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: November 30, 2019

Item 1. Schedule of Investments.

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2019 (UNAUDITED)

	COUPON*	MATURITY DATE	PAR (000's)		VALUE
SHORT-TERM INVESTMENTS - 81.2%
U.S. TREASURY OBLIGATIONS - 81.2%
U.S. Treasury Bills	1.491%	12/05/19	$	37,578	$	37,573,603
U.S. Treasury Bills	2.179%	12/12/19		8,405		8,401,328
U.S. Treasury Bills	2.044%	12/19/19		8,040		8,034,380
U.S. Treasury Bills	2.102%	12/26/19		14,695		14,679,935
U.S. Treasury Bills	2.105%	01/02/20		18,649		18,624,028
U.S. Treasury Bills	2.069%	01/09/20		37,270		37,208,564
U.S. Treasury Bills	2.039%	01/16/20		4,269		4,260,689
U.S. Treasury Bills	2.082%	01/23/20		6,908		6,892,458
U.S. Treasury Bills	1.947%	01/30/20		29,368		29,292,227
U.S. Treasury Bills	1.938%	02/06/20		17,772		17,721,335
U.S. Treasury Bills	1.891%	02/13/20		31,484		31,385,363
U.S. Treasury Bills	1.877%	02/20/20		13,110		13,064,771
U.S. Treasury Bills	1.871%	02/27/20		58,242		58,023,836
U.S. Treasury Bills	1.859%	03/05/20		4,412		4,394,057
U.S. Treasury Bills	1.854%	03/12/20		1,842		1,833,964
U.S. Treasury Bills	1.891%	03/19/20		18,635		18,548,879
U.S. Treasury Bills	1.854%	03/26/20		8,497		8,454,792
U.S. Treasury Bills	1.664%	04/02/20		53,795		53,512,882
U.S. Treasury Bills	1.629%	04/09/20		4,662		4,635,918
U.S. Treasury Bills	1.607%	04/16/20		11,008		10,943,739
U.S. Treasury Bills	1.627%	04/23/20		20,573		20,445,822
U.S. Treasury Bills	1.542%	04/30/20		45,936		45,638,659
U.S. Treasury Bills	1.553%	05/07/20		46,378		46,063,991
U.S. Treasury Bills	1.558%	05/14/20		59,636		59,211,509
U.S. Treasury Bills	1.568%	05/21/20		11,960		11,871,802
						570,718,531
TOTAL SHORT-TERM INVESTMENTS
(Cost $570,545,033)						570,718,531
TOTAL PURCHASED OPTIONS - 0.0%**
(Cost $787,129)						64,281
TOTAL INVESTMENTS - 81.2%
(Cost $571,332,162)						570,782,812
OTHER ASSETS IN EXCESS OF LIABILITIES - 18.8%						132,008,021
NET ASSETS - 100.0%					$	702,790,833

* Short-term investments' coupon 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)

NOVEMBER 30, 2019 (UNAUDITED)

Futures contracts outstanding as of November 30, 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	Dec-19	11	$	1,005,301	$	(10,528	)
3-Month Euro Euribor	Mar-21	62		17,077,820		(19,116	)
3-Month Euro Euribor	Jun-21	2		550,897		(578	)
3-Month Euro Euribor	Sep-21	4		1,101,795		(55	)
3-Month Euro Euribor	Dec-21	3		826,346		(317	)
3-Month Euro Euribor	Mar-22	6		1,652,692		(2,107	)
3-Month Euro Euribor	Jun-22	7		1,928,141		(1,859	)
3-Month Euro Euribor	Sep-22	3		826,346		(124	)
3-Month Euro Euribor	Mar-23	1		275,449		-
90-DAY Bank Bill	Mar-20	117		79,138,540		(1,413	)
90-DAY Bank Bill	Jun-20	638		431,541,781		31,915
90-DAY Bank Bill	Sep-20	107		72,374,562		9,974
90-DAY Bank Bill	Dec-20	68		45,995,049		5,651
90-DAY Bank Bill	Mar-21	49		33,143,491		2,609
90-DAY Bank Bill	Jun-21	34		22,997,524		2,160
90-DAY Eurodollar Futures	Jun-20	505		126,250,000		(42,700	)
90-DAY Eurodollar Futures	Sep-20	215		53,750,000		(26,313	)
90-DAY Eurodollar Futures	Dec-20	532		133,000,000		(10,250	)
90-DAY Eurodollar Futures	Jun-21	31		7,750,000		(4,325	)
90-DAY Eurodollar Futures	Sep-21	256		64,000,000		(21,825	)
90-DAY Eurodollar Futures	Dec-21	31		7,750,000		(3,700	)
90-DAY Eurodollar Futures	Mar-22	30		7,500,000		(2,638	)
90-DAY Eurodollar Futures	Jun-22	2		500,000		(813	)
90-DAY Eurodollar Futures	Sep-22	215		53,750,000		(33,813	)
90-DAY Eurodollar Futures	Dec-22	6		1,500,000		(388	)
90-DAY Eurodollar Futures	Mar-23	2		500,000		(700	)
90-DAY Eurodollar Futures	Jun-23	2		500,000		(113	)
90-DAY Eurodollar Futures	Dec-23	2		500,000		(25	)
90-DAY Eurodollar Futures	Mar-24	2		500,000		(300	)
90-DAY Sterling Futures	Jun-20	662		107,019,994		259
90-DAY Sterling Futures	Sep-20	860		139,028,996		(166,503	)
90-DAY Sterling Futures	Dec-20	453		73,232,715		(45,144	)
90-DAY Sterling Futures	Mar-21	493		79,699,180		(120,155	)
90-DAY Sterling Futures	Jun-21	82		13,256,253		(12,270	)
90-DAY Sterling Futures	Dec-21	60		9,699,697		(9,190	)
90-DAY Sterling Futures	Mar-22	51		8,244,743		(10,120	)
90-DAY Sterling Futures	Jun-22	5		808,308		(1,075	)
Amsterdam Index Futures	Dec-19	136		17,898,278		25,458
Australian 10-Year Bond Futures	Dec-19	243		16,436,466		159,960
Australian 3-Year Bond Futures	Dec-19	1,179		79,747,298		29,932
Bank Acceptance Futures	Sep-20	33		6,210,946		(4,959	)
Bank Acceptance Futures	Dec-20	37		6,963,788		(3,642	)
Bank Acceptance Futures	Mar-21	19		3,575,999		(1,092	)
Bank Acceptance Futures	Jun-21	11		2,070,315		(1,110	)
Bank Acceptance Futures	Sep-21	7		1,317,473		(245	)
Brent Crude Futures	Feb-20	74		4,476,260		(110,890	)
Brent Crude Futures	Mar-20	5		299,250		(9,610	)
Brent Crude Futures	Apr-20	1		59,350		(880	)
Brent Crude Oil Last Day	Feb-20	2		120,980		(4,670	)
CAC40 10 Euro Futures	Dec-19	562		36,527,121		(5,430	)
Canadian 10-Year Bond Futures	Dec-19	2		150,568		256
Canadian 10-Year Bond Futures	Mar-20	240		18,068,207		12,475
Cocoa Futures	Mar-20	58		1,489,440		(24,890	)
Cocoa Futures	May-20	42		1,086,960		(11,810	)
Cocoa Futures ICE	Mar-20	46		1,119,035		(7,023	)
Cocoa Futures ICE	May-20	1		24,016		(556	)
Cocoa Futures ICE	Jul-20	1		23,797		(543	)
Coffee 'C' Futures	May-20	5		227,344		6,338
Coffee 'C' Futures	Jul-20	3		138,544		1,313
Copper Futures	Mar-20	58		3,859,175		(16,906	)
DAX Index Futures	Dec-19	152		55,460,716		1,995,433
DAX-Mini Futures	Dec-19	3		218,924		273
DJIA Mini E-CBOT	Dec-19	247		34,670,155		556,805
Dollar Index	Dec-19	228		22,800,000		(19,220	)
E-Mini Crude Oil	Jan-20	3		82,755		(4,608	)
Euro BUXL 30-Year Bond Futures	Dec-19	12		1,322,154		(27,060	)
Euro BUXL 30-Year Bond Futures	Mar-20	1		110,179		(132	)
Euro STOXX 50	Dec-19	873		35,608,312		1,346,889
Euro-BTP Futures	Dec-19	93		10,246,692		(310,871	)
Euro-Bund Futures	Dec-19	71		7,822,743		(185,399	)
Euro-Bund Futures	Mar-20	7		771,256		(1,366	)
Euro-Oat Futures	Dec-19	169		18,620,333		(525,611	)
Euro-Oat Futures	Mar-20	2		220,359		(441	)
Euro-Schatz Futures	Dec-19	397		43,741,255		(260,128	)
FTSE 100 Index Futures	Dec-19	553		52,673,819		285,074
FTSE China A50 Index	Dec-19	43		583,940		(11,556	)
FTSE/MIB Index Futures	Dec-19	77		9,872,197		332,197
Gasoline RBOB Futures	Jan-20	31		2,071,482		327,908
Gasoline RBOB Futures	Feb-20	3		200,945		(2,839	)
Gasoline RBOB Futures	Mar-20	2		134,744		(1,915	)
Gasoline RBOB Futures	Apr-20	1		74,294		(1,201	)
GBP Currency Futures	Dec-19	248		20,046,041		89,706
Gold 100 Oz Futures	Feb-20	31		4,565,370		19,990
Gold 100 Oz Futures	Apr-20	1		147,810		940
Hang Seng China Enterprises Index Futures	Dec-19	6		394,688		(13,624	)
IBEX 35 Index Futures	Dec-19	34		3,493,278		61,344
INR/USD Futures	Dec-19	1		27,879		(26	)
JPN 10-Year Bond (Osaka Securities Exchange)	Dec-19	12		10,966,916		(334,582	)
Live Cattle Futures	Feb-20	84		4,240,320		95,370
Live Cattle Futures	Apr-20	57		2,881,352		23,000

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

2 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
Live Cattle Futures	Jun-20	16		753,440		(260	)
Live Cattle Futures	Aug-20	2		92,280		430
LME Aluminum Forward	Dec-19	1,122		49,929,000		(196,463	)
LME Copper Forward	Dec-19	382		55,898,538		157,272
LME Copper Forward	Jan-20	2		292,938		(18,202	)
LME Lead Forward	Dec-19	6		289,350		(38,142	)
LME Nickel Forward	Dec-19	107		8,749,176		(2,043,885	)
LME Nickel Forward	Jan-20	2		163,788		(33,168	)
LME Zinc Forward	Dec-19	91		5,223,400		(462,098	)
Long Gilt Futures	Dec-19	11		1,422,622		8,678
Long Gilt Futures	Mar-20	41		5,302,501		190,360
Low Sulphur Gasoil G Futures	Feb-20	1		57,125		(550	)
Lumber Futures	Jan-20	1		45,826		1,111
MDAX Index Futures	Dec-19	1		151,276		810
Milk Futures	Dec-19	6		231,600		9,340
Mill Wheat Euro	Mar-20	2		20,466		386
Mini FTSE/MIB Pound Futures	Dec-19	2		51,284		(506	)
Mini H-Shares Index Futures	Dec-19	4		52,625		(1,773	)
Mini TOPIX Index Futures	Dec-19	5		77,545		(55	)
MSCI EAFE Index Futures	Dec-19	50		4,943,250		12,205
MSCI Emerging Markets Index Futures	Dec-19	35		1,816,500		(36,685	)
MSCI Singapore Exchange ETS	Dec-19	124		3,339,368		(29,519	)
MSCI Taiwan Index	Dec-19	109		4,741,500		(66,825	)
MXN Currency Futures	Dec-19	524		13,386,128		(42,025	)
Nasdaq 100 E-Mini	Dec-19	449		75,589,150		1,680,841
Nikkei 225 (Chicago Mercantile Exchange)	Dec-19	20		2,333,000		41,625
Nikkei 225 (Osaka Securities Exchange)	Dec-19	93		19,795,010		899,470
Nikkei 225 (Singapore Exchange)	Dec-19	204		21,724,639		82,412
Nikkei 225 Mini	Dec-19	392		8,343,703		189,668
Nikkei/Yen Futures	Dec-19	5		533,038		(548	)
NY Harbor Ultra-Low Sulfur Diesel Futures	Feb-20	2		157,592		(5,897	)
NY Harbor Ultra-Low Sulfur Diesel Futures	Mar-20	1		78,368		(470	)
NY Harbor Ultra-Low Sulfur Diesel Futures	Apr-20	1		77,700		(2,944	)
NY Harbor Ultra-Low Sulfur Diesel Futures	Dec-20	1		76,805		(2,776	)
OMX Stockholm 30 Index Futures	Dec-19	732		13,225,738		(259,328	)
Palladium Futures	Mar-20	2		362,020		7,390
Palm Oil Futures	Jan-20	1		16,294		18
Palm Oil Futures	Feb-20	9		147,827		6,477
Palm Oil Futures	Apr-20	1		16,359		575
Platinum Futures	Jan-20	15		675,300		(28,885	)
Rapeseed Euro	Feb-20	12		257,655		(537	)
Rough Rice Futures	Jan-20	1		24,960		360
Russell 2000 E-Mini	Dec-19	151		12,259,690		304,675
S&P 500 E-Mini Futures	Dec-19	557		87,552,045		1,452,926
S&P Mid 400 E-Mini	Dec-19	38		7,638,000		112,750
S&P/TSX 60 IX Futures	Dec-19	146		22,372,085		409,931
SGX Iron Ore 62% Futures	Dec-19	4		34,480		614
SGX Nifty 50	Dec-19	70		1,694,140		(9,682	)
Short BTP Future	Dec-19	108		11,899,384		(35,423	)
Silver Futures	Mar-20	73		6,243,700		(34,700	)
Soybean Oil Futures	Mar-20	10		185,100		(2,226	)
SPI 200 Futures	Dec-19	98		11,361,589		226,796
STOXX Europe 600 Index	Dec-19	10		224,491		634
Topix Index Futures	Dec-19	141		21,867,757		438,905
U.S. Treasury 10-Year Notes (Chicago Board of Trade)	Dec-19	12		1,211,303		(688	)
U.S. Treasury 10-Year Notes (Chicago Board of Trade)	Mar-20	799		81,373,864		(147,735	)
U.S. Treasury 2-Year Notes (Chicago Board of Trade)	Dec-19	28		5,703,489		(4,594	)
U.S. Treasury 2-Year Notes (Chicago Board of Trade)	Mar-20	72		14,663,822		(12,320	)
U.S. Treasury 5-Year Notes (Chicago Board of Trade)	Dec-19	25		2,574,802		(727	)
U.S. Treasury 5-Year Notes (Chicago Board of Trade)	Mar-20	525		53,364,619		(26,094	)
U.S. Treasury Long Bond (Chicago Board of Trade)	Dec-19	7		947,270		6,000
U.S. Treasury Long Bond (Chicago Board of Trade)	Mar-20	253		34,121,884		(93,289	)
U.S. Treasury Ultra Long Bond (Chicago Board of Trade)	Dec-19	4		461,448		12,469
U.S. Treasury Ultra Long Bond (Chicago Board of Trade)	Mar-20	33		3,804,171		(5,711	)
Ultra 10-Year U.S. Treasury Note Futures	Dec-19	10		1,050,223		4,297
Ultra 10-Year U.S. Treasury Note Futures	Mar-20	12		1,182,353		(7,383	)
USD/NOK Futures	Dec-19	5		500,000		13,817
USD/SEK Futures	Dec-19	3		300,000		(3,329	)
Wheat (Chicago Board of Trade)	Mar-20	345		9,345,188		492,027
Wheat (Chicago Board of Trade)	Jul-20	1		27,138		988
Wheat (Chicago Board of Trade)	Dec-20	3		83,475		988
White Sugar ICE	Mar-20	1		17,245		90
WTI Crude Futures	Jan-20	141		7,778,970		(358,170	)
WTI Crude Futures	Feb-20	5		275,700		(10,930	)
WTI Crude Futures	Mar-20	44		2,419,120		(123,640	)
WTI Crude Futures	Apr-20	1		54,740		(1,390	)
WTI Crude Futures	Dec-20	1		52,310		(2,150	)
WTI Crude Futures ICE	Jan-20	1		55,170		(2,680	)
					$	5,582,870

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

3 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT			VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
1-Month SOFR Future	Dec-19	2	$	(8,334	)	$	(42	)
3-Month Euro Euribor	Jun-20	432		(118,993,841	)		194,357
3-Month Euro Euribor	Sep-20	171		(47,101,729	)		82,934
3-Month Euro Euribor	Dec-20	128		(35,257,434	)		43,383
3-Month Euro Euribor	Dec-22	1		(275,449	)		69
90-DAY Eurodollar Futures	Mar-20	14		(3,500,000	)		(539	)
90-DAY Eurodollar Futures	Mar-21	99		(24,750,000	)		(34,775	)
90-DAY Sterling Futures	Mar-20	2		(323,323	)		(331	)
90-DAY Sterling Futures	Sep-21	1		(161,662	)		(10,896	)
90-DAY Sterling Futures	Sep-22	28		(4,526,525	)		(946	)
AUD/USD Currency Futures	Dec-19	938		(63,446,111	)		679,859
Bank Acceptance Futures	Jun-20	27		(5,081,683	)		790
Brent Crude Futures	Dec-20	1		(56,930	)		1,110
CAD Currency Futures	Dec-19	105		(7,904,841	)		(25,331	)
Canadian 10-Year Bond Futures	Dec-19	2		(150,568	)		(98	)
Canola Futures (Winnipeg Commodity Exchange)	Jan-20	2		(13,750	)		154
CHF Currency Futures	Dec-19	133		(16,629,157	)		52,088
Coffee 'C' Futures	Mar-20	9		(401,794	)		(107,156	)
Coffee Robusta Futures	Jan-20	2		(27,700	)		(510	)
Corn Futures	Mar-20	688		(13,115,000	)		184,325
Corn Futures	May-20	33		(636,488	)		2,025
Corn Futures	Jul-20	2		(39,025	)		(13	)
Corn Futures	Dec-20	12		(234,600	)		2,138
Cotton No.2 Futures	Mar-20	196		(6,405,280	)		(95,935	)
E-Mini Natural Gas Futures	Jan-20	1		(5,700	)		200
Emissions ICE	Dec-20	6		(167,649	)		(10,731	)
EUR Foreign Exchange Currency Futures	Dec-19	1,250		(172,155,441	)		907,985
Euro/CHF 3-Month Futures ICE	Mar-20	1		(250,063	)		(100	)
Euro/CHF 3-Month Futures ICE	Dec-20	1		(250,063	)		(100	)
Euro/GBP Pound Futures	Dec-19	1		(137,724	)		1,277
Euro/JPY Futures	Dec-19	99		(13,634,711	)		(189,128	)
Euro-Bobl Futures	Dec-19	214		(23,578,409	)		(100,517	)
Euro-Bobl Futures	Mar-20	5		(550,897	)		353
Euro-Schatz Futures	Mar-20	12		(1,322,154	)		88
FTSE KLCI Futures	Dec-19	4		(74,967	)		569
FTSE/JSE TOP 40	Dec-19	25		(840,586	)		14,437
Hang Seng China Enterprises Index Futures	Dec-19	6		(394,688	)		12,755
Hang Seng Index Futures	Dec-19	42		(7,064,114	)		33,231
JPY Currency Futures	Dec-19	786		(89,791,629	)		522,849
Kansas City Hard Red Winter Wheat Futures	Mar-20	116		(2,592,600	)		(83,889	)
Kansas City Hard Red Winter Wheat Futures	May-20	1		(22,750	)		(1,150	)
Lean Hogs Futures	Feb-20	132		(3,599,640	)		197,440
Lean Hogs Futures	Apr-20	26		(768,820	)		38,550
LME Aluminum Forward	Dec-19	1,122		(49,929,000	)		(203,990	)
LME Aluminum Forward	Jan-20	32		(1,410,800	)		(15,290	)
LME Aluminum Forward	Mar-20	391		(17,345,738	)		118,656
LME Copper Forward	Dec-19	382		(55,898,538	)		(1,050,749	)
LME Copper Forward	Mar-20	90		(13,201,313	)		32,950
LME Lead Forward	Dec-19	6		(289,350	)		31,949
LME Lead Forward	Jan-20	2		(96,650	)		(5,309	)
LME Nickel Forward	Dec-19	107		(8,749,176	)		1,899,034
LME Nickel Forward	Jan-20	2		(163,788	)		15,579
LME Nickel Forward	Mar-20	43		(3,529,956	)		(8,364	)
LME Zinc Forward	Dec-19	91		(5,223,400	)		(23,480	)
LME Zinc Forward	Jan-20	1		(57,125	)		(21,800	)
LME Zinc Forward	Mar-20	56		(3,174,500	)		283,000
Long Gilt Futures	Dec-19	11		(1,422,622	)		2,173
Low Sulphur Gasoil G Futures	Jan-20	9		(514,575	)		(11,175	)
MAIZE Futures	Jan-20	1		(9,145	)		(179	)
Micro EUR/USD Futures	Dec-19	2		(27,545	)		158
Mill Wheat Euro	May-20	2		(20,548	)		(592	)
Mill Wheat Euro	Sep-20	1		(9,999	)		(138	)
Mini HSI Index Futures	Dec-19	7		(235,470	)		5,531
Natural Gas Futures	Jan-20	497		(11,336,600	)		1,297,068
Natural Gas Futures	Feb-20	151		(3,415,700	)		425,660
Natural Gas Futures	Mar-20	1		(22,000	)		410
NY Harbor Ultra-Low Sulfur Diesel Futures	Jan-20	78		(6,153,966	)		339,767
NZD Currency Futures	Dec-19	474		(30,430,847	)		(126,575	)
Red Wheat Futures (Minneapolis Grain Exchange)	Mar-20	4		(102,900	)		200
Soybean Futures	Jan-20	381		(16,702,088	)		403,623
Soybean Futures	Mar-20	296		(13,190,500	)		149,588
Soybean Futures	Nov-20	11		(509,850	)		11,937
Soybean Meal Futures	Jan-20	70		(2,051,700	)		67,330
Soybean Meal Futures	Mar-20	31		(921,010	)		28,880
Soybean Oil Futures	Jan-20	3		(55,044	)		1,080
STOXX Dividend Futures	Dec-20	1		(13,618	)		(33	)
Sugar No. 11 (World)	Mar-20	526		(7,623,213	)		(465,837	)
Sugar No. 11 (World)	May-20	46		(668,730	)		(28,202	)
U.S. Treasury 10-Year Notes (Chicago Board of Trade)	Dec-19	12		(1,211,303	)		5,242
U.S. Treasury 2-Year Notes (Chicago Board of Trade)	Dec-19	28		(5,703,489	)		3,063
U.S. Treasury 5-Year Notes (Chicago Board of Trade)	Dec-19	25		(2,574,802	)		4,969
U.S. Treasury Long Bond (Chicago Board of Trade)	Dec-19	7		(947,270	)		6,781
U.S. Treasury Ultra Long Bond (Chicago Board of Trade)	Dec-19	4		(461,448	)		4,500
Ultra 10-Year U.S. Treasury Note Futures	Dec-19	10		(1,050,223	)		5,937
White Sugar ICE	May-20	1		(17,390	)		(130	)
						$	5,494,001
Total Futures Contracts						$	11,076,871

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

4 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

Forward foreign currency contracts outstanding as of November 30, 2019 were as follows:

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION DATE	COUNTERPARTY	UNREALIZED APPRECIATION/ (DEPRECIATION)
AUD	25,208,865	USD	17,080,290	Dec 03 2019	BOA	$	(27,225	)
AUD	3,200,000	CAD	2,900,029	Dec 17 2019	BOA		(18,037	)
AUD	1,600,000	NZD	1,698,835	Dec 17 2019	BOA		(8,182	)
AUD	26,586,679	USD	18,205,867	Dec 18 2019	BOA		(212,716	)
AUD	15,540,000	USD	10,704,770	Dec 19 2019	BOA		(187,395	)
AUD	4,627,000	USD	3,173,229	Dec 20 2019	BOA		(41,609	)
BRL	18,665,355	USD	4,581,228	Dec 18 2019	BOA		(177,008	)
CAD	13,426,204	USD	10,106,210	Dec 02 2019	BOA		1,600
CAD	12,912,564	USD	9,722,599	Dec 03 2019	BOA		(1,479	)
CAD	5,786,154	AUD	6,400,000	Dec 17 2019	BOA		25,604
CAD	3,498,596	EUR	2,375,000	Dec 17 2019	BOA		13,873
CAD	200,000	USD	150,425	Dec 17 2019	BOA		170
CAD	39,775,700	USD	30,141,302	Dec 18 2019	BOA		(190,780	)
CAD	22,277,000	USD	16,792,166	Dec 19 2019	BOA		(17,644	)
CAD	48,084,000	USD	36,601,746	Dec 20 2019	BOA		(394,045	)
CHF	2,465,674	EUR	2,250,000	Dec 17 2019	BOA		(12,136	)
CHF	5,189,000	USD	5,255,110	Dec 19 2019	BOA		(55,005	)
CHF	2,156,000	USD	2,187,743	Dec 20 2019	BOA		(26,897	)
CLP	3,041,102,666	USD	4,102,477	Dec 18 2019	BOA		(314,109	)
CLP	238,335,000	USD	300,000	Dec 23 2019	BOA		(3,009	)
CNH	2,816,564	USD	400,000	Dec 17 2019	BOA		405
CNH	21,195,414	USD	3,000,000	Dec 18 2019	BOA		13,064
CNH	704,538	USD	100,000	Mar 18 2020	BOA		(94	)
COP	4,059,237,188	USD	1,200,000	Dec 18 2019	BOA		(47,191	)
CZK	98,999,353	EUR	3,850,000	Dec 18 2019	BOA		24,282
CZK	87,324,789	EUR	3,400,000	Mar 18 2020	BOA		(3,094	)
EUR	125,000	SEK	1,319,315	Dec 02 2019	BOA		(41	)
EUR	125,000	USD	137,653	Dec 02 2019	BOA		96
EUR	21,370,988	USD	23,546,579	Dec 03 2019	BOA		5,500
EUR	1,250,000	AUD	2,032,393	Dec 17 2019	BOA		3,771
EUR	100,000	GBP	85,087	Dec 17 2019	BOA		208
EUR	200,000	HUF	66,623,100	Dec 17 2019	BOA		994
EUR	1,500,000	NOK	15,263,993	Dec 17 2019	BOA		(726	)
EUR	300,000	PLN	1,290,956	Dec 17 2019	BOA		1,311
EUR	2,000,000	SEK	21,421,264	Dec 17 2019	BOA		(32,977	)
EUR	3,850,000	CZK	98,660,680	Dec 18 2019	BOA		(9,666	)
EUR	4,800,000	HUF	1,596,643,987	Dec 18 2019	BOA		31,598
EUR	11,900,000	NOK	120,146,561	Dec 18 2019	BOA		98,013
EUR	1,850,000	PLN	8,093,009	Dec 18 2019	BOA		(25,458	)
EUR	8,800,000	SEK	95,065,721	Dec 18 2019	BOA		(229,932	)
EUR	26,423,688	USD	29,300,886	Dec 18 2019	BOA		(143,433	)
EUR	22,456,000	USD	24,778,766	Dec 19 2019	BOA		2,759
EUR	16,783,000	USD	18,625,242	Dec 20 2019	BOA		(102,524	)
EUR	2,773,000	JPY	334,499,614	Dec 23 2019	BOA		(2,434	)
EUR	5,221,000	USD	5,801,340	Dec 23 2019	BOA		(37,561	)
EUR	3,900,000	HUF	1,303,046,231	Mar 18 2020	BOA		13,068
EUR	1,200,000	SEK	12,637,746	Mar 18 2020	BOA		4,531
GBP	85,241	EUR	100,000	Dec 03 2019	BOA		47
GBP	8,953,607	USD	11,557,916	Dec 03 2019	BOA		22,962
GBP	8,676,326	USD	11,218,785	Dec 04 2019	BOA		3,750
GBP	2,927,828	EUR	3,430,800	Dec 06 2019	BOA		5,628
GBP	1,000,000	AUD	1,894,902	Dec 17 2019	BOA		11,929
GBP	125,000	CHF	159,948	Dec 17 2019	BOA		1,533
GBP	772,241	EUR	900,000	Dec 17 2019	BOA		6,495
GBP	62,500	USD	80,711	Dec 17 2019	BOA		183
GBP	16,861,150	USD	21,344,437	Dec 18 2019	BOA		480,274
GBP	6,174,000	USD	7,759,733	Dec 19 2019	BOA		232,194
GBP	23,394,000	USD	29,777,434	Dec 20 2019	BOA		506,547
GBP	3,802,000	USD	4,922,484	Dec 23 2019	BOA		80
HUF	1,599,794,209	EUR	4,800,000	Dec 18 2019	BOA		(21,210	)
HUF	1,279,932,526	USD	4,281,140	Dec 18 2019	BOA		(60,506	)
HUF	795,500,000	USD	2,644,381	Dec 19 2019	BOA		(21,010	)
ILS	3,116,457	USD	900,000	Dec 17 2019	BOA		(2,242	)
ILS	19,493,669	USD	5,600,000	Dec 18 2019	BOA		15,842
ILS	13,113,629	USD	3,800,000	Mar 18 2020	BOA		(2,183	)
INR	1,012,203,396	USD	14,039,795	Dec 18 2019	BOA		46,038
INR	107,551,950	USD	1,500,000	Dec 23 2019	BOA		(4,019	)
INR	39,803,213	USD	550,000	Mar 18 2020	BOA		(965	)
JPY	27,365,854	CHF	250,000	Dec 03 2019	BOA		15
JPY	2,660,212,872	USD	24,296,460	Dec 03 2019	BOA		20,258
JPY	88,523,280	AUD	1,200,000	Dec 17 2019	BOA		(1,837	)
JPY	48,851,880	CAD	600,000	Dec 17 2019	BOA		(4,636	)
JPY	218,893,600	CHF	2,000,000	Dec 17 2019	BOA		(286	)
JPY	107,946,720	EUR	900,000	Dec 17 2019	BOA		(4,971	)
JPY	69,891,550	GBP	500,000	Dec 17 2019	BOA		(7,427	)
JPY	97,272,140	NZD	1,400,000	Dec 17 2019	BOA		(8,729	)
JPY	112,500,000	USD	1,039,087	Dec 17 2019	BOA		(9,358	)

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

5 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION DATE	COUNTERPARTY	UNREALIZED APPRECIATION/ (DEPRECIATION)
JPY	1,444,875,043	USD	13,514,214	Dec 18 2019	BOA		(287,630	)
JPY	2,286,662,000	USD	21,240,566	Dec 19 2019	BOA		(305,878	)
JPY	2,524,110,000	USD	23,433,423	Dec 20 2019	BOA		(322,361	)
JPY	502,618,000	USD	4,636,278	Dec 23 2019	BOA		(32,748	)
KRW	7,920,201,203	USD	6,717,802	Dec 18 2019	BOA		(8,904	)
KRW	1,640,506,000	USD	1,400,000	Dec 23 2019	BOA		(10,175	)
MXN	13,500,000	USD	691,546	Dec 17 2019	BOA		(3,501	)
MXN	212,484,677	USD	10,762,566	Dec 18 2019	BOA		65,511
MXN	412,850,000	USD	21,147,135	Dec 19 2019	BOA		(111,451	)
MXN	93,441,000	USD	4,743,434	Dec 20 2019	BOA		16,955
NOK	3,257,993	USD	353,703	Dec 03 2019	BOA		(366	)
NOK	32,675,446	EUR	3,250,000	Dec 18 2019	BOA		(41,704	)
NOK	71,749,814	USD	7,914,549	Dec 18 2019	BOA		(131,339	)
NOK	68,480,000	USD	7,589,496	Dec 19 2019	BOA		(160,853	)
NZD	14,403,997	AUD	13,562,000	Dec 06 2019	BOA		73,405
NZD	5,082,110	AUD	4,800,000	Dec 17 2019	BOA		15,301
NZD	17,028,631	USD	10,838,099	Dec 18 2019	BOA		97,815
NZD	18,888,000	USD	12,109,963	Dec 19 2019	BOA		20,261
NZD	1,821,000	USD	1,162,297	Dec 20 2019	BOA		7,203
PHP	216,181,888	USD	4,200,000	Dec 18 2019	BOA		52,375
PHP	201,229,705	USD	3,950,000	Mar 18 2020	BOA		(5,071	)
PLN	429,831	EUR	100,000	Dec 17 2019	BOA		(561	)
PLN	19,791,210	EUR	4,600,000	Dec 18 2019	BOA		(21,475	)
PLN	49,179,931	USD	12,651,878	Dec 18 2019	BOA		(91,918	)
PLN	183,490,000	USD	46,756,161	Dec 19 2019	BOA		104,675
RUB	6,406,010	USD	100,000	Dec 17 2019	BOA		(673	)
RUB	509,198,235	USD	7,850,000	Dec 18 2019	BOA		43,868
SEK	1,314,804	EUR	125,000	Dec 02 2019	BOA		(430	)
SEK	4,511	USD	473	Dec 02 2019	BOA		(1	)
SEK	3,871,728	USD	405,314	Dec 03 2019	BOA		(928	)
SEK	79,492,011	EUR	7,504,000	Dec 06 2019	BOA		32,575
SEK	14,752,822	NOK	14,000,000	Dec 17 2019	BOA		23,825
SEK	93,592,469	EUR	8,800,000	Dec 18 2019	BOA		75,884
SEK	73,042,527	USD	7,585,605	Dec 18 2019	BOA		51,951
SEK	210,519,000	USD	21,551,747	Dec 19 2019	BOA		462,553
SEK	5,263,813	EUR	500,000	Mar 18 2020	BOA		(2,089	)
SGD	408,433	USD	300,000	Dec 17 2019	BOA		(1,308	)
SGD	7,920,238	USD	5,789,860	Dec 18 2019	BOA		2,380
SGD	1,226,706	USD	900,000	Mar 18 2020	BOA		(1,930	)
THB	140,022,790	USD	4,600,000	Dec 18 2019	BOA		35,701
TRY	37,662,042	USD	6,400,000	Dec 18 2019	BOA		115,982
TRY	85,125,000	USD	14,532,446	Dec 19 2019	BOA		191,430
TWD	103,579,355	USD	3,392,147	Dec 18 2019	BOA		5,677
TWD	18,252,567	USD	600,000	Dec 23 2019	BOA		(1,089	)
TWD	18,265,800	USD	600,000	Dec 27 2019	BOA		(533	)
TWD	18,187,291	USD	600,000	Mar 18 2020	BOA		(859	)
USD	17,067,150	AUD	25,208,865	Dec 03 2019	BOA		14,084
USD	1,460,723	AUD	2,159,185	Dec 04 2019	BOA		58
USD	1,499,309	AUD	2,200,000	Dec 17 2019	BOA		10,453
USD	26,751,319	AUD	39,219,988	Dec 18 2019	BOA		208,284
USD	17,899,921	AUD	26,454,000	Dec 19 2019	BOA		(3,981	)
USD	17,596,704	AUD	25,629,000	Dec 20 2019	BOA		250,628
USD	2,247,044	AUD	3,304,000	Dec 23 2019	BOA		10,645
USD	7,227,443	BRL	30,111,578	Dec 18 2019	BOA		122,407
USD	10,109,227	CAD	13,426,204	Dec 02 2019	BOA		1,417
USD	2,108,591	CAD	2,800,000	Dec 17 2019	BOA		265
USD	32,952,322	CAD	43,663,952	Dec 18 2019	BOA		74,002
USD	16,953,730	CAD	22,420,000	Dec 19 2019	BOA		71,529
USD	38,498,150	CAD	51,169,000	Dec 20 2019	BOA		(32,584	)
USD	4,853,134	CAD	6,446,000	Dec 23 2019	BOA		(996	)
USD	1,872,008	CHF	1,875,000	Dec 03 2019	BOA		(3,992	)
USD	126,390	CHF	125,000	Dec 17 2019	BOA		1,149
USD	21,980,757	CHF	21,744,000	Dec 19 2019	BOA		190,225
USD	13,179,667	CHF	12,985,000	Dec 20 2019	BOA		165,484
USD	5,644,826	CHF	5,601,000	Dec 23 2019	BOA		29,433
USD	6,398,190	CLP	4,648,670,845	Dec 18 2019	BOA		607,241
USD	300,000	CLP	233,697,339	Dec 23 2019	BOA		8,788
USD	300,000	CLP	238,326,000	Dec 30 2019	BOA		2,901
USD	1,800,000	CNH	12,681,828	Dec 17 2019	BOA		(2,857	)
USD	3,000,000	CNH	21,429,606	Dec 18 2019	BOA		(46,356	)
USD	1,650,000	CNH	11,640,585	Mar 18 2020	BOA		(677	)
USD	5,350,000	COP	18,525,699,888	Dec 18 2019	BOA		88,766
USD	137,531	EUR	125,000	Dec 02 2019	BOA		(218	)
USD	23,521,025	EUR	21,370,988	Dec 03 2019	BOA		(31,054	)
USD	22,228,866	EUR	20,173,874	Dec 04 2019	BOA		(5,254	)
USD	2,492,412	EUR	2,250,000	Dec 17 2019	BOA		9,855
USD	59,252,218	EUR	53,367,596	Dec 18 2019	BOA		363,270
USD	72,247,413	EUR	64,987,000	Dec 19 2019	BOA		530,412
USD	55,144,826	EUR	49,728,000	Dec 20 2019	BOA		262,044
USD	10,415,508	EUR	9,431,000	Dec 23 2019	BOA		4,055

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

6 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION DATE	COUNTERPARTY	UNREALIZED APPRECIATION/ (DEPRECIATION)
USD	11,576,396	GBP	8,953,607	Dec 03 2019	BOA		(4,482	)
USD	21,614,634	GBP	17,387,137	Dec 18 2019	BOA		(890,903	)
USD	9,775,726	GBP	7,823,000	Dec 19 2019	BOA		(350,747	)
USD	31,971,012	GBP	25,696,000	Dec 20 2019	BOA		(1,292,952	)
USD	4,901,383	GBP	3,802,000	Dec 23 2019	BOA		(21,181	)
USD	1,900,000	HUF	571,198,520	Dec 17 2019	BOA		16,573
USD	4,252,754	HUF	1,274,559,806	Dec 18 2019	BOA		49,836
USD	129,367	HUF	39,000,000	Dec 19 2019	BOA		754
USD	5,600,000	ILS	19,508,961	Dec 18 2019	BOA		(20,247	)
USD	6,448,879	INR	464,638,193	Dec 18 2019	BOA		(17,031	)
USD	1,500,000	INR	108,158,454	Dec 23 2019	BOA		(4,417	)
USD	2,100,000	INR	150,609,786	Dec 31 2019	BOA		6,700
USD	24,278,905	JPY	2,660,212,872	Dec 03 2019	BOA		(37,813	)
USD	16,660,585	JPY	1,823,584,300	Dec 04 2019	BOA		(9,421	)
USD	23,960,641	JPY	2,580,897,853	Dec 18 2019	BOA		334,748
USD	52,615,651	JPY	5,678,962,000	Dec 19 2019	BOA		624,015
USD	50,468,168	JPY	5,459,837,000	Dec 20 2019	BOA		477,228
USD	13,698,990	JPY	1,489,680,000	Dec 23 2019	BOA		54,856
USD	9,924,929	KRW	11,830,076,792	Dec 18 2019	BOA		(95,874	)
USD	1,400,000	KRW	1,636,715,946	Dec 23 2019	BOA		13,386
USD	1,400,000	KRW	1,640,520,000	Dec 27 2019	BOA		9,992
USD	850,000	KRW	998,056,878	Mar 18 2020	BOA		2,685
USD	460,779	MXN	9,000,000	Dec 17 2019	BOA		2,082
USD	4,053,169	MXN	79,678,440	Dec 18 2019	BOA		(7,191	)
USD	5,503,134	MXN	109,260,000	Dec 19 2019	BOA		(63,922	)
USD	471,129	MXN	9,249,000	Dec 20 2019	BOA		(65	)
USD	354,752	NOK	3,257,993	Dec 03 2019	BOA		1,415
USD	1,700,000	NOK	15,612,258	Dec 17 2019	BOA		6,458
USD	5,481,287	NOK	49,723,887	Dec 18 2019	BOA		87,385
USD	5,623,755	NOK	51,500,000	Dec 19 2019	BOA		37,086
USD	1,412,156	NZD	2,200,000	Dec 17 2019	BOA		(676	)
USD	12,741,656	NZD	19,990,412	Dec 18 2019	BOA		(96,336	)
USD	1,265	NZD	2,000	Dec 19 2019	BOA		(19	)
USD	6,996,781	NZD	10,902,000	Dec 20 2019	BOA		(4,805	)
USD	4,245,875	PHP	216,181,887	Dec 18 2019	BOA		(6,500	)
USD	1,700,000	PLN	6,594,871	Dec 17 2019	BOA		15,739
USD	7,027,645	PLN	27,565,189	Dec 18 2019	BOA		(12,171	)
USD	40,277,633	PLN	159,820,000	Dec 19 2019	BOA		(538,208	)
USD	1,650,000	RUB	108,285,083	Dec 18 2019	BOA		(28,694	)
USD	404,492	SEK	3,871,728	Dec 03 2019	BOA		107
USD	1,900,000	SEK	18,387,419	Dec 17 2019	BOA		(22,491	)
USD	7,315,567	SEK	70,510,133	Dec 18 2019	BOA		(57,194	)
USD	1,030,241	SEK	9,879,000	Dec 19 2019	BOA		(2,822	)
USD	8,640,434	SGD	11,894,023	Dec 18 2019	BOA		(57,920	)
USD	8,894,844	SGD	12,129,000	Dec 23 2019	BOA		24,181
USD	250,000	SGD	341,195	Mar 18 2020	BOA		212
USD	750,000	THB	22,848,317	Dec 18 2019	BOA		(6,434	)
USD	900,000	TRY	5,177,074	Dec 17 2019	BOA		4,076
USD	1,900,000	TRY	11,310,000	Dec 18 2019	BOA		(56,765	)
USD	4,002,186	TRY	23,590,000	Dec 19 2019	BOA		(78,122	)
USD	3,337,655	TWD	103,330,606	Dec 18 2019	BOA		(52,009	)
USD	600,000	TWD	18,276,600	Dec 23 2019	BOA		301
USD	700,000	TWD	21,316,179	Jan 02 2020	BOA		222
USD	600,000	ZAR	8,945,267	Dec 17 2019	BOA		(8,979	)
USD	3,994,936	ZAR	61,013,243	Dec 18 2019	BOA		(158,127	)
USD	16,101,714	ZAR	241,670,000	Dec 19 2019	BOA		(345,867	)
ZAR	127,193,605	USD	8,529,137	Dec 18 2019	BOA		128,704
ZAR	241,520,000	USD	16,105,875	Dec 19 2019	BOA		331,498
ZAR	5,981,344	USD	400,000	Mar 18 2020	BOA		2,038
Total Forward Foreign Currency Contracts							(146,294	)

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

7 

ABBEY CAPITAL FUTURES STRATEGY FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 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 174,928,248	$	-
3-Month Euro Euribor, Expires 3/16/20, Strike Price $99.875	Put	N/A	1,735	EUR 69,677,600		-
Euro Currency Futures, Expires 3/06/20, Strike Price $1.16	Call	N/A	385	EUR 48,125,000		38,500
IMM Eurodollar Futures, Expires 12/16/19, Strike Price $97.00	Put	N/A	4,125	EUR 161,852,625		25,781
TOTAL PURCHASED OPTIONS (COST $787,129)					$	64,281
WRITTEN OPTIONS - (0.0%)
3-Month Euro Euribor, Expires 12/16/19, Strike Price $99.375	Put	N/A	4,356	EUR 174,928,248	$	-
3-Month Euro Euribor, Expires 3/16/20, Strike Price $99.625	Put	N/A	1,735	EUR 69,677,600		-
IMM Eurodollar Futures, Expires 12/16/19, Strike Price $96.875	Put	N/A	4,125	EUR 161,852,625		(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

NOVEMBER 30, 2019 (UNAUDITED)

	COUPON*	MATURITY DATE	PAR (000's)		VALUE
SHORT-TERM INVESTMENTS - 81.5%
U.S. TREASURY OBLIGATIONS - 81.5%
U.S. Treasury Bills	2.206%	12/05/19	$	1,284	$	1,283,850
U.S. Treasury Bills	2.079%	12/12/19		659		658,712
U.S. Treasury Bills	2.038%	12/19/19		4,079		4,076,149
U.S. Treasury Bills	2.111%	01/02/20		658		657,119
U.S. Treasury Bills	2.069%	01/09/20		690		688,863
U.S. Treasury Bills	2.038%	01/16/20		103		102,799
U.S. Treasury Bills	2.043%	01/23/20		708		706,407
U.S. Treasury Bills	1.988%	01/30/20		549		547,583
U.S. Treasury Bills	1.934%	02/06/20		408		406,837
U.S. Treasury Bills	1.892%	02/13/20		1,817		1,811,307
U.S. Treasury Bills	1.881%	02/20/20		694		691,606
U.S. Treasury Bills	1.876%	02/27/20		829		825,895
U.S. Treasury Bills	1.892%	03/19/20		1,193		1,187,487
U.S. Treasury Bills	1.871%	03/26/20		2,058		2,047,777
U.S. Treasury Bills	1.658%	04/09/20		1,210		1,203,231
U.S. Treasury Bills	1.611%	04/16/20		91		90,469
U.S. Treasury Bills	1.615%	04/23/20		1,502		1,492,715
U.S. Treasury Bills	1.538%	04/30/20		522		518,621
U.S. Treasury Bills	1.554%	05/07/20		2,438		2,421,493
U.S. Treasury Bills	1.559%	05/14/20		261		259,142
U.S. Treasury Bills	1.601%	05/28/20		744		738,212
						22,416,274
TOTAL SHORT-TERM INVESTMENTS
(Cost $22,407,739)						22,416,274
TOTAL INVESTMENTS - 81.5%
(Cost $22,407,739)						22,416,274
OTHER ASSETS IN EXCESS OF LIABILITIES - 18.5%						5,072,044
NET ASSETS - 100.0%					$	27,488,318

* 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 (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

Futures contracts outstanding as of November 30, 2019 were as follows:

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
3-Month Euro Euribor	Sep-20	24	$	6,610,769	$	(6,611	)
3-Month Euro Euribor	Mar-21	5		1,377,244		(1,515	)
90-DAY Bank Bill	Mar-20	8		5,411,182		150
90-DAY Bank Bill	Jun-20	33		22,321,127		1,496
90-DAY Bank Bill	Sep-20	6		4,058,387		416
90-DAY Bank Bill	Dec-20	3		2,029,193		100
90-DAY Bank Bill	Mar-21	3		2,029,193		83
90-DAY Bank Bill	Jun-21	2		1,352,796		399
90-DAY Eurodollar Futures	Mar-20	1		250,000		(150	)
90-DAY Eurodollar Futures	Jun-20	38		9,500,000		(3,000	)
90-DAY Eurodollar Futures	Sep-20	8		2,000,000		(1,550	)
90-DAY Eurodollar Futures	Dec-20	2		500,000		(850	)
90-DAY Eurodollar Futures	Jun-21	2		500,000		337
90-DAY Eurodollar Futures	Sep-21	14		3,500,000		(813	)
90-DAY Eurodollar Futures	Dec-21	1		250,000		125
90-DAY Eurodollar Futures	Mar-22	1		250,000		100
90-DAY Eurodollar Futures	Sep-22	11		2,750,000		(2,025	)
90-DAY Sterling Futures	Jun-20	49		7,921,420		32
90-DAY Sterling Futures	Sep-20	52		8,406,404		(10,791	)
90-DAY Sterling Futures	Dec-20	6		969,970		(913	)
90-DAY Sterling Futures	Mar-21	37		5,981,480		(9,384	)
90-DAY Sterling Futures	Jun-21	4		646,646		(711	)
90-DAY Sterling Futures	Sep-21	4		646,646		(687	)
90-DAY Sterling Futures	Dec-21	3		484,985		(833	)
90-DAY Sterling Futures	Mar-22	3		484,985		(558	)
Amsterdam Index Futures	Dec-19	6		789,630		778
Australian 10-Year Bond Futures	Dec-19	8		541,118		(367	)
Australian 3-Year Bond Futures	Dec-19	69		4,667,145		1,013
Bank Acceptance Futures	Sep-20	2		376,421		(226	)
Bank Acceptance Futures	Dec-20	2		376,421		(85	)
Bank Acceptance Futures	Mar-21	1		188,210		(28	)
Bank Acceptance Futures	Jun-21	1		188,210		(38	)
CAC40 10 Euro Futures	Dec-19	25		1,624,872		(744	)
Canadian 10-Year Bond Futures	Mar-20	2		150,568		53
Cocoa Futures	Mar-20	2		51,360		(1,830	)
Cocoa Futures	May-20	2		51,760		(20	)
Copper Futures	Mar-20	2		133,075		(1,063	)
DAX Index Futures	Dec-19	9		3,283,858		114,862
DJIA Mini E-CBOT	Dec-19	14		1,965,110		28,615
Dollar Index	Dec-19	14		1,400,000		(442	)
Euro STOXX 50	Dec-19	16		652,615		22,950
Euro-BTP Futures	Dec-19	5		550,897		(19,292	)
Euro-Bund Futures	Mar-20	1		110,179		33
Euro-Oat Futures	Dec-19	1		110,179		(5,112	)
Euro-Schatz Futures	Dec-19	23		2,534,128		(18,835	)
FTSE 100 Index Futures	Dec-19	14		1,333,514		(3,317	)
FTSE/MIB Index Futures	Dec-19	3		384,631		19,414
Gasoline RBOB Futures	Jan-20	6		400,932		(10,660	)
GBP Currency Futures	Dec-19	14		1,131,631		4,969
Live Cattle Futures	Feb-20	4		201,920		5,300
Live Cattle Futures	Apr-20	4		202,204		1,580
Live Cattle Futures	Jun-20	1		47,088		(230	)
LME Aluminum Forward	Dec-19	63		2,803,500		(3,646	)
LME Copper Forward	Dec-19	20		2,926,625		893
LME Nickel Forward	Dec-19	6		490,608		(104,127	)
LME Zinc Forward	Dec-19	1		57,400		(3,691	)
Long Gilt Futures	Mar-20	4		517,317		(3,143	)
MSCI EAFE Index Futures	Dec-19	2		197,730		1,050
MSCI Emerging Markets Index Futures	Dec-19	2		103,800		(2,555	)
MSCI Singapore Exchange ETS	Dec-19	6		161,582		(1,426	)
MSCI Taiwan Index	Dec-19	4		174,000		(2,560	)
MXN Currency Futures	Dec-19	29		740,835		(3,220	)
Nasdaq 100 E-Mini	Dec-19	26		4,377,100		46,940
Nikkei 225 (Chicago Mercantile Exchange)	Dec-19	1		116,650		2,650
Nikkei 225 (Osaka Securities Exchange)	Dec-19	2		425,699		27,509
Nikkei 225 (Singapore Exchange)	Dec-19	12		1,277,920		3,244
NY Harbor Ultra-Low Sulfur Diesel Futures	Jan-20	2		157,794		(7,585	)
OMX Stockholm 30 Index Futures	Dec-19	41		740,786		(14,557	)
Platinum Futures	Jan-20	1		45,020		(1,285	)
Russell 2000 E-Mini	Dec-19	2		162,380		705
S&P 500 E-Mini Futures	Dec-19	113		17,761,905		588,965
S&P Mid 400 E-Mini	Dec-19	1		201,000		1,840
S&P/TSX 60 IX Futures	Dec-19	5		766,167		15,006
SGX Nifty 50	Dec-19	3		72,606		(447	)
Short BTP Futures	Dec-19	6		661,077		(2,071	)
Silver Futures	Mar-20	1		85,550		(520	)
SPI 200 Futures	Dec-19	6		695,607		11,532
Topix Index Futures	Dec-19	3		465,271		14,303
U.S. Treasury 10-Year Notes (Chicago Board of Trade)	Mar-20	14		1,425,832		(2,242	)
U.S. Treasury 2-Year Notes (Chicago Board of Trade)	Mar-20	4		814,653		(375	)
U.S. Treasury Long Bond (Chicago Board of Trade)	Mar-20	6		809,221		(4,148	)
U.S. Treasury Ultra Long Bond (Chicago Board of Trade)	Mar-20	1		115,279		125
Wheat (Chicago Board of Trade)	Mar-20	24		650,100		36,936
WTI Crude Futures	Mar-20	3		164,940		(8,430	)
					$	685,795

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

10 

ABBEY CAPITAL MULTI ASSET FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT			VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
10-Year Mini Japanese Government Bond Futures	Dec-19	7	$	(639,737	)	$	859
90-DAY Eurodollar Futures	Mar-21	8		(2,000,000	)		(1,900	)
90-DAY Sterling Futures	Sep-21	4		(646,646	)		49
90-DAY Sterling Futures	Sep-22	1		(161,662	)		(65	)
AUD/USD Currency Futures	Dec-19	44		(2,976,150	)		25,195
Bank Acceptance Futures	Jun-20	2		(376,421	)		56
Brent Crude Futures	Feb-20	3		(181,470	)		2,190
CAD Currency Futures	Dec-19	1		(75,284	)		(2,005	)
CHF Currency Futures	Dec-19	10		(1,250,313	)		3,825
Coffee 'C' Futures	Mar-20	1		(44,644	)		(8,494	)
Corn Futures	Mar-20	25		(476,563	)		11,250
Corn Futures	May-20	2		(38,575	)		(38	)
Cotton No.2 Futures	Mar-20	7		(228,760	)		(4,880	)
EUR Foreign Exchange Currency Futures	Dec-19	41		(5,646,698	)		18,809
Euro/JPY Futures	Dec-19	5		(688,622	)		(10,567	)
Euro-Bobl Futures	Dec-19	20		(2,203,590	)		(4,506	)
Euro-Bund Futures	Dec-19	7		(771,256	)		(9,167	)
FTSE/JSE TOP 40	Dec-19	1		(33,623	)		(304	)
Gold 100 Oz Futures	Feb-20	3		(441,810	)		(2,840	)
Hang Seng Index Futures	Dec-19	4		(672,773	)		3,232
JPY Currency Futures	Dec-19	53		(6,054,652	)		23,869
Kansas City Hard Red Winter Wheat Futures	Mar-20	2		(44,700	)		(1,263	)
Lean Hogs Futures	Feb-20	7		(190,892	)		12,950
Lean Hogs Futures	Apr-20	1		(29,568	)		2,160
LME Aluminum Forward	Dec-19	63		(2,803,500	)		(7,323	)
LME Aluminum Forward	Mar-20	19		(842,888	)		346
LME Copper Forward	Dec-19	20		(2,926,625	)		(32,589	)
LME Copper Forward	Mar-20	4		(586,725	)		(4,128	)
LME Nickel Forward	Dec-19	6		(490,608	)		95,023
LME Nickel Forward	Mar-20	4		(328,368	)		(7,900	)
LME Zinc Forward	Dec-19	1		(57,400	)		(629	)
Natural Gas Futures	Jan-20	26		(593,100	)		58,880
Natural Gas Futures	Feb-20	7		(158,400	)		20,650
NZD Currency Futures	Dec-19	25		(1,605,002	)		(10,055	)
Soybean Futures	Jan-20	26		(1,139,775	)		25,113
Soybean Futures	Mar-20	11		(490,188	)		5,063
Soybean Meal Futures	Jan-20	2		(58,620	)		1,740
Sugar No. 11 (World)	Mar-20	26		(376,813	)		(22,098	)
Sugar No. 11 (World)	May-20	3		(43,613	)		(2,094	)
U.S. Treasury 2-Year Notes (Chicago Board of Trade)	Mar-20	4		(814,653	)		(30	)
U.S. Treasury 5-Year Notes (Chicago Board of Trade)	Mar-20	6		(609,879	)		(445	)
WTI Crude Futures	Jan-20	6		(331,020	)		6,950
						$	184,889
Total Futures Contracts						$	870,684

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

11 

ABBEY CAPITAL MULTI ASSET FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

Forward foreign currency contracts outstanding as of November 30, 2019 were as follows:

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION DATE	COUNTERPARTY	UNREALIZED APPRECIATION/ (DEPRECIATION)
AUD	1,894,053	USD	1,283,491	Dec 03 2019	SOCIETE GENERALE	$	(2,219	)
BRL	204,950	USD	50,000	Dec 18 2019	SOCIETE GENERALE		(1,641	)
CAD	1,002,420	USD	754,721	Dec 02 2019	SOCIETE GENERALE		(57	)
CAD	1,002,420	USD	754,722	Dec 03 2019	SOCIETE GENERALE		(59	)
CLP	115,468,175	USD	150,000	Dec 18 2019	SOCIETE GENERALE		(6,159	)
CNH	1,061,861	USD	150,000	Dec 18 2019	SOCIETE GENERALE		950
CZK	6,441,406	EUR	250,000	Dec 18 2019	SOCIETE GENERALE		2,132
CZK	5,137,041	EUR	200,000	Mar 18 2020	SOCIETE GENERALE		(170	)
EUR	1,566,125	USD	1,725,400	Dec 03 2019	SOCIETE GENERALE		562
EUR	250,000	CZK	6,418,527	Dec 18 2019	SOCIETE GENERALE		(1,145	)
EUR	200,000	HUF	66,368,406	Dec 18 2019	SOCIETE GENERALE		1,839
EUR	700,000	NOK	7,059,132	Dec 18 2019	SOCIETE GENERALE		6,667
EUR	150,000	PLN	654,426	Dec 18 2019	SOCIETE GENERALE		(1,614	)
EUR	500,000	SEK	5,397,080	Dec 18 2019	SOCIETE GENERALE		(12,606	)
EUR	200,000	HUF	66,805,560	Mar 18 2020	SOCIETE GENERALE		728
EUR	100,000	SEK	1,053,145	Mar 18 2020	SOCIETE GENERALE		378
GBP	673,555	USD	869,522	Dec 03 2019	SOCIETE GENERALE		1,675
GBP	673,555	USD	871,200	Dec 04 2019	SOCIETE GENERALE		21
HUF	66,723,560	EUR	200,000	Dec 18 2019	SOCIETE GENERALE		(668	)
ILS	1,398,811	USD	400,000	Dec 18 2019	SOCIETE GENERALE		2,977
ILS	690,392	USD	200,000	Mar 18 2020	SOCIETE GENERALE		(57	)
INR	10,826,673	USD	150,484	Dec 18 2019	SOCIETE GENERALE		180
INR	3,619,634	USD	50,000	Mar 18 2020	SOCIETE GENERALE		(72	)
JPY	188,943,970	USD	1,725,633	Dec 03 2019	SOCIETE GENERALE		1,484
KRW	175,673,088	USD	150,000	Dec 18 2019	SOCIETE GENERALE		(1,194	)
NOK	2,006,181	EUR	200,000	Dec 18 2019	SOCIETE GENERALE		(3,067	)
PHP	12,837,662	USD	250,000	Dec 18 2019	SOCIETE GENERALE		2,521
PHP	12,735,012	USD	250,000	Mar 18 2020	SOCIETE GENERALE		(341	)
PLN	1,292,247	EUR	300,000	Dec 18 2019	SOCIETE GENERALE		(1,013	)
RUB	29,208,876	USD	450,000	Dec 18 2019	SOCIETE GENERALE		2,812
SEK	5,320,921	EUR	500,000	Dec 18 2019	SOCIETE GENERALE		4,643
SEK	1,051,999	EUR	100,000	Mar 18 2020	SOCIETE GENERALE		(498	)
SGD	204,476	USD	150,000	Dec 18 2019	SOCIETE GENERALE		(462	)
SGD	68,150	USD	50,000	Mar 18 2020	SOCIETE GENERALE		(107	)
THB	12,180,483	USD	400,000	Dec 18 2019	SOCIETE GENERALE		3,256
TRY	2,340,809	USD	400,000	Dec 18 2019	SOCIETE GENERALE		4,988
TWD	4,640,450	USD	152,360	Dec 18 2019	SOCIETE GENERALE		(134	)
TWD	1,515,608	USD	50,000	Mar 18 2020	SOCIETE GENERALE		(72	)
USD	1,282,288	AUD	1,894,053	Dec 03 2019	SOCIETE GENERALE		1,016
USD	113,381	AUD	167,620	Dec 04 2019	SOCIETE GENERALE		(13	)
USD	250,000	BRL	1,042,184	Dec 18 2019	SOCIETE GENERALE		4,089
USD	754,721	CAD	1,002,420	Dec 02 2019	SOCIETE GENERALE		57
USD	200,000	CLP	144,512,475	Dec 18 2019	SOCIETE GENERALE		19,978
USD	150,000	CNH	1,072,666	Dec 18 2019	SOCIETE GENERALE		(2,486	)
USD	100,000	CNH	705,490	Mar 18 2020	SOCIETE GENERALE		(41	)
USD	250,000	COP	868,081,450	Dec 18 2019	SOCIETE GENERALE		3,468
USD	1,723,461	EUR	1,566,125	Dec 03 2019	SOCIETE GENERALE		(2,500	)
USD	1,725,499	EUR	1,566,125	Dec 04 2019	SOCIETE GENERALE		(566	)
USD	871,176	GBP	673,555	Dec 03 2019	SOCIETE GENERALE		(21	)
USD	400,000	ILS	1,397,766	Dec 18 2019	SOCIETE GENERALE		(2,676	)
USD	150,000	INR	10,826,673	Dec 18 2019	SOCIETE GENERALE		(664	)
USD	1,724,432	JPY	188,943,970	Dec 03 2019	SOCIETE GENERALE		(2,684	)
USD	1,293,266	JPY	141,567,360	Dec 04 2019	SOCIETE GENERALE		(850	)
USD	150,000	KRW	179,621,695	Dec 18 2019	SOCIETE GENERALE		(2,151	)
USD	50,000	KRW	58,661,565	Mar 18 2020	SOCIETE GENERALE		198
USD	252,686	PHP	12,837,662	Dec 18 2019	SOCIETE GENERALE		164
USD	100,000	RUB	6,573,962	Dec 18 2019	SOCIETE GENERALE		(1,913	)
USD	150,000	SGD	206,337	Dec 18 2019	SOCIETE GENERALE		(899	)
USD	150,000	THB	4,586,054	Dec 18 2019	SOCIETE GENERALE		(1,829	)
USD	100,000	TRY	595,464	Dec 18 2019	SOCIETE GENERALE		(3,022	)
USD	150,000	TWD	4,640,450	Dec 18 2019	SOCIETE GENERALE		(2,226	)
USD	100,000	ZAR	1,519,035	Dec 18 2019	SOCIETE GENERALE		(3,398	)
ZAR	1,476,249	USD	100,000	Dec 18 2019	SOCIETE GENERALE		486
Total Forward Foreign Currency Contracts						$	5,975

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

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

12 

ABBEY CAPITAL LIMITED

NOTES TO CONSOLIDATED PORTFOLIOS OF INVESTMENTS

NOVEMBER 30, 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. All inter-company accounts and transactions have been eliminated. As of November 30, 2019, the net assets of the Cayman Subsidiary and SPC were $162,704,858, which represented 23.15% of the ACFSF's net assets. As of November 30, 2019, the net assets of the Onshore Subsidiary were $156,942,452, which represented 22.33% 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. All inter-company accounts and transactions have been eliminated. As of November 30, 2019, the net assets of the Subsidiary were $5,726,352, which represented 20.83% 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.

The following is a summary of the inputs used, as of November 30, 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	$	570,718,531	$	570,718,531	$	-	$	-
Commodity Contracts
Futures Contracts		6,685,578		6,685,578		-		-
Equity Contracts
Futures Contracts		10,523,644		10,523,644		-		-
Foreign Currency Contracts
Forward Foreign Currency Contracts		8,349,621		-		8,349,621		-
Futures Contracts		2,627,739		2,627,739		-		-
Purchased Options		38,500		38,500		-		-
Interest Rate Contracts
Futures Contracts		831,634		831,634		-		-
Purchased Options		25,781		25,781		-		-
Total Assets	$	599,801,028	$	591,451,407	$	8,349,621	$	-

LIABILITIES	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Commodity Contracts
Futures Contracts	$	(5,703,123	)	$	(5,703,123	)	$	-		$	-
Equity Contracts
Futures Contracts		(435,564	)		(435,564	)		-			-
Foreign Currency Contracts
Forward Foreign Currency Contracts		(8,495,915	)		-			(8,495,915	)		-
Futures Contracts		(405,634	)		(405,634	)		-			-
Interest Rate Contracts
Futures Contracts		(2,687,403	)		(2,687,403	)		-			-
Written Options		(25,781	)		(25,781	)		-			-
Total Liabilities	$	(17,753,420	)	$	(9,257,505	)	$	(8,495,915	)	$	-

ABBEY CAPITAL MULTI ASSET FUND

ASSETS	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Short-Term Investments	$	22,416,274	$	22,416,274	$	-	$	-
Commodity Contracts
Futures Contracts		287,024		287,024		-		-
Equity Contracts
Futures Contracts		903,595		903,595		-		-
Foreign Currency Contracts
Forward Foreign Currency Contracts		67,248		-		67,248		-
Futures Contracts		76,667		76,667		-		-
Interest Rate Contracts
Futures Contracts		5,426		5,426		-		-
Total Assets	$	23,756,234	$	23,688,986	$	67,248	$	-

LIABILITIES	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Commodity Contracts
Futures Contracts	$	(237,363	)	$	(237,363	)	$	-		$	-
Equity Contracts
Futures Contracts		(25,910	)		(25,910	)		-			-
Foreign Currency Contracts
Forward Foreign Currency Contracts		(61,294	)		-			(61,294	)		-
Futures Contracts		(26,289	)		(26,289	)		-			-
Interest Rate Contracts
Futures Contracts		(112,466	)		(112,466	)		-			-
Total Liabilities	$	(463,322	)	$	(402,028	)	$	(61,294	)	$	-

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.

13 

ABBEY CAPITAL LIMITED

NOTES TO CONSOLIDATED PORTFOLIOS OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

For the period ended November 30, 2019, the Funds had no Level 3 Transfers.

DISCLOSURES ABOUT DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES

The following tables list the fair values of the Funds' derivative holdings as of November 30, 2019, grouped by contract type and risk exposure category.

ABBEY CAPITAL FUTURES STRATEGY FUND

				INTEREST			FOREIGN
	EQUITY			RATE			CURRENCY			COMMODITY
DERIVATIVE TYPE	CONTRACTS			CONTRACTS			CONTRACTS			CONTRACTS			TOTAL
Asset Derivatives
Purchased Options	$	-		$	25,781		$	38,500		$	-		$	64,281
Forward Contracts*		-			-			8,349,621			-			8,349,621
Futures Contracts*		10,523,644			831,634			2,627,739			6,685,578			20,668,595
Total Value- Assets	$	10,523,644		$	857,415		$	11,015,860		$	6,685,578		$	29,082,497
Liability Derivatives
Written Options	$	-		$	(25,781	)	$	-		$	-		$	(25,781	)
Forward Contracts*		-			-			(8,495,915	)		-			(8,495,915	)
Futures Contracts*		(435,564	)		(2,687,403	)		(405,634	)		(5,703,123	)		(9,231,724	)
Total Value- Liabilities	$	(435,564	)	$	(2,713,184	)	$	(8,901,549	)	$	(5,703,123	)	$	(17,753,420	)

* 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

				INTEREST			FOREIGN
	EQUITY			RATE			CURRENCY			COMMODITY
DERIVATIVE TYPE	CONTRACTS			CONTRACTS			CONTRACTS			CONTRACTS			TOTAL
Asset Derivatives
Forward Contracts*	$	-		$	-		$	67,248		$	-		$	67,248
Futures Contracts*		903,595			5,426			76,667			287,024			1,272,712
Total Value- Assets	$	903,595		$	5,426		$	143,915		$	287,024		$	1,339,960
Liability Derivatives
Forward Contracts*	$	-		$	-		$	(61,294	)	$	-		$	(61,294	)
Futures Contracts*		(25,910	)		(112,466	)		(26,289	)		(237,363	)		(402,028	)
Total Value- Liabilities	$	(25,910	)	$	(112,466	)	$	(87,583	)	$	(237,363	)	$	(463,322	)

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

For the period ended November 30, 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)
$	674,667	$	(259,291	)	$	3,254,807,006	$	(932,761,497	)	$	(2,016,490,574	)	$	2,017,305,994

ABBEY CAPITAL MULTI ASSET FUND

LONG		SHORT			FORWARD FOREIGN			FORWARD FOREIGN
FUTURES		FUTURES			CURRENCY			CURRENCY
NOTIONAL		NOTIONAL			CONTRACTS - PAYABLE			CONTRACTS - RECEIVABLE
AMOUNT		AMOUNT			(VALUE AT TRADE DATE)			(VALUE AT TRADE DATE)
$	183,769,729	$	(37,066,350	)	$	(35,004,640	)	$	35,002,110

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.

14 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
COMMON STOCKS - 93.0%
Advertising — 0.4%
Telaria, Inc.*		103,228	$	860,921
Trade Desk, Inc., (The), Class A*		1,226		322,855
				1,183,776
Aerospace/Defense — 1.2%
Aerovironment, Inc.*		1,433		87,900
Coda Octopus Group, Inc.*		30,224		217,613
Cubic Corp.		24,419		1,454,152
Kaman Corp.		2,787		177,253
Kratos Defense & Security Solutions, Inc.*		28,366		512,290
Mercury Systems, Inc.*		14,017		1,026,745
Moog, Inc., Class A		1,762		151,303
National Presto Industries, Inc.		728		64,777
Triumph Group, Inc.		6,355		176,097
				3,868,130
Agriculture — 0.2%
Andersons, Inc., (The)		3,148		72,719
Darling Ingredients, Inc.*		8,943		212,843
Phibro Animal Health Corp., Class A		3,915		94,978
Universal Corp.		2,546		132,952
Vector Group Ltd.		3,622		48,680
				562,172
Airlines — 0.3%
Controladora Vuela Cia de Aviacion SAB de CV, ADR*		18,423		192,520
Hawaiian Holdings, Inc.		3,492		105,773
SkyWest, Inc.		8,137		509,702
				807,995
Apparel — 0.7%
Canada Goose Holdings, Inc.*		7,457		284,485
Crocs, Inc.*		25,477		889,147
Kontoor Brands, Inc.		2,389		85,646
Lakeland Industries, Inc.*		23,773		245,100
Oxford Industries, Inc.		1,483		110,365
Skechers U.S.A., Inc., Class A*		3,666		147,446
Steven Madden Ltd.		4,833		205,257
Wolverine World Wide, Inc.		5,464		175,394
				2,142,840
Auto Manufacturers — 0.0%
Wabash National Corp.		3,983		62,732
Auto Parts & Equipment — 1.8%
Cooper Tire & Rubber Co.		3,881		111,850
Cooper-Standard Holdings, Inc.*		1,985		56,433
Douglas Dynamics, Inc.		6,419		347,332
Gentherm, Inc.*		3,355		140,407
Meritor, Inc.*		23,450		592,112
Methode Electronics, Inc.		9,853		366,630
Modine Manufacturing Co.*		35,809		265,703
Motorcar Parts of America, Inc.*		28,970		565,205
Spartan Motors, Inc.		117,724		2,089,601
Standard Motor Products, Inc.		843		42,462
Unique Fabricating, Inc.		95,520		338,141
Westport Fuel Systems, Inc.*		265,556		647,957
				5,563,833
Banks — 7.9%
Allegiance Bancshares, Inc.*		2,137		76,676
American River Bankshares		50,480		757,200
Ameris Bancorp		1,944		84,856
Atlantic Capital Bancshares, Inc.*		28,072		531,122
Bank of Commerce Holdings		69,160		791,882
Banner Corp.		1,722		94,073
Baycom Corp.*		11,088		243,492
Boston Private Financial Holdings, Inc.		20,682		242,807
Capital Bancorp, Inc.*		42,020		626,098

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

15 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Central Pacific Financial Corp.		4,068		118,216
City Holding Co.		4,208		334,452
Civista Bancshares, Inc.		17,390		377,015
Community Bank System, Inc.		1,997		135,496
Customers Bancorp, Inc.*		3,344		78,183
CVB Financial Corp.		8,715		186,152
Eagle Bancorp, Inc.		2,845		126,375
Esquire Financial Holdings, Inc.*		59,146		1,415,955
Farmers National Bancorp		43,870		672,966
First BanCorp		46,257		485,698
First Bancshares, Inc., (The)		16,880		566,493
First Business Financial Services, Inc.		27,020		674,960
First Citizens BancShares, Inc., Class A		1,104		573,859
First Commonwealth Financial Corp.		13,475		191,480
First Financial Bancorp		7,350		178,752
First Financial Bankshares, Inc.		13,162		455,010
First Merchants Corp.		15,334		620,874
First Northwest Bancorp		35,260		621,634
Glacier Bancorp, Inc.		3,879		170,094
Hanmi Financial Corp.		1,728		33,921
Heritage Commerce Corp.		41,929		524,112
Heritage Financial Corp.		1,485		40,956
Home BancShares, Inc.		9,066		170,622
Horizon Bancorp		40,587		763,847
Independent Bank Corp.		1,226		103,229
LCNB Corp.		33,930		627,366
Meta Financial Group, Inc.		21,222		754,867
Metropolitan Bank Holding Corp.*		16,730		754,356
Midland States Bancorp, Inc.		23,830		669,146
National Bank Holdings Corp., Class A		1,305		46,771
Northeast Bank		45,410		980,856
OFG Bancorp		8,517		182,690
OP Bancorp		44,130		431,591
Opus Bank		6,702		172,308
Orrstown Financial Services, Inc.		16,880		370,010
Parke Bancorp, Inc.		32,972		789,020
PCB Bancorp		21,370		365,854
Premier Financial Bancorp, Inc.		39,037		708,522
Prosperity Bancshares, Inc.		1,431		100,528
Seacoast Banking Corp. of Florida*		21,587		642,213
Southside Bancshares, Inc.		6,100		214,171
Texas Capital Bancshares, Inc.*		1,396		80,689
Tompkins Financial Corp.		1,925		166,994
TriState Capital Holdings, Inc.*		11,423		276,779
Triumph Bancorp, Inc.*		10,422		373,733
TrustCo Bank Corp.		28,279		248,290
UMB Financial Corp.		3,746		251,993
United Bankshares, Inc.		2,242		84,905
United Community Banks, Inc.		24,686		765,266
Walker & Dunlop, Inc.		2,381		156,289
Webster Financial Corp.		11,346		552,437
West Bancorporation, Inc.		28,480		691,494
Westamerica Bancorp		2,698		175,370
				24,703,065
Beverages — 0.5%
Celsius Holdings, Inc.*		232,809		1,129,124
Farmer Brothers Co.*		20,300		307,951
Youngevity International, Inc.*		50,679		223,494
				1,660,569
Biotechnology — 3.6%
Allakos, Inc.*		3,966		376,770
ANI Pharmaceuticals, Inc.*		2,019		124,411
Apellis Pharmaceuticals, Inc.*		14,906		400,673
Argenx SE, ADR*		7,504		1,110,967
Arrowhead Pharmaceuticals, Inc.*		2,183		159,381
Biohaven Pharmaceutical Holding Co. Ltd.*		7,225		414,137
Cambrex Corp.*		571		34,243
Champions Oncology, Inc.*		31,202		179,723
ChromaDex Corp.*		78,373		285,278
Dicerna Pharmaceuticals, Inc.*		39,990		962,159

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

16 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Eidos Therapeutics, Inc.*		7,207		405,970
Emergent BioSolutions, Inc.*		8,828		484,304
Guardant Health, Inc.*		3,328		258,486
Innoviva, Inc.*		9,226		124,366
Ligand Pharmaceuticals, Inc.*		1,187		134,131
Livongo Health, Inc.*		17,805		508,511
Medicines Co., (The)*		3,613		304,215
Mirati Therapeutics, Inc.*		3,926		395,623
Myriad Genetics, Inc.*		3,463		89,138
Nektar Therapeutics*		5,506		111,717
NeoGenomics, Inc.*		22,253		574,350
Orchard Therapeutics PLC, ADR*		33,625		382,989
Pieris Pharmaceuticals, Inc.*		37,899		154,249
PTC Therapeutics, Inc.*		5,067		237,946
REGENXBIO, Inc.*		7,295		305,369
Rigel Pharmaceuticals, Inc.*		96,899		217,054
SpringWorks Therapeutics, Inc.*		12,915		294,591
Stemline Therapeutics, Inc.*		16,667		178,170
Twist Bioscience Corp.*		18,814		448,338
Veracyte, Inc.*		12,132		348,431
Vericel Corp.*		22,990		428,993
Y-mAbs Therapeutics, Inc.*		20,155		680,231
Zymeworks, Inc.*		7,098		309,402
				11,424,316
Building Materials — 1.3%
AAON, Inc.		2,783		137,397
American Woodmark Corp.*		4,158		427,858
Armstrong World Industries, Inc.		10,624		1,020,116
Boise Cascade Co.		11,537		437,483
Gibraltar Industries, Inc.*		13,827		722,046
Griffon Corp.		1,519		32,233
Patrick Industries, Inc.*		8,282		410,125
Simpson Manufacturing Co., Inc.		2,069		168,003
Trex Co., Inc.*		5,197		447,254
Universal Forest Products, Inc.		8,103		401,909
US Concrete, Inc.*		1,042		42,649
				4,247,073
Chemicals — 0.8%
AdvanSix, Inc.*		3,845		77,784
Balchem Corp.		1,142		113,778
Chemours Co., (The)		9,276		146,468
Ferro Corp.*		4,115		59,338
HB Fuller Co.		4,743		236,581
Ingevity Corp.*		2,186		197,418
Innophos Holdings, Inc.		1,654		52,763
Innospec, Inc.		1,121		110,306
Koppers Holdings, Inc.*		5,436		201,404
Kraton Corp.*		3,742		84,307
Materion Corp.		1,920		113,011
Northern Technologies International Corp.		33,620		411,845
Oil-Dri Corp. of America		5,545		201,228
Rogers Corp.*		1,868		242,877
Stepan Co.		2,701		261,727
				2,510,835
Coal — 0.0%
SunCoke Energy, Inc.		10,433		53,417
Commercial Services — 4.9%
ABM Industries, Inc.		2,589		98,356
Acacia Research Corp.*		137,250		407,633
AMN Healthcare Services, Inc.*		3,294		195,894
ARC Document Solutions, Inc.*		256,240		286,989
ASGN, Inc.*		3,035		203,375
Barrett Business Services, Inc.		20,319		1,795,387
BG Staffing, Inc.		42,910		926,856
Brink's Co., (The)		4,054		377,022
CAI International, Inc.*		36,430		877,963
Cardtronics, PLC, Class A*		998		42,136
Care.com, Inc.*		23,169		290,308
Chegg, Inc.*		12,712		492,844
CRA International, Inc.		18,610		954,135

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

17 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Green Dot Corp., Class A*		4,948		117,565
Harsco Corp.*		46,829		1,041,945
HealthEquity, Inc.*		5,542		348,536
HMS Holdings Corp.*		9,256		279,531
ICF International, Inc.		5,166		463,545
Insperity, Inc.		2,292		178,249
K12, Inc.*		10,456		205,460
Kelly Services, Inc., Class A		4,673		102,385
Korn Ferry International		4,210		165,369
MarketAxess Holdings, Inc.		1,332		537,888
Medifast, Inc.		1,970		173,183
Monro Muffler Brake, Inc.		1,316		96,594
Progyny, Inc.*		5,757		153,367
Repay Holdings Corp.*		42,882		593,058
Resources Connection, Inc.		42,101		650,460
Rosetta Stone, Inc.*		33,352		518,290
SP Plus Corp.*		13,285		582,547
Strategic Education, Inc.		2,810		398,289
Team, Inc.*		5,510		89,097
Vectrus, Inc.*		6,391		325,558
Viad Corp.		21,229		1,335,304
				15,305,118
Computers — 3.5%
Agilysys, Inc.*		40,200		1,018,266
CACI International, Inc., Class A*		1,145		274,021
Computer Services, Inc.		28,340		1,215,786
Conduent, Inc.*		51,000		345,270
Endava PLC, SP ADR*		28,450		1,354,789
ExlService Holdings, Inc.*		1,497		104,506
Globant S.A.*		4,761		509,427
Icad, Inc.*		76,556		574,936
Insight Enterprises, Inc.*		2,176		142,724
Kornit Digital Ltd.*		8,843		301,546
MAXIMUS, Inc.		1,853		138,326
Mitek Systems, Inc.*		114,020		812,963
NCR Corp.*		35,396		1,162,051
PAR Technology Corp.*		21,485		646,484
Science Applications International Corp.		1,681		143,473
TTEC Holdings, Inc.		3,501		160,801
USA Technologies, Inc.*		22,835		163,270
Virtusa Corp.*		16,358		731,039
Vocera Communications, Inc.*		11,031		239,373
WNS Holdings Ltd., ADR*		8,086		510,388
Zscaler, Inc.*		6,827		355,891
				10,905,330
Cosmetics/Personal Care — 0.4%
Avon Products, Inc.*		17,249		79,173
elf Beauty, Inc.*		41,055		680,281
Inter Parfums, Inc.		5,601		394,815
				1,154,269
Distribution/Wholesale — 0.9%
Anixter International, Inc.*		1,549		132,966
Core-Mark Holding Co., Inc.		10,560		284,592
Fossil Group, Inc.*		7,293		54,625
H&E Equipment Services, Inc.		14,011		462,363
Manitex International, Inc.*		124,150		664,202
Pool Corp.		2,106		434,784
Resideo Technologies, Inc.*		34,030		332,813
SiteOne Landscape Supply, Inc.*		5,043		447,617
				2,813,962
Diversified Financial Services — 1.7%
Blucora, Inc.*		3,569		84,014
Encore Capital Group, Inc.*		3,458		126,113
Enova International, Inc.*		24,746		569,900
Evercore Partners, Inc., Class A		8,458		654,480
Greenhill & Co., Inc.		3,481		59,212
Houlihan Lokey, Inc.		11,457		546,155
I3 Verticals, Inc., Class A*		39,643		1,083,047
Interactive Brokers Group, Inc., Class A		3,063		148,311
LendingTree, Inc.*		1,365		492,124

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

18 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Moelis & Co., Class A		15,441		508,935
Silvercrest Asset Management Group, Inc., Class A		63,693		824,824
Virtus Investment Partners, Inc.		807		95,065
World Acceptance Corp.*		2,155		204,703
				5,396,883
Electric — 0.2%
ALLETE, Inc.		4,232		339,025
Avista Corp.		1,395		65,956
El Paso Electric Co.		1,366		92,642
				497,623
Electrical Components & Equipment — 0.5%
Encore Wire Corp.		1,848		107,812
EnerSys		3,171		222,509
Insteel Industries, Inc.		19,158		446,956
Littelfuse, Inc.		1,079		195,742
nLight, Inc.*		27,300		544,089
				1,517,108
Electronics — 4.1%
Atkore International Group, Inc.*		8,874		370,223
Benchmark Electronics, Inc.		3,373		116,267
Brady Corp., Class A		2,928		166,896
Coherent, Inc.*		1,014		152,972
Comtech Telecommunications Corp.		38,400		1,451,136
FARO Technologies, Inc.*		6,366		310,152
Identiv, Inc.*		98,450		538,521
II-VI, Inc.*		3,812		111,272
Itron, Inc.*		9,279		743,062
Ituran Location and Control Ltd.		27,021		648,504
Knowles Corp.*		30,975		678,353
Napco Security Technologies, Inc.*		51,080		1,596,250
NVE Corp.		2,254		143,332
nVent Electric PLC		31,652		782,121
OSI Systems, Inc.*		1,136		113,021
Plexus Corp.*		2,641		200,452
RADA Electronic Industries Ltd.*		56,003		304,656
Sanmina Corp.*		6,648		211,473
SMART Global Holdings, Inc.*		15,542		478,694
SYNNEX Corp.		830		101,932
Tech Data Corp.*		13,042		1,889,655
TTM Technologies, Inc.*		8,548		114,629
Turtle Beach Corp.*		41,198		343,591
Woodward, Inc.		2,558		298,749
ZAGG, Inc.*		150,050		1,152,384
				13,018,297
Energy-Alternate Sources — 0.2%
Clean Energy Fuels Corp.*		83,658		163,133
Envision Solar International, Inc.*		29,971		137,567
Renewable Energy Group, Inc.*		4,229		72,147
REX American Resources Corp.*		1,203		110,495
SolarEdge Technologies, Inc.*		1,052		85,854
				569,196
Engineering & Construction — 1.9%
Arcosa, Inc.		27,192		1,066,198
Argan, Inc.		23,950		877,528
Comfort Systems USA, Inc.		24,230		1,238,153
Dycom Industries, Inc.*		2,682		139,598
EMCOR Group, Inc.		4,741		421,617
Exponent, Inc.		2,780		176,669
Iteris, Inc.*		89,418		462,291
Mistras Group, Inc.*		21,450		283,998
MYR Group, Inc.*		4,168		143,213
Primoris Services Corp.		15,596		343,424
Sterling Construction Co., Inc.*		36,010		524,666
TopBuild Corp.*		2,707		298,528
				5,975,883
Entertainment — 0.4%
Red Rock Resorts, Inc., Class A		20,196		472,587
Scientific Games Corp.*		6,167		168,729
Six Flags Entertainment Corp.		15,648		680,375
				1,321,691

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

19 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Environmental Control — 0.2%
Casella Waste Systems, Inc., Class A*		8,235		384,657
Tetra Tech, Inc.		3,198		282,351
				667,008
Food — 1.8%
BellRing Brands, Inc., Class A*		30,031		601,521
Calavo Growers, Inc.		688		61,363
Cal-Maine Foods, Inc.		1,158		50,408
Grocery Outlet Holding Corp.*		16,779		555,888
Hostess Brands, Inc.*		137,570		1,850,317
Ingles Markets, Inc., Class A		27,010		1,200,324
J&J Snack Foods Corp.		681		125,985
Landec Corp.*		85,663		981,698
Sanderson Farms, Inc.		1,371		227,010
SpartanNash Co.		3,619		51,245
United Natural Foods, Inc.*		6,025		54,948
				5,760,707
Forest Products & Paper — 0.1%
Mercer International, Inc.		3,030		37,966
Neenah Paper, Inc.		1,286		93,595
PH Glatfelter Co.		2,049		36,575
Schweitzer-Mauduit International, Inc.		2,483		108,904
				277,040
Gas — 0.3%
New Jersey Resources Corp.		2,340		99,544
Northwest Natural Holding Co.		2,390		164,360
South Jersey Industries, Inc.		4,502		140,642
Southwest Gas Holdings, Inc.		1,612		122,125
Spire, Inc.		5,337		413,191
				939,862
Hand/Machine Tools — 0.4%
Colfax Corp.*		28,493		960,214
Franklin Electric Co., Inc.		1,896		105,171
Luxfer Holdings PLC		20,060		350,448
				1,415,833
Healthcare-Products — 4.6%
ABIOMED, Inc.*		1,453		285,050
Alpha Pro Tech Ltd.*		44,141		148,755
Alphatec Holdings, Inc.*		56,338		397,183
AxoGen, Inc.*		13,310		230,662
BioLife Solutions, Inc.*		72,136		1,208,278
Cantel Medical Corp.		1,814		139,497
Castle Biosciences, Inc.*		16,363		440,656
Cerus Corp.*		93,814		407,153
CRH Medical Corp.*		282,400		872,616
Glaukos Corp.*		4,036		258,829
Haemonetics Corp.*		3,260		393,156
ICU Medical, Inc.*		578		108,363
Inspire Medical Systems, Inc.*		22,888		1,624,132
Insulet Corp.*		2,092		388,484
Integra LifeSciences Holdings Corp.*		3,088		188,337
iRhythm Technologies, Inc.*		3,848		277,402
Luminex Corp.		1,725		36,449
Masimo Corp.*		3,409		528,634
Merit Medical Systems, Inc.*		3,088		86,464
NuVasive, Inc.*		789		56,997
OrthoPediatrics Corp.*		24,977		982,595
Oxford Immunotec Global, PLC*		31,836		531,661
Patterson Cos, Inc.		16,700		324,982
Repligen Corp.*		6,556		581,845
Semler Scientific, Inc.*		12,995		558,785
Shockwave Medical, Inc.*		12,692		497,019
SI-BONE, Inc.*		44,888		798,558
Tactile Systems Technology, Inc.*		7,162		459,872
Tandem Diabetes Care, Inc.*		12,796		883,308
ViewRay, Inc.*		67,000		222,440
West Pharmaceutical Services, Inc.		2,836		416,977
Zynex, Inc.		20,327		213,434
				14,548,573

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

20 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Healthcare-Services — 2.3%
Addus HomeCare Corp.*		6,574		612,763
Amedisys, Inc.*		5,083		828,326
Catalent, Inc.*		11,165		580,468
Chemed Corp.		621		267,042
eHealth, Inc.*		9,471		873,794
Ensign Group, Inc., (The)		2,070		89,900
Fulgent Genetics, Inc.*		27,620		314,868
Joint Corp., (The)*		69,711		1,334,966
LHC Group, Inc.*		6,784		904,986
Magellan Health, Inc.*		1,789		139,059
Natera, Inc.*		20,655		753,701
Pennant Group Inc., (The)*		1,035		24,240
Providence Service Corp., (The)*		2,212		132,034
Psychemedics Corp.		11,854		107,634
US Physical Therapy, Inc.		1,232		143,971
Vapotherm, Inc.*		13,712		151,655
				7,259,407
Holding Companies-Diversified — 0.2%
ChaSerg Technology Acquisition Corp., Class A*		35,454		388,221
Health Sciences Acquisitions Corp.*		24,276		254,413
				642,634
Home Builders — 1.9%
Century Communities, Inc.*		22,137		630,904
Installed Building Products, Inc.*		16,991		1,218,255
LCI Industries		2,012		214,198
LGI Homes, Inc.*		13,276		959,457
MDC Holdings, Inc.		4,064		160,812
Skyline Corp.*		52,325		1,736,143
William Lyon Homes, Class A*		6,118		127,744
Winnebago Industries, Inc.		17,944		852,878
				5,900,391
Home Furnishings — 0.4%
Ethan Allen Interiors, Inc.		1,723		30,807
Hooker Furniture Corp.		8,270		196,909
iRobot Corp.*		968		42,166
La-Z-Boy, Inc.		2,014		63,642
Sleep Number Corp.*		2,991		144,376
Universal Electronics, Inc.*		14,863		826,383
				1,304,283
Household Products/Wares — 0.2%
Acme United Corp.		11,359		252,056
Central Garden & Pet Co.*		1,283		33,846
Quanex Building Products Corp.		3,617		70,387
WD-40 Co.		995		192,144
				548,433
Housewares — 0.3%
Lifetime Brands, Inc.		63,990		417,215
Toro Co., (The)		5,348		418,107
Tupperware Brands Corp.		9,396		79,396
				914,718
Insurance — 3.0%
Ambac Financial Group, Inc.*		2,222		46,262
American Equity Investment Life Holding Co.		11,107		330,100
American National Insurance Co.		4,156		490,408
BRP Group, Inc.*		33,899		583,741
Employers Holdings, Inc.		3,729		160,235
FGL Holdings		82,160		750,121
Genworth Financial, Inc., Class A*		47,731		189,015
Goosehead Insurance, Inc., Class A		14,666		594,266
HCI Group, Inc.		3,972		183,904
Health Insurance Innovations, Inc., Class A*		13,772		247,483
Heritage Insurance Holdings, Inc.		49,510		677,792
Horace Mann Educators Corp.		2,570		111,564
Kinsale Capital Group, Inc.		7,848		794,688
NMI Holdings, Inc., Class A*		20,422		685,567
Palomar Holdings, Inc.*		14,946		815,603
RLI Corp.		1,478		135,045
Safety Insurance Group, Inc.		1,702		166,200
Selective Insurance Group, Inc.		3,866		256,006
United Insurance Holdings Corp.		3,198		40,583

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

21 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Universal Insurance Holdings, Inc.		1,883		54,795
White Mountains Insurance Group Ltd.		1,920		2,125,286
				9,438,664
Internet — 2.8%
8x8, Inc.*		4,788		98,250
Aspen Group, Inc.*		42,750		302,670
Bandwidth, Inc., Class A*		9,006		503,706
Boingo Wireless, Inc.*		52,049		599,084
Cardlytics, Inc.*		27,714		1,553,370
DHI Group, Inc.*		45,973		154,929
EverQuote, Inc., Class A*		18,580		654,202
Gannett Co., Inc.		14,609		92,912
HealthStream, Inc.*		2,625		76,466
HyreCar, Inc.*		65,596		171,861
Limelight Networks, Inc.*		116,932		499,300
Mimecast Ltd.*		6,978		309,474
OptimizeRx Corp.*		26,987		288,761
Perficient, Inc.*		25,048		1,059,029
Q2 Holdings, Inc.*		6,015		507,846
Rubicon Project Inc., (The)*		88,184		712,527
Stamps.com, Inc.*		659		57,498
Stitch Fix, Inc., Class A*		17,933		422,860
Wix.com Ltd.*		2,526		305,368
Yelp, Inc.*		12,576		436,136
				8,806,249
Iron/Steel — 0.1%
Allegheny Technologies, Inc.*		20,056		462,491
Leisure Time — 0.7%
Callaway Golf Co.		34,878		724,765
Camping World Holdings, Inc., Class A		11,118		133,861
Liberty TripAdvisor Holdings, Inc., Class A*		57,339		397,359
Lindblad Expeditions Holdings, Inc.*		27,664		428,792
OneSpaWorld Holdings Ltd.		19,049		311,070
Vista Outdoor, Inc.*		14,337		118,710
				2,114,557
Lodging — 0.7%
Boyd Gaming Corp.		29,724		874,183
Extended Stay America, Inc.		89,719		1,324,252
				2,198,435
Machinery-Construction & Mining — 0.1%
SPX Corp.*		4,521		216,013
Machinery-Diversified — 2.3%
Albany International Corp., Class A		1,126		94,224
Applied Industrial Technologies, Inc.		1,045		66,723
Briggs & Stratton Corp.		4,447		23,792
Chart Industries, Inc.*		2,562		141,422
Columbus McKinnon Corp.		28,691		1,178,626
Curtiss-Wright Corp.		2,004		275,169
GrafTech International Ltd.		48,975		690,058
Hurco Cos., Inc.		19,330		691,627
Ichor Holdings Ltd.*		36,905		1,164,353
Kadant, Inc.		3,541		344,893
Newpark Resources, Inc.*		5,829		34,158
NN, Inc.		55,500		483,405
SPX FLOW, Inc.*		20,821		986,915
Tennant Co.		2,414		179,747
Twin Disc, Inc.*		95,503		972,221
				7,327,333
Media — 0.2%
EW Scripps Co., (The), Class A		4,556		67,975
MSG Networks, Inc., Class A*		38,866		631,184
				699,159
Metal Fabricate/Hardware — 0.4%
CIRCOR International, Inc.*		925		41,033
Northwest Pipe Co.*		38,140		1,309,346
				1,350,379
Mining — 0.5%
A-Mark Precious Metals, Inc.*		14,762		139,648
Astec Industries, Inc.		1,849		69,264
Century Aluminum Co.*		18,637		131,391

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

22 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Constellium SE*		44,362		627,279
Kaiser Aluminum Corp.		1,039		113,854
Livent Corp.*		12,169		94,918
ProPetro Holding Corp.*		5,179		44,643
United States Lime & Minerals, Inc.		4,143		426,190
				1,647,187
Miscellaneous Manufacturing — 0.8%
Axon Enterprise, Inc.*		5,340		394,092
EnPro Industries, Inc.		2,498		165,842
ESCO Technologies, Inc.		7,390		650,837
Fabrinet*		3,054		184,737
Federal Signal Corp.		13,724		452,069
FreightCar America, Inc.*		63,020		122,259
Hillenbrand, Inc.		2,960		93,595
John Bean Technologies Corp.		2,493		273,108
LiqTech International, Inc.*		20,135		109,333
Proto Labs, Inc.*		1,026		99,409
Standex International Corp.		1,001		77,257
Sturm Ruger & Co., Inc.		968		44,093
				2,666,631
Office Furnishings — 0.3%
Interface, Inc.		3,871		64,994
Knoll, Inc.		26,714		736,238
				801,232
Office/Business Equipment — 0.0%
Pitney Bowes, Inc.		33,399		157,309
Oil & Gas — 1.1%
Bonanza Creek Energy, Inc.*		550		9,603
Callon Petroleum Co.*		14,232		51,947
Carrizo Oil & Gas, Inc.*		9,562		61,293
Denbury Resources, Inc.*		65,228		64,347
Evolution Petroleum Corp.		63,043		328,454
Gran Tierra Energy, Inc.*		92,840		94,697
Gulfport Energy Corp.*		40,411		95,774
Laredo Petroleum, Inc.*		47,650		102,924
Matador Resources Co.*		28,454		400,632
Murphy USA, Inc.*		9,991		1,174,242
Nabors Industries Ltd.		32,083		66,091
Noble Corp., PLC*		29,805		31,593
PBF Energy, Inc., Class A		22,825		714,423
Penn Virginia Corp.*		1,691		40,838
QEP Resources, Inc.		56,886		186,017
Range Resources Corp.		20,141		70,292
Valaris PLC		11,577		49,318
Whiting Petroleum Corp.*		14,257		65,297
				3,607,782
Oil & Gas Services — 0.7%
Archrock, Inc.		11,302		95,050
DMC Global, Inc.		15,648		721,216
Exterran Corp.*		2,467		13,273
Helix Energy Solutions Group, Inc.*		17,356		144,055
McDermott International, Inc.*		25,020		20,026
Natural Gas Services Group, Inc.*		60,460		655,386
NexTier Oilfield Solutions, Inc.*		22,221		106,439
Profire Energy, Inc.*		196,897		281,563
US Silica Holdings, Inc.		15,865		78,214
				2,115,222
Packaging & Containers — 0.0%
Matthews International Corp., Class A		1,027		39,386
Pharmaceuticals — 3.5%
Akorn, Inc.*		10,437		38,095
Anika Therapeutics, Inc.*		1,566		90,515
Collegium Pharmaceutical, Inc.*		11,507		250,047
Corcept Therapeutics, Inc.*		2,448		31,408
Cytokinetics, Inc.*		83,706		809,437
Diplomat Pharmacy, Inc.*		11,740		60,461
Enanta Pharmaceuticals, Inc.*		4,093		260,560
Endo International PLC*		18,912		96,073
Global Blood Therapeutics, Inc.*		12,711		845,281
Harrow Health, Inc.*		162,420		1,015,125

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

23 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Heron Therapeutics, Inc.*		21,962		561,349
Lannett Co, Inc.*		4,780		42,160
Merus NV*		44,115		727,015
Momenta Pharmaceuticals, Inc.*		8,455		142,044
MyoKardia, Inc.*		18,714		1,219,217
Neogen Corp.*		2,310		153,777
Odonate Therapeutics, Inc.*		19,664		676,048
Owens & Minor, Inc.		10,488		69,430
Pacira BioSciences, Inc.*		1,518		70,162
Premier, Inc., Class A*		55,476		1,971,617
Principia Biopharma, Inc.*		10,230		366,541
Progenics Pharmaceuticals, Inc.*		15,612		81,495
Revance Therapeutics, Inc.*		23,046		412,523
Spectrum Pharmaceuticals, Inc.*		7,170		64,387
Sutro Biopharma, Inc.*		9,324		103,310
Tricida, Inc.*		13,659		545,814
Turning Point Therapeutics, Inc.*		7,614		428,059
Vanda Pharmaceuticals, Inc.*		3,296		55,142
				11,187,092
Real Estate — 0.2%
Newmark Group, Inc., Class A		27,808		362,894
RE/MAX Holdings, Inc., Class A		2,656		101,858
Realogy Holdings Corp.		24,456		256,054
				720,806
REITS — 1.9%
Acadia Realty Trust		4,655		125,126
Agree Realty Corp.		1,641		122,714
Alpine Income Property Trust, Inc.*		30,454		571,622
Armada Hoffler Properties, Inc.		7,721		139,441
CareTrust REIT, Inc.		3,664		76,504
Community Healthcare Trust, Inc.		2,769		131,804
CoreSite Realty Corp.		1,355		153,643
DiamondRock Hospitality Co.		8,155		83,997
EastGroup Properties, Inc.		2,590		352,732
Getty Realty Corp.		5,173		173,606
Global Medical REIT, Inc.		73,300		1,020,336
Global Net Lease, Inc.		3,919		79,908
Great Ajax Corp.		39,760		605,545
Healthcare Realty Trust, Inc.		7,137		236,877
Hersha Hospitality Trust		7,111		100,834
Independence Realty Trust, Inc.		4,656		69,561
iStar, Inc.		11,563		150,203
Lexington Realty Trust		12,112		134,201
Manhattan Bridge Capital, Inc.		55,566		350,066
Medical Properties Trust, Inc.		5,867		121,799
Office Properties Income Trust		3,799		126,735
Pennsylvania Real Estate Investment Trust		13,059		75,220
PS Business Parks, Inc.		1,242		219,325
RPT Realty		2,382		35,206
Summit Hotel Properties, Inc.		13,199		159,972
Universal Health Realty Income Trust		3,469		413,505
Urstadt Biddle Properties, Inc., Class A		4,983		121,436
Whitestone REIT		9,003		126,402
				6,078,320
Retail — 6.6%
Abercrombie & Fitch Co., Class A		5,117		81,718
Asbury Automotive Group, Inc.*		2,463		272,999
Big 5 Sporting Goods Corp.		116,800		315,360
BJ's Wholesale Club Holdings, Inc.*		41,107		974,236
Boot Barn Holdings, Inc.*		28,283		1,126,229
Buckle, Inc., (The)		4,527		125,941
Build-A-Bear Workshop, Inc.*		98,690		296,070
Caleres, Inc.		3,918		85,765
Cannae Holdings, Inc.*		89,526		3,356,330
Casey's General Stores, Inc.		5,365		932,276
Cato Corp., (The), Class A		3,069		58,495
Chico's FAS, Inc.		8,197		39,100
Children's Place, Inc., (The)		1,027		74,211
Chuy's Holdings, Inc.*		2,086		60,118
Conn's, Inc.*		10,549		231,340

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

24 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Cracker Barrel Old Country Store, Inc.		669		102,852
Designer Brands, Inc. Class A		1,947		32,125
DineEquity, Inc.		3,392		281,129
El Pollo Loco Holdings, Inc.*		10,833		174,628
FirstCash, Inc.		2,930		236,861
Five Below, Inc.*		3,696		457,232
Freshpet, Inc.*		17,839		958,668
Gaia, Inc.*		21,145		176,984
GameStop Corp., Class A		31,997		202,861
Genesco, Inc.*		4,461		165,681
GMS, Inc.*		18,931		586,104
Guess?, Inc.		6,372		122,661
Hibbett Sports, Inc.*		21,009		596,025
Hudson Ltd. Class A*		29,152		405,504
J. Alexander's Holdings, Inc.*		42,156		437,158
Lovesac Co., (The)*		13,207		201,539
Movado Group, Inc.		1,991		38,924
MSC Industrial Direct Co., Inc., Class A		14,398		1,056,957
National Vision Holdings, Inc.*		9,265		279,803
Office Depot, Inc.		22,481		50,133
Ollie's Bargain Outlet Holdings, Inc.*		4,978		325,561
Papa John's International, Inc.		10,582		669,629
Red Robin Gourmet Burgers, Inc.*		1,984		54,104
Regis Corp.*		8,392		135,363
RH*		2,622		539,057
Rush Enterprises, Inc., Class A		8,522		390,478
Shoe Carnival, Inc.		10,620		377,010
Sonic Automotive, Inc., Class A		23,996		785,869
Sportsman's Warehouse Holdings, Inc.*		48,234		352,591
Texas Roadhouse, Inc.		10,884		630,184
Vitamin Shoppe, Inc.*		8,900		57,672
Wingstop, Inc.		4,265		341,200
Winmark Corp.		3,329		589,233
World Fuel Services Corp.		17,749		752,558
Zumiez, Inc.*		3,678		108,648
				20,703,174
Savings & Loans — 1.0%
Axos Financial, Inc.*		3,461		101,927
Banc of California, Inc.		4,328		66,478
Berkshire Hills Bancorp, Inc.		3,296		103,989
Brookline Bancorp, Inc.		13,535		217,237
Dime Community Bancshares, Inc.		10,493		211,539
FS Bancorp, Inc.		15,040		899,091
Oritani Financial Corp.		10,524		195,746
Provident Financial Services, Inc.		2,904		70,625
Riverview Bancorp, Inc.		136,861		989,505
Sterling Bancorp		11,846		241,895
				3,098,032
Semiconductors — 3.8%
Adesto Technologies Corp.*		34,274		246,773
Advanced Energy Industries, Inc.*		2,466		158,342
Amtech Systems, Inc.*		111,750		668,265
AXT, Inc.*		236,930		748,699
Brooks Automation, Inc.		2,595		116,178
Cabot Microelectronics Corp.		1,581		210,921
Cirrus Logic, Inc.*		3,525		252,743
Cohu, Inc.		60,880		1,080,011
FormFactor, Inc.*		24,184		559,618
Impinj, Inc.*		31,764		1,002,472
Inphi Corp.*		12,518		871,628
inTEST Corp.*		51,180		295,820
Kulicke & Soffa Industries, Inc.		6,419		161,053
Lattice Semiconductor Corp.*		16,344		308,738
MKS Instruments, Inc.		1,371		145,710
Monolithic Power Systems, Inc.		1,952		313,647
Onto Innovation, Inc.*		4,854		162,900
Photronics, Inc.*		7,595		89,317
Power Integrations, Inc.		3,164		289,474
Semtech Corp.*		14,311		693,511
Silicon Laboratories, Inc.*		4,732		501,261

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

25 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Silicon Motion Technology Corp., ADR		16,300		722,090
SiTime Corp.*		22,335		388,629
Ultra Clean Holdings, Inc.*		84,579		1,881,037
Veeco Instruments, Inc.*		3,472		47,532
Xperi Corp.		6,158		121,867
				12,038,236
Software — 7.5%
Alteryx, Inc., Class A*		5,946		675,049
American Software, Inc., Class A		41,399		654,518
Appfolio, Inc., Class A*		2,212		249,779
Appian Corp.*		11,551		497,617
Asure Software, Inc.*		117,950		967,190
Avalara, Inc.*		6,209		484,488
Avaya Holdings Corp.*		68,670		876,916
Blackbaud, Inc.		2,160		179,021
Blackline, Inc.*		9,033		486,156
Bottomline Technologies de, Inc.*		2,442		120,855
Cogent Communications Holdings, Inc.		1,297		81,296
Computer Programs & Systems, Inc.		30,642		814,771
Coupa Software, Inc.*		2,290		351,492
CSG Systems International, Inc.		2,981		170,483
Digital Turbine, Inc.*		59,157		525,314
Donnelley Financial Solutions, Inc.*		3,109		31,214
Ebix, Inc.		2,006		69,769
Elastic NV*		7,004		556,188
Everbridge, Inc.*		10,009		880,192
Five9, Inc.*		12,642		861,805
InnerWorkings, Inc.*		111,940		527,237
j2 Global, Inc.		1,540		149,411
LivePerson, Inc.*		19,698		781,814
LiveRamp Holdings, Inc.*		8,407		421,107
ManTech International Corp., Class A		2,301		178,512
Materialise NV, ADR*		32,354		571,695
MiX Telematics Ltd., SP ADR		29,769		361,693
Model N, Inc.*		51,881		1,578,220
NextGen Healthcare, Inc.*		3,902		71,875
Omnicell, Inc.*		5,305		424,347
Phreesia, Inc.*		16,033		450,848
Pluralsight, Inc., Class A*		21,154		359,406
Progress Software Corp.		5,306		222,905
PROS Holdings, Inc.*		7,841		488,416
QAD, Inc., Class A		21,362		1,091,812
Red Violet, Inc.*		74,989		1,279,312
SharpSpring, Inc.*		96,478		1,213,693
Simulations Plus, Inc.		23,817		795,964
Smartsheet, Inc., Class A*		8,308		394,048
SVMK, Inc.*		17,716		302,412
Tabula Rasa HealthCare, Inc.*		7,970		355,542
Take-Two Interactive Software, Inc.*		3,989		484,065
TiVo Corp.		5,483		42,822
Verra Mobility Corp.*		25,608		383,352
Workiva, Inc.*		8,368		362,920
Yext, Inc.*		27,498		474,616
Zovio, Inc.*		92,130		186,103
				23,488,260
Storage/Warehousing — 0.2%
Mobile Mini, Inc.		13,211		501,490
Telecommunications — 1.2%
ATN International, Inc.		1,366		76,701
CalAmp Corp.*		3,240		33,988
ExOne Co., (The)*		68,687		469,132
Iridium Communications, Inc.*		9,628		224,332
Liberty Latin America Ltd., Class C*		80,753		1,448,709
LogMeIn, Inc.		1,382		107,768
Maxar Technologies, Inc.		19,646		204,318
NetGear, Inc.*		2,616		65,688
One Stop Systems, Inc.*		91,260		176,132
ORBCOMM, Inc.*		75,383		302,286
Viavi Solutions, Inc.*		23,640		355,073
Vonage Holdings Corp.*		45,721		361,653
				3,825,780

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

26 

ADARA SMALLER COMPANIES FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Textiles — 0.5%
UniFirst Corp.		6,891		1,421,269
Toys/Games/Hobbies — 0.1%
Funko, Inc., Class A*		28,399		405,254
Transportation — 2.3%
Air Transport Services Group, Inc.*		97,555		2,400,828
ArcBest Corp.		4,606		132,561
CryoPort, Inc.*		21,992		346,374
Echo Global Logistics, Inc.*		4,834		96,825
Forward Air Corp.		9,439		661,013
Heartland Express, Inc.		18,738		401,180
Knight-Swift Transportation Holdings, Inc.		1,873		69,282
Marten Transport Ltd.		30,199		638,105
Matson, Inc.		2,281		86,085
PAM Transportation Services, Inc.*		12,570		656,154
Saia, Inc.*		16,234		1,540,607
Scorpio Tankers, Inc.		6,207		213,459
				7,242,473
Water — 0.4%
American States Water Co.		1,758		149,940
California Water Service Group		1,969		101,207
Global Water Resources, Inc.		36,066		485,809
PICO Holdings, Inc.*		39,282		431,316
				1,168,272
TOTAL COMMON STOCKS
(Cost $221,933,491)				292,971,489
SHORT-TERM INVESTMENTS - 7.0%
First American Treasury Obligations Fund, Class X, 1.59% (a)		22,013,119		22,013,119
TOTAL SHORT-TERM INVESTMENTS
(Cost $22,013,119)				22,013,119
TOTAL INVESTMENTS - 100.0%
(Cost $243,946,609)				314,984,608
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.0%				156,285
NET ASSETS - 100.0%			$	315,140,893

* Non-income producing security.

(a) Seven-day yield as of November 30, 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.

27 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
COMMON STOCKS - 84.8%
Advertising — 0.0%
WPP, PLC		4,084	$	52,735
Aerospace/Defense — 0.2%
Airbus SE, ADR		3,036		111,573
BAE Systems PLC, SP ADR		3,620		107,804
CAE, Inc.		913		24,569
Safran SA		231		37,768
Safran SA, ADR		1,720		70,279
				351,993
Agriculture — 0.4%
British American Tabacco, PLC, SP ADR		4,706		186,404
Origin Enterprises, PLC		147,132		607,910
				794,314
Airlines — 1.0%
Aeroflot PJSC		13,125		20,981
Copa Holdings SA, Class A		818		85,285
Pegasus Hava Tasimaciligi AS*		6,554		82,591
Ryanair Holding, PLC, SP ADR*		18,883		1,573,331
Singapore Airlines Ltd.		9,000		60,506
				1,822,694
Apparel — 1.3%
Adidas AG, SP ADR		892		139,197
Gildan Activewear, Inc.		1,268		36,911
Hermes International		80		59,943
Kering SA		139		83,704
LVMH Moet Hennessy Louis Vuitton SE		3,338		1,494,422
LVMH Moet Hennessy Louis Vuitton SE, ADR		2,000		178,633
Shenzhou International Group Holdings, Ltd.		26,586		350,469
				2,343,279
Auto Manufacturers — 0.7%
Bayerische Motoren Werke AG		1,330		107,259
Daimler AG NA		1,369		77,058
Daimler AG		1,552		87,393
Ferrari NV		159		26,755
Geely Automobile Holdings Ltd., ADR		883		33,024
Geely Automobile Holdings Ltd.		6,982		13,057
Honda Motor Co. Ltd.		4,500		126,493
Hyundai Motor Co.		427		43,816
Subaru Corp.		2,000		52,416
Tata Motors, Ltd., SP ADR*		13,089		146,859
Toyota Motor Corp., SP ADR		3,440		482,322
Volkswagen AG		168		31,976
Volkswagen AG, ADR		3,570		67,848
Volvo AB, Class B		3,636		56,212
				1,352,488
Auto Parts & Equipment — 0.4%
Bridgestone Corp.		1,219		48,757
Denso Corp., ADR		660		14,790
Denso Corp.		734		32,802
Fuyao Glass Industrials Group, Ltd. (a)		116,000		342,204
Hyundai Mobis Co., Ltd.		1,054		218,855
Valeo SA, ADR		1,646		32,492
				689,900
Banks — 7.4%
Abu Dhabi Community Bank.		37,448		76,824
Aozora Bank Ltd.		1,000		25,489
Australia & New Zealand Banking Group Ltd., ADR		1,618		27,182
Banco Bilbao Vizcaya Argentaria SA		16,248		85,357
Banco do Brasil SA, SP ADR		1,478		16,568
Banco Santander Brasil SA, ADR		6,194		64,356
Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand, ADR		6,639		41,892
Banco Santander SA		16,236		63,238
Bangkok Bank		113,800		668,397
Bank Central Asia Tbk PT		154,486		343,803

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

28 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Bank Leumi Le Israel		174,384		1,263,829
Bank Mandiri Persero Tbk PT, ADR		2,253		21,967
Bank Montreal		2,225		171,214
Bank of China, Ltd.		41,028		16,455
Bank of Ireland Group, PLC		208,921		1,047,689
Bank of Kyoto Ltd., (The)		3,000		123,856
Bank of Nova Scotia, (The)		2,027		113,755
Bank Rakyat Indonesia Persero Tbk PT, ADR		2,219		31,843
Bank Tabungan Pensiunan Nasional Syariah Tbk PT*		84,144		23,623
Bankinter SA		6,617		46,214
BDO Unibank, Inc.		71,975		214,948
BNP Paribas SA		1,469		82,354
BNP Paribas SA, ADR		3,020		84,635
Canadian Imperial Bank of Commerce		1,382		120,096
China Construction Bank Corp.		614		488
China Merchants Bank Co., Ltd.		6,063		28,649
China Merchants Bank Co., Ltd., ADR		554		13,131
China Minsheng Banking Corp., Ltd.		77,000		53,597
CITIC, Ltd.		15,542		19,456
Commercial International Bank Egypt SAE		35,124		171,697
Commonwealth Bank Of Australia		2,556		139,841
Commonweatlh Bank Of Australia, SP ADR		334		18,340
Credit Agricole SA		2,988		40,775
Dah Sing Financial Holdings, Ltd.		115,200		419,400
DBS Group Holdings, Ltd.		55,600		1,026,097
DBS Group Holdings, Ltd., SP ADR		2,231		164,313
FirstRand, Ltd.		11,220		47,891
Fukuoka Financial Group, Inc.		2,000		38,138
Grupo Financiero Banorte SAB de CV, SP ADR		1,841		48,602
Hang Seng Bank, Ltd.		6,200		126,388
HDFC Bank Ltd.		60,864		1,078,873
HDFC Bank, Ltd., ADR		6,246		385,690
HSBC Holdings, PLC, SP ADR		8,367		311,754
ICICI Bank, Ltd., SP ADR		51,717		728,693
Industrial & Commerical Bank China, Ltd., ADR		1,942		27,576
Industrial & Commerical Bank China, Ltd.		323,597		230,624
ING Groep NV		8,470		97,403
Intesa Sanpaolo		9,153		23,159
Intesa Sanpaolo SpA, ADR		2,278		34,557
KBC Group NV		2,433		177,100
Kotak Mahindra Bank, Ltd.		11,719		263,608
Lloyds Banking Group PLC, ADR		26,067		80,808
Macquarie Group, Ltd.		679		63,449
Macquarie Group, Ltd., ADR		272		25,546
Mediobanca Banca di Credito Finanziario SpA		7,552		84,326
Mitsubishi UFJ Financial Group Inc., SP ADR		32,727		173,780
Mitsubishi UFJ Financial Group, Inc.		11,911		63,138
Mizuho Financial Group, Inc.		35,600		55,126
National Australia Bank, Ltd.		5,821		102,017
National Australia Bank, Ltd., ADR		2,302		20,189
Nordea Bank Abp		93		659
Nordea Bank Abp		11,504		81,484
OTP Bank, PLC		8,572		403,153
Oversea-Chinese Bank Corp., Ltd.		6,614		52,115
Raiffeisen Bank International AG		2,523		59,184
Resona Holdings, Inc.		9,918		42,092
Royal Bank Canada		3,528		288,414
Sberbank Russia, SP ADR		14,617		213,408
Skandinaviska Enskilda Banken AB, Class A		2,420		20,752
Societe Generale SA		1,533		48,176
Societe Generale SA, ADR		11,240		70,475
Standard Bank Group Ltd.		2,937		33,159
Standard Chart, PLC		4,927		44,328
Sumitomo Mitsui Financial Group Inc., SP ADR		5,545		40,534
Sumitomo Mitsui Trust Holdings, Inc.		3,000		114,964
Svenska Handelsbanken AB, Class A		6,031		59,199
Swedbank AB, Class A		6,224		81,047
Toronto-Dominion Bank, (The)		623		36,009
UBS Group AG*		13,717		166,083
UniCredit SpA		8,458		116,749
United Overseas Bank, Ltd.		27		510
Westpac Banking Corp., SP ADR		13,894		230,224
				13,362,521

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

29 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Beverages — 4.1%
Ambev SA, ADR		14,935		62,876
Anheuser-Busch InBev SA NV		8,760		694,390
Anheuser-Busch InBev SA NV, SP ADR		1,873		148,622
Asahi Group Holdings Ltd.		800		38,518
China Resources Beer Holdings Co. Ltd.		12,000		62,852
Coca-Cola Amatil, Ltd.		237,694		1,830,431
Coca-Cola European Partners, PLC		1,923		97,035
Coca-Cola Femsa SA De CV, SP ADR		552		31,911
Compania Cervecerias Unidas SA, SP ADR		3,738		69,190
Diageo, PLC		58,445		2,387,861
Diageo, PLC, SP ADR		1,670		272,945
Fomento Economico Mexicano SAB de CV, SP ADR		843		76,654
Heineken Holding NV		491		47,054
Heineken NV		592		61,325
Kirin Holdings Co., Ltd.		57		1,263
Pernod Ricard SA		330		60,621
Pernod Ricard SA, ADR		1,910		70,250
Thai Beverage, PLC		1,913,491		1,245,009
Wuliangye Yibin Co., Ltd., Class A		15,737		285,815
				7,544,622
Biotechnology — 0.2%
BeiGene Ltd., ADR*		238		48,383
CSL Ltd.		628		120,510
CSL Ltd., SP ADR		1,030		99,168
Genmab A/S*		184		42,870
				310,931
Building Materials — 1.6%
AGC, Inc.		2,000		73,136
Anhui Conch Cement Co., Ltd., ADR		455		14,557
Anhui Conch Cement Co., Ltd.		3,500		22,391
Cemex SAB de CV, SP ADR		5,460		20,366
China Resources Cement Holdings, Ltd.		142,502		170,729
Cie de Saint-Gobain		862		34,901
CRH, PLC		27,245		1,042,350
CRH, PLC, SP ADR		3,605		138,072
Daikin Industries, Ltd., ADR		1,490		21,423
Daikin Industries, Ltd.		149		21,465
Geberit AG		90		48,320
HeidelbergCement AG		617		45,465
Imerys SA		579		22,970
Semen Indonesia Persero Tbk PT, ADR		2,553		42,010
Sika AG		6,377		1,109,637
TOTO Ltd.		365		15,985
				2,843,777
Chemicals — 3.7%
Air Liquide SA		14,998		2,033,440
Air Liquide SA, ADR		1,771		47,950
Akzo Nobel NV, ADR		1,443		46,133
Akzo Nobel NV		417		39,933
Arkema SA		471		48,811
Asian Paints Ltd.		4,768		113,347
BASF SE		2,262		169,791
Covestro AG, ADR		736		17,233
Croda International PLC		16,602		1,068,831
Fuchs Petrolub SE		14,943		601,049
Givaudan SA		27		79,406
Givaudan SA, ADR		600		35,226
Kansai Paint Co., Ltd.		1,360		34,308
Kingboard Holdings Ltd.		6,500		17,893
Kuraray Co., Ltd.		8		97
LG Chem, Ltd.		385		100,146
Methanex Corp.		1,110		41,481
Mitsubishi Chemical Holdings Corp.		6,000		44,527
Mitsubishi Gas Chemical Co, Inc.		3,000		46,955
Mitsui Chemicals, Inc.		22		527
Nippon Paint Holdings Co., Ltd.		422		22,525
Novozymes A/S, Class B		14,188		677,866
Nutrien, Ltd.		2,400		113,808
Sasol Ltd.		5,997		108,115
Shin Etsu Chemical Co., Ltd., ADR		2,744		74,061

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

30 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Shin-Etsu Chemical Co., Ltd.		654		70,298
Sociedad Quimica y Minera de Chile SA SP ADR		5,235		124,750
Umicore SA, ADR		3,052		32,626
UPL Ltd.		102,537		818,898
Yara International ASA		1,668		62,837
				6,692,868
Commercial Services — 4.0%
Adecco Group AG		374		23,151
Adyen NV (a)*		209		160,273
Afya Ltd., Class A*		3,232		89,009
ALD SA (a)		43,354		654,262
Amadeus IT Holdings SA		9,710		772,572
Atlantia SpA		534		11,825
Experian PLC, ADR		2,262		75,098
Experian, PLC		2,543		84,354
IHS Markit, Ltd.*		6,980		507,097
Intertek Group, PLC		23,392		1,666,714
IWG, PLC		35,118		185,709
New Oriental Education & Tech Group Inc., SP ADR*		2,422		293,256
Recruit Holdings Co., Ltd.		1,992		72,207
RELX, PLC		64,991		1,573,344
RELX, PLC, SP ADR		168		4,096
Secom Co., Ltd.		358		30,403
SGS SA		282		734,073
Shenzhen International Holdings Ltd.		42,000		88,737
TAL Education Group, ADR*		1,488		65,859
Transurban Group		6,366		66,183
Wirecard AG		156		20,591
WorleyParsons Ltd.		4,683		47,494
				7,226,307
Computers — 0.7%
Capgemini SE		604		71,449
CGI, Inc.*		1,680		139,675
Globant S.A.*		860		92,020
Infosys Ltd., SP ADR		18,699		183,811
Nomura Research Institute Ltd.		36,000		759,909
Wipro Ltd., ADR		843		3,060
				1,249,924
Cosmetics/Personal Care — 1.5%
Essity AB, Class B		1,117		35,109
Estee Lauder Cos Inc., (The), Class A		1,014		198,207
Kao Corp.,ADR		2,590		40,844
Kao Corp.		1,250		98,415
L'Oreal SA		68		19,388
L'Oreal SA, ADR		3,400		194,004
Shiseido Co., Ltd.		626		45,257
Shiseido Co., Ltd., SP ADR		495		35,868
Unicharm Corp.		1,087		35,630
Unilever NV		3,451		205,507
Unilever NV-CVA		29,662		1,764,672
				2,672,901
Distribution/Wholesale — 1.0%
Bunzl, PLC		58,181		1,596,666
ITOCHU Corp., ADR		426		18,970
ITOCHU Corp.		3,700		80,787
Jardine Cycle & Carriage Ltd.		974		21,848
Mitsubishi Corp.		81		2,123
Mitsui & Co., Ltd., SP ADR		37		13,143
Mitsui & Co., Ltd.		5,159		91,507
Sumitomo Corp.		15		226
Toyota Tsusho Corp.		1,400		48,971
				1,874,241
Diversified Financial Services — 2.4%
B3 SA - Brasil Bolsa Balcao		12,363		138,911
BOC Aviation Ltd. (a)		14,200		134,123
Capitec Bank Holdings Ltd.		1,958		189,311
Chailease Holding Co. Ltd.		32,722		146,229
China International Capital Corp. Ltd. (a)		62,496		107,540
Deutsche Boerse AG, ADR		3,350		51,221
Deutsche Boerse AG		7,981		1,221,428
Hong Kong Exchange & Clearing, Ltd.		1,780		56,373
Housing Development Finance Corp. Ltd.		6,369		203,829

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

31 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Japan Exchange Group, Inc., ADR		55,800		949,893
Julius Baer Group Ltd., ADR*		3,350		31,222
Julius Baer Group Ltd.*		858		40,416
KB Financial Group, Inc., ADR		3,862		150,657
London Stock Exchange Group PLC, ADR		2,464		55,883
London Stock Exchange Group, PLC		791		70,337
Network International Holdings PLC* (a)		14,667		109,639
ORIX Corp.		53		869
ORIX Corp., SP ADR		1,073		88,190
Rathbone Brothers, PLC		20,731		571,080
Schroders PLC		2,836		120,919
				4,438,070
Electric — 0.5%
AGL Energy Ltd.		1,892		26,113
CLP Holdings, Ltd.		1,947		20,062
Endesa SA		2,751		74,785
Enel SpA		6,768		51,153
Fortis, Inc.		5,996		234,384
Iberdrola SA, SP ADR		1,618		63,733
Iberdrola SA		8,686		85,450
Korea Electric Power Corp., SP ADR		9,425		111,026
Orsted A/S (a)		381		35,114
Power Assets Holdings, Ltd.		8,000		55,618
RWE AG		1,019		30,190
Sembcorp Industries, Ltd.		307		492
SSE PLC, ADR		5,415		91,064
				879,184
Electrical Components & Equipment — 0.6%
Legrand SA, ADR*		1,125		17,764
Legrand SA		12,128		957,566
Schneider Electric SE		698		67,334
Schneider Electric SE, ADR		4,025		77,401
				1,120,065
Electronics — 1.9%
ABB Ltd.		4,533		99,036
Assa Abloy AB, ADR		3,966		46,858
Assa Abloy AB, Class B		71,286		1,692,757
Halma, PLC		39,199		1,066,458
Hirose Electric Co., Ltd.		127		15,651
Hon Hai Precision		56,353		163,403
Hoya Corp., SP ADR		487		44,658
Hoya Corp.		670		61,214
Kyocera Corp.		900		61,320
Murata Manufacturing Co., Ltd., ADR		5,048		72,944
Murata Manufacturing Co., Ltd.		1,119		64,912
Nidec Corp., SP ADR		2,188		81,160
Nidec Corp.		339		50,176
				3,520,547
Energy-Alternate Sources — 0.0%
Vestas Wind Systems A/S		229		21,794
Engineering & Construction — 0.3%
ACS Actividades de Construccion y Servicios SA		976		37,940
Bouygues SA		663		27,083
Grupo Aeroportuario del Pacifico SAB de CV		572		57,875
Grupo Aeroportuario del Sureste SAB de CV, ADR		302		51,781
Kajima Corp.		921		12,156
Keppel Corp., Ltd.		9,000		44,217
Larsen & Toubro Ltd.		6,212		115,136
LendLease Group		2,252		29,508
Shimizu Corp.		3,000		28,753
Sydney Airport		8,427		52,390
Taisei Corp.		1,000		39,261
Vinci SA		597		65,080
Vinci SA, ADR		2,316		63,064
				624,244
Entertainment — 0.1%
OPAP SA		7,522		92,327
Oriental Land Co., Ltd.		313		43,327
				135,654
Environmental Control — 0.0%
China Conch Venture Holdings Ltd.		21,500		83,637

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

32 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Food — 3.0%
Aeon Co., Ltd.		676		13,810
BRF SA, ADR*		4,553		38,974
BRF SA*		14,051		120,806
Carrefour SA		79		1,304
China Mengniu Dairy Co., Ltd.*		36,396		139,242
Danone SA, SP ADR		10,290		168,962
Foshan Haitian Flavouring & Food Co., Ltd., Class A		11,092		168,862
Glanbia, PLC		60,629		705,416
J Sainsbury PLC		8,762		24,260
JBS SA, SP ADR		3,030		40,420
Kerry Group, PLC, Class A		5,642		723,580
Koninklijke Ahold Delhaize NV, SP ADR		4,031		103,798
Koninklijke Ahold Delhaize NV		696		17,926
Marine Harvest		1,676		41,565
Mowi ASA, SP ADR		803		19,914
Nestle India Ltd.		607		122,255
Nestle SA		9,414		977,595
Nestle SA, SP ADR		6,845		711,469
Seven & i Holdings Co., Ltd.		30,700		1,145,611
Tesco, PLC, SP ADR		7,867		69,624
Tesco, PLC		12,787		37,922
Woolworths Group, Ltd.		2,137		57,654
				5,450,969
Food Service — 0.7%
Compass Group, PLC, SP ADR		3,508		86,402
Compass Group, PLC		50,764		1,243,833
				1,330,235
Forest Products & Paper — 0.1%
Smurfit Kappa Group PLC, ADR		1,402		49,897
UPM-Kymmene Corp.		1,590		53,116
				103,013
Gas — 0.3%
Beijing Enterprises Holdings Ltd.		22,500		99,448
China Gas Holdings, Ltd.		2,999		11,147
China Resources Gas Group Ltd.		10,000		55,681
Enagas SA		1,404		34,952
ENN Energy Holdings, Ltd.		6,000		65,210
Hong Kong & China Gas Co., Ltd.		19,800		37,715
National Grid PLC		2,867		32,966
National Grid, PLC, SP ADR		2,605		149,683
Snam SpA		9,397		46,688
				533,490
Hand/Machine Tools — 0.6%
Amada Co., Ltd.		58,400		651,572
Sandvik AB		3,286		59,757
Schindler Holding AG		216		51,643
Techtronic Industrials Co., Ltd.		34,738		261,087
Techtronic Industries Co., Ltd., SP ADR		706		26,607
				1,050,666
Healthcare-Products — 0.8%
Alcon, Inc.*		15,619		862,770
Alcon, Inc.*		515		28,474
Coloplast A/S, ADR		1,070		12,613
Coloplast A/S, Class B		327		38,634
Essilor International Cie Generale d'Opitque SA		384		59,643
EssilorLuxottica SA, ADR		1,096		85,137
Hengan International Group Co. Ltd.		10,500		69,327
Koninklijke Philips NV		2,544		118,245
Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Class A		2,703		69,033
Smith & Nephew PLC		2,989		66,716
Sysmex Corp., ADR		450		15,595
Terumo Corp.		1,362		47,839
				1,474,026
Healthcare-Services — 0.5%
Aier Eye Hospital Group Co., Ltd., Class A		24,986		141,993
Apollo Hospitals Enterprise Ltd.		5,438		109,200
Fresenius Medical Care AG & Co., KGaA		28		2,050
Fresenius Medical Care AG & Co., KGaA, ADR		1,104		40,439
Fresenius SE & Co., KGaA		707		38,677
Lonza Group AG, ADR		370		12,554
Lonza Group AG*		182		61,827
Notre Dame Intermedica Participacoes SA		7,572		100,943

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

33 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Ping An Healthcare and Technology Co. Ltd.* (a)		19,895		132,505
Sonic Healthcare Ltd.		2,543		51,868
Sonic Healthcare Ltd., SP ADR		1,113		22,816
Wuxi Biologics Cayman, Inc.* (a)		21,356		241,318
				956,190
Holding Companies-Diversification — 0.1%
CK Hutchison Holdings, Ltd.		15,500		140,766
Jardine Matheson Holdings, Ltd.		293		16,471
KOC Holding AS, ADR		824		14,321
Swire Pacific, Ltd., Class A		943		8,514
				180,072
Home Builders — 0.7%
Daiwa House Industry Co., Ltd.		730		22,349
Daiwa House Industry Co., Ltd., ADR		1,099		33,651
Persimmon, PLC		3,617		119,607
Sekisui Chemical Co., Ltd.		57,800		1,007,185
WHA Corp. PCL, NVDR		1,060,257		148,097
				1,330,889
Home Furnishings — 0.2%
Electrolux AB, Class B		972		24,979
Hangzhou Robam Appliances Co. Ltd., Class A		33,593		142,031
Sharp Corp. (Japan)		3,000		45,347
Sony Corp., SP ADR		3,214		204,025
				416,382
Household Products/Wares — 0.1%
Henkel Ag & Co., KGaA		375		36,226
Henkel AG & Co., KGaA, SP ADR		1,004		24,367
Reckitt Benckiser Group, SP ADR		4,555		73,017
				133,610
Insurance — 5.6%
AIA Group, Ltd.		110,446		1,105,256
AIA Group, Ltd., SP ADR		3,872		154,957
Allianz SE, SP ADR		8,370		199,708
Aon, PLC		13,800		2,809,818
Assic Generali SpA		6,258		127,625
Aviva, PLC		17,849		93,096
AXA SA		709		19,290
Cathay Financials Holdings Co., Ltd.		38,000		51,928
China Life Insurance Co., Ltd., ADR		6,322		79,657
China Pacific Insurance Group Co., Ltd.		12,200		43,146
Hannover Rueck SE		286		53,067
ICICI Lombard General Insurance Co., Ltd. (a)		9,075		172,411
Japan Post Holdings Co., Ltd.		7,408		69,683
Lancashire Holdings, Ltd.		152,389		1,464,059
M&G PLC*		5,704		17,410
Manulife Finanical Corp.		6,692		131,699
MS&AD Insurance Group Holdings, Inc.		1,600		51,796
Muenchener Rueckversicherungs-Gesellschaft AG		293		84,074
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen, ADR		2,550		73,159
Ping An Insurance Group Co. of China, Ltd., ADR		4,986		113,481
Ping An Insurance Group Co. of China, Ltd.		35,430		402,318
Prudential PLC, SP ADR		5,704		101,235
QBE Insurance Group Ltd., ADR		5,619		48,211
Sampo Oyj, Class A, ADR*		1,628		32,788
Sampo, Class A, PLC		28,199		1,140,251
SCOR SE		784		33,676
Sompo Holdings, Inc.		1,000		39,452
Sul America SA		10,793		134,578
Sun Life Financial, Inc.		2,970		135,640
Suncorp Group, Ltd.		5,947		53,875
Swiss Life Holding AG		277		137,380
Swiss Re AG, SP ADR		1,000		27,110
Swiss Re AG		569		61,632
Tokio Marine Holdings, Inc.		1,150		62,565
Tokio Marine Holdings, Inc., ADR		620		33,809
Topdanmark AS		17,182		794,054
Zurich Insurance Group AG		294		115,382
				10,269,276
Internet — 2.8%
51job, Inc., ADR*		611		48,037
Alibaba Group Holdings, Ltd., SP ADR*		8,478		1,695,600
B2W Cia Digital		3,840		50,783

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

34 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Baidu, Inc., SP ADR*		2,249		266,574
iQIYI, Inc., ADR*		1,374		26,312
JD.com, Inc., ADR*		5,058		165,144
LINE Corp., SP ADR*		1,409		66,082
LINE Corp.*		99		4,662
Meituan Dianping, Class B*		16,433		216,849
Mercadolibre, Inc.*		386		224,104
Naver Corp.		1,033		150,757
SINA Corp. (China)*		203		7,083
Tencent Holdings, Ltd.		40,676		1,716,330
Tencent Holdings, Ltd., ADR		7,294		307,442
Trip.com Group Ltd., ADR		1,543		51,289
Vipshop Holdings, Ltd. ADR*		4,069		52,002
Weibo Corp., SP ADR*		981		41,997
				5,091,047
Investment Companies — 2.8%
EXOR NV		863		65,859
Groupe Bruxelles Lambert SA		26,379		2,676,216
Kinnevik AB, Class B		849		19,442
Melrose Industries, PLC		789,924		2,342,786
Pargesa Holdings SA		983		77,582
				5,181,885
Iron/Steel — 0.2%
Fortescue Metals Group Ltd.		5,658		37,260
JFE Holdings, Inc.		10,000		127,543
Posco, SP ADR		2,416		116,258
Vale SA, SP ADR*		8,426		99,090
				380,151
Leisure Time — 0.1%
Giant Manufacturing Co., Ltd.		21,800		157,863
Shimano, Inc.		236		38,198
TUI AG		2,749		37,595
				233,656
Lodging — 0.9%
City Developments Ltd.		2,005		15,169
Fosun International Ltd.		25,500		34,331
Galaxy Entertainment Group Ltd.		5,151		33,730
Huazhu Group, Ltd., ADR		1,213		41,497
InterContinental Hotels Group PLC		21,206		1,370,670
Melco Resorts & Entertainment, Ltd. ADR		988		21,025
Sands China, Ltd.		8,636		40,896
Whitbread, PLC		139		8,256
Wynn Macau Ltd.		41,117		90,426
				1,656,000
Machinery-Construction & Mining — 0.2%
Hitachi Ltd., ADR		750		59,025
Hitachi Ltd.		1,901		74,869
Komatsu Ltd. SP ADR		1,831		42,900
Mitsubishi Electical Corp.		3,000		41,473
Mitsubishi Electric Corp., ADR		1,350		37,273
Mitsubishi Heavy Industries, Ltd.		948		36,300
				291,840
Machinery-Diversified — 1.8%
Atlas Copco AB, Class A		1,701		62,329
Atlas Copco AB, Class A, SP ADR		1,656		60,444
Fanuc Corp., ADR		3,060		58,347
GEA Group AG		32,946		1,058,863
Keyence Corp.		933		319,458
Kone Corp., Class B		10,540		659,846
SMC Corp.		110		49,912
SMC Corp., ADR		2,280		51,414
Spirax-Sarco Engineering, PLC		7,957		917,178
				3,237,791
Media — 1.3%
Informa, PLC, SP ADR		616		12,785
Informa, PLC		5,071		51,888
Liberty Media Corp-Liberty Formula One, Class C*		5,372		242,224
MultiChoice Group*		6,109		50,483
MultiChoice Group, Ltd., ADR*		93		771
Shaw Communications, Inc., Class B		6,416		133,389
Thomson Reuters Corp.		1,419		100,110
Vivendi SA		1,715		47,079

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

35 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Vivendi SA, ADR		1,092		29,984
Wolters Kluwer		23,217		1,667,494
Wolters Kluwer NV, SP ADR		667		47,837
				2,384,044
Mining — 0.9%
Anglo American, PLC		767		20,069
B2Gold Corp.		23,991		88,682
Barrick Gold Corp.		12,539		210,655
BHP Billiton Ltd., SP ADR		2,130		109,759
Franco-Nevada Corp.		1,038		102,056
Freeport-McMoRan, Inc.		14,835		168,822
Glencore, PLC		13,736		43,359
Mitsubishi Materials Corp.		2,000		53,480
Newcrest Mining Ltd., SP ADR		1,347		28,476
Newcrest Mining Ltd.		1,769		36,839
Rio Tinto, PLC, SP ADR		1,536		83,804
Southern Copper Corp.		7,105		270,203
Sumitomo Metal Mining Co., Ltd.		2,000		60,667
Vedanta, Ltd., ADR		7,526		60,584
Wheaton Precious Metals Corp.		8,617		238,174
				1,575,629
Miscellaneous Manufacturing — 1.2%
Airtac International Group		6,070		87,661
Largan Precision Co., Ltd.		1,038		150,842
Siemens AG		1,633		210,435
Smiths Group, PLC, SP ADR		1,646		35,307
Smiths Group, PLC		71,567		1,535,665
Sunny Optical Technology Group Co., Ltd.		3,869		63,339
Toshiba Corp.		1,047		37,608
Zhuzhou CRRC Times Electric Co., Ltd.		8,400		28,696
				2,149,553
Oil & Gas — 3.6%
BP, PLC, SP ADR		1,050		39,291
Caltex Australia Ltd.		4,324		101,099
Canadian Natural Resources, Ltd.		3,712		103,825
Cenovus Energy, Inc.		4,155		36,938
CNOOC, Ltd., SP ADR		167		24,252
DCC, PLC		31,721		2,708,584
Ecopetrol SA, SP ADR		3,252		59,544
Eni SpA		33,119		499,028
Equinor ASA		5,593		103,107
Galp Energia SGPS SA		7,590		123,438
Imperial Oil, Ltd.		3,049		76,743
JXTG Holdings, Inc.		6,600		29,341
Lukoil , PJSC, SP ADR		4,596		437,907
Neste Oyj		756		25,555
Novatek PJSC, GDR		1,196		235,888
OMV AG		2,078		118,362
Petroleo Brasileiro, SP ADR		16,628		244,930
Reliance Industries Ltd.		16,063		346,954
Repsol SA		2,180		34,320
Repsol SA, SP ADR		7,733		121,099
Royal Dutch Shell, PLC, Class A, SP ADR		9,464		544,085
Suncor Energy, Inc.		5,850		183,690
Tatneft PJSC, SP ADR		1,800		125,190
Ultrapar Participacoes SA, SP ADR		22,428		113,710
Woodside Petroleum, Ltd.		4,466		104,213
				6,541,093
Oil & Gas Services — 0.2%
Dialog Group Bhd		255,078		204,579
Yantai Jereh Oilfield Services Group Co., Ltd., Class A		48,200		217,426
				422,005
Pharmaceuticals — 6.9%
Alfresa Holdings Corp.		66,800		1,381,298
Aspen Pharmacare Holdings Ltd., ADR		6,986		55,958
Astellas Pharma, Inc., ADR		1,987		33,799
Astellas Pharma, Inc.		3,700		63,169
AstraZeneca, PLC, SP ADR		5,764		279,439
Bayer AG		1,297		97,955
Bayer AG, SP ADR		3,620		68,346
Celltrion, Inc.*		455		67,131
Chugai Pharmaceutical Co., Ltd.		700		61,150

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

36 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
CSPC Pharmaceutical Group, Ltd.		12,000		27,310
Daiichi Sankyo Co., Ltd.		916		57,475
Daiichi Sankyo Co., Ltd., ADR		292		18,559
Dr. Reddy's Laboratories, Ltd., ADR		3,953		160,966
Eisai Co., Ltd.		92		6,821
Glaxosmithkline, PLC		61,290		1,392,473
Glaxosmithkline, PLC, SP ADR		6,006		273,153
Kobayashi Pharmaceutical Co., Ltd.		471		38,682
Merck KGaA		587		68,515
Novartis AG		18,529		1,708,113
Novartis AG, SP ADR		15,677		1,446,987
Novo-Nordisk AS, SP ADR		4,286		240,659
Orion Corporation, Class B		672		29,246
Recordati SpA		24,240		1,016,140
Roche Holdings AG		4,637		1,429,555
Roche Holdings AG, SP ADR		12,016		463,457
Sanofi		18,565		1,730,599
Sanofi, ADR		4,424		206,512
Shionogi & Co., Ltd.		227		13,362
Takeda Pharmaceutical Co., Ltd., SP ADR		6,442		130,773
UCB SA		21		1,701
				12,569,303
Pipelines — 0.1%
Enbridge, Inc.		4,650		176,700
TC Energy Corp.		1,622		82,609
				259,309
Private Equity — 0.1%
3i Group, PLC		3,463		47,940
Macquarie Korea Infrastructure Fund		15,512		156,939
Partners Group Holding AG		66		55,661
				260,540
Real Estate — 0.9%
CapitaLand, Ltd.		5,654		15,217
China Evergrande Group		7,111		16,971
China Overseas Land & Investment, Ltd.		1,605		5,387
China Resources Land Ltd.		37,047		160,384
CK Asset Holdings Ltd.		1,638		10,892
Country Garden Holdings Co., Ltd.		31,000		43,225
Country Garden Services Holdings Co., Ltd.		52,681		170,454
Daito Trust Construction Co., Ltd., SP ADR		392		11,968
Great Eagle Holdings, Ltd.		193,662		649,663
Longfor Group Holdings, Ltd. (a)		6,500		26,607
Mitsubishi Estate Co., Ltd.		2,000		36,681
Mitsubishi Estate Co., Ltd., ADR		717		13,150
Mitsui Fudosan Co., Ltd.		2,000		49,800
REA Group Ltd.		633		44,808
Shanghai Industrial Holdings Ltd.		20,000		36,024
Shanghai Industrial Urban Development Group Ltd.		20,000		2,479
Sun Hung Kai Properties Ltd.		7,472		108,855
Sunac China Holdings Ltd.		18,431		89,931
UOL Group, Ltd.		8,000		45,394
Vonovia SE		1,036		53,926
Wheelock & Co., Ltd.		14,000		87,045
				1,678,861
REITS — 1.1%
Dexus		2,676		22,112
Fonciere Des Regions		362		40,046
Goodman Group		6,677		66,867
Japan Prime Realty Investment Corp.		15		68,262
Land Securities Group PLC		7,569		93,762
Link		4,903		50,067
Merlin Properties Socimi SA		94,010		1,341,511
Nippon Building Fund Inc.		10		75,028
Segro, PLC		5,434		62,763
Unibail-Rodamco-Westfield		705		110,223
				1,930,641
Retail — 2.8%
ANTA Sports Products Ltd.		5,561		52,297
Bidvest Group, Ltd., (The)		8,402		116,269
Cie Financiere Richemont SA		1,404		106,443
Clicks Group, Ltd.		11,538		196,689
CP ALL PCL, NVDR		89,690		225,669

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

37 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Fast Retailing Co., Ltd., ADR		170		10,375
Fast Retailing Co., Ltd.		147		89,619
Hennes & Mauritz AB, Class B		1,600		30,883
Industria de Diseno Textil SA, ADR		3,078		47,894
Industria de Diseno Textil SA		1,252		38,955
Lawson, Inc.		1,000		54,524
Li Ning Co., Ltd.		60,713		194,752
Lojas Renner SA		15,384		188,189
Mr. Price Group, Ltd.		4,257		50,830
Nitori Holdings Co., Ltd.		3		470
Pan Pacific International Holdings Corp.		2,000		32,456
President Chain Store Corp.		17,695		177,118
Raia Drogasil SA		8,135		217,916
Ryohin Keikaku Co., Ltd., ADR		1,800		40,842
Sundrug Co., Ltd.		1,100		38,667
Swatch Group AG, (The)		4,461		1,246,533
Tsuruha Holdings		12,400		1,480,090
USS Co., Ltd.		2,140		41,553
Wal-Mart de Mexico SAB de CV		83,856		230,842
Wal-Mart de Mexico SAB de CV, SP ADR		2,313		63,862
Wesfarmers, Ltd.		3,607		103,714
Yum China Holdings, Inc.		1,728		76,931
				5,154,382
Semiconductors — 3.5%
ASE Technology Holding Co., Ltd. ADR		6,033		29,501
ASM Pacific Technology Ltd.		9		118
ASML Holding NV		561		152,078
ASML Holding NV, ADR		775		209,731
Mediatek, Inc.		10,000		138,156
NXP Semiconductors NV		847		97,896
Parade Technologies Ltd.		4,409		86,545
Rohm Co., Ltd.		40		3,367
Samsung Electronic Co., Ltd.		32,919		1,407,251
Samsung Electronic Co., Ltd., GDR		1,000		1,066,495
SK Hynix, Inc.		1,267		87,190
SOITEC*		920		97,322
SUMCO Corp.		3,742		57,953
Taiwan Semiconductor Manufacturing Co., Ltd.		114,000		1,146,688
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR		28,316		1,503,296
Tokyo Electron, Ltd.		400		82,743
Tokyo Electron, Ltd., ADR		1,048		54,286
United Microelectronics Corp., SP ADR		16,362		39,923
WIN Semiconductors Corp.		14,073		139,411
				6,399,950
Software — 1.7%
CD Projekt SA		2,323		155,730
Dassault Systemes SE		475		74,828
Momo, Inc., SP ADR		749		28,035
NetEase, Inc., ADR		276		87,028
Nexon Co., Ltd.*		2,300		31,422
Open Text Corp.		2,489		108,471
Playtech, PLC		192,146		954,156
SAP SE		8,281		1,125,024
SAP SE, SP ADR		2,021		274,755
Sea, Ltd., ADR*		4,761		176,347
				3,015,796
Telecommunications — 3.8%
America Movil SAB de CV, Class L, SP ADR		11,343		173,434
Belgacom SA		23,680		714,303
China Mobile, Ltd.		85,500		644,631
Chunghwa Telecom Co., Ltd., SP ADR		10,212		380,091
Deutsche Telekom AG, SP ADR		2,079		34,823
Deutsche Telekom AG		5,699		95,683
Elisa OYJ		619		33,084
Hellenic Telecommunications Organization SA		12,433		186,718
KDDI Corp.		65,664		1,886,584
Millicom International Cellular SA, SDR		116		5,211
MTN Group, Ltd.		4,952		31,196
NICE Ltd., SP ADR		616		93,318
Nippon Telegraph & Telephone Corp. ADR		2,110		106,492
Nokia OYJ, SP ADR		15,376		53,816
NTT DOCOMO, Inc.		703		19,302

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

38 

AQUARIUS INTERNATIONAL FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
NTT DOCOMO, Inc., ADR		2,092		57,415
Orange SA, SP ADR		7,165		116,933
Rogers Communications, Inc., Class B		894		43,189
Singapore Telecommunications Ltd.		16,000		39,538
SK Telecom Ltd., SP ADR		966		22,141
Softbank Corp.		3,804		51,675
Softbank Group Corp., ADR		532		10,268
Swisscom AG		80		41,417
Tele2 AB, Class B		1,551		22,885
Telefonaktiebolaget LM Ericsson, Class B		136,989		1,234,515
Telefonaktiebolaget LM Ericsson, SP ADR		2,495		22,555
Telekomunikasi Indonesia Persero Tbk PT, SP ADR		663		18,345
Telenor ASA, ADR		1,032		18,772
Telenor ASA		1,910		34,872
Tim Participacoes SA, ADR		2,409		38,905
Turkcell Iletisim Hizmetleri AS, ADR		11,016		64,884
Vodafone Group, PLC		297,746		589,593
Vodafone Group, PLC, SP ADR		4,018		79,637
				6,966,225
Toys/Games/Hobbies — 0.1%
Bandai Namco Holdings, Inc.		500		30,328
Nintendo Co., Ltd.		100		38,724
Nintendo, Ltd., ADR		1,528		73,940
				142,992
Transportation — 0.5%
Canadian National Railway Co.		910		82,892
Canadian Pacific Railway, Ltd.		211		50,269
Central Japan Railway Co.		604		122,058
Deutsche Post AG		1,395		52,007
Deutsche Post AG, SP ADR		2,117		78,834
DSV AS		413		44,970
DSV PANALPINA A S, ADR		928		50,465
East Japan Railway Co., ADR		1,818		27,835
East Japan Railway Co.		991		91,200
Hankyu Hanshin Holdings, Inc.		1,000		42,987
West Japan Railway Co.		760		66,964
ZTO Express Cayman, Inc., ADR		9,031		192,180
				902,661
Water — 0.6%
Cia de Saneamento Basico do Estado de Sao Paulo, ADR		2,928		39,177
Guangdong Investment Ltd.		10,000		20,679
United Utilities Group, PLC		92,665		1,022,626
				1,082,482
TOTAL COMMON STOCKS
(Cost $146,767,367)				154,745,344
EXCHANGE TRADED FUNDS - 0.2%
Diversified Financial Services — 0.1%
Ishares MSCI India ETF		7,135		245,872
Other Investment Pools and Funds — 0.1%
Invesco India Exchange-Traded Fund Trust		7,309		181,775
TOTAL EXCHANGE TRADED FUNDS
(Cost $428,778)				427,647
PREFERRED STOCKS - 1.6%
Airlines — 0.1%
Azul SA, ADR*		2,455		91,424
Banks — 0.3%
Banco Bradesco SA, ADR, 6.606%		18,265		143,380
Bancolombia SA, SP ADR, 2.519%		4,475		216,008
Itau Unibanco Holdings, SP ADR, 8.576%		33,068		269,174
				628,562
Chemicals — 0.4%
Fuchs Petrolub SE, 2.406%		15,344		662,351
Cosmetics/Personal Care — 0.4%
LG Household & Health Care, Ltd., 1.250%		1,220		768,800
Electric — 0.0%
Cia Energetica de Minas Gerais, SP ADR, 5.160%		8,794		26,646
Semiconductors — 0.4%
Samsung Electronic Co., Ltd., 3.469%		19,373		671,681
Telecommunications — 0.0%
Telefonica Brasil SA, ADR, 7.493%		2,870		37,740
TOTAL PREFERRED STOCKS
(Cost $3,151,388)				2,887,204
SHORT-TERM INVESTMENTS - 13.2%
First American Government Obligations Fund, Class X, 1.56% (b)		24,132,505		24,132,505
TOTAL SHORT-TERM INVESTMENTS
(Cost $24,132,505)				24,132,505
TOTAL INVESTMENTS - 99.8%
(Cost $174,480,038)				182,192,700
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%				369,890
NET ASSETS - 100.0%			$	182,562,590

* Non-income producing security.

(a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of November 30, 2019, total market value of Rule 144A securities is $2,115,996 and represents 1.20% of net assets.

(b) Seven-day yield as of November 30, 2019.

ADR American Depositary Receipt

GDR Global Depositary Receipt

NVDR Non-Voting Depositary Receipt

PLC Public Limited Company

REIT Real Estate Investment Trust

SDR Special Drawing Right

SP ADR Sponsored ADR

SP GDR Sponsored GDR

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

39 

ALTAIR ADVISERS, LLC

NOTES TO PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 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 November 30, 2019, in valuing each Fund's investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
ADARA SMALLER COMPANIES FUND
Common Stocks	$	292,971,489	$	292,971,489	$	-	$	-
Short-Term Investments		22,013,119		22,013,119		–		–
Total Investments*	$	314,984,608	$	314,984,608	$	-	$	-
AQUARIUS INTERNATIONAL FUND
Common Stocks	$	154,745,344	$	46,896,481	$	107,848,863	$	-
Exchange-Traded Funds		427,647		427,647		–		–
Preferred Stocks		2,887,204		784,372		2,102,832		–
Short-Term Investments		24,132,505		24,132,505		–		–
Total Investments*	$	182,192,700	$	72,241,005	$	109,951,695	$	-

* Please refer to Portfolio of Investments for further details.

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

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers are disclosed if the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended November 30, 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.

40 

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2019 (UNAUDITED)

	Number Of Shares		Value
Common Stocks—98.3%
Commercial Services—4.6%
Conduent, Inc.*		83,500	$	565,295
Medpace Holdings, Inc.*		10,259		786,558
Ritchie Bros Auctioneers, Inc.		13,149		565,276
Vectrus, Inc.*		12,212		622,079
WNS Holdings Ltd., ADR*		9,168		578,684
				3,117,892
Communications—0.7%
ORBCOMM, Inc.*		117,939		472,935
Consumer Durables—2.6%
M/I Homes, Inc.*		17,943		794,337
MasterCraft Boat Holdings, Inc.*		21,271		353,311
Taylor Morrison Home Corp.*		26,938		625,500
				1,773,148
Consumer Non-Durables—1.9%
BRF SA, ADR*		78,886		675,264
Coca-Cola Consolidated, Inc.		2,268		612,723
				1,287,987
Consumer Services—6.0%
Career Education Corp.*		37,216		620,763
Everi Holdings, Inc.*		71,715		966,001
International Game Technology PLC		44,307		657,959
K12, Inc.*		29,804		585,649
Melco Resorts & Entertainment Ltd., ADR		19,286		410,406
Unifirst Corp.		4,014		827,887
				4,068,665
Distribution Services—2.1%
Foundation Building Materials, Inc.*		40,209		821,872
Performance Food Group Co.*		12,525		589,427
				1,411,299
Electronic Technology—6.3%
Amkor Technology, Inc.*		44,300		535,587
Audiocodes Ltd.		49,577		1,188,361
Comtech Telecommunications Corp.		29,620		1,119,340
NeoPhotonics Corp.*		90,963		745,897
OSI Systems, Inc.*		6,613		657,927
				4,247,112
Energy Minerals—3.9%
CVR Energy, Inc.		13,900		603,121
Delek US Holdings, Inc.		18,375		630,446
HollyFrontier Corp.		11,164		575,504
PBF Energy, Inc., Class A		27,500		860,750
				2,669,821
Finance—23.4%
Avis Budget Group, Inc.*		18,700		556,325
Brightsphere Investment Group, Inc.		20,312		195,605
CIT Group, Inc.		13,421		610,924
Cowen, Inc., Class A*		14,600		223,672
Essent Group Ltd.		12,467		681,321
Federal Agricultural Mortgage Corp., Class C		7,500		622,875
First American Financial Corp.		8,146		518,248
Fly Leasing Ltd., ADR*		31,433		617,030
Green Dot Corp., Class A*		26,623		632,562
Hanover Insurance Group Inc., (The)		4,767		647,978
Interactive Brokers Group, Inc., Class A		11,611		562,205
INTL FCStone, Inc.*		17,556		702,240
James River Group Holdings Ltd.		18,141		717,658
Legg Mason, Inc.		14,800		578,384
McGrath RentCorp		5,003		366,920
Mercury General Corp.		9,273		454,191
Moelis & Co., Class A		17,550		578,448
Mr Cooper Group, Inc.*		55,300		743,232
Nelnet, Inc., Class A		900		56,700
NMI Holdings, Inc., Class A*		23,133		776,575
On Deck Capital, Inc.*		146,479		602,029
OneMain Holdings, Inc.		3,200		137,888
PennyMac Financial Services, Inc.		29,013		995,436
Rent A Center, Inc.		4,747		123,564
Sandstorm Gold Ltd.*		114,120		768,028
SEI Investments Co.		7,328		472,876
Stewart Information Services Corp.		19,801		846,889
Stifel Financial Corp.		9,555		597,379
White Mountains Insurance Group Ltd.		500		553,460
				15,940,642

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

41 

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number Of Shares		Value
Health Services—1.1%
Castle Biosciences, Inc.*		10,346		278,618
DaVita, Inc.*		6,900		495,213
				773,831
Health Technology—12.6%
Anika Therapeutics, Inc.*		10,600		612,680
Assertio Therapeutics, Inc.*		65,375		49,685
China Biologic Products Holdings, Inc.*		5,052		589,114
Collegium Pharmaceutical, Inc.*		43,375		942,539
Cutera, Inc.*		30,095		1,152,638
Dr Reddy's Laboratories Ltd., ADR		13,001		529,400
Fluidigm Corp.*		60,620		152,762
Horizon Therapeutics PLC*		25,762		844,478
ICON PLC*		3,211		523,907
Jazz Pharmaceuticals PLC*		4,256		643,167
MacroGenics, Inc.*		58,617		555,103
Puma Biotechnology, Inc.*		56,320		534,477
Retrophin, Inc.*		44,879		622,472
Vanda Pharmaceuticals, Inc.*		50,215		840,097
				8,592,519
Industrial Services—4.4%
Basic Energy Services, Inc.*		15,620		7,170
Clean Harbors, Inc.*		8,117		670,870
Comfort Systems USA, Inc.		11,778		601,856
EMCOR Group, Inc.		10,168		904,240
Great Lakes Dredge & Dock Corp.*		72,421		773,456
				2,957,592
Non-Energy Minerals—2.3%
Boise Cascade Co.		2,280		86,458
Materion Corp.		12,119		713,324
Universal Forest Products, Inc.		15,444		766,022
				1,565,804
Process Industries—3.7%
Cosan Ltd., Class A		68,782		1,202,997
Daqo New Energy Corp., ADR*		11,100		422,688
Neenah, Inc.		1,600		116,448
Renewable Energy Group, Inc.*		9,102		155,280
Verso Corp., Class A*		34,325		633,640
				2,531,053
Producer Manufacturing—10.2%
American Woodmark Corp.*		9,022		928,364
BMC Stock Holdings, Inc.*		31,157		922,559
Builders FirstSource, Inc.*		41,488		1,054,210
Canadian Solar, Inc.*		29,460		481,671
Carlisle Cos, Inc.		3,000		467,940
Installed Building Products, Inc.*		1,594		114,290
PlayAGS, Inc.*		40,459		464,874
Simpson Manufacturing Co., Inc.		6,809		552,891
Spartan Motors, Inc.		35,443		629,113
Steelcase, Inc., Class A		33,325		603,849
TopBuild Corp.*		6,723		741,412
				6,961,173
Retail Trade—3.0%
Lithia Motors, Inc., Class A		3,404		546,614
Sonic Automotive, Inc., Class A		19,542		640,001
Vipshop Holdings Ltd., ADR*		66,926		855,314
				2,041,929
Technology Services—8.2%
Boingo Wireless, Inc.*		50,388		579,966
Bottomline Technologies de, Inc.*		13,700		678,013
CommVault Systems, Inc.*		12,220		618,576
Digital Turbine, Inc.*		58,800		522,144
Evertec, Inc.		19,700		638,674
Model N, Inc.*		22,495		684,298
QIWI PLC, SP ADR		33,399		661,968
Qudian, Inc., SP ADR*		32,114		159,285
Rubicon Project, Inc., (The)*		64,697		522,752
Sohu.com Ltd., ADR*		49,570		507,597
				5,573,273
Transportation—0.4%
DHT Holdings, Inc.		33,800		248,092
Utilities—0.9%
Atlantica Yield PLC		23,452		607,876
Pampa Energia SA, SP ADR		831		11,335
				619,211
TOTAL COMMON STOCKS
(Cost $61,233,234)				66,853,978

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

42 

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

PORTFOLIO OF INVESTMENTS (CONTINUED)

NOVEMBER 30, 2019 (UNAUDITED)

	Number Of Shares	Value
Short-Term Investments—1.7%
Fidelity Investments Money Market Funds - Government Portfolio, Class I, 1.54% (a)			1,183,746
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,183,746)			1,183,746
Total Investments—100.0%
(Cost $62,416,980)			68,037,724
OTHER ASSETS IN EXCESS OF LIABILITIES—0.0%			30,205
NET ASSETS—100.0%		$	68,067,929

* Non-income producing security.

^(a) Seven-day yield as of November 30, 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.

43 

BOGLE INVESTMENT MANAGEMENT

SMALL CAP GROWTH FUND

NOTES TO PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 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 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 November 30, 2019, in valuing the Fund’s investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stocks	$	66,853,978	$	66,853,978	$	-	$	-
Short-Term Investments		1,183,746		1,183,746		-		-
Total Investments*	$	68,037,724	$	68,037,724	$	-	$	-

* 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.

For the period ended November 30, 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.

44 

CAMPBELL ADVANTAGE FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2019 (UNAUDITED)

	COUPON*			MATURITY DATE	PAR		VALUE
SHORT-TERM INVESTMENTS — 58.8%
U.S. TREASURY OBLIGATIONS — 58.8%
United States Treasury Bill		1.799	%	01/02/20	$	250,000	$	249,665
United States Treasury Bill		1.780	%	02/27/20		300,000		298,876
United States Treasury Bill		1.804	%	01/16/20		250,000		249,513
United States Treasury Bill		1.553	%	03/12/20		125,000		124,455
United States Treasury Bill		1.570	%	04/16/20		125,000		124,270
United States Treasury Bill		1.520	%	05/14/20		440,000		436,868
								1,483,647
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,483,488)								1,483,647
TOTAL INVESTMENTS — 58.8%
(Cost $1,483,488)								1,483,647
OTHER ASSETS IN EXCESS OF LIABILITIES — 41.2%								1,038,332
NET ASSETS — 100.0%							$	2,521,979

^* 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.

45 

CAMPBELL ADVANTAGE FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Continued)

NOVEMBER 30, 2019 (UNAUDITED)

Futures contracts outstanding as of November 30, 2019 were as follows:

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
10 Year Mini Japanese Government Bond	Dec-19	2	$	182,782	$	(2,689	)
3-Month Euro Euribor	Dec-20	9		2,479,038		(3,096	)
90-DAY Bank Bill	Mar-20	17		11,498,762		4,792
90-Day Euro	Mar-21	8		2,000,000		(930	)
90-Day Sterling	Dec-20	11		1,778,278		(3,279	)
Amsterdam Index	Dec-19	1		131,605		49
Australian 10-Year Bond	Dec-19	4		270,559		838
Australian 3-Year Bond	Dec-19	20		1,352,796		3,311
CAC40 10 Euro	Dec-19	2		129,990		152
Canadian 10-Year Bond	Mar-20	1		75,284		58
Cocoa	Mar-20	3		77,040		(379	)
DJIA Mini E-CBOT	Dec-19	1		140,365		5,688
Euro-Bobl	Mar-20	2		220,359		(113	)
Euro-BTP	Dec-19	3		330,538		(10,724	)
Euro-Bund	Mar-20	2		220,359		(355	)
Euro-Oat	Dec-19	2		220,359		(8,156	)
Euro-Stoxx 50	Dec-19	3		122,365		3,566
FTSE/MIB Index	Dec-19	1		128,210		4,449
Gasoline RBOB	Jan-20	1		66,822		(3,606	)
Gold 100 Oz	Feb-20	1		147,270		(792	)
IBEX 35 Index	Dec-19	1		102,743		(348	)
Live Cattle	Feb-20	2		100,960		974
London Metals Exchange Aluminum	Dec-19	7		311,500		(3,827	)
London Metals Exchange Aluminum	Mar-20	1		44,363		(887	)
London Metals Exchange Copper	Mar-20	1		146,681		(884	)
London Metals Exchange Copper	Dec-19	1		146,331		(172	)
London Metals Exchange Nickel	Dec-19	3		245,304		(48,280	)
London Metals Exchange Nickel	Mar-20	1		82,092		(11,189	)
London Metals Exchange Zinc	Dec-19	3		172,200		(12,102	)
Long Gilt	Mar-20	2		258,659		(507	)
MSCI Singapore Exchange ETS	Dec-19	3		80,791		(381	)
MSCI Taiwan Index	Dec-19	7		304,500		(5,193	)
Nasdaq 100 E-Mini	Dec-19	1		168,350		4,148
Nikkie 225 (Osaka Securities Exchange)	Dec-19	2		212,987		7,082
OMX Stockholm 30 Index	Dec-19	8		144,544		(2,939	)
Palladium	Mar-20	1		181,010		7,838
Platinum	Jan-20	1		45,020		(3,212	)
S&P 500 E-Mini	Dec-19	1		157,185		7,245
S&P/TSX 60 Index	Dec-19	1		153,233		4,324
Silver	Mar-20	1		85,550		(437	)
SPI 200 Index	Dec-19	1		115,935		3,702
Topix Index	Dec-19	1		155,090		6,391
U.S. Treasury 10-Year Notes	Mar-20	3		305,535		(591	)
U.S. Treasury 2-Year Notes	Mar-20	3		610,994		(403	)
U.S. Treasury 5-Year Notes	Mar-20	4		406,592		(381	)
U.S. Treasury Long Bond (Chicago Board of Trade)	Mar-20	1		134,870		45
U.S. Treasury Ultra Long Bond (Chicago Board of Trade)	Mar-20	1		115,279		936
Wheat	Mar-20	1		27,088		1,235
					$	(59,029	)

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

46 

CAMPBELL ADVANTAGE FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Continued)

NOVEMBER 30, 2019 (UNAUDITED)

SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT			VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
Corn	Mar-20	4	$	(76,250	)	$	201
Cotton No.2	Mar-20	2		(65,360	)		604
Euro-Schatz	Mar-20	18		(1,983,231	)		558
FTSE/JSE TOP 40	Dec-19	1		(33,623	)		(587	)
Lean Hogs	Feb-20	2		(54,540	)		1,974
London Metals Exchange Aluminum	Mar-20	3		(133,088	)		2,654
London Metals Exchange Aluminum	Dec-19	7		(311,500	)		(2,033	)
London Metals Exchange Copper	Mar-20	1		(146,681	)		222
London Metals Exchange Copper	Dec-19	1		(146,331	)		(1,446	)
London Metals Exchange Nickel	Mar-20	1		(82,092	)		945
London Metals Exchange Nickel	Dec-19	3		(245,304	)		54,181
London Metals Exchange Zinc	Dec-19	3		(172,200	)		(1,615	)
Natural Gas	Jan-20	1		(22,800	)		3,197
Soybean	Jan-20	1		(43,838	)		385
Sugar No. 11 (World)	Mar-20	4		(57,971	)		(3,854	)
						$	55,386
Total Futures Contracts						$	(3,643	)

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

47 

CAMPBELL ADVANTAGE FUND

CONSOLIDATED PORTFOLIO OF INVESTMENTS (Continued)

NOVEMBER 30, 2019 (UNAUDITED)

Forward foreign currency contracts outstanding as of November 30, 2019 were as follows:

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION DATE	COUNTERPARTY	UNREALIZED APPRECIATION (DEPRECIATION)
AUD	1,700,000	USD	1,170,002	Dec 18 2019	NatWest	$	(19,488	)
CAD	1,100,000	USD	838,558	Dec 18 2019	NatWest		(10,274	)
CHF	150,000	USD	151,975	Dec 18 2019	NatWest		(1,670	)
EUR	1,200,000	USD	1,334,857	Dec 18 2019	NatWest		(10,707	)
GBP	1,550,000	USD	1,970,653	Dec 18 2019	NatWest		35,634
JPY	90,000,000	USD	850,372	Dec 18 2019	NatWest		(26,499	)
NOK	11,700,000	USD	1,284,805	Dec 18 2019	NatWest		(15,623	)
NZD	1,650,000	USD	1,055,927	Dec 18 2019	NatWest		3,716
SEK	14,550,000	USD	1,512,934	Dec 18 2019	NatWest		8,459
USD	1,699,598	AUD	2,500,000	Dec 18 2019	NatWest		7,665
USD	980,803	CAD	1,300,000	Dec 18 2019	NatWest		1,922
USD	357,128	CHF	350,000	Dec 18 2019	NatWest		6,416
USD	2,106,358	EUR	1,900,000	Dec 18 2019	NatWest		9,786
USD	1,842,331	GBP	1,500,000	Dec 18 2019	NatWest		(99,237	)
USD	1,168,797	JPY	126,000,000	Dec 18 2019	NatWest		15,375
USD	2,031,469	NOK	18,450,000	Dec 18 2019	NatWest		30,067
USD	1,554,704	NZD	2,450,000	Dec 18 2019	NatWest		(18,705	)
USD	2,007,563	SEK	19,500,000	Dec 18 2019	NatWest		(31,418	)
Total Forward Foreign Currency Contracts						$	(114,581	)

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

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

48 

CAMPBELL ADVANTAGE FUND
NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 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. All inter-company accounts and transactions have been eliminated. As of the end of the reporting period, the net assets of the Subsidiary were $294,103, which represented 11.63% 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 November 30, 2019, in valuing the Fund’s investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Short-Term Investments	$	1,483,647	$	1,483,647	$	-	$	-
Commodity Contracts
Futures Contracts		74,410		74,410		-		-
Equity Contracts
Futures Contracts		46,796		46,796		-		-
Interest Rate Contracts
Futures Contracts		10,538		10,538		-		-
Foreign Currency Contracts
Forward Foreign Currency Contracts		119,040		-		119,040		-
Total Assets	$	1,734,431	$	1,615,391	$	119,040	$	-

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Short-Term Investments	$	-		$	-		$	-		$	-
Commodity Contracts
Futures Contracts		(94,715	)		(94,715	)		-			-
Equity Contracts
Futures Contracts		(9,448	)		(9,448	)		-			-
Interest Rate Contracts
Futures Contracts		(31,224	)		(31,224	)		-			-
Foreign Currency Contracts
Forward Foreign Currency Contracts		(233,621	)		-			(233,621	)		-
Total Liabilities	$	(369,008	)	$	(135,387	)	$	(233,621	)	$	-

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

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers are disclosed if the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended November 30,2019, the Fund had no Level 3 transfers.

49 

CAMPBELL ADVANTAGE FUND
NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS (Continued)
NOVEMBER 30, 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 November 30, 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)	$	74,410	$	46,796	$	10,538	$	-	$	131,744
Forward Contracts (a)		-		-		-		119,040		119,040
Total Value - Assets	$	74,410	$	46,796	$	10,538	$	119,040	$	250,784

Liability Derivatives
Futures Contracts (a)	$	(94,715	)	$	(9,448	)	$	(31,224	)	$	-		$	(135,387	)
Forward Contracts (a)		-			-			-			(233,621	)		(233,621	)
Total Value - Liabilities	$	(94,715	)	$	(9,448	)	$	(31,224	)	$	(233,621	)	$	(369,008	)

(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 November 30,2019, 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)
$	53,354,179	$	(3,276,113	)	$	(20,981,555	)	$	20,985,701

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 annual report or prospectus filed with the Securities and Exchange Commission.

50 

CAMPBELL DYNAMIC TREND FUND
CONSOLIDATED PORTFOLIO OF INVESTMENTS
NOVEMBER 30, 2019 (UNAUDITED)

	COUPON*			MATURITY DATE	PAR		VALUE
SHORT-TERM INVESTMENTS — 78.0%
U.S. TREASURY OBLIGATIONS — 78.0%
United States Treasury Bill		2.159	%	01/02/20	$	6,590,000	$	6,581,176
United States Treasury Bill		2.219	%	02/27/20		3,450,000		3,437,077
United States Treasury Bill		1.967	%	01/16/20		3,630,000		3,622,933
United States Treasury Bill		1.553	%	03/12/20		2,125,000		2,115,729
United States Treasury Bill		1.570	%	04/16/20		2,130,000		2,117,566
United States Treasury Bill		1.520	%	05/14/20		1,365,000		1,355,284
								19,229,765
TOTAL SHORT-TERM INVESTMENTS
(Cost $19,219,621)								19,229,765
TOTAL INVESTMENTS — 78.0%
(Cost $19,219,621)								19,229,765
OTHER ASSETS IN EXCESS OF LIABILITIES — 22.0%								5,415,642
NET ASSETS — 100.0%							$	24,645,407

^* 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.

51 

CAMPBELL DYNAMIC TREND FUND
CONSOLIDATED PORTFOLIO OF INVESTMENTS (Continued)
NOVEMBER 30, 2019 (UNAUDITED)

Futures contracts outstanding as of November 30, 2019 were as follows:

LONG CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT		VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
10 Year Mini Japanese Government Bond	Dec-19	4	$	365,564	$	(6,804	)
3-Month Euro Euribor	Dec-20	56		15,425,128		(18,567	)
90-DAY Bank Bill	Mar-20	94		63,581,391		22,569
90-Day Euro	Mar-21	50		12,500,000		(5,521	)
90-Day Sterling	Dec-20	73		11,801,298		1,474
Amsterdam Index	Dec-19	6		789,630		293
Australian 10-Year Bond	Dec-19	27		1,826,274		18,073
Australian 3-Year Bond	Dec-19	128		8,657,892		36,573
Brent Crude	Mar-20	1		59,850		(2,722	)
CAC40 10 Euro	Dec-19	13		844,933		518
Canadian 10-Year Bond	Mar-20	6		451,705		395
Cattle Feeder Futures	Jan-20	3		213,415		(4,471	)
Cocoa	Mar-20	20		513,600		(1,081	)
Coffee	Mar-20	2		89,288		894
DAX Index	Dec-19	2		729,746		25,930
DJIA Mini E-CBOT	Dec-19	6		842,190		17,783
Euro BUXL 30-Year Bond Futures	Dec-19	3		330,538		(46,014	)
Euro-Bobl	Mar-20	9		991,615		(506	)
Euro-BTP	Dec-19	21		2,313,769		(69,977	)
Euro-Bund	Mar-20	11		1,211,974		(1,952	)
Euro-Oat	Dec-19	14		1,542,513		(54,478	)
Euro-Stoxx 50	Dec-19	19		774,980		18,640
FTSE 100 Index	Dec-19	2		190,502		2,416
FTSE/MIB Index	Dec-19	6		769,262		27,574
Gasoline RBOB	Jan-20	3		200,466		(7,378	)
Gold 100 Oz	Feb-20	6		883,620		(4,755	)
IBEX 35 Index	Dec-19	3		308,230		(1,045	)
Live Cattle	Feb-20	14		706,720		6,609
London Metals Exchange Aluminum	Dec-19	19		845,500		(16,986	)
London Metals Exchange Aluminum	Mar-20	2		88,725		(1,894	)
London Metals Exchange Copper	Dec-19	3		438,994		(515	)
London Metals Exchange Nickel	Dec-19	9		735,912		(151,133	)
London Metals Exchange Nickel	Mar-20	8		656,736		(89,514	)
London Metals Exchange Zinc	Dec-19	6		344,400		(37,478	)
London Metals Exchange Zinc	Mar-20	1		56,688		(5,160	)
Long Gilt	Mar-20	10		1,293,293		1,670
MSCI Singapore Exchange ETS	Dec-19	20		538,608		(2,511	)
MSCI Taiwan Index	Dec-19	45		1,957,500		(33,386	)
Nasdaq 100 E-Mini	Dec-19	4		673,400		22,125
Nikkie 225 (Osaka Securities Exchange)	Dec-19	9		958,440		22,477
OMX Stockholm 30 Index	Dec-19	42		758,854		(15,823	)
Palladium	Mar-20	7		1,267,070		54,863
Platinum	Jan-20	6		270,120		(10,235	)
Russell 2000 E-Mini	Dec-19	3		243,570		4,359
S&P 500 E-Mini	Dec-19	6		943,110		26,260
S&P Mid 400 E-Mini	Dec-19	2		402,000		7,126
S&P/TSX 60 Index	Dec-19	9		1,379,101		15,827
Silver	Mar-20	4		342,100		(1,750	)
SPI 200 Index	Dec-19	10		1,159,346		31,894
Topix Index	Dec-19	6		930,543		22,535
U.S. Treasury 10-Year Notes	Mar-20	17		1,731,359		(3,310	)
U.S. Treasury 2-Year Notes	Mar-20	20		4,073,282		(2,703	)
U.S. Treasury 5-Year Notes	Mar-20	23		2,337,878		(2,192	)
U.S. Treasury Long Bond (Chicago Board of Trade)	Mar-20	8		1,078,953		361
U.S. Treasury Ultra Long Bond (Chicago Board of Trade)	Mar-20	4		461,115		3,743
Wheat	Mar-20	4		108,350		4,939
					$	(201,941	)

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

52 

CAMPBELL DYNAMIC TREND FUND
CONSOLIDATED PORTFOLIO OF INVESTMENTS (Continued)
NOVEMBER 30, 2019 (UNAUDITED)

SHORT CONTRACTS	EXPIRATION DATE	NUMBER OF CONTRACTS	NOTIONAL AMOUNT			VALUE AND UNREALIZED APPRECIATION/ (DEPRECIATION)
Corn	Mar-20	27	$	(514,688	)	$	2,048
Cotton No.2	Mar-20	15		(490,200	)		4,395
Euro-Schatz	Mar-20	125		(13,772,435	)		3,891
FTSE/JSE TOP 40	Dec-19	2		(67,247	)		573
Lean Hogs	Feb-20	11		(299,968	)		14,138
London Metals Exchange Aluminum	Mar-20	18		(798,525	)		11,071
London Metals Exchange Aluminum	Dec-19	19		(845,500	)		(6,507	)
London Metals Exchange Copper	Mar-20	3		(440,044	)		667
London Metals Exchange Copper	Dec-19	3		(438,994	)		(10,022	)
London Metals Exchange Nickel	Mar-20	5		(410,460	)		28,939
London Metals Exchange Nickel	Dec-19	9		(735,912	)		114,422
London Metals Exchange Zinc	Mar-20	4		(226,750	)		3,687
London Metals Exchange Zinc	Dec-19	6		(344,400	)		510
Low Sulphur Gasoil G Futures	Jan-20	1		(57,175	)		1,348
Natural Gas	Jan-20	5		(114,100	)		21,398
Soybean	Jan-20	6		(263,025	)		5,033
Sugar No. 11 (World)	Mar-20	23		(333,334	)		(17,777	)
						$	177,814
Total Futures Contracts						$	(24,127	)

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

53 

CAMPBELL DYNAMIC TREND FUND
CONSOLIDATED PORTFOLIO OF INVESTMENTS (Continued)
NOVEMBER 30, 2019 (UNAUDITED)

Forward foreign currency contracts outstanding as of November 30, 2019 were as follows:

CURRENCY PURCHASED		CURRENCY SOLD		EXPIRATION DATE	COUNTERPARTY		UNREALIZED APPRECIATION/ (DEPRECIATION)
AUD	1,600,000	USD	1,100,519	Dec 18 2019		UBS	$	(17,682	)
CAD	3,350,000	USD	2,556,002	Dec 18 2019		UBS		(33,501	)
CHF	550,000	USD	555,516	Dec 18 2019		UBS		(4,398	)
EUR	2,100,000	USD	2,330,775	Dec 18 2019		UBS		(13,511	)
GBP	3,350,000	USD	4,298,315	Dec 18 2019		UBS		37,853
JPY	175,500,000	USD	1,658,949	Dec 18 2019		UBS		(52,398	)
NOK	16,650,000	USD	1,821,272	Dec 18 2019		UBS		(15,129	)
NZD	2,550,000	USD	1,632,788	Dec 18 2019		UBS		4,841
SEK	22,500,000	USD	2,337,402	Dec 18 2019		UBS		15,268
USD	4,694,163	AUD	6,900,000	Dec 18 2019		UBS		24,428
USD	3,394,901	CAD	4,500,000	Dec 18 2019		UBS		6,467
USD	1,473,092	CHF	1,450,000	Dec 18 2019		UBS		20,145
USD	7,096,359	EUR	6,400,000	Dec 18 2019		UBS		34,222
USD	3,564,809	GBP	2,900,000	Dec 18 2019		UBS		(188,889	)
USD	3,757,330	JPY	406,500,000	Dec 18 2019		UBS		36,173
USD	6,285,433	NOK	57,150,000	Dec 18 2019		UBS		85,968
USD	4,826,348	NZD	7,600,000	Dec 18 2019		UBS		(54,429	)
USD	5,432,812	SEK	52,650,000	Dec 18 2019		UBS		(72,438	)
Total Forward Foreign Currency Contracts							$	(187,010	)

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	UBS	Union Bank of Switzerland
		USD	United States Dollar

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

54 

CAMPBELL DYNAMIC TREND FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 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. All inter-company accounts and transactions have been eliminated. As of the end of the reporting period, the net assets of the Subsidiary were $890,705, which represented 3.61% 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 November 30, 2019, in valuing the Fund’s investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Short-Term Investments	$	19,229,765	$	19,229,765	$	-	$	-
Commodity Contracts
Futures Contracts		274,961		274,961		-		-
Equity Contracts
Futures Contracts		246,330		246,330		-		-
Interest Rate Contracts
Futures Contracts		88,749		88,749		-		-
Foreign Currency Contracts
Forward Foreign Currency Contracts		265,365		-		265,365		-
Total Assets	$	20,105,170	$	19,839,805	$	265,365	$	-

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Short-Term Investments	$	-		$	-		$	-		$	-
Commodity Contracts
Futures Contracts		(369,378	)		(369,378	)		-			-
Equity Contracts
Futures Contracts		(52,765	)		(52,765	)		-			-
Interest Rate Contracts
Futures Contracts		(212,024	)		(212,024	)		-			-
Foreign Currency Contracts
Forward Foreign Currency Contracts		(452,375	)		-			(452,375	)		-
Total Liabilities	$	(1,086,542	)	$	(634,167	)	$	(452,375	)	$	-

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

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires the Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers are disclosed if the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

For the period ended November 30,2019, the Fund had no Level 3 transfers.

55 

CAMPBELL DYNAMIC TREND FUND

NOTES TO CONSOLIDATED PORTFOLIO OF INVESTMENTS (Continued)

NOVEMBER 30, 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 November 30, 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)	$	274,961	$	246,330	$	88,749	$	-	$	610,040
Forward Contracts (a)		-		-		-		265,365		265,365
Total Value - Assets	$	274,961	$	246,330	$	88,749	$	265,365	$	875,405

Liability Derivatives
Futures Contracts (a)	$	(369,378	)	$	(52,765	)	$	(212,024	)	$	-		$	(634,167	)
Forward Contracts (a)		-			-			-			(452,375	)		(452,375	)
Total Value - Liabilities	$	(369,378	)	$	(52,765	)	$	(212,024	)	$	(452,375	)	$	(1,086,542	)

(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 November 30,2019, 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)
$	187,028,551	$	(13,256,908	)	$	(48,929,334	)	$	49,018,385

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.

56 

MFAM GLOBAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

NOVEMBER 30, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Common Stocks — 97.3%
Aerospace & Defense — 2.2%
Axon Enterprise, Inc. (United States) (a)*		150,000	$	11,070,000
Banks — 3.9%
Bank of Georgia Group PLC (Georgia)		293,132		5,610,762
Credicorp Ltd. (Peru)		5,000		1,055,950
HDFC Bank., Ltd., ADR (India)		210,700		13,010,725
				19,677,437
Capital Markets — 0.7%
Georgia Capital PLC (Georgia)*		293,132		3,578,756
Consumer Finance — 1.6%
Gentera SAB de CV (Mexico)		8,550,000		8,133,912
Diversified Financial Services — 1.6%
Banco Latinoamerico de Comercio Exterior SA, Class E (Panama) (a)		379,029		8,175,656
Electronic Equipment, Instruments & Components — 2.7%
IPG Photonics Corp. (United States) (a)*		72,000		10,230,480
Lagercrantz Group AB, Class B (Sweden)		29,296		424,617
NLight, Inc. (United States) (a)*		155,000		3,089,150
				13,744,247
Entertainment — 1.9%
Vivendi SA (France)		345,000		9,470,724
Equity Real Estate Investment Trusts (REITs) — 7.8%
American Tower Corp. (United States)		64,000		13,697,920
Equinix, Inc. (United States)		20,000		11,337,000
SBA Communications Corp. (United States)		60,000		14,188,200
				39,223,120
Food & Staples Retailing — 2.5%
Costco Wholesale Corp. (United States)		40,000		11,992,400
CP ALL PCL, NVDR (Thailand)		190,000		478,059
Georgia Healthcare Group PLC (Georgia) (b)		90,000		191,763
				12,662,222
Food Products — 1.2%
Nippon Indosari Corpindo Tbk PT (Indonesia)		64,257,500		5,922,350
Health Care Equipment & Supplies — 7.6%
Medtronic PLC (Ireland)		205,272		22,865,248
ResMed, Inc. (United States) (a)		102,000		15,259,200
				38,124,448
Health Care Providers & Services — 3.1%
NMC Health PLC (United Arab Emirates)		485,482		15,746,140
Hotels, Restaurants & Leisure — 5.2%
Starbucks Corp. (United States)		195,000		16,658,850
Yum China Holdings, Inc. (China) (a)		214,751		9,560,715
				26,219,565
Interactive Media & Services — 4.3%
Alphabet, Inc., Class C (United States)*		9,024		11,775,959
Tencent Holding Ltd. (China)		225,600		9,519,227
				21,295,186

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

57 

MFAM GLOBAL OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

NOVEMBER 30, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Internet & Direct Marketing Retail — 11.5%
Alibaba Group Holding Ltd., SP ADR (China)*		50,000		10,000,000
Amazon.com, Inc. (United States)*		14,150		25,481,320
MercadoLibre, Inc. (Argentina) (a)*		24,387		14,158,604
Trip.com Group Ltd., ADR (Cayman Islands) (a)		234,052		7,779,889
				57,419,813
IT Services — 7.5%
Mastercard, Inc., Class A (United States)		93,300		27,265,059
PayPal Holdings, Inc. (United States)*		94,900		10,250,149
				37,515,208
Life Sciences Tools & Services — 0.9%
Horizon Discovery Group PLC (United Kingdom)*		2,135,499		4,508,101
Machinery — 0.6%
Fanuc Corp. (Japan)		16,000		3,055,082
Media — 1.3%
Comcast Corp., Class A (United States)		110,000		4,856,500
System1 Group PLC (United Kingdom)		700,000		1,828,716
				6,685,216
Multiline Retail — 2.1%
Mitra Adiperkasa Tbk PT (Indonesia)		146,430,000		10,534,972
Real Estate Management & Development — 1.0%
Jones Lang LaSalle, Inc. (United States) (a)		30,000		4,989,900
Semiconductors & Semiconductor Equipment — 2.6%
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR (Taiwan) (a)		242,500		12,874,325
Software — 14.1%
Atlassian Corp., PLC, Class A (Australia) (a)*		132,000		16,778,520
Douzone Bizon Co., Ltd. (South Korea)		149,798		9,065,580
Everbridge, Inc. (United States) (a)*		180,000		15,829,200
Paycom Software, Inc. (United States)*		55,000		15,224,550
Splunk, Inc. (United States)*		93,300		13,922,226
				70,820,076
Trading Companies & Distributors — 5.0%
Fastenal Co. (United States)		248,000		8,808,960
Watsco, Inc. (United States) (a)		90,000		16,017,300
				24,826,260
Transportation Infrastructure — 2.1%
International Container Terminal Services, Inc. (Philippines)		4,395,000		10,690,740
Wireless Telecommunication Services — 2.3%
Safaricom Ltd., PLC (Kenya)		4,000,000		1,140,351
SoftBank Group Corp. (Japan)		260,000		10,114,631
				11,254,982
Total Common Stocks (Cost $283,447,224)				488,218,438
Investments Purchased with Proceeds from Securities Lending Collateral — 11.3%
Mount Vernon Liquid Assets Portfolio, LLC, 1.18%		56,861,421		56,861,421
Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $56,861,421)				56,861,421
Short-Term Investments — 2.8%
U.S. Bank Money Market Deposit Account, 1.64% (United States) (c)		13,913,526		13,913,526
Total Short-Term Investments (Cost $13,913,526)				13,913,526
Total Investments (Cost $354,222,171) — 111.4%				558,993,385
Liabilities in Excess of Other Assets — (11.4)%				(57,030,346	)
NET ASSETS — 100.0%
(Applicable to 19,324,016 shares outstanding)			$	501,963,039

* Non-income producing security.

ADR American Depositary Receipt

NVDR Non-Voting Depository Receipt

PLC Public Limited Company

SP ADR Sponsored ADR

(a) All or a portion of the security is on loan. At November 30, 2019, the market value of securities on loan was $55,325,662.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration to qualified institutional buyers. As of November 30, 2019, the total market value of Rule 144A securities was $191,763 and represents 0.0% of net assets.

(c) The rate shown is as of November 30, 2019.

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

58 

MFAM MID-CAP GROWTH FUND

SCHEDULE OF INVESTMENTS

NOVEMBER 30, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Common Stocks — 97.8%
Aerospace & Defense — 2.4%
Axon Enterprise, Inc. (United States) (a)*		90,000	$	6,642,000
Air Freight & Logistics — 5.2%
XPO Logistics, Inc. (United States) (a)*		175,000		14,470,750
Auto Components — 7.4%
Gentex Corp. (United States)		300,000		8,520,000
LCI Industries (United States) (a)		113,914		12,127,284
				20,647,284
Automobiles — 2.6%
Thor Industries, Inc. (United States) (a)		115,000		7,333,550
Banks — 0.8%
SVB Financial Group (United States)*		10,000		2,317,300
Electronic Equipment, Instruments & Components — 2.5%
IPG Photonics Corp. (United States)*		49,500		7,033,455
Equity Real Estate Investment Trusts (REITs) — 6.8%
SBA Communications Corp. (United States)		55,000		13,005,850
STAG Industrial, Inc. (United States)		195,000		6,043,050
				19,048,900
Food Products — 2.1%
McCormick & Co., Inc. (United States) (a)		34,000		5,754,500
Health Care Equipment & Supplies — 12.2%
Cooper Companies, Inc. (The) (United States)		46,400		14,527,376
ResMed, Inc. (United States)		70,000		10,472,000
Varian Medical Systems, Inc. (United States)*		67,000		8,959,910
				33,959,286
Health Care Technology — 5.0%
Cerner Corp. (United States)		105,000		7,516,950
Teladoc, Inc. (United States) (a)*		75,000		6,280,500
				13,797,450
Hotels, Restaurants & Leisure — 2.8%
Texas Roadhouse, Inc. (United States)		134,929		7,812,389
Household Products — 3.6%
Church & Dwight Co., Inc. (United States)		141,600		9,945,984
Insurance — 3.2%
Markel Corp. (United States)*		7,900		8,970,845
IT Services — 2.4%
Broadridge Financial Solutions, Inc. (United States)		55,000		6,804,050
Leisure Products — 2.5%
Hasbro, Inc. (United States) (a)		68,615		6,978,146
Machinery — 1.4%
Proto Labs, Inc. (United States)*		40,000		3,875,600
Real Estate Management & Development — 4.3%
Jones Lang LaSalle, Inc. (United States)		72,500		12,058,925
Software — 23.8%
Alarm.com Holdings, Inc. (United States) (a)*		111,902		4,881,165
Everbridge, Inc. (United States) (a)*		90,000		7,914,600
Paycom Software, Inc. (United States)*		50,000		13,840,500
Paylocity Holding Corp. (United States) (a)*		114,241		13,973,959
Splunk, Inc. (United States)*		107,000		15,966,540
Tyler Technologies, Inc. (United States)*		34,000		9,865,780
				66,442,544
Specialty Retail — 1.5%
Tractor Supply Co. (United States)		44,800		4,230,912
Trading Companies & Distributors — 5.3%
Fastenal Co. (United States)		193,500		6,873,120
Watsco, Inc. (United States)		45,000		8,008,650
				14,881,770
Total Common Stocks (Cost $155,084,233)				273,005,640
Investments Purchased with Proceeds from Securities Lending Collateral — 20.6%
Mount Vernon Liquid Assets Portfolio, LLC, 1.81%		57,380,215		57,380,215
Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $57,380,215)				57,380,215
Short-Term Investments — 2.3%
U.S. Bank Money Market Deposit Account, 1.64% (United States) (b)		6,477,098		6,477,098
Total Short-Term Investments (Cost $6,477,098)				6,477,098
Total Investments (Cost $218,941,546) — 120.7%				336,862,953
Liabilities in Excess of Other Assets — (20.7)%				(57,784,121	)
NET ASSETS — 100.0%
(Applicable to 10,600,535 shares outstanding)			$	279,078,832

* Non-income producing security.

(a) All or a portion of the security is on loan. At November 30, 2019, the market value of securities on loan was $55,444,860.

(b) The rate shown is as of November 30, 2019.

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

59 

MFAM FUNDS

NOTES TO THE SCHEDULE OF INVESTMENTS

NOVEMBER 30, 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 November 30, 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	$	488,218,438	$	405,035,182	$	83,183,256	$	-	$	-
Investments Purchased with Proceeds From Securities Lending Collateral		56,861,421		-		-		-		56,861,421
Short-Term Investments		13,913,526		13,913,526		-		-		-
Total Investments*	$	558,993,385	$	418,948,708	$	83,183,256	$	-	$	56,861,421
MID-CAP GROWTH FUND
Common Stocks	$	273,005,640	$	273,005,640	$	-	$	-	$	-
Investments Purchased with Proceeds From Securities Lending Collateral		57,380,215		-		-		-		57,380,215
Short-Term Investments		6,477,098		6,477,098		-		-		-
Total Investments*	$	336,862,953	$	279,482,738	$	-	$	-	$	57,380,215

* 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 Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds' investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires each Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only if a Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for 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 November 30, 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.

60 

MOTLEY FOOL 100 INDEX ETF

SCHEDULE OF INVESTMENTS

NOVEMBER 30, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Common Stocks — 99.8%
Aerospace & Defense — 0.2%
TransDigm Group, Inc. (United States)		834	$	472,961
Air Freight & Logistics — 0.4%
FedEx Corp. (United States)		5,037		806,172
Airlines — 0.6%
Delta Air Lines, Inc. (United States)		11,080		634,995
Southwest Airlines Co. (United States)		9,256		533,516
				1,168,511
Automobiles — 0.8%
Ford Motor Co. (United States)		75,535		684,347
Tesla, Inc. (United States) (a)*		2,843		938,020
				1,622,367
Beverages — 0.3%
Monster Beverage Corp. (United States) (a)*		9,963		595,987
Biotechnology — 3.0%
Amgen, Inc. (United States)		9,839		2,309,410
Biogen, Inc. (United States)*		3,356		1,006,162
Gilead Sciences, Inc. (United States)		23,206		1,560,372
Vertex Pharmaceuticals, Inc. (United States)*		4,567		1,012,732
				5,888,676
Capital Markets — 1.9%
Charles Schwab Corp. (The) (United States)		22,809		1,129,045
CME Group, Inc. (United States) (a)		5,735		1,162,657
Intercontinental Exchange, Inc. (United States)		8,789		827,660
Moody's Corp. (United States)		3,151		714,237
				3,833,599
Chemicals — 0.9%
Ecolab, Inc. (United States)		4,730		882,949
Sherwin-Williams Co. (The) (United States)		1,355		790,141
				1,673,090
Commercial Services & Supplies — 0.8%
Cintas Corp. (United States)		1,571		403,841
Copart, Inc. (United States)*		3,856		343,184
Waste Management, Inc. (United States)		7,291		823,227
				1,570,252
Communications Equipment — 0.1%
Arista Networks, Inc. (United States)*		1,293		252,303
Consumer Finance — 0.9%
American Express Co. (United States)		14,963		1,797,356
Diversified Financial Services — 4.7%
Berkshire Hathaway, Inc., Class B (United States)*		41,725		9,192,017
Electric Utilities — 0.9%
NextEra Energy, Inc. (United States) (a)		7,331		1,714,134
Electrical Equipment — 0.2%
Rockwell Automation, Inc. (United States)		1,902		372,488
Electronic Equipment, Instruments & Components — 0.2%
Corning, Inc. (United States) (a)		14,842		431,012
Entertainment — 4.7%
Activision Blizzard, Inc. (United States)		11,305		619,853
Electronic Arts, Inc. (United States)*		4,767		481,515
Netflix, Inc. (United States) (a)*		9,971		3,137,475
Walt Disney Co. (The) (United States)		33,842		5,129,770
				9,368,613

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

61 

MOTLEY FOOL 100 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

NOVEMBER 30, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Equity Real Estate Investment Trusts (REITs) — 1.8%
Alexandria Real Estate Equities, Inc. (United States)		2,022		328,616
American Tower Corp. (United States)		7,408		1,585,534
Crown Castle International Corp. (United States)		7,042		941,234
Equinix, Inc. (United States)		1,284		727,835
				3,583,219
Food & Staples Retailing — 1.1%
Costco Wholesale Corp. (United States)		6,891		2,065,991
Food Products — 0.2%
McCormick & Co., Inc. (United States) (a)		2,277		385,382
Health Care Equipment & Supplies — 1.8%
Align Technology, Inc. (United States)*		2,251		624,292
Becton Dickinson and Co. (United States)		4,359		1,126,801
IDEXX Laboratories, Inc. (United States)*		1,475		371,081
Intuitive Surgical, Inc. (United States)*		1,912		1,133,625
ResMed, Inc. (United States)		2,376		355,450
				3,611,249
Health Care Providers & Services — 4.1%
CVS Health Corp. (United States)		19,569		1,472,959
HCA Healthcare, Inc. (United States)		6,311		875,083
McKesson Corp. (United States)		3,178		459,666
UnitedHealth Group, Inc. (United States)		18,698		5,233,009
				8,040,717
Health Care Technology — 0.4%
Cerner Corp. (United States) (a)		5,932		424,672
Veeva Systems, Inc., Class A (United States)*		2,791		416,361
				841,033
Hotels, Restaurants & Leisure — 1.5%
Chipotle Mexican Grill, Inc. (United States)*		419		341,033
Marriott International, Inc., Class A (United States)		6,267		879,636
Starbucks Corp. (United States)		19,868		1,697,323
				2,917,992
Industrial Conglomerates — 1.2%
3M Co. (United States)		10,253		1,740,652
Roper Technologies, Inc. (United States)		1,837		661,999
				2,402,651
Insurance — 0.5%
Aflac, Inc. (United States)		13,407		735,240
Loews Corp. (United States)		5,363		272,977
				1,008,217
Interactive Media & Services — 12.9%
Alphabet, Inc., Class C (United States)*		10,823		14,123,582
Facebook, Inc., Class A (United States)*		52,666		10,619,572
Match Group, Inc. (United States) (a)		5,100		359,448
Twitter, Inc. (United States)*		11,595		358,402
				25,461,004
Internet & Direct Marketing Retail — 9.4%
Amazon.com, Inc. (United States)*		9,298		16,743,839
Booking Holdings, Inc. (United States) (a)*		680		1,294,740
eBay, Inc. (United States)		15,162		538,554
				18,577,133
IT Services — 8.1%
Cognizant Technology Solutions Corp., Class A (United States)		10,369		664,757
Mastercard, Inc., Class A (United States)		16,970		4,959,143
PayPal Holdings, Inc. (United States)*		23,040		2,488,550
Square, Inc., Class A (United States)*		8,603		594,639
Twilio, Inc., Class A (United States)*		3,007		310,563
Visa, Inc., Class A (United States) (a)		37,511		6,921,155
				15,938,807

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

62 

MOTLEY FOOL 100 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

NOVEMBER 30, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Life Sciences Tools & Services — 0.5%
Illumina, Inc. (United States)*		2,931		940,148
Machinery — 0.3%
Cummins, Inc. (United States)		2,750		502,865
Media — 0.5%
Discovery, Inc., Class A (United States) (a)*		12,856		423,477
Sirius XM Holdings, Inc. (United States) (a)		71,678		500,312
				923,789
Oil, Gas & Consumable Fuels — 0.4%
Kinder Morgan, Inc. (United States) (a)		39,671		777,948
Professional Services — 0.2%
CoStar Group, Inc. (United States)*		637		390,392
Road & Rail — 1.7%
Uber Technologies, Inc. (United States) (a)*		41,922		1,240,891
Union Pacific Corp. (United States)		12,514		2,202,339
				3,443,230
Semiconductors & Semiconductor Equipment — 3.1%
Broadcom, Inc. (United States)		6,608		2,089,516
NVIDIA Corp. (United States)		8,810		1,909,479
Texas Instruments, Inc. (United States)		13,474		1,619,710
Xilinx, Inc. (United States)		4,735		439,313
				6,058,018

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

63 

MOTLEY FOOL 100 INDEX ETF

SCHEDULE OF INVESTMENTS (Continued)

NOVEMBER 30, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Software — 15.2%
Adobe Systems, Inc. (United States)*		8,462		2,619,243
Intuit, Inc. (United States) (a)		4,312		1,116,334
Microsoft Corp. (United States)		127,718		19,333,951
Palo Alto Networks, Inc. (United States) (a)*		1,632		370,823
Salesforce.com, Inc. (United States)*		13,668		2,226,381
ServiceNow, Inc. (United States) (a)*		3,485		986,394
Splunk, Inc. (United States)*		2,643		394,388
Synopsys, Inc. (United States)*		2,510		354,010
VMware, Inc., Class A (United States)*		8,011		1,246,672
Workday, Inc., Class A (United States)*		4,804		860,492
Zoom Video Communications, Inc., Class A (United States) (a)*		6,016		448,192
				29,956,880
Specialty Retail — 3.2%
AutoZone, Inc. (United States)*		430		506,506
Home Depot, Inc. (The) (United States)		16,985		3,745,362
O'Reilly Automotive, Inc. (United States)*		1,303		576,291
TJX Cos, Inc. (The) (United States)		20,158		1,232,258
Ulta Beauty, Inc. (United States)*		1,435		335,589
				6,396,006
Technology Hardware, Storage & Peripherals — 9.4%
Apple, Inc. (United States)		69,448		18,559,978
Textiles, Apparel & Luxury Goods — 1.1%
NIKE, Inc., Class B (United States)		23,966		2,240,581
Wireless Telecommunication Services — 0.6%
T-Mobile US, Inc. (United States)*		14,123		1,109,362
Total Common Stocks (Cost $161,998,120)				196,892,130
Rights - 0.1%
Altaba, Inc. - Escrow Shares (United States)*(c)		8,565		151,344
Total Rights (Cost $158,961)				19,614,217
Investments Purchased with Proceeds from Securities Lending Collateral — 9.9%
Mount Vernon Liquid Assets Portfolio, LLC, 1.81%		19,614,217		19,614,217
Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $19,614,217)				19,614,217
Short-Term Investments — 0.1%
First American Treasury Obligations Fund Class X, 1.59% (United States) (b)		90,880		90,880
Total Short-Term Investments (Cost $90,880)				90,880
Total Investments (Cost $181,862,178) — 109.9%				216,748,571
Liabilities in Excess of Other Assets — (9.9)%				(19,503,526	)
NET ASSETS — 100.0%
(Applicable to 8,100,000 shares outstanding)			$	197,245,045

* Non-income producing security.

(a) All or a portion of the security is on loan. At November 30, 2019, the market value of securities on loan was $19,199,612.

(b) Seven-day yield as of November 30, 2019.

(c) Security has been valued at fair market value using significant unobservable inputs as determined in good faith by or under the direction of The RBB Fund, Inc.'s Board of Directors. As of November 30, 2019, these securities amounted to $151,344 or 0.1% of net assets.

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

64 

MFAM SMALL-CAP GROWTH ETF

SCHEDULE OF INVESTMENTS

NOVEMBER 30, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Common Stocks — 95.7%
Aerospace & Defense — 2.7%
Axon Enterprise, Inc. (United States) (a)*		27,648	$	2,040,423
Auto Components — 2.3%
Fox Factory Holding Corp. (United States)*		26,567		1,751,562
Biotechnology — 8.3%
ADMA Biologics, Inc. (United States) (a)*		425,128		2,019,358
Akcea Therapeutics, Inc. (United States) (a)*		59,455		1,157,589
Editas Medicine, Inc. (United States) (a)*		33,353		1,009,929
PTC Therapeutics, Inc. (United States)*		42,335		1,988,051
				6,174,927
Building Products — 3.9%
Trex Co, Inc. (United States)*		33,818		2,910,377
Electronic Equipment, Instruments & Components — 4.0%
NLight, Inc. (United States) (a)*		149,845		2,986,411
Equity Real Estate Investment Trusts (REITs) — 2.5%
STAG Industrial, Inc. (United States)		61,108		1,893,737
Health Care Equipment & Supplies — 16.1%
Antares Pharma, Inc. (United States)*		561,054		2,653,785
Globus Medical, Inc., Class A (United States) (a)*		35,081		1,962,782
Heska Corp. (United States)*		23,303		2,225,436
iRhythm Technologies, Inc. (United States)*		30,629		2,208,045
Penumbra, Inc. (United States) (a)*		16,905		2,990,833
				12,040,881
Health Care Providers & Services — 4.1%
BioTelemetry, Inc. (United States)*		13,822		640,097
HealthEquity, Inc. (United States)*		37,986		2,388,939
				3,029,036
Health Care Technology — 4.6%
Teladoc, Inc. (United States) (a)*		40,825		3,418,686
Insurance — 1.8%
Goosehead Insurance, Inc., Class A (United States) (a)		32,998		1,337,079
Machinery — 4.3%
John Bean Technologies Corp. (United States)		16,560		1,814,148
Proto Labs, Inc. (United States)*		14,536		1,408,393
				3,222,541
Media — 2.8%
Cardlytics, Inc. (United States)*		38,020		2,131,021
Real Estate Management & Development — 10.1%
Howard Hughes Corp., (The) (United States)*		9,242		1,020,409
Jones Lang LaSalle, Inc. (United States)		17,365		2,888,320
Newmark Group, Inc., Class A (United States)		278,452		3,633,799
				7,542,528
Road & Rail — 2.5%
Landstar System, Inc. (United States)		16,675		1,857,762
Software — 21.5%
Alarm.com Holdings, Inc. (United States)*		37,429		1,632,653
Everbridge, Inc. (United States) (a)*		46,006		4,045,768
Paylocity Holding Corp. (United States)*		43,125		5,275,050
Q2 Holdings, Inc. (United States)*		32,890		2,776,903
Smartsheet, Inc., Class A (United States) (a)*		48,924		2,320,465
				16,050,839
Trading Companies & Distributors — 4.2%
Watsco, Inc. (United States)		17,480		3,110,915
Total Common Stocks (Cost $59,234,436)				71,498,725
Investments Purchased with Proceeds from Securities Lending Collateral — 20.0%
Mount Vernon Liquid Assets Portfolio, LLC, 1.81%		14,977,459		14,977,459
Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $14,977,459)				14,977,459
Short-Term Investments — 4.3%
First American Treasury Obligations Fund Class X, 1.59% (United States) (b)		3,217,820		3,217,820
Total Short-Term Investments (Cost $3,217,820)				3,217,820
Total Investments (Cost $77,429,715 — 120.0%				89,694,004
Liabilities in Excess of Other Assets — (20.0)%				(14,968,329	)
NET ASSETS — 100.0%
(Applicable to 2,875,000 shares outstanding)			$	74,725,675

* Non-income producing security.

(a) All or a portion of the security is on loan. At November 30, 2019, the market value of securities on loan was $14,571,572.

(b) Seven-day yield as of November 30, 2019.

65 

MFAM ETFS

NOTES TO THE SCHEDULE OF INVESTMENTS

NOVEMBER 30, 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 November 30, 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	$	196,892,130	$	196,892,130	$	-	$	-	$	-
Rights		151,344		-		-		151,344		-
Investments Purchased with Proceeds From Securities Lending Collateral		19,614,217		-		-		-		19,614,217
Short-Term Investments		90,880		90,880		-		-		-
Total Investments*	$	216,748,571	$	196,983,010	$	-	$	151,344	$	19,614,217
SMALL-CAP GROWTH FUND
Common Stocks	$	71,498,725	$	71,498,725	$	-	$	-	$	-
Investments Purchased with Proceeds From Securities Lending Collateral		14,977,459		-		-		-		14,977,459
Short-Term Investments		3,217,820		3,217,820		-		-		-
Total Investments*	$	89,694,004	$	74,716,545	$	-	$	-	$	14,977,459

* 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 Levels 1, 2 and 3 assets and liabilities on a quarterly basis for changes in listings or delistings on national exchanges.

Due to the inherent uncertainty of determining the fair value of investments that do not have a readily available market value, the fair value of the Funds' investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires each Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only if a Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for all Level 3 transfers 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 November 30, 2019, the Fool 100 Fund had Level 3 investments of $151,344.

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 

ORINDA INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS

NOVEMBER 30, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
COMMON STOCKS - 0.2%
Real Estate - 0.2%
Summit Industrial Income REIT (a)		50,000	$	483,325
TOTAL COMMON STOCKS				483,325
(Cost $267,661)
REITS - 67.4%
Financials - 33.0%
AG Mortgage Investment Trust, Inc. - Series C, 8.00% (3 Month LIBOR USD + 6.48%) (b)		30,000		788,100
AGNC Investment Corp.		60,300		1,044,396
AGNC Investment Corp. - Series C, 7.00% (3 Month LIBOR USD + 5.11%) (b)(c)		183,526		4,799,205
AGNC Investment Corp. - Series D, 6.88% (3 Month LIBOR USD + 4.33%) (b)		65,000		1,653,600
Annaly Capital Management, Inc. - Series F, 6.95% (3 Month LIBOR USD + 4.99%) (b)(c)		207,481		5,305,289
Annaly Capital Management, Inc. - Series G, 6.50% (3 Month LIBOR USD + 4.17%) (b)		38,970		973,471
Annaly Capital Management, Inc. - Series I, 6.75% (3 Month LIBOR USD + 4.99%) (b)		175,800		4,486,416
Apollo Commercial Real Estate Finance, Inc. (c)		100,000		1,827,000
Arbor Realty Trust, Inc. (c)		361,685		5,483,145
ARMOUR Residential REIT, Inc. - Series B, 7.88%		120,155		3,015,890
Blackstone Mortgage Trust, Inc. (c)		85,000		3,113,550
Chimera Investment Corp. - Series A, 8.00% (c)		106,725		2,826,078
Chimera Investment Corp. - Series B, 8.00% (3 Month LIBOR USD + 5.79%) (b)(c)		121,888		3,208,092
Chimera Investment Corp. - Series C, 7.75% (3 Month LIBOR USD + 4.74%) (b)		135,468		3,459,853
Chimera Investment Corp. - Series D, 8.00% (3 Month LIBOR USD + 5.38%) (b)(c)		146,447		3,812,015
Colony Credit Real Estate, Inc.		35,000		463,750
Ellington Financial, Inc., 6.75% (3 Month LIBOR USD + 5.20%) (b)		40,000		1,017,600
Exantas Capital Corp.		176,047		2,119,606
Exantas Capital Corp., 8.63% (3 Month LIBOR USD + 5.93%) (b)		60,000		1,560,000
Granite Point Mortgage Trust, Inc. (c)		159,570		2,899,387
Invesco Mortgage Capital, Inc. - Series C, 7.50% (3 Month LIBOR USD + 5.29%) (b)		179,539		4,750,602
KKR Real Estate Finance Trust, Inc.		35,533		717,411
Ladder Capital Corp.		20,000		345,800
New Residential Investment Corp.		133,814		2,074,117
New Residential Investment Corp. - Series A, 7.50% (3 Month LIBOR USD + 5.80%) (b)		139,113		3,654,499
New Residential Investment Corp. - Series B, 7.13% (3 Month LIBOR USD + 5.64%) (b)		124,501		3,151,120
New York Mortgage Trust, Inc. - Series B, 7.75%		2,429		60,798
New York Mortgage Trust, Inc. - Series D, 8.00% (3 Month LIBOR USD + 5.70%) (b)		13,819		349,621
Pebblebrook Hotel Trust		100,000		2,620,000
PennyMac Mortgage Investment Trust - Series A, 8.13% (3 Month LIBOR USD + 5.83%) (b)(c)		88,379		2,355,300
PennyMac Mortgage Investment Trust - Series B, 8.00% (3 Month LIBOR USD + 5.99%) (b)(c)		162,406		4,216,060
Ready Capital Corp., 6.20%		68,200		1,724,587
Ready Capital Corp.		86,996		1,371,927
RLJ Lodging Trust		40,000		683,600
STAG Industrial, Inc.		67,500		2,091,825
Starwood Property Trust, Inc.		125,000		3,062,500
Sunstone Hotel Investors, Inc.		77,010		1,078,140
TPG RE Finance Trust, Inc. (c)		160,234		3,244,738
Two Harbors Investment Corp. - Series A, 8.13% (3 Month LIBOR USD + 5.66%) (b)(c)		57,466		1,578,591
Two Harbors Investment Corp. - Series C, 7.25% (3 Month LIBOR USD + 5.01%) (b)(c)		77,619		1,993,256
Two Harbors Investment Corp. - Series D, 7.75%		5,500		139,987
Two Harbors Investment Corp. - Series E, 7.50% (c)		93,366		2,358,425
				97,479,347

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

67 

ORINDA INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

NOVEMBER 30, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Real Estate - 34.4%
American Finance Trust, Inc. - Series A, 7.50%		87,500		2,235,625
American Homes 4 Rent - Series D, 6.50%		179,399		4,719,988
American Homes 4 Rent - Series E, 6.35%		16,181		421,030
American Homes 4 Rent - Series F, 5.88%		6,029		156,995
American Homes 4 Rent - Series G, 5.88%		40,307		1,052,416
American Homes 4 Rent - Series H, 6.25%		19,659		525,485
Armada Hoffler Properties, Inc. - Series A, 6.75%		35,000		948,850
Ashford Hospitality Trust, Inc. - Series D, 8.45% (c)		25,795		649,415
Ashford Hospitality Trust, Inc. - Series F, 7.38% (c)		104,645		2,315,794
Ashford Hospitality Trust, Inc. - Series H, 7.50%		152,343		3,333,265
Ashford Hospitality Trust, Inc. - Series I, 7.50% (c)		130,647		2,841,572
Bluerock Residential Growth REIT, Inc. (c)		125,000		1,532,500
Bluerock Residential Growth REIT, Inc. - Series C, 7.63%		6,174		161,573
Bluerock Residential Growth REIT, Inc. - Series D, 7.13%		53,500		1,382,975
Braemar Hotels & Resorts, Inc. - Series D, 8.25%		33,300		895,270
Brookfield Property REIT, Inc. - Series A, 6.38%		7,884		199,071
City Office REIT, Inc.		70,000		940,100
City Office REIT, Inc. - Series A, 6.63%		76,926		1,963,921
Colony Capital, Inc.		181,486		885,652
Colony Capital, Inc. - Series B, 8.25%		67,764		1,719,850
Colony Capital, Inc. - Series E, 8.75% (c)		235,552		5,910,000
Colony Capital, Inc. - Series H, 7.13% (c)		167,228		3,857,950
Colony Capital, Inc. - Series I, 7.15% (c)		110,000		2,544,300
Colony Capital, Inc. - Series J, 7.13%		133,811		3,074,977
Digital Realty Trust, Inc. - Series G, 5.88%		21,600		546,480
Digital Realty Trust, Inc. - Series K, 5.85%		50,000		1,335,500
Digital Realty Trust, Inc. - Series L, 5.20%		60,000		1,518,600
Global Medical REIT, Inc. - Series A, 7.50% (c)		10,000		263,349
Global Net Lease, Inc. - Series A, 7.25% (c)		127,780		3,331,225
Global Net Lease, Inc. - Series B, 6.88%		75,000		1,860,000
Hersha Hospitality Trust - Series E, 6.50% (c)		80,892		2,049,803
Investors Real Estate Trust - Series C, 6.63% (c)		67,500		1,757,025
Iron Mountain, Inc.		27,500		883,300
iStar, Inc. - Series D, 8.00% (c)		96,610		2,500,267
iStar, Inc. - Series I, 7.50%		54,840		1,395,130
MGM Growth Properties LLC		10,000		309,900
Monmouth Real Estate Investment Corp. - Series C, 6.13%		115,202		2,878,898
National Storage Affiliates Trust - Series A, 6.00%		98,622		2,643,070
Office Properties Income Trust, 5.88%		14,627		374,744
Pebblebrook Hotel Trust - Series C, 6.50%		10,282		260,032
Pebblebrook Hotel Trust - Series E, 6.38%		48,380		1,218,208
Pennsylvania Real Estate Investment Trust		196,001		1,128,966
Pennsylvania Real Estate Investment Trust - Series C, 7.20%		26,308		560,886
Plymouth Industrial REIT, Inc.		15,000		278,100
PS Business Parks, Inc. - Series Z, 4.88%		50,000		1,252,500
Public Storage - Series I, 4.88%		50,000		1,294,500
QTS Realty Trust, Inc. - Series A, 7.13%		88,528		2,434,520
QTS Realty Trust, Inc. - Series B, 6.50%		10,085		1,273,029
Rexford Industrial Realty, Inc. - Series A, 5.88%		40,800		1,046,520
RLJ Lodging Trust - Series A, 1.95%		200,400		5,709,396
Sabra Health Care REIT, Inc.		121,700		2,711,476
Seritage Growth Properties		500		21,140
Seritage Growth Properties - Series A, 7.00%		56,000		1,423,800
Simon Property Group, Inc.		12,000		1,814,520
Summit Hotel Properties, Inc. - Series E, 6.25%		45,125		1,135,796
Sunstone Hotel Investors, Inc. - Series E, 6.95%		40,000		1,043,600
UMH Properties, Inc. - Series C, 6.75%		70,300		1,817,958
UMH Properties, Inc. - Series D, 6.38% (c)		50,000		1,250,000
VEREIT, Inc.		360,000		3,513,600
Vornado Realty Trust - Series L, 5.40%		17,874		450,603
Washington Prime Group, Inc.		330,853		1,376,348
Washington Prime Group, Inc. - Series H, 7.50%		26,584		600,267
WPT Industrial Real Estate Investment Trust (a)		12,300		172,200
				101,703,830

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

68 

ORINDA INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

NOVEMBER 30, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
TOTAL REITS				199,183,177
(Cost $187,351,656)
PREFERRED STOCKS - 27.9%
Consumer Discretionary - 0.0%
Ford Motor Co., 6.20%		917		23,603
Energy - 9.1%
Crestwood Equity Partners LP, 9.25%		380,000		3,488,400
DCP Midstream LP - Series B, 7.88% (3 Month LIBOR USD + 4.92%) (b)(c)		95,000		2,183,100
DCP Midstream LP - Series C, 7.95% (3 Month LIBOR USD + 4.88%) (b)		4,797		114,552
Energy Transfer Partners LP - Series C, 7.38% (3 Month LIBOR USD + 4.53%) (b)(c)		149,605		3,452,883
Energy Transfer Partners LP - Series D, 7.63% (3 Month LIBOR USD + 4.74%) (b)(c)		180,918		4,296,803
Energy Transfer Partners LP - Series E, 7.60% (3 Month LIBOR USD + 5.16%) (b)		36,500		880,380
GasLog Partners LP - Series A, 8.63% (3 Month LIBOR USD + 6.31%) (a)(b)(c)		41,500		1,044,555
GasLog Partners LP - Series B, 8.20% (3 Month LIBOR USD + 5.84%) (a)(b)(c)		46,000		1,126,080
GasLog Partners LP - Series C, 8.50% (3 Month LIBOR USD + 5.32%) (a)(b)		25,000		610,000
NGL Energy Partners LP - Series B, 9.00% (3 Month LIBOR USD + 7.21%) (b)		98,967		2,469,227
NuStar Energy LP - Series A, 8.50% (3 Month LIBOR USD + 6.77%) (b)(c)		60,000		1,428,600
NuStar Energy LP - Series B, 7.63% (3 Month LIBOR USD + 5.64%) (b)(c)		25,000		548,500
NuStar Energy LP - Series C, 9.00% (3 Month LIBOR USD + 6.88%) (b)(c)		50,000		1,246,500
Teekay LNG Partners LP - Series B, 8.50% (3 Month LIBOR USD + 6.24%) (a)(b)(c)		103,714		2,681,007
Tsakos Energy Navigation Ltd. - Series F, 9.50% (T-BILL 1MO + 6.54%) (b)		54,756		1,262,126
				26,832,713
Financials - 11.2%
Affiliated Managers Group, Inc., 5.88%		27,692		727,746
AG Mortgage Investment Trust, Inc. - Series A, 8.25%		11,000		279,198
AG Mortgage Investment Trust, Inc. - Series B, 8.00%		41,819		1,058,439
American Equity Investment Life Holding Co. - Series A, 5.95% (5 Year CMT Rate + 4.32%) (b)		40,000		1,012,400
Annaly Capital Management, Inc. - Series D, 7.50%		37,684		956,043
Arbor Realty Trust, Inc. - Series B, 7.75%		17,223		446,765
Athene Holding Ltd. - Series A, 6.35% (3 Month LIBOR USD + 4.25%) (a)(b)		32,880		904,200
B. Riley Financial, Inc., 6.50%		46,975		1,182,361
Bank of America Corp. - Series KK, 5.38%		40,000		1,056,000
Capital One Financial Corp. - Series I, 5.00%		70,000		1,739,500
Capstead Mortgage Corp. - Series E, 7.50%		48,111		1,222,019
Citizens Financial Group, Inc. - Series E, 5.00%		40,000		1,001,600
Cowen, Inc., 7.35%		40,000		1,036,400
GMAC Capital Trust I - Series 2, 7.69% (3 Month LIBOR USD + 5.79%) (b)		141,800		3,676,874
Invesco Mortgage Capital, Inc. - Series A, 7.75% (c)		77,700		2,009,322
Invesco Mortgage Capital, Inc. - Series B, 7.75% (3 Month LIBOR USD + 5.18%) (b)(c)		152,692		4,122,684
JPMorgan Chase & Co. - Series GG, 4.75%		90,000		2,271,600
KeyCorp, 5.63%		20,313		525,294
Merchants Bancorp - Series B, 6.00% (3 Month LIBOR USD + 4.57%) (b)		28,027		728,702
MFA Financial, Inc. - Series B, 7.50% (c)		75,737		1,935,838
Oaktree Capital Group LLC - Series B, 6.55%		60,000		1,615,800
Ready Capital Corp., 7.00%		49,941		1,337,919
Voya Financial, Inc. - Series B, 5.35% (5 Year CMT Rate + 3.21%) (b)		53,000		1,417,220
Wells Fargo Real Estate Investment Corp. - Series A, 6.38%		30,487		770,711
				33,034,635

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

69 

ORINDA INCOME OPPORTUNITIES FUND

SCHEDULE OF INVESTMENTS (Continued)

NOVEMBER 30, 2019 (UNAUDITED)

	NUMBER OF SHARES		VALUE
Industrials - 1.0%
Fortress Transportation & Infrastructure Investors LLC - Series A, 8.25% (3 Month LIBOR USD + 6.89%) (b)		5,500		140,360
Seaspan Corp. - Series H, 7.88% (a)		44,575		1,135,771
Seaspan Corp. - Series I, 8.00% (3 Month LIBOR USD + 5.01%) (b)		30,000		779,100
Triton International Ltd/Bermuda, 7.38%		40,000		1,044,800
				3,100,031
Real Estate - 6.0%
Ashford Hospitality Trust, Inc. - Series G, 7.38% (c)		158,920		3,405,656
Bluerock Residential Growth REIT, Inc. - Series A, 8.25%		67,991		1,796,322
Brookfield Property Partners LP - Series A-2, 6.38% (a)		35,000		887,250
Hersha Hospitality Trust - Series D, 6.50%		80,424		2,007,383
iStar, Inc. - Series G, 7.65%		53,525		1,364,887
Landmark Infrastructure Partners LP - Series B, 7.90%		51,884		1,330,825
Summit Hotel Properties, Inc. - Series D, 6.45%		17,619		448,553
UMH Properties, Inc. - Series B, 8.00% (c)		40,190		1,036,002
VEREIT, Inc. - Series F, 6.70% (c)		220,782		5,565,914
				17,842,792
Utilities - 0.6%
Sempra Energy, 5.75%		70,000		1,844,500
TOTAL PREFERRED STOCKS				82,678,274
(Cost $78,994,590)
CONVERTIBLE PREFERRED STOCKS - 0.9%
Real Estate - 0.9%
CorEnergy Infrastructure Trust, Inc. - Series A, 7.38%		100,597		2,570,253
TOTAL CONVERTIBLE PREFERRED STOCKS				2,570,253
(Cost $2,501,118)

	PRINCIPAL AMOUNT
CORPORATE BONDS - 0.2%
Real Estate - 0.3%
CBL & Associates Properties, Inc.
5.250%, 12/01/2023		1,000,000	735,115
TOTAL CORPORATE BONDS			735,115
(Cost $900,636)
CLOSED-END MUTUAL FUNDS - 3.5%
Brookfield Real Assets Income Fund, Inc.		122,798	2,691,732
Cohen & Steers Limited Duration Preferred and Income Fund, Inc.		34,000	894,880
Cohen & Steers Select Preferred and Income Fund, Inc.		29,299	878,384
Nuveen Preferred Income Opportunities Fund (c)		396,553	4,068,634
Oaktree Specialty Lending Corp.		359,200	1,903,760
TOTAL CLOSED-END MUTUAL FUNDS			10,437,390
(Cost $9,378,541)

	NUMBER OF SHARES
SHORT-TERM INVESTMENTS - 0.4%
First American Treasury Obligations Fund, 1.59% (d)		1,290,611		1,290,611
TOTAL SHORT-TERM INVESTMENTS				1,290,611
(Cost $1,290,611)
TOTAL INVESTMENTS
(Cost $280,684,813) - 100.5%				297,378,145
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%				(1,542,293	)
TOTAL NET ASSETS - 100.0%			$	295,835,852

Percentages are stated as a percent of net assets.

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

(b) Variable Rate Security. The rate shown represents the rate at November 30, 2019.

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

(d) Seven-day yield as of November 30, 2019.

Industry classifications may be different than those used for compliance monitoring purposes.

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

70 

ORINDA INCOME OPPORTUNITIES FUND

SCHEDULE OF SECURITIES SOLD SHORT

NOVEMBER 30, 2019 (UNAUDITED)

	NUMBER OF SHARES			VALUE
EXCHANGE TRADED FUNDS - (1.2%)
Finance and Insurance - (1.2%)
iShares Mortgage Real Estate ETF		(77,500	)	$	(3,403,025	)
TOTAL EXCHANGE TRADED FUNDS					(3,403,025	)
(Proceeds $3,208,982)
REITS - (0.1%)
Real Estate - (0.1%)
Seritage Growth Properties		(9,600	)		(405,888	)
TOTAL REITS					(405,888	)
(Proceeds $386,814)
TOTAL SECURITIES SOLD SHORT				$	(3,808,913	)
(Proceeds $3,595,796) - (1.3%)

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

71 

ORINDA INCOME OPPORTUNITIES FUND

NOTES TO SCHEDULE OF INVESTMENTS

NOVEMBER 30, 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 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 inputs used, as of November 30, 2019, in valuing the Fund's investments carried at fair value:

	TOTAL			LEVEL 1			LEVEL 2		LEVEL 3
Assets
Common Stocks
Real Estate	$	483,325		$	483,325		$	-	$	-
Total Common Stocks		483,325			483,325			-		-
REITs
Financials		97,479,347			97,479,347			-		-
Real Estate		101,703,830			99,384,760			2,319,070		-
Total REITs		199,183,177			196,864,107			2,319,070		-
Preferred Stocks
Consumer Discretionary		23,603			23,603			-		-
Energy		26,832,713			26,832,713			-		-
Financials		33,034,635			33,034,635					-
Industrials		3,100,031			3,100,031			-		-
Real Estate		17,842,792			17,842,792					-
Utilities		1,844,500			1,844,500			-		-
Total Preferred Stocks		82,678,274			82,678,274			-		-
Convertible Preferred Stocks
Real Estate		2,570,253			2,570,253			-		-
Total Convertible Preferred Stocks		2,570,253			2,570,253			-		-
Corporate Bonds
Real Estate		735,115			-			735,115		-
Total Corporate Bonds		735,115			-			735,115		-
Closed-End Mutual Funds		10,437,390			10,437,390			-		-
Short-Term Investments		1,290,611			1,290,611			-		-
Total Investments in Securities	$	297,378,145		$	294,323,960		$	3,054,185	$	-
Total Assets	$	297,378,145		$	294,323,960		$	3,054,185	$	-
Liabilities
Securities Sold Short	$	(3,808,913	)	$	(3,808,913	)	$	-	$	-
Total Liabilities	$	(3,808,913	)	$	(3,808,913	)	$	-	$	-

72 

ORINDA INCOME OPPORTUNITIES FUND

NOTES TO SCHEDULE OF INVESTMENTS (Continued)

NOVEMBER 30, 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 November 30, 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.

73 

SCHNEIDER SMALL CAP VALUE FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2019

	Number of Shares		Value
COMMON STOCKS — 99.7%
Auto Parts & Equipment — 6.6%
Adient PLC*		90,749	$	1,983,773
Banks — 9.4%
Cadence BanCorp		49,921		824,196
HomeStreet, Inc.*		5,264		168,027
MidWestOne Financial Group, Inc.		5,615		190,910
OFG Bancorp		11,513		246,954
Synovus Financial Corp.		36,068		1,373,830
				2,803,917
Chemicals — 12.4%
Koppers Holdings, Inc.*		35,862		1,328,687
Olin Corp.		20,710		362,839
UNIVAR, Inc.*(a)		50,266		1,177,230
Venator Materials PLC*		221,045		815,656
				3,684,412
Commercial Services — 8.0%
Herc Holdings, Inc.*		43,407		2,029,712
Hudson Global, Inc.*		29,914		363,754
				2,393,466
Health Care Equipment & Supplies — 0.0%
Invacare Corp.		378		3,300
Information Technology — 8.9%
Intevac, Inc.*		446,433		2,665,205
Insurance — 10.9%
Assured Guaranty Ltd.		20,924		1,038,877
Brighthouse Financial, Inc.*		44,709		1,840,222
Kingstone Cos., Inc.		45,180		344,723
				3,223,822
Manufacturing — 3.0%
Intrepid Potash, Inc.*(a)		101,304		230,973
Manitowoc Company, Inc., (The)*		39,848		637,568
REV Group, Inc.		3,000		39,000
				907,541

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

74 

SCHNEIDER SMALL CAP VALUE FUND

PORTFOLIO OF INVESTMENTS (Continued)

NOVEMBER 30, 2019

	Number of Shares		Value
Oil & Gas — 10.2%
Chesapeake Energy Corp.*(a)		2,471		1,471
Halcon Resources Corp.*(c)		3,985		127,161
SM Energy Co.(a)		99,000		822,690
Transocean Ltd.*(a)		329,465		1,640,736
Whiting Petroleum Corp.*(a)		91,302		418,163
				3,010,221
Oil & Gas Services — 2.5%
McDermott International, Inc.*(a)		11,782		9,430
NexTier Oilfield Solutions, Inc.*		156,382		749,070
				758,500
Pharmaceuticals — 0.1%
Mylan NV*		1,000		18,780
Plastics Product Manufacturing — 2.0%
Newell Brands, Inc.(a)		31,193		599,529
Real Estate Investment Trust — 7.6%
Alexander & Baldwin, Inc.(a)		24,562		532,504
Boardwalk Real Estate Investment Trust(a)		46,991		1,720,811
				2,253,315
Retail — 0.3%
Tuesday Morning Corp.*(a)		54,368		85,901
Semiconductors — 1.6%
Kulicke & Soffa Industries, Inc.		19,100		479,219
Telecommunications — 8.6%
Aviat Networks, Inc.*		182,441		2,523,159
UTStarcom Holdings Corp.*		15,755		47,108
				2,570,267
Transportation — 7.6%
Diamond S Shipping, Inc.*		22,792		328,889
Scorpio Tankers, Inc.		55,928		1,923,364
Stolt-Nielsen Ltd.		2,375		28,262
				2,280,515
TOTAL COMMON STOCKS
(Cost $36,580,963)				29,721,683
WARRANTS — 0.0%
Oil & Gas — 0.0%
Halcon Resources Corp. Expiration Date October 8, 2022 (c)		6,153		–
Halcon Resources Corp. Expiration Date October 8, 2022 *(c)		4,922		–
Halcon Resources Corp. Expiration Date September 10, 2022 *(c)		7,911		–
TOTAL WARRANTS
(Cost $0)				–
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL— 14.8%
Mount Vernon Liquid Assets Portfolio, LLC, 1.81%		4,430,263		4,430,263
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL
(Cost $4,430,263)				4,430,263
SHORT-TERM INVESTMENTS — 0.5%
First American Government Obligations Fund, Class X, 1.56% (b)		162,490		162,490
TOTAL SHORT-TERM INVESTMENTS
(Cost $162,490)				162,490
TOTAL INVESTMENTS — 115.0%
(Cost $41,173,716)				34,314,436
LIABILITIES IN EXCESS OF OTHER ASSETS — (15.0)%				(4,480,394	)
NET ASSETS — 100.0%			$	29,834,042

* Non-income producing security.

PLC Public Limited Company

(a) All or a portion of the security is on loan. At November 30, 2019, the market value of securities on loan was $4,166,792.

(b) Seven day yield as of November 30, 2019.

(c) Security has been valued at fair market value as determined in good faith by or under the direction of The RBB Fund, Inc.’s Board of Directors as of November 30, 2019, these securities amounted to $127,161 or 0.4% of net assets.

Industry classifications may be different than those used for compliance monitoring purposes.

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

75 

THE SCHNEIDER FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 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.

securities.

76 

THE SCHNEIDER FUNDS

NOTES TO PORTFOLIO OF INVESTMENTS (Continued)

NOVEMBER 30, 2019 (UNAUDITED)

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	$	29,721,683	$	27,873,712	$	1,720,810		127,161		$	-
Warrants		-		-		-		-	***		-
Investments Purchased with Proceeds from Securities Lending Collateral		4,430,263		-		-		-			4,430,263
Short-Term Investments		162,490		162,490		-		-			-
Total**	$	34,314,436	$	28,036,202	$	1,720,810	$	127,161		$	4,430,263

* 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.

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

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.

77 

SGI U.S. LARGE CAP EQUITY FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
COMMON STOCKS - 96.7%
Aerospace/Defense — 1.6%
L3Harris Technologies, Inc.		39,400	$	7,922,946
Lockheed Martin Corp.		3,100		1,212,193
				9,135,139
Apparel — 0.2%
VF Corp.		12,300		1,089,042
Banks — 1.6%
Huntington Bancshares Inc.		71,500		1,064,635
Northern Trust Corp.		43,900		4,707,836
Regions Financial Corp.		68,700		1,143,168
Umpqua Holdings Corp.		134,300		2,198,491
				9,114,130
Beverages — 1.4%
PepsiCo, Inc.		59,100		8,027,553
Chemicals — 2.0%
Air Products & Chemicals, Inc.		17,000		4,017,610
CF Industries Holdings, Inc.		132,700		6,132,067
Ecolab, Inc.		5,200		970,684
				11,120,361
Commercial Services — 3.2%
Robert Half International, Inc.		44,100		2,566,620
S&P Global, Inc.		57,400		15,190,910
				17,757,530
Computers — 3.2%
Accenture PLC, Class A, (Ireland)		25,700		5,169,812
Amdocs Ltd		44,700		3,097,710
Apple, Inc.		4,700		1,256,075
Cognizant Technology Solutions Corp., Class A		127,100		8,148,381
				17,671,978
Cosmetics & Personal Care — 2.3%
Colgate-Palmolive Co.		150,800		10,227,256
Procter & Gamble Co., (The)		20,100		2,453,406
				12,680,662
Distribution/Wholesale — 1.6%
Copart, Inc.*		101,300		9,015,700
Diversified Financial Services — 2.0%
Cboe Global Markets, Inc.		76,100		9,048,290
T Rowe Price Group, Inc.		15,600		1,927,536
				10,975,826
Electric — 8.7%
Alliant Energy Corp.		20,400		1,081,200
Avangrid, Inc.		228,000		11,067,120
Consolidated Edison, Inc.		11,600		1,007,924
DTE Energy Co.		43,500		5,434,890
Evergy, Inc.		157,000		9,933,390
Eversource Energy		48,800		4,032,832
OGE Energy Corp.		167,400		7,040,844
Pinnacle West Capital Corp.		18,600		1,625,454
Sempra Energy		8,200		1,207,614
Xcel Energy, Inc.		91,600		5,632,484
				48,063,752
Electronics — 2.1%
Garmin Ltd., (Switzerland)		22,200		2,168,718
Mettler-Toledo International, Inc.*		1,700		1,222,997
National Instruments Corp.		173,500		7,307,820
TE Connectivity Ltd., (Switzerland)		11,400		1,056,894
				11,756,429
Environmental Control — 0.9%
Republic Services, Inc.		37,700		3,342,105
Waste Management, Inc.		13,500		1,524,285
				4,866,390

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

78 

SGI U.S. LARGE CAP EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Food — 8.6%
Flowers Foods, Inc.		645,500		13,897,615
Hershey Co., (The)		92,700		13,734,432
Ingredion, Inc.		108,400		9,015,628
Sysco Corp.		134,600		10,842,030
				47,489,705
Gas — 1.2%
National Fuel Gas Co.		145,800		6,563,916
Healthcare-Products — 1.7%
Baxter International, Inc.		62,400		5,114,928
IDEXX Laboratories, Inc.*		16,300		4,100,754
				9,215,682
Healthcare-Services — 1.8%
Chemed Corp.		2,900		1,247,058
Humana, Inc.		3,400		1,160,182
UnitedHealth Group, Inc.		26,500		7,416,555
				9,823,795
Home Builders — 2.9%
NVR, Inc.*		4,200		15,925,938
Home Furnishings — 0.2%
Dolby Laboratories Inc., Class A		16,700		1,150,296
Household Products & Wares — 0.3%
Clorox Co., (The)		10,000		1,482,300
Housewares — 2.2%
Toro Co., (The)		155,200		12,133,536
Insurance — 2.7%
Allstate Corp., (The)		35,900		3,997,465
American International Group, Inc.		110,900		5,839,994
First American Financial Corp.		48,800		3,104,656
Progressive Corp., (The)		31,500		2,301,075
				15,243,190
Internet — 0.7%
Alphabet, Inc., Class A*		1,500		1,956,135
CDW Corp.		14,000		1,890,700
				3,846,835
Lodging — 1.5%
Choice Hotels International, Inc.		84,800		8,246,800
Machinery-Diversified — 0.7%
Graco, Inc.		83,300		4,024,223
Media — 2.7%
Charter Communications, Inc., Class A*		20,600		9,682,206
Comcast Corp., Class A		115,100		5,081,665
				14,763,871
Mining — 1.3%
Royal Gold, Inc.		60,600		7,106,562
Oil & Gas — 0.4%
Exxon Mobil Corp.		14,100		960,633
Phillips 66		10,100		1,158,672
				2,119,305
Pharmaceuticals — 5.3%
AbbVie, Inc.		77,200		6,772,756
Bristol-Myers Squibb Co.		147,700		8,410,038
Eli Lilly & Co.		33,300		3,907,755
Jazz Pharmaceuticals PLC, (Ireland)*		8,100		1,224,072
PRA Health Sciences, Inc.*		9,900		1,077,219
Zoetis, Inc.		68,200		8,219,464
				29,611,304
REITS — 8.6%
American Tower Corp.		17,100		3,659,913
Equity LifeStyle Properties Inc.		172,800		12,801,024
Essex Property Trust, Inc.		43,600		13,611,048
Public Storage		30,600		6,446,808
Rayonier, Inc.		184,500		5,651,235
UDR, Inc.		21,500		1,033,075
Weingarten Realty Investors		49,000		1,560,160
WP Carey, Inc.		39,100		3,261,722
				48,024,985

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

79 

SGI U.S. LARGE CAP EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Retail — 9.6%
Costco Wholesale Corp.		8,500		2,548,385
Darden Restaurants, Inc.		65,000		7,698,600
Dollar General Corp.		30,500		4,799,480
Home Depot, Inc., (The)		26,800		5,909,668
Ross Stores, Inc.		13,800		1,602,870
Starbucks Corp.		43,400		3,707,662
TJX Cos, Inc., (The)		194,900		11,914,237
Tractor Supply Co.		10,100		953,844
Wal-Mart Stores, Inc.		121,500		14,469,435
				53,604,181
Semiconductors — 0.4%
Teradyne, Inc.		22,858		1,430,682
Texas Instruments, Inc.		8,300		997,743
				2,428,425
Shipbuilding — 0.2%
Huntington Ingalls Industries, Inc.		4,800		1,208,016
Software — 6.6%
Aspen Technology, Inc.*		9,500		1,191,300
Cadence Design Systems, Inc.*		53,600		3,765,400
Fiserv, Inc.*		89,700		10,426,728
Intuit, Inc.		27,200		7,041,808
Jack Henry & Associates, Inc.		35,800		5,439,452
Paychex, Inc.		43,400		3,737,608
Synopsys, Inc.*		37,700		5,317,208
				36,919,504
Telecommunications — 3.6%
Cisco Systems, Inc.		100,300		4,544,593
T-Mobile US, Inc.*		13,100		1,029,005
Verizon Communications, Inc.		240,800		14,505,792
				20,079,390
Water — 2.7%
American Water Works Co, Inc.		110,700		13,398,021
Aqua America, Inc.		36,500		1,615,855
				15,013,876
TOTAL COMMON STOCKS
(Cost $455,642,456)				537,300,127
EXCHANGE-TRADED FUNDS - 1.7%
iShares Core S&P 500 ETF		14,800		4,677,688
Vanguard S&P 500 ETF		16,200		4,676,130
				9,353,818
TOTAL EXCHANGE-TRADED FUNDS
(Cost $9,311,485)				9,353,818
SHORT-TERM INVESTMENTS - 1.4%
Fidelity Investments Money Market Funds - Government Portfolio, Class I, 1.53% (a)		7,616,228		7,616,228
TOTAL SHORT-TERM INVESTMENTS
(Cost $7,616,228)				7,616,228
TOTAL INVESTMENTS - 99.8%
(Cost $472,570,169)				554,270,173
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%				981,645
NET ASSETS - 100.0%			$	555,251,818

* Non-income producing security.

(a) Seven-day yield as of November 30, 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.

80 

SGI U.S. SMALL CAP EQUITY FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
COMMON STOCKS - 96.8%
Agriculture — 1.0%
Limoneira Co.		23,800	$	469,931
Airlines — 0.9%
SkyWest, Inc.		6,200		388,368
Apparel — 0.7%
Rocky Brands, Inc.		11,640		324,523
Auto Parts & Equipment — 1.0%
Cooper Tire & Rubber Co.		15,509		446,970
Banks — 11.4%
Bryn Mawr Bank Corp.		11,500		451,605
Byline Bancorp, Inc.*		19,476		358,164
First Bancshares, Inc., (The)		12,500		419,500
First Financial Corp.		10,090		446,180
German American Bancorp, Inc.		12,962		436,819
Great Southern Bancorp, Inc.		7,400		451,622
HarborOne Bancorp, Inc.*		35,400		375,594
Heritage Commerce Corp.		36,000		450,000
Independent Bank Corp.		20,000		447,000
Opus Bank		17,800		457,638
Preferred Bank		7,100		391,565
QCR Holdings, Inc.		10,800		451,440
				5,137,127
Biotechnology — 0.9%
Emergent BioSolutions, Inc.*		7,200		394,992
Chemicals — 2.5%
American Vanguard Corp.		24,861		400,262
Materion Corp.		6,220		366,109
Sensient Technologies Corp.		5,700		360,753
				1,127,124
Commercial Services — 8.6%
Carriage Services, Inc.		18,104		435,401
Ennis, Inc.		20,300		418,992
ICF International, Inc.		5,100		457,623
International Money Express, Inc.*		29,400		399,546
Kelly Services, Inc., Class A		20,800		455,728
SP Plus Corp.*		9,500		416,575
TrueBlue, Inc.*		19,531		455,268
Vectrus, Inc.*		8,550		435,537
Viad Corp.		6,400		402,560
				3,877,230
Communications Equipment — 1.0%
Comtech Telecommunications Corp.		11,522		435,416
Computers — 0.9%
Sykes Enterprises, Inc.*		12,000		421,680
Diversified Financial Services — 0.9%
Provident Financial Services, Inc.		16,800		408,576
Electric — 6.9%
ALLETE, Inc.		5,500		440,605
Avista Corp.		9,600		453,888
NorthWestern Corp.		6,000		429,420
Otter Tail Corp.		9,100		447,356
PNM Resources, Inc.		9,400		455,430
Portland General Electric Co.		8,200		455,182
Unitil Corp.		6,998		427,158
				3,109,039
Electronics — 3.6%
Brady Corp., Class A		6,400		364,800
Ituran Location and Control Ltd., (Israel)		16,610		398,640
OSI Systems, Inc.*		4,700		467,603
Universal Electronics, Inc.*		7,000		389,200
				1,620,243

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

81 

SGI U.S. SMALL CAP EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Engineering & Construction — 0.9%
Great Lakes Dredge & Dock Corp.*		38,200		407,976
Food — 1.9%
Ingles Markets, Inc., Class A		9,969		443,022
J&J Snack Foods Corp.		2,300		425,500
				868,522
Forest Products & Paper — 0.8%
Neenah, Inc.		4,900		356,622
Gas — 2.9%
Chesapeake Utilities Corp.		4,800		437,472
Northwest Natural Holding Co.		6,600		453,882
Southwest Gas Holdings, Inc.		5,400		409,104
				1,300,458
Healthcare-Services — 1.0%
Medpace Holdings, Inc.*		5,800		444,686
Home Builders — 1.8%
Forestar Group, Inc.*		21,100		430,440
Taylor Morrison Home Corp.*		16,200		376,164
				806,604
Household Products/Wares — 1.0%
Quanex Building Products Corp.		23,300		453,418
Insurance — 4.0%
CNO Financial Group, Inc.		28,000		507,360
FBL Financial Group, Inc., Class A		7,700		443,289
Heritage Insurance Holdings, Inc.		30,100		412,069
National General Holdings Corp.		20,600		438,574
				1,801,292
Internet — 1.1%
HealthStream, Inc.*		16,500		480,645
Investment Companies — 3.9%
Fidus Investment Corp.		28,748		459,393
Gladstone Capital Corp.		40,495		421,553
PennantPark Investment Corp.		74,977		463,358
Solar Capital Ltd.		20,500		425,375
				1,769,679
Leisure Time — 0.8%
Lindblad Expeditions Holdings, Inc.*		24,600		381,300
Lodging — 0.8%
Marcus Corp., (The)		11,600		364,936
Metal Fabricate/Hardware — 1.0%
Northwest Pipe Co.*		13,533		464,588
Miscellaneous Manufacturing — 1.0%
Myers Industries, Inc.		26,300		435,265
Office Furnishings — 1.8%
Herman Miller, Inc.		7,700		367,906
Steelcase, Inc., Class A		25,000		453,000
				820,906
Oil & Gas Services — 1.1%
Matrix Service Co.*		23,700		496,278
Pharmaceuticals — 2.2%
Amphastar Pharmaceuticals, Inc.*		26,400		515,064
BioSpecifics Technologies Corp.*		9,000		495,000
				1,010,064

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

82 

SGI U.S. SMALL CAP EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
REITS — 15.8%
American Assets Trust, Inc.		9,720		461,992
Apple Hospitality REIT, Inc.		26,000		422,760
Ares Commercial Real Estate Corp.		27,377		428,176
Cherry Hill Mortgage Investment Corp.		31,200		467,376
Chimera Investment Corp.		21,100		429,807
Exantas Capital Corp.		38,270		460,771
First Industrial Realty Trust, Inc.		10,900		464,122
Investors Real Estate Trust		5,900		456,188
Lexington Realty Trust		41,700		462,036
National Health Investors, Inc.		5,600		453,544
One Liberty Properties, Inc.		16,400		447,884
Saul Centers, Inc.		7,882		418,849
Summit Hotel Properties, Inc.		37,900		459,348
Urstadt Biddle Properties, Inc., Class A		18,400		448,408
Western Asset Mortgage Capital Corp.		45,100		463,628
Whitestone REIT		32,400		454,896
				7,199,785
Retail — 3.9%
Foundation Building Materials, Inc.*		20,789		424,927
PC Connection, Inc.		9,194		453,448
Rush Enterprises, Inc., Class A		10,200		467,364
Ruth's Hospitality Group, Inc.		18,000		420,660
				1,766,399
Savings & Loans — 1.0%
Flushing Financial Corp.		20,265		429,618
Semiconductors — 1.0%
Photronics, Inc.*		37,273		438,331
Software — 2.0%
Computer Programs & Systems, Inc.		16,700		444,053
CSG Systems International, Inc.		8,200		468,958
				913,011
Telecommunications — 0.9%
InterDigital, Inc.		7,100		403,280
Textiles — 1.0%
UniFirst Corp.		2,100		433,125
Water — 2.9%
American States Water Co.		4,600		392,334
California Water Service Group		8,689		446,614
Middlesex Water Co.		7,200		452,232
				1,291,180
TOTAL COMMON STOCKS
(Cost $40,748,160)				43,699,187
EXCHANGE-TRADED FUNDS - 1.5%
iShares Russell 2000 ETF		2,100		339,717
Vanguard Russell 2000 ETF		2,600		338,130
				677,847
TOTAL EXCHANGE-TRADED FUNDS
(Cost $667,079)				677,847
SHORT-TERM INVESTMENTS - 1.6%
Fidelity Investments Money Market Funds - Government Portfolio, Class I, 1.53% (a)		740,655		740,655
TOTAL SHORT-TERM INVESTMENTS
(Cost $740,655)				740,655
TOTAL INVESTMENTS - 99.9%
(Cost $42,155,894)				45,117,689
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%				61,446
NET ASSETS - 100.0%			$	45,179,135

* Non-income producing security.

(a) Seven-day yield as of November 30, 2019.

ETF Exchange-Traded Fund

REIT Real Estate Investment Trust

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

83 

SGI GLOBAL EQUITY FUND

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
COMMON STOCKS - 92.4%
Apparel — 1.8%
NIKE, Inc., Class B		5,500	$	514,195
Banks — 3.8%
Canadian Imperial Bank of Commerce, (Canada)		6,300		547,470
Royal Bank of Canada, (Canada)		6,400		523,200
				1,070,670
Beverages — 3.5%
Coca-Cola Co., (The)		9,500		507,300
PepsiCo, Inc.		3,600		488,988
				996,288
Chemicals — 2.0%
Linde PLC, (Ireland)		2,700		556,767
Computers — 3.8%
CGI, Inc.*		6,600		548,724
Genpact Ltd.		13,000		529,100
				1,077,824
Cosmetics & Personal Care — 1.8%
Procter & Gamble Co., (The)		4,080		498,005
Diversified Financial Services — 2.0%
T Rowe Price Group, Inc.		4,700		580,732
Electric — 5.2%
Algonquin Power & Utilities Corp., (Canada)		36,400		508,144
Fortis Inc., (Canada)		11,900		465,171
Sempra Energy		3,500		515,445
				1,488,760
Environmental Control — 1.8%
Waste Connections, Inc., (Canada)		5,500		498,025
Food — 3.7%
Hershey Co., (The)		3,200		474,112
Lancaster Colony Corp.		3,700		584,711
				1,058,823
Healthcare-Products — 1.9%
Medtronic PLC, (Ireland)		4,800		534,672
Household Products & Wares — 1.8%
Clorox Co., (The)		3,500		518,805
Insurance — 3.7%
Berkshire Hathaway, Inc., Class B*		2,500		550,750
Chubb Ltd., (Switzerland)		3,220		487,766
				1,038,516
Internet — 1.8%
Alphabet, Inc., Class C*		400		521,984
Media — 3.7%
Shaw Communications, Inc., Class B (Canada)		25,700		534,303
Thomson Reuters Corp., (Canada)		7,500		529,125
				1,063,428
Oil & Gas — 5.5%
BP PLC, (United Kingdom), SP ADR		14,000		523,880
Enbridge, Inc., (Canada)		15,200		577,600
Royal Dutch Shell PLC, (Netherlands), Class A, SP ADR		8,200		471,418
				1,572,898
Pharmaceuticals — 13.6%
Eli Lilly & Co.		4,770		559,759
GlaxoSmithKline PLC, (United Kingdom) SP ADR		12,500		568,500
Merck & Co., Inc.		6,100		531,798
Novartis AG, (Switzerland), SP ADR		6,000		553,800
Novo Nordisk, (Denmark), SP ADR		10,000		561,500
Pfizer, Inc.		14,300		550,836
Sanofi, (France) ADR		11,370		530,752
				3,856,945
REITS — 1.6%
Public Storage		2,100		442,428
Retail — 7.3%
McDonald's Corp.		2,420		470,642
Starbucks Corp.		6,000		512,580
TJX Cos, Inc., (The)		9,300		568,509
Wal-Mart Stores, Inc.		4,260		507,323
				2,059,054

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

84 

SGI GLOBAL EQUITY FUND

PORTFOLIO OF INVESTMENTS (Continued)

NOVEMBER 30, 2019 (UNAUDITED)

	Number of Shares		Value
Software — 5.9%
Microsoft Corp.		3,700		560,106
Nice Ltd., (Isreal), SP ADR		3,500		530,215
SAP SE, (Germany), SP ADR		4,300		584,585
				1,674,906
Telecommunications — 14.3%
BCE, Inc., (Canada)		10,480		503,773
China Mobile Ltd., (China) SP ADR		12,100		456,533
Orange SA, (France), SP ADR		33,000		538,560
Rogers Communications, Inc., Class B (Canada)		10,400		502,424
SK Telecom Co Ltd. (Korea), SP ADR		23,300		534,036
Telekomunikasi Indonesia Persero Tbk PT, (Indonesia), SP ADR		17,300		478,691
TELUS Corp. (Canada)		14,200		536,050
Verizon Communications, Inc.		8,600		518,064
				4,068,131
Transportation — 1.9%
Canadian National Railway Co., (Canada)		5,900		537,431
TOTAL COMMON STOCKS
(Cost $23,784,102)				26,229,287
EXCHANGE-TRADED FUNDS - 5.2%
iShares Core S&P 500 ETF		1,100		347,666
iShares MSCI ACWI ETF		4,900		379,946
Vanguard S&P 500 ETF		1,200		346,380
Vanguard Total World Stock ETF		4,900		386,512
				1,460,504
TOTAL EXCHANGE-TRADED FUNDS
(Cost $1,421,219)				1,460,504
SHORT-TERM INVESTMENTS - 2.3%
Fidelity Investments Money Market Funds - Government Portfolio, Class I, 1.53% (a)		652,226		652,226
TOTAL SHORT-TERM INVESTMENTS
(Cost $652,226)				652,226
TOTAL INVESTMENTS - 99.9%
(Cost $25,857,547)				28,342,017
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.1%				39,177
NET ASSETS - 100.0%			$	28,381,194

* Non-income producing security.

(a) Seven-day yield as of November 30, 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.

85 

SUMMIT GLOBAL INVESTMENTS, LLC

PORTFOLIO OF INVESTMENTS

NOVEMBER 30, 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 November 30, 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	$	537,300,127	$	537,300,127	$	-	$	-
Exchange-Traded Funds		9,353,818		9,353,818		-		-
Short-Term Investments		7,616,228		7,616,228		-		-
Total Investments*	$	554,270,173	$	554,270,173	$	-	$	-
SGI U.S. Small Cap Equity Fund
Common Stocks	$	43,699,187	$	43,699,187	$	-	$	-
Exchange-Traded Funds		677,847		677,847		-		-
Short-Term Investments		740,655		740,655		-		-
Total Investments*	$	45,117,689	$	45,117,689	$	-	$	-
SGI Global Equity Fund
Common Stocks	$	26,229,287	$	26,229,287	$	-	$	-
Exchange-Traded Funds		1,460,504		1,460,504		-		-
Short-Term Investments		652,226		652,226		-		-
Total Investments*	$	28,342,017	$	28,342,017	$	-	$	-

* 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.

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.

86 

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	1/24/2020

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	1/24/2020

By (Signature and Title)*	/s/ James Shaw
	James Shaw, Treasurer
	(principal financial officer)
Date	1/24/2020

* 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:	1/24/2020	/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:	1/24/2020	/s/ James Shaw
		James Shaw, Treasurer (principal financial officer)