RBB Fund NPORT-P SGI Enhanced Global Income ETF (Nov 2024 report)

SGI Enhanced Global Income ETF
Schedule of Investments
November 30, 2024 (Unaudited)
COMMON STOCKS - 95.8%	Shares		Value
Aerospace/Defense - 0.5%
Lockheed Martin Corp.		633	$	335,117
Apparel - 0.6%
Tapestry, Inc.		7,126		443,807
Auto Manufacturers - 0.4%
Honda Motor Co., Ltd. - ADR		11,835		306,526
Banks - 10.6%
Banco Bilbao Vizcaya Argentaria SA - ADR		54,273		512,880
Banco Santander SA - ADR		72,576		335,301
Bancolombia SA - ADR		11,324		370,295
Bank of America Corp.		8,527		405,118
Bank of New York Mellon Corp.		5,980		489,583
Citigroup, Inc.		43,319		3,070,017
Citizens Financial Group, Inc.		8,992		432,875
ICICI Bank Ltd. - ADR		18,453		563,739
JPMorgan Chase & Co.		1,600		399,552
Popular, Inc.		4,032		400,619
Shinhan Financial Group Co, Ltd. - ADR		8,560		330,245
Woori Financial Group, Inc. - ADR		13,070		467,122
				7,777,346
Beverages - 2.2%
Coca-Cola Co.		10,674		683,990
Coca-Cola Femsa SAB de CV - ADR		12,094		963,045
				1,647,035
Biotechnology - 0.9%
Regeneron Pharmaceuticals, Inc. (a)		375		281,333
Royalty Pharma PLC - Class A		13,179		351,352
				632,685
Building Materials - 2.2%
Louisiana-Pacific Corp.		10,330		1,221,006
UFP Industries, Inc.		2,961		402,400
				1,623,406
Chemicals - 0.5%
DuPont de Nemours, Inc.		4,274		357,264
Cosmetics/Personal Care - 4.2%
Colgate-Palmolive Co.		28,011		2,706,703
Unilever PLC - ADR		5,790		346,474
				3,053,177
Distribution/Wholesale - 3.0%
WESCO International, Inc.		10,505		2,222,543
Diversified Financial Services - 1.6%
American Express Co.		1,410		429,599
Mastercard, Inc. - Class A		702		374,124
ORIX Corp. - ADR		3,433		387,311
				1,191,034
Electric - 6.8%
American Electric Power Co., Inc.		4,155		414,919
Cia Energetica de Minas Gerais - ADR		187,036		364,720
Clearway Energy, Inc. - Class A		30,452		846,870
Duke Energy Corp.		3,040		355,832
Evergy, Inc.		5,873		379,572
National Grid PLC - ADR		41,134		2,619,413
				4,981,326
Electronics - 0.5%
Amphenol Corp. - Class A		5,158		374,729
Engineering & Construction - 0.5%
Grupo Aeroportuario del Sureste SAB de CV - ADR		1,339		348,327
Food - 1.1%
Ingredion, Inc.		2,630		387,504
Tyson Foods, Inc. - Class A		6,068		391,386
				778,890
Freight & Logistics - 5.8%
CSX Corp.		26,341		962,763
FedEx Corp.		1,307		395,590
TFI International, Inc.		2,669		404,834
Union Pacific Corp.		2,871		702,419
United Parcel Service, Inc. - Class B		10,817		1,468,083
ZTO Express Cayman, Inc. - ADR		14,766		280,554
				4,214,243
Gas - 1.0%
National Fuel Gas Co.		5,781		369,810
Southwest Gas Holdings, Inc.		4,837		378,060
				747,870
Healthcare-Products - 0.4%
Smith & Nephew PLC - ADR		12,639		325,833
Healthcare-Services - 1.4%
Elevance Health, Inc.		832		338,591
HCA Healthcare, Inc.		988		323,293
Universal Health Services, Inc. - Class B		1,755		359,775
				1,021,659
Insurance - 4.4%
Allstate Corp.		2,026		420,172
Berkshire Hathaway, Inc. - Class B (a)		1,504		726,462
Equitable Holdings, Inc.		7,946		383,236
Jackson Financial, Inc. - Class A		3,626		363,289
Markel Group, Inc. (a)		226		402,940
Progressive Corp.		2,163		581,587
Prudential Financial, Inc.		2,891		374,124
				3,251,810
IT Services & Consulting - 6.1%
Infosys Ltd. - ADR		122,488		2,703,310
Logitech International S.A.		4,434		358,666
Wipro Ltd. - ADR		196,366		1,372,599
				4,434,575
Machinery-Diversified - 0.6%
Deere & Co.		867		403,935
Mining - 0.5%
Rio Tinto PLC - ADR		5,489		344,929
Oil & Gas - 2.0%
EOG Resources, Inc.		2,904		386,987
Occidental Petroleum Corp.		6,944		351,228
Petroleo Brasileiro SA - ADR		25,906		369,938
Phillips 66		2,782		372,732
				1,480,885
Online Services - 4.8%
Alibaba Group Holding Ltd. - ADR		3,665		320,211
JD.com, Inc. - ADR		8,950		334,551
Meta Platforms, Inc. - Class A		4,423		2,540,217
Vipshop Holdings Ltd. - ADR		25,491		352,031
				3,547,010
Pharmaceuticals - 12.5%
AbbVie, Inc.		3,783		692,024
Dr Reddy's Laboratories Ltd. - ADR		23,429		331,286
Eli Lilly & Co.		2,898		2,304,924
McKesson Corp.		702		441,207
Merck & Co., Inc.		15,560		1,581,519
Novo Nordisk AS - ADR		10,554		1,127,167
Takeda Pharmaceutical Co, Ltd. - ADR		198,099		2,698,109
				9,176,236
Real Estate - 1.4%
CBRE Group, Inc. - Class A (a)		7,497		1,049,505
Retail - 3.1%
Bath & Body Works, Inc.		11,804		427,777
Costco Wholesale Corp.		393		381,949
Ferguson Enterprises, Inc.		3,485		752,516
Target Corp.		2,349		310,796
TJX Cos., Inc.		3,139		394,541
				2,267,579
Semiconductors - 7.7%
Applied Materials, Inc.		1,905		332,823
Lam Research Corp.		11,099		819,994
Monolithic Power Systems, Inc.		386		219,109
QUALCOMM, Inc.		11,008		1,745,098
Taiwan Semiconductor Manufacturing Co, Ltd. - ADR		1,753		323,709
United Microelectronics Corp. - ADR		330,240		2,229,120
				5,669,853
Software - 4.0%
NetEase, Inc. - ADR		17,866		1,562,918
Nice Ltd. - ADR (a)		5,617		1,024,765
SAP SE - ADR		1,495		355,212
				2,942,895
Technology - 3.1%
Alphabet, Inc. - Class C		13,301		2,267,687
Telecommunications - 1.4%
Telkom Indonesia Persero Tbk PT - ADR		19,372		330,874
TELUS Corp.		22,631		351,686
TIM Brasil SA - ADR		24,033		310,025
				992,585
TOTAL COMMON STOCKS (Cost $69,372,873)				70,212,301
EXCHANGE TRADED FUNDS - 1.0%
iShares International Select Dividend ETF		25,063		719,810
TOTAL EXCHANGE TRADED FUNDS (Cost $713,567)				719,810
TOTAL INVESTMENTS - 96.8% (Cost $70,086,440)				70,932,111
Other Assets in Excess of Liabilities - 3.2%				2,376,491
TOTAL NET ASSETS - 100.0%			$	73,308,602
two				–	%
Percentages are stated as a percent of net assets.				–	%

ADR - American Depositary Receipt

AS – Aksjeselskap

ETF - Exchange-Traded Fund

PLC - Public Limited Company

SA - Sociedad Anónima

SAB de CV - Sociedad Anónima Bursátil de Capital Variable

SE - Societas Europeae

(a) Non-income producing security.

Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)

SGI Enhanced Global Income ETF has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of November 30, 2024:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	70,212,301	$	–	$	–	$	70,212,301
Exchange Traded Funds		719,810		–		–		719,810
Money Market Funds		1,865,380		–		–		1,865,380
Total Investments	$	72,797,491	$	–	$	–	$	72,797,491
Refer to the Schedule of Investments for further disaggregation of investment categories.

Allocation of Portfolio Holdings by Country as of November 30, 2024
(% of Net Assets)
United States	$	44,803,767	61.2	%
India		4,970,934	6.9
United Kingdom		3,636,649	5.0
Japan		3,391,946	4.6
China		2,850,265	3.8
Taiwan		2,552,829	3.4
Mexico		1,311,372	1.8
Denmark		1,127,167	1.5
Brazil		1,044,683	1.4
Israel		1,024,765	1.4
Spain		848,181	1.2
South Korea		797,367	1.0
Canada		756,520	1.1
Puerto Rico		400,619	0.5
Colombia		370,295	0.5
Switzerland		358,666	0.5
Germany		355,212	0.5
Indonesia		330,874	0.5
Other Assets in Excess of Liabilities		2,376,491	3.2
	$	73,308,602	100.0	%