Bills	2.401%	11/07/19		87,792		86,912,355
U.S. Treasury Bills	2.414%	11/14/19		66,310		65,616,981
U.S. Treasury Bills	2.384%	11/21/19		4,462		4,413,359
U.S. Treasury Bills	2.372%	11/29/19		24,661		24,380,660
						511,868,952
TOTAL SHORT-TERM INVESTMENTS
(Cost $511,701,475)						511,868,952
TOTAL PURCHASED OPTIONS - 0.0%**
(Cost $904,419)						168,045
TOTAL INVESTMENTS - 78.2%
(Cost $512,605,894)						512,036,997
OTHER ASSETS IN EXCESS OF LIABILITIES - 21.8%						142,471,988
NET ASSETS - 100.0%					$	654,508,985

* Short-term investments reflect the annualized effective yield on the date of purchase for discounted investments.

** See page 8 for detailed information regarding the Purchased Options.

The accompanying notes are an integral part of the consolidated portfolio of investments.

1 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019
(UNAUDITED)

Futures contracts outstanding as of May 31, 2019 were as follows:

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
10-Year Mini Japanese Government Bond Futures	Jun-19	16	$	1,476,491	$	5,620
3-Month Euro Euribor	Dec-19	413		115,346,374		87,054
3-Month Euro Euribor	Mar-20	432		120,652,866		163,258
3-Month Euro Euribor	Jun-20	221		61,722,878		113,740
3-Month Euro Euribor	Sep-20	195		54,461,363		88,563
3-Month Euro Euribor	Dec-20	9		2,513,601		3,282
3-Month Euro Euribor	Mar-21	9		2,513,601		3,938
3-Month Euro Euribor	Jun-21	21		5,865,070		10,417
3-Month Euro Euribor	Sep-21	45		12,568,007		25,122
3-Month Euro Euribor	Dec-21	11		3,072,179		6,312
3-Month Euro Euribor	Mar-22	10		2,792,890		4,217
90-DAY Bank Bill	Sep-19	18		12,486,560		9,683
90-DAY Bank Bill	Dec-19	81		56,189,518		39,509
90-DAY Bank Bill	Mar-20	620		430,092,609		292,438
90-DAY Bank Bill	Jun-20	52		36,072,283		27,179
90-DAY Bank Bill	Sep-20	61		42,315,563		34,278
90-DAY Bank Bill	Dec-20	43		29,829,004		20,582
90-DAY Eurodollar Futures	Dec-19	1,126		281,500,000		867,125
90-DAY Eurodollar Futures	Mar-20	567		141,750,000		445,613
90-DAY Eurodollar Futures	Jun-20	477		119,250,000		764,425
90-DAY Eurodollar Futures	Sep-20	45		11,250,000		46,363
90-DAY Eurodollar Futures	Dec-20	33		8,250,000		42,588
90-DAY Eurodollar Futures	Mar-21	432		108,000,000		377,425
90-DAY Eurodollar Futures	Jun-21	52		13,000,000		61,713
90-DAY Eurodollar Futures	Sep-21	58		14,500,000		69,013
90-DAY Eurodollar Futures	Dec-21	6		1,500,000		5,238
90-DAY Eurodollar Futures	Mar-22	336		84,000,000		229,725
90-DAY Eurodollar Futures	Jun-22	5		1,250,000		4,788
90-DAY Eurodollar Futures	Sep-22	5		1,250,000		3,825
90-DAY Eurodollar Futures	Dec-22	4		1,000,000		4,025
90-DAY Sterling Futures	Sep-19	30		4,740,954		2,141
90-DAY Sterling Futures	Dec-19	1,249		197,381,729		103,124
90-DAY Sterling Futures	Mar-20	1,290		203,861,033		262,918
90-DAY Sterling Futures	Jun-20	452		71,430,378		151,007
90-DAY Sterling Futures	Sep-20	622		98,295,785		222,754
90-DAY Sterling Futures	Dec-20	136		21,492,326		20,023
90-DAY Sterling Futures	Mar-21	634		100,192,167		155,622
90-DAY Sterling Futures	Jun-21	115		18,173,658		23,009
90-DAY Sterling Futures	Sep-21	98		15,487,117		21,160
90-DAY Sterling Futures	Dec-21	12		1,896,382		4,978
90-DAY Sterling Futures	Mar-22	577		91,184,354		193,083
Amsterdam Index Futures	Jun-19	111		13,399,412		(159,941	)
Australian 10-Year Bond Futures	Jun-19	392		27,192,952		1,229,579
Australian 3-Year Bond Futures	Jun-19	1,234		85,602,303		822,665
Bank Acceptance Futures	Mar-20	1		184,966		351
Brent Crude Futures	Aug-19	87		5,393,130		(893,570	)
Brent Crude Futures	Sep-19	8		489,280		(59,070	)
CAC40 10 Euro Futures	Jun-19	399		23,111,894		(447,968	)
Cocoa Futures - ICE	Jul-19	38		857,544		9,280
Cocoa Futures	Jul-19	11		264,000		(4,500	)
Cocoa Futures	Sep-19	10		240,600		(2,940	)
Cocoa Futures	Dec-19	7		169,260		(1,960	)
Corn Futures	Dec-19	56		1,242,500		3,213
DAX Index Futures	Jun-19	45		14,737,245		(782,666	)
Dollar Index	Jun-19	467		46,700,000		301,811
Euro BUXL 30-Year Bond Futures	Jun-19	34		3,798,331		302,660

The accompanying notes are an integral part of the consolidated portfolio of investments.

2 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019
(UNAUDITED)

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
Euro BUXL 30-Year Bond Futures	Sep-19	9		1,005,441		8,066
Euro STOXX 50	Jun-19	602		22,025,292		(107,694	)
Euro/CHF 3-Month Futures ICE	Dec-19	2		499,376		325
Euro/CHF 3-Month Futures ICE	Mar-20	2		499,376		375
Euro/CHF 3-Month Futures ICE	Jun-20	1		249,688		200
Euro-Bobl Futures	Jun-19	744		83,116,419		788,567
Euro-Bobl Futures	Sep-19	780		87,138,181		46,585
Euro-BTP Futures	Jun-19	327		36,531,007		139,656
Euro-BTP Futures	Sep-19	98		10,948,130		(18,534	)
Euro-Bund Futures	Jun-19	439		49,043,156		1,275,580
Euro-Bund Futures	Sep-19	628		70,157,407		215,745
Euro-Oat Futures	Jun-19	74		8,266,956		216,941
Euro-Oat Futures	Sep-19	203		22,678,270		80,234
Euro-Schatz Futures	Jun-19	817		91,271,659		151,676
Euro-Schatz Futures	Sep-19	7		782,009		240
FTSE 100 Index Futures	Jun-19	420		37,970,872		(640,939	)
FTSE/MIB Index Futures	Jun-19	50		5,528,806		(328,584	)
Gasoline RBOB Futures	Aug-19	41		2,994,902		(197,324	)
Gold 100 Oz Futures	Aug-19	137		17,962,070		36,860
Hang Seng Index Futures	Jun-19	108		18,403,072		(286,082	)
IBEX 35 Index Futures	Jun-19	40		4,010,859		(46,851	)
JPN 10-Year Bond (Osaka Securities Exchange)	Jun-19	110		101,508,790		370,323
LME Aluminum Forward	Jun-19	975		43,326,563		(1,806,158	)
LME Copper Forward	Jun-19	283		41,176,500		(4,060,221	)
LME Lead Forward	Jun-19	11		495,413		(25,988	)
LME Nickel Forward	Jun-19	114		8,193,978		(248,842	)
LME Zinc Forward	Jun-19	59		3,879,250		(321,465	)
LME Zinc Forward	Jul-19	4		257,400		(48,519	)
Long Gilt Futures	Sep-19	726		91,784,874		453,349
Low Sulphur Gasoil G Futures	Jul-19	57		3,291,750		(339,675	)
Low Sulphur Gasoil G Futures	Aug-19	7		404,600		(40,125	)
MSCI EAFE Index Futures	Jun-19	7		636,265		(33,615	)
MSCI Emerging Markets Index Futures	Jun-19	24		1,200,240		(87,545	)
MSCI Singapore Exchange ETS	Jun-19	46		1,168,501		(21,089	)
MSCI Taiwan Index	Jun-19	66		2,507,340		33,305
DJIA Mini E-CBOT	Jun-19	37		4,591,700		(230,140	)
MXN Currency Futures	Jun-19	500		12,755,916		(200,555	)
Nasdaq 100 E-Mini	Jun-19	203		28,962,010		(1,321,492	)
Nikkei 225 (Chicago Mercantile Exchange)	Jun-19	2		204,250		(20,250	)
Nikkei 225 (Osaka Securities Exchange)	Jun-19	13		2,464,080		(202,556	)
Nikkei 225 Mini	Jun-19	168		3,184,349		(166,581	)
NY Harbor Ultra-Low Sulfur Diesel Futures	Aug-19	7		542,459		(64,294	)
OMX Stockholm 30 Index Futures	Jun-19	527		8,387,146		(427,894	)
Russell 2000 E-Mini	Jun-19	26		1,906,450		(110,390	)
S&P 500 E-Mini Futures	Jun-19	69		9,496,470		(736,170	)
S&P Mid 400 E-Mini	Jun-19	7		1,267,140		(90,360	)
S&P/TSX 60 IX Futures	Jun-19	94		13,366,972		(51,659	)
SGX Nifty 50	Jun-19	105		2,504,250		(13,440	)
SPI 200 Futures	Jun-19	99		10,991,606		306,701
U.S. Treasury 10-Year Notes (Chicago Board of Trade)	Sep-19	1,308		133,824,881		2,126,852
U.S. Treasury 2-Year Notes (Chicago Board of Trade)	Sep-19	127		25,755,677		106,281
U.S. Treasury 5-Year Notes (Chicago Board of Trade)	Sep-19	1,637		170,265,686		1,218,235
U.S. Treasury Long Bond (Chicago Board of Trade)	Sep-19	580		75,391,058		2,185,453
U.S. Treasury Ultra Long Bond (Chicago Board of Trade)	Sep-19	78		8,419,888		319,781
USD/NOK Futures	Jun-19	5		500,000		8,690
USD/SEK Futures	Jun-19	3		300,000		6,203
WTI Crude Futures	Jul-19	45		2,407,500		(966,110	)
WTI Crude Futures	Aug-19	61		3,272,040		(358,820	)
					$	1,810,083

The accompanying notes are an integral part of the consolidated portfolio of investments.

3 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019
(UNAUDITED)

SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT			VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
90-DAY Eurodollar Futures	Sep-19	21	$	(5,250,000	)	$	(6,625	)
AUD/USD Currency Futures	Jun-19	853		(59,172,419	)		692,645
CAD Currency Futures	Jun-19	638		(47,203,315	)		457,321
Canadian 10-Year Bond Futures	Sep-19	57		(4,217,224	)		63,806
CHF Currency Futures	Jun-19	238		(29,712,859	)		(400,875	)
Coffee 'C' Futures	Jul-19	259		(10,159,275	)		(807,506	)
Coffee 'C' Futures	Sep-19	54		(2,168,775	)		(185,438	)
Coffee 'C' Futures	Dec-19	32		(1,327,800	)		(105,544	)
Copper Futures	Jul-19	80		(5,280,000	)		103,952
Corn Futures	Jul-19	36		(768,600	)		(417,213	)
Cotton No.2 Futures	Jul-19	180		(6,127,200	)		388,450
Cotton No.2 Futures	Dec-19	19		(637,165	)		5,025
DJIA Mini E-CBOT	Jun-19	37		(4,591,700	)		92,280
EUR Foreign Exchange Currency Futures	Jun-19	1,297		(181,118,944	)		2,212,846
Euro/CHF 3-Month Futures ICE	Sep-19	1		(249,688	)		(75	)
Euro/JPY Futures	Jun-19	113		(15,779,831	)		570,110
FTSE/JSE TOP 40	Jun-19	16		(545,689	)		(9,210	)
Gasoline RBOB Futures	Jul-19	4		(297,595	)		(128,276	)
GBP Currency Futures	Jun-19	743		(58,708,817	)		1,013,231
Hang Seng China Enterprises Index Futures	Jun-19	19		(1,241,857	)		2,385
JPY Currency Futures	Jun-19	26		(2,999,123	)		(531,963	)
Kansas City Hard Red Winter Wheat Futures	Jul-19	200		(4,730,000	)		(404,450	)
Lean Hogs Futures	Jul-19	8		(274,960	)		10,960
Lean Hogs Futures	Aug-19	19		(658,352	)		2,240
Live Cattle Futures	Aug-19	107		(4,411,612	)		143,340
Live Cattle Futures	Oct-19	1		(41,560	)		630
Live Cattle Futures	Dec-19	13		(564,072	)		15,220
LME Aluminum Forward	Jun-19	975		(43,326,563	)		2,209,085
LME Aluminum Forward	Jul-19	67		(2,989,456	)		10,277
LME Aluminum Forward	Aug-19	9		(403,481	)		(88	)
LME Aluminum Forward	Sep-19	528		(23,773,200	)		399,892
LME Copper Forward	Jun-19	283		(41,176,500	)		3,183,036
LME Copper Forward	Jul-19	18		(2,621,925	)		78,434
LME Copper Forward	Sep-19	108		(15,747,750	)		429,478
LME Lead Forward	Jun-19	11		(495,413	)		41,336
LME Lead Forward	Jul-19	7		(316,225	)		12,597
LME Nickel Forward	Jun-19	114		(8,193,978	)		347,481
LME Nickel Forward	Jul-19	7		(503,349	)		3,684
LME Nickel Forward	Sep-19	82		(5,921,220	)		(78,361	)
LME Zinc Forward	Jun-19	59		(3,879,250	)		126,914
LME Zinc Forward	Sep-19	13		(815,588	)		(9,762	)
Natural Gas Futures	Jul-19	454		(11,141,200	)		487,500
Natural Gas Futures	Aug-19	137		(3,370,200	)		143,660
Nikkei 225 (Singapore Exchange)	Jun-19	23		(2,181,885	)		(83,699	)
NY Harbor Ultra-Low Sulfur Diesel Futures	Jul-19	165		(12,753,972	)		710,774
NZD Currency Futures	Jun-19	543		(35,523,165	)		695,175
Platinum Futures	Jul-19	1		(39,710	)		290
Silver Futures	Jul-19	210		(15,295,350	)		173,605
Soybean Futures	Jul-19	313		(13,736,788	)		(284,375	)
Soybean Futures	Nov-19	113		(5,111,838	)		(278,263	)
Soybean Meal Futures	Jul-19	133		(4,273,290	)		(292,200	)
Soybean Oil Futures	Jul-19	61		(1,009,794	)		31,626
Sugar No. 11 (World)	Jul-19	431		(5,840,912	)		(62,765	)
Sugar No. 11 (World)	Oct-19	475		(6,612,760	)		27,742
Sugar No. 11 (World)	Mar-20	37		(552,810	)		(5,253	)
Topix Index Futures	Jun-19	54		(7,504,637	)		172,750
Wheat (Chicago Board of Trade)	Jul-19	200		(5,030,000	)		(599,087	)
Wheat (Chicago Board of Trade)	Sep-19	96		(2,446,800	)		(58,937	)
						$	10,309,812
Total Futures Contracts						$	12,119,895

The accompanying notes are an integral part of the consolidated portfolio of investments.

4 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019
(UNAUDITED)

Forward foreign currency contracts outstanding as of May 31, 2019 were as follows:

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION DATE	COUNTERPARTY	UNREALIZED APPRECIATION/ (DEPRECIATION)
AUD	42,478,249	USD	29,357,728	Jun 03 2019	BOA	$	112,360
AUD	42,497,346	USD	29,469,510	Jun 04 2019	BOA		14,836
AUD	2,069,000	USD	1,447,822	Jun 13 2019	BOA		(11,952	)
AUD	43,635,661	USD	30,877,295	Jun 19 2019	BOA		(588,905	)
AUD	17,433,000	USD	12,209,508	Jun 21 2019	BOA		(108,167	)
AUD	10,254,000	USD	7,121,335	Jun 27 2019	BOA		(2,074	)
BRL	42,355,624	USD	10,789,668	Jun 19 2019	BOA		(14,628	)
BRL	1,608,064	USD	400,000	Sep 18 2019	BOA		5,896
CAD	4,940,469	USD	3,654,518	Jun 03 2019	BOA		1,012
CAD	36,439,000	USD	27,223,241	Jun 13 2019	BOA		(254,527	)
CAD	34,107,878	USD	25,514,396	Jun 19 2019	BOA		(266,816	)
CAD	4,488,000	USD	3,354,863	Jun 21 2019	BOA		(32,541	)
CAD	5,202,000	USD	3,867,293	Jun 27 2019	BOA		(15,788	)
CHF	39,193,384	USD	38,911,878	Jun 03 2019	BOA		243,553
CHF	38,470,489	USD	38,417,473	Jun 04 2019	BOA		19,356
CHF	73,588,200	USD	72,950,048	Jun 13 2019	BOA		639,288
CHF	1,568,000	USD	1,559,390	Jun 21 2019	BOA		9,911
CHF	3,155,000	USD	3,137,685	Jun 27 2019	BOA		21,864
CLP	6,836,830,827	USD	9,841,412	Jun 19 2019	BOA		(208,692	)
CNH	10,151,224	USD	1,500,000	Jun 19 2019	BOA		(36,156	)
COP	21,481,460,400	USD	6,500,000	Jun 19 2019	BOA		(148,431	)
COP	169,970,500	USD	50,000	Sep 18 2019	BOA		0
CZK	83,705,646	EUR	3,250,000	Jun 19 2019	BOA		(16,014	)
EUR	6,380,229	USD	7,103,371	Jun 03 2019	BOA		26,065
EUR	5,067,031	USD	5,655,408	Jun 04 2019	BOA		7,082
EUR	88,552,000	USD	99,344,991	Jun 13 2019	BOA		(309,311	)
EUR	1,950,000	CZK	50,424,471	Jun 19 2019	BOA		911
EUR	8,200,000	HUF	2,646,221,209	Jun 19 2019	BOA		67,182
EUR	10,650,000	NOK	104,024,645	Jun 19 2019	BOA		22,223
EUR	5,750,000	PLN	24,742,352	Jun 19 2019	BOA		(24,812	)
EUR	44,300,000	SEK	471,226,040	Jun 19 2019	BOA		(176,542	)
EUR	42,432,712	USD	48,011,201	Jun 19 2019	BOA		(529,248	)
EUR	23,189,000	USD	26,115,273	Jun 21 2019	BOA		(162,247	)
EUR	1,093,000	JPY	132,406,020	Jun 27 2019	BOA		(678	)
EUR	3,278,000	USD	3,675,169	Jun 27 2019	BOA		(4,463	)
EUR	3,000,000	HUF	976,053,000	Sep 18 2019	BOA		2,364
EUR	1,750,000	NOK	17,182,450	Sep 18 2019	BOA		2,834
EUR	100,000	PLN	431,355	Sep 18 2019	BOA		(138	)
EUR	18,600,000	SEK	198,703,486	Sep 18 2019	BOA		(148,609	)
GBP	36,495,393	USD	46,024,340	Jun 03 2019	BOA		121,874
GBP	38,901,304	USD	49,147,625	Jun 04 2019	BOA		43,117
GBP	6,184,000	USD	8,184,643	Jun 13 2019	BOA		(361,243	)
GBP	27,736,069	USD	36,487,212	Jun 19 2019	BOA		(1,386,628	)
GBP	24,807,000	USD	32,580,478	Jun 21 2019	BOA		(1,183,239	)
GBP	638,000	USD	807,166	Jun 27 2019	BOA		592
HUF	3,388,500,000	USD	12,170,772	Jun 13 2019	BOA		(512,486	)
HUF	2,620,009,702	EUR	8,200,000	Jun 19 2019	BOA		(157,405	)
HUF	2,620,441,745	USD	9,351,158	Jun 19 2019	BOA		(331,325	)
HUF	32,536,154	EUR	100,000	Sep 18 2019	BOA		(75	)
ILS	12,143,725	USD	3,400,000	Jun 19 2019	BOA		(45,853	)
INR	1,541,179,257	USD	21,930,265	Jun 19 2019	BOA		137,759
INR	385,824,914	USD	5,450,000	Sep 18 2019	BOA		20,183
JPY	488,749,410	EUR	4,006,416	Jun 03 2019	BOA		34,358
JPY	723,646,224	USD	6,610,897	Jun 03 2019	BOA		68,471
JPY	1,183,813,541	USD	10,807,989	Jun 04 2019	BOA		119,618
JPY	1,154,647,040	USD	10,657,015	Jun 05 2019	BOA		2,163
JPY	849,800,373	EUR	6,959,000	Jun 06 2019	BOA		67,511
JPY	9,429,900,000	USD	85,863,998	Jun 13 2019	BOA		1,246,993
JPY	6,639,233,496	USD	60,414,275	Jun 19 2019	BOA		949,198
JPY	2,955,437,000	USD	26,889,198	Jun 21 2019	BOA		431,330
JPY	510,020,729	EUR	4,160,000	Jun 27 2019	BOA		58,800
JPY	1,482,818,000	USD	13,608,846	Jun 27 2019	BOA		105,703
KRW	17,088,206,145	USD	14,616,050	Jun 19 2019	BOA		(256,957	)
MXN	653,540,000	USD	33,958,689	Jun 13 2019	BOA		(690,179	)
MXN	419,175,380	USD	21,520,179	Jun 19 2019	BOA		(205,513	)
MXN	104,344,000	USD	5,355,365	Jun 21 2019	BOA		(51,519	)
NOK	2,600,105	USD	297,200	Jun 03 2019	BOA		(67	)
NOK	436,270,000	USD	50,712,142	Jun 13 2019	BOA		(836,836	)
NOK	103,263,416	EUR	10,650,000	Jun 19 2019	BOA		(109,268	)
NOK	135,141,218	USD	15,780,663	Jun 19 2019	BOA		(327,464	)
NOK	3,923,022	EUR	400,000	Sep 18 2019	BOA		(1,152	)
NZD	34,339,000	USD	23,102,251	Jun 13 2019	BOA		(631,194	)
NZD	19,492,479	USD	13,208,723	Jun 19 2019	BOA		(451,255	)

The accompanying notes are an integral part of the consolidated portfolio of investments.

5 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019
(UNAUDITED)

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION DATE	COUNTERPARTY	UNREALIZED APPRECIATION/ (DEPRECIATION)
NZD	9,263,000	USD	6,245,308	Jun 21 2019	BOA		(182,559	)
NZD	1,320,000	USD	863,993	Jun 27 2019	BOA		86
PHP	656,767,858	USD	12,500,000	Jun 19 2019	BOA		72,487
PHP	260,883,263	USD	4,950,000	Sep 18 2019	BOA		11,833
PLN	99,850,000	USD	26,268,840	Jun 13 2019	BOA		(207,400	)
PLN	24,765,659	EUR	5,750,000	Jun 19 2019	BOA		30,897
PLN	69,755,241	USD	18,353,413	Jun 19 2019	BOA		(143,702	)
PLN	11,216,345	EUR	2,600,000	Sep 18 2019	BOA		3,870
RUB	618,978,263	USD	9,464,228	Jun 19 2019	BOA		(27,410	)
RUB	406,639,850	USD	6,150,000	Sep 18 2019	BOA		(29,797	)
SEK	5,464,888	USD	571,105	Jun 03 2019	BOA		5,100
SEK	103,660,000	USD	11,221,330	Jun 13 2019	BOA		(283,102	)
SEK	444,812,722	EUR	42,000,000	Jun 19 2019	BOA		(38,262	)
SEK	125,917,282	USD	13,574,965	Jun 19 2019	BOA		(281,705	)
SEK	8,543,848	EUR	800,000	Sep 18 2019	BOA		6,122
SGD	28,918,053	USD	21,050,198	Jun 04 2019	BOA		1,848
SGD	11,751,882	USD	8,629,265	Jun 19 2019	BOA		(72,218	)
SGD	7,858,000	USD	5,720,091	Jun 27 2019	BOA		2,343
THB	168,533,505	USD	5,300,000	Jun 19 2019	BOA		27,841
TRY	173,335,000	USD	28,495,937	Jun 13 2019	BOA		1,031,624
TRY	12,936,081	USD	2,300,000	Jun 19 2019	BOA		(104,227	)
TRY	628,359	USD	100,000	Sep 18 2019	BOA		942
TWD	153,528,769	USD	4,900,000	Jun 19 2019	BOA		(38,317	)
USD	29,367,241	AUD	42,478,249	Jun 03 2019	BOA		(102,848	)
USD	29,370,825	AUD	42,497,346	Jun 04 2019	BOA		(113,520	)
USD	29,136,384	AUD	42,015,652	Jun 05 2019	BOA		(14,763	)
USD	1,462,928	AUD	2,069,000	Jun 13 2019	BOA		27,059
USD	44,157,450	AUD	62,737,288	Jun 19 2019	BOA		610,235
USD	17,740,150	AUD	25,079,000	Jun 21 2019	BOA		331,240
USD	4,156,487	AUD	6,026,000	Jun 27 2019	BOA		(27,311	)
USD	8,072,571	BRL	31,666,453	Jun 19 2019	BOA		16,798
USD	1,150,000	BRL	4,680,430	Sep 18 2019	BOA		(31,401	)
USD	3,652,878	CAD	4,940,469	Jun 03 2019	BOA		(2,651	)
USD	803,217	CAD	1,085,686	Jun 04 2019	BOA		(118	)
USD	27,036,054	CAD	36,439,000	Jun 13 2019	BOA		67,341
USD	38,030,690	CAD	50,982,363	Jun 19 2019	BOA		292,156
USD	17,394,931	CAD	23,164,000	Jun 21 2019	BOA		247,369
USD	8,865,776	CAD	11,985,000	Jun 27 2019	BOA		(7,789	)
USD	38,906,063	CHF	39,193,384	Jun 03 2019	BOA		(249,368	)
USD	38,198,174	CHF	38,470,489	Jun 04 2019	BOA		(238,655	)
USD	38,420,964	CHF	38,470,489	Jun 05 2019	BOA		(19,459	)
USD	94,747,867	CHF	94,427,200	Jun 13 2019	BOA		319,209
USD	11,585,711	CHF	11,572,000	Jun 21 2019	BOA		4,106
USD	507,355	CHF	507,000	Jun 27 2019	BOA		(376	)
USD	9,726,325	CLP	6,565,376,642	Jun 19 2019	BOA		476,070
USD	7,500,000	CLP	5,278,430,625	Sep 23 2019	BOA		67,949
USD	7,000,000	CNH	47,556,776	Jun 19 2019	BOA		142,137
USD	6,719,525	COP	21,481,460,400	Jun 19 2019	BOA		367,955
USD	4,650,000	COP	15,775,535,100	Sep 18 2019	BOA		9,304
USD	2,642,550	EUR	2,373,813	Jun 03 2019	BOA		(10,011	)
USD	5,642,731	EUR	5,067,031	Jun 04 2019	BOA		(19,759	)
USD	3,972,073	EUR	3,555,895	Jun 05 2019	BOA		(2,018	)
USD	126,011,886	EUR	111,895,000	Jun 13 2019	BOA		869,626
USD	94,112,529	EUR	83,132,204	Jun 19 2019	BOA		1,088,085
USD	31,817,557	EUR	28,027,000	Jun 21 2019	BOA		449,864
USD	6,484,042	EUR	5,794,000	Jun 27 2019	BOA		(4,081	)
USD	46,085,725	GBP	36,495,393	Jun 03 2019	BOA		(60,489	)
USD	49,061,201	GBP	38,901,304	Jun 04 2019	BOA		(129,542	)
USD	48,895,478	GBP	38,699,726	Jun 05 2019	BOA		(42,755	)
USD	8,164,431	GBP	6,184,000	Jun 13 2019	BOA		341,031
USD	54,757,659	GBP	41,987,140	Jun 19 2019	BOA		1,622,043
USD	37,775,288	GBP	29,085,000	Jun 21 2019	BOA		963,553
USD	4,260,989	GBP	3,361,000	Jun 27 2019	BOA		5,699
USD	11,944,537	HUF	3,388,500,000	Jun 13 2019	BOA		286,251
USD	11,057,683	HUF	3,120,867,781	Jun 19 2019	BOA		315,331
USD	4,100,000	ILS	14,762,687	Jun 19 2019	BOA		22,485
USD	13,413,483	INR	941,349,898	Jun 19 2019	BOA		(65,632	)
USD	200,000	INR	14,156,137	Sep 18 2019	BOA		(704	)
USD	11,065,182	JPY	1,212,395,634	Jun 03 2019	BOA		(125,419	)
USD	10,924,537	JPY	1,183,813,541	Jun 04 2019	BOA		(3,070	)
USD	88,740,120	JPY	9,778,900,000	Jun 13 2019	BOA		(1,594,844	)
USD	59,143,240	JPY	6,555,113,455	Jun 19 2019	BOA		(1,442,749	)
USD	34,270,441	JPY	3,785,299,000	Jun 21 2019	BOA		(721,464	)
USD	7,550,160	JPY	825,813,000	Jun 27 2019	BOA		(87,765	)
USD	22,657,790	KRW	25,865,049,179	Jun 19 2019	BOA		923,582
USD	7,300,000	KRW	8,667,074,490	Sep 18 2019	BOA		(8,060	)
USD	19,287,372	MXN	373,080,000	Jun 13 2019	BOA		295,702
USD	13,070,464	MXN	252,839,785	Jun 19 2019	BOA		213,804
USD	1,497,596	MXN	28,759,000	Jun 21 2019	BOA		35,765
USD	296,961	NOK	2,600,105	Jun 03 2019	BOA		(172	)
USD	37,945,316	NOK	331,190,000	Jun 13 2019	BOA		82,977
USD	12,956,467	NOK	112,110,192	Jun 19 2019	BOA		136,833
USD	15,055,138	NZD	22,460,000	Jun 13 2019	BOA		357,565

The accompanying notes are an integral part of the consolidated portfolio of investments.

6 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019
(UNAUDITED)

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION DATE	COUNTERPARTY	UNREALIZED APPRECIATION/ (DEPRECIATION)
USD	22,002,377	NZD	32,639,736	Jun 19 2019	BOA		640,272
USD	11,628,539	NZD	17,276,000	Jun 21 2019	BOA		321,181
USD	2,952,371	NZD	4,536,000	Jun 27 2019	BOA		(16,919	)
USD	12,504,497	PHP	656,767,858	Jun 19 2019	BOA		(67,990	)
USD	23,301,121	PLN	89,100,000	Jun 13 2019	BOA		45,494
USD	9,948,031	PLN	38,070,099	Jun 19 2019	BOA		9,774
USD	9,450,000	RUB	618,978,263	Jun 19 2019	BOA		13,181
USD	571,582	SEK	5,464,888	Jun 03 2019	BOA		(4,623	)
USD	11,090,756	SEK	103,660,000	Jun 13 2019	BOA		152,528
USD	16,838,057	SEK	157,188,006	Jun 19 2019	BOA		243,504
USD	20,943,000	SGD	28,918,053	Jun 04 2019	BOA		(109,046	)
USD	14,336,381	SGD	19,451,061	Jun 19 2019	BOA		173,233
USD	10,608,179	SGD	14,623,000	Jun 27 2019	BOA		(40,733	)
USD	1,600,000	SGD	2,206,600	Sep 18 2019	BOA		(8,807	)
USD	4,500,000	THB	143,624,924	Jun 19 2019	BOA		(40,407	)
USD	21,300,284	TRY	128,740,000	Jun 13 2019	BOA		(630,533	)
USD	2,300,000	TRY	13,718,003	Jun 19 2019	BOA		(28,497	)
USD	700,000	TRY	4,393,700	Sep 18 2019	BOA		(5,820	)
USD	5,160,597	TWD	160,892,752	Jun 19 2019	BOA		65,725
USD	4,800,000	TWD	150,646,280	Sep 18 2019	BOA		2,433
USD	13,966,740	ZAR	202,800,000	Jun 13 2019	BOA		67,155
USD	9,927,408	ZAR	144,590,729	Jun 19 2019	BOA		24,983
USD	1,326,211	ZAR	19,634,000	Jun 27 2019	BOA		(17,070	)
ZAR	196,070,000	USD	13,758,630	Jun 13 2019	BOA		(320,308	)
ZAR	209,409,347	USD	14,686,022	Jun 19 2019	BOA		(344,435	)
ZAR	6,630,000	USD	453,917	Jun 27 2019	BOA		(319	)
Total Forward Foreign Currency Contracts						$	(223,409	)

The accompanying notes are an integral part of the consolidated portfolio of investments.

7 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019
(UNAUDITED)

	PUT/CALL	COUNTERPARTY	NUMBER OF CONTRACTS		NOTIONAL AMOUNT		VALUE
PURCHASED OPTIONS - 0.0%
3-Month Euro Euribor, Expires 12/16/19, Strike Price $99.50	Put	N/A		4,356	EUR	174,884,688	$	-
3-Month Euro Euribor, Expires 3/16/20, Strike Price $99.875	Put	N/A		1,735	EUR	69,660,250		12,114
AUD/USD Currency Futures, Expires 6/7/19, Strike Price $69.00	Put	N/A		555	AUD	55,500,000		61,050
EURO Currency Futures, Expires 7/5/19, Strike Price $1.11	Put	N/A		227	EUR	28,375,000		51,075
IMM Eurodollar Futures, Expires 12/16/19, Strike Price $97.00	Put	N/A		4,125	EUR	161,543,250		25,781
IMM Eurodollar Futures, Expires 8/16/19, Strike Price $97.375	Put	N/A		2,704	EUR	105,661,504		16,900
IMM Eurodollar Futures, Expires 9/16/19, Strike Price $97.375	Put	N/A		180	EUR	7,038,000		1,125
TOTAL PURCHASED OPTIONS (COST $904,419)							$	168,045
WRITTEN OPTIONS - (0.0%)
3-Month Euro Euribor, Expires 12/16/19, Strike Price $99.375	Put	N/A		4,356	EUR	174,884,688	$	-
3-Month Euro Euribor, Expires 3/16/20, Strike Price $99.625	Put	N/A		1,735	EUR	69,660,250		-
IMM Eurodollar Futures, Expires 12/16/19, Strike Price $96.875	Put	N/A		4,125	EUR	161,543,250		(25,781	)
TOTAL WRITTEN OPTIONS (PREMIUMS RECEIVED $259,291)							$	(25,781	)

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	RUB	Russian Ruble
EUR	Euro	SEK	Swedish Krona
FTSE	Financial Times Stock Exchange	SGD	Singapore Dollar
GBP	British Pound	THB	Thai Baht
HUF	Hungarian Forint	TRY	Turkish Lira
IBEX	Index of the Bolsa de Madrid	TSX	Toronto Stock Exchange
ICE	Intercontinental Exchange	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

The accompanying notes are an integral part of the consolidated portfolio of investments.

8 

ABBEY CAPITAL MULTI ASSET FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2019
(UNAUDITED)

	COUPON*	MATURITY DATE	PAR (000's)		VALUE
SHORT-TERM INVESTMENTS - 75.9%
U.S. TREASURY OBLIGATIONS - 75.9%
U.S. Treasury Bills	2.541%	06/06/19	$	1,296	$	1,295,769
U.S. Treasury Bills	2.470%	06/20/19		834		833,113
U.S. Treasury Bills	2.452%	06/27/19		173		172,743
U.S. Treasury Bills	2.508%	07/05/19		380		379,224
U.S. Treasury Bills	2.499%	07/11/19		883		880,868
U.S. Treasury Bills	2.507%	07/18/19		102		101,708
U.S. Treasury Bills	2.470%	08/01/19		242		241,093
U.S. Treasury Bills	2.510%	08/15/19		2,333		2,322,237
U.S. Treasury Bills	2.510%	08/29/19		86		85,522
U.S. Treasury Bills	2.490%	09/19/19		2,618		2,599,985
U.S. Treasury Bills	2.436%	09/26/19		2,040		2,025,003
U.S. Treasury Bills	2.452%	10/10/19		1,138		1,128,667
U.S. Treasury Bills	2.457%	10/17/19		89		88,227
U.S. Treasury Bills	2.437%	10/24/19		1,190		1,179,143
U.S. Treasury Bills	2.431%	10/31/19		203		201,064
U.S. Treasury Bills	2.426%	11/07/19		2,443		2,418,522
U.S. Treasury Bills	2.373%	11/29/19		360		355,908
						16,308,796
TOTAL SHORT-TERM INVESTMENTS
(Cost $16,302,886)						16,308,796
TOTAL INVESTMENTS - 75.9%
(Cost $16,302,886)						16,308,796
OTHER ASSETS IN EXCESS OF LIABILITIES - 24.1%						5,180,921
NET ASSETS - 100.0%					$	21,489,717

* Short-term investments reflect the annualized effective yield on the date of purchase for discounted investments.

The accompanying notes are an integral part of the consolidated portfolio of investments.

9 

ABBEY CAPITAL MULTI ASSET FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2019
(UNAUDITED)

Futures contracts outstanding as of May 31, 2019 were as follows:

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
10-Year Mini Japanese Government Bond Futures	Jun-19	18	$	1,661,053	$	6,072
3-Month Euro Euribor	Dec-19	65		18,153,788		9,566
3-Month Euro Euribor	Mar-20	34		9,495,827		10,641
3-Month Euro Euribor	Sep-20	12		3,351,469		5,544
3-Month Euro Euribor	Jun-21	1		279,289		293
3-Month Euro Euribor	Sep-21	2		558,578		1,005
90-DAY Bank Bill	Sep-19	1		693,698		510
90-DAY Bank Bill	Dec-19	4		2,774,791		1,784
90-DAY Bank Bill	Mar-20	28		19,423,537		13,666
90-DAY Bank Bill	Jun-20	3		2,081,093		2,141
90-DAY Bank Bill	Sep-20	3		2,081,093		2,158
90-DAY Bank Bill	Dec-20	2		1,387,396		1,275
90-DAY Eurodollar Futures	Dec-19	70		17,500,000		52,413
90-DAY Eurodollar Futures	Mar-20	31		7,750,000		27,038
90-DAY Eurodollar Futures	Jun-20	3		750,000		3,150
90-DAY Eurodollar Futures	Sep-20	2		500,000		1,963
90-DAY Eurodollar Futures	Dec-20	2		500,000		3,463
90-DAY Eurodollar Futures	Mar-21	20		5,000,000		18,938
90-DAY Eurodollar Futures	Jun-21	2		500,000		975
90-DAY Eurodollar Futures	Sep-21	3		750,000		3,338
90-DAY Eurodollar Futures	Mar-22	15		3,750,000		10,363
90-DAY Sterling Futures	Sep-19	1		158,032		47
90-DAY Sterling Futures	Dec-19	65		10,272,068		1,896
90-DAY Sterling Futures	Mar-20	64		10,114,036		13,188
90-DAY Sterling Futures	Jun-20	6		948,191		1,035
90-DAY Sterling Futures	Sep-20	38		6,005,209		14,152
90-DAY Sterling Futures	Dec-20	7		1,106,223		901
90-DAY Sterling Futures	Mar-21	30		4,740,954		7,159
90-DAY Sterling Futures	Jun-21	5		790,159		1,083
90-DAY Sterling Futures	Sep-21	4		632,127		877
90-DAY Sterling Futures	Mar-22	26		4,108,827		9,427
Amsterdam Index Futures	Jun-19	4		482,862		(5,501	)
Australian 10-Year Bond Futures	Jun-19	14		971,177		39,256
Australian 3-Year Bond Futures	Jun-19	62		4,300,926		40,845
CAC40 10 Euro Futures	Jun-19	14		810,944		(17,995	)
Canadian 10-Year Bond Futures	Sep-19	8		591,891		10,402
Cocoa Futures	Sep-19	1		24,060		(170	)
Corn Futures	Jul-19	9		192,150		2,075
Corn Futures	Dec-19	3		66,563		(288	)
DAX Index Futures	Jun-19	4		1,309,977		(62,393	)
DJIA Mini E-CBOT	Jun-19	2		248,200		(12,445	)
Dollar Index	Jun-19	27		2,700,000		18,511
Euro BUXL 30-Year Bond Futures	Jun-19	1		111,716		4,111
Euro STOXX 50	Jun-19	11		402,456		3,687
Euro-Bobl Futures	Jun-19	28		3,128,037		33,537
Euro-Bobl Futures	Sep-19	40		4,468,625		3,765
Euro-BTP Futures	Jun-19	1		111,716		223
Euro-BTP Futures	Sep-19	6		670,294		(1,140	)
Euro-Bund Futures	Jun-19	6		670,294		18,791
Euro-Bund Futures	Sep-19	35		3,910,047		12,367
Euro-Oat Futures	Jun-19	2		223,431		3,687
Euro-Oat Futures	Sep-19	9		1,005,441		3,486
Euro-Schatz Futures	Jun-19	33		3,686,615		7,189
FTSE 100 Index Futures	Jun-19	8		723,255		(15,980	)
FTSE/MIB Index Futures	Jun-19	3		331,728		(23,136	)
Gasoline RBOB Futures	Jul-19	3		223,196		(16,775	)
Gasoline RBOB Futures	Aug-19	3		219,139		(10,387	)
Gold 100 Oz Futures	Aug-19	12		1,573,320		7,060
Hang Seng Index Futures	Jun-19	7		1,192,792		(16,576	)
JPN 10-Year Bond (Osaka Securities Exchange)	Jun-19	1		922,807		1,476
JPY Currency Futures	Jun-19	6		692,105		(24,063	)
LME Aluminum Forward	Jun-19	44		1,955,250		(86,444	)
LME Copper Forward	Jun-19	16		2,328,000		(218,885	)
LME Nickel Forward	Jun-19	7		503,139		(20,472	)
Long Gilt Futures	Sep-19	29		3,666,338		13,995
Low Sulphur Gasoil G Futures	Jul-19	1		57,750		(4,825	)
MSCI Emerging Markets Index Futures	Jun-19	1		50,010		(4,620	)
MSCI Singapore Exchange ETS	Jun-19	2		50,804		(983	)
MSCI Taiwan Index	Jun-19	3		113,970		1,530
MXN Currency Futures	Jun-19	25		637,796		(9,945	)
Nasdaq 100 E-Mini	Jun-19	10		1,426,700		(76,462	)
OMX Stockholm 30 Index Futures	Jun-19	28		445,617		(22,457	)
S&P 500 E-Mini Futures	Jun-19	89		12,249,070		(244,045	)
S&P/TSX 60 IX Futures	Jun-19	3		426,606		1,714
SGX Nifty 50	Jun-19	5		119,250		(640	)
SPI 200 Futures	Jun-19	6		666,158		21,192
U.S. Treasury 10-Year Notes (Chicago Board of Trade)	Sep-19	52		5,320,255		73,687
U.S. Treasury 2-Year Notes (Chicago Board of Trade)	Sep-19	4		811,214		3,500
U.S. Treasury 5-Year Notes (Chicago Board of Trade)	Sep-19	65		6,760,696		35,297
U.S. Treasury Long Bond (Chicago Board of Trade)	Sep-19	19		2,469,710		66,859
U.S. Treasury Ultra Long Bond (Chicago Board of Trade)	Sep-19	3		323,839		11,680
WTI Crude Futures	Aug-19	3		160,920		(16,530	)
					$	(247,174	)

The accompanying notes are an integral part of the consolidated portfolio of investments.

10 

ABBEY CAPITAL MULTI ASSET FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019
(UNAUDITED)

SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT			VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
AUD/USD Currency Futures	Jun-19	37	$	(2,566,682	)	$	24,265
Brent Crude Futures	Aug-19	9		(557,910	)		24,550
CAD Currency Futures	Jun-19	34		(2,515,537	)		20,425
CHF Currency Futures	Jun-19	13		(1,622,971	)		(24,888	)
Coffee 'C' Futures	Jul-19	5		(196,125	)		(14,400	)
Coffee 'C' Futures	Sep-19	2		(80,325	)		(4,294	)
Coffee 'C' Futures	Dec-19	2		(82,988	)		(9,319	)
Copper Futures	Jul-19	8		(528,000	)		10,275
Cotton No.2 Futures	Jul-19	7		(238,280	)		20,945
DJIA Mini E-CBOT	Jun-19	2		(248,200	)		2,210
EUR Foreign Exchange Currency Futures	Jun-19	44		(6,144,359	)		44,506
Euro/JPY Futures	Jun-19	6		(837,867	)		32,137
FTSE/JSE TOP 40	Jun-19	1		(34,106	)		(642	)
GBP Currency Futures	Jun-19	39		(3,081,620	)		49,513
Hang Seng China Enterprises Index Futures	Jun-19	1		(65,361	)		274
Kansas City Hard Red Winter Wheat Futures	Jul-19	5		(118,250	)		(11,813	)
Lean Hogs Futures	Jul-19	1		(34,368	)		130
Live Cattle Futures	Aug-19	5		(206,152	)		5,470
Live Cattle Futures	Dec-19	1		(43,388	)		740
LME Aluminum Forward	Jun-19	44		(1,955,250	)		99,409
LME Aluminum Forward	Sep-19	27		(1,215,675	)		21,985
LME Copper Forward	Jun-19	16		(2,328,000	)		173,920
LME Copper Forward	Sep-19	6		(874,875	)		18,936
LME Nickel Forward	Jun-19	7		(503,139	)		24,972
LME Nickel Forward	Sep-19	5		(361,050	)		(4,910	)
Natural Gas Futures	Jul-19	28		(687,100	)		26,130
Natural Gas Futures	Aug-19	8		(196,800	)		9,470
Nikkei 225 (Singapore Exchange)	Jun-19	2		(189,729	)		(5,883	)
NY Harbor Ultra-Low Sulfur Diesel Futures	Jul-19	5		(386,484	)		18,887
NZD Currency Futures	Jun-19	27		(1,766,345	)		33,210
Silver Futures	Jul-19	11		(801,200	)		8,065
Soybean Futures	Jul-19	11		(482,763	)		(17,913	)
Soybean Futures	Nov-19	6		(271,425	)		(14,850	)
Soybean Meal Futures	Jul-19	3		(96,390	)		(8,030	)
Sugar No. 11 (World)	Jul-19	22		(298,144	)		(2,800	)
Sugar No. 11 (World)	Oct-19	21		(292,354	)		2,800
Sugar No. 11 (World)	Mar-20	2		(29,882	)		(134	)
Wheat (Chicago Board of Trade)	Jul-19	7		(176,050	)		(25,282	)
Wheat (Chicago Board of Trade)	Sep-19	6		(152,925	)		(2,550	)
WTI Crude Futures	Jul-19	3		(160,500	)		(10,040	)
						$	515,476
Total Futures Contracts						$	268,302

The accompanying notes are an integral part of the consolidated portfolio of investments.

11 

ABBEY CAPITAL MULTI ASSET FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019
(UNAUDITED)

Forward foreign currency contracts outstanding as of May 31, 2019 were as follows:

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION DATE	COUNTERPARTY	UNREALIZED APPRECIATION/ (DEPRECIATION)
AUD	2,691,254	USD	1,860,195	Jun 03 2019	SOCIETE GENERALE	$	6,914
AUD	2,691,254	USD	1,867,192	Jun 04 2019	SOCIETE GENERALE		(20	)
BRL	391,653	USD	100,000	Jun 19 2019	SOCIETE GENERALE		(366	)
CAD	170,818	USD	126,324	Jun 03 2019	SOCIETE GENERALE		67
CHF	2,510,477	USD	2,492,008	Jun 03 2019	SOCIETE GENERALE		16,038
CHF	2,464,173	USD	2,461,711	Jun 04 2019	SOCIETE GENERALE		306
CLP	314,918,988	USD	450,000	Jun 19 2019	SOCIETE GENERALE		(6,296	)
CNH	335,632	USD	50,000	Jun 19 2019	SOCIETE GENERALE		(1,601	)
COP	998,896,663	USD	300,000	Jun 19 2019	SOCIETE GENERALE		(4,649	)
CZK	2,575,850	EUR	100,000	Jun 19 2019	SOCIETE GENERALE		(480	)
EUR	314,782	USD	350,473	Jun 03 2019	SOCIETE GENERALE		1,273
EUR	252,798	USD	282,207	Jun 04 2019	SOCIETE GENERALE		299
EUR	50,000	CZK	1,293,246	Jun 19 2019	SOCIETE GENERALE		10
EUR	500,000	HUF	161,367,015	Jun 19 2019	SOCIETE GENERALE		4,055
EUR	450,000	NOK	4,395,001	Jun 19 2019	SOCIETE GENERALE		985
EUR	250,000	PLN	1,075,071	Jun 19 2019	SOCIETE GENERALE		(900	)
EUR	1,900,000	SEK	20,244,873	Jun 19 2019	SOCIETE GENERALE		(11,190	)
EUR	200,000	HUF	65,070,200	Sep 18 2019	SOCIETE GENERALE		158
EUR	100,000	NOK	981,854	Sep 18 2019	SOCIETE GENERALE		162
EUR	900,000	SEK	9,619,980	Sep 18 2019	SOCIETE GENERALE		(7,754	)
GBP	2,337,649	USD	2,947,775	Jun 03 2019	SOCIETE GENERALE		8,040
GBP	2,478,845	USD	3,130,781	Jun 04 2019	SOCIETE GENERALE		3,721
HUF	160,180,043	EUR	500,000	Jun 19 2019	SOCIETE GENERALE		(8,141	)
ILS	712,922	USD	200,000	Jun 19 2019	SOCIETE GENERALE		(3,088	)
INR	28,006,016	USD	400,592	Jun 19 2019	SOCIETE GENERALE		424
INR	21,245,836	USD	300,000	Sep 18 2019	SOCIETE GENERALE		1,221
JPY	31,306,240	EUR	256,626	Jun 03 2019	SOCIETE GENERALE		2,201
JPY	42,653,090	USD	389,793	Jun 03 2019	SOCIETE GENERALE		3,902
JPY	73,959,330	USD	675,047	Jun 04 2019	SOCIETE GENERALE		7,660
JPY	73,959,330	USD	681,895	Jun 05 2019	SOCIETE GENERALE		864
KRW	476,404,480	USD	400,000	Jun 19 2019	SOCIETE GENERALE		319
NOK	4,359,122	EUR	450,000	Jun 19 2019	SOCIETE GENERALE		(5,088	)
NOK	489,589	EUR	50,000	Sep 18 2019	SOCIETE GENERALE		(234	)
PHP	28,855,126	USD	550,015	Jun 19 2019	SOCIETE GENERALE		2,358
PHP	13,175,467	USD	250,000	Sep 18 2019	SOCIETE GENERALE		589
PLN	1,075,169	EUR	250,000	Jun 19 2019	SOCIETE GENERALE		926
PLN	647,097	EUR	150,000	Sep 18 2019	SOCIETE GENERALE		223
RUB	22,884,535	USD	350,322	Jun 19 2019	SOCIETE GENERALE		(1,429	)
RUB	19,836,450	USD	300,000	Sep 18 2019	SOCIETE GENERALE		(1,448	)
SEK	18,034,571	EUR	1,700,000	Jun 19 2019	SOCIETE GENERALE		1,644
SGD	272,875	USD	200,000	Jun 19 2019	SOCIETE GENERALE		(1,308	)
THB	9,525,506	USD	300,000	Jun 19 2019	SOCIETE GENERALE		1,129
TRY	561,828	USD	100,000	Jun 19 2019	SOCIETE GENERALE		(4,635	)
TWD	6,290,970	USD	200,000	Jun 19 2019	SOCIETE GENERALE		(788	)
USD	1,860,889	AUD	2,691,254	Jun 03 2019	SOCIETE GENERALE		(6,219	)
USD	1,860,246	AUD	2,691,254	Jun 04 2019	SOCIETE GENERALE		(6,926	)
USD	1,867,243	AUD	2,691,254	Jun 05 2019	SOCIETE GENERALE		7
USD	101,788	BRL	391,653	Jun 19 2019	SOCIETE GENERALE		2,153
USD	50,000	BRL	203,497	Sep 18 2019	SOCIETE GENERALE		(1,365	)
USD	126,457	CAD	170,818	Jun 03 2019	SOCIETE GENERALE		66
USD	51,384	CAD	69,542	Jun 04 2019	SOCIETE GENERALE		(72	)
USD	2,490,800	CHF	2,510,477	Jun 03 2019	SOCIETE GENERALE		(17,246	)
USD	2,446,298	CHF	2,464,173	Jun 04 2019	SOCIETE GENERALE		(15,719	)
USD	2,461,938	CHF	2,464,173	Jun 05 2019	SOCIETE GENERALE		(310	)
USD	464,799	CLP	314,918,987	Jun 19 2019	SOCIETE GENERALE		21,095
USD	400,000	CLP	281,593,100	Sep 23 2019	SOCIETE GENERALE		3,516
USD	350,000	CNH	2,375,885	Jun 19 2019	SOCIETE GENERALE		7,389
USD	310,293	COP	998,896,662	Jun 19 2019	SOCIETE GENERALE		14,942
USD	250,000	COP	848,672,125	Sep 18 2019	SOCIETE GENERALE		346
USD	64,784	EUR	58,156	Jun 03 2019	SOCIETE GENERALE		(202	)
USD	281,514	EUR	252,798	Jun 04 2019	SOCIETE GENERALE		(992	)
USD	254,370	EUR	227,769	Jun 05 2019	SOCIETE GENERALE		(186	)
USD	2,952,883	GBP	2,337,649	Jun 03 2019	SOCIETE GENERALE		(2,932	)
USD	3,126,065	GBP	2,478,845	Jun 04 2019	SOCIETE GENERALE		(8,437	)
USD	3,130,932	GBP	2,478,845	Jun 05 2019	SOCIETE GENERALE		(3,723	)
USD	200,000	ILS	718,006	Jun 19 2019	SOCIETE GENERALE		1,684
USD	400,000	INR	28,006,016	Jun 19 2019	SOCIETE GENERALE		(1,016	)
USD	674,996	JPY	73,959,330	Jun 03 2019	SOCIETE GENERALE		(7,660	)
USD	681,841	JPY	73,959,330	Jun 04 2019	SOCIETE GENERALE		(866	)
USD	410,239	KRW	476,404,480	Jun 19 2019	SOCIETE GENERALE		9,920
USD	400,000	KRW	474,916,520	Sep 18 2019	SOCIETE GENERALE		(449	)
USD	550,000	PHP	28,855,126	Jun 19 2019	SOCIETE GENERALE		(2,373	)
USD	350,000	RUB	22,884,535	Jun 19 2019	SOCIETE GENERALE		1,107
USD	200,000	SGD	272,792	Jun 19 2019	SOCIETE GENERALE		1,368
USD	100,000	SGD	137,926	Sep 18 2019	SOCIETE GENERALE		(560	)
USD	250,000	THB	7,981,161	Jun 19 2019	SOCIETE GENERALE		(2,308	)
USD	100,000	TRY	612,002	Jun 19 2019	SOCIETE GENERALE		(3,881	)
USD	201,368	TWD	6,290,970	Jun 19 2019	SOCIETE GENERALE		2,156
USD	250,000	TWD	7,845,060	Sep 18 2019	SOCIETE GENERALE		162
USD	150,000	ZAR	2,177,175	Jun 19 2019	SOCIETE GENERALE		894
ZAR	3,532,105	USD	250,000	Jun 19 2019	SOCIETE GENERALE		(8,101	)
Total Forward Foreign Currency Contracts						$	(18,665	)

The accompanying notes are an integral part of the consolidated portfolio of investments.

12 

ABBEY CAPITAL MULTI ASSET FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019
(UNAUDITED)

AUD	Australian Dollar	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	Deutscher Aktienindex	RBOB	Reformulated Blendstock for Oxygenate Blending
DJIA	Dow Jones Industrial Average	RUB	Russian Ruble
EUR	Euro	SEK	Swedish Krona
FTSE	Financial Times Stock Exchange	SGD	Singapore Dollar
GBP	British Pound	THB	Thai Baht
HUF	Hungarian Forint	TRY	Turkish Lira
ILS	Israeli New Shekel	TWD	Taiwan Dollar
INR	Indian Rupee	USD	United States Dollar
JSE	Johannesburg Stock Exchange	WTI	West Texas Intermediate
JPY	Japanese Yen	ZAR	South African Rand

The accompanying notes are an integral part of the consolidated portfolio of investments.

13 

ABBEY CAPITAL LIMITED

NOTES TO CONSOLIDATED PORTFOLIOS OF INVESTMENTS

MAY 31, 2019
(UNAUDITED)

CONSOLIDATION OF SUBSIDIARIES – The Abbey Capital Futures Strategy Fund (the "ACFSF") seeks to achieve its investment objective by allocating its assets between a “Managed Futures” strategy and a “Fixed Income” strategy. The Managed Futures strategy is achieved by the ACFSF 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 laws of the Cayman Islands. Effective on or about October 1, 2018, the ACFSF's previous wholly-owned subsidiary, the Abbey Capital Offshore Fund Limited became a wholly-owned subsidiary of the Cayman Subsidiary through a share exchange between the ACFSF and the Cayman Subsidiary and registered as a segregated portfolio company under the laws of the Cayman Islands under the name Abbey Capital Offshore Fund SPC (the “SPC”). The Cayman Subsidiary serves solely as an intermediate entity through which the ACFSF invests in the SPC and makes no independent investment decisions and has no investment or other discretion over the Fund’s investable assets. The ACFSF may also invest up to 25% of its assets in segregated series of another wholly-owned subsidiary of the Fund, the Abbey Capital Onshore Series LLC (the “Onshore Subsidiary”), which was formed on August 16, 2018.

The consolidated financial statements of the ACFSF include the financial statements of the Cayman Subsidiary, the Onshore Subsidiary and SPC. The ACFSF consolidates the results of subsidiaries in which the Fund holds a controlling financial interest (greater than 50%). All inter-company accounts and transactions have been eliminated. As of May 31, 2019, the net assets of the Cayman Subsidiary and SPC were $139,889,466, which represented 21.37% of the ACFSF's net assets. As of May 31, 2019, the net assets of the Onshore Subsidiary were $134,984,110, which represented 20.62% of the ACFSF's net assets.

The Abbey Capital Mulit-Asset Fund (the "ACMAF") 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 Managed Futures strategy will be achieved by the ACMAF investing up to 25% of its total assets in Abbey Capital Multi Asset Offshore Fund Limited (the "Subsidiary"), a wholly-owned and controlled subsidiary of the ACMAF organized under the laws of the Cayman Islands. The consolidated financial statements of the ACMAF include the financial statements of the Subsidiary. The ACMAF consolidates the results of subsidiaries in which the ACMAF holds a controlling financial interest (greater than 50%). All inter-company accounts and transactions have been eliminated. As of May 31, 2019, the net assets of the Subsidiary were $4,525,922 which represented 21.06% of the ACMAF's net assets.

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. 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 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 in accordance with procedures adopted by the Company’s Board of 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.

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 Fund’s own assumptions in determining the fair value of investments).

The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

14 

ABBEY CAPITAL LIMITED

NOTES TO CONSOLIDATED PORTFOLIOS OF INVESTMENTS (CONTINUED)

MAY 31, 2019
(UNAUDITED)

The following is a summary of the inputs used, as of May 31, 2019, in valuing the Funds' investments carried at fair value:

ABBEY CAPITAL FUTURES STRATEGY FUND

ASSETS	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Short-Term Investments	$	511,868,952	$	511,868,952	$	-	$	-
Commodity Contracts
Futures Contracts		9,136,581		9,136,581		-		-
Equity Contracts
Futures Contracts		515,141		515,141		-		-
Foreign Currency Contracts
Forward Foreign Currency Contracts		18,547,987		-		18,547,987		-
Futures Contracts		5,958,032		5,958,032		-		-
Purchased Options		61,050		61,050		-		-
Interest Rate Contracts
Futures Contracts		17,140,402		17,140,402		-		-
Purchased Options		106,995		106,995		-		-
Total Assets	$	563,335,140	$	544,787,153	$	18,547,987	$	-

LIABILITIES	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Commodity Contracts
Futures Contracts	$	(13,157,099	)	$	(13,157,099	)	$	-		$	-
Equity Contracts
Futures Contracts		(6,314,535	)		(6,314,535	)		-			-
Foreign Currency Contracts
Forward Foreign Currency Contracts		(18,771,396	)		-			(18,771,396	)		-
Futures Contracts		(1,133,393	)		(1,133,393	)		-			-
Interest Rate Contracts
Futures Contracts		(25,234	)		(25,234	)		-			-
Written Options		(25,781	)		(25,781	)		-			-
Total Liabilities	$	(39,427,438	)	$	(20,656,042	)	$	(18,771,396	)	$	-

ABBEY CAPITAL MULTI ASSET FUND

ASSETS	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Short-Term Investments	$	16,308,796	$	16,308,796	$	-	$	-
Commodity Contracts
Futures Contracts		475,819		475,819		-		-
Equity Contracts
Futures Contracts		30,607		30,607		-		-
Foreign Currency Contracts
Forward Foreign Currency Contracts		132,293		-		132,293		-
Futures Contracts		222,567		222,567		-		-
Interest Rate Contracts
Futures Contracts		610,214		610,214		-		-
Total Assets	$	17,780,296	$	17,648,003	$	132,293	$	-

LIABILITIES	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Commodity Contracts
Futures Contracts	$	(501,111	)	$	(501,111	)	$	-		$	-
Equity Contracts
Futures Contracts		(509,758	)		(509,758	)		-			-
Foreign Currency Contracts
Forward Foreign Currency Contracts		(150,958	)		-			(150,958	)		-
Futures Contracts		(58,896	)		(58,896	)		-			-
Interest Rate Contracts
Futures Contracts		(1,140	)		(1,140	)		-			-
Total Liabilities	$	(1,221,863	)	$	(1,070,905	)	$	(150,958	)	$	-

15 

ABBEY CAPITAL LIMITED

NOTES TO CONSOLIDATED PORTFOLIOS OF INVESTMENTS (CONTINUED)

MAY 31, 2019
(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 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.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Funds 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 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 May 31, 2019, the Funds had no Level 3 Transfers

16 

ABBEY CAPITAL LIMITED

NOTES TO CONSOLIDATED PORTFOLIOS OF INVESTMENTS (CONTINUED)

MAY 31, 2019
(UNAUDITED)

DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The following tables list the fair values of the Funds' derivative holdings as of May 31, 2019, grouped by contract type and risk exposure category.

ABBEY CAPITAL FUTURES STRATEGY FUND

DERIVATIVE TYPE	EQUITY CONTRACTS			INTEREST RATE CONTRACTS			FOREIGN CURRENCY CONTRACTS			COMMODITY CONTRACTS			TOTAL
Asset Derivatives
Purchased Options	$	-		$	106,995		$	61,050		$	-		$	168,045
Forward Contracts*		-			-			18,547,987			-			18,547,987
Futures Contracts*		515,141			17,140,402			5,958,032			9,136,581			32,750,156
Total Value- Assets	$	515,141		$	17,247,397		$	24,567,069		$	9,136,581		$	51,466,188
Liability Derivatives
Written Options	$	-		$	(25,781	)	$	-		$	-		$	(25,781	)
Forward Contracts*		-			-			(18,771,396	)		-			(18,771,396	)
Futures Contracts*		(6,314,535	)		(25,234	)		(1,133,393	)		(13,157,099	)		(20,630,261	)
Total Value- Liabilities	$	(6,314,535	)	$	(51,015	)	$	(19,904,789	)	$	(13,157,099	)	$	(39,427,438	)

* This amount represents the cumulative appreciation/(depreciation) of forwards and futures contracts as reported on the Consolidated Portfolio of Investments.

ABBEY CAPITAL MULTI ASSET FUND

DERIVATIVE TYPE	EQUITY CONTRACTS			INTEREST RATE CONTRACTS			FOREIGN CURRENCY CONTRACTS			COMMODITY CONTRACTS			TOTAL
Asset Derivatives
Forward Contracts*	$	-		$	-		$	673,224		$	-		$	673,224
Futures Contracts*		30,607			610,214			222,567			475,819			1,339,207
Total Value- Assets	$	30,607		$	610,214		$	895,791		$	475,819		$	2,012,431
Liability Derivatives
Forward Contracts*	$	-		$	-		$	(157,748	)	$	-		$	(157,748	)
Futures Contracts*		(509,758	)		(1,140	)		(58,896	)		(501,111	)		(1,070,905	)
Total Value- Liabilities	$	(509,758	)	$	(1,140	)	$	(216,644	)	$	(501,111	)	$	(1,228,653	)

* This amount represents the cumulative appreciation/(depreciation) of forwards and futures contracts as reported on the Consolidated Portfolio of Investments.

For the period ended May 31, 2019, the Funds' average volume of derivatives was as follows:

ABBEY CAPITAL FUTURES STRATEGY FUND

PURCHASED OPTIONS (COST)		WRITTEN OPTIONS (PROCEEDS)			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)
$	990,634	$	(551,790	)	$	3,948,535,621	$	(2,203,477,011	)	$	(2,564,450,147	)	$	2,563,838,200

ABBEY CAPITAL MULTI ASSET FUND

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)
$	137,294,792	$	(39,925,363	)	$	(50,453,360	)	$	50,439,568

17 

ABBEY CAPITAL LIMITED

NOTES TO CONSOLIDATED PORTFOLIOS OF INVESTMENTS (CONTINUED)

MAY 31, 2019
(UNAUDITED)

PURCHASED OPTIONS — Each Fund is subject to equity and other risk exposure in the normal course of pursuing its investment objectives. This transaction is used to hedge against changes in interest rates, foreign exchange rates and values of equities. An option contract is a commitment that gives the purchaser of the contract the right, but not the obligation, to buy or sell an underlying asset at a specific price on or before a specified future date. The risk associated with purchasing an option is that the Funds pays a premium whether or not the option is exercised. Additionally, the Funds bear 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 — Each Fund is subject to equity and other risk exposure in the normal course of pursuing its investment objectives and may enter into options written to hedge against changes in interest rates, foreign exchange rates and values of equities. Such options may relate to particular securities or domestic stock indices, and may or may not be listed on a domestic securities exchange or issued by the Options Clearing Corporation. An option contract is a commitment that gives the purchaser of the contract the right, but not the obligation, to buy or sell an underlying asset at a specific price on or before a specified future date. On the other hand, the writer of an option contract is obligated, upon the exercise of the option, to buy or sell an underlying asset at a specific price on or before a specified future date. 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 over-the-counter (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. The Funds' maximum risk of loss from counterparty credit risk related to OTC option contracts is limited to the premium paid.

FUTURES CONTRACTS — Each Fund is subject to equity and other risk exposure in the normal course of pursuing its investment objectives. Each Fund may use futures contracts for hedging or speculative purposes consistent with its investment objective. Upon entering into a futures contract, the Funds 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 Funds 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 a “variation margin” and is recorded by the Funds as an unrealized gain or loss. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and the Funds' 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 Funds to risk of loss in excess of the amount shown on the Statement of Assets and Liabilities, up to the notional value of the futures contract. Use of short futures contracts subjects the Funds to unlimited risk of loss.

FORWARD FOREIGN CURRENCY CONTRACTS — In the normal course of pursuing its investment objectives, the Funds are subject to foreign investment and currency risk. The Funds may enter into 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 Funds' investment goal. These contracts are marked-to-market daily at the applicable translation rates. The Funds record 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. A 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 a Fund and the counterparty is in place and to the extent a Fund obtains collateral to cover the Fund’s exposure to the counterparty.

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.

18 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
COMMON STOCKS - 93.8%
Advertising — 0.3%
Telaria, Inc.*		94,883	$	711,623
Trade Desk, Inc., (The), Class A*		1,115		221,673
				933,296
Aerospace/Defense — 0.9%
Aerovironment, Inc.*		1,433		92,787
Cubic Corp.		25,717		1,450,953
Kaman Corp.		2,787		154,985
Kratos Defense & Security Solutions, Inc.*		29,221		644,323
Moog, Inc., Class A		1,762		145,224
National Presto Industries, Inc.		728		71,264
Triumph Group, Inc.		6,355		123,223
				2,682,759
Agriculture — 0.4%
Andersons, Inc., (The)		3,403		92,459
Darling Ingredients, Inc.*		8,943		169,023
Turning Point Brands, Inc.		9,755		480,239
Universal Corp.		1,451		82,010
Village Farms International, Inc.*		23,776		287,690
				1,111,421
Airlines — 0.6%
Allegiant Travel Co.		645		90,371
Controladora Vuela Cia de Aviacion SAB de CV, ADR*		59,293		499,840
Mesa Air Group, Inc.*		40,202		366,642
SkyWest, Inc.		8,137		477,805
Spirit Airlines, Inc.*		8,495		391,449
				1,826,107
Apparel — 0.5%
Canada Goose Holdings, Inc.*		6,421		216,067
Crocs, Inc.*		14,635		282,748
Lakeland Industries, Inc.*		23,773		290,031
Oxford Industries, Inc.		1,483		105,649
Skechers U.S.A., Inc., Class A*		3,666		102,391
Steven Madden Ltd.		4,833		146,246
Wolverine World Wide, Inc.		5,464		152,664
				1,295,796
Auto Parts & Equipment — 1.1%
American Axle & Manufacturing Holdings, Inc.*		17,188		173,771
Cooper-Standard Holdings, Inc.*		2,204		85,207
Dorman Products, Inc.*		1,213		99,054
Gentherm, Inc.*		3,355		125,410
Motorcar Parts of America, Inc.*		35,244		624,171
Spartan Motors, Inc.		115,354		995,505
Standard Motor Products, Inc.		783		33,183
Unique Fabricating, Inc.		92,570		268,453
Wabash National Corp.		3,983		53,810
Westport Fuel Systems, Inc.*		265,556		727,623
				3,186,187
Banks — 7.1%
American River Bankshares		49,250		615,625
Atlantic Capital Bancshares, Inc.*		27,782		454,514
Bank of Commerce Holdings		67,500		695,250
Banner Corp.		1,722		86,892
Baycom Corp.*		10,738		234,733
Boston Private Financial Holdings, Inc.		20,682		211,991
Capital Bancorp, Inc.*		29,840		358,080
Central Pacific Financial Corp.		4,068		113,050
City Holding Co.		4,208		307,394
Civista Bancshares, Inc.		16,700		362,390
Community Bank System, Inc.		1,997		123,435
Customers Bancorp, Inc.*		2,702		53,283
CVB Financial Corp.		8,715		179,093

The accompanying notes are an integral part of the portfolio of investments.

19 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Esquire Financial Holdings, Inc.*		58,196		1,326,869
Farmers National Bancorp		42,530		572,029
Fidelity Southern Corp.		2,431		68,481
First BanCorp		46,257		460,720
First Bancshares, Inc., (The)		14,310		426,438
First Business Financial Services, Inc.		26,040		595,795
First Citizens BancShares, Inc., Class A		1,104		463,790
First Commonwealth Financial Corp.		13,475		169,381
First Financial Bancorp		7,350		164,052
First Financial Bankshares, Inc.		6,581		372,879
First Merchants Corp.		12,531		416,656
First Northwest Bancorp		28,890		463,973
Glacier Bancorp, Inc.		3,879		152,871
Hanmi Financial Corp.		1,298		26,765
Heritage Commerce Corp.		41,929		499,374
Heritage Financial Corp.		1,375		38,638
Home BancShares, Inc.		9,066		158,836
Hope Bancorp, Inc.		5,286		68,031
Horizon Bancorp		39,607		614,305
Independent Bank Corp.		1,226		85,023
LCNB Corp.		32,790		556,446
LegacyTexas Financial Group, Inc.		2,712		98,988
Metropolitan Bank Holding Corp.*		16,340		649,188
Midland States Bancorp, Inc.		23,260		569,870
National Bank Holdings Corp. Class A		1,305		45,792
Northeast Bank		44,280		914,825
Northrim BanCorp, Inc.		13,490		450,971
OFG Bancorp		25,128		471,904
OP Bancorp		42,770		409,309
Opus Bank		5,756		115,523
Orrstown Financial Services, Inc.		16,480		350,035
Pacific City Financial Corp.		24,870		424,531
Parke Bancorp, Inc.		25,192		511,398
Premier Financial Bancorp, Inc.		45,635		712,362
S&T Bancorp, Inc.		1,199		45,202
Southside Bancshares, Inc.		7,767		252,971
Summit Financial Group, Inc.		22,903		566,849
Texas Capital Bancshares, Inc.*		1,396		79,991
Tompkins Financial Corp.		1,925		152,133
Triumph Bancorp, Inc.*		1,886		52,940
TrustCo Bank Corp.		21,550		159,039
UMB Financial Corp.		3,746		231,278
United Bankshares, Inc.		2,242		80,219
United Community Banks, Inc.		21,044		557,876
Walker & Dunlop, Inc.		2,381		119,693
West Bancorporation, Inc.		27,780		577,824
Westamerica Bancorp		2,698		161,583
				20,259,376
Beverages — 0.6%
Celsius Holdings, Inc.*		232,809		931,236
Farmer Brothers Co.*		21,549		394,778
Youngevity International, Inc.*		50,679		280,255
				1,606,269
Biotechnology — 3.2%
Acer Therapeutics, Inc.*		13,967		249,870
Acorda Therapeutics, Inc.*		6,470		60,106
Allakos, Inc.*		9,325		365,540
AMAG Pharmaceuticals, Inc.*		6,969		66,415
ANI Pharmaceuticals, Inc.*		2,019		140,644
Argenx SE, ADR*		8,269		1,022,296
Biohaven Pharmaceutical Holding Co. Ltd.*		7,265		410,182
Calyxt, Inc.*		10,196		129,489
Champions Oncology, Inc.*		90,026		842,643
ChromaDex Corp.*		78,373		311,925
Emergent BioSolutions, Inc.*		9,702		387,304
Five Prime Therapeutics, Inc.*		15,164		127,378
Guardant Health, Inc.*		6,505		500,104
Innoviva, Inc.*		9,226		126,119
Kindred Biosciences, Inc.*		22,208		176,331

The accompanying notes are an integral part of the portfolio of investments.

20 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Ligand Pharmaceuticals, Inc.*		1,187		127,460
Medicines Co., (The)*		3,613		128,803
Myriad Genetics, Inc.*		1,683		41,688
NeoGenomics, Inc.*		39,983		868,031
Orchard Therapeutics PLC, ADR*		20,932		395,824
Pieris Pharmaceuticals, Inc.*		61,877		256,171
REGENXBIO, Inc.*		6,930		298,129
Rigel Pharmaceuticals, Inc.*		63,330		134,893
Twist Bioscience Corp.*		12,596		325,103
Veracyte, Inc.*		21,382		484,516
Vericel Corp.*		48,564		760,027
Y-mAbs Therapeutics, Inc.*		9,711		197,813
Zymeworks, Inc.*		12,750		242,377
				9,177,181
Building Materials — 1.1%
AAON, Inc.		2,783		126,320
American Woodmark Corp.*		1,043		75,607
Armstrong Flooring, Inc.*		22,975		242,156
Armstrong World Industries, Inc.		15,905		1,410,774
Boise Cascade Co.		3,571		79,276
Gibraltar Industries, Inc.*		4,141		147,834
Patrick Industries, Inc.*		3,524		143,744
Simpson Manufacturing Co., Inc.		2,069		125,878
SPX Corp.*		4,521		134,455
Trex Co., Inc.*		7,166		428,670
Universal Forest Products, Inc.		8,103		261,322
				3,176,036
Chemicals — 1.5%
AdvanSix, Inc.*		3,845		93,741
Balchem Corp.		1,142		103,568
Chemours Co., (The)		9,276		195,631
Codexis, Inc.*		38,429		695,565
HB Fuller Co.		4,743		187,016
Ingevity Corp.*		2,186		191,712
Innophos Holdings, Inc.		1,256		33,397
Innospec, Inc.		1,121		90,476
Koppers Holdings, Inc.*		5,436		144,924
Kraton Corp.*		4,379		107,154
Landec Corp.*		64,793		642,747
Materion Corp.		9,512		575,000
Northern Technologies International Corp.		16,810		419,410
Rogers Corp.*		3,886		536,229
Stepan Co.		2,701		229,207
				4,245,777
Coal — 0.0%
SunCoke Energy, Inc.*		4,934		36,216
Commercial Services — 5.8%
ABM Industries, Inc.		2,589		93,851
Acacia Research Corp.*		133,010		414,991
AMN Healthcare Services, Inc.*		3,294		159,561
ARC Document Solutions, Inc.*		166,370		332,740
ASGN, Inc.*		3,035		153,966
Barrett Business Services, Inc.		22,059		1,588,689
BG Staffing, Inc.		41,870		712,627
Brink's Co., (The)		4,054		312,158
CAI International, Inc.*		35,550		800,586
Care.com, Inc.*		32,234		460,624
Career Education Corp.*		15,838		297,279
CRA International, Inc.		12,570		470,621
Edison Nation, Inc.*		61,118		213,302
Everi Holdings, Inc.*		40,797		454,479
Green Dot Corp., Class A*		4,948		229,637
HealthEquity, Inc.*		7,804		510,070
Heidrick & Struggles International, Inc.		2,376		72,135
HMS Holdings Corp.*		9,256		281,660
I3 Verticals, Inc., Class A*		27,010		690,646
ICF International, Inc.		4,052		295,350
Insperity, Inc.		2,292		261,059
K12, Inc.*		25,267		772,412

The accompanying notes are an integral part of the portfolio of investments.

21 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Kelly Services, Inc., Class A		19,482		457,827
Korn/Ferry International		4,210		181,367
MarketAxess Holdings, Inc.		1,896		564,667
Matthews International Corp., Class A		1,256		42,742
Medifast, Inc.		1,970		254,032
Monro Muffler Brake, Inc.		1,316		104,898
Navigant Consulting, Inc.		3,071		67,562
Resources Connection, Inc.		45,101		692,300
Rosetta Stone, Inc.*		50,347		1,241,557
ShotSpotter, Inc.*		8,776		403,696
SP Plus Corp.*		13,285		412,234
Strategic Education, Inc.		2,810		494,532
Team, Inc.*		5,510		80,005
TechTarget, Inc.*		12,887		243,564
Viad Corp.		22,366		1,405,479
Willdan Group, Inc.*		12,592		391,863
				16,616,768
Computers — 4.7%
3D Systems Corp.*		7,350		59,462
Agilysys, Inc.*		27,803		606,105
CACI International, Inc., Class A*		1,145		233,030
Computer Services, Inc.		32,318		1,195,766
Conduent, Inc.*		59,331		528,046
Cray, Inc.*		2,699		94,492
Elastic NV*		5,426		445,203
Endava PLC, SP ADR*		32,891		1,231,439
ExlService Holdings, Inc.*		1,497		88,712
Globant S.A.*		5,258		488,153
Icad, Inc.*		32,846		204,959
Insight Enterprises, Inc.*		2,176		112,021
Kornit Digital Ltd.*		10,489		297,573
MAXIMUS, Inc.		1,853		132,026
Mercury Systems, Inc.*		20,714		1,424,295
Mitek Systems, Inc.*		114,020		1,163,004
NCR Corp.*		29,822		912,553
OneSpan, Inc.*		25,511		355,878
PAR Technology Corp.*		21,485		603,943
PlayAGS, Inc.*		6,599		126,305
Rapid7, Inc.*		6,526		340,984
Science Applications International Corp.		1,681		129,000
Sykes Enterprises, Inc.*		16,287		403,266
TTEC Holdings, Inc.		3,501		138,920
Tufin Software Technologies Ltd.*		19,045		428,513
Virtusa Corp.*		18,650		790,760
Vocera Communications, Inc.*		13,412		434,012
WNS Holdings Ltd., ADR*		8,338		461,425
				13,429,845
Cosmetics/Personal Care — 0.2%
Avon Products, Inc.*		12,748		47,933
elf Beauty, Inc.*		27,010		275,232
Inter Parfums, Inc.		2,289		148,281
				471,446
Distribution/Wholesale — 0.9%
Anixter International, Inc.*		1,549		82,655
Educational Development Corp.		32,351		239,074
EVI Industries, Inc.		12,357		450,413
Fossil Group, Inc.*		7,293		71,398
G-III Apparel Group Ltd.*		3,296		84,806
Greenlane Holdings, Inc.*, Class A		10,199		155,433
Manitex International, Inc.*		109,650		654,610
Pool Corp.		2,106		378,617
ScanSource, Inc.*		1,959		57,222
SiteOne Landscape Supply, Inc.*		8,308		538,940
				2,713,168
Diversified Financial Services — 2.1%
Blucora, Inc.*		3,569		110,532
Encore Capital Group, Inc.*		3,458		118,748
Enova International, Inc.*		24,746		528,327
Evercore Partners, Inc., Class A		6,058		467,859

The accompanying notes are an integral part of the portfolio of investments.

22 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Greenhill & Co., Inc.		3,361		50,314
Houlihan Lokey, Inc.		9,666		437,000
Interactive Brokers Group, Inc., Class A		3,063		155,600
LendingTree, Inc.*		1,251		470,051
Meta Financial Group, Inc.		11,068		289,650
Moelis & Co., Class A		12,828		407,674
Paysign, Inc.*		53,873		525,800
PRA Group, Inc.*		1,814		50,084
Silvercrest Asset Management Group, Inc., Class A		66,802		891,807
Virtus Investment Partners, Inc.		807		81,983
WageWorks, Inc.*		21,843		1,091,495
World Acceptance Corp.*		2,155		285,085
				5,962,009
Electric — 0.2%
ALLETE, Inc.		4,232		346,559
Avista Corp.		1,395		58,255
El Paso Electric Co.		1,366		79,501
				484,315
Electrical Components & Equipment — 0.4%
Encore Wire Corp.		1,848		92,234
EnerSys		3,171		178,305
Insteel Industries, Inc.		1,261		23,051
Littelfuse, Inc.		3,501		571,398
nLight, Inc.*		15,893		297,040
				1,162,028
Electronics — 3.4%
Atkore International Group, Inc.*		24,030		562,062
Benchmark Electronics, Inc.		3,373		74,510
Brady Corp., Class A		2,928		135,566
Coherent, Inc.*		1,014		111,570
Comtech Telecommunications Corp.		39,830		842,405
Control4 Corp.*		2,089		49,426
FARO Technologies, Inc.*		2,255		99,446
Fluidigm Corp.*		70,212		919,075
Identiv, Inc.*		68,711		326,377
II-VI, Inc.*		3,812		119,811
IntriCon Corp.*		7,059		184,169
Itron, Inc.*		4,655		263,706
Ituran Location and Control Ltd.		25,101		780,892
Knowles Corp.*		4,797		75,457
Napco Security Technologies, Inc.*		51,080		1,364,858
NVE Corp.		2,254		164,452
OSI Systems, Inc.*		1,136		117,678
Plexus Corp.*		2,641		130,809
Resideo Technologies, Inc.*		29,140		573,475
Sanmina Corp.*		6,648		176,770
Stoneridge, Inc.*		12,698		330,529
SYNNEX Corp.		830		71,969
Tech Data Corp.*		9,812		889,458
TTM Technologies, Inc.*		8,548		72,914
Woodward, Inc.		4,605		501,577
ZAGG, Inc.*		101,940		678,920
				9,617,881
Energy-Alternate Sources — 0.0%
REX American Resources Corp.*		1,203		81,167
SolarEdge Technologies, Inc.*		1,052		56,366
				137,533
Engineering & Construction — 1.3%
Argan, Inc.		27,066		1,243,141
Comfort Systems USA, Inc.		4,006		189,003
Concrete Pumping Holdings, Inc.*		43,235		220,499
Dycom Industries, Inc.*		2,682		139,920
EMCOR Group, Inc.		4,741		381,935
Exponent, Inc.		2,780		155,819
Granite Construction, Inc.		8,223		330,482
MYR Group, Inc.*		4,168		134,585
Primoris Services Corp.		22,288		406,533
Sterling Construction Co., Inc.*		34,910		416,825
TopBuild Corp.*		2,707		214,584
				3,833,326

The accompanying notes are an integral part of the portfolio of investments.

23 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Entertainment — 0.3%
Eldorado Resorts, Inc.*		6,543		321,719
Monarch Casino & Resort, Inc.*		6,633		285,418
Red Rock Resorts, Inc., Class A		10,547		220,221
Scientific Games Corp.*		6,167		117,790
				945,148
Environmental Control — 0.3%
Casella Waste Systems, Inc., Class A*		11,833		458,174
Energy Recovery, Inc.*		15,119		142,874
Tetra Tech, Inc.		3,198		215,929
				816,977
Food — 1.3%
Calavo Growers, Inc.		688		60,166
Cal-Maine Foods, Inc.		1,158		42,869
Chefs' Warehouse, Inc. (The)*		13,372		423,491
Hostess Brands, Inc.*		137,570		1,842,062
Ingles Markets, Inc., Class A		32,020		954,516
J&J Snack Foods Corp.		681		109,539
Sanderson Farms, Inc.		1,371		187,430
				3,620,073
Forest Products & Paper — 0.1%
Neenah Paper, Inc.		1,590		90,885
PH Glatfelter Co.		3,923		57,197
Schweitzer-Mauduit International, Inc.		2,483		77,693
				225,775
Gas — 0.3%
New Jersey Resources Corp.		2,340		111,033
Northwest Natural Holding Co.		2,390		164,480
South Jersey Industries, Inc.		4,502		142,038
Southwest Gas Holdings, Inc.		1,612		137,245
Spire, Inc.		5,337		444,679
				999,475
Hand/Machine Tools — 0.6%
Colfax Corp.*		26,843		673,759
Franklin Electric Co., Inc.		1,896		83,102
Luxfer Holdings PLC		35,923		861,074
				1,617,935
Healthcare-Products — 6.0%
ABIOMED, Inc.*		1,453		380,570
Alpha Pro Tech Ltd.*		44,141		158,025
AngioDynamics, Inc.*		1,976		37,129
Axonics Modulation Technologies, Inc.*		16,550		543,833
BioLife Solutions, Inc.*		72,347		1,282,712
Cantel Medical Corp.		1,814		124,694
CareDx, Inc.*		31,991		1,011,555
Cerus Corp.*		107,945		506,262
CRH Medical Corp.*		247,530		668,331
CytoSorbents Corp.*		28,463		179,602
Haemonetics Corp.*		3,260		316,187
ICU Medical, Inc.*		578		122,998
Inspire Medical Systems, Inc.*		28,483		1,608,435
Insulet Corp.*		3,206		351,987
Integra LifeSciences Holdings Corp.*		3,088		143,901
iRhythm Technologies, Inc.*		8,274		566,438
Masimo Corp.*		3,409		445,693
Meridian Bioscience, Inc.*		4,338		49,019
Merit Medical Systems, Inc.*		12,542		647,544
NuVasive, Inc.*		789		45,730
OrthoPediatrics Corp.*		24,977		970,356
Oxford Immunotec Global, PLC*		31,836		465,442
Patterson Cos., Inc.		32,190		676,634
Repligen Corp.*		9,419		654,338
Semler Scientific, Inc.*		8,868		390,281
Shockwave Medical, Inc.*		3,809		227,740
SI-BONE, Inc.*		37,782		634,360
Tactile Systems Technology, Inc.*		8,351		401,099
Tandem Diabetes Care, Inc.*		27,527		1,887,251
ViewRay, Inc.*		107,733		904,957

The accompanying notes are an integral part of the portfolio of investments.

24 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
West Pharmaceutical Services, Inc.		2,836		325,006
Wright Medical Group NV*		16,191		497,388
				17,225,497
Healthcare-Services — 2.2%
Addus HomeCare Corp.*		7,188		491,515
Amedisys, Inc.*		2,217		248,991
Catalent, Inc.*		10,139		461,325
Chemed Corp.		621		203,651
Community Health Systems, Inc.*		9,547		25,395
eHealth, Inc.*		11,324		799,021
Ensign Group, Inc., (The)		2,070		110,248
Joint Corp., (The)*		69,711		1,115,376
LHC Group, Inc.*		6,867		777,894
Magellan Health, Inc.*		1,789		118,128
Natera, Inc.*		18,096		414,398
Neuronetics, Inc.*		16,348		188,329
Providence Service Corp., (The)*		2,212		143,072
Psychemedics Corp.		11,854		122,215
R1 RCM, Inc.*		30,726		360,723
US Physical Therapy, Inc.		1,232		137,627
Vapotherm, Inc.*		26,101		439,019
				6,156,927
Home Builders — 1.7%
Century Communities, Inc.*		28,681		765,783
Installed Building Products, Inc.*		11,446		588,782
LCI Industries		2,012		166,734
LGI Homes, Inc.*		18,873		1,287,139
MDC Holdings, Inc.		4,064		127,731
Skyline Corp.*		50,402		1,178,903
William Lyon Homes, Class A*		6,694		124,107
Winnebago Industries, Inc.		19,718		633,737
				4,872,916
Home Furnishings — 0.7%
Ethan Allen Interiors, Inc.		4,713		100,010
Floor & Decor Holdings, Inc., Class A*		6,854		243,454
Hooker Furniture Corp.		8,270		221,884
iRobot Corp.*		1,222		106,448
La-Z-Boy, Inc.		2,014		64,831
Sleep Number Corp.*		18,151		631,836
Universal Electronics, Inc.*		14,473		570,092
				1,938,555
Household Products/Wares — 0.2%
Acme United Corp.		11,359		226,953
Quanex Building Products Corp.		3,617		56,100
WD-40 Co.		995		155,548
				438,601
Housewares — 0.3%
Lifetime Brands, Inc.		58,020		452,556
Toro Co., (The)		5,348		348,476
				801,032
Insurance — 2.9%
American Equity Investment Life Holding Co.		11,107		314,439
American National Insurance Co.		4,156		471,166
Employers Holdings, Inc.		3,729		154,903
FGL Holdings		82,160		653,172
Genworth Financial, Inc., Class A*		47,731		138,897
Goosehead Insurance, Inc., Class A		17,261		632,270
HCI Group, Inc.		2,004		81,462
Health Insurance Innovations, Inc.*, Class A		13,772		355,180
Heritage Insurance Holdings, Inc.		48,290		706,483
Horace Mann Educators Corp.		2,570		104,111
James River Group Holdings Ltd.		1,208		53,877
Kinsale Capital Group, Inc.		8,883		744,306
NMI Holdings, Inc., Class A*		22,899		624,227
Palomar Holdings, Inc.*		15,004		348,093
RLI Corp.		1,478		126,931
Safety Insurance Group, Inc.		1,702		155,103
Selective Insurance Group, Inc.		3,866		276,999
White Mountains Insurance Group Ltd.		2,358		2,309,897
				8,251,516

The accompanying notes are an integral part of the portfolio of investments.

25 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Internet — 3.0%
8x8, Inc.*		18,295		441,458
Aspen Group, Inc.*		52,772		211,088
Bandwidth, Inc., Class A*		19,819		1,438,265
Cardlytics, Inc.*		13,532		310,560
Cars.com, Inc.*		8,517		180,305
Eventbrite, Inc., Class A*		13,019		203,878
HealthStream, Inc.*		2,625		65,625
Liberty Expedia Holdings, Inc., Class A*		34,884		1,438,267
Mimecast Ltd.*		20,403		926,296
Monaker Group, Inc.*		55,562		147,795
New Media Investment Group, Inc.		5,809		53,617
OptimizeRx Corp.*		26,987		415,330
Q2 Holdings, Inc.*		6,185		452,989
QuinStreet, Inc.*		41,525		636,578
Rubicon Project Inc., (The)*		76,439		420,415
Stamps.com, Inc.*		659		22,103
Wix.com Ltd.*		2,304		316,431
Zscaler, Inc.*		13,213		906,808
				8,587,808
Iron/Steel — 0.0%
AK Steel Holding Corp.*		9,139		15,719
Leisure Time — 0.7%
Callaway Golf Co.		7,398		108,751
Camping World Holdings, Inc., Class A		22,101		232,723
Lindblad Expeditions Holdings, Inc.*		47,250		771,120
Malibu Boats, Inc., Class A*		7,570		271,763
MasterCraft Boat Holdings, Inc.*		11,902		236,374
OneSpaWorld Holdings Ltd.*		23,371		292,371
Vista Outdoor, Inc.*		10,525		80,727
				1,993,829
Lodging — 0.7%
Boyd Gaming Corp.		20,137		481,677
Century Casinos, Inc.*		38,404		335,651
Extended Stay America, Inc.		73,753		1,264,126
				2,081,454
Machinery-Construction & Mining — 0.1%
ASV Holdings, Inc.*		88,330		179,310
Polar Power, Inc.*		37,828		149,421
				328,731
Machinery-Diversified — 1.6%
Albany International Corp., Class A		1,126		78,899
Applied Industrial Technologies, Inc.		1,045		56,775
Cactus, Inc., Class A*		9,143		297,605
Chart Industries, Inc.*		2,562		196,326
Columbus McKinnon Corp.		21,762		789,090
Curtiss-Wright Corp.		2,004		223,426
DXP Enterprises, Inc.*		719		23,166
Hurco Cos., Inc.		18,870		661,582
Newpark Resources, Inc.*		5,829		40,745
NN, Inc.		53,780		416,795
SPX FLOW, Inc.*		10,543		376,385
Tennant Co.		2,414		139,070
Twin Disc, Inc.*		79,315		1,143,722
				4,443,586
Media — 0.4%
Entercom Communications Corp., Class A		49,937		289,135
EW Scripps Co., (The), Class A		3,398		51,718
MSG Networks, Inc., Class A*		39,620		836,378
Scholastic Corp.		1,251		41,396
				1,218,627
Metal Fabricate/Hardware — 0.5%
AZZ, Inc.		1,465		61,647
CIRCOR International, Inc.*		1,838		77,674
Mayville Engineering Co, Inc.*		16,608		270,710
Northwest Pipe Co.*		37,750		877,310
TimkenSteel Corp.*		8,862		63,009
				1,350,350

The accompanying notes are an integral part of the portfolio of investments.

26 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Mining — 0.3%
A-Mark Precious Metals, Inc.		14,762		184,377
Astec Industries, Inc.		4,097		120,575
Century Aluminum Co.*		18,637		104,181
Kaiser Aluminum Corp.		1,039		92,596
Livent Corp.*		9,950		62,884
ProPetro Holding Corp.*		4,300		83,506
United States Lime & Minerals, Inc.		4,143		338,317
				986,436
Miscellaneous Manufacturing — 1.1%
Axon Enterprise, Inc.*		5,340		356,605
EnPro Industries, Inc.		2,498		138,614
ESCO Technologies, Inc.		6,899		482,171
Fabrinet*		3,054		130,223
FreightCar America, Inc.*		31,490		189,885
Harsco Corp.*		30,111		752,775
Hillenbrand, Inc.		2,960		110,201
Iteris, Inc.*		34,429		183,851
John Bean Technologies Corp.		2,493		255,657
LiqTech International, Inc.*		33,182		321,865
Proto Labs, Inc.*		1,026		102,959
Standex International Corp.		1,454		94,568
Sturm Ruger & Co., Inc.		968		48,119
				3,167,493
Office/Business Equipment — 0.0%
Pitney Bowes, Inc.		16,886		61,634
Oil & Gas — 1.4%
Bonanza Creek Energy, Inc.*		5,323		103,958
Brigham Minerals, Inc., Class A*		11,924		244,800
Carrizo Oil & Gas, Inc.*		10,324		105,098
Denbury Resources, Inc.*		51,617		74,329
Diamond Offshore Drilling, Inc.*		3,375		26,561
Evolution Petroleum Corp.		37,890		231,508
Gran Tierra Energy, Inc.*		92,840		181,966
Gulfport Energy Corp.*		17,407		95,216
HighPoint Resources Corp.*		1,430		2,674
Laredo Petroleum, Inc.*		35,166		92,838
Matador Resources Co.*		24,399		401,120
Murphy USA, Inc.*		13,465		1,080,701
Nabors Industries Ltd.		70,626		166,677
PBF Energy, Inc., Class A		21,825		576,180
PDC Energy, Inc.*		13,399		408,938
Penn Virginia Corp.*		2,591		79,026
QEP Resources, Inc.*		20,000		138,200
Unit Corp.*		4,358		41,924
				4,051,714
Oil & Gas Services — 1.1%
Archrock, Inc.		14,715		130,522
DMC Global, Inc.		22,673		1,533,602
Exterran Corp.*		2,373		32,747
Helix Energy Solutions Group, Inc.*		17,356		117,327
KLX Energy Services Holdings, Inc.*		3,678		72,457
Natural Gas Services Group, Inc.*		39,920		607,982
Oil States International, Inc.*		7,659		127,446
Profire Energy, Inc.*		156,577		234,865
Solaris Oilfield Infrastructure, Inc., Class A		18,228		259,384
US Silica Holdings, Inc.		4,154		43,118
				3,159,450
Packaging & Containers — 0.0%
Multi-Color Corp.		1,809		89,980
Pharmaceuticals — 3.8%
Adamas Pharmaceuticals, Inc.*		20,004		94,019
Akorn, Inc.*		18,512		76,269
Anika Therapeutics, Inc.*		1,566		59,508
Array BioPharma, Inc.*		8,748		231,122
Coherus Biosciences, Inc.*		45,341		856,945
Cytokinetics, Inc.*		41,072		425,917
Diplomat Pharmacy, Inc.*		7,281		33,638
Enanta Pharmaceuticals, Inc.*		4,093		370,294

The accompanying notes are an integral part of the portfolio of investments.

27 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Endo International PLC*		11,844		58,628
Global Blood Therapeutics, Inc.*		9,002		547,141
Harrow Health, Inc.*		117,894		715,617
Heron Therapeutics, Inc.*		16,731		284,929
HEXO Corp.*		63,040		404,717
KalVista Pharmaceuticals Inc.*		7,594		161,372
MERUS N V*		14,794		205,637
Mirati Therapeutics, Inc.*		5,219		353,796
Momenta Pharmaceuticals, Inc.*		8,455		98,332
MyoKardia, Inc.*		15,068		701,867
Nektar Therapeutics*		5,506		172,448
Neogen Corp.*		2,310		130,168
Odonate Therapeutics, Inc.*		12,298		264,284
Opiant Pharmaceuticals, Inc.*		12,690		149,996
Phibro Animal Health Corp., Class A		2,922		86,433
Premier, Inc., Class A*		55,045		2,022,904
Principia Biopharma, Inc.*		9,228		270,011
Progenics Pharmaceuticals, Inc.*		15,612		65,414
Ra Pharmaceuticals, Inc.*		12,730		275,350
Reata Pharmaceuticals, Inc., Class A*		9,264		789,941
Supernus Pharmaceuticals, Inc.*		1,348		40,480
Sutro Biopharma, Inc.*		9,324		106,760
Tricida, Inc.*		17,177		631,083
Turning Point Therapeutics, Inc.*		8,406		292,697
				10,977,717
Real Estate — 0.2%
HFF, Inc., Class A		2,483		107,216
Marcus & Millichap, Inc.*		5,982		182,690
Newmark Group, Inc., Class A		27,808		221,908
				511,814
REITS — 1.7%
Acadia Realty Trust		4,655		127,314
Agree Realty Corp.		1,641		109,865
Armada Hoffler Properties, Inc.		7,721		127,396
CareTrust REIT, Inc.		3,664		89,072
Chatham Lodging Trust		3,146		59,900
Community Healthcare Trust, Inc.		2,769		108,351
CoreSite Realty Corp.		1,355		158,156
DiamondRock Hospitality Co.		8,155		80,816
EastGroup Properties, Inc.		2,590		287,490
Getty Realty Corp.		5,173		160,156
Global Medical REIT, Inc.		71,950		766,987
Global Net Lease, Inc.		3,919		72,149
Great Ajax Corp.		38,530		489,331
Healthcare Realty Trust, Inc.		7,137		230,097
Hersha Hospitality Trust		8,074		137,662
Independence Realty Trust, Inc.		4,656		51,123
iStar, Inc.		11,563		127,309
Kite Realty Group Trust		4,590		69,768
Lexington Realty Trust		12,112		111,067
LTC Properties, Inc.		1,853		82,922
Manhattan Bridge Capital, Inc.		55,566		330,062
Medical Properties Trust, Inc.		5,867		104,315
New York Mortgage Trust, Inc.		13,164		79,510
Pennsylvania Real Estate Investment Trust		23,923		153,346
PS Business Parks, Inc.		1,242		199,863
Summit Hotel Properties, Inc.		13,199		150,864
Universal Health Realty Income Trust		3,469		284,354
Urstadt Biddle Properties, Inc., Class A		4,983		109,028
Whitestone REIT		7,639		96,786
				4,955,059
Retail — 6.4%
Abercrombie & Fitch Co., Class A		5,117		88,524
Asbury Automotive Group, Inc.*		7,624		565,625
Barnes & Noble, Inc.		16,337		71,719
Big 5 Sporting Goods Corp.		64,570		129,140
Biglari Holdings, Inc., Class A*		230		112,585
Biglari Holdings, Inc., Class B*		1,541		139,615
Boot Barn Holdings, Inc.*		28,283		739,035

The accompanying notes are an integral part of the portfolio of investments.

28 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Buckle, Inc., (The)		4,527		68,131
Build-A-Bear Workshop, Inc.*		80,700		406,728
Cannae Holdings, Inc.*		98,379		2,501,778
Casey's General Stores, Inc.		8,643		1,115,638
Cato Corp., (The), Class A		4,605		57,056
Children's Place, Inc., (The)		1,027		95,162
Chuy's Holdings, Inc.*		1,209		26,743
Cracker Barrel Old Country Store, Inc.		669		105,093
DineEquity, Inc.		3,392		320,273
El Pollo Loco Holdings, Inc.*		9,027		94,603
EZCORP, Inc., Class A*		65,091		571,499
FAT Brands, Inc.		50,826		223,634
Fiesta Restaurant Group, Inc.*		2,473		35,067
FirstCash, Inc.		2,930		277,530
Five Below, Inc.*		3,696		475,786
Freshpet, Inc.*		28,374		1,318,540
Genesco, Inc.*		4,461		200,656
GMS, Inc.*		3,964		66,754
Guess?, Inc.		6,372		103,035
Haverty Furniture Cos., Inc.		1,791		31,181
Hibbett Sports, Inc.*		6,047		133,760
Hudson Ltd., Class A*		28,506		387,111
J Alexander's Holdings, Inc.*		44,656		469,781
Lovesac Co., (The)*		18,408		663,608
Lumber Liquidators Holdings, Inc.*		5,520		52,937
MarineMax, Inc.*		4,583		71,403
MSC Industrial Direct Co, Inc., Class A		10,562		746,311
National Vision Holdings, Inc.*		16,915		460,595
Ollie's Bargain Outlet Holdings, Inc.*		5,947		587,088
PC Connection, Inc.		13,650		433,251
PCM, Inc.*		36,190		924,655
PetIQ, Inc.*		10,412		273,107
PetMed Express, Inc.		4,111		71,819
Red Robin Gourmet Burgers, Inc.*		1,984		50,751
Regis Corp.*		8,392		156,427
RH*		2,622		223,263
Shoe Carnival, Inc.		2,090		53,692
Sonic Automotive, Inc., Class A		2,021		35,226
Tailored Brands, Inc.		14,757		77,622
Texas Roadhouse, Inc.		2,804		143,733
Tile Shop Holdings, Inc.		3,745		15,654
Vera Bradley, Inc.*		2,344		25,667
Vitamin Shoppe, Inc.*		12,924		48,336
Wingstop, Inc.		14,168		1,128,906
Winmark Corp.		3,329		548,752
World Fuel Services Corp.		17,749		517,206
Zumiez, Inc.*		3,678		72,751
				18,314,542
Savings & Loans — 0.9%
Axos Financial, Inc.*		3,461		94,520
Berkshire Hills Bancorp, Inc.		3,296		96,210
Brookline Bancorp, Inc.		13,535		194,227
Dime Community Bancshares, Inc.		9,283		165,052
FS Bancorp, Inc.		14,670		691,691
Oritani Financial Corp.		7,973		127,568
Provident Financial Services, Inc.		1,569		37,405
Riverview Bancorp, Inc.		111,471		863,900
Sterling Bancorp		11,846		228,746
				2,499,319
Semiconductors — 2.3%
Advanced Energy Industries, Inc.*		2,466		123,719
Amtech Systems, Inc.*		109,030		585,491
AXT, Inc.*		190,740		761,053
Brooks Automation, Inc.		2,595		92,097
Cabot Microelectronics Corp.		1,581		154,100
Cirrus Logic, Inc.*		3,525		131,729
Cohu, Inc.		57,583		837,833
FormFactor, Inc.*		3,724		53,477
Inphi Corp.*		9,000		394,920

The accompanying notes are an integral part of the portfolio of investments.

29 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Kulicke & Soffa Industries, Inc.		6,419		124,464
Lattice Semiconductor Corp.*		37,920		485,376
MKS Instruments, Inc.		1,371		97,972
Monolithic Power Systems, Inc.		1,952		227,310
Nanometrics, Inc.*		1,823		51,864
Photronics, Inc.*		4,262		34,565
Power Integrations, Inc.		3,164		206,166
Richardson Electronics Ltd.		19,699		100,071
Rudolph Technologies, Inc.*		3,770		86,974
Semtech Corp.*		5,218		207,833
Silicon Laboratories, Inc.*		4,318		404,035
Ultra Clean Holdings, Inc.*		88,790		1,132,072
Veeco Instruments, Inc.*		2,886		33,160
Xperi Corp.		6,158		129,380
				6,455,661
Software — 9.6%
ACI Worldwide, Inc.*		14,899		468,723
Altair Engineering, Inc., Class A*		9,026		343,981
Alteryx, Inc., Class A*		13,184		1,145,162
American Software, Inc., Class A		41,399		524,525
Appfolio, Inc., Class A*		3,541		341,352
Appian Corp.*		9,364		338,321
Asure Software, Inc.*		108,250		696,047
Avalara, Inc.*		8,097		547,681
Avaya Holdings Corp.*		66,900		841,602
Blackbaud, Inc.		2,160		166,147
Bottomline Technologies de, Inc.*		2,442		106,667
Cogent Communications Holdings, Inc.		1,297		75,874
Computer Programs & Systems, Inc.		28,663		739,792
Coupa Software, Inc.*		3,838		419,148
CSG Systems International, Inc.		23,783		1,066,668
Ebix, Inc.		2,006		94,142
eGain Corp.*		46,019		362,630
Everbridge, Inc.*		22,519		1,770,894
Evolent Health, Inc., Class A*		33,641		357,940
Fastly, Inc., Class A*		17,506		364,125
Five9, Inc.*		28,093		1,442,576
InnerWorkings, Inc.*		87,740		297,439
j2 Global, Inc.*		1,540		129,807
LivePerson, Inc.*		9,192		255,813
LiveRamp Holdings, Inc.*		7,653		393,211
ManTech International Corp., Class A		2,301		141,212
Materialise NV, ADR*		32,354		479,163
Medidata Solutions, Inc.*		2,714		247,381
MiX Telematics Ltd., SP ADR		29,769		475,709
Model N, Inc.*		51,881		934,896
NextGen Healthcare, Inc.*		3,902		75,114
Omnicell, Inc.*		9,089		722,121
Pivotal Software, Inc., Class A*		21,137		420,626
Pluralsight, Inc., Class A*		14,029		446,964
Progress Software Corp.		5,306		217,334
PROS Holdings, Inc.*		7,232		410,054
QAD, Inc., Class A		21,362		922,838
Red Violet, Inc.*		74,989		883,370
SharpSpring, Inc.		96,478		1,406,649
ShiftPixy, Inc.*		313,351		141,478
Simulations Plus, Inc.		31,897		799,658
Smartsheet, Inc., Class A*		27,251		1,171,248
Tabula Rasa HealthCare, Inc.*		11,369		513,538
Take-Two Interactive Software, Inc.*		3,989		431,410
Talend S.A., ADR*		13,863		646,570
Upland Software, Inc.*		24,744		1,157,772
Veritone, Inc.*		53,288		471,066
Verra Mobility Corp.*		24,947		348,759
Yext, Inc.*		20,746		380,897
Zovio, Inc.*		75,410		309,181
				27,445,275
Storage/Warehousing — 0.0%
Mobile Mini, Inc.		2,048		62,812

The accompanying notes are an integral part of the portfolio of investments.

30 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Telecommunications — 1.6%
ATN International, Inc.		1,700		99,450
CalAmp Corp.*		7,214		73,294
Cincinnati Bell, Inc.*		10,180		65,152
ExOne Co., (The)*		68,687		546,748
Iridium Communications, Inc.*		9,628		206,328
Liberty Latin America Ltd., Class C*		72,042		1,238,402
LogMeIn, Inc.		1,382		99,269
NETGEAR, Inc.*		2,616		65,923
One Stop Systems, Inc.*		90,330		161,691
ORBCOMM, Inc.*		75,383		503,558
Pagerduty, Inc.*		4,472		229,861
Sonim Technologies, Inc.*		22,374		319,501
Viavi Solutions, Inc.*		23,640		284,862
Vonage Holdings Corp.*		45,721		541,337
				4,435,376
Textiles — 0.6%
UniFirst Corp.		10,328		1,639,880
Toys/Games/Hobbies — 0.3%
Funko, Inc., Class A*		41,679		865,256
Transportation — 2.0%
Air Transport Services Group, Inc.*		96,546		2,118,219
ArcBest Corp.		4,606		115,472
Atlas Air Worldwide Holdings, Inc.*		9,844		348,379
CryoPort, Inc.*		26,354		440,639
Echo Global Logistics, Inc.*		4,834		95,085
Forward Air Corp.		9,439		526,979
Heartland Express, Inc.		3,583		64,064
Knight-Swift Transportation Holdings, Inc.		1,873		51,770
Marten Transport Ltd.		4,885		86,074
Matson, Inc.		2,281		78,056
PAM Transportation Services, Inc.*		20,390		1,141,840
Saia, Inc.*		11,656		687,704
				5,754,281
Trucking & Leasing — 0.0%
Greenbrier Cos., Inc., (The)		3,222		87,671
Water — 0.3%
American States Water Co.		1,758		128,229
California Water Service Group		1,969		96,914
Global Water Resources, Inc.		36,066		343,348
PICO Holdings, Inc.*		39,282		413,639
				982,130
TOTAL COMMON STOCKS
(Cost $219,086,357)				268,398,771
SHORT-TERM INVESTMENTS - 6.3%
First American Treasury Obligations Fund Class X, 2.31% (a)		17,895,075		17,895,075
TOTAL SHORT-TERM INVESTMENTS
(Cost $17,895,075)				17,895,075
TOTAL INVESTMENTS - 100.1%
(Cost $236,981,432)				286,293,846
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%				(277,284	)
NET ASSETS - 100.0%			$	286,016,562

* Non-income producing security.

(a) Seven-day yield as of May 31, 2019.

ADR American Depositary Receipt

PLC Public Limited Company

REIT Real Estate Investment Trust

SP ADR Sponsored ADR

The accompanying notes are an integral part of the portfolio of investments.

31 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
COMMON STOCKS - 84.5%
Advertising — 0.2%
WPP, PLC		22,135	$	262,989
WPP, PLC, SP ADR		504		29,983
				292,972
Aerospace/Defense — 0.1%
Airbus SE,ADR		3,036		97,213
CAE, Inc.		913		23,272
Embraer SA, SP ADR		1,308		25,153
Rolls-Royce Holdings, PLC*		300		3,259
Safran SA		231		30,308
Safran SA, ADR		1,312		43,034
				222,239
Agriculture — 0.7%
British American Tabacco, PLC, SP ADR		3,096		107,338
Origin Enterprises, PLC		147,132		882,367
Swedish Match AB		413		18,643
				1,008,348
Airlines — 0.7%
Latam Airlines Group SA, SP ADR		1,678		14,800
Ryanair Holding, PLC, SP ADR*		15,349		1,001,062
				1,015,862
Apparel — 0.9%
Adidas AG, SP ADR		526		75,147
Gildan Activewear, Inc.		1,268		45,724
Hermes International		80		53,157
Kering SA		139		72,350
LVMH Moet Hennessy Louis Vuitton SE		1,556		587,150
LVMH Moet Hennessy Louis Vuitton SE, ADR		2,000		150,980
NIKE, Inc., Class B		2,857		220,389
Shenzhou International Group Holdings, Ltd.		19,816		234,456
				1,439,353
Auto Manufacturers — 0.5%
Daimler AG		1,552		80,335
Ferrari NV		159		22,740
Fiat Chrysler Automobiles NV		1,743		21,997
Geely Automobile Holdings Ltd.		6,982		11,439
Honda Motor Ltd., SP ADR		2,137		52,591
Hyundai Motor Co.		1,693		191,126
Peugeot SA		1,067		23,816
Renault SA		426		25,660
Suzuki Motor Corp.		400		18,928
Tata Motors, Ltd., SP ADR		6,196		77,512
Toyota Motor Corp., SP ADR		1,378		162,025
Volkswagen AG		168		26,660
Volvo AB, Class B		3,636		50,764
				765,593
Auto Parts & Equipment — 0.4%
Bridgestone Corp.		1,219		45,338
Continental AG		83		11,288
Denso Corp.		734		28,230
Fuyao Glass Industrials Group, Ltd.(a)		116,000		346,276
Hyundai Mobis Co., Ltd.		267		48,674
Michelin		299		34,290
Sumitomo Electric Industries, Ltd.		2,800		33,634
Valeo SA		664		17,520
				565,250
Banks — 8.3%
Abu Dhabi Community Bank.		72,560		176,194
Agricultural Bank of China Ltd.		130,000		55,788
Aozora Bank Ltd.		1,000		24,200
Australia & New Zealand Banking Group, Ltd.		4,273		82,328
Banco Bilbao Vizcaya Argentaria, SP ADR		10,540		57,232
Banco do Brasil SA, SP ADR		1,478		19,229

The accompanying notes are an integral part of the portfolio of investments.

32 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Banco Santander Brasil SA, ADR		1,117		12,868
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, ADR		6,639		48,597
Banco Santander SA, SP ADR		20,753		89,861
Bangkok Bank PCL		113,800		707,380
Bank Central Asia Tbk PT		162,207		331,853
Bank Leumi Le Israel		174,384		1,168,419
Bank Mandiri Persero Tbk PT, ADR		4,332		47,479
Bank Montreal		1,350		98,024
Bank of China, Ltd.		41,028		17,011
Bank of Ireland Group, PLC		161,358		862,516
Bank of Nova Scotia, (The)		2,558		129,691
Bank Rakyat Indonesia Persero Tbk PT, ADR		1,382		19,694
Barclays, PLC, SP ADR		6,946		51,887
BDO Unibank, Inc.		83,500		221,065
BNP Paribas SA		1,469		67,363
BOC Hong Kong Holdings, Ltd.		7,000		26,904
CaixaBank SA		8,352		25,659
China Construction Bank Corp.		74,614		59,068
China Merchants Bank Co., Ltd.		31,116		150,635
China Minsheng Banking Corp. Ltd.		77,000		56,032
CITIC, Ltd.		15,542		21,099
Commercial International Bank Egypt SAE		38,073		163,049
Commerzbank AG		4,316		30,246
Commonwealth Bank Of Australia		2,556		138,916
Credicorp, Ltd.		1,371		306,830
Credit Agricole SA		2,988		33,962
Credit Suisse Group AG, SP ADR*		5,030		56,688
Dah Sing Financial Holdings, Ltd.		115,200		538,038
Danske Bank		1,799		29,484
DBS Group Holdings Ltd., SP ADR		886		62,463
DBS Group Holdings, Ltd.		55,600		984,147
DNB ASA		2,001		33,922
Erste Group Bank AG*		1,151		40,794
FirstRand, Ltd.		11,220		51,515
Grupo Financiero Banorte SAB de CV		45,916		250,211
Grupo Financiero Banorte SAB de CV, SP ADR		1,301		35,309
Hang Seng Bank, Ltd.		1,800		45,184
HDFC Bank Ltd.		36,912		1,287,544
HDFC Bank, Ltd., ADR		4,290		532,646
HSBC Holdings, PLC, SP ADR		5,491		223,868
ICICI Bank, Ltd., SP ADR		41,139		493,668
Industrial & Commerical Bank China, Ltd.		529,734		378,621
ING Groep NV, SP ADR		3,065		32,979
Intesa Sanpaolo		9,153		18,669
Kasikornbank PCL, ADR		3,486		83,246
Kasikornbank PCL, NVDR		28,160		166,198
Kotak Mahindra Bank Ltd.		10,311		225,891
Lloyds Banking Group PLC, ADR		26,067		74,030
Macquarie Group, Ltd.		679		56,494
Mediobanca Banca di Credito Finanziario SpA		2,387		21,977
Mitsubishi UFJ Financial Group, Inc., SP ADR		11,911		54,705
Mizuho Financial Group, Inc.		35,600		50,184
National Australia Bank, Ltd.		1,788		32,802
Natixis SA		7,591		34,771
Nedbank Group Ltd.		1,180		21,238
OTP Bank, PLC		5,073		211,558
Oversea-Chinese Bank Corp., Ltd.		6,614		50,973
Raiffeisen Bank International AG		1,060		24,616
Resona Holdings, Inc.		17		72
Royal Bank Canada		2,251		169,163
Royal Bank of Scotland Group PLC, SP ADR		6,437		35,210
Sberbank Russia, SP ADR		23,523		338,731
Skandinaviska Enskilda Banken AB, Class A		2,420		21,469
Standard Bank Group Ltd.		10,733		146,514
Standard Chart, PLC		4,927		42,730
State Bank of India		9,673		49,145
Sumitomo Mitsui Financial Group Inc., SP ADR		10,200		70,788
Swedbank AB, Class A		2,344		33,618
Toronto-Dominion Bank, (The)		623		34,047
UBS Group AG*		4,093		47,102
United Overseas Bank, Ltd.		3,027		51,854
Westpac Banking Corp., SP ADR		5,311		100,909
Yamaguchi Financial Group Inc.		5,000		36,855
				12,683,719

The accompanying notes are an integral part of the portfolio of investments.

33 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Beverages — 4.1%
Ambev SA, ADR		14,935		66,759
Anheuser-Busch InBev SA NV		8,760		712,494
Anheuser-Busch InBev SA NV, SP ADR		1,003		81,644
Asahi Group Holdings Ltd.		800		35,128
China Resources Beer Holdings Co. Ltd.		29,783		130,322
Coca-Cola Bottlers Japan Holdings Inc.		1,000		22,692
Coca-Cola Amatil, Ltd.		237,694		1,568,282
Coca-Cola European Partners, PLC		836		46,314
Compania Cervecerias Unidas SA, SP ADR		1,398		37,480
Diageo, PLC		43,352		1,823,458
Diageo, PLC, SP ADR		808		135,792
Fomento Economico Mexicano SAB de CV, SP ADR		383		35,642
Heineken Holding NV		491		48,581
Heineken NV		1,867		195,971
Kirin Holdings Co., Ltd.		1,057		22,861
Pernod Ricard SA		330		58,182
Thai Beverage, PCL		1,672,000		984,394
Wuliangye Yibin Co., Ltd., Class A		13,200		192,892
				6,198,888
Biotechnology — 0.1%
3SBio, Inc.(a)		48,246		78,726
CSL Ltd.		628		89,228
Genmab A/S*		184		31,585
H Lundbeck A/S		618		24,794
				224,333
Building Materials — 1.7%
Anhui Conch Cement Co., Ltd.		3,500		20,508
Cemex SAB de CV, SP ADR		5,460		22,495
Cie de Saint-Gobain		862		31,092
CRH, PLC		27,245		854,299
CRH, PLC, SP ADR		1,441		45,175
Daikin Industries, Ltd.		149		18,020
Geberit AG		90		39,639
HeidelbergCement AG		617		45,776
Imerys SA		579		25,123
LafargeHolcim, Ltd.*		797		38,109
Semen Indonesia Persero Tbk PT, ADR		1,462		22,997
Sika AG		9,323		1,382,358
TOTO Ltd.		365		13,530
				2,559,121
Chemicals — 3.6%
Air Liquide SA		13,636		1,695,509
Akzo Nobel NV		417		35,124
BASF SE		1,050		69,294
BASF SE, SP ADR		1,636		26,896
Croda International PLC		19,543		1,250,630
Formosa Plastic Corp.		35,372		123,561
Fuchs Petrolub SE		14,943		526,637
Givaudan SA		27		71,386
Kansai Paint Co. Ltd.		1,360		25,606
Kingboard Holdings Ltd.		6,500		17,090
Kuraray Co., Ltd.		8		91
LG Chem, Ltd.		190		53,132
Mitsubishi Chemical Holdings Corp.		6,000		39,102
Mitsui Chemicals, Inc.		1,022		22,299
Nippon Paint Holdings Co., Ltd.		422		16,575
Novozymes A/S, Class B		9,644		451,741
Nutrien, Ltd.		354		17,254
Shin-Etsu Chemical Co., Ltd.		654		54,006
Sociedad Quimica y Minera de Chile SA SP ADR		571		17,318
UPL Ltd.		68,358		982,411
				5,495,662
Commercial Services — 3.9%
Adecco Group AG		374		20,189
ALD SA (a)		43,354		658,929
Atlantia SpA		534		13,359
China Merchants Port Holdings Co. Ltd.		20,000		35,022
Experian, PLC		2,543		76,635
IHS Markit, Ltd.*		7,980		457,972
Intertek Group, PLC		26,418		1,765,169
IWG, PLC		119,498		509,487

The accompanying notes are an integral part of the portfolio of investments.

34 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
New Oriental Education & Tech Group Inc., SP ADR*		662		56,700
Recruit Holdings Co., Ltd.		1,992		63,168
RELX, PLC		64,991		1,512,064
RELX, PLC, SP ADR		168		3,926
Secom Co., Ltd.		358		30,552
SGS SA		206		519,581
TAL Education Group, ADR*		4,720		162,415
Transurban Group		6,366		61,404
Wirecard AG		156		24,380
				5,970,952
Computers — 0.5%
CGI, Inc.*		1,074		78,252
Check Point Software Technologies Ltd.*		332		36,613
Computershare Ltd.		3,157		36,365
Globant S.A.*		977		90,705
Infosys Ltd., SP ADR		9,790		102,501
Tata Consultancy Services Ltd.		8,444		266,370
Wipro Ltd., ADR		17,106		75,609
				686,415
Cosmetics/Personal Care — 1.6%
Essity AB, Class B		1,117		32,774
Kao Corp.		1,250		97,001
LG Household & Health Care, Ltd.		167		179,543
L'Oreal SA		68		18,243
L'Oreal SA, ADR		1,120		59,931
Pola Orbis Holdings, Inc.		1,000		27,425
Shiseido Co., Ltd.		626		44,912
Unicharm Corp.		1,470		43,851
Unilever NV		2,067		124,268
Unilever NV-CVA		29,662		1,785,468
				2,413,416
Distribution/Wholesale — 1.0%
Bunzl, PLC		46,181		1,233,708
Itochu Corp.		3,700		67,926
Jardine Cycle & Carriage Ltd.		974		23,994
Mitsubishi Corp.		881		22,832
Mitsui & Co., Ltd.		5,159		79,218
Sumitomo Corp.		15		215
Toyota Tsusho Corp.		1,400		40,153
				1,468,046
Diversified Financial Services — 2.3%
B3 SA - Brasil Bolsa Balcao		16,235		151,140
BOC Aviation Ltd. (a)		6,600		55,153
Capitec Bank Holdings Ltd.		2,227		201,691
Deutsche Boerse AG		8,409		1,157,329
Hong Kong Exchange & Clearing, Ltd.		1,780		56,656
Housing Development Finance Corp. Ltd.		5,745		180,431
Japan Exchange Group, Inc., ADR		55,800		859,738
Julius Baer Gruppe*		858		33,821
KB Financial Group, Inc., ADR		1,951		72,031
London Stock Exchange Group, PLC		791		52,817
Network International Holdings PLC* (a)		882		6,200
Old Mutual, Ltd.		11,162		16,017
ORIX Corp.		53		747
Pagseguro Digital, Ltd., Class A*		1,452		46,493
Rathbone Brothers, PLC		20,731		562,188
Shinhan Financial Group Co., Ltd.		1,996		74,242
				3,526,694
Electric — 0.4%
AGL Energy Ltd.		1,892		26,910
CLP Holdings, Ltd.		1,947		22,052
E.ON SE		2,520		26,348
Endesa SA		2,751		68,532
Enel SpA		6,768		42,092
Fortis, Inc.		2,870		108,515
Iberdrola SA		8,686		80,761
Korea Electric Power Corp., SP ADR*		2,719		29,854
Orsted A/S (a)		381		30,367
Power Assets Holdings Ltd.		8,000		55,358
RWE AG		1,019		25,494
Sembcorp Industries, Ltd.		307		538
Transmissora Alianca de Energia Eletrica SA		16,204		108,482
				625,303

The accompanying notes are an integral part of the portfolio of investments.

35 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Electrical Components & Equipment — 0.6%
Delta Electronics, Inc.		24,422		110,028
Legrand SA*		12,128		815,298
Schneider Electric SE		698		55,128
				980,454
Electronics — 1.9%
AAC Technologies Holdings, Inc.		5,000		26,546
ABB Ltd., SP ADR		2,320		42,178
Assa Abloy AB, Class B		71,286		1,387,335
Halma, PLC		49,386		1,131,603
Hirose Electric Co., Ltd.		127		13,824
Hon Hai Precision		56,353		131,703
Hoya Corp.		670		46,377
Kyocera Corp.		900		54,619
Murata Manufacturing Co., Ltd.		1,119		47,806
Nidec Corp.		339		42,026
				2,924,017
Energy-Alternate Sources — 0.0%
Vestas Wind System		229	$	18,643
Engineering & Construction — 0.4%
ACS Actividades de Construccion y Servicios SA		976		40,088
Bouygues SA		663		23,179
China Tower Corp. Ltd.* (a)		418,000		93,894
Grupo Aeroportuario del Centro Norte SAB de CV		11,804		71,370
Grupo Aeroportuario del Sureste SAB de CV, ADR		102		16,175
Kajima Corp.		2,921		39,898
LendLease Group		2,252		22,210
Shanghai International Airport Co. Ltd., Class A		13,609		135,799
Shimizu Corp.		3,000		24,360
Sydney Airport		8,427		43,272
Vinci SA		597		58,871
				569,116
Entertainment — 0.0%
Oriental Land Co., Ltd.		313		38,080
Food — 2.7%
Aeon Co., Ltd.		676		11,646
BRF SA, ADR*		2,633		18,536
Carrefour SA		79		1,486
China Mengniu Dairy Co. Ltd.*		63,407		231,320
Danone SA, SP ADR		4,155		66,488
Foshan Haitian Flavouring & Food Co. Ltd., Class A		15,542		224,557
Glanbia, PLC		60,629		1,008,728
Kerry Group, PLC, Class A		5,642		652,360
Kikkoman Corp.		622		25,712
Koninklijke Ahold Delhaize NV		696		15,611
Marine Harvest		1,676		38,892
Meiji Holdings Co., Ltd.		300		21,016
Nestle SA		3,865		383,403
Nestle SA, SP ADR		4,128		409,333
Seven & i Holdings Co., Ltd.		29,746		1,001,201
Tesco, PLC		12,787		36,527
Wm Morrison Supermarkets Plc		13,967		34,695
				4,181,511
Food Service — 0.7%
Compass Group, PLC		46,166		1,044,506
Forest Products & Paper — 0.0%
Smurfit Kappa Group PLC, ADR		736		20,188
UPM-Kymmene Corp.		1,590		39,778
				59,966
Gas — 0.1%
Beijing Enterprises Holdings Ltd.		7,500		37,643
China Gas Holdings, Ltd.		2,999		9,657
Hong Kong & China Gas Co. Ltd.		19,800		43,772
Snam SpA		9,397		47,196
Toho Gas Co., Ltd.		446		17,375
				155,643
Hand/Machine Tools — 0.2%
Sandvik AB		3,286		50,725
Schindler Holding AG		216		44,300
Techtronic Industrials Co., Ltd.		39,098		249,589
				344,614

The accompanying notes are an integral part of the portfolio of investments.

36 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Healthcare-Products — 0.5%
Alcon, Inc.*		7,828		455,255
Alcon, Inc., ADR*		515		29,963
Coloplast A/S, Class B		327		34,740
Essilor International Cie Generale d'Opitque SA		384		44,013
Hengan International Group Co., Ltd.		3,000		22,073
Koninklijke Philips NV		1,803		71,435
Terumo Corp.		1,362		38,501
				695,980
Healthcare-Services — 0.8%
Fresenius Medical Care AG & Co., KGaA		11,305		823,819
Fresenius Medical Care AG & Co., KGaA, ADR		1,104		40,197
Fresenius SE & Co., KGaA		707		35,858
Lonza Group AG*		182		55,797
Notre Dame Intermedica Participacoes SA		20,439		213,560
Sonic Healthcare Ltd.		2,543		46,032
				1,215,263
Holding Companies-Diversification — 0.1%
CK Hutchison Holdings, Ltd.		6,000		56,672
Jardine Matheson Holdings Ltd., ADR		237		15,301
Jardine Matheson Holdings, Ltd.		293		18,816
Keppel Corp., Ltd.		9,000		39,546
Swire Pacific, Ltd., Class A		2,443		28,907
				159,242
Home Builders — 0.6%
Daiwa House Industry Co., Ltd.		730		21,811
Sekisui Chemical Co., Ltd.		58,400		854,392
				876,203
Home Furnishings — 0.1%
Electrolux AB		972		21,058
Panasonic Corp.		20		158
Sharp Corp.		3,000		26,983
Sony Corp., SP ADR		1,269		60,912
				109,111
Household Products/Wares — 0.4%
Reckitt Benckiser Group, SP ADR		5,160		83,282
Societe BIC SA		6,561		513,403
				596,685
Housewares — 0.0%
Zhejiang Supor Co., Ltd., Class A		4,586		47,378
Insurance — 6.1%
AIA Group, Ltd.		95,185		894,188
AIA Group, Ltd., SP ADR		3,872		145,897
Allianz SE, SP ADR		4,090		90,716
Aon, PLC		14,800		2,665,036
Assic Generali SpA		2,795		48,962
AXA SA		709		17,456
AXA SA, SP ADR		764		18,756
Cathay Financials Holdings Co., Ltd.		38,000		49,086
China Life Insurance Co., Ltd., ADR		4,936		57,356
China Pacific Insurance Group Co. Ltd.		12,200		45,203
Fosun International Ltd.		25,500		32,867
Hannover Rueck SE		286		42,810
Japan Post Holdings Co., Ltd.		1,215		13,456
Lancashire Holdings, Ltd.		204,889		1,818,061
Legal & General Group PLC		24,158		78,280
Manulife Finanical Corp.		2,746		46,105
MS&AD Insurance Group Holdings, Inc.		1,600		50,581
Muenchener Rueckversicherungs-Gesellschaft AG		293		70,658
NN Group NV		245		9,300
Ping An Insurance Group Co., of China Ltd.		50,257		557,662
Prudential, PLC, ADR		1,822		72,734
QBE Insurance Group Ltd., SP ADR		4,276		34,657
Sampo, PLC		24,746		1,069,959
Samsung Fire & Marine Insurance Co. Ltd.		553		125,840
SCOR SE		784		32,255
Sompo Holdings, Inc.		1,000		37,722
Sun Life Financial, Inc.		1,261		49,003
Suncorp Group, Ltd.		6,125		55,172
Swiss Life Holding AG		124		56,399
Swiss Re AG		569		53,987
Tokio Marine Holdings, Inc.		1,150		56,992

The accompanying notes are an integral part of the portfolio of investments.

37 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Topdanmark AS		17,182		919,758
				9,316,914
Internet — 2.7%
58.com, Inc., ADR*		439		25,036
Alibaba Group Holdings, Ltd., SP ADR*		5,256		784,511
China Literature Ltd.* (a)		6,400		24,633
Ctrip.com International, Ltd., ADR		1,543		53,326
Facebook, Inc., Class A*		1,069		189,715
JD.com, Inc., ADR*		2,393		61,644
LINE Corp.*		99		2,883
Meituan Dianping, Class B*		12,932		99,823
Mercadolibre, Inc.*		418		238,477
Naspers, Ltd.		1,167		263,102
Naspers, Ltd., SP ADR		465		20,911
Naver Corp.		466		43,594
Rakuten, Inc.		2,559		26,459
Tencent Holdings, Ltd.		44,954		1,874,476
Tencent Holdings, Ltd., ADR		7,294		304,597
Yandex NV, Class A*		2,254		80,964
YY, Inc., ADR*		269		18,413
				4,112,564
Investment Companies — 2.6%
Groupe Bruxelles Lambert SA		25,190		2,346,206
Kinnevik AB, Class B		849		21,623
Melrose Industries, PLC		789,924		1,631,250
				3,999,079
Iron/Steel — 0.1%
Nippon Steel & Sumitomo Metal Corp.		2,568		42,468
Posco, SP ADR		1,248		62,063
thyssenkrupp AG		2,008		25,353
Vale SA, SP ADR*		4,565		56,926
				186,810
Leisure Time — 0.1%
Giant Manufacturing Co. Ltd.		16,897		120,148
Shimano, Inc.		236		36,027
TUI AG		2,749		25,348
				181,523
Lodging — 1.0%
City Developments Ltd.		2,005		12,025
Galaxy Entertainment Group Ltd.		5,151		31,188
InterContinental Hotels Group PLC		21,206		1,366,070
Melco Resorts & Entertainment Ltd. ADR		988		19,068
Sands China, Ltd.		8,636		39,137
Whitbread PLC, SP ADR		964		14,258
Whitbread, PLC		139		8,124
				1,489,870
Machinery-Construction & Mining — 0.1%
Hitachi Ltd.		1,901		64,012
Komatsu, Ltd.		1,700		37,318
Mitsubishi Electical Corp.		3,000		37,260
Mitsubishi Heavy Industries, Ltd.		948		41,446
				180,036
Machinery-Diversified — 2.4%
Amada Co., Ltd.		58,400		598,855
Atlas Copco AB, Class A		1,701		45,652
Fanuc Corp., ADR		3,060		51,438
GEA Group AG		32,946		903,232
Keyence Corp.		307		172,489
KION Group AG		316		17,187
Kone Corp., Class B		14,433		786,375
SMC Corp.		110		35,855
Spirax-Sarco Engineering, PLC		10,401		1,097,090
				3,708,173
Media — 1.7%
Grupo Televisa SAB, SP ADR		1,838		17,075
Informa, PLC		5,071		49,701
Liberty Media Corp-Liberty Formula One*		3,575		133,455
MultiChoice Group Ltd., ADR*		93		774
Shaw Communications, Inc.		3,088		62,717
Sky, PLC		4,730		103,303
Thomson Reuters Corp.		976		62,162
Vivendi SA		1,715		46,179

The accompanying notes are an integral part of the portfolio of investments.

38 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Wolters Kluwer		29,350		2,047,559
				2,522,925
Mining — 0.6%
Anglo American, PLC		1,881		45,000
Barrick Gold Corp.		6,196		76,954
BHP Billiton Ltd., SP ADR		2,130		110,568
Franco-Nevada Corp.		398		30,722
Glencore, PLC*		51,917		166,118
Newcrest Mining Ltd.		1,769		33,617
Rio Tinto PLC		1,944		111,475
Rio Tinto, PLC, SP ADR		1,536		88,981
South32 Ltd.		8,340		19,128
Southern Copper Corp.		731		24,657
Teck Resources, Ltd., Class B		1,067		21,671
Vedanta, Ltd., ADR		8,503		78,568
Wheaton Precious Metals Corp.		4,422		97,726
				905,185
Miscellaneous Manufacturing — 1.3%
Pidilite Industries Ltd.		5,850		108,535
Siemens AG, SP ADR		2,052		116,471
Smiths Group, PLC		94,103		1,709,800
Sunny Optical Technology Group Co. Ltd.		9,837		83,984
Toshiba Corp.		1,047		33,209
				2,051,999
Office/Business Equipment — 0.0%
Canon, Inc., SP ADR		2,272		63,661
Oil & Gas — 3.6%
BP, PLC, SP ADR		4,537		184,747
Canadian Natural Resources, Ltd.		2,143		57,840
Cenovus Energy, Inc.		2,381		19,500
CNOOC, Ltd., SP ADR		167		27,116
DCC, PLC		33,250		2,788,950
Drilling Co. of 1972 A/S, (The)*		60		3,833
Ecopetrol SA, SP ADR		3,252		53,300
Encana Corp.		270		1,423
Eni SpA		33,119		498,859
Eni SpA, SP ADR		3,209		96,174
Galp Energia SGPS SA		2,782		41,790
Gazprom PJSC, SP ADR		11,174		72,631
Idemitsu Kosan Co., Ltd.		58		1,629
Inpex Corp.		2,538		20,424
JXTG Holdings, Inc.		6,600		31,363
Lukoil , PJSC, SP ADR		2,408		191,990
Novatek PJSC, SP GDR		1,881		382,026
Petroleo Brasileiro, SP ADR		5,533		79,841
Reliance Industries Ltd.		15,100		289,613
Royal Dutch Shell, PLC, Class A, SP ADR		4,104		253,668
Suncor Energy, Inc.		5,173		159,328
Total SA, SP ADR		3,408		175,512
Woodside Petroleum, Ltd.		2,311		56,559
				5,488,116
Oil & Gas Services — 0.0%
John Wood Group PLC		4,304		21,212
Packaging & Containers — 0.0%
Amcor Ltd.		4,109		46,911
Pharmaceuticals — 6.7%
Alfresa Holdings Corp.		66,800		1,670,378
AstraZeneca, PLC, SP ADR		3,070		114,757
Bayer AG		1,297		76,697
Chugai Pharmaceutical Co., Ltd.		700		46,511
CSPC Pharmaceutical Group, Ltd.		12,000		19,362
Daiichi Sankyo Co., Ltd.		916		44,184
Dr. Reddy's Laboratories, Ltd., ADR		1,755		66,883
Eisai Co., Ltd.		92		5,390
Glaxosmithkline, PLC		61,290		1,183,267
Glaxosmithkline, PLC, SP ADR		3,248		125,503
Kobayashi Pharmaceutical Co. Ltd.		471		34,879
Merck KGaA		587		56,647
Novartis AG		18,529		1,592,344
Novartis AG, SP ADR		15,677		1,342,578
Novo-Nordisk AS, SP ADR		2,422		114,319
Orion Corporation, Class B		672		21,980

The accompanying notes are an integral part of the portfolio of investments.

39 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Recordati SpA		15,342		633,750
Roche Holdings AG		3,547		931,627
Roche Holdings AG, SP ADR		5,336		175,448
Sanofi		18,565		1,499,268
Sanofi, ADR		4,424		178,862
Shionogi & Co., Ltd.		227		12,377
Sinopharm Group Co., Ltd.		5,600		20,990
Sumitomo Dainippon Pharma Co. Ltd.		1,000		20,433
Takeda Pharmaceutical Co., Ltd., SP ADR		1,932		32,786
UCB SA		21		1,606
Wuxi Biologics Cayman, Inc.* (a)		18,632		176,287
				10,199,113
Pipelines — 0.1%
Enbridge, Inc.		3,425		126,280
TC Energy Corp.		1,622		78,959
				205,239
Private Equity — 0.2%
3i Group, PLC		3,463		45,972
Macquarie Korea Infrastructure Fund		15,512		155,654
Partners Group Holding AG		66		46,264
				247,890
Real Estate — 1.1%
Aeon Mall Co., Ltd.		2,300		33,749
CapitaLand, Ltd.		5,654		13,267
China Evergrande Group		7,111		18,938
China Overseas Land & Investment, Ltd.		13,605		47,139
China Resources Land Ltd.		1,714		6,972
CK Asset Holdings Ltd.		1,638		11,855
Country Garden Holdings Co., Ltd.		31,000		41,893
Country Garden Services Holdings Co., Ltd.*		79,204		162,330
Great Eagle Holdings, Ltd.		193,662		857,565
Longfor Group Holdings, Ltd.		6,500		23,945
Mitsubishi Estate Co., Ltd.		2,000		36,686
Mitsui Fudosan Co., Ltd.		2,000		48,320
REA Group Ltd.		633		38,860
Shanghai Industrial Holdings Ltd.		20,000		41,696
SM Prime Holdings, Inc.		146,659		112,135
Sun Hung Kai Properties Ltd.		472		7,472
Sunac China Holdings Ltd.		261		1,126
UOL Group, Ltd.		8,000		39,407
Vonovia SE		1,036		54,281
Wharf Real Estate Investment Co. Ltd.		3,319		22,712
Wheelock & Co., Ltd.		4,000		26,405
				1,646,753
REITS — 1.1%
Dexus		2,676		23,949
Fonciere Des Regions		362		37,974
Goodman Group		6,677		62,116
Japan Prime Realty Investment Corp.		15		64,228
Klepierre SA		900		30,639
Land Securities Group PLC		2,885		30,180

The accompanying notes are an integral part of the portfolio of investments.

40 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Link		4,903		58,669
Merlin Properties Socimi SA		94,010		1,250,478
Nippon Building Fund Inc.		10		68,390
Segro, PLC		5,434		47,838
				1,674,461
Retail — 3.0%
Ace Hardware Indonesia Tbk PT		655,651		79,717
ANTA Sports Products Ltd.		561		3,455
Bidvest Group, Ltd., (The)		2,077		29,492
BK Brasil Operacao e Assessoria a Restaurantes SA		15,215		77,743
Cie Financiere Richemont SA		198		14,565
Clicks Group, Ltd.		9,034		118,254
CP ALL PCL, NVDR		151,325		382,226
FamilyMart UNY Holdings Co., Ltd.		1,300		31,221
Fast Retailing Co., Ltd.		147		84,513
Hennes & Mauritz AB		1,600		23,916
Industria de Diseno Textil SA		1,252		33,435
Lojas Renner SA		29,196		327,381
Magazine Luiza SA		3,145		156,459
Next, PLC		448		32,657
Nitori Holdings Co., Ltd.		3		356
Pan Pacific International Holdings Corp.		500		30,836
Raia Drogasil SA		13,264		233,881
Swatch Group AG, (The)		4,461		1,121,652
Titan Co., Ltd.		10,260		182,201
Tsuruha Holdings		12,400		989,795
USS Co., Ltd.		2,140		40,466
Wal-Mart de Mexico SAB de CV		116,768		328,580
Wal-Mart de Mexico SAB de CV, SP ADR		2,313		65,273
Yum China Holdings, Inc.		5,751		230,097
				4,618,171
Semiconductors — 2.7%
ASE Technology Holding Co., Ltd. ADR*		6,033		22,201
ASM Pacific Technology Ltd.		9		87
ASML Holding NV		415		78,041
Infineon Technologies AG		1,224		21,800
Mediatek, Inc.		10,000		98,342
NXP Semiconductors NV		544		47,959
Rohm Co., Ltd.		40		2,452
Samsung Electronic Co., Ltd.		20,577		732,579
Samsung Electronic Co., Ltd., GDR		1,000		890,114
SK Hynix, Inc.		2,382		130,228
SUMCO Corp.		34		371
Taiwan Semiconductor Manufacturing Co., Ltd.		110,000		812,938
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR		29,630		1,136,310
Tokyo Electron, Ltd.		400		53,834
United Microelectronics Corp., SP ADR		16,362		32,233
				4,059,489
Software — 2.2%
Amadeus IT Holdings SA		10,541		804,068
CD Projekt SA*		3,139		170,499
Linx SA		6,177		54,073
Momo, Inc., SP ADR		749		20,650
NetEase, Inc., ADR		58		14,419
Nexon Co. Ltd.		2,300		34,115
Open Text Corp.		1,373		54,536
Ping An Healthcare and Technology Co. Ltd.* (a)		18,235		81,825
Playtech, PLC		192,146		982,955
SAP SE		6,970		858,612
SAP SE, SP ADR		1,120		137,850
Sea, Ltd., ADR*		7,174		204,029
				3,417,631
Telecommunications — 4.1%
America Movil SAB de CV, SP ADR		1,689		23,697
Belgacom SA		23,680		683,153
China Mobile, Ltd.		83,500		729,369
China Mobile, Ltd., SP ADR		440		19,281
Chunghwa Telecom Co., Ltd., SP ADR		4,171		148,863
Deutsche Telekom AG		5,699		95,949
Elisa OYJ		619		27,605
GDS Holdings Ltd., ADR*		2,279		74,045
Hellenic Telecommunications Organization SA		7,808		107,018

The accompanying notes are an integral part of the portfolio of investments.

41 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
KDDI Corp.		62,410		1,598,504
MTN Group, Ltd.		4,952		35,057
Nice Sys Ltd., SP ADR		1,345		188,098
Nippon Telegraph & Telephone Corp. ADR		492		21,953
Nokia OYJ, SP ADR		3,479		17,569
NTT DOCOMO, Inc.		703		16,159
Orange SA, SP ADR		3,273		49,193
PLDT, Inc., SP ADR		2,300		58,190
Rogers Communications, Inc., Class B		894		47,015
Singapore Telecommunications Ltd.		16,000		37,311
SK Telecom Ltd., SP ADR		3,144		73,035
Softbank Group Corp., ADR		2,136		99,110
Swisscom AG		80		38,265
Tele2 AB		1,551		21,416
Telefonaktiebolaget LM Ericsson		136,989		1,318,066
Telefonaktiebolaget LM Ericsson, SP ADR		2,495		24,127
Telefonica SA, SP ADR		85		674
Telekomunikasi Indonesia Persero Tbk PT		475,807		130,358
Telekomunikasi Indonesia Persero Tbk PT, SP ADR		663		17,881
Telenor ASA		1,910		39,310
Turkcell Iletisim Hizmetleri AS, ADR		6,168		30,532
Vodafone Group, PLC		297,746		486,108
Vodafone Group, PLC, SP ADR		3,700		59,977
				6,316,888
Toys/Games/Hobbies — 0.0%
Bandai Namco Holdings, Inc.		500		24,480
Nintendo, Ltd., ADR		912		40,251
				64,731
Transportation — 0.3%
Canadian National Railway Co.		910		80,617
Canadian Pacific Railway, Ltd.		211		46,291
Central Japan Railway Co.		252		52,379
Deutsche Post AG		1,395		41,042
DSV AS		413		36,855
East Japan Railway Co.		991		93,898
Hankyu Hanshin Holdings, Inc.		1,000		35,868
Rumo SA*		11,339		56,031
West Japan Railway Co.		760		59,451
				502,432
Water — 0.6%
Cia de Saneamento Basico do Estado de Sao Paulo, ADR		1,713		19,237
United Utilities Group, PLC		92,665		935,394
				954,631
TOTAL COMMON STOCKS
(Cost $133,183,494)				129,360,985
EXCHANGE-TRADED FUNDS - 0.7%
Diversified Financial Services — 0.2%
Ishares MSCI India ETF		7,135		256,717
Other Investment Pools and Funds — 0.5%
Invesco India Exchange-Traded Fund Trust		23,070		591,746
iShares MSCI South Korea ETF		2,625		145,871
				737,617
TOTAL EXCHANGE-TRADED FUNDS
(Cost $1,001,045)				994,334
PREFERRED STOCKS - 1.6%
Auto Manufacturers — 0.1%
Bayerische Motoren Werke AG, 6.610%		722		42,723
Banks — 0.2%
Banco Bradesco SA, ADR, 2.707%		31,385		293,763
Bancolombia SA, SP ADR, 2.787%		463		21,747
Itau Unibanco Holdings, SP ADR, 7.061%		3,292		29,299
				344,809
Chemicals — 0.4%
Braskem SA, SP ADR*		876		18,939
Fuchs Petrolub SE, 2.727%		15,077		588,787
				607,726
Cosmetics/Personal Care — 0.5%
LG Household & Health Care, Ltd., 1.274%		1,220		747,289
Electric — 0.0%
Cia Energetica de Minas Gerais, SP ADR, 4.169%		8,794		32,890
Iron/Steel — 0.0%
Gerdau SA, SP ADR, 2.235%		7,353		25,588

The accompanying notes are an integral part of the portfolio of investments.

42 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Semiconductors — 0.4%
Samsung Electronic Co., Ltd., 4.083%		20,744		604,461
TOTAL PREFERRED STOCKS
(Cost $2,847,829)				2,405,486
SHORT-TERM INVESTMENTS - 12.9%
First American Government Obligations Fund Class X, 2.32% (b)		19,754,839		19,754,839
TOTAL SHORT-TERM INVESTMENTS
(Cost $19,754,839)				19,754,839
TOTAL INVESTMENTS - 99.7%
(Cost $156,787,207)				152,515,644
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%				531,855
NET ASSETS - 100.0%			$	153,047,499

* 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 May 31, 2019, total market value of Rule 144A securities is $1,552,290 and represents 1.01% of net assets.

(b) Seven-day yield as of May 31, 2019.

ADR American Depositary Receipt

GDR Global Depositary Receipt

NVDR Non-Voting Depositary Receipt

PLC Public Limited Company

REIT Real Estate Investment Trust

SP ADR Sponsored ADR

SP GDR Sponsored GDR

The accompanying notes are an integral part of the portfolio of investments.

43 

ALTAIR ADVISERS, LLC

NOTES TO PORTFOLIO OF INVESTMENTS

MAY 31, 2019 (UNAUDITED)

PORTFOLIO VALUATION – Investments in the underlying funds are valued at the Adara Smaller Companies Fund and the Aquarius International Fund (each a "Fund", collectively the "Funds") 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 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 May 31, 2019, in valuing each Fund's investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
ADARA SMALLER COMPANIES FUND
Common Stocks	$	268,398,771	$	268,398,771	$	-	$	-
Short-Term Investments		17,895,075		17,895,075		–		–
Total Investments*	$	286,293,846	$	286,293,846	$	-	$	-
AQUARIUS INTERNATIONAL FUND
Common Stocks	$	129,360,985	$	26,164,022	$	103,196,963	$	-
Exchange-Traded Funds		994,334		994,334		–		–
Preferred Stocks		2,405,486		422,226		1,983,260		–
Short-Term Investments		19,754,839		19,754,839		–		–
Total Investments*	$	152,515,644	$	47,335,421	$	105,180,223	$	-

* 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 May 31, 2019, the Funds 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.

44 

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

MAY 31, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
COMMON STOCKS—98.6%
COMMERCIAL SERVICES—4.9%
Bandwidth, Inc., Class A*		6,584	$	477,801
Cardtronics PLC, Class A*		7,000		211,400
Conduent, Inc.*		84,371		750,902
FTI Consulting, Inc.*		2,197		184,372
Insperity, Inc.		5,248		597,747
Resideo Technologies, Inc.*		28,284		556,629
Vectrus, Inc.*		17,572		620,116
				3,398,967
COMMUNICATIONS—0.3%
ATN International, Inc.		3,754		219,609
CONSUMER DURABLES—3.8%
Beazer Homes USA, Inc.*		68,387		620,954
frontdoor, Inc.*		13,964		561,493
GoPro, Inc., Class A*		91,368		575,618
Taylor Morrison Home Corp., Class A*		42,524		849,204
				2,607,269
CONSUMER NON-DURABLES—4.5%
Central Garden & Pet Co., Class A*		28,123		719,105
Coca-Cola Consolidated, Inc.		1,968		594,356
Cott Corp.		49,831		648,800
Inter Parfums, Inc.		9,892		640,804
PVH Corp.		5,686		484,390
				3,087,455
CONSUMER SERVICES—4.5%
Career Education Corp.*		40,421		758,702
Everi Holdings, Inc.*		71,715		798,905
K12, Inc.*		29,804		911,108
Unifirst Corp.		4,014		637,343
				3,106,058
DISTRIBUTION SERVICES—2.6%
Core-Mark Holding Co, Inc.		26,045		960,540
World Fuel Services Corp.		28,759		838,037
				1,798,577
ELECTRONIC TECHNOLOGY—10.2%
Acacia Communications, Inc.*		12,674		590,608
Astronics Corp.*		8,900		361,963
Audiocodes Ltd.		49,677		743,168
Benchmark Electronics, Inc.		25,652		566,653
Comtech Telecommunications Corp.		29,620		626,463
EchoStar Corp., Class A*		16,549		707,966
Extreme Networks, Inc.*		89,330		502,928
Kaiser Aluminum Corp.		6,863		611,631
Kaman Corp.		3,240		180,176
Lattice Semiconductor Corp.*		60,332		772,250
ManTech International Corp., Class A		9,852		604,617
Radware Ltd.*		32,575		759,649
				7,028,072
ENERGY MINERALS—3.2%
Arch Coal, Inc., Class A		6,980		615,287
CONSOL Energy, Inc.*		22,358		586,227
Delek US Holdings, Inc.		18,375		562,459
HollyFrontier Corp.		11,100		421,578
				2,185,551

The accompanying notes are an integral part of the portfolio of investments.

45 

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
FINANCE—22.7%
Aaron's, Inc.		12,442		662,661
Alleghany Corp.*		772		512,068
Ambac Financial Group, Inc.*		38,407		583,786
Argo Group International Holdings Ltd.		8,499		599,094
Athene Holding Ltd., Class A*		11,800		479,670
Axis Capital Holdings Ltd.		10,727		639,115
Brightsphere Investment Group PLC		52,112		559,683
Cowen, Inc.*		7,923		120,033
Credit Acceptance Corp.*		977		445,893
Ellington Financial, Inc.		1,528		26,511
Employers Holdings, Inc.		5,000		207,700
Erie Indemnity Co., Class A		3,271		695,644
Essent Group Ltd.*		16,649		781,671
Evercore, Inc., Class A		2,159		166,740
H&E Equipment Services, Inc.		17,295		420,441
INTL FCStone, Inc.*		16,934		588,626
LPL Financial Holdings, Inc.		4,500		360,990
McGrath RentCorp		13,976		785,870
Mercury General Corp.		3,218		185,518
Meta Financial Group, Inc.		31,734		830,479
Mr Cooper Group, Inc.*		83,854		634,775
National General Holdings Corp.		26,242		596,218
Nelnet, Inc., Class A		9,885		585,686
NMI Holdings, Inc., Class A*		5,652		154,073
On Deck Capital, Inc.*		123,574		496,767
PennyMac Financial Services, Inc.		29,013		615,366
Radian Group, Inc.		7,184		161,281
Rent-A-Center, Inc.*		35,578		848,891
SEI Investments Co.		10,659		535,615
Third Point Reinsurance Ltd.*		63,402		644,164
Walker & Dunlop, Inc.		13,916		699,557
				15,624,586
HEALTH SERVICES—1.4%
Chemed Corp.		1,900		623,086
Triple-S Management Corp., Class B*		12,811		313,869
				936,955
HEALTH TECHNOLOGY—8.8%
Assertio Therapeutics, Inc.*		65,375		191,549
CareDx, Inc.*		1,806		57,106
Collegium Pharmaceutical, Inc.*		18,051		207,767
Cutera, Inc.*		31,595		532,376
Fluidigm Corp.*		34,537		452,089
Genomic Health, Inc.*		11,026		576,108
Horizon Therapeutics PLC*		25,762		613,908
Iveric Bio, Inc.*		11,071		15,278
Jazz Pharmaceuticals PLC*		4,256		534,341
Meridian Bioscience, Inc.*		1,456		16,453
NanoString Technologies, Inc.*		21,808		620,220
NewLink Genetics Corp.*		15,742		27,706
OraSure Technologies, Inc.*		67,063		556,623
Pacira BioSciences, Inc.*		15,477		673,404
Puma Biotechnology, Inc.*		35,244		521,259
Solid Biosciences, Inc.*		770		4,258
Veracyte, Inc.*		19,858		449,982
				6,050,427
INDUSTRIAL SERVICES—3.9%
Basic Energy Services, Inc.*		15,620		29,834
Clean Harbors, Inc.*		9,112		584,262
Comfort Systems USA, Inc.		12,801		603,951
EMCOR Group, Inc.		10,168		819,134
Great Lakes Dredge & Dock Corp.*		62,919		669,458
				2,706,639
NON-ENERGY MINERALS—2.7%
Boise Cascade Co.		26,417		586,457
Materion Corp.		12,119		732,594
Moog, Inc., Class A		6,863		565,648
				1,884,699

The accompanying notes are an integral part of the portfolio of investments.

46 

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
PROCESS INDUSTRIES—5.6%
Albany International Corp., Class A		8,198		574,434
Braskem SA, SP ADR*		29,201		631,326
CF Industries Holdings, Inc.		11,700		470,808
Cosan Ltd., Class A		70,640		892,183
Darling Ingredients, Inc.*		30,519		576,809
Resolute Forest Products, Inc.		13,545		87,094
Silgan Holdings, Inc.		20,455		592,991
				3,825,645
PRODUCER MANUFACTURING—7.7%
American Superconductor Corp.*		13,095		127,414
BMC Stock Holdings, Inc.*		31,157		624,075
Builders FirstSource, Inc.*		41,488		584,151
Carlisle Cos, Inc.		4,086		544,705
Crane Co.		7,600		581,096
DMC Global, Inc.		11,008		744,581
Installed Building Products, Inc.*		11,311		581,838
Luxfer Holdings PLC		5,695		136,509
Napco Security Technologies, Inc.*		2,413		64,475
PGT Innovations, Inc.*		45,971		687,726
TriMas Corp.*		21,221		607,982
				5,284,552
RETAIL TRADE—3.8%
America's Car-Mart, Inc.*		4,341		373,760
Cia Brasileira de Distribuicao Class A, SP ADR		31,773		701,548
Conn's, Inc.*		30,525		547,924
Lithia Motors, Inc., Class A		5,789		660,814
PCM, Inc.*		11,565		295,486
				2,579,532
TECHNOLOGY SERVICES—5.6%
Blucora, Inc.*		14,588		451,790
Dropbox, Inc., Class A*		21,420		483,235
Euronet Worldwide, Inc.*		4,006		621,090
SPS Commerce, Inc.*		6,459		658,366
Stamps.com, Inc.*		9,140		306,556
TriNet Group, Inc.*		8,621		546,399
Workiva, Inc., Class A*		14,647		814,959
				3,882,395
TRANSPORTATION—1.8%
Gol Linhas Aereas Inteligentes SA, ADR*		49,876		684,299
Grupo Aeroportuario del Centro Norte SAB de CV SP ADR		7,067		343,386
YRC Worldwide, Inc.*		48,040		204,650
				1,232,335
UTILITIES—0.6%
Pampa Energia SA, SP ADR*		15,334		387,644
TOTAL COMMON STOCKS
(Cost $70,458,780)				67,826,967
SHORT-TERM INVESTMENTS—1.4%
Fidelity Investments Money Market Funds - Government Portfolio, 2.27% (a)				974,776
TOTAL SHORT-TERM INVESTMENTS
(Cost $974,776)				974,776
TOTAL INVESTMENTS—100.0%
(Cost $71,433,556)				68,801,743
OTHER ASSETS IN EXCESS OF LIABILITIES—0.0%				29,991
NET ASSETS—100.0%			$	68,831,734

* Non-income producing security.

^(a) Seven-day yield as of May 31, 2019.

ADR - American Depositary Receipt

PLC - Public Limited Company

SP ADR - Sponsored American Depositary Receipt

The accompanying notes are an integral part of the portfolio of investments.

47 

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

NOTES TO PORTFOLIO OF INVESTMENTS

MAY 31, 2019 (UNAUDITED)

PORTFOLIO VALUATION — The Bogle Investment Management Small Cap Growth Fund's (the "Fund") 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 other open-end investment companies, if any, are valued based on the NAV of those investment companies (which may use fair value pricing as discussed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by RBB'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 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 inputs used, as of May 31, 2019, in valuing the Fund’s investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stocks	$	67,826,967	$	67,826,967	$	-	$	-
Short-Term Investments		974,776		974,776		-		-
Total Investments*	$	68,801,743	$	68,801,743	$	-	$	-

* 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 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 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.

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.

48 

CAMPBELL ADVANTAGE FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2019 (UNAUDITED)

MUTUAL FUNDS — 11.0%	PAR		VALUE
CAMPBELL ADVANTAGE OFFSHORE LIMITED FUND	$	27,500	$	275,000
TOTAL MUTUAL FUNDS
(Cost $275,000)				275,000
TOTAL INVESTMENTS — 11.0%
(Cost $275,000)				275,000
OTHER ASSETS IN EXCESS OF LIABILITIES — 89.0%				2,224,674
NET ASSETS — 100.0%			$	2,499,674

The accompanying notes are an integral part of the consolidated portfolio of investments.

49 

CAMPBELL ADVANTAGE FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

Futures contracts outstanding as of May 31, 2019 were as follows:

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
10 Year Mini Japanese Government Bond	Jun-19	10	$	922,807	$	(222	)
3-Month Euro Euribor	Jun-20	19		21,225,967		(122	)
90-DAY Bank Bill	Sep-19	7		4,855,884		92
90-Day Euro	Jun-20	20		20,000,000		2,544
90-Day Sterling	Jun-20	14		8,849,781		(237	)
Amsterdam Index	Jun-19	1		223		507
Australian 10-Year Bond	Jun-19	4		277,479		942
Australian 3-Year Bond	Jun-19	13		901,807		202
CAC40 10 Euro	Jun-19	2		22		338
Canadian 10-Year Bond	Sep-19	5		369,932		789
Cocoa	Jul-19	1		10		(363	)
Euro BUXL 30-Year Bond Futures	Sep-19	2		223,431		(516	)
Euro Stoxx 50	Jun-19	3		34		242
Euro-Bobl	Sep-19	9		1,005,441		(569	)
Euro-BTP	Sep-19	1		111,716		792
Euro-Bund	Sep-19	4		446,862		(262	)
Euro-Oat	Sep-19	5		558,578		866
Euro-Schatz	Sep-19	18		2,010,881		(440	)
FTSE 100 Index	Jun-19	1		13		195
Gasoline RBOB	Jul-19	1		42,000		(1,174	)
Long Gilt	Sep-19	3		379,276		(977	)
OMX Stockholm 30 Index	Jun-19	6		63		(89	)
S&P 500 E-Mini	Jun-19	1		50		(110	)
S&P/TSX 60 Index	Jun-19	2		296		174
SPI 200 Index	Jun-19	1		17		207
U.S. Treasury 10-Year Notes	Sep-19	6		600,000		1,412
U.S. Treasury 2-Year Notes	Sep-19	11		2,200,000		2,053
U.S. Treasury 5-Year Notes	Sep-19	9		900,000		2,056
U.S. Treasury Long Bond (Chicago Board of Trade)	Sep-19	3		300,000		1,182
U.S. Treasury Ultra Long Bond (Chicago Board of Trade)	Sep-19	2		200,000		1,278
					$	10,790

SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT			VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
Cattle Feeder Futures	Aug-19	3	$	(150,000	)	$	6,503
Coffee	Jul-19	3		(112,500	)		(4,040	)
Cotton No.2	Jul-19	2		(100,000	)		1,239
Live Cattle	Aug-19	2		(80,000	)		1,674
London Metals Exchange Aluminum	Sep-19	2		(50	)		(349	)
Natural Gas	Jul-19	2		(20,000	)		715
Platinum	Jul-19	1		(50	)		(32	)
Silver	Jul-19	2		(10,000	)		(475	)
Soybean	Jul-19	4		(20,000	)		1,976
Sugar No. 11 (World)	Jul-19	4		(448,000	)		(1,020	)
Wheat	Jul-19	2		(10,000	)		457
						$	6,648
						$	17,438

The accompanying notes are an integral part of the consolidated portfolio of investments.

50 

CAMPBELL ADVANTAGE FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

Forward foreign currency contracts outstanding as of May 31, 2019 were as follows:

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION DATE	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
USD	400,000	AUD	276,746	Jun 19 2019	UBS	$	(902	)
USD	600,000	CAD	443,514	Jun 19 2019	UBS		(623	)
USD	150,000	CHF	149,409	Jun 19 2019	UBS		(685	)
USD	750,000	EUR	836,694	Jun 19 2019	UBS		(2,552	)
USD	300,000	GBP	378,623	Jun 19 2019	UBS		(1,033	)
USD	4,200,000	NOK	479,197	Jun 19 2019	UBS		(1,067	)
USD	350,000	NZD	228,040	Jun 19 2019	UBS		(1,028	)
USD	7,800,000	SEK	818,693	Jun 19 2019	UBS		(4,764	)
Total Forward Foreign Currency Contracts						$	(12,654	)

AUD	Australian Dollar	NOK	Norwegian Krone
CAD	Canadian Dollar	NZD	New Zealand Dollar
CHF	Swiss Franc	SEK	Swedish Krona
EUR	Euro	USD	United States Dollar
GBP	British Pound

The accompanying notes are an integral part of the consolidated portfolio of investments.

51 

CAMPBELL ADVANTAGE FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2019 (UNAUDITED)

CONSOLIDATION OF SUBSIDIARY —The Adviser’s Campbell Advantage Program will be achieved by the Fund investing up to 25% of its total assets in the Campbell Advantage Offshore Limited (the “Subsidiary”), a wholly-owned and controlled subsidiary for the Fund organized under the laws 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 (greater than 50%). All inter-company accounts and transactions have been eliminated. As of the end of the reporting period, the net assets of the Subsidiary were $280,110, which represented 11.21% 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 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 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 May 31, 2019, in valuing the Fund’s investments carried at fair value:

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Mutual Funds	$	275,000		$	-		$	275,000		$	-
Commodity Contracts
Futures Contracts		12,565			12,565			-			-
Equity Contracts
Futures Contracts		1,662			1,662			-			-
Interest Rate Contracts
Futures Contracts		14,208			14,208			-			-
Foreign Currency Contracts
Forward Foreign Currency Contracts		-			-			-			-
Total Assets	$	303,435		$	28,435		$	275,000		$	-
		TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Mutual Funds	$	-		$	-		$	-		$	-
Commodity Contracts
Futures Contracts		(7,453	)		(7,453	)		-			-
Equity Contracts
Futures Contracts		(199	)		(199	)		-			-
Interest Rate Contracts
Futures Contracts		(3,345	)		(3,345	)		-			-
Foreign Currency Contracts
Forward Foreign Currency Contracts		(12,654	)		-			(12,654	)		-
Total Liabilities	$	(23,650	)	$	(10,997	)	$	(12,654	)	$	-

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 May 31,2019, the Fund had no Level 3 transfers.

52 

CAMPBELL ADVANTAGE FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that the Fund used during the period include 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.

The following table lists the fair values of the Fund’s derivative holdings as of May 31, 2019, grouped by contract type and risk exposure category.

DERIVATIVE TYPE	COMMODITY CONTRACTS			EQUITY CONTRACTS			INTEREST RATE CONTRACTS			FOREIGN CURRENCY CONTRACTS			TOTAL
Asset Derivatives
Futures Contracts (a)	$	12,565		$	1,662		$	14,208		$	-		$	28,435
Forward Contracts (a)		-			-			-			-			-
Total Value - Assets	$	12,565		$	1,662		$	14,208		$	-		$	28,435
Liability Derivatives
Futures Contracts (a)	$	(7,453	)	$	(199	)	$	(3,345	)	$	-		$	(10,997	)
Forward Contracts (a)		-			-			-			(12,654	)		(12,654	)
Total Value - Liabilities	$	(7,453	)	$	(199	)	$	(3,345	)	$	(12,654	)	$	(23,651	)

(a) This amount represents the cumulative appreciation/(depreciation) of forward and futures contracts as reported in the Consolidated Portfolio of Investments.

For the period ended May 31,2019, 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)
$	66,382,570	$	(950,600	)	$	(3,623,569	)	$	3,610,916

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.

For more information with regard to significant accounting policies, see the most recent Campbell Advantage Fund prospectus filed with the Securities and Exchange Commission.

53 

CAMPBELL DYNAMIC TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2019 (UNAUDITED)

	COUPON*	MATURITY DATE	PAR		VALUE
SHORT-TERM INVESTMENTS — 78.0%
U.S. TREASURY OBLIGATIONS — 78.0%
United States Treasury Bill	2.474%	06/20/19	$	2,915,000	$	2,911,900
United States Treasury Bill	2.429%	07/18/19		2,570,000		2,562,643
United States Treasury Bill	2.439%	08/15/19		3,685,000		3,668,000
United States Treasury Bill	2.349%	01/02/20		2,935,000		2,896,058
United States Treasury Bill	2.279%	02/27/20		3,000,000		2,950,000
United States Treasury Bill	2.438%	09/26/19		3,545,000		3,518,940
						18,507,541
TOTAL SHORT-TERM INVESTMENTS
(Cost $18,503,034)						18,507,541
TOTAL INVESTMENTS — 78.0%
(Cost $18,503,034)						18,507,541
OTHER ASSETS IN EXCESS OF LIABILITIES — 22.0%						5,209,184
NET ASSETS — 100.0%					$	23,716,725

^* Short-term investments’ coupon reflects the annualized yield on the date of purchase for discounted investments.

The accompanying notes are an integral part of the consolidated portfolio of investments.

54 

CAMPBELL DYNAMIC TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

Futures contracts outstanding as of May 31, 2019 were as follows:

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
10 Year Mini Japanese Government Bond	Jun-19	68	$	6,275,089	$	27,746
3-Month Euro Euribor	Jun-20	307		85,741,736		102,499
90-DAY Bank Bill	Sep-19	182		126,252,992		94,655
90-Day Euro	Jun-20	66		16,500,000		99,532
90-Day Sterling	Jun-20	135		21,334,294		40,364
Amsterdam Index	Jun-19	5		1,117		(3,194	)
Australian 10-Year Bond	Jun-19	33		2,289,203		129,512
Australian 3-Year Bond	Jun-19	119		8,255,003		97,276
Brent Crude	Sep-19	2		2,000		(14,103	)
CAC40 10 Euro	Jun-19	9		101		(5,069	)
Canadian 10-Year Bond	Sep-19	22		1,627,701		24,861
Cocoa	Jul-19	4		40		(122	)
DAX Index	Jun-19	1		28		(16,117	)
DJIA Mini E-CBOT	Jun-19	2		10		(15,529	)
Euro BUXL 30-Year Bond Futures	Sep-19	6		670,294		(1,213	)
Euro-Bobl	Sep-19	49		5,474,065		(2,246	)
Euro-BTP	Sep-19	8		893,725		6,068
Euro-Bund	Sep-19	20		2,234,312		(3,821	)
Euro-Oat	Sep-19	25		2,792,890		5,836
Euro-Schatz	Sep-19	120		13,405,874		(4,830	)
Euro-Stoxx 50	Jun-19	13		145		(17,757	)
FTSE 100 Index	Jun-19	4		51		(12,805	)
FTSE/JSE TOP 40	Jun-19	1		1		(2,711	)
FTSE/MIB Index	Jun-19	2		11		(18,092	)
Gasoline RBOB	Jul-19	3		126,000		(17,622	)
IBEX 35 Index	Jun-19	2		22		(1,421	)
Lean Hogs	Jul-19	2		80,000		(2,546	)
London Metals Exchange Aluminum	Jun-19	16		400		(29,634	)
London Metals Exchange Copper	Jun-19	3		75		(47,558	)
London Metals Exchange Copper	Sep-19	1		25		(9,915	)
London Metals Exchange Nickel	Jun-19	4		24		(32,052	)
London Metals Exchange Nickel	Sep-19	1		6		(987	)
London Metals Exchange Zinc	Jun-19	7		175		(36,854	)
London Metals Exchange Zinc	Sep-19	4		100		(21,057	)
Long Gilt	Sep-19	10		1,264,254		3,693
Low Sulphur Gasoil G Futures	Jul-19	2		200		(11,153	)
MSCI Singapore Exchange ETS	Jun-19	4		291		(2,083	)
MSCI Taiwan Index	Jun-19	4		400		1,992
Nasdaq 100 E-Mini	Jun-19	2		40		(20,664	)
Nikkie 225 (Osaka Securities Exchange)	Jun-19	1		5		(7,406	)
OMX Stockholm 30 Index	Jun-19	28		295		(24,310	)
Palladium	Sep-19	2		200		5,335
S&P 500 E-Mini	Jun-19	2		100		(17,557	)
S&P/TSX 60 Index	Jun-19	6		888		(7,023	)
SPI 200 Index	Jun-19	9		156		25,375
U.S. Treasury 10-Year Notes	Sep-19	22		2,200,000		26,948
U.S. Treasury 2-Year Notes	Sep-19	38		7,600,000		33,195
U.S. Treasury 5-Year Notes	Sep-19	34		3,400,000		24,385
U.S. Treasury Long Bond (Chicago Board of Trade)	Sep-19	8		800,000		27,236
U.S. Treasury Ultra Long Bond (Chicago Board of Trade)	Sep-19	5		500,000		22,999
					$	392,056

The accompanying notes are an integral part of the consolidated portfolio of investments.

55 

CAMPBELL DYNAMIC TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT			VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
Cattle Feeder Futures	Aug-19	7	$	(350,000	)	$	41,654
Coffee	Jul-19	13		(487,500	)		(39,733	)
Corn	Jul-19	1		(5,000	)		(2,940	)
Cotton No.2	Jul-19	15		(750,000	)		18,825
Live Cattle	Aug-19	6		(240,000	)		9,212
London Metals Exchange Aluminum	Sep-19	11		(275	)		9,447
London Metals Exchange Aluminum	Jun-19	16		(400	)		37,057
London Metals Exchange Copper	Jun-19	3		(75	)		24,441
London Metals Exchange Copper	Sep-19	3		(75	)		13,237
London Metals Exchange Nickel	Sep-19	2		(12	)		1,995
London Metals Exchange Nickel	Jun-19	4		(24	)		8,077
London Metals Exchange Zinc	Sep-19	4		(100	)		6,212
London Metals Exchange Zinc	Jun-19	7		(175	)		22,817
Natural Gas	Jul-19	5		(50,000	)		8,638
Platinum	Jul-19	3		(150	)		713
Russell 2000 E-Mini	Jun-19	1		(50	)		1,743
Silver	Jul-19	5		(25,000	)		4,953
Soybean	Jul-19	13		(65,000	)		(12,875	)
Sugar No. 11 (World)	Jul-19	15		(1,680,000	)		(1,445	)
Topix Index	Jun-19	1		(92	)		2,854
Wheat	Jul-19	9		(45,000	)		(22,213	)
						$	132,669
Total Futures Contracts						$	524,725

The accompanying notes are an integral part of the consolidated portfolio of investments.

56 

CAMPBELL DYNAMIC TREND FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

Forward foreign currency contracts outstanding as of May 31, 2019 were as follows:

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION DATE	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
AUD	1,450,000	USD	1,029,370	Jun 19 2019	UBS	$	(22,896	)
CAD	1,000,000	USD	747,795	Jun 19 2019	UBS		(7,567	)
CHF	350,000	USD	348,487	Jun 19 2019	UBS		1,733
EUR	1,150,000	USD	1,303,808	Jun 19 2019	UBS		(16,965	)
GBP	500,000	USD	660,715	Jun 19 2019	UBS		(27,955	)
JPY	297,000,000	USD	2,707,239	Jun 19 2019	UBS		37,799
NOK	14,550,000	USD	1,705,120	Jun 19 2019	UBS		(41,349	)
NZD	650,000	USD	446,358	Jun 19 2019	UBS		(20,945	)
SEK	19,800,000	USD	2,135,812	Jun 19 2019	UBS		(45,499	)
USD	3,306,729	AUD	4,700,000	Jun 19 2019	UBS		44,365
USD	2,810,746	CAD	3,750,000	Jun 19 2019	UBS		34,894
USD	1,199,490	CHF	1,200,000	Jun 19 2019	UBS		(1,262	)
USD	5,180,701	EUR	4,550,000	Jun 19 2019	UBS		89,278
USD	2,266,752	GBP	1,750,000	Jun 19 2019	UBS		52,090
USD	3,190,748	JPY	354,000,000	Jun 19 2019	UBS		(81,116	)
USD	4,054,951	NOK	34,950,000	Jun 19 2019	UBS		58,470
USD	2,368,077	NZD	3,550,000	Jun 19 2019	UBS		44,668
USD	5,966,259	SEK	55,500,000	Jun 19 2019	UBS		107,048
Total Forward Foreign Currency Contracts						$	204,791

AUD	Australian Dollar	JPY	Japanese Yen
CAD	Canadian Dollar	NOK	Norwegian Krone
CHF	Swiss Franc	NZD	New Zealand Dollar
EUR	Euro	SEK	Swedish Krona
GBP	British Pound	USD	United States Dollar

The accompanying notes are an integral part of the consolidated portfolio of investments.

57 

CAMPBELL DYNAMIC TREND FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS

MAY 31, 2019 (UNAUDITED)

CONSOLIDATION OF SUBSIDIARY —The Adviser’s Campbell Dynamic Trend Program will be achieved by the Fund investing up to 25% of its total assets in the Campbell Core Offshore Limited (the “Subsidiary”), a wholly-owned and controlled subsidiary for the Fund organized under the laws 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 (greater than 50%). All inter-company accounts and transactions have been eliminated. As of the end of the reporting period, the net assets of the Subsidiary were $393,846, which represented 1.66% 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 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 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 May 31, 2019, in valuing the Fund’s investments carried at fair value:

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Short-Term Investments	$	18,507,541		$	18,507,541		$	-		$	-
Commodity Contracts
Futures Contracts		212,613			212,613			-			-
Equity Contracts
Futures Contracts		31,964			31,964			-			-
Interest Rate Contracts
Futures Contracts		766,805			766,805			-			-
Foreign Currency Contracts
Forward Foreign Currency Contracts		470,345			-			470,345			-
Total Assets	$	19,989,268		$	19,518,923		$	470,345		$	-
		TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Short-Term Investments	$	-		$	-		$	-		$	-
Commodity Contracts
Futures Contracts		(302,809	)		(302,809	)		-			-
Equity Contracts
Futures Contracts		(171,738	)		(171,738	)		-			-
Interest Rate Contracts
Futures Contracts		(12,110	)		(12,110	)		-			-
Foreign Currency Contracts
Forward Foreign Currency Contracts		(265,554	)		-			(265,554	)		-
Total Liabilities	$	(752,211	)	$	(486,657	)	$	(265,554	)	$	-

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 May 31,2019, the Fund had no Level 3 transfers.

58 

CAMPBELL DYNAMIC TREND FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that the Fund used during the period include 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.

The following table lists the fair values of the Fund’s derivative holdings as of May 31, 2019, grouped by contract type and risk exposure category.

DERIVATIVE TYPE	COMMODITY CONTRACTS			EQUITY CONTRACTS			INTEREST RATE CONTRACTS			FOREIGN CURRENCY CONTRACTS			TOTAL
Asset Derivatives
Futures Contracts (a)	$	212,613		$	31,964		$	766,805		$	-		$	1,011,382
Forward Contracts (a)		-			-			-			470,345			470,345
Total Value - Assets	$	212,613		$	31,964		$	766,805		$	470,345		$	1,481,727
Liability Derivatives
Futures Contracts (a)	$	(302,809	)	$	(171,738	)	$	(12,110	)	$	-		$	(486,657	)
Forward Contracts (a)		-			-			-			(265,554	)		(265,554	)
Total Value - Liabilities	$	(302,809	)	$	(171,738	)	$	(12,110	)	$	(265,554	)	$	(752,211	)

(a) This amount represents the cumulative appreciation/(depreciation) of forward and futures contracts as reported in the Consolidated Portfolio of Investments.

For the period ended May 31,2019, 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)
$	234,424,252	$	(39,137,512	)	$	(52,361,852	)	$	52,465,033

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.

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.

59 

MFAM GLOBAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

MAY 31, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Common Stocks — 98.5%
Aerospace & Defense — 2.2%
Axon Enterprise, Inc. (United States) (a)*		150,000	$	10,017,000
Air Freight & Logistics — 1.4%
XPO Logistics, Inc. (United States) (a)*		124,000		6,459,160
Banks — 3.8%
Bank of Georgia Group PLC (Georgia)		263,132		5,450,066
HDFC Bank., Ltd., ADR (India)		92,000		11,422,720
				16,872,786
Beverages — 1.3%
Anheuser-Busch InBev SA/NV, SP ADR (Belgium) (a)		70,500		5,738,700
Capital Markets — 0.7%
Georgia Capital PLC (Georgia)*		263,132		3,216,878
Consumer Finance — 1.4%
Gentera SAB de CV (Mexico)		7,200,000		6,351,834
Diversified Financial Services — 1.5%
Banco Latinoamerico de Comercio Exterior SA, Class E (Panama)		343,129		6,845,424
Diversified Telecommunication Services — 1.4%
Vivendi SA (France)		225,000		6,058,475
Electronic Equipment, Instruments & Components — 2.7%
IPG Photonics Corp. (United States) (a)*		72,000		9,012,240
Lagercrantz Group AB, Class B (Sweden)		29,296		378,792
NLight, Inc. (United States) (a)*		155,000		2,896,950
				12,287,982
Equity Real Estate Investment Trusts (REITs) — 8.1%
American Tower Corp. (United States)		64,000		13,361,280
Equinix, Inc. (United States)		20,000		9,715,800
SBA Communications Corp. (United States)*		60,000		12,984,600
				36,061,680
Food & Staples Retailing — 2.1%
Costco Wholesale Corp. (United States)		40,000		9,583,200
Food Products — 1.1%
Nippon Indosari Corpindo Tbk PT (Indonesia)		54,234,800		4,996,935
Health Care Equipment & Supplies — 9.4%
Align Technologies, Inc. (United States) (a)*		40,500		11,516,175
Medtronic PLC (Ireland)		205,272		19,004,082
ResMed, Inc. (United States) (a)		102,000		11,640,240
				42,160,497
Health Care Providers & Services — 2.8%
NMC Health PLC (United Arab Emirates)		435,482		12,364,620
Hotels, Restaurants & Leisure — 4.8%
Starbucks Corp. (United States)		195,000		14,831,700
Yum China Holdings, Inc. (China) (a)		171,251		6,851,752
				21,683,452
Interactive Media & Services — 2.2%
Alphabet, Inc., Class C (United States)*		9,024		9,959,157
Internet & Direct Marketing Retail — 11.8%
Amazon.com, Inc. (United States)*		14,150		25,117,241
Ctrip.com International Ltd., ADR (China)		200,752		6,937,989
GrubHub, Inc. (United States) (a)*		50,000		3,257,500
MercadoLibre, Inc. (Argentina) (a)*		23,287		13,285,699
Zooplus AG (Germany)*		33,200		3,538,346
				52,136,775
IT Services — 7.6%
Mastercard, Inc., Class A (United States)		93,300		23,464,017
PayPal Holdings, Inc. (United States)*		94,900		10,415,275
				33,879,292

The accompanying notes are an integral part of the schedule of investments.

60 

MFAM GLOBAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Life Sciences Tools & Services — 1.0%
Horizon Discovery Group PLC (United Kingdom)*		2,135,499		4,524,311
Machinery — 0.6%
Fanuc Corp. (Japan)		16,000		2,698,164
Media — 2.1%
System1 Group PLC (United Kingdom)		700,000		2,097,398
Tencent Holding Ltd. (China)		180,000		7,505,578
				9,602,976
Multiline Retail — 1.7%
Mitra Adiperkasa Tbk PT (Indonesia)		123,010,000		7,584,432
Real Estate Management & Development — 0.8%
Jones Lang LaSalle, Inc. (United States) (a)		30,000		3,733,500
Semiconductors & Semiconductor Equipment — 1.8%
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR (Taiwan)		215,000		8,245,250
Software — 13.8%
Atlassian Corp., PLC, Class A (Australia)*		132,000		16,616,160
Douzone Bizon Co., Ltd. (South Korea)		149,798		8,235,702
Everbridge, Inc. (United States) (a)*		150,000		11,796,000
Paycom Software, Inc. (United States) (a)*		65,000		13,786,500
Splunk, Inc. (United States)*		93,300		10,635,267
				61,069,629
Trading Companies & Distributors — 4.9%
Fastenal Co. (United States) (a)		248,000		7,586,320
Watsco, Inc. (United States)		90,000		14,165,100
				21,751,420
Transportation Infrastructure — 2.2%
International Container Terminal Services, Inc. (Philippines)		3,750,000		9,777,420
Wireless Telecommunication Services — 3.3%
SoftBank Group Corp. (Japan)		160,000		14,845,205
Total Common Stocks (Cost $277,321,716)				440,506,154
Investments Purchased with Proceeds from Securities Lending Collateral — 16.7%
Mount Vernon Liquid Assets Portfolio, LLC, 2.54%		74,545,672		74,545,672
Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $74,545,672)				74,545,672
Short-Term Investments — 1.4%
U.S. Bank Money Market Deposit Account, 2.38% (United States) (b)		6,421,778		6,421,778
Total Short-Term Investments (Cost $6,421,778)				6,421,778
Total Investments (Cost $358,289,166) — 116.6%				521,473,604
Liabilities in Excess of Other Assets — (16.6)%				(74,239,529	)
NET ASSETS — 100.0%
(Applicable to 18,643,293 shares outstanding)			$	447,234,075

* Non-income producing security.

ADR American Depositary Receipt

PLC Public Limited Company

SP ADR Sponsored ADR

(a) All or a portion of the security is on loan. At May 31, 2019, the market value of securities on loan was $72,194,399.

(b) The rate shown is as of May 31, 2019.

The accompanying notes are an integral part of the schedule of investments.

61 

MFAM MID-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS

MAY 31, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Common Stocks — 98.5%
Aerospace & Defense — 2.2%
Axon Enterprise, Inc. (United States) (a)*		90,000	$	6,010,200
Air Freight & Logistics — 5.5%
C.H. Robinson Worldwide, Inc. (United States) (a)		46,000		3,662,980
XPO Logistics, Inc. (United States) (a)*		215,000		11,199,350
				14,862,330
Auto Components — 6.2%
Gentex Corp. (United States) (a)		300,000		6,408,000
LCI Industries (United States) (a)		124,670		10,331,403
				16,739,403
Automobiles — 2.2%
Thor Industries, Inc. (United States) (a)		115,000		5,938,600
Banks — 0.8%
SVB Financial Group (United States)*		10,000		2,014,000
Biotechnology — 2.2%
Ionis Pharmaceuticals, Inc. (United States) (a)*		89,100		5,844,960
Capital Markets — 1.7%
Diamond Hill Investment Group, Inc. (United States)		32,539		4,669,346
Electronic Equipment, Instruments & Components — 2.3%
IPG Photonics Corp. (United States) (a)*		49,500		6,195,915
Equity Real Estate Investment Trusts — 6.6%
SBA Communications Corp. (United States)*		55,000		11,902,550
STAG Industrial, Inc. (United States)		195,000		5,690,100
				17,592,650
Food Products — 2.0%
McCormick & Co., Inc. (United States) (a)		34,000		5,305,360
Health Care Equipment & Supplies — 18.6%
Align Technologies, Inc. (United States) (a)*		41,000		11,658,350
Cooper Companies, Inc. (The) (United States)		46,400		13,817,456
NuVasive, Inc. (United States) (a)*		81,549		4,726,580
ResMed, Inc. (United States)		99,000		11,297,880
Varian Medical Systems, Inc. (United States) (a)*		67,000		8,459,420
				49,959,686
Health Care Technology — 1.6%
Teladoc, Inc. (United States) (a)*		75,000		4,359,000
Hotels, Restaurants & Leisure — 3.0%
Texas Roadhouse, Inc. (United States) (a)		154,929		7,941,661
Household Products — 3.9%
Church & Dwight Co., Inc. (United States) (a)		141,600		10,536,456
Insurance — 3.1%
Markel Corp. (United States) (a)*		7,900		8,365,073
Internet & Direct Marketing Retail — 2.2%
GrubHub, Inc. (United States) (a)*		90,000		5,863,500
IT Services — 2.6%
Broadridge Financial Solutions, Inc. (United States) (a)		55,000		6,867,850
Leisure Products — 2.4%
Hasbro, Inc. (United States) (a)		68,615		6,528,031
Machinery — 1.5%
Proto Labs, Inc. (United States) (a)*		40,000		4,014,000
Real Estate Management & Development — 3.8%
Jones Lang LaSalle, Inc. (United States)		72,500		9,022,625
Newmark Group, Inc., Class A (United States)		137,237		1,095,151
				10,117,776
Software — 17.6%
Alarm.com Holdings, Inc. (United States) (a)*		80,000		4,664,800
Everbridge, Inc. (United States) (a)*		60,000		4,718,400

The accompanying notes are an integral part of the schedule of investments.

62 

MFAM MID-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Paycom Software, Inc. (United States) (a)*		70,000		14,847,000
Paylocity Holding Corp. (United States)*		131,000		13,128,820
Splunk, Inc. (United States)*		87,000		9,917,130
				47,276,150
Specialty Retail — 1.7%
Tractor Supply Co. (United States)		44,800		4,514,944
Trading Companies & Distributors — 4.8%
Fastenal Co. (United States) (a)		193,500		5,919,165
Watsco, Inc. (United States) (a)		45,000		7,082,550
				13,001,715
Total Common Stocks (Cost $162,644,064)				264,518,606
Investments Purchased with Proceeds from Securities Lending Collateral — 33.2%
Mount Vernon Liquid Assets Portfolio, LLC, 2.54%		89,221,873		89,221,873
Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $89,221,873)				89,221,873
Short-Term Investments — 1.6%
U.S. Bank Money Market Deposit Account, 2.38% (United States) (b)		4,274,307		4,274,307
Total Short-Term Investments (Cost $4,274,307)				4,274,307
Total Investments (Cost $256,140,244) — 133.3%				358,014,786
Liabilities in Excess of Other Assets — (33.3)%				(89,523,617	)
NET ASSETS — 100.0%
(Applicable to 11,507,936 shares outstanding)			$	268,491,169

* Non-income producing security.

(a) All or a portion of the security is on loan. At May 31, 2019, the market value of securities on loan was $86,271,499.

(b) The rate shown is as of May 31, 2019.

The accompanying notes are an integral part of the schedule of investments.

63 

MFAM EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

MAY 31, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Common Stocks — 97.1%
Banks — 10.1%
Bank of Georgia Group PLC (Georgia)		30,000	$	621,369
Credicorp Ltd. (Peru)		5,000		1,119,000
HDFC Bank., Ltd., ADR (India)		13,350		1,657,536
				3,397,905
Beverages — 0.3%
Coca-Cola Icecek AS (Turkey)		20,000		93,609
Capital Markets — 1.1%
Georgia Capital PLC (Georgia)*		30,000		366,760
Consumer Finance — 3.6%
Gentera SAB de CV (Mexico)		1,350,000		1,190,969
Diversified Financial Services — 2.1%
Banco Latinoamerico de Comercio Exterior SA, Class E (Panama)		35,900		716,205
Diversified Telecommunication Services — 1.9%
Telkom SA SOC Ltd. (South Africa)		100,000		632,065
Food & Staples Retailing — 1.4%
CP ALL PCL, NVDR (Thailand)		190,000		479,914
Food Products — 2.8%
Nippon Indosari Corpindo Tbk PT (Indonesia)		10,022,700		923,444
Health Care Equipment & Supplies — 5.7%
Top Glove Corp., Bhd (Malaysia)		1,600,000		1,926,217
Health Care Providers & Services — 9.4%
Georgia Healthcare Group PLC (Georgia) (a)*		90,000		284,457
NMC Health PLC (United Arab Emirates)		50,000		1,419,648
Odontoprev SA (Brazil)		350,000		1,453,892
				3,157,997
Hotels, Restaurants & Leisure — 5.2%
Yum China Holdings, Inc. (China)		43,500		1,740,435
Interactive Media & Services — 1.4%
Baidu, Inc., SP ADR (China)*		4,250		467,500
Internet & Direct Marketing Retail — 15.1%
Alibaba Group Holding Ltd., SP ADR (China) (b)*		7,200		1,074,672
Ctrip.com International Ltd., ADR (China) (b)		33,300		1,150,848
MercadoLibre, Inc. (Argentina) (b)*		5,000		2,852,600
				5,078,120
Media — 5.7%
Tencent Holding Ltd. (China)		45,600		1,901,413
Multiline Retail — 4.3%
Mitra Adiperkasa Tbk PT (Indonesia)		23,420,000		1,444,008
Real Estate Management & Development — 0.7%
Lippo Karawaci Tbk PT (Indonesia)		10,000,000		225,343
Semiconductors & Semiconductor Equipment — 3.1%
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR (Taiwan)		27,500		1,054,625
Software — 6.2%
Douzone Bizon Co., Ltd. (South Korea)		38,000		2,089,191
Transportation Infrastructure — 12.5%
DP World Ltd., PLC (United Arab Emirates)		42,000		718,620
Grupo Aeroportuario del Pacifico SAB de CV, ADR (Mexico)		9,500		929,860
Grupo Aeroportuario del Sureste SAB de CV, ADR (Mexico)		5,400		856,332
International Container Terminal Services, Inc. (Philippines)		645,000		1,681,716
				4,186,528

The accompanying notes are an integral part of the schedule of investments.

64 

MFAM EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Wireless Telecommunication Services — 4.5%
Safaricom Ltd., PLC (Kenya)		4,000,000		1,084,980
Vodacom Group Ltd. (South Africa)		50,000		408,030
				1,493,010
Total Common Stocks (Cost $24,584,695)				32,565,258
Investments Purchased with Proceeds from Securities Lending Collateral — 15.1%
Mount Vernon Liquid Assets Portfolio, LLC, 2.54%		5,084,994		5,084,994
Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $5,084,994)				5,084,994
Short-Term Investments — 2.8%
U.S. Bank Money Market Deposit Account, 2.38% (United States) (c)		924,276		924,276
Total Short-Term Investments (Cost $924,276)				924,276
Total Investments (Cost $30,593,965) — 115.0%				38,574,528
Liabilities in Excess of Other Assets — (15.0)%				(5,040,835	)
NET ASSETS — 100.0%
(Applicable to 2,381,785 shares outstanding)			$	33,533,693

* Non-income producing security.

ADR American Depositary Receipt

NVDR Non-Voting Depository Receipt

PLC Public Limited Company

SP ADR Sponsored ADR

(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 May 31, 2019, the total market value of Rule 144A securities was $284,457 and represents 0.9% of net assets.

(b) All or a portion of the security is on loan. At May 31,2019, the market value of securities on loan was $4,924,799.

(c) The rate shown is as of May 31, 2019.

The accompanying notes are an integral part of the schedule of investments.

65 

MFAM FUNDS

NOTES TO THE SCHEDULE OF INVESTMENTS

May 31, 2019

(UNAUDITED)

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. 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 Funds may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Funds value their securities, generally as of 4:00 p.m. Eastern time. The earlier close of these 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).

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 May 31, 2019, in valuing the Funds' investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE^
GLOBAL OPPORTUNITIES FUND
Common Stocks	$	440,506,154	$	378,445,241	$	62,060,913	$	-	$	-
Investments Purchased with Proceeds From Securities Lending Collateral		74,545,672		-		-		-		74,545,672
Short-Term Investments		6,421,778		6,421,778		-		-		-
Total Investments*	$	521,473,604	$	384,867,019	$	62,060,913	$	-	$	74,545,672
MID-CAP GROWTH FUND
Common Stocks	$	264,518,606	$	264,518,606	$	-	$	-	$	-
Investments Purchased with Proceeds From Securities Lending Collateral		89,221,873		-		-		-		89,221,873
Short-Term Investments		4,274,307		4,274,307		-		-		-
Total Investments*	$	358,014,786	$	268,792,913	$	-	$	-	$	89,221,873
EMERGING MARKETS FUND
Common Stocks	$	32,565,258	$	22,768,459	$	9,796,799	$	-	$	-
Investments Purchased with Proceeds From Securities Lending Collateral		5,084,994		-		-		-		5,084,994
Short-Term Investments		924,276		924,276		-		-		-
Total Investments*	$	38,574,528	$	23,692,735	$	9,796,799	$	-	$	5,084,994

* Please refer to Schedule of Investments for further details.

^ Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the 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 Level 1 and Level 2 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 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.

For the period ended May 31, 2019, the Funds 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.

66 

MOTLEY FOOL 100 INDEX ETF

SCHEDULE OF INVESTMENTS

MAY 31, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Common Stocks — 99.8%
Aerospace & Defense — 2.0%
Boeing Co. (The) (United States)		9,089	$	3,104,893
TransDigm Group, Inc. (United States)*		828		365,107
				3,470,000
Air Freight & Logistics — 0.4%
FedEx Corp. (United States)		4,332		668,341
Airlines — 0.6%
Delta Air Lines, Inc. (United States) (a)		10,960		564,440
Southwest Airlines Co. (United States)		8,948		425,925
				990,365
Automobiles — 0.6%
Ford Motor Co. (United States)		63,490		604,425
Tesla, Inc. (United States) (a)*		2,743		507,894
				1,112,319
Beverages — 0.4%
Monster Beverage Corp. (United States)*		9,946		615,260
Biotechnology — 4.5%
AbbVie, Inc. (United States)		24,676		1,892,896
Amgen, Inc. (United States)		10,310		1,718,677
Biogen, Inc. (United States)*		4,512		989,436
BioMarin Pharmaceutical, Inc. (United States)*		2,883		237,098
Celgene Corp. (United States)*		10,806		1,013,495
Gilead Sciences, Inc. (United States)		21,043		1,309,927
Vertex Pharmaceuticals, Inc. (United States)*		4,287		712,413
				7,873,942
Capital Markets — 2.6%
BlackRock, Inc. (United States)		2,674		1,111,207
Charles Schwab Corp. (The) (United States)		23,439		975,297
CME Group, Inc. (United States)		6,103		1,172,508
Intercontinental Exchange, Inc. (United States)		9,208		756,990
Moody's Corp. (United States)		3,046		557,053
				4,573,055
Chemicals — 0.9%
Ecolab, Inc. (United States)		4,665		858,780
Sherwin-Williams Co. (The) (United States)		1,482		621,625
				1,480,405
Commercial Services & Supplies — 0.2%
Cintas Corp. (United States)		1,769		392,417
Communications Equipment — 0.2%
Arista Networks, Inc. (United States)*		1,158		283,235
Consumer Finance — 1.2%
American Express Co. (United States)		14,427		1,654,921
Synchrony Financial (United States)		12,094		406,721
				2,061,642
Diversified Financial Services — 4.7%
Berkshire Hathaway, Inc., Class B (United States)*		41,745		8,241,298
Electric Utilities — 0.9%
NextEra Energy, Inc. (United States) (a)		7,822		1,550,399
Electronic Equipment, Instruments & Components — 0.2%
Corning, Inc. (United States)		13,482		388,821
Entertainment — 3.9%
Activision Blizzard, Inc. (United States)		12,423		538,786
Electronic Arts, Inc. (United States)*		4,893		455,440
Netflix, Inc. (United States)*		7,306		2,508,004
Walt Disney Co. (The) (United States)		25,003		3,301,396
				6,803,626
Equity Real Estate Investment Trusts (REITs) — 1.9%
Alexandria Real Estate Equities, Inc. (United States)		1,714		250,947
American Tower Corp. (United States)		7,025		1,466,609
Crown Castle International Corp. (United States)		6,677		868,077
Equinix, Inc. (United States)		1,334		648,044
				3,233,677
Food & Staples Retailing — 1.0%
Costco Wholesale Corp. (United States)		7,076		1,695,268
Food Products — 0.2%
McCormick & Co., Inc. (United States) (a)		2,035		317,541
Health Care Equipment & Supplies — 1.5%
Align Technologies, Inc. (United States)*		1,173		333,542
Becton Dickinson and Co. (United States)		4,331		1,011,029
IDEXX Laboratories, Inc. (United States)*		1,405		350,927

The accompanying notes are an integral part of the schedule of investments.

67 

MOTLEY FOOL 100 INDEX ETF

SCHEDULE OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Intuitive Surgical, Inc. (United States)*		1,873		870,664
				2,566,162
Health Care Providers & Services — 3.6%
CVS Health Corp. (United States) (a)		22,620		1,184,609
HCA Healthcare, Inc. (United States)		5,906		714,390
McKesson Corp. (United States) (a)		3,259		398,054
UnitedHealth Group, Inc. (United States)		16,331		3,948,836
				6,245,889
Health Care Technology — 0.4%
Cerner Corp. (United States)		5,168		361,605
Veeva Systems, Inc., Class A (United States)*		2,273		350,701
				712,306
Hotels, Restaurants & Leisure — 1.4%
Chipotle Mexican Grill, Inc. (United States)*		421		277,847
Marriott International, Inc., Class A (United States)		5,592		698,105
Starbucks Corp. (United States) (a)		19,647		1,494,351
				2,470,303
Industrial Conglomerates — 1.2%
3M Co. (United States)		9,476		1,513,791
Roper Technologies, Inc. (United States)		1,632		561,277
				2,075,068
Insurance — 0.4%
Aflac, Inc. (United States)		12,192		625,450
Interactive Media & Services — 12.2%
Alphabet, Inc., Class C (United States)*		11,593		12,794,382
Facebook, Inc., Class A (United States)*		45,274		8,034,777
Twitter, Inc. (United States)*		12,097		440,815
				21,269,974
Internet & Direct Marketing Retail — 9.6%
Altaba, Inc. (United States)*		9,351		553,580
Amazon.com, Inc. (United States)*		7,925		14,067,430
Booking Holdings, Inc. (United States)*		746		1,235,540
eBay, Inc. (United States)		14,742		529,680
Expedia, Inc. (United States)		2,478		284,970
				16,671,200
IT Services — 7.6%
Cognizant Technology Solutions Corp., Class A (United States)		9,437		584,434
Mastercard, Inc., Class A (United States)		16,513		4,152,854
PayPal Holdings, Inc. (United States)*		18,591		2,040,362
Square, Inc., Class A (United States)*		6,941		429,995
Twilio, Inc., Class A (United States)*		2,068		272,955
Visa, Inc., Class A (United States) (a)		35,983		5,805,138
				13,285,738
Life Sciences Tools & Services — 0.4%
Illumina, Inc. (United States) (a)*		2,410		739,653
Machinery — 0.2%
Cummins, Inc. (United States)		2,584		389,564
Media — 0.4%
Discovery, Inc., Class A (United States) (a)*		11,725		319,623
Sirius XM Holdings, Inc. (United States) (a)		83,599		443,911
				763,534
Metals & Mining — 0.1%
Nucor Corp. (United States)		5,213		250,224
Oil, Gas & Consumable Fuels — 0.4%
Kinder Morgan, Inc. (United States)		36,816		734,479
Pharmaceuticals — 3.3%
Johnson & Johnson (United States)		43,152		5,659,385
Professional Services — 0.2%
CoStar Group, Inc. (United States)*		583		297,120
Road & Rail — 1.1%
Union Pacific Corp. (United States)		11,783		1,965,169
Semiconductors & Semiconductor Equipment — 2.3%
Applied Materials, Inc. (United States)		15,847		613,120
Broadcom, Inc. (United States)		6,382		1,605,966
Lam Research Corp. (United States)		2,529		441,589
NVIDIA Corp. (United States)		9,410		1,274,679
				3,935,354
Software — 13.9%
Adobe Systems, Inc. (United States)*		7,811		2,116,000
Intuit, Inc. (United States)		4,217		1,032,533
Microsoft Corp. (United States)		126,575		15,654,796
Palo Alto Networks, Inc. (United States) (a)*		1,496		299,409
Salesforce.com, Inc. (United States) (a)*		13,064		1,978,020
ServiceNow, Inc. (United States)*		2,910		762,216
Splunk, Inc. (United States)*		2,513		286,457
SS&C Technologies Holdings, Inc. (United States)		4,109		228,666
VMware, Inc., Class A (United States) (a)*		6,882		1,217,976
Workday, Inc., Class A (United States)*		3,558		726,259
				24,302,332

The accompanying notes are an integral part of the schedule of investments.

68 

MOTLEY FOOL 100 INDEX ETF

SCHEDULE OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Specialty Retail — 3.6%
AutoZone, Inc. (United States)*		394		404,681
Home Depot, Inc. (The) (United States)		17,844		3,387,683
Lowe's Cos, Inc. (United States)		12,327		1,149,863
TJX Cos, Inc. (The) (United States)		19,783		994,887
Ulta Beauty, Inc. (United States)*		947		315,711
				6,252,825
Technology Hardware, Storage & Peripherals — 7.8%
Apple, Inc. (United States)		77,281		13,529,585
Textiles, Apparel & Luxury Goods — 1.2%
NIKE, Inc., Class B (United States)		27,039		2,085,788
Wireless Telecommunication Services — 0.6%
T-Mobile US, Inc. (United States)*		15,018		1,102,922
Total Common Stocks (Cost $164,362,686)				173,681,635
Investments Purchased with Proceeds from Securities Lending Collateral — 7.0%
Mount Vernon Liquid Assets Portfolio, LLC, 2.54%		12,216,287		12,216,287
Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $12,216,287)				12,216,287
Short-Term Investments — 0.1%
First American Treasury Obligations Fund Class X, 2.33% (United States) (b)		202,605		202,605
Total Short-Term Investments (Cost $202,605)				202,605
Total Investments (Cost $176,781,578) — 106.9%				186,100,527
Liabilities in Excess of Other Assets — (6.9)%				(12,067,238	)
NET ASSETS — 100.0%
(Applicable to 8,325,000 shares outstanding)			$	174,033,289

* Non-income producing security.

(a) All or a portion of the security is on loan. At May 31, 2019, the market value of securities on loan was $11,802,994.

(b) The rate shown is as of May 31, 2019.

The accompanying notes are an integral part of the schedule of investments.

69 

MFAM SMALL-CAP GROWTH ETF

SCHEDULE OF INVESTMENTS

MAY 31, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Common Stocks — 99.3%
Aerospace & Defense — 2.9%
Axon Enterprise, Inc. (United States) (a)*		30,048	$	2,006,605
Auto Components — 2.8%
Fox Factory Holding Corp. (United States)*		28,877		1,935,336
Biotechnology — 13.1%
Akcea Therapeutics, Inc. (United States) (a)*		64,625		1,359,710
Editas Medicine, Inc. (United States)*		36,253		744,999
Ionis Pharmaceuticals, Inc. (United States)*		39,625		2,599,400
Miragen Therapeutics, Inc. (United States)*		179,750		426,008
Spark Therapeutics, Inc. (United States)*		36,648		3,994,632
				9,124,749
Building Products — 3.2%
Trex Co, Inc. (United States)*		36,758		2,198,864
Electronic Equipment, Instruments & Components — 4.9%
NLight, Inc. (United States) (a)*		182,875		3,417,934
Equity Real Estate Investment Trusts — 3.0%
STAG Industrial, Inc. (United States)		71,500		2,086,370
Health Care Equipment & Supplies — 9.2%
Globus Medical, Inc., Class A (United States)*		38,131		1,498,548
iRhythm Technologies, Inc. (United States)*		33,289		2,278,965
Penumbra, Inc. (United States) (a)*		18,375		2,622,113
				6,399,626
Health Care Providers & Services — 5.0%
BioTelemetry, Inc. (United States)*		30,518		1,460,591
HealthEquity, Inc. (United States)*		31,205		2,039,559
				3,500,150
Health Care Technology — 3.7%
Teladoc, Inc. (United States) (a)*		44,375		2,579,075
Hotels, Restaurants & Leisure — 3.8%
Shake Shack, Inc., Class A (United States) (a)*		43,250		2,653,387
Insurance — 1.9%
Goosehead Insurance, Inc., Class A (United States)		35,858		1,313,479
Internet & Direct Marketing Retail — 3.3%
GrubHub, Inc. (United States) (a)*		35,000		2,280,250
Machinery — 4.9%
John Bean Technologies Corp. (United States)		18,000		1,845,900
Proto Labs, Inc. (United States)*		15,796		1,585,129
				3,431,029
Real Estate Management & Development — 6.9%
Jones Lang LaSalle, Inc. (United States) (a)		18,875		2,348,993
Newmark Group, Inc., Class A (United States)		302,662		2,415,243
				4,764,236

The accompanying notes are an integral part of the schedule of investments.

70 

MFAM SMALL-CAP GROWTH ETF

SCHEDULE OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Road & Rail — 2.5%
Landstar System, Inc. (United States)		18,125		1,744,531
Software — 23.9%
Alarm.com Holdings, Inc. (United States)*		30,433		1,774,548
Everbridge, Inc. (United States) (a)*		50,006		3,932,472
Paylocity Holding Corp. (United States)*		46,875		4,697,812
Q2 Holdings, Inc. (United States)*		35,750		2,618,330
Smartsheet, Inc., Class A (United States)*		53,174		2,285,419
Zuora, Inc., Class A (United States)*		90,500		1,266,095
				16,574,676
Trading Companies & Distributors — 4.3%
Watsco, Inc. (United States)		19,000		2,990,410
Total Common Stocks (Cost $64,974,688)				69,000,707
Investments Purchased with Proceeds from Securities Lending Collateral — 23.6%
Mount Vernon Liquid Assets Portfolio, LLC, 2.54%		16,413,761		16,413,761
Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $16,413,761)				16,413,761
Short-Term Investments — 0.7%
First American Treasury Obligations Fund Class X, 2.33% (United States) (b)		461,230		461,230
Total Short-Term Investments (Cost $461,230)				461,230
Total Investments (Cost $81,849,679) — 123.6%				85,875,698
Liabilities in Excess of Other Assets — (23.6)%				(16,398,542	)
NET ASSETS — 100.0%
(Applicable to 3,125,000 shares outstanding)			$	69,477,156

* Non-income producing security.

(a) All or a portion of the security is on loan. At May 31, 2019, the market value of securities on loan was $15,800,679.

(b) The rate shown is as of May 31, 2019.

The accompanying notes are an integral part of the schedule of investments.

71 

MOTLEY FOOL ETFS

NOTES TO THE SCHEDULE OF INVESTMENTS

May 31, 2019

(UNAUDITED)

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. 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.

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 May 31, 2019, in valuing the Funds' investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE^
FOOL 100 FUND
Common Stocks	$	173,681,635	$	173,681,635	$	-	$	-	$	-
Investments Purchased with Proceeds From Securities Lending Collateral		12,216,287		-		-		-		12,216,287
Short-Term Investments		202,605		202,605		-		-		-
Total Investments*	$	186,100,527	$	173,884,240	$	-	$	-	$	12,216,287
SMALL-CAP GROWTH FUND
Common Stocks	$	69,000,707	$	69,000,707	$	-	$	-	$	-
Investments Purchased with Proceeds From Securities Lending Collateral		16,413,761		-		-		-		16,413,761
Short-Term Investments		461,230		461,230		-		-		-
Total Investments*	$	85,875,698	$	69,461,937	$	-	$	-	$	16,413,761

* Please refer to Schedule of Investments for further details.

^ Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts presented in the 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 Level 1 and Level 2 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 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.

For the period ended May 31, 2019, the Funds 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.

72 

ORINDA INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

MAY 31, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
COMMON STOCKS - 4.6%
Energy - 2.7%
Buckeye Partners LP (a)		110,000	$	4,483,600
Energy Transfer Equity LP (a)		195,000		2,679,300
				7,162,900
Financials - 0.3%
Weyerhaeuser Co.		40,000		912,000
Real Estate - 1.6%
American Finance Trust, Inc.		70,000		732,200
Brookfield Property Partners LP		170,000		3,141,600
Summit Industrial Income REIT (b)		50,000		471,293
				4,345,093
TOTAL COMMON STOCKS				12,419,993
(Cost $12,375,882)
REITS - 58.4%
Financials - 28.0%
AGNC Investment Corp. - Series C, 7.00% (3 Month LIBOR USD + 5.11%) (a)(c)		58,526		1,508,215
AGNC Investment Corp. - Series D, 6.88% (3 Month LIBOR USD + 4.33%) (c)		65,000		1,643,850
Annaly Capital Management, Inc. - Series F, 6.95% (3 Month LIBOR USD + 4.99%) (a)(c)		164,481		4,136,697
Annaly Capital Management, Inc. - Series G, 6.50% (3 Month LIBOR USD + 4.17%) (c)		34,270		830,705
Apollo Commercial Real Estate Finance, Inc.		319,939		5,880,479
Arbor Realty Trust, Inc. (a)		266,685		3,282,892
ARMOUR Residential REIT, Inc. - Series B, 7.88%		88,337		2,188,991
Blackstone Mortgage Trust, Inc.		50,000		1,763,000
Cherry Hill Mortgage Investment Corp.		2,491		40,603
Chimera Investment Corp. - Series A, 8.00% (a)		106,825		2,693,058
Chimera Investment Corp. - Series B, 8.00% (3 Month LIBOR USD + 5.80%) (a)(c)		121,888		3,091,080
Chimera Investment Corp. - Series C, 7.75% (3 Month LIBOR USD + 4.74%) (c)		135,468		3,355,542
Chimera Investment Corp. - Series D, 8.00% (3 Month LIBOR USD + 5.38%) (a)(c)		176,447		4,441,171
Colony Credit Real Estate, Inc.		100,422		1,527,419
CorEnergy Infrastructure Trust, Inc.		33,150		1,279,259
Exantas Capital Corp.		72,448		789,683
Exantas Capital Corp., 8.63% (3 Month LIBOR USD + 5.93%) (c)		60,000		1,559,400
Granite Point Mortgage Trust, Inc.		198,771		3,695,153
Invesco Mortgage Capital, Inc. - Series C, 7.50% (3 Month LIBOR USD + 5.29%) (c)		117,639		2,991,560
KKR Real Estate Finance Trust, Inc.		50,000		989,000
Ladder Capital Corp.		93,257		1,482,786
National Retail Properties, Inc. - Series E, 5.70%		2,965		75,341
New Residential Investment Corp.		235,000		3,583,750
New York Mortgage Trust, Inc. - Series D, 8.00% (3 Month LIBOR USD + 5.70%) (c)		13,819		338,842
PennyMac Mortgage Investment Trust - Series A, 8.13% (3 Month LIBOR USD + 5.83%) (a)(c)		88,379		2,251,897
PennyMac Mortgage Investment Trust - Series B, 8.00% (3 Month LIBOR USD + 5.99%) (a)(c)		162,406		4,131,609

The accompanying notes are an integral part of the schedule of investments.

73 

ORINDA INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Ready Capital Corp.		60,137		876,196
Realty Income Corp.		27,000		1,892,160
Redwood Trust, Inc.		18,000		286,740
RLJ Lodging Trust		15,906		273,106
Starwood Property Trust, Inc.		167,500		3,693,375
TPG RE Finance Trust, Inc.		136,200		2,610,954
Two Harbors Investment Corp. - Series A, 8.13% (3 Month LIBOR USD + 5.66%) (a)(c)		77,466		2,083,835
Two Harbors Investment Corp. - Series B, 7.63% (3 Month LIBOR USD + 5.35%) (c)		2,700		68,499
Two Harbors Investment Corp. - Series C, 7.25% (3 Month LIBOR USD + 5.01%) (a)(c)		77,619		1,917,189
Two Harbors Investment Corp. - Series D, 7.75%		5,500		137,940
Two Harbors Investment Corp. - Series E, 7.50% (a)		93,366		2,267,860
Western Asset Mortgage Capital Corp.		15,000		145,350
				75,805,186
Real Estate - 30.4%
American Homes 4 Rent - Series D, 6.50%		29,399		792,303
American Homes 4 Rent - Series E, 6.35%		16,181		433,327
American Homes 4 Rent - Series F, 5.88%		5,100		125,766
American Homes 4 Rent - Series G, 5.88%		5,191		131,280
American Homes 4 Rent - Series H, 6.25%		19,659		507,595
Ashford Hospitality Trust, Inc. - Series D, 8.45% (a)		31,700		810,252
Ashford Hospitality Trust, Inc. - Series F, 7.38% (a)		121,412		2,878,679
Ashford Hospitality Trust, Inc. - Series H, 7.50%		174,975		4,066,419
Ashford Hospitality Trust, Inc. - Series I, 7.50% (a)		173,340		4,016,288
Bluerock Residential Growth REIT, Inc. (a)		125,000		1,430,000
Bluerock Residential Growth REIT, Inc. - Series C, 7.63%		6,174		160,280
Bluerock Residential Growth REIT, Inc. - Series D, 7.13%		53,100		1,344,450
Braemar Hotels & Resorts, Inc.		5,000		52,200
Braemar Hotels & Resorts, Inc. - Series D, 8.25%		34,700		878,951
CBL & Associates Properties, Inc. - Series D, 7.38% (a)		35,000		298,200
City Office REIT, Inc. (a)		140,000		1,650,600
City Office REIT, Inc. - Series A, 6.63%		61,600		1,570,184
Colony Capital, Inc.		245,000		1,271,550
Colony Capital, Inc. - Series B, 8.25%		30,000		725,700
Colony Capital, Inc. - Series E, 8.75% (a)		171,865		4,210,692
Colony Capital, Inc. - Series G, 7.50%		58,007		1,250,051
Colony Capital, Inc. - Series H, 7.13% (a)		163,222		3,391,753
Colony Capital, Inc. - Series I, 7.15% (a)		120,800		2,544,048
Colony Capital, Inc. - Series J, 7.13%		131,048		2,720,556
Digital Realty Trust, Inc. - Series G, 5.88%		6,600		166,716
Digital Realty Trust, Inc. - Series K, 5.85%		50,000		1,291,000
Global Medical REIT, Inc. - Series A, 7.50% (a)		10,000		260,200
Global Net Lease, Inc.		100,000		1,841,000
Global Net Lease, Inc. - Series A, 7.25% (a)		117,780		3,017,524
Hersha Hospitality Trust - Series E, 6.50% (a)		83,583		2,026,052
Independence Realty Trust, Inc. (a)		75,030		823,829
Investors Real Estate Trust - Series C, 6.63% (a)		67,500		1,719,225
Iron Mountain, Inc.		35,000		1,072,750
iStar, Inc. - Series D, 8.00% (a)		103,258		2,654,763
iStar, Inc. - Series I, 7.50%		55,000		1,408,000
Jernigan Capital, Inc. - Series B, 7.00%		25,484		662,839
Kimco Realty Corp. - Series K, 5.63%		567		14,345
Kimco Realty Corp. - Series L, 5.13%		5,000		117,150
Kimco Realty Corp. - Series M, 5.25%		5,602		133,328
Monmouth Real Estate Investment Corp. - Series C, 6.13%		47,202		1,147,009
National Retail Properties, Inc. - Series F, 5.20%		6,617		161,653
National Storage Affiliates Trust - Series A, 6.00%		100,000		2,552,000
Office Properties Income Trust, 5.88%		16,200		405,324
Pebblebrook Hotel Trust - Series C, 6.50%		10,282		261,163

The accompanying notes are an integral part of the schedule of investments.

74 

ORINDA INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Pebblebrook Hotel Trust  - Series D, 6.38%		6,144		161,894
Pebblebrook Hotel Trust  - Series E, 6.38%		46,780		1,182,131
Pennsylvania Real Estate Investment Trust		257,400		1,649,934
Pennsylvania Real Estate Investment Trust - Series B, 7.38%		2,548		56,846
Pennsylvania Real Estate Investment Trust - Series C, 7.20%		18,430		400,115
Preferred Apartment Communities, Inc.		5,000		78,500
QTS Realty Trust, Inc. - Series A, 7.13%		88,528		2,292,875
QTS Realty Trust, Inc. - Series B, 6.50%		10,085		1,120,847
Rexford Industrial Realty, Inc.  - Series A, 5.88%		800		20,212
Rexford Industrial Realty, Inc.  - Series B, 5.88%		2,600		65,026
RLJ Lodging Trust - Series A, 1.95%		177,477		4,577,132
Sabra Health Care REIT, Inc.		30,000		578,700
Seritage Growth Properties - Series A, 7.00%		56,000		1,355,200
SL Green Realty Corp. - Series I, 6.50%		3,400		88,536
Spirit Realty Capital, Inc. - Series A, 6.00%		3,000		74,430
Summit Hotel Properties, Inc. - Series E, 6.25%		45,125		1,110,075
UMH Properties, Inc. - Series C, 6.75%		70,300		1,749,767
UMH Properties, Inc. - Series D, 6.38% (a)		73,964		1,769,959
VEREIT, Inc.		85,000		754,800
Vornado Realty Trust - Series M, 5.25%		13,018		311,651
Washington Prime Group, Inc.		745,000		3,054,500
Washington Prime Group, Inc. - Series H, 7.50%		27,975		551,387
WPT Industrial Real Estate Investment Trust (b)		12,300		167,262
				82,168,773
TOTAL REITS				157,973,959
(Cost $153,009,991)
PREFERRED STOCKS - 29.1%
Consumer Discretionary - 1.1%
Ford Motor Co., 6.20%		120,000		3,000,000
Energy - 8.7%
DCP Midstream LP - Series B, 7.88% (3 Month LIBOR USD + 4.92%) (a)(c)		95,000		2,275,250
DCP Midstream LP - Series C, 7.95% (3 Month LIBOR USD + 4.88%) (c)		4,800		119,280
Energy Transfer Partners LP - Series C, 7.38% (3 Month LIBOR USD + 4.53%) (a)(c)		149,605		3,491,781
Energy Transfer Partners LP - Series D, 7.63% (3 Month LIBOR USD + 4.74%) (a)(c)		181,118		4,363,133
Energy Transfer Partners LP - Series E, 7.60% (3 Month LIBOR USD + 5.16%) (c)		36,500		900,090
GasLog Partners LP - Series A, 8.63% (3 Month LIBOR USD + 6.31%) (a)(c)		41,500		1,027,125
GasLog Partners LP - Series B, 8.20% (3 Month LIBOR USD + 5.84%) (a)(c)		46,000		1,088,820
GasLog Partners LP - Series C, 8.50% (3 Month LIBOR USD + 5.32%) (c)		25,000		608,250
NGL Energy Partners LP - Series B, 9.00% (3 Month LIBOR USD + 7.21%) (c)		99,760		2,320,417
NuStar Energy LP - Series A, 8.50% (3 Month LIBOR USD + 6.77%) (a)(c)		60,000		1,371,000
NuStar Energy LP - Series B, 7.63% (3 Month LIBOR USD + 5.64%) (a)(c)		25,000		502,000
NuStar Energy LP - Series C, 9.00% (3 Month LIBOR USD + 6.88%) (a)(c)		50,000		1,172,500
Teekay LNG Partners LP - Series B, 8.50% (3 Month LIBOR USD + 6.24%) (a)(c)		105,673		2,567,854
Tsakos Energy Navigation Ltd. - Series E, 9.25% (3 Month LIBOR USD + 6.88%) (c)		26,300		542,569
Tsakos Energy Navigation Ltd. - Series F (T-BILL 1MO + 6.54%) (c)		59,256		1,252,079
				23,602,148

The accompanying notes are an integral part of the schedule of investments.

75 

ORINDA INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Financials - 11.5%
Affiliated Managers Group, Inc., 5.88%		65,000		1,667,250
AG Mortgage Investment Trust, Inc. - Series A, 8.25%		11,000		282,150
AG Mortgage Investment Trust, Inc. - Series B, 8.00%		41,819		1,089,385
AGNC Investment Corp. - Series B, 7.75% (a)		60,491		1,560,063
American International Group, Inc. - Series A, 5.85%		21,920		577,592
Annaly Capital Management, Inc. - Series C, 7.63%		17,082		430,466
Annaly Capital Management, Inc. - Series D, 7.50%		37,684		947,376
Apollo Commercial Real Estate Finance, Inc. - Series C, 8.00% (a)		150,695		3,800,528
Arbor Realty Trust, Inc. - Series A, 8.25%		24,800		642,692
Arbor Realty Trust, Inc. - Series B, 7.75%		18,323		462,106
Arbor Realty Trust, Inc. - Series C, 8.50% (a)		28,000		725,900
Capstead Mortgage Corp. - Series E, 7.50%		45,293		1,153,613
Carlyle Group LP - Series A, 5.88%		52,452		1,228,426
Cowen, Inc., 7.35%		40,000		1,018,000
GMAC Capital Trust I - Series 2, 8.30% (3 Month LIBOR USD + 5.79%) (c)		104,000		2,685,280
Invesco Mortgage Capital, Inc. - Series A, 7.75% (a)		77,700		2,014,761
Invesco Mortgage Capital, Inc. - Series B, 7.75% (3 Month LIBOR USD + 5.18%) (a)(c)		152,692		4,095,199
KeyCorp - Series G, 5.63%		45,000		1,147,050
MFA Financial, Inc. - Series B, 7.50% (a)		59,000		1,464,380
Oaktree Capital Group LLC - Series A, 6.63%		25,000		637,750
Oaktree Capital Group LLC - Series B , 6.55%		60,000		1,522,200
Ready Capital Corp., 7.00%		49,941		1,310,452
Wells Fargo Real Estate Investment Corp. - Series A, 6.38%		30,374		785,775
				31,248,394
Industrials - 0.7%
Seaspan Corp. - Series H, 7.88%		44,575		1,084,510
Seaspan Corp. - Series I, 8.00% (3 Month LIBOR USD + 5.01%) (c)		30,000		729,000
				1,813,510
Real Estate - 6.9%
Ashford Hospitality Trust, Inc. - Series G, 7.38% (a)		169,831		3,890,828
Bluerock Residential Growth REIT, Inc. - Series A, 8.25%		67,991		1,803,801
Brookfield Property Partners LP - Series A, 6.50%		60,200		1,502,592
Hersha Hospitality Trust - Series D, 6.50%		78,444		1,898,345
iStar, Inc. - Series G, 7.65%		53,525		1,352,577
Landmark Infrastructure Partners LP - Series B, 7.90%		51,884		1,303,326
Summit Hotel Properties, Inc. - Series D, 6.45%		11,879		302,320
UMH Properties, Inc. - Series B, 8.00% (a)		40,190		1,037,304
VEREIT, Inc. - Series F, 6.70% (a)		222,547		5,590,381
				18,681,474
Utilities - 0.2%
CMS ENERGY Corp., 5.88%		25,000		648,250
TOTAL PREFERRED STOCKS				78,993,776
(Cost $76,290,201)
CONVERTIBLE PREFERRED STOCKS - 0.9%
Real Estate - 0.9%
CorEnergy Infrastructure Trust, Inc. - Series A, 7.38%		100,597		2,544,098
TOTAL CONVERTIBLE PREFERRED STOCKS				2,544,098
(Cost $2,501,118)

The accompanying notes are an integral part of the schedule of investments.

76 

ORINDA INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

		PRINCIPAL AMOUNT
CORPORATE BONDS - 0.3%
Real Estate - 0.3%
CBL & Associates Properties, Inc.
5.25%, 12/01/2023	$	1,000,000		695,000
TOTAL CORPORATE BONDS				695,000
(Cost $889,475)
EXCHANGE TRADED FUNDS - 0.8%
JPMorgan Alerian MLP ETF		75,000		1,820,250
NETLease Corporate Real Estate ETF		10,000		255,919
TOTAL EXCHANGE TRADED FUNDS				2,076,169
(Cost $2,167,824)
MUTUAL FUNDS - 3.4%		NUMBER OF SHARES
Brookfield Real Assets Income Fund, Inc.		64,500		1,366,110
Cohen & Steers Limited Duration Preferred and Income Fund, Inc.		46,243		1,085,786
Cohen & Steers Quality Income Realty Fund, Inc.		96,050		1,285,629
Cohen & Steers Select Preferred and Income Fund, Inc.		30,425		858,898
Nuveen Preferred Income Opportunities Fund		305,783		2,895,765
Oaktree Specialty Lending Corp.		319,200		1,698,144
TOTAL MUTUAL FUNDS				9,190,332
(Cost $8,267,376)
SHORT-TERM INVESTMENTS - 2.2%		NUMBER OF SHARES
First American Treasury Obligations Fund, 2.31% (d)		6,078,804		6,078,804
TOTAL SHORT-TERM INVESTMENTS				6,078,804
(Cost $6,078,804)
TOTAL INVESTMENTS
(Cost $261,580,671) - 99.7%				269,972,131
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%				603,066
TOTAL NET ASSETS - 100.0%			$	270,575,197

Percentages are stated as a percent of net assets.

(a) All or a portion of the security has been segregated for open short positions.

(b) U.S. traded security of a foreign issuer or corporation.

(c) Variable Rate Security. The rate shown represents the rate at May 31, 2019.

(d) Seven-day yield as of May 31, 2019.

The accompanying notes are an integral part of the schedule of investments.

77 

ORINDA INCOME OPPORTUNITIES FUND

SCHEDULE OF SECURITIES SOLD SHORT

May 31, 2019 (UNAUDITED)

	NUMBER OF SHARES			VALUE
EXCHANGE TRADED FUNDS - (16.7%)
Finance and Insurance - (8.5%)
Energy Select Sector SPDR ETF		(175,000	)		(10,284,750	)
Invesco Preferred ETF		(100,000	)		(1,457,000	)
iShares Mortgage Real Estate ETF		(270,000	)		(11,132,100	)
					(22,873,850	)
Real Estate - (8.2%)
Vanguard REIT ETF		(255,000	)		(22,156,950	)
					(22,156,950	)
TOTAL EXCHANGE TRADED FUNDS					(45,030,800	)
(Proceeds $45,584,195)
REITS - (2.4%)
Real Estate - (2.4%)
CBL & Associates Properties, Inc.		(195,201	)		(158,952	)
Colony Capital, Inc.		(100,000	)		(519,000	)
Macerich Co. (The)		(100,000	)		(3,633,000	)
Taubman Centers, Inc.		(50,000	)		(2,218,000	)
					(6,528,952	)
TOTAL REITS					(6,528,952	)
(Proceeds $6,428,319)
TOTAL SECURITIES SOLD SHORT				$	(51,559,752	)
(Proceeds $52,012,514) - (19.1%)

The accompanying notes are an integral part of the schedule of investments.

78 

ORINDA INCOME OPPORTUNITIES FUND

NOTES TO SCHEDULE OF INVESTMENTS

MAY 31, 2019 (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 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 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 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 Fund 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 Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure fair value of the Fund’s investments are

The input 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 inputs used, as of May 31, 2019, in valuing the Fund's investments carried at fair value:

	TOTAL			LEVEL 1			LEVEL 2		LEVEL 3
Assets
Common Stocks
Energy	$	7,162,900		$	7,162,900		$	-	$	-
Financials		912,000			912,000			-		-
Real Estate		4,345,093			4,345,093			-		-
Total Common Stocks		12,419,993			12,419,993			-		-
REITs
Financials		75,805,186			75,805,186			-		-
Real Estate		82,168,773			79,766,497			2,402,276		-
Total REITs		157,973,959			155,571,683			2,402,276		-
Preferred Stocks
Consumer Discretionary		3,000,000			-			3,000,000		-
Energy		23,602,148			23,602,148			-		-
Financials		31,248,394			31,248,394					-
Industrials		1,813,510			1,813,510			-		-
Real Estate		18,681,474			18,681,474					-
Utilities		648,250			648,250			-		-
Total Preferred Stocks		78,993,776			75,993,776			3,000,000		-
Convertible Preferred Stocks
Real Estate		2,544,098			2,544,098			-		-
Total Convertible Preferred Stocks		2,544,098			2,544,098			-		-
Corporate Bonds
Real Estate		695,000			-			695,000		-
Total Corporate Bonds		695,000			-			695,000		-
Exchange Traded Funds		2,076,169			2,076,169			-		-
Mutual Funds		9,190,332			9,190,332			-		-
Short-Term Investments		6,078,804			6,078,804			-		-
Total Investments in Securities	$	269,972,131		$	263,874,855		$	6,097,276	$	-
Total Assets	$	269,972,131		$	263,874,855		$	6,097,276	$	-
Liabilities
Securities Sold Short	$	(51,559,752	)	$	(51,559,752	)	$	-	$	-
Total Liabilities	$	(51,559,752	)	$	(51,559,752	)	$	-	$	-

79 

ORINDA INCOME OPPORTUNITIES FUND

NOTES TO SCHEDULE OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (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 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 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.

Foreign securities that utilize international fair value pricing are categorized as Level 2 in the hierarchy.

For the period ending May 31, 2019, 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.

80 

THE SCHNEIDER FUNDS

SCHNEIDER SMALL CAP VALUE FUND

PORTFOLIO OF INVESTMENTS

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
COMMON STOCKS — 99.9%
Auto Parts & Equipment — 5.6%
Adient PLC*		90,749	$	1,566,328
Banks — 8.7%
HomeStreet, Inc.*		30,510		868,009
KeyCorp		26,983		430,919
MidWestOne Financial Group, Inc.		41,201		1,147,036
				2,445,964
Chemicals — 7.7%
Koppers Holdings, Inc.*		35,862		956,081
Univar, Inc.*		19,066		381,510
Venator Materials PLC*		191,045		831,046
				2,168,637
Commercial Services — 6.6%
Herc Holdings, Inc.*		43,407		1,477,140
Hudson Global, Inc.*		299,138		382,897
				1,860,037
Depository Credit Intermediation — 0.2%
Synovus Financial Corp.		1,435		45,863
Industrial Machinery Manufacturing — 0.4%
Kulicke & Soffa Industries, Inc.		5,250		101,797
Insurance — 9.6%
Assured Guaranty Ltd.		26,926		1,100,466
Brighthouse Financial, Inc.*		44,709		1,586,722
				2,687,188
Machinery - Diversified — 8.5%
Intevac, Inc.*		446,433		2,366,095
Manufacturing — 4.1%
Intrepid Potash, Inc.*		111,380		351,961
Manitowoc Company, Inc., (The)*		29,176		398,252
McDermott International, Inc.*(a)		9,702		58,600
Olin Corp.(a)		15,710		308,073
REV Group, Inc.		3,000		33,240
				1,150,126
Mining — 9.8%
C&J Energy Services, Inc.*		95,164		1,126,742
Transocean Ltd.		261,965		1,624,183
				2,750,925
Oil & Gas — 9.7%
Chesapeake Energy Corp.*(a)		809,845		1,554,903
Halcon Resources Corp.*(a)		746,965		159,701
MRC Global, Inc.*		8,439		124,897
SM Energy Co.		22,000		255,860
Whiting Petroleum Corp.*(a)		34,050		625,839
				2,721,200
Pharmaceuticals — 0.5%
Mallinckrodt PLC*		16,936		147,174
Plastics Product Manufacturing — 2.8%
Newell Brands, Inc.		58,793		789,002
Real Estate Investment Trust — 7.9%
Alexander & Baldwin, Inc.		30,562		705,065
Boardwalk Real Estate Investment Trust		49,991		1,504,979
				2,210,044

The accompanying notes are an integral part of the portfolio of investments.

81 

THE SCHNEIDER FUNDS

SCHNEIDER SMALL CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Retail — 0.9%
Tuesday Morning Corp.*(a)		167,751		254,982
Telecommunications — 8.8%
Aviat Networks, Inc.*		183,441		2,393,905
UTStarcom Holdings Corp.*		17,355		54,668
				2,448,573
Transportation — 8.0%
Ardmore Shipping Corp.*		52,863		372,156
Scorpio Tankers, Inc.		66,045		1,719,151
Stolt-Nielsen Ltd.		11,875		134,959
				2,226,266
TOTAL COMMON STOCKS
(Cost $39,674,342)				27,940,201
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL — 8.3%
Mount Vernon Liquid Assets Portfolio, LLC, 2.54%		2,308,995		2,308,995
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
(Cost $2,308,995)				2,308,995
SHORT-TERM INVESTMENTS — 0.1%
First American Government Obligations Fund, Class X, 2.32% (b)		20,336		20,336
TOTAL SHORT-TERM INVESTMENTS
(Cost $20,336)				20,336
TOTAL INVESTMENTS — 108.2%
(Cost $42,003,673)				30,269,532
LIABILITIES IN EXCESS OF OTHER ASSETS — (8.2)%				(2,301,645	)
NET ASSETS — 100.0%			$	27,967,887

* Non-income producing security.

PLC Public Limited Company

(a) All or a portion of the security is on loan. At May 31, 2019, the market value of securities on loan was $1,939,836.

(b) Seven day yield as of May 31, 2019.

The accompanying notes are an integral part of the portfolio of investments.

82 

THE SCHNEIDER FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS

MAY 31, 2019 (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 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 are valued based on the NAV of the investment companies (which may use fair value pricing as discussed in their prospectuses). 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.

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure 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 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		INVESTMENTS MEASURED AT NET ASSET VALUE*
Common Stocks	$	27,940,201	$	27,940,201	$	-	$	-	$	-
Investments Purchased with Proceeds from Securities Lending Collateral		2,308,995		-		-		-		2,308,995
Short-Term Investments		20,336		20,336		-		-		-
Total**	$	30,269,532	$	27,960,537	$	-	$	-	$	2,308,995

* 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 Portfolio of Investments.

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

83 

THE SCHNEIDER FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

At the end of each period, 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 an active 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.

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.

84 

SGI U.S. LARGE CAP EQUITY FUND

PORTFOLIO OF INVESTMENTS

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
COMMON STOCKS - 98.1%
Aerospace/Defense — 0.2%
Lockheed Martin Corp.		3,100	$	1,049,474
Apparel — 0.4%
Kontoor Brands, Inc.*		3,600		105,480
VF Corp.		25,200		2,063,376
				2,168,856
Auto Parts & Equipment — 0.2%
Lear Corp.		6,300		749,889
Banks — 2.5%
Comerica, Inc.		86,100		5,925,402
Commerce Bancshares, Inc.		2,640		151,352
Northern Trust Corp.		44,200		3,779,984
Regions Financial Corp.		55,800		771,714
Umpqua Holdings Corp.		54,600		871,962
				11,500,414
Beverages — 1.6%
PepsiCo, Inc.		57,600		7,372,800
Building Materials — 0.3%
Masco Corp.		35,800		1,250,136
Chemicals — 2.1%
Air Products & Chemicals, Inc.		16,900		3,440,671
Axalta Coating Systems Ltd.*		269,100		6,326,541
				9,767,212
Commercial Services — 4.5%
Ecolab, Inc.		5,200		957,268
MarketAxess Holdings, Inc.		3,900		1,161,498
Robert Half International, Inc.		105,800		5,677,228
S&P Global, Inc.		59,700		12,768,636
				20,564,630
Computers — 3.6%
Accenture PLC, Class A, (Ireland)		23,900		4,255,873
Amdocs Ltd.		25,500		1,515,210
Apple, Inc.		18,900		3,308,823
Cognizant Technology Solutions Corp.		122,400		7,580,232
				16,660,138
Cosmetics & Personal Care — 2.5%
Colgate-Palmolive Co.		90,400		6,293,648
Estee Lauder Cos, Inc., (The), Class A		14,200		2,286,626
Procter & Gamble Co., (The)		30,000		3,087,300
				11,667,574
Distribution & Wholesale — 0.4%
Fastenal Co.		28,200		862,638
HD Supply Holdings, Inc.*		21,600		896,184
				1,758,822
Diversified Financial Services — 2.0%
Cboe Global Markets, Inc.		65,800		7,141,932
T Rowe Price Group, Inc.		22,700		2,295,878
				9,437,810

The accompanying notes are an integral part of the portfolio of investments.

85 

SGI U.S. LARGE CAP EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Electric — 5.3%
Consolidated Edison, Inc.		11,600		1,001,080
Evergy, Inc.		154,500		8,982,630
OGE Energy Corp.		159,700		6,637,132
Pinnacle West Capital Corp.		18,400		1,727,944
Sempra Energy		8,200		1,077,890
Xcel Energy, Inc.		88,100		5,051,654
				24,478,330
Electronics — 2.8%
Garmin Ltd., (Switzerland)		21,900		1,674,912
Mettler-Toledo International, Inc.*		3,600		2,603,124
National Instruments Corp.		167,300		6,456,107
TE Connectivity Ltd., (Switzerland)		24,800		2,088,904
				12,823,047
Environmental Control — 1.0%
Republic Services, Inc.		37,700		3,189,043
Waste Management, Inc.		13,500		1,476,225
				4,665,268
Food — 7.6%
Flowers Foods, Inc.		276,000		6,174,120
Hershey Co., (The)		88,000		11,612,480
Ingredion, Inc.		111,300		8,476,608
Sysco Corp.		134,100		9,228,762
				35,491,970
Gas — 1.7%
National Fuel Gas Co.		146,400		7,804,584
Hand & Machine Tools — 0.7%
Snap-on, Inc.		19,500		3,040,440
Healthcare-Products — 1.9%
Baxter International, Inc.		62,400		4,582,656
IDEXX Laboratories, Inc.*		16,200		4,046,274
				8,628,930
Healthcare-Services — 1.8%
Chemed Corp.		2,900		951,026
Humana, Inc.		3,000		734,580
UnitedHealth Group, Inc.		27,100		6,552,780
				8,238,386
Home Builders — 2.8%
NVR, Inc.*		4,000		12,806,280
Home Furnishings — 0.2%
Dolby Laboratories, Inc., Class A		14,600		904,762
Household Products & Wares — 0.3%
Clorox Co., (The)		10,000		1,488,100
Housewares — 2.1%
Toro Co., (The)		150,400		9,800,064
Insurance — 2.5%
Allstate Corp., (The)		28,600		2,731,586
American International Group, Inc.		110,400		5,638,128
First American Financial Corp.		48,400		2,499,860
Progressive Corp., (The)		12,800		1,014,784
				11,884,358
Iron & Steel — 0.4%
Nucor Corp.		37,700		1,809,600
Lodging — 2.7%
Choice Hotels International, Inc.		84,400		6,945,276
Extended Stay America, Inc.		315,900		5,414,526
				12,359,802
Machinery-Construction & Mining — 0.7%
Caterpillar, Inc.		27,900		3,342,699
Machinery-Diversified — 2.3%
Cummins, Inc.		44,600		6,723,896
Graco, Inc.		82,800		3,909,816
				10,633,712
Media — 1.7%
CBS Corp., Class B		19,000		917,320
Comcast Corp., Class A		110,400		4,526,400
Walt Disney Co., (The)		17,700		2,337,108
				7,780,828

The accompanying notes are an integral part of the portfolio of investments.

86 

SGI U.S. LARGE CAP EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Mining — 1.2%
Royal Gold, Inc.		61,400		5,402,586
Miscellaneous Manufacturing — 0.2%
Hexcel Corp.		13,300		968,107
Oil & Gas — 0.5%
ConocoPhillips		23,500		1,385,560
Exxon Mobil Corp.		12,300		870,471
				2,256,031
Pharmaceuticals — 7.1%
AbbVie, Inc.		167,200		12,825,911
Bristol-Myers Squibb Co.		268,700		12,190,919
Jazz Pharmaceuticals PLC, (Ireland)*		6,700		841,185
Zoetis, Inc.		68,200		6,891,610
				32,749,625
Real Estate — 1.1%
Jones Lang LaSalle, Inc.		39,400		4,903,330
REITS — 4.3%
American Tower Corp.		16,000		3,340,320
Equity LifeStyle Properties, Inc.		14,400		1,751,904
Liberty Property Trust		19,200		911,424
Public Storage		30,500		7,255,340
Rayonier, Inc.		29,500		830,425
UDR, Inc.		21,500		962,770
Weingarten Realty Investors		49,000		1,381,800
WP Carey, Inc.		39,100		3,245,691
				19,679,674
Retail — 11.3%
Costco Wholesale Corp.		8,500		2,036,430
Darden Restaurants, Inc.		62,700		7,293,264
Dollar General Corp.		28,800		3,665,664
Home Depot, Inc., (The)		26,200		4,974,070
Lowe's Cos, Inc.		10,600		988,768
MSC Industrial Direct Co., Inc.		36,900		2,607,354
Ross Stores, Inc.		13,600		1,264,664
Starbucks Corp.		43,100		3,278,186
Target Corp.		24,200		1,946,890
TJX Cos., Inc., (The)		197,900		9,952,391
Tractor Supply Co.		11,800		1,189,204
Wal-Mart Stores, Inc.		128,700		13,055,328
				52,252,213
Semiconductors — 2.5%
Teradyne, Inc.		270,758		11,409,742
Shipbuilding — 0.2%
Huntington Ingalls Industries, Inc.		4,400		902,528
Software — 7.2%
Aspen Technology, Inc.*		20,500		2,329,005
Cadence Design Systems, Inc.*		53,600		3,407,352
CDK Global, Inc.		77,900		3,770,360
Fidelity National Information Services, Inc.		8,100		974,430
Fiserv, Inc.*		34,500		2,962,170
Intuit, Inc.		26,100		6,390,585
Paychex, Inc.		43,100		3,697,549
Synopsys, Inc.*		86,500		10,072,060
				33,603,511
Telecommunications — 1.9%
Cisco Systems, Inc.		86,700		4,511,001
T-Mobile US, Inc.*		34,900		2,563,056
Verizon Communications, Inc.		29,400		1,597,890
				8,671,947

The accompanying notes are an integral part of the portfolio of investments.

87 

SGI U.S. LARGE CAP EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Transportation — 0.4%
CH Robinson Worldwide, Inc.		11,300		899,819
Norfolk Southern Corp.		4,700		917,158
				1,816,977
Water — 1.4%
American Water Works Co., Inc.		45,200		5,108,504
Aqua America, Inc.		36,000		1,423,440
				6,531,944
TOTAL COMMON STOCKS
(Cost $417,636,289)				453,077,130
EXCHANGE-TRADED FUNDS - 0.8%
iShares Core S&P 500 ETF		6,500		1,802,450
Vanguard S&P 500 ETF		7,000		1,770,090
				3,572,540
TOTAL EXCHANGE-TRADED FUNDS
(Cost $3,668,388)				3,572,540
SHORT-TERM INVESTMENTS - 1.0%
Fidelity Investments Money Market Funds - Government Portfolio, Class I, 2.27% (a)		4,450,174		4,450,174
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,450,174)				4,450,174
TOTAL INVESTMENTS - 99.9%
(Cost $425,754,851)				461,099,844
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%				587,592
NET ASSETS - 100.0%			$	461,687,436

* Non-income producing security.

(a) Seven-day yield as of May 31, 2019.

ETF Exchange-Traded Fund

PLC Public Limited Company

REIT Real Estate Investment Trust

The accompanying notes are an integral part of the portfolio of investments.

88 

SGI U.S. SMALL CAP EQUITY FUND

PORTFOLIO OF INVESTMENTS

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
COMMON STOCKS - 98.0%
Aerospace & Defense — 0.9%
AAR Corp.		11,000	$	330,990
Agriculture — 0.8%
Limoneira Co.		15,300		289,935
Airlines — 0.9%
SkyWest, Inc.		5,700		334,704
Apparel — 1.7%
Movado Group, Inc.		11,400		293,664
Steven Madden Ltd.		10,800		326,808
				620,472
Banks — 10.1%
Bryn Mawr Bank Corp.		9,600		350,976
Carolina Financial Corp.		9,300		308,760
First Bancshares, Inc., (The)		12,100		360,580
First Financial Corp.		9,690		366,573
German American Bancorp, Inc.		11,762		327,807
Great Southern Bancorp, Inc.		6,900		381,018
Heritage Commerce Corp.		27,800		331,098
Old Line Bancshares, Inc.		13,612		335,263
Opus Bank		16,600		333,162
Preferred Bank		7,300		319,521
QCR Holdings, Inc.		10,300		330,424
				3,745,182
Chemicals — 2.8%
Landec Corp.*		39,200		388,864
Materion Corp.		5,620		339,729
Sensient Technologies Corp.		4,400		297,880
				1,026,473
Commercial Services — 7.3%
Carriage Services, Inc.		18,504		337,143
ICF International, Inc.		4,100		298,849
K12, Inc.*		11,500		351,555
Kelly Services, Inc., Class A		15,000		352,500
SP Plus Corp.*		11,800		366,154
TrueBlue, Inc.*		14,431		306,514
Vectrus, Inc.*		9,950		351,136
Willdan Group, Inc.*		10,500		326,760
				2,690,611
Communications Equipment — 0.9%
Comtech Telecommunications Corp.		16,322		345,210
Cosmetics & Personal Care — 0.7%
Edgewell Personal Care Co.*		8,500		242,590
Diversified Financial Services — 0.9%
Provident Financial Services, Inc.		13,300		317,072
Electric — 7.8%
ALLETE, Inc.		4,400		360,316
Avista Corp.		8,300		346,608
El Paso Electric Co.		5,300		308,460
NorthWestern Corp.		4,500		319,230
Otter Tail Corp.		7,700		382,459
PNM Resources, Inc.		7,800		367,458
Portland General Electric Co.		7,200		380,592
Unitil Corp.		6,798		386,534
				2,851,657

The accompanying notes are an integral part of the portfolio of investments.

89 

SGI U.S. SMALL CAP EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Electronics — 2.0%
Ituran Location and Control Ltd., (Israel)		11,810		367,409
Universal Electronics, Inc.*		8,900		350,571
				717,980
Energy-Alternate Sources — 0.9%
TerraForm Power, Inc.		23,500		317,250
Food — 2.1%
B&G Foods, Inc.		16,000		351,200
Ingles Markets, Inc., Class A		14,469		431,321
				782,521
Forest Products & Paper — 0.8%
Neenah, Inc.		5,400		308,664
Gas — 1.8%
Chesapeake Utilities Corp.		3,400		308,652
Southwest Gas Holdings, Inc.		4,300		366,102
				674,754
Healthcare-Services — 2.9%
MEDNAX, Inc.*		13,100		323,046
Tivity Health, Inc.*		18,000		329,400
Triple-S Management Corp.*		16,948		415,226
				1,067,672
Home Builders — 1.0%
Taylor Morrison Home Corp.*		19,300		385,421
Insurance — 2.9%
Essent Group Ltd.*		7,400		347,430
FBL Financial Group, Inc., Class A		5,300		326,268
White Mountains Insurance Group Ltd.		400		391,840
				1,065,538
Internet — 1.9%
ePlus, Inc.*		4,310		304,545
HealthStream, Inc.*		15,100		377,500
				682,045
Investment Companies — 5.8%
Apollo Investment Corp.		22,600		350,978
Fidus Investment Corp.		22,348		353,546
Gladstone Capital Corp.		37,595		338,355
Golub Capital BDC, Inc.		19,000		333,070
PennantPark Investment Corp.		56,977		369,781
Solar Capital Ltd.		18,700		383,350
				2,129,080
Leisure Time — 1.0%
Lindblad Expeditions Holdings, Inc.*		21,700		354,144
Lodging — 2.0%
Marcus Corp., (The)		10,500		367,080
Playa Hotels & Resorts NV, (Netherlands)*		45,595		367,040
				734,120
Machinery-Diversified — 1.6%
Applied Industrial Technologies, Inc.		5,500		298,815
Manitowoc Co. Inc., (The)*		21,500		293,475
				592,290
Metal Fabricate/Hardware — 1.0%
Northwest Pipe Co.*		16,533		384,227
Oil & Gas Services — 0.9%
Exterran Corp.*		25,057		345,787
Pharmaceuticals — 1.2%
Phibro Animal Health Corp., Class A		14,300		422,994
Private Equity — 0.9%
Hercules Capital, Inc.		25,800		329,208

The accompanying notes are an integral part of the portfolio of investments.

90 

SGI U.S. SMALL CAP EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
REITS — 21.4%
American Assets Trust, Inc.		7,920		359,489
Apple Hospitality REIT, Inc.		23,100		356,664
Ares Commercial Real Estate Corp.		24,577		360,790
CatchMark Timber Trust, Inc.		38,600		363,226
Cherry Hill Mortgage Investment Corp.		22,200		361,860
Chimera Investment Corp.		18,300		333,792
CoreCivic, Inc.		19,000		416,100
CorEnergy Infrastructure Trust, Inc.		9,725		375,288
Exantas Capital Corp.		34,770		378,993
First Industrial Realty Trust, Inc.		9,100		315,861
Franklin Street Properties Corp.		49,300		356,932
Investors Real Estate Trust		5,900		341,551
iStar, Inc.		44,400		488,844
National Health Investors, Inc.		4,700		369,185
Office Properties Income Trust		12,946		309,539
One Liberty Properties, Inc.		12,200		348,188
PennyMac Mortgage Investment Trust		17,500		364,000
Redwood Trust, Inc.		21,300		339,309
Saul Centers, Inc.		6,382		342,649
TPG RE Finance Trust, Inc.		17,564		336,702
Two Harbors Investment Corp.		26,800		327,496
Western Asset Mortgage Capital Corp.		33,000		319,770
				7,866,228
Retail — 6.4%
Caleres Inc.		13,500		254,610
Foundation Building Materials, Inc.*		26,089		395,770
Genesco, Inc.*		7,700		346,346
Haverty Furniture Cos, Inc.		18,700		325,567
PC Connection, Inc.		11,294		358,471
Ruth's Hospitality Group, Inc.		13,700		313,319
Suburban Propane Partners LP		15,450		353,805
				2,347,888
Semiconductors — 0.9%
Photronics, Inc.*		41,773		338,779
Software — 1.0%
Monotype Imaging Holdings, Inc.		23,200		377,928
Telecommunications — 1.0%
InterDigital, Inc.		5,500		349,360
Textiles — 0.9%
UniFirst Corp.		2,200		349,316
Water — 0.9%
California Water Service Group		6,389		314,467
TOTAL COMMON STOCKS
(Cost $37,081,746)				36,032,557
EXCHANGE-TRADED FUNDS - 0.9%
iShares Russell 2000 ETF		1,200		175,032
Vanguard Russell 2000 ETF		1,500		176,010
				351,042
TOTAL EXCHANGE-TRADED FUNDS
(Cost $361,570)				351,042
SHORT-TERM INVESTMENTS - 1.0%
Fidelity Investments Money Market Funds - Government Portfolio, Class I, 2.27% (a)		356,349		356,349
TOTAL SHORT-TERM INVESTMENTS
(Cost $356,349)				356,349
TOTAL INVESTMENTS - 99.9%
(Cost $37,799,666)				36,739,948
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%				31,168
NET ASSETS - 100.0%			$	36,771,116

* Non-income producing security.

(a) Seven-day yield as of May 31, 2019.

BDC Business Development Company

ETF Exchange-Traded Fund

REIT Real Estate Investment Trust

The accompanying notes are an integral part of the portfolio of investments.

91 

SGI GLOBAL EQUITY FUND

PORTFOLIO OF INVESTMENTS

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
COMMON STOCKS - 99.0%
Banks — 6.6%
Bank of Montreal, (Canada)		4,700	$	341,267
Canadian Imperial Bank of Commerce, (Canada)		4,400		333,432
Royal Bank of Canada, (Canada)		4,600		345,690
Toronto-Dominion Bank, (The), (Canada)		6,500		355,225
				1,375,614
Beverages — 3.6%
Coca-Cola Co., (The)		7,600		373,388
PepsiCo, Inc.		2,900		371,200
				744,588
Chemicals — 3.4%
Linde PLC, (Ireland)		2,100		379,155
Nutrien Ltd., (Canada)		6,800		331,432
				710,587
Computers — 3.4%
Check Point Software Technologies Ltd., (Israel)*		3,090		340,765
Infosys Ltd., (India), SP ADR		34,100		357,027
				697,792
Cosmetics & Personal Care — 3.5%
Procter & Gamble Co., (The)		3,480		358,127
Unilever, (Netherlands)		6,200		372,744
				730,871
Diversified Financial Services — 5.3%
Mastercard, Inc.		1,500		377,235
T Rowe Price Group, Inc.		3,500		353,990
Visa, Inc., Class A		2,280		367,833
				1,099,058
Electric — 3.6%
Fortis Inc., (Canada)		9,800		370,538
Sempra Energy		2,900		381,205
				751,743
Energy-Alternate Sources — 1.8%
Algonquin Power & Utilities Corp., (Canada)		32,600		379,790
Engineering & Construction — 1.7%
Grupo Aeroportuario del Pacifico SAB de CV, (Mexico), ADR		3,600		352,368
Environmental Control — 1.8%
Waste Connections, Inc., (Canada)		3,900		369,096
Food — 1.9%
Hershey Co., (The)		3,000		395,880
Healthcare-Products — 1.9%
Medtronic PLC, (Ireland)		4,200		388,836
Household Products & Wares — 1.7%
Clorox Co., (The), Class A		2,400		357,144
Insurance — 3.4%
Berkshire Hathaway, Inc., Class B*		1,700		335,614
Chubb Ltd.		2,520		368,096
				703,710
Media — 3.5%
Thomson Reuters Corp.		5,900		375,771
Walt Disney Co., (The)		2,700		356,508
				732,279
Oil & Gas — 5.2%
BP PLC, (United Kingdom), SP ADR		8,500		346,120
Enbridge, Inc., (Canada)		10,000		368,700
Royal Dutch Shell PLC, (Netherlands), SP ADR		5,800		358,498
				1,073,318

The accompanying notes are an integral part of the portfolio of investments.

92 

SGI GLOBAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

MAY 31, 2019 (UNAUDITED)

	Number of Shares		Value
Pharmaceuticals — 13.8%
Bristol-Myers Squibb Co.		7,900		358,423
Eli Lilly & Co.		3,070		355,936
GlaxoSmithKline PLC, (United Kingdom), SP ADR		9,000		347,760
Merck & Co., Inc.		4,700		372,287
Novartis AG, (Switzerland), SP ADR		4,500		385,380
Novo Nordisk, (Denmark), SP ADR		7,400		349,280
Pfizer, Inc.		9,000		373,680
Sanofi, (France), ADR		8,270		334,356
				2,877,102
Pipelines — 1.8%
TC Energy Corp., (Canada)		7,800		379,704
REITS — 1.9%
Public Storage		1,700		404,396
Retail — 7.1%
McDonald's Corp.		1,920		380,678
Starbucks Corp.		4,900		372,694
TJX Cos., Inc., (The)		6,700		336,943
Wal-Mart Stores, Inc.		3,560		361,126
				1,451,441
Software — 5.2%
Microsoft Corp.		2,800		346,304
Nice Ltd., (Isreal), SP ADR		2,700		377,595
SAP SE, (Germany), SP ADR		2,900		356,932
				1,080,831
Telecommunications — 13.5%
BCE, Inc., (Canada)		8,080		363,843
BT Group PLC, (United Kingdom), SP ADR		24,400		302,560
China Mobile Ltd., (China), SP ADR		7,700		337,414
Orange SA, (France), SP ADR		23,200		348,696
Rogers Communications, Inc., (Canada)		7,200		378,648
Telefonica SA, (Spain), SP ADR		44,400		352,092
TELUS Corp.		10,000		368,900
Verizon Communications, Inc.		6,300		342,405
				2,794,558
Transportation — 3.4%
Canadian National Railway Co., (Canada)		3,900		345,501
CH Robinson Worldwide, Inc.		4,600		366,298
				711,799
TOTAL COMMON STOCKS
(Cost $18,992,836)				20,562,505
SHORT-TERM INVESTMENTS - 0.7%
Fidelity Investments Money Market Funds - Government Portfolio, Class I, 2.27% (a)		149,071		149,071
TOTAL SHORT-TERM INVESTMENTS
(Cost $149,071)				149,071
TOTAL INVESTMENTS - 99.7%
(Cost $19,141,907)				20,711,576
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.3%				62,138
NET ASSETS - 100.0%			$	20,773,714

* Non-income producing security.

^(a) Seven-day yield as of May 31, 2019.

ADR American Depositary Receipt

PLC Public Limited Company

REIT Real Estate Investment Trust

SP ADR Sponsored ADR

The accompanying notes are an integral part of the portfolio of investments.

93 

SUMMIT GLOBAL INVESTMENTS, LLC

PORTFOLIO OF INVESTMENTS

MAY 31, 2019 (UNAUDITED)

PORTFOLIO VALUATION – Investments in the underlying funds are valued at the SGI U.S. Large Cap Equity Fund, the SGI U.S. Small Cap Equity Fund, and the SGI Global Equity Fund (each a "Fund", collectively the "Funds") 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 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 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 May 31, 2019, in valuing each Fund's investments carried at fair value:

SGI U.S. Large Cap Equity Fund	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stocks	$	453,077,130	$	453,077,130	$	-	$	-
Exchange-Traded Funds		3,572,540		3,572,540		-		-
Short-Term Investments		4,450,174		4,450,174		-		-
Total Investments*	$	461,099,844	$	461,099,844	$	-	$	-
SGI U.S. Small Cap Equity Fund
Common Stocks	$	36,032,557	$	36,032,557	$	-	$	-
Exchange-Traded Funds		351,042		351,042		-		-
Short-Term Investments		356,349		356,349		-		-
Total Investments*	$	36,739,948	$	36,739,948	$	-	$	-
SGI Global Equity Fund
Common Stocks	$	20,562,505	$	20,562,505	$	-	$	-
Short-Term Investments		149,071		149,071		-		-
Total Investments*	$	20,711,576	$	20,711,576	$	-	$	-

* 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 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 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.

For the period ended May 31, 2019, the Funds 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.

94 

Item 2. Controls and Procedures.

(a) The Registrant’s President and Treasurer have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “1940 Act”)) (17 CFR 270.30a-3(c)) are effective as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on the evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rule 13a-15(b) or Rule 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) (17 CFR 270.30a-3(d)) that occurred during the Registrant's last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

Item 3. Exhibits.

Separate certifications for each principal executive officer and principal financial officer of the Registrant as required by Rule 30a-2(a) under the 1940 Act (17 CFR 270.30a-2(a)). Filed herewith.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant)	The RBB Fund, Inc.
By (Signature and Title)	/s/ Salvatore Faia
	Salvatore Faia, President
	(principal executive officer)
Date	7/25/2019

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/ Salvatore Faia
	Salvatore Faia, President
	(principal executive officer)
Date	7/25/2019
By (Signature and Title)*	/s/ James Shaw
	James Shaw, Treasurer
	(principal financial officer)
Date	7/25/2019

* Print the name and title of each signing officer under his or her signature.

EX-99.CERT

Exhibit 99.CERT

CERTIFICATION

I, Salvatore Faia, certify that:

1. I have reviewed this report on Form N-Q of The RBB Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	7/25/2019	/s/ Salvatore Faia
		Salvatore Faia, President (principal executive officer)

Exhibit 99.CERT

CERTIFICATION

I, James Shaw, certify that:

1. I have reviewed this report on Form N-Q of The RBB Fund, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation;

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:	7/25/2019	/s/ James Shaw
		James Shaw, Treasurer (principal financial officer)