RBB Fund N-CSRS Certified semi-annual shareholder report (management investment company)

As filed with the Securities and Exchange Commission on May 8, 2023

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

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

811-05518

Investment Company Act file number

THE RBB FUND, INC.
(Exact name of registrant as specified in charter)

615 East Michigan Street

Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)

Steven Plump, President

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

615 East Michigan Street

Milwaukee, WI 53202
(Name and address of agent for service)

(609) 731-6256

Registrant's telephone number, including area code

Date of fiscal year end: August 31, 2023

Date of reporting period: February 28, 2023

Item 1. Reports to Stockholders.

(a)

Abbey Capital Futures Strategy Fund

of

THE RBB FUND, INC.

Semi-Annual Report

February 28, 2023

(Unaudited)

Abbey Capital Futures Strategy Fund

Semi-Annual Investment Adviser’s Report

February 28, 2023 (Unaudited)

Dear Shareholder,

The Abbey Capital Futures Strategy Fund (the “Fund”) Class I Shares returned -0.24% net of fees for the 6-month fiscal period ended February 28, 2023. Negative performance was driven by trading in energy, major currencies, metals and agricultural commodities. Fund investments in fixed income, emerging market currencies and equities were positive contributors during the 6-month period. The Fund’s core allocation to Diversified Trendfollowing (“Trendfollowing”) strategies was the main detractor from performance, while the performance of the Fund’s non-Trendfollowing allocation was close to flat in aggregate during the period. The Fund may invest up to 25% of its total assets in Abbey Capital Master Offshore Fund Limited (“ACMOF”), a wholly-owned subsidiary of the Fund that invests substantially all of its assets in Abbey Capital Offshore Fund SPC (“ACOF”), which is a wholly-owned and controlled segregated portfolio company that invests in managed futures and foreign exchange contracts. The Fund may also invest a portion of its assets into Abbey Capital Onshore Series LLC (“ACOS”), a wholly-owned subsidiary of the Fund which is a multi-adviser fund that invests in managed futures and foreign exchange contracts.

Average Total Returns for the Periods Ended February 28, 2023

	2023 YTD	1 YEAR	SEP. 1, 2022 TO FEB. 28, 2023	5 YEAR ANNUALIZED	ANNUALIZED SINCE INCEPTION ON JULY 1, 2014
Class I Shares	1.19%	15.13%	-0.24%	6.64%	5.60%
Class A Shares*	1.12%	14.93%	-0.34%	6.37%	5.34%
Class A Shares (max load)*	-4.72%	8.29%	-6.09%	5.12%	4.62%
Class C Shares**	0.98%	13.99%	-0.71%	5.58%	4.56%
S&P 500® Total Return Index***	3.69%	-7.69%	1.26%	9.82%	10.56%
BofA Merrill Lynch 3-Month T-Bill Index***	0.64%	2.10%	1.74%	1.35%	0.95%
Barclay CTA Index***	0.03%	5.15%	-0.62%	4.12%	2.76%

Barclay CTA numbers are based on the estimates available on the BarclayHedge website as of March 15, 2023

Source: Abbey Capital, Bloomberg and BarclayHedge

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

Please note the above is shown for illustrative purposes only

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

** Class C Shares performance prior to its inception on October 6, 2015 is the performance of Class I Shares, adjusted for the Class C Shares expense ratio.

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

Abbey Capital Limited (the “Adviser”) has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 1.79%, 2.04% and 2.79% of the Fund’s average daily net assets attributable to

1

Abbey Capital Futures Strategy Fund

Semi-Annual Investment Adviser’s Report (Continued)

February 28, 2023 (Unaudited)

Class I Shares, Class A Shares, and Class C Shares, respectively. This contractual limitation is in effect until December 31, 2023, and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. In addition, the Adviser may recoup any waived or reimbursed amounts from the Fund within three years from the date on which such waiver or reimbursement was made by the Adviser, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. Without the expense limitation agreement, the expense ratios are 1.85%, 2.10% and 2.85% of the Fund’s average daily net assets attributable to Class I Shares, Class A Shares, and Class C Shares, respectively, as stated in the Fund’s current prospectus dated December 31, 2022 (and which may differ from the actual expense ratios for the period covered by this report). The quoted performance would have been lower without the expense limitation.

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

Performance Analysis

The 6-month period ended February 28, 2023 was negative for Fund performance. The Fund’s Trendfollowing sub-advisers recorded losses for the period, while the non-Trendfollowing trading styles were close to flat in aggregate.

Inflation, and the outlook for central bank policy, were key drivers of markets over the period. Market expectations for rate hikes in the US and elsewhere shifted several times during the 6- month period, with uncertainty about the outlook for monetary policy contributing to multiple reversals in asset prices and in broader market sentiment.

Expectations for monetary policy were relatively hawkish in September 2022. The US Federal Reserve and the European Central Bank both hiked rates by 0.75%, while US inflation was stronger than expected and eurozone inflation reached double digits. Fund performance was positive in September 2022. We saw the continuation of some of the most notable trends from earlier in 2022, namely uptrends in the US Dollar and in global yields. The hawkish outlook continued to weigh on global equity prices with the year-to-date return of the S&P 500 -24.8% as of the end of September.

Performance in quarter four of 2022 was more challenging, as reversals in sentiment during the quarter led to corrections in price trends across several markets. Further signs of slowing US inflation initially saw investors price a slower pace of US Federal Reserve tightening. This led to a rebound in equity markets, and a reversal of uptrends in global yields and the US Dollar. Sentiment shifted in December however, as guidance from the US Federal Reserve and European Central Bank proved more hawkish than expected. This saw some of the price trends from earlier in the quarter unwind as equities declined and uptrends in global yields resumed.

Performance during the first two months of 2023 was positive. We continued to see significant uncertainty around the outlook for rate hikes in the US and elsewhere. Risk sentiment was initially buoyed by hopes that we were approaching the end of the US rate hiking cycle. However, some stronger than expected US inflation data saw expectations for rate hikes increase in February 2023. Despite mixed signals on the direction of monetary policy, the rally in global equity markets early in the period proved profitable for several of the Fund’s underlying sub-advisers.

Similar to financial markets, commodities markets were also choppy during the 6-month period with several markets experiencing a lack of clear trends and frequent price reversals. The Fund’s largest losses occurred in commodities, with negative performance recorded in energy, metals and agricultural commodities.

Energy was the largest detractor from Fund performance over the 6-month period. Losses were concentrated in crude oil and distillate contracts. Both long and short positions in energy recorded losses at different times as price reversals and a lack of clear direction in prices proved difficult for the Fund’s Trendfollowing sub-advisers in particular. Several developments on both the supply and demand side contributed to these choppy price moves. These included evidence of a slowdown in global growth, shifts in Chinese demand expectations as COVID-19 restrictions were eased, supply cuts from OPEC+ and rising inventories later in the period.

2

Abbey Capital Futures Strategy Fund

Semi-Annual Investment Adviser’s Report (Continued)

February 28, 2023 (Unaudited)

Performance in metals was also challenging, with losses recorded in both precious and base metals. Similarly to energy markets, frequent price corrections in metals prices led to losses for the Fund’s Trendfollowing sub-advisers with long and short positions detracting at different times during the period. In agricultural commodities, losses were concentrated in corn and coffee contracts.

Major currencies was another difficult sector for performance as long-term uptrends in the US Dollar reversed. The US Dollar had largely been in an uptrend since mid-2021 as guidance for US monetary policy turned progressively more hawkish. Losses in the sector were concentrated in Q4 2022. Long US Dollar positions against the Euro and Japanese Yen resulted in the largest detractors within the sector as trends in the Dollar corrected on slowing US inflation and speculation that the pace of US Federal Reserve rate hikes may slow. Trendfollowing, Global Macro and Short-term Systematic all recorded losses in major currencies over the 6-month period.

In contrast, the Fund’s largest gains were observed in fixed income with short positions in bonds and interest rates both contributing positively to returns. Trendfollowing led gains in the sector, while Value was negative due to longs in interest rates. Despite the frequent changes in outlook for monetary policy, global yields rose as central banks in most major markets hiked rates and as inflation, despite signs of slowing, remained elevated. The Fund’s largest gains arose from shorts in UK Gilt and US Treasury contracts.

Gains in emerging market currencies were concentrated in the Mexican Peso. Long positions resulted in gains as the currency trended higher for much of the period alongside higher local market rates. In early 2023, the Mexican Peso hit its highest level against the US Dollar since 2018 following larger than expected rate hikes by the Mexican central bank.

Performance in equities was slightly positive, as gains for the Fund’s Short-term Systematic and Value trading advisers outweighed losses from Trendfollowing sub-advisers.

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

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

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

3

Abbey Capital Futures Strategy Fund

Semi-Annual Investment Adviser’s Report (Concluded)

February 28, 2023 (Unaudited)

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

4

Abbey Capital Futures Strategy Fund

Performance Data

February 28, 2023 (Unaudited)

Average Annual Total Returns for the Periods Ended February 28, 2023
	Six Months†	One Year	Three Years	Five Years	Since Inception††
Class A Shares (without sales charge) (Pro forma July 1, 2014 to August 29, 2014)	-0.34%	14.93%	9.19%	6.37%	5.34%*
Class A Shares (with sales charge) (Pro forma July 1, 2014 to August 29, 2014)	-6.09%	8.29%	7.07%	5.12%	4.62%*
S&P 500® Total Return Index	1.26%	-7.69%	12.15%	9.82%	10.56%**
ICE BofA 3-Month U.S. Treasury Bill Index***	1.74%	2.10%	0.84%	1.35%	0.95%**
Barclay CTA Index***	-0.62%	5.15%	6.04%	4.12%	2.76%**

† Not annualized.

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

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

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

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

The Fund charges a 5.75% maximum sales charge on purchases (as a percentage of offering price) of Class A Shares. The performance data quoted reflects fee waivers in effect and would have been less in their absence. The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 2.04% of the Fund’s average daily net assets attributable to Class A Shares. Without the limitation arrangement, the gross expense ratio is 2.10% for Class A Shares as stated in the current prospectus, as supplemented (and which may differ from the actual expense ratio for the period covered by this report). This contractual limitation is in effect until December 31, 2023 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. Please see the Consolidated Financial Highlights for current figures.

5

Abbey Capital Futures Strategy Fund

Performance Data (Continued)

February 28, 2023 (Unaudited)

Average Annual Total Returns for the Periods Ended February 28, 2023
	Six Months†	One Year	Three Years	Five Years	Since Inception††
Class I Shares	-0.24%	15.13%	9.46%	6.64%	5.60%
S&P 500® Total Return Index	1.26%	-7.69%	12.15%	9.82%	10.56%*
ICE BofA 3-Month U.S. Treasury Bill Index**	1.74%	2.10%	0.84%	1.35%	0.95%*
Barclay CTA Index**	-0.62%	5.15%	6.04%	4.12%	2.76%*

† Not annualized.

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

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

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

The performance data quoted reflects fee waivers in effect and would have been less in their absence. The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 1.79% of the Fund’s average daily net assets attributable to Class I Shares. Without the limitation arrangement, the gross expense ratio is 1.85% for Class I Shares, as stated in the current prospectus, as supplemented (and which may differ from the actual expense ratios for the period covered by this report). This contractual limitation is in effect until December 31, 2023 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. Please see the Consolidated Financial Highlights for current figures.

6

Abbey Capital Futures Strategy Fund

Performance Data (Continued)

February 28, 2023 (Unaudited)

Average Annual Total Returns for the Periods Ended February 28, 2023
	Six Months†	One Year	Three Years	Five Years	Since Inception††
Class C Shares (without sales charge) (Pro forma July 1, 2014 to October 6, 2015)	-0.71%	13.99%	8.36%	5.58%	4.56%*
Class C Shares (with sales charge) (Pro forma July 1, 2014 to August 29, 2014)	-1.57%	13.00%	8.36%	5.58%	4.56%*
S&P 500® Total Return Index	1.26%	-7.69%	12.15%	9.82%	10.56%**
ICE BofA 3-Month U.S. Treasury Bill Index***	1.74%	2.10%	0.84%	1.35%	0.95%**
Barclay CTA Index***	-0.62%	5.15%	6.04%	4.12%	2.76%**

† Not annualized.

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

* Class C Shares performance prior to its inception on October 6, 2015 is the performance of Class I Shares, adjusted for the Class C Shares expense ratio.

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

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

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

The performance data quoted reflects fee waivers in effect and would have been less in their absence. The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 2.79% of the Fund’s average daily net assets attributable to Class C Shares. Without the limitation arrangement, the gross expense ratio is 2.85% for Class C Shares, as stated in the current prospectus, as supplemented (and which may differ from the actual expense ratios for the period covered by this report). This contractual limitation is in effect until December 31, 2023 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. Please see the Consolidated Financial Highlights for current figures.

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

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

7

Abbey Capital Futures Strategy Fund

Performance Data (Concluded)

February 28, 2023 (Unaudited)

Barclay CTA Index

The Barclay CTA Index is a leading industry benchmark of representative performance of commodity trading advisors. There are currently 412 programs included in the calculation of the Barclay CTA Index for 2023. The Barclay CTA Index is equally weighted and rebalanced at the beginning of each year.

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

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

The S&P 500^® Total Return Index

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

A basis point is one hundredth of one percent.

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

8

Abbey Capital Futures Strategy Fund

Fund Expense Examples

February 28, 2023 (Unaudited)

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

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2022 through February 28, 2023, and held for the entire period.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

	Beginning Account Value September 1, 2022	Ending Account Value February 28, 2023	Expenses Paid During Period(1)	Annualized Expense Ratio(2)	Actual Six- Month Total Investment Returns for the Fund
Actual
Class A Shares	$ 1,000.00	$ 996.60	$ 10.10	2.04%	-0.34%
Class I Shares	1,000.00	997.60	8.87	1.79%	-0.24%
Class C Shares	1,000.00	992.90	13.79	2.79%	-0.71%
Hypothetical (5% return before expenses)
Class A Shares	$ 1,000.00	$ 1,014.68	$ 10.19	2.04%	N/A
Class I Shares	1,000.00	1,015.92	8.95	1.79%	N/A
Class C Shares	1,000.00	1,010.96	13.91	2.79%	N/A

⁽¹⁾ Expenses are equal to the Funds’ Class A Shares, Class I Shares, and Class C Shares annualized six-month expense ratios for the period September 1, 2022 through February 28, 2023, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one half year period. The Fund’s ending account values in the first section in the table are based on the actual six-month total investment return for the Fund’s respective share classes.

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

9

Abbey Capital Futures Strategy Fund

Consolidated Portfolio Holdings Summary Table

February 28, 2023 (Unaudited)

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

	% of Net Assets			Value
SHORT-TERM INVESTMENTS:
U.S. Treasury Obligations		81.4	%	$	2,250,145,249
Money Market Deposit Account		4.3			117,370,070
OTHER ASSETS IN EXCESS OF LIABILITIES (including futures and forward foreign currency contracts)		14.3			395,522,260
NET ASSETS		100.0	%	$	2,763,037,579

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

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

Portfolio holdings are subject to change at any time.

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

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

10

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments

February 28, 2023 (Unaudited)

	Coupon*			Maturity Date		Par (000’s)		Value
SHORT-TERM INVESTMENTS - 85.7%
U.S. TREASURY OBLIGATIONS - 81.4%
U.S. Treasury Bills		3.371	%		03/02/23	$	110,839	$	110,825,607
U.S. Treasury Bills		3.584	%		03/09/23		64,592		64,527,730
U.S. Treasury Bills		3.829	%		03/16/23		63,515		63,396,703
U.S. Treasury Bills		3.893	%		03/23/23		216,642		216,072,381
U.S. Treasury Bills		3.944	%		03/30/23		105,557		105,187,324
U.S. Treasury Bills		4.063	%		04/06/23		137,461		136,853,743
U.S. Treasury Bills		4.297	%		04/13/23		116,954		116,331,101
U.S. Treasury Bills		4.486	%		04/20/23		144,767		143,846,071
U.S. Treasury Bills		4.482	%		04/27/23		96,329		95,620,731
U.S. Treasury Bills		4.619	%		05/04/23		120,721		119,729,157
U.S. Treasury Bills		4.522	%		05/11/23		72,296		71,632,629
U.S. Treasury Bills		4.631	%		05/18/23		32,385		32,058,493
U.S. Treasury Bills		4.704	%		05/25/23		21,756		21,517,747
U.S. Treasury Bills		4.707	%		06/01/23		44,930		44,390,609
U.S. Treasury Bills		4.736	%		06/08/23		83,977		82,902,221
U.S. Treasury Bills		4.680	%		06/15/23		58,154		57,351,226
U.S. Treasury Bills		4.685	%		06/22/23		59,681		58,799,134
U.S. Treasury Bills		4.778	%		06/29/23		69,219		68,141,489
U.S. Treasury Bills		4.858	%		07/06/23		79,668		78,335,583
U.S. Treasury Bills		4.816	%		07/13/23		46,347		45,530,471
U.S. Treasury Bills		4.852	%		07/20/23		35,126		34,474,538
U.S. Treasury Bills		4.840	%		07/27/23		35,608		34,915,315
U.S. Treasury Bills		4.823	%		08/03/23		64,615		63,288,388
U.S. Treasury Bills		4.935	%		08/10/23		103,310		101,079,666
U.S. Treasury Bills		5.059	%		08/17/23		95,763		93,591,652
U.S. Treasury Bills		5.144	%		08/24/23		194,391		189,745,540
TOTAL U.S. TREASURY OBLIGATIONS (Cost $2,251,035,063)									2,250,145,249
						Number of Shares (000’s)
MONEY MARKET DEPOSIT ACCOUNT - 4.3%
U.S. Bank Money Market Deposit Account, 4.25% (United States)(a)							117,370		117,370,070
TOTAL MONEY MARKET DEPOSIT ACCOUNT (Cost $117,370,070)									117,370,070
TOTAL SHORT-TERM INVESTMENTS (Cost $2,368,405,133)									2,367,515,319
TOTAL INVESTMENTS - 85.7%
(Cost $2,368,405,133)									2,367,515,319
OTHER ASSETS IN EXCESS OF LIABILITIES - 14.3%									395,522,260
NET ASSETS - 100.0%								$	2,763,037,579

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

(a) The rate shown is as of February 28, 2023.

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

11

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Futures contracts outstanding as of February 28, 2023 were as follows:

Long Contracts	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
3-Month Euro Euribor		Dec-25		32	$	8,207,309	$	(38,593	)
90-DAY Bank Bill		Sep-23		78		51,920,510		(77,638	)
Amsterdam Index Futures		Mar-23		252		40,187,796		(543,889	)
AUD/USD Currency Futures		Mar-23		1		67,375		(1,400	)
Australian 10-Year Bond Futures		Mar-23		125		9,896,729		(33,976	)
Australian 3-Year Bond Futures		Mar-23		96		6,895,126		(70,719	)
BIST 30 Index Futures		Apr-23		73		228,171		6,634
Brent Crude Futures		May-23		28		2,336,600		8,986
CAC40 10 Euro Futures		Mar-23		845		65,038,499		(2,202	)
CAD Currency Futures		Mar-23		5		366,925		(930	)
Cattle Feeder Futures		Mar-23		1		94,900		388
Cattle Feeder Futures		Apr-23		10		975,375		9,500
Cattle Feeder Futures		May-23		2		199,625		2,875
CHF Currency Futures		Mar-23		25		3,327,344		(77,319	)
Cocoa Futures		May-23		376		10,486,640		344,830
Cocoa Futures		Jul-23		138		3,847,440		111,230
Cocoa Futures ICE		Mar-23		104		2,629,523		105,490
Cocoa Futures ICE		May-23		257		6,581,420		322,195
Cocoa Futures ICE		Jul-23		101		2,562,175		96,156
Coffee ‘C’ Futures		May-23		149		10,409,513		612,394
Coffee Robusta Futures		May-23		89		1,904,600		38,370
Coffee Robusta Futures		Jul-23		53		1,128,370		34,380
Copper Futures		May-23		504		51,527,699		(790,269	)
Copper Futures		Jul-23		2		204,550		(1,425	)
Corn Futures		May-23		1,073		33,812,913		(1,700,675	)
Corn Futures		Jul-23		209		6,502,513		(429,963	)
Corn Futures		Dec-23		7		199,413		(12,438	)
DAX Index Futures		Mar-23		298		121,396,900		2,828,974
DAX-Mini Futures		Mar-23		8		651,795		3,062
DJIA Mini E-CBOT		Mar-23		241		39,381,810		(1,619,495	)
Dollar Index		Mar-23		94		9,853,550		163,163
E-Mini Energy Select Futures		Mar-23		1		87,480		(5,150	)
E-Mini Materials Select Futures		Mar-23		1		86,770		(1,660	)
E-Mini S&P 500 ESG Futures		Mar-23		6		1,040,400		(37,640	)
E-Mini Technology Select Futures		Mar-23		2		275,540		(5,760	)
EUR Foreign Exchange Currency Futures		Mar-23		804		106,449,599		(1,104,156	)
Euro STOXX 50		Mar-23		1,920		86,247,184		3,777,823
Euro Stoxx 50 Index Futures		Mar-23		3		123,370		1,438
Euro/GBP Futures		Mar-23		1		132,088		(391	)
Euro/JPY Futures		Mar-23		149		19,687,195		(64,035	)
Euro-Bobl Futures		Mar-23		453		55,186,989		(391,031	)
Euro-BTP Futures		Mar-23		35		4,171,717		(129,018	)
Euro-Bund Futures		Mar-23		941		132,284,424		(4,277,835	)
Euro-Oat Futures		Mar-23		10		1,350,680		(61,854	)
European Climate Exchange Futures		Dec-23		47		4,961,235		307,875
European Climate Exchange Futures		Dec-24		1		110,847		5,394
FTSE 100 Index Futures		Mar-23		2,430		229,785,470		5,078,096
FTSE China A50 Index		Mar-23		694		9,257,960		(41,747	)
FTSE Taiwan Index		Mar-23		254		13,728,700		(116,989	)

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

12

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Long Contracts	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
FTSE/JSE TOP 40		Mar-23		348	$	13,587,254	$	274,381
FTSE/MIB Index Futures		Mar-23		222		32,297,954		2,437,729
Gasoline RBOB Futures		Apr-23		193		21,416,052		262,315
Gasoline RBOB Futures		May-23		16		1,768,704		8,698
Gasoline RBOB Futures		Jun-23		11		1,199,953		(15,994	)
Gasoline RBOB Futures		Jul-23		6		645,019		(15,292	)
GBP Currency Futures		Mar-23		155		11,680,219		(36,263	)
Gold 100 Oz Futures		Apr-23		395		72,549,649		(2,430,953	)
Hang Seng China Enterprises Index Futures		Mar-23		107		4,496,388		(171,357	)
Hang Seng Index Futures		Mar-23		228		28,672,102		(844,880	)
IBEX 35 Index Futures		Mar-23		16		1,592,909		16,200
Ice Three Miont SONIA Index Futures		Sep-23		696		199,301,745		(686,285	)
Ice Three Miont SONIA Index Futures		Sep-24		86		24,754,378		(153,589	)
Ice Three Miont SONIA Index Futures		Sep-25		92		26,599,007		(117,684	)
JPY Currency Futures		Mar-23		130		11,959,188		(700,131	)
Live Cattle Futures		Apr-23		346		22,901,740		461,450
Live Cattle Futures		Jun-23		274		17,683,960		190,720
Live Cattle Futures		Aug-23		40		2,564,000		34,880
Live Cattle Futures		Oct-23		3		197,220		3,350
LME Aluminum Forward		Mar-23		11		640,098		(56,045	)
LME Aluminum Forward		Mar-23		1		58,315		(4,311	)
LME Aluminum Forward		Mar-23		1		58,422		(7,277	)
LME Aluminum Forward		Mar-23		50		2,921,413		(136,918	)
LME Aluminum Forward		Mar-23		1,481		86,532,237		(4,702,751	)
LME Aluminum Forward		Mar-23		7		409,404		(50,771	)
LME Aluminum Forward		Mar-23		1		58,498		(1,227	)
LME Aluminum Forward		Apr-23		7		410,683		(51,312	)
LME Aluminum Forward		Apr-23		1		58,685		(7,219	)
LME Aluminum Forward		Apr-23		1		58,706		2,194
LME Aluminum Forward		Apr-23		7		411,317		(14,146	)
LME Aluminum Forward		Apr-23		2		117,541		(8,635	)
LME Aluminum Forward		Apr-23		15		882,356		(99,069	)
LME Aluminum Forward		Apr-23		1		58,835		(7,741	)
LME Aluminum Forward		Apr-23		75		4,413,056		(459,152	)
LME Aluminum Forward		Apr-23		7		411,962		(46,263	)
LME Aluminum Forward		Apr-23		1		58,896		(6,767	)
LME Aluminum Forward		Apr-23		2		117,813		(14,037	)
LME Aluminum Forward		Apr-23		3		176,752		(21,886	)
LME Aluminum Forward		Apr-23		1		58,942		(5,796	)
LME Aluminum Forward		May-23		1		58,996		213
LME Aluminum Forward		May-23		1		59,091		91
LME Aluminum Forward		May-23		2		118,257		402
LME Aluminum Forward		May-23		1		59,151		201
LME Aluminum Forward		May-23		43		2,544,127		(112,210	)
LME Aluminum Forward		May-23		8		473,526		1,606
LME Aluminum Forward		May-23		7		414,663		(11,750	)
LME Aluminum Forward		May-23		1		59,250		213
LME Aluminum Forward		May-23		1		59,275		844
LME Aluminum Forward		Jun-23		263		15,674,800		(656,778	)
LME Copper Forward		Mar-23		5		1,119,875		58,057
LME Copper Forward		Mar-23		744		166,637,399		6,378,288

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

13

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Long Contracts	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
LME Copper Forward		Mar-23		1	$	223,968	$	15,855
LME Copper Forward		Mar-23		1		223,962		15,737
LME Copper Forward		Apr-23		10		2,239,610		20,423
LME Copper Forward		Apr-23		3		672,038		(27,825	)
LME Copper Forward		Apr-23		7		1,568,350		38,475
LME Copper Forward		Apr-23		4		896,200		(16,325	)
LME Copper Forward		Apr-23		1		224,050		(3,463	)
LME Copper Forward		Apr-23		2		448,100		(8,825	)
LME Copper Forward		Apr-23		22		4,928,000		(56,329	)
LME Copper Forward		Apr-23		27		6,048,000		(83,666	)
LME Copper Forward		Apr-23		1		224,016		(9,484	)
LME Copper Forward		Apr-23		1		224,027		(9,248	)
LME Copper Forward		Apr-23		1		224,038		(3,537	)
LME Copper Forward		May-23		2		448,188		5,463
LME Copper Forward		May-23		24		5,377,350		(9,841	)
LME Copper Forward		May-23		12		2,688,201		72,801
LME Copper Forward		May-23		1		224,025		2,063
LME Copper Forward		Jun-23		310		69,463,249		(152,306	)
LME Lead Forward		Mar-23		1		52,931		(4,244	)
LME Lead Forward		Mar-23		4		210,250		(10,613	)
LME Lead Forward		Mar-23		31		1,625,950		(100,084	)
LME Lead Forward		Mar-23		296		15,525,200		(610,521	)
LME Lead Forward		Mar-23		1		52,424		(4,295	)
LME Lead Forward		Mar-23		2		104,918		(8,845	)
LME Lead Forward		Apr-23		1		52,484		(4,216	)
LME Lead Forward		Apr-23		4		209,955		(12,395	)
LME Lead Forward		Apr-23		2		104,988		(4,997	)
LME Lead Forward		Apr-23		1		52,519		(2,694	)
LME Lead Forward		Apr-23		1		52,525		(913	)
LME Lead Forward		Apr-23		19		997,975		(55,694	)
LME Lead Forward		Apr-23		34		1,785,850		(74,825	)
LME Lead Forward		Apr-23		2		105,113		(1,663	)
LME Lead Forward		Apr-23		3		157,688		(2,500	)
LME Lead Forward		Apr-23		2		105,163		(3,141	)
LME Lead Forward		May-23		1		52,613		(575	)
LME Lead Forward		May-23		21		1,104,731		(20,948	)
LME Lead Forward		May-23		1		52,581		(1,081	)
LME Lead Forward		Jun-23		9		474,104		(3,640	)
LME Nickel Forward		Mar-23		2		295,202		(44,518	)
LME Nickel Forward		Mar-23		1		147,614		(25,486	)
LME Nickel Forward		Mar-23		1		147,627		(42,993	)
LME Nickel Forward		Mar-23		2		295,281		(37,323	)
LME Nickel Forward		Mar-23		2		295,387		(55,943	)
LME Nickel Forward		Mar-23		1		147,707		(22,693	)
LME Nickel Forward		Mar-23		15		2,215,800		(441,471	)
LME Nickel Forward		Mar-23		24		3,545,280		(462,870	)
LME Nickel Forward		Mar-23		1		147,736		(26,084	)
LME Nickel Forward		Mar-23		2		295,598		(37,972	)
LME Nickel Forward		Mar-23		1		147,815		(18,476	)
LME Nickel Forward		Mar-23		1		147,830		(24,370	)
LME Nickel Forward		Apr-23		3		444,219		(55,504	)

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

14

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Long Contracts	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
LME Nickel Forward		Apr-23		3	$	444,387	$	(32,127	)
LME Nickel Forward		Apr-23		3		444,559		(52,001	)
LME Nickel Forward		Apr-23		3		444,582		(8,901	)
LME Nickel Forward		Apr-23		18		2,667,492		(370,242	)
LME Nickel Forward		Apr-23		1		148,215		(25,035	)
LME Nickel Forward		Apr-23		1		148,343		(16,783	)
LME Nickel Forward		May-23		1		148,614		1,428
LME Nickel Forward		May-23		15		2,230,110		(282,780	)
LME Nickel Forward		Jun-23		1		149,160		(23,202	)
LME Zinc Forward		Mar-23		2		150,800		(11,400	)
LME Zinc Forward		Mar-23		1		75,763		(5,281	)
LME Zinc Forward		Mar-23		4		302,675		(10,563	)
LME Zinc Forward		Mar-23		2		151,250		(10,313	)
LME Zinc Forward		Mar-23		3		226,688		(14,938	)
LME Zinc Forward		Mar-23		1		75,388		(469	)
LME Zinc Forward		Mar-23		21		1,582,088		(103,662	)
LME Zinc Forward		Mar-23		391		29,456,963		(2,381,601	)
LME Zinc Forward		Mar-23		1		75,275		338
LME Zinc Forward		Mar-23		5		376,329		(51,441	)
LME Zinc Forward		Mar-23		1		75,238		25
LME Zinc Forward		Mar-23		1		75,238		(10,251	)
LME Zinc Forward		Apr-23		1		75,240		(10,309	)
LME Zinc Forward		Apr-23		3		225,731		(30,911	)
LME Zinc Forward		Apr-23		12		903,051		(61,687	)
LME Zinc Forward		Apr-23		1		75,206		(9,844	)
LME Zinc Forward		Apr-23		20		1,503,875		(68,875	)
LME Zinc Forward		Apr-23		51		3,834,881		(479,751	)
LME Zinc Forward		Apr-23		2		150,294		(19,781	)
LME Zinc Forward		Apr-23		5		375,664		(51,824	)
LME Zinc Forward		May-23		2		150,238		(19,638	)
LME Zinc Forward		May-23		3		225,356		2,663
LME Zinc Forward		May-23		4		300,475		(1,106	)
LME Zinc Forward		May-23		1		75,119		888
LME Zinc Forward		May-23		1		75,119		(769	)
LME Zinc Forward		May-23		36		2,702,925		(109,710	)
LME Zinc Forward		May-23		1		75,019		1,231
LME Zinc Forward		Jun-23		99		7,421,288		(293,027	)
Long Gilt Futures		Jun-23		316		37,994,804		(329,761	)
Low Sulphur Gasoil G Futures		Mar-23		25		2,083,125		2,500
Low Sulphur Gasoil G Futures		Apr-23		29		2,392,500		29,350
Low Sulphur Gasoil G Futures		May-23		1		80,950		3,300
Micro E-mini Russell 200 Index Futures		Mar-23		1		9,496		(67	)
Mini FTSE/MIB Pound Futures		Mar-23		5		145,486		12,751
Mini HSI Index Futures		Mar-23		4		100,604		(755	)
Mini TOPIX Index Futures		Mar-23		16		234,439		1,814
MSCI EAFE Index Futures		Mar-23		12		1,227,960		(33,935	)
MSCI Emerging Markets Index Futures		Mar-23		101		4,862,645		(426,185	)
MSCI Singapore Exchange ETS		Mar-23		273		5,945,081		(66,347	)
MXN Currency Futures		Mar-23		966		26,304,180		1,784,570
Nasdaq 100 E-Mini		Mar-23		101		24,385,945		(263,241	)
Natural Gas Futures		Apr-23		1		27,470		800

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

15

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Long Contracts	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Nikkei 225 (Chicago Mercantile Exchange)		Mar-23		8	$	1,097,000	$	(4,475	)
Nikkei 225 (Osaka Securities Exchange)		Mar-23		85		17,149,205		(43,039	)
Nikkei 225 (Singapore Exchange)		Mar-23		374		37,693,915		14,775
Nikkei 225 Mini		Mar-23		296		5,971,958		(6,566	)
Nikkei/Yen Futures		Mar-23		13		1,309,261		10,099
NY Harbor Ultra-Low Sulfur Diesel Futures		Apr-23		13		1,531,858		12,293
NY Harbor Ultra-Low Sulfur Diesel Futures		May-23		1		115,676		592
NYSE FANG+ Index Futures		Mar-23		1		27,512		(1,893	)
NZD Currency Futures		Mar-23		219		13,553,910		(162,790	)
OMX Stockholm 30 ESG Responsible Index		Mar-23		16		325,620		(2,028	)
OMX Stockholm 30 Index Futures		Mar-23		2,063		43,908,712		(290,704	)
Orange Juice Futures		May-23		20		760,800		51,038
Palm Oil Futures		May-23		1		23,075		(579	)
Russell 2000 E-Mini		Mar-23		203		19,275,865		(461,431	)
S&P 500 E-Mini Futures		Mar-23		214		42,537,850		(1,018,636	)
S&P Mid 400 E-Mini		Mar-23		42		10,933,440		(128,910	)
S&P/TSX 60 IX Futures		Mar-23		266		47,433,579		(882,565	)
SGX Iron Ore 62% Futures		Mar-23		13		161,317		2,022
SGX Iron Ore 62% Futures		Apr-23		178		2,195,986		(13,634	)
SGX Iron Ore 62% Futures		May-23		63		772,317		(7,773	)
SGX Iron Ore 62% Futures		Jun-23		30		365,460		(9,255	)
SGX Nifty 50		Mar-23		169		5,880,862		(187,450	)
Silver Futures		May-23		15		1,580,325		(17,070	)
Soybean Futures		May-23		499		36,901,050		(1,152,525	)
Soybean Futures		Jul-23		354		26,010,150		(968,663	)
Soybean Futures		Nov-23		14		943,075		(33,613	)
Soybean Meal Futures		May-23		422		19,711,620		(149,340	)
Soybean Meal Futures		Jul-23		45		2,062,350		(50,730	)
Soybean Oil Futures		May-23		1		36,024		(1,920	)
Soybean Oil Futures		Dec-23		1		34,512		(1,662	)
SPI 200 Futures		Mar-23		956		115,760,851		(1,249,189	)
STOXX Dividend Futures		Dec-23		7		103,802		16,807
STOXX Europe 600 Banks Index		Mar-23		8		71,691		13,673
STOXX Europe 600 ESG-X Index		Mar-23		134		2,429,277		58,861
STOXX Europe 600 Index		Mar-23		58		1,414,036		35,581
STOXX Europe 600 Utilities Index		Mar-23		2		39,251		143
Sugar No. 11 (World)		May-23		2,251		50,598,877		681,026
Sugar No. 11 (World)		Jul-23		272		5,964,851		76,731
Sugar No. 11 (World)		Oct-23		7		152,645		2,498
Sugar No. 11 (World)		Mar-24		4		87,808		1,086
Topix Index Futures		Mar-23		327		47,913,406		308,105
U.S. Treasury 10-Year Notes (Chicago Board of Trade)		Jun-23		147		16,413,469		8,719
U.S. Treasury 5-Year Notes (Chicago Board of Trade)		Jun-23		799		85,536,695		(120,297	)
USD/CNH Futures		Mar-23		1		100,031		2,931
USD/NOK Futures		Mar-23		9		898,176		37,903
USD/SEK Futures		Mar-23		4		398,953		7,394
Wheat (Chicago Board of Trade)		May-23		42		1,481,550		(129,675	)
White Sugar ICE		May-23		107		3,008,840		96,505
White Sugar ICE		Aug-23		32		880,000		17,145
WTI Crude Futures		Apr-23		167		12,867,350		(42,338	)
							$	(11,264,898	)

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

16

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Short Contracts	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
10-Year Mini Japanese Government Bond Futures		Mar-23		16	$	(1,723,800	)	$	823
1-Month SOFR Future		Jul-23		6		(2,367,689	)		3,146
30-Day Fed Funds Futures		Feb-24		1		(395,219	)		4,271
3-Month Euro Euribor		Jun-23		87		(22,168,690	)		4,879
3-Month Euro Euribor		Sep-23		80		(20,338,463	)		40,867
3-Month Euro Euribor		Dec-23		1,578		(401,009,280	)		1,674,916
3-Month Euro Euribor		Mar-24		201		(51,105,703	)		358,824
3-Month Euro Euribor		Jun-24		1,137		(289,496,349	)		1,215,056
3-Month Euro Euribor		Sep-24		162		(41,318,182	)		281,546
3-Month Euro Euribor		Dec-24		223		(56,970,609	)		314,348
3-Month Euro Euribor		Mar-25		162		(41,444,551	)		222,751
3-Month Euro Euribor		Jun-25		144		(36,879,581	)		166,349
3-Month Euro Euribor		Sep-25		234		(59,978,819	)		124,187
3-Month Euro Euribor		Dec-25		54		(13,849,834	)		46,314
3-Month Euro Euribor		Mar-26		36		(9,237,506	)		37,707
3-Month SARON Futures		Jun-23		6		(1,564,740	)		2,575
3-Month SARON Futures		Sep-23		4		(1,040,983	)		1,646
3-Month SOFR Futures		Jun-23		116		(27,441,250	)		65,788
3-Month SOFR Futures		Sep-23		1,056		(249,730,799	)		1,447,575
3-Month SOFR Futures		Dec-23		1,303		(308,648,124	)		2,078,449
3-Month SOFR Futures		Mar-24		276		(65,598,300	)		455,138
3-Month SOFR Futures		Jun-24		1,090		(260,196,624	)		1,195,625
3-Month SOFR Futures		Sep-24		426		(102,117,525	)		532,525
3-Month SOFR Futures		Dec-24		268		(64,440,600	)		235,000
3-Month SOFR Futures		Mar-25		247		(59,502,300	)		173,113
3-Month SOFR Futures		Jun-25		221		(53,296,913	)		128,113
3-Month SOFR Futures		Sep-25		273		(65,888,550	)		113,950
3-Month SOFR Futures		Dec-25		155		(37,432,500	)		78,350
3-Month SOFR Futures		Mar-26		114		(27,542,400	)		45,750
3-Month SOFR Futures		Jun-26		40		(9,666,500	)		3,663
3-Month SOFR Futures		Sep-26		40		(9,668,500	)		2,338
3-Month SOFR Futures		Dec-26		39		(9,428,250	)		1,400
3-Month SOFR Futures		Mar-27		40		(9,671,000	)		(4,900	)
90-DAY Bank Bill		Mar-23		19		(12,670,483	)		130
90-DAY Bank Bill		Jun-23		110		(73,256,971	)		2,343
90-DAY Bank Bill		Sep-23		208		(138,454,697	)		41,092
90-DAY Bank Bill		Dec-23		163		(108,497,909	)		44,406
90-DAY Bank Bill		Mar-24		62		(41,277,198	)		15,458
90-DAY Bank Bill		Jun-24		24		(15,984,119	)		5,921
90-DAY Bank Bill		Sep-24		17		(11,326,231	)		3,451
90-DAY Eurodollar Futures		Jun-23		36		(8,502,300	)		25,225
90-DAY Eurodollar Futures		Sep-23		6		(1,415,025	)		2,625
90-DAY Eurodollar Futures		Dec-23		44		(10,393,900	)		103,950
90-DAY Eurodollar Futures		Mar-24		6		(1,422,150	)		5,613
90-DAY Eurodollar Futures		Dec-24		17		(4,076,600	)		14,450
90-DAY Eurodollar Futures		Sep-25		496		(119,387,200	)		(79,147	)
90-DAY Eurodollar Futures		Mar-26		4		(963,800	)		5,350
90-DAY Eurodollar Futures		Sep-26		1		(241,063	)		2,413
90-DAY Eurodollar Futures		Dec-26		2		(482,200	)		(1,600	)
90-DAY Eurodollar Futures		Mar-27		1		(241,125	)		(150	)

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

17

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Short Contracts	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
AUD/USD Currency Futures		Mar-23		1,931	$	(130,101,125	)	$	1,178,744
Australian 10-Year Bond Futures		Mar-23		1,157		(91,604,122	)		464,827
Australian 3-Year Bond Futures		Mar-23		2,417		(173,599,156	)		307,251
Bank Acceptance Futures		Jun-23		143		(24,866,490	)		24,221
Bank Acceptance Futures		Sep-23		289		(50,252,006	)		45,704
Bank Acceptance Futures		Dec-23		79		(13,749,011	)		63,686
Bank Acceptance Futures		Mar-24		62		(10,817,625	)		65,409
Bank Acceptance Futures		Jun-24		36		(6,304,947	)		36,424
Bank Acceptance Futures		Sep-24		24		(4,217,809	)		18,487
Brent Crude Futures		May-23		52		(4,339,400	)		(71,610	)
Brent Crude Futures		Jun-23		26		(2,153,580	)		(16,270	)
Brent Crude Futures		Jul-23		21		(1,728,930	)		2,190
Brent Crude Futures		Dec-23		13		(1,039,350	)		6,030
Brent Crude Oil Last Day		May-23		1		(83,450	)		(1,130	)
CAD Currency Futures		Mar-23		1,409		(103,399,465	)		618,976
Canadian 10-Year Bond Futures		Jun-23		2,267		(201,828,625	)		(374,745	)
Canadian 5-Year Bond Futures		Jun-23		2		(163,738	)		(344	)
Canola Futures (Winnipeg Commodity Exchange)		May-23		137		(1,642,996	)		32,048
Canola Futures (Winnipeg Commodity Exchange)		Jul-23		11		(131,226	)		1,274
CHF Currency Futures		Mar-23		172		(22,892,125	)		163,654
Coffee ‘C’ Futures		May-23		109		(7,615,013	)		(714,356	)
Coffee ‘C’ Futures		Jul-23		23		(1,594,763	)		(172,125	)
Coffee ‘C’ Futures		Sep-23		11		(754,050	)		(29,231	)
Corn Futures		May-23		8		(252,100	)		3,925
Corn Futures		Jul-23		7		(217,788	)		2,588
Cotton No.2 Futures		May-23		408		(17,142,120	)		(24,855	)
Cotton No.2 Futures		Jul-23		10		(422,300	)		(4,925	)
DJIA Mini E-CBOT		Mar-23		69		(11,275,290	)		125,715
Dollar Index		Mar-23		240		(25,158,000	)		(385,669	)
Dutch TTF Gas Futures		Apr-23		45		(1,599,181	)		149,049
Dutch TTF Gas Futures		May-23		5		(184,534	)		10,997
E-Mini Consumer Staples Select Futures		Mar-23		2		(145,260	)		480
E-Mini Crude Oil		Apr-23		12		(462,300	)		1,500
E-Mini Health Care Select Futures		Mar-23		2		(257,100	)		5,320
E-Mini Natural Gas		Apr-23		15		(103,013	)		(12,138	)
E-Mini Utilities Select Futures		Mar-23		2		(131,160	)		7,860
EUR Foreign Exchange Currency Futures		Mar-23		924		(122,337,600	)		791,289
Euro BUXL 30-Year Bond Futures		Mar-23		138		(19,599,810	)		1,315,775
Euro E-Mini Futures		Mar-23		1		(66,200	)		519
Euro-Bobl Futures		Mar-23		1,756		(213,925,730	)		3,945,900
Euro-BTP Futures		Mar-23		355		(42,313,131	)		273,225
Euro-Bund Futures		Mar-23		1,057		(148,591,538	)		4,077,240
Euro-Oat Futures		Mar-23		493		(66,588,504	)		1,502,969
Euro-Schatz Futures		Mar-23		4,212		(467,688,146	)		3,203,113
FTSE 100 Index Futures		Mar-23		23		(2,174,924	)		(56	)
FTSE China A50 Index		Mar-23		16		(213,440	)		(151	)
FTSE KLCI Futures		Mar-23		11		(176,245	)		134
Gasoline RBOB Futures		Apr-23		32		(3,550,848	)		(97,780	)
Gasoline RBOB Futures		May-23		3		(331,632	)		(5,859	)
Gasoline RBOB Futures		Jun-23		3		(327,260	)		(3,007	)
GBP Currency Futures		Mar-23		491		(36,999,919	)		328,430

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

18

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Short Contracts	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Gold 100 Oz Futures		Apr-23		79	$	(14,509,930	)	$	252,110
Gold 100 Oz Futures		Jun-23		2		(370,640	)		(2,900	)
Hang Seng China Enterprises Index Futures		Mar-23		20		(840,446	)		26,212
Hang Seng Index Futures		Mar-23		48		(6,036,232	)		171,241
Ice Three Month SONIA Index Futures		Jun-23		45		(12,903,480	)		4,255
Ice Three Month SONIA Index Futures		Sep-23		87		(24,912,718	)		42,325
Ice Three Month SONIA Index Futures		Dec-23		90		(25,775,837	)		66,833
Ice Three Month SONIA Index Futures		Mar-24		95		(27,244,966	)		82,696
Ice Three Month SONIA Index Futures		Jun-24		201		(57,756,432	)		256,432
Ice Three Month SONIA Index Futures		Sep-24		68		(19,573,229	)		59,150
Ice Three Month SONIA Index Futures		Dec-24		67		(19,313,595	)		41,754
Ice Three Month SONIA Index Futures		Mar-25		60		(17,316,505	)		29,981
Ice Three Month SONIA Index Futures		Jun-25		49		(14,155,811	)		23,606
Ice Three Month SONIA Index Futures		Sep-25		102		(29,490,203	)		27,350
Ice Three Month SONIA Index Futures		Dec-25		17		(4,918,357	)		6,435
Ice Three Month SONIA Index Futures		Mar-26		11		(3,184,120	)		6,781
INR/USD Futures		Mar-23		2		(48,368	)		(144	)
INR/USD Standard Futures		Mar-23		1		(60,390	)		(70	)
JPN 10-Year Bond (Osaka Securities Exchange)		Mar-23		196		(211,107,928	)		(742,536	)
JPY Currency Futures		Mar-23		1,958		(180,123,762	)		2,958,041
Kansas City Hard Red Winter Wheat Futures		May-23		80		(3,251,000	)		206,625
Kansas City Hard Red Winter Wheat Futures		Jul-23		119		(4,798,675	)		403,675
Lean Hogs Futures		Apr-23		503		(17,137,210	)		485,690
Lean Hogs Futures		Jun-23		41		(1,668,290	)		13,570
Lean Hogs Futures		Jul-23		1		(41,640	)		(620	)
LME Aluminum Forward		Mar-23		11		(640,098	)		19,897
LME Aluminum Forward		Mar-23		1		(58,315	)		1,330
LME Aluminum Forward		Mar-23		1		(58,422	)		2,216
LME Aluminum Forward		Mar-23		1,481		(86,532,238	)		2,876,140
LME Aluminum Forward		Mar-23		50		(2,921,413	)		14,864
LME Aluminum Forward		Mar-23		7		(409,404	)		5,621
LME Aluminum Forward		Mar-23		1		(58,498	)		7,253
LME Aluminum Forward		Apr-23		7		(410,683	)		3,242
LME Aluminum Forward		Apr-23		1		(58,685	)		(2,085	)
LME Aluminum Forward		Apr-23		1		(58,706	)		(2,320	)
LME Aluminum Forward		Apr-23		7		(411,317	)		5,849
LME Aluminum Forward		Apr-23		2		(117,541	)		6,958
LME Aluminum Forward		Apr-23		15		(882,356	)		40,807
LME Aluminum Forward		Apr-23		1		(58,835	)		5,800
LME Aluminum Forward		Apr-23		75		(4,413,056	)		222,584
LME Aluminum Forward		Apr-23		44		(2,588,993	)		18,572
LME Aluminum Forward		Apr-23		7		(411,962	)		39,913
LME Aluminum Forward		Apr-23		1		(58,896	)		(216	)
LME Aluminum Forward		Apr-23		2		(117,813	)		(1,116	)
LME Aluminum Forward		Apr-23		3		(176,752	)		5,370
LME Aluminum Forward		Apr-23		1		(58,942	)		4,958
LME Aluminum Forward		May-23		1		(58,996	)		6,792
LME Aluminum Forward		May-23		1		(59,091	)		2,484
LME Aluminum Forward		May-23		1		(59,103	)		2,597
LME Aluminum Forward		May-23		9		(532,154	)		14,308
LME Aluminum Forward		May-23		9		(532,357	)		11,431

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

19

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Short Contracts	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
LME Aluminum Forward		May-23		1	$	(59,158	)	$	492
LME Aluminum Forward		May-23		95		(5,620,746	)		49,095
LME Aluminum Forward		May-23		8		(473,526	)		12,524
LME Aluminum Forward		May-23		1		(59,250	)		(313	)
LME Aluminum Forward		May-23		1		(59,325	)		(600	)
LME Aluminum Forward		Jun-23		542		(32,303,200	)		906,255
LME Copper Forward		Mar-23		744		(166,637,400	)		(7,436,977	)
LME Copper Forward		Mar-23		5		(1,119,875	)		(19,875	)
LME Copper Forward		Mar-23		1		(223,968	)		(14,699	)
LME Copper Forward		Mar-23		1		(223,962	)		(14,705	)
LME Copper Forward		Apr-23		10		(2,239,610	)		(98,748	)
LME Copper Forward		Apr-23		3		(672,038	)		(39,560	)
LME Copper Forward		Apr-23		7		(1,568,350	)		(28,344	)
LME Copper Forward		Apr-23		3		(672,150	)		27,675
LME Copper Forward		Apr-23		1		(224,050	)		9,231
LME Copper Forward		Apr-23		21		(4,704,000	)		20,180
LME Copper Forward		Apr-23		4		(896,000	)		(18,092	)
LME Copper Forward		Apr-23		1		(224,027	)		10,473
LME Copper Forward		Apr-23		1		(224,038	)		(6,201	)
LME Copper Forward		May-23		1		(224,083	)		4,155
LME Copper Forward		May-23		1		(224,106	)		(919	)
LME Copper Forward		May-23		1		(224,131	)		(2,744	)
LME Copper Forward		May-23		1		(224,103	)		(2,803	)
LME Copper Forward		May-23		4		(896,225	)		(2,475	)
LME Copper Forward		May-23		8		(1,792,450	)		(17,653	)
LME Copper Forward		May-23		1		(224,010	)		3,178
LME Copper Forward		May-23		1		(224,025	)		(4,200	)
LME Copper Forward		Jun-23		190		(42,574,250	)		(241,271	)
LME Lead Forward		Mar-23		1		(52,931	)		1,481
LME Lead Forward		Mar-23		4		(210,250	)		18,300
LME Lead Forward		Mar-23		296		(15,525,200	)		106,317
LME Lead Forward		Mar-23		31		(1,625,950	)		79,076
LME Lead Forward		Mar-23		1		(52,424	)		3,751
LME Lead Forward		Mar-23		2		(104,918	)		3,014
LME Lead Forward		Apr-23		1		(52,484	)		4,116
LME Lead Forward		Apr-23		4		(209,955	)		9,233
LME Lead Forward		Apr-23		2		(104,988	)		1,819
LME Lead Forward		Apr-23		1		(52,525	)		925
LME Lead Forward		Apr-23		34		(1,785,850	)		33,154
LME Lead Forward		Apr-23		19		(997,975	)		(18,606	)
LME Lead Forward		Apr-23		2		(105,113	)		(1,988	)
LME Lead Forward		Apr-23		3		(157,688	)		5,063
LME Lead Forward		Apr-23		2		(105,163	)		1,663
LME Lead Forward		May-23		1		(52,581	)		1,444
LME Lead Forward		May-23		1		(52,608	)		(258	)
LME Lead Forward		May-23		21		(1,104,731	)		(17,128	)
LME Lead Forward		May-23		1		(52,581	)		(469	)
LME Lead Forward		Jun-23		32		(1,685,704	)		(26,979	)
LME Nickel Forward		Mar-23		2		(295,202	)		61,413
LME Nickel Forward		Mar-23		1		(147,614	)		18,655
LME Nickel Forward		Mar-23		1		(147,627	)		18,658

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

20

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Short Contracts	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
LME Nickel Forward		Mar-23		2	$	(295,281	)	$	63,639
LME Nickel Forward		Mar-23		2		(295,387	)		42,869
LME Nickel Forward		Mar-23		1		(147,707	)		21,403
LME Nickel Forward		Mar-23		24		(3,545,280	)		223,625
LME Nickel Forward		Mar-23		15		(2,215,800	)		288,990
LME Nickel Forward		Mar-23		1		(147,736	)		26,564
LME Nickel Forward		Mar-23		2		(295,598	)		40,261
LME Nickel Forward		Mar-23		1		(147,815	)		22,376
LME Nickel Forward		Mar-23		1		(147,830	)		18,454
LME Nickel Forward		Apr-23		3		(444,219	)		50,326
LME Nickel Forward		Apr-23		3		(444,387	)		54,183
LME Nickel Forward		Apr-23		3		(444,559	)		35,554
LME Nickel Forward		Apr-23		18		(2,667,492	)		356,974
LME Nickel Forward		Apr-23		1		(148,343	)		25,717
LME Nickel Forward		May-23		1		(148,614	)		13,236
LME Nickel Forward		May-23		14		(2,081,436	)		89,315
LME Nickel Forward		May-23		1		(148,704	)		(1,371	)
LME Nickel Forward		Jun-23		3		(447,480	)		15,865
LME Zinc Forward		Mar-23		2		(150,800	)		6,600
LME Zinc Forward		Mar-23		1		(75,763	)		913
LME Zinc Forward		Mar-23		4		(302,675	)		21,425
LME Zinc Forward		Mar-23		2		(151,250	)		10,788
LME Zinc Forward		Mar-23		3		(226,688	)		16,350
LME Zinc Forward		Mar-23		1		(75,388	)		6,113
LME Zinc Forward		Mar-23		391		(29,456,963	)		495,715
LME Zinc Forward		Mar-23		21		(1,582,088	)		89,561
LME Zinc Forward		Mar-23		1		(75,275	)		10,155
LME Zinc Forward		Mar-23		5		(376,329	)		(4,329	)
LME Zinc Forward		Mar-23		1		(75,238	)		369
LME Zinc Forward		Mar-23		1		(75,238	)		(513	)
LME Zinc Forward		Apr-23		1		(75,240	)		(1,227	)
LME Zinc Forward		Apr-23		3		(225,731	)		(1,381	)
LME Zinc Forward		Apr-23		9		(677,288	)		79,955
LME Zinc Forward		Apr-23		1		(75,206	)		9,731
LME Zinc Forward		Apr-23		48		(3,609,300	)		157,110
LME Zinc Forward		Apr-23		27		(2,030,231	)		109,035
LME Zinc Forward		Apr-23		4		(300,531	)		40,919
LME Zinc Forward		Apr-23		1		(75,119	)		10,781
LME Zinc Forward		Apr-23		1		(75,119	)		9,256
LME Zinc Forward		May-23		3		(225,356	)		12,869
LME Zinc Forward		May-23		4		(300,475	)		9,350
LME Zinc Forward		May-23		4		(300,475	)		7,438
LME Zinc Forward		May-23		5		(375,594	)		3,456
LME Zinc Forward		May-23		3		(225,319	)		2,581
LME Zinc Forward		May-23		48		(3,603,900	)		23,149
LME Zinc Forward		May-23		20		(1,501,625	)		69,025
LME Zinc Forward		May-23		7		(525,102	)		(6,620	)
LME Zinc Forward		Jun-23		76		(5,697,150	)		78,813
Long Gilt Futures		Jun-23		596		(71,661,085	)		495,225
Low Sulphur Gasoil G Futures		Apr-23		36		(2,970,000	)		(56,900	)
Low Sulphur Gasoil G Futures		May-23		18		(1,457,100	)		(29,700	)

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

21

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Short Contracts	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Low Sulphur Gasoil G Futures		Jun-23		12	$	(957,300	)	$	(20,150	)
Low Sulphur Gasoil G Futures		Jul-23		6		(474,450	)		(2,475	)
Lumber Futures		May-23		2		(95,832	)		(7,931	)
MAIZE Futures		Jun-23		4		(58,068	)		1,944
Micro EUR/USD Futures		Mar-23		8		(105,920	)		1,001
Micro Gold Futures		Apr-23		2		(36,734	)		(177	)
Milk Futures		Mar-23		1		(36,060	)		(740	)
Mill Wheat Euro		Mar-23		4		(58,015	)		2,036
Mill Wheat Euro		May-23		131		(1,910,373	)		62,351
Mill Wheat Euro		Sep-23		5		(71,791	)		1,031
Mill Wheat Euro		Dec-23		2		(28,902	)		13
Mini H-Shares Index Futures		Mar-23		3		(25,213	)		320
MSCI EAFE Index Futures		Mar-23		15		(1,534,950	)		9,020
MSCI Emerging Markets Index Futures		Mar-23		43		(2,070,235	)		45,610
MSCI Singapore Exchange ETS		Mar-23		26		(566,198	)		9,648
MXN Currency Futures		Mar-23		50		(1,361,500	)		(5,125	)
Nasdaq 100 E-Mini		Mar-23		56		(13,520,920	)		(113,574	)
Natural Gas Futures		Apr-23		603		(16,564,410	)		(827,269	)
Natural Gas Futures		May-23		275		(7,873,250	)		(397,190	)
Natural Gas Futures		Jun-23		65		(1,973,400	)		(152,390	)
Natural Gas Futures		Jul-23		20		(642,400	)		(21,190	)
Natural Gas Futures		Oct-23		2		(66,200	)		17,590
New Zealand 3-Month Bank Bill Futures		Jun-23		6		(350	)		1
New Zealand 3-Month Bank Bill Futures		Sep-23		11		(642	)		1
Nikkei 225 (Osaka Securities Exchange)		Mar-23		33		(6,657,927	)		34,299
Nikkei 225 (Singapore Exchange)		Mar-23		92		(9,272,300	)		39,404
NY Harbor Ultra-Low Sulfur Diesel Futures		Apr-23		226		(26,630,755	)		(601,867	)
NY Harbor Ultra-Low Sulfur Diesel Futures		May-23		11		(1,272,440	)		(395	)
NY Harbor Ultra-Low Sulfur Diesel Futures		Jun-23		5		(569,646	)		(3,671	)
NY Harbor Ultra-Low Sulfur Diesel Futures		Jul-23		7		(791,624	)		(1,075	)
NZD Currency Futures		Mar-23		34		(2,104,260	)		15,290
OAT Futures		May-23		2		(33,500	)		875
OMX Stockholm 30 Index Futures		Mar-23		1,068		(22,731,219	)		224,609
Palladium Futures		Jun-23		37		(5,257,330	)		252,000
Palm Oil Futures		May-23		1		(23,075	)		(930	)
Palm Oil Futures		Jun-23		1		(22,992	)		56
Phelix DE Baseload Futures		Apr-23		1		(280,920	)		43,636
Phelix DE Baseload Futures		Jan-24		1		(1,375,226	)		9,105
Platinum Futures		Apr-23		66		(3,153,150	)		(65,975	)
Rapeseed Euro		May-23		36		(1,005,711	)		38,156
Rapeseed Euro		Aug-23		9		(251,785	)		7,615
Red Wheat Futures (Minneapolis Grain Exchange)		May-23		19		(823,413	)		29,900
Red Wheat Futures (Minneapolis Grain Exchange)		Jul-23		7		(301,875	)		10,788
Rough Rice Futures		May-23		4		(138,800	)		(1,820	)
S&P 500 E-Mini Futures		Mar-23		344		(68,378,600	)		529,796
SA Rand Currency Futures		Mar-23		1		(27,200	)		1,375
SGX Nifty 50		Mar-23		374		(13,014,452	)		230,808
Short BTP Future		Mar-23		603		(67,108,425	)		287,249
Silver Futures		May-23		231		(24,337,005	)		228,845
Soybean Futures		May-23		326		(24,107,700	)		496,716
Soybean Oil Futures		May-23		206		(7,420,944	)		126,318

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

22

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Short Contracts	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Soybean Oil Futures		Jul-23		10	$	(358,500	)	$	10,920
U.S. Treasury 10-Year Notes (Chicago Board of Trade)		Jun-23		2,518		(281,150,437	)		(90,041	)
U.S. Treasury 2-Year Notes (Chicago Board of Trade)		Jun-23		2,208		(449,828,248	)		875,466
U.S. Treasury 5-Year Notes (Chicago Board of Trade)		Jun-23		3,234		(346,214,860	)		149,218
U.S. Treasury Long Bond (Chicago Board of Trade)		Jun-23		1,057		(132,356,219	)		251,022
U.S. Treasury Ultra 10-Year Notes		Jun-23		386		(45,234,375	)		(60,638	)
U.S. Treasury Ultra Long Bond (Chicago Board of Trade)		Jun-23		283		(38,222,688	)		29,339
UK Natural Gas Futures		Apr-23		30		(1,250,794	)		87,724
USD/TRY Futures		Apr-23		15		(15,485	)		52
Wheat (Chicago Board of Trade)		May-23		705		(24,868,875	)		2,100,015
Wheat (Chicago Board of Trade)		Jul-23		356		(12,704,750	)		820,363
Wheat (Chicago Board of Trade)		Sep-23		2		(72,450	)		4,338
Wheat (Chicago Board of Trade)		Dec-23		13		(481,650	)		46,125
WTI Crude Futures		Apr-23		247		(19,031,350	)		416,460
WTI Crude Futures		May-23		34		(2,624,460	)		(8,210	)
WTI Crude Futures		Jun-23		51		(3,934,140	)		(41,790	)
WTI Crude Futures		Jul-23		11		(845,900	)		7,280
WTI Crude Futures		Dec-23		9		(671,310	)		(5,130	)
WTI Crude Futures IPE		Apr-23		12		(924,600	)		(2,990	)
WTI Crude Futures IPE		May-23		8		(617,520	)		(2,130	)
WTI Crude Futures IPE		Jun-23		6		(462,840	)		(9,850	)
WTI Crude Futures IPE		Jul-23		4		(307,600	)		(2,110	)
								$	37,404,675
Total Futures Contracts								$	26,139,777

Forward foreign currency contracts outstanding as of February 28, 2023 were as follows:

Currency Purchased		Currency Sold		Expiration Date		Counterparty		Unrealized Appreciation/ (Depreciation)
AUD	58,686,633	USD	39,438,095		Mar 01 2023		BOA	$	53,695
AUD	53,786,633	USD	36,268,166		Mar 02 2023		BOA		(72,412	)
AUD	21,000,000	USD	14,691,357		Mar 15 2023		BOA		(552,325	)
AUD	55,662,000	USD	38,575,169		Mar 17 2023		BOA		(1,095,661	)
AUD	24,400,000	CAD	22,696,929		Mar 31 2023		BOA		(200,206	)
AUD	1,737,965	EUR	1,125,000		Mar 31 2023		BOA		(21,368	)
AUD	18,761,534	GBP	10,750,000		Mar 31 2023		BOA		(298,521	)
AUD	8,600,000	JPY	787,706,918		Mar 31 2023		BOA		(18,230	)
AUD	25,000,000	NZD	27,512,225		Mar 31 2023		BOA		(168,874	)
AUD	19,050,000	USD	13,272,354		Apr 19 2023		BOA		(430,292	)
BRL	12,419,043	USD	2,402,239		Mar 02 2023		BOA		(31,174	)
BRL	57,906,890	USD	11,400,000		Mar 15 2023		BOA		(374,253	)
BRL	5,777,842	USD	1,100,000		Apr 04 2023		BOA		(4,013	)
CAD	10,668,552	USD	7,827,586		Mar 01 2023		BOA		(8,892	)
CAD	9,082,333	USD	6,791,369		Mar 15 2023		BOA		(134,391	)
CAD	24,548,000	USD	18,271,491		Mar 17 2023		BOA		(278,427	)
CAD	10,400,000	JPY	1,030,766,610		Mar 31 2023		BOA		18,498
CHF	61,070,298	USD	64,875,230		Mar 01 2023		BOA		(27,432	)
CHF	61,070,298	USD	65,114,355		Mar 02 2023		BOA		(259,548	)
CHF	10,580,183	EUR	10,700,000		Mar 15 2023		BOA		(75,357	)

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

23

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Currency Purchased		Currency Sold		Expiration Date		Counterparty		Unrealized Appreciation/ (Depreciation)
CHF	1,183,360	USD	1,300,000		Mar 15 2023		BOA	$	(41,420	)
CHF	16,695,000	USD	18,222,135		Mar 17 2023		BOA		(461,650	)
CHF	13,764,773	EUR	14,000,000		Mar 31 2023		BOA		(169,380	)
CHF	3,632,739	GBP	3,256,626		Mar 31 2023		BOA		(48,576	)
CHF	4,750,000	JPY	683,396,370		Mar 31 2023		BOA		19,056
CHF	9,500,000	USD	10,407,789		Mar 31 2023		BOA		(284,687	)
CHF	30,322,000	USD	32,532,804		Apr 19 2023		BOA		(161,368	)
CLP	160,258,000	USD	200,000		Mar 02 2023		BOA		(6,415	)
CLP	240,699,450	USD	300,000		Mar 09 2023		BOA		(9,483	)
CLP	80,208,580	USD	100,000		Mar 13 2023		BOA		(3,249	)
CLP	80,385,856	USD	100,000		Mar 14 2023		BOA		(3,050	)
CLP	6,149,646,502	USD	7,750,000		Mar 15 2023		BOA		(334,281	)
CLP	160,277,000	USD	200,000		Mar 24 2023		BOA		(6,988	)
CLP	563,850,700	USD	700,000		Mar 31 2023		BOA		(21,684	)
CNH	4,500,000	USD	644,764		Mar 01 2023		BOA		2,776
CNH	3,500,000	USD	502,715		Mar 02 2023		BOA		962
CNH	39,186,923	USD	5,778,573		Mar 15 2023		BOA		(134,357	)
CZK	284,585,704	EUR	11,900,000		Mar 15 2023		BOA		199,995
CZK	4,439,056	USD	200,000		Mar 31 2023		BOA		(560	)
EUR	91,221	NOK	1,000,000		Mar 01 2023		BOA		190
EUR	180,613	SEK	2,000,000		Mar 01 2023		BOA		(22	)
EUR	52,219,033	USD	55,142,057		Mar 01 2023		BOA		93,258
EUR	9,279,792	AUD	14,590,847		Mar 02 2023		BOA		(2,508	)
EUR	91,146	NOK	1,000,000		Mar 02 2023		BOA		112
EUR	271,139	SEK	3,000,000		Mar 02 2023		BOA		202
EUR	48,074,113	USD	50,921,205		Mar 02 2023		BOA		(67,116	)
EUR	14,200,000	CHF	14,228,648		Mar 15 2023		BOA		(99,578	)
EUR	2,000,000	CZK	47,621,068		Mar 15 2023		BOA		(24,238	)
EUR	33,850,000	GBP	30,079,773		Mar 15 2023		BOA		(354,514	)
EUR	25,800,000	JPY	3,655,797,229		Mar 15 2023		BOA		405,893
EUR	46,982,684	NOK	511,204,203		Mar 15 2023		BOA		474,220
EUR	7,139,744	PLN	34,119,397		Mar 15 2023		BOA		(102,707	)
EUR	68,396,034	SEK	772,789,033		Mar 15 2023		BOA		(1,472,581	)
EUR	23,100,000	USD	24,769,356		Mar 15 2023		BOA		(313,429	)
EUR	600,000	HUF	230,695,787		Mar 16 2023		BOA		(5,922	)
EUR	56,287,000	USD	60,499,217		Mar 17 2023		BOA		(900,566	)
EUR	13,750,000	CAD	19,753,829		Mar 31 2023		BOA		90,785
EUR	10,600,000	GBP	9,380,724		Mar 31 2023		BOA		(56,666	)
EUR	1,000,000	HUF	388,356,990		Mar 31 2023		BOA		(13,721	)
EUR	4,500,000	JPY	636,488,460		Mar 31 2023		BOA		72,649
EUR	13,125,000	NOK	142,267,466		Mar 31 2023		BOA		186,573
EUR	2,300,000	PLN	11,099,134		Mar 31 2023		BOA		(51,727	)
EUR	12,250,000	SEK	136,005,885		Mar 31 2023		BOA		(32,629	)
EUR	55,550,000	USD	59,705,336		Apr 19 2023		BOA		(772,805	)
GBP	26,796,263	USD	32,261,951		Mar 01 2023		BOA		(29,584	)
GBP	1,600,000	USD	1,938,040		Mar 02 2023		BOA		(13,420	)
GBP	20,107,707	EUR	22,800,000		Mar 15 2023		BOA		54,917
GBP	12,800,000	USD	15,678,253		Mar 15 2023		BOA		(277,522	)
GBP	11,675,000	USD	14,335,363		Mar 17 2023		BOA		(287,638	)
GBP	881,626	CHF	989,947		Mar 31 2023		BOA		6,224
GBP	352,977	EUR	400,000		Mar 31 2023		BOA		919
GBP	4,750,000	JPY	759,395,828		Mar 31 2023		BOA		113,706

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

24

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Currency Purchased		Currency Sold		Expiration Date		Counterparty		Unrealized Appreciation/ (Depreciation)
GBP	41,281,000	USD	50,148,936		Apr 19 2023		BOA	$	(447,024	)
GBP	200,000	USD	230,467		Jun 21 2023		BOA		10,666
HUF	4,219,119,324	EUR	10,700,000		Mar 16 2023		BOA		397,566
HUF	192,923,380	EUR	500,000		Mar 31 2023		BOA		3,391
HUF	1,047,698,950	USD	2,900,000		Mar 31 2023		BOA		(3,926	)
HUF	4,911,500,000	USD	13,448,487		Apr 19 2023		BOA		53,540
IDR	755,850,000	USD	50,000		Mar 15 2023		BOA		(463	)
IDR	10,656,460,000	USD	700,000		Mar 31 2023		BOA		(1,981	)
ILS	18,874,658	USD	5,200,000		Mar 15 2023		BOA		(31,313	)
INR	65,558,284	USD	800,000		Mar 03 2023		BOA		(7,088	)
INR	2,221,585,760	USD	26,800,000		Mar 08 2023		BOA		62,236
INR	28,986,606	USD	350,000		Mar 15 2023		BOA		330
INR	107,793,080	USD	1,300,000		Mar 29 2023		BOA		1,581
JPY	92,882,650	EUR	644,730		Mar 01 2023		BOA		303
JPY	993,462,767	USD	7,287,161		Mar 01 2023		BOA		10,371
JPY	61,728,132	GBP	375,000		Mar 02 2023		BOA		2,405
JPY	863,765,100	USD	6,339,287		Mar 02 2023		BOA		6,391
JPY	402,717,561	EUR	2,850,000		Mar 15 2023		BOA		(53,084	)
JPY	1,390,374,196	USD	10,679,325		Mar 15 2023		BOA		(445,467	)
JPY	5,930,299,000	USD	46,029,297		Mar 17 2023		BOA		(2,365,834	)
JPY	18,456,992	AUD	200,000		Mar 31 2023		BOA		1,444
JPY	72,709,725	CHF	500,000		Mar 31 2023		BOA		3,700
JPY	20,066,218	GBP	125,000		Mar 31 2023		BOA		(2,386	)
JPY	250,701,570	NZD	3,000,000		Mar 31 2023		BOA		(5,175	)
JPY	2,225,000,000	USD	16,450,298		Apr 19 2023		BOA		10,127
KRW	2,434,940,000	USD	2,000,000		Mar 06 2023		BOA		(159,498	)
KRW	5,987,870,057	USD	4,700,000		Mar 08 2023		BOA		(173,591	)
KRW	9,807,647,573	USD	7,800,000		Mar 09 2023		BOA		(385,796	)
KRW	317,041,775	USD	250,000		Mar 15 2023		BOA		(10,268	)
KRW	14,890,340,186	USD	11,500,000		Mar 17 2023		BOA		(239,686	)
KRW	14,043,242,005	USD	10,800,000		Mar 21 2023		BOA		(178,487	)
KRW	14,211,729,781	USD	10,800,000		Mar 23 2023		BOA		(50,148	)
KRW	2,071,810,880	USD	1,600,000		Mar 31 2023		BOA		(32,331	)
MXN	561,845,101	USD	29,850,000		Mar 15 2023		BOA		767,007
MXN	363,974,000	USD	18,366,482		Mar 17 2023		BOA		1,459,683
MXN	236,000,000	USD	12,630,404		Mar 31 2023		BOA		188,350
MXN	510,000	USD	27,041		Apr 19 2023		BOA		563
NOK	1,000,000	EUR	91,257		Mar 01 2023		BOA		(228	)
NOK	34,280,711	USD	3,315,635		Mar 01 2023		BOA		(14,419	)
NOK	1,000,000	EUR	91,158		Mar 02 2023		BOA		(125	)
NOK	10,338,087	USD	1,000,000		Mar 02 2023		BOA		(4,396	)
NOK	114,813,649	EUR	10,471,041		Mar 15 2023		BOA		(47,208	)
NOK	36,027,262	USD	3,524,605		Mar 15 2023		BOA		(52,551	)
NOK	7,000,000	SEK	7,175,700		Mar 31 2023		BOA		(11,455	)
NZD	6,000,000	USD	3,685,557		Mar 01 2023		BOA		24,222
NZD	800,000	USD	494,342		Mar 02 2023		BOA		293
NZD	27,500,000	USD	17,461,450		Mar 15 2023		BOA		(458,237	)
NZD	31,543,000	USD	20,096,706		Mar 17 2023		BOA		(593,564	)
NZD	12,000,000	JPY	998,312,280		Mar 31 2023		BOA		53,858
NZD	600,000	USD	380,483		Mar 31 2023		BOA		(9,484	)
NZD	6,000	USD	3,815		Apr 19 2023		BOA		(105	)
PEN	959,231	USD	250,000		Mar 15 2023		BOA		2,500

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

25

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Currency Purchased		Currency Sold		Expiration Date		Counterparty		Unrealized Appreciation/ (Depreciation)
PHP	33,123,930	USD	600,000		Mar 31 2023		BOA	$	(2,836	)
PLN	162,439,601	EUR	34,269,391		Mar 15 2023		BOA		195,010
PLN	251,000,000	USD	55,924,900		Apr 19 2023		BOA		297,644
SEK	2,000,000	EUR	180,669		Mar 01 2023		BOA		(37	)
SEK	13,795,800	USD	1,327,758		Mar 01 2023		BOA		(9,792	)
SEK	3,000,000	EUR	271,057		Mar 02 2023		BOA		(115	)
SEK	2,499,879	USD	239,712		Mar 02 2023		BOA		(877	)
SEK	432,253,018	EUR	38,898,555		Mar 15 2023		BOA		144,191
SEK	49,421,630	USD	4,765,189		Mar 15 2023		BOA		(40,181	)
SEK	146,675,841	NOK	145,500,000		Mar 31 2023		BOA		1,134
SGD	11,681,195	USD	8,900,000		Mar 15 2023		BOA		(233,940	)
SGD	36,469,716	USD	27,500,000		Mar 31 2023		BOA		(432,155	)
TRY	500,000	USD	26,477		Mar 01 2023		BOA		(7	)
TRY	7,000,000	USD	364,997		Mar 15 2023		BOA		3,252
TRY	1,146,115,000	USD	58,535,661		Apr 19 2023		BOA		422,257
TWD	151,849,255	USD	5,000,000		Mar 01 2023		BOA		(15,850	)
TWD	5,979,189	USD	200,000		Mar 03 2023		BOA		(3,705	)
TWD	36,946,292	USD	1,250,000		Mar 15 2023		BOA		(35,391	)
TWD	6,056,020	USD	200,000		Mar 23 2023		BOA		(714	)
TWD	3,023,800	USD	100,000		Mar 31 2023		BOA		(401	)
USD	37,877,836	AUD	56,186,633		Mar 01 2023		BOA		68,362
USD	3,495,617	AUD	5,200,000		Mar 02 2023		BOA		(3,727	)
USD	18,312,225	AUD	26,800,000		Mar 15 2023		BOA		268,128
USD	41,161,782	AUD	59,963,000		Mar 17 2023		BOA		786,233
USD	6,486,327	AUD	9,300,000		Mar 31 2023		BOA		220,799
USD	754,804	AUD	1,120,000		Apr 19 2023		BOA		(215	)
USD	2,382,462	BRL	12,419,043		Mar 02 2023		BOA		11,397
USD	7,000,000	BRL	36,635,312		Mar 15 2023		BOA		24,462
USD	7,847,860	CAD	10,669,055		Mar 01 2023		BOA		28,797
USD	54,083,975	CAD	72,874,973		Mar 15 2023		BOA		669,607
USD	73,737,607	CAD	99,825,000		Mar 17 2023		BOA		568,403
USD	11,127,890	CAD	14,900,000		Mar 31 2023		BOA		204,913
USD	750	CAD	1,000		Apr 19 2023		BOA		17
USD	65,106,928	CHF	61,070,298		Mar 01 2023		BOA		259,129
USD	5,400,000	CHF	5,021,444		Mar 15 2023		BOA		59,367
USD	30,240,339	CHF	27,799,000		Mar 17 2023		BOA		667,191
USD	169,746,197	CHF	155,534,000		Apr 19 2023		BOA		3,699,800
USD	200,000	CLP	161,242,008		Mar 02 2023		BOA		5,226
USD	300,000	CLP	240,685,832		Mar 09 2023		BOA		9,499
USD	100,000	CLP	79,898,220		Mar 13 2023		BOA		3,623
USD	100,000	CLP	79,957,144		Mar 14 2023		BOA		3,567
USD	3,150,000	CLP	2,619,584,946		Mar 15 2023		BOA		(8,898	)
USD	200,000	CLP	167,846,288		Apr 03 2023		BOA		(1,846	)
USD	644,608	CNH	4,500,000		Mar 01 2023		BOA		(2,932	)
USD	502,638	CNH	3,500,000		Mar 02 2023		BOA		(1,038	)
USD	22,373,516	CNH	153,593,542		Mar 15 2023		BOA		250,955
USD	10,000,000	CNH	68,045,850		Mar 31 2023		BOA		188,655
USD	2,950,000	COP	14,277,586,330		Mar 15 2023		BOA		21,181
USD	52,064,098	EUR	49,174,022		Mar 01 2023		BOA		49,680
USD	2,333,899	EUR	2,200,000		Mar 02 2023		BOA		6,679
USD	16,373,284	EUR	15,400,000		Mar 15 2023		BOA		69,333
USD	62,828,425	EUR	58,527,000		Mar 17 2023		BOA		857,984

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

26

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Currency Purchased		Currency Sold		Expiration Date		Counterparty		Unrealized Appreciation/ (Depreciation)
USD	11,845,481	EUR	11,000,000		Mar 31 2023		BOA	$	187,853
USD	4,705,294	EUR	4,420,000		Apr 19 2023		BOA		16,153
USD	31,581,984	GBP	26,396,263		Mar 01 2023		BOA		(169,236	)
USD	31,903,124	GBP	26,496,263		Mar 02 2023		BOA		31,097
USD	25,251,653	GBP	20,900,000		Mar 15 2023		BOA		105,146
USD	47,158,520	GBP	38,663,000		Mar 17 2023		BOA		637,990
USD	6,773,504	GBP	5,562,500		Mar 31 2023		BOA		78,632
USD	900,000	IDR	13,585,231,238		Mar 15 2023		BOA		9,647
USD	18,500,000	ILS	65,014,566		Mar 15 2023		BOA		696,236
USD	6,600,000	ILS	23,277,647		Mar 31 2023		BOA		221,966
USD	800,000	INR	66,243,518		Mar 03 2023		BOA		(1,200	)
USD	26,800,000	INR	2,207,682,000		Mar 08 2023		BOA		105,881
USD	8,900,000	INR	734,011,775		Mar 15 2023		BOA		28,800
USD	26,000,000	INR	2,157,074,400		Mar 21 2023		BOA		(59,936	)
USD	7,700,000	INR	638,340,140		Mar 29 2023		BOA		(7,833	)
USD	7,145,666	JPY	973,713,952		Mar 01 2023		BOA		(6,800	)
USD	2,400,000	JPY	328,167,296		Mar 02 2023		BOA		(10,892	)
USD	36,306,334	JPY	4,845,453,477		Mar 15 2023		BOA		641,343
USD	45,150,617	JPY	5,930,299,000		Mar 17 2023		BOA		1,487,154
USD	4,856,772	JPY	637,500,000		Mar 31 2023		BOA		152,928
USD	99,303,487	JPY	13,084,800,000		Apr 19 2023		BOA		2,502,876
USD	2,000,000	KRW	2,541,968,929		Mar 06 2023		BOA		78,597
USD	4,700,000	KRW	5,855,881,429		Mar 08 2023		BOA		273,365
USD	7,800,000	KRW	9,995,829,873		Mar 09 2023		BOA		243,537
USD	6,700,000	KRW	8,569,114,381		Mar 15 2023		BOA		220,444
USD	11,500,000	KRW	14,683,121,220		Mar 17 2023		BOA		396,389
USD	10,800,000	KRW	13,954,197,012		Mar 21 2023		BOA		245,836
USD	10,800,000	KRW	14,042,565,648		Mar 23 2023		BOA		178,105
USD	1,000,000	KRW	1,309,607,760		Mar 31 2023		BOA		9,064
USD	10,800,000	KRW	14,205,661,200		Apr 03 2023		BOA		49,510
USD	1,200,000	MXN	22,604,880		Mar 15 2023		BOA		(31,823	)
USD	2,385,622	MXN	46,061,000		Mar 17 2023		BOA		(123,384	)
USD	1,216,417	MXN	22,500,000		Mar 31 2023		BOA		(5,710	)
USD	1,900,300	NOK	19,723,715		Mar 01 2023		BOA		916
USD	3,424,216	NOK	35,400,162		Mar 02 2023		BOA		15,022
USD	22,312,665	NOK	228,228,279		Mar 15 2023		BOA		317,631
USD	8,800,000	NOK	89,788,069		Mar 31 2023		BOA		139,057
USD	2,029,836	NZD	3,300,000		Mar 01 2023		BOA		(10,542	)
USD	3,320,644	NZD	5,400,000		Mar 02 2023		BOA		(18,142	)
USD	22,204,801	NZD	35,500,000		Mar 15 2023		BOA		255,198
USD	21,636,953	NZD	34,538,000		Mar 17 2023		BOA		281,992
USD	50,000	PEN	193,600		Mar 15 2023		BOA		(962	)
USD	150,000	PHP	8,251,689		Mar 15 2023		BOA		1,151
USD	7,100,000	PLN	31,785,990		Mar 31 2023		BOA		(28,726	)
USD	7,375,736	PLN	32,840,000		Apr 19 2023		BOA		19,767
USD	708,552	SEK	7,417,794		Mar 01 2023		BOA		(99	)
USD	1,800,000	SEK	18,770,355		Mar 02 2023		BOA		6,708
USD	7,633,894	SEK	79,930,889		Mar 15 2023		BOA		(7,985	)
USD	8,000,000	SEK	82,457,346		Mar 31 2023		BOA		109,302
USD	6,750,000	SGD	9,013,187		Mar 15 2023		BOA		63,285
USD	2,150,000	THB	74,280,000		Mar 15 2023		BOA		45,005
USD	26,474	TRY	500,000		Mar 01 2023		BOA		4

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

27

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Concluded)

February 28, 2023 (Unaudited)

Currency Purchased		Currency Sold		Expiration Date		Counterparty		Unrealized Appreciation/ (Depreciation)
USD	101,631	TRY	2,000,000		Mar 15 2023		BOA	$	(3,583	)
USD	9,400,000	TRY	182,278,105		Mar 31 2023		BOA		(92,957	)
USD	167,266	TRY	3,270,000		Apr 19 2023		BOA		(948	)
USD	5,054,661	TWD	151,849,255		Mar 01 2023		BOA		70,511
USD	200,000	TWD	6,073,091		Mar 03 2023		BOA		623
USD	7,750,000	TWD	233,513,710		Mar 15 2023		BOA		73,239
USD	5,000,000	TWD	151,451,200		Mar 23 2023		BOA		16,171
USD	1,200,000	TWD	36,167,968		Mar 31 2023		BOA		8,689
USD	108,615	ZAR	2,000,000		Mar 01 2023		BOA		(278	)
USD	13,728,529	ZAR	243,869,876		Mar 15 2023		BOA		467,417
USD	5,200,000	ZAR	93,137,616		Mar 31 2023		BOA		142,774
ZAR	2,000,000	USD	108,678		Mar 01 2023		BOA		215
ZAR	49,179,978	USD	2,727,521		Mar 15 2023		BOA		(53,221	)
ZAR	40,000	USD	2,225		Apr 19 2023		BOA		(57	)
Total Forward Foreign Currency Contracts								$	7,723,152

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 financial statements.

28

Abbey Capital Futures Strategy Fund

Consolidated Statement of Assets And Liabilities

February 28, 2023 (Unaudited)

ASSETS
Investments, at value (cost $2,368,405,133)	$	2,367,515,319
Foreign currency deposits with broker for futures contracts (cost $8,286,991)		8,022,317
Deposits with broker for forward foreign currency contracts		70,956,981
Deposits with broker for futures contracts		277,476,176
Receivables for:
Capital shares sold		11,876,249
Interest receivable		388,616
Unrealized appreciation on forward foreign currency contracts		25,554,858
Unrealized appreciation on futures contracts		78,180,698
Prepaid expenses and other assets		232,073
Total assets		2,840,203,287
LIABILITIES
Due to broker		235,134
Payables for:
Advisory fees		3,570,517
Capital shares redeemed		3,088,575
Unrealized depreciation on forward foreign currency contracts		17,831,706
Unrealized depreciation on futures contracts		52,040,921
Other accrued expenses and liabilities		398,855
Total liabilities		77,165,708
Net assets	$	2,763,037,579
NET ASSETS CONSIST OF:
Par value	$	232,991
Paid-in capital		3,193,727,508
Total distributable earnings/(losses)		(430,922,920	)
Net assets	$	2,763,037,579
CLASS A SHARES:
Net assets	$	149,017,635
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		12,726,589
Net asset value and redemption price per share	$	11.71
Maximum offering price per share (100/94.25 of $11.71)	$	12.42
CLASS I SHARES:
Net assets	$	2,603,968,669
Shares outstanding ($0.001 par value, 300,000,000 shares authorized)		219,374,234
Net asset value, offering and redemption price per share	$	11.87
CLASS C SHARES:
Net assets	$	10,051,275
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		890,122
Net asset value, offering and redemption price per share	$	11.29

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

29

Abbey Capital Futures Strategy Fund

Consolidated Statement of Operations

For the Six Months Ended February 28, 2023 (Unaudited)

INVESTMENT INCOME
Interest	$	44,368,172
Total investment income		44,368,172
EXPENSES
Advisory fees (Note 2)		24,560,746
Administration and accounting services fees (Note 2)		417,065
Transfer agent fees (Note 2)		195,529
Distribution fees (Class A Shares) (Note 2)		173,103
Distribution fees (Class C Shares) (Note 2)		37,793
Directors fees		156,138
Legal fees		121,148
Registration and filing fees		88,859
Printing and shareholder reporting fees		68,238
Custodian fees (Note 2)		67,733
Officers fees		60,242
Audit and tax service fees		34,549
Other expenses		107,310
Total expenses before waivers and/or reimbursements		26,088,453
Less: waivers and/or reimbursements (Note 2)		(997,600	)
Net expenses after waivers and/or reimbursements		25,090,853
Net investment income/(loss)		19,277,319
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		(1,266,493	)
Futures contracts		(27,728,997	)
Foreign currency transactions		355,791
Forward foreign currency contracts		10,613,458
Net change in unrealized appreciation/(depreciation) on:
Investments		2,215,605
Futures contracts		(12,641,810	)
Foreign currency translations		(212,125	)
Forward foreign currency contracts		(6,151,865	)
Net realized and unrealized gain/(loss) from investments		(34,816,436	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(15,539,117	)

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

30

Abbey Capital Futures Strategy Fund

Consolidated Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2023 (Unaudited)			For the Year Ended August 31, 2022
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	19,277,319		$	(22,895,427	)
Net realized gain/(loss) from investments, futures contracts, foreign currency transactions and forward foreign currency contracts		(18,026,241	)		297,758,259
Net change in unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translations and forward foreign currency contracts		(16,790,195	)		37,796,783
Net increase/(decrease) in net assets resulting from operations		(15,539,117	)		312,659,615
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(368,957,087	)		(54,275,724	)
Net decrease in net assets from dividends and distributions to shareholders		(368,957,087	)		(54,275,724	)
CAPITAL SHARE TRANSACTIONS:
Class A Shares
Proceeds from shares sold		60,695,051			96,389,889
Proceeds from reinvestment of distributions		15,458,188			594,933
Shares redeemed		(22,553,188	)		(11,764,526	)
Total from Class A Shares		53,600,051			85,220,296
Class I Shares
Proceeds from shares sold		954,684,073			1,705,791,826
Proceeds from reinvestment of distributions		220,037,703			35,649,949
Shares redeemed		(770,543,837	)		(560,126,349	)
Total from Class I Shares		404,177,939			1,181,315,426
Class C Shares
Proceeds from shares sold		3,496,169			4,075,349
Proceeds from reinvestment of distributions		882,158			147,425
Shares redeemed		(1,881,104	)		(1,516,356	)
Total from Class C Shares		2,497,223			2,706,418
Net increase/(decrease) in net assets from capital share transactions		460,275,213			1,269,242,140
Total increase/(decrease) in net assets		75,779,009			1,527,626,031
NET ASSETS:
Beginning of period		2,687,258,570			1,159,632,539
End of period	$	2,763,037,579		$	2,687,258,570

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

31

Abbey Capital Futures Strategy Fund

Consolidated Statements of Changes in Net Assets (Concluded)

	For the Six Months Ended February 28, 2023 (Unaudited)			For the Year Ended August 31, 2022
SHARE TRANSACTIONS:
Class A Shares
Shares sold		4,877,126			1,071,456
Shares reinvested		1,333,752			14,551
Shares redeemed		(1,853,097	)		(578,862	)
Total Class A Shares		4,357,781			507,145
Class I Shares
Shares sold		74,581,711			37,193,765
Shares reinvested		18,742,564			669,827
Shares redeemed		(60,915,121	)		(21,694,016	)
Total Class I Shares		32,409,154			16,169,576
Class C Shares
Shares sold		274,083			132,823
Shares reinvested		78,764			4,481
Shares redeemed		(154,475	)		(130,069	)
Total Class C Shares		198,372			7,235
Net increase/(decrease) in shares outstanding		36,965,307			16,683,956

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

32

Abbey Capital Futures Strategy Fund

Consolidated Financial Highlights

Contained below is per share operating performance data for Class A Shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the consolidated financial statements.

	Class A Shares
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018
Per Share Operating Performance
Net asset value, beginning of period	$	13.56		$	11.95		$	11.28		$	12.45		$	11.28		$	11.15
Net investment income/(loss)(1)		0.08			(0.19	)		(0.24	)		(0.11	)		(0.01	)		(0.07	)
Net realized and unrealized gain/(loss) from investments		(0.15	)		2.20			1.07			(0.14	)		1.18			0.20
Net increase/(decrease) in net assets resulting from operations		(0.07	)		2.01			0.83			(0.25	)		1.17			0.13
Dividends and distributions to shareholders from:
Net investment income		(1.11	)		(0.27	)		(0.16	)		(0.64	)		—			—
Net realized capital gains		(0.67	)		(0.13	)		—			(0.28	)		—			—
Total dividends and distributions to shareholders		(1.78	)		(0.40	)		(0.16	)		(0.92	)		—			—
Net asset value, end of period	$	11.71		$	13.56		$	11.95		$	11.28		$	12.45		$	11.28
Total investment return/(loss)(2)		(0.34	)%(4)		17.40	%		7.42	%		(1.64	)%		10.37	%		1.08	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	149,018		$	113,480		$	21,395		$	14,469		$	12,434		$	15,539
Ratio of expenses to average net assets with waivers and/or reimbursements (including interest expense)(3)		2.04	%(5)		2.04	%		2.04	%		2.04	%		2.04	%		2.04	%
Ratio of expenses to average net assets with waivers and/or reimbursements (excluding interest expense)(3)		2.04	%(5)		2.04	%		2.04	%		2.04	%		2.04	%		2.04	%
Ratio of expenses to average net assets without waivers and/or reimbursements (including interest expense)(3)		2.11	%(5)		2.10	%		2.14	%		2.15	%		2.14	%		2.13	%
Ratio of net investment income/(loss) to average net assets		1.23	%(5)		(1.47	)%		(2.03	)%		(0.98	)%		(0.05	)%		(0.65	)%
Portfolio turnover rate(6)		0	%(4)		0	%		0	%		0	%		0	%		0	%

(1) Calculated based on average shares outstanding for the period.

(2) Total investment return/(loss) is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total return does not reflect any applicable sales charge.

(3) The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired Fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 2.04% of the Fund’s average daily net assets attributable to Class A Shares.

(4) Not Annualized.

(5) Annualized.

(6) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

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

33

Abbey Capital Futures Strategy Fund

Consolidated Financial Highlights (Continued)

Contained below is per share operating performance data for Class I Shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the consolidated financial statements.

	Class I Shares
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018
Per Share Operating Performance
Net asset value, beginning of period	$	13.72		$	12.07		$	11.38		$	12.55		$	11.36		$	11.20
Net investment income/(loss)(1)		0.09			(0.15	)		(0.21	)		(0.09	)		0.02			(0.05	)
Net realized and unrealized gain/(loss) from investments		(0.15	)		2.22			1.08			(0.14	)		1.19			0.21
Net increase/(decrease) in net assets resulting from operations		(0.06	)		2.07			0.87			(0.23	)		1.21			0.16
Dividends and distributions to shareholders from:
Net investment income		(1.12	)		(0.29	)		(0.18	)		(0.66	)		(0.02	)		—
Net realized capital gains		(0.67	)		(0.13	)		—			(0.28	)		—			—
Total dividends and distributions to shareholders		(1.79	)		(0.42	)		(0.18	)		(0.94	)		(0.02	)		—
Net asset value, end of period	$	11.87		$	13.72		$	12.07		$	11.38		$	12.55		$	11.36
Total investment return/(loss)(2)		(0.24	)%(4)		17.72	%		7.74	%		(1.39	)%		10.63	%		1.34	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,603,969		$	2,564,701		$	1,132,714		$	883,997		$	707,564		$	913,437
Ratio of expenses to average net assets with waivers and/or reimbursements (including interest expense)(3)		1.79	%(5)		1.79	%		1.79	%		1.79	%		1.79	%		1.79	%
Ratio of expenses to average net assets with waivers and/or reimbursements (excluding interest expense)(3)		1.79	%(5)		1.79	%		1.79	%		1.79	%		1.79	%		1.79	%
Ratio of expenses to average net assets without waivers and/or reimbursements (including interest expense)(3)		1.86	%(5)		1.85	%		1.89	%		1.90	%		1.89	%		1.88	%
Ratio of net investment income/(loss) to average net assets		1.40	%(5)		(1.22	)%		(1.78	)%		(0.73	)%		0.20	%		(0.40	)%
Portfolio turnover rate(6)		0	%(4)		0	%		0	%		0	%		0	%		0	%

(1) Calculated based on average shares outstanding for the period.

(2) Total investment return/(loss) is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(3) The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired Fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 1.79% of the Fund’s average daily net assets attributable to Class I Shares.

(4) Not Annualized.

(5) Annualized.

(6) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

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

34

Abbey Capital Futures Strategy Fund

Consolidated Financial Highlights (Concluded)

Contained below is per share operating performance data for Class C Shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the consolidated financial statements.

	Class C Shares
	For the Six Months Ended February 28, 2023 (Unaudited)			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018
Per Share Operating Performance
Net asset value, beginning of period	$	13.12		$	11.60		$	10.98		$	12.11		$	11.06		$	11.01
Net investment income/(loss)(1)		0.03			(0.27	)		(0.32	)		(0.19	)		(0.08	)		(0.16	)
Net realized and unrealized gain/(loss) from investments		(0.14	)		2.13			1.05			(0.14	)		1.13			0.21
Net increase/(decrease) in net assets resulting from operations		(0.11	)		1.86			0.73			(0.33	)		1.05			0.05
Dividends and distributions to shareholders from:
Net investment income		(1.05	)		(0.21	)		(0.11	)		(0.52	)		—			—
Net realized capital gains		(0.67	)		(0.13	)		—			(0.28	)		—			—
Total dividends and distributions to shareholders		(1.72	)		(0.34	)		(0.11	)		(0.80	)		—			—
Net asset value, end of period	$	11.29		$	13.12		$	11.60		$	10.98		$	12.11		$	11.06
Total investment return/(loss)(2)		(0.71	)%(4)		16.48	%		6.72	%		(2.40	)%		9.49	%		0.36	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	10,051		$	9,078		$	5,524		$	5,151		$	4,487		$	8,481
Ratio of expenses to average net assets with waivers and/or reimbursements (including interest expense)(3)		2.79	%(5)		2.79	%		2.79	%		2.79	%		2.79	%		2.79	%
Ratio of expenses to average net assets with waivers and/or reimbursements (excluding interest expense)(3)		2.79	%(5)		2.79	%		2.79	%		2.79	%		2.79	%		2.79	%
Ratio of expenses to average net assets without waivers and/or reimbursements (including interest expense)(3)		2.86	%(5)		2.85	%		2.89	%		2.90	%		2.89	%		2.88	%
Ratio of net investment income/(loss) to average net assets		0.49	%(5)		(2.22	)%		(2.78	)%		(1.73	)%		(0.80	)%		(1.40	)%
Portfolio turnover rate(6)		0	%(4)		0	%		0	%		0	%		0	%		0	%

(1) Calculated based on average shares outstanding for the period.

(2) Total investment return/(loss) is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(3) The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired Fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 2.79% of the Fund’s average daily net assets attributable to Class C Shares.

(4) Not Annualized.

(5) Annualized.

(6) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

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

35

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements

February 28, 2023 (Unaudited)

1. Organization and Significant Accounting Policies

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is a mutual fund divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has forty-eight separate investment portfolios, including the Abbey Capital Futures Strategy Fund (the “Fund”), which commenced investment operations on July 1, 2014. The Fund is authorized to offer four classes of shares, Class A Shares, Class I Shares, Class C Shares and Class T Shares. Class A Shares are sold subject to a front-end maximum sales charge of 5.75%. Front-end sales charges may be reduced or waived under certain circumstances. Class T Shares are not currently available for sale.

RBB has authorized capital of one hundred billion shares of common stock of which 90.623 billion shares are currently classified into two hundred and thirteen classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

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

The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies.”

The end of the reporting period for the Fund is February 28, 2023, and the period covered by these Notes to Consolidated Financial Statements is the six months ended February 28, 2023 (the “current fiscal period”).

CONSOLIDATION OF SUBSIDIARIES – The Managed Futures strategy is achieved by the Fund investing up to 25% of its total assets in Abbey Capital Master Offshore Fund Limited (the “Cayman Subsidiary”), a wholly-owned and controlled subsidiary of the Fund organized under the acts of the Cayman Islands. The Cayman Subsidiary invests all or substantially all of its assets in segregated portfolios of the Abbey Capital Offshore Fund SPC (the “SPC”), a wholly-owned subsidiary of the Cayman Subsidiary organized under the acts of the Cayman Islands. The Cayman Subsidiary serves solely as an intermediate entity through which the Fund invests in the SPC and makes no independent investment decisions and has no investment or other discretion over the Fund’s investable assets.

The Fund may also invest a portion of its assets in segregated series of another wholly-owned subsidiary of the Fund, the Abbey Capital Onshore Series LLC (the “Onshore Subsidiary”), a Delaware series limited liability company.

The consolidated financial statements of the Fund include the financial statements of the Cayman Subsidiary, the Onshore Subsidiary and SPC. The Fund consolidates the results of subsidiaries in which the Fund holds a controlling financial interest. All inter-company accounts and transactions have been eliminated. As of the end of the reporting period, the net assets of the Cayman Subsidiary and SPC were $578,144,325, which represented 20.92% of the Fund’s net assets. As of the end of the reporting period, the net assets of the Onshore Subsidiary were $599,017,172, which represented 21.68% of the Fund’s net assets.

Portfolio Valuation — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close 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

36

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. If market quotations are unavailable or deemed unreliable, securities will be valued by the Valuation Designee (as defined below) in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

The Board has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated Abbey Capital Limited (the “Adviser”) as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

Fair Value Measurements — The inputs and valuation techniques used to measure the fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

● Level 1 – Prices are determined using quoted prices in active markets for identical securities.

● Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 – Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Fund’s investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Short-Term Investments	$	2,367,515,319	$	2,367,515,319	$	—	$	—
Commodity Contracts
Futures Contracts		24,352,466		24,352,466		—		—
Equity Contracts
Futures Contracts		16,357,422		16,357,422		—		—
Foreign Currency Contracts
Forward Foreign Currency Contracts		25,554,858		—		25,554,858		—
Futures Contracts		8,053,332		8,053,332		—		—
Interest Rate Contracts
Futures Contracts		29,417,478		29,417,478		—		—
Total Assets	$	2,471,250,875	$	2,445,696,017	$	25,554,858	$	—

37

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Commodity Contracts
Futures Contracts	$	(33,088,151	)	$	(33,088,151	)	$	—		$	—
Equity Contracts
Futures Contracts		(8,571,966	)		(8,571,966	)		—			—
Foreign Currency Contracts
Forward Foreign Currency Contracts		(17,831,706	)		—			(17,831,706	)		—
Futures Contracts		(2,538,423	)		(2,538,423	)		—			—
Interest Rate Contracts
Futures Contracts		(7,842,381	)		(7,842,381	)		—			—
Total Liabilities	$	(69,872,627	)	$	(52,040,921	)	$	(17,831,706	)	$	—

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

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

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

During the current fiscal period, the Fund had no Level 3 transfers.

Disclosures about Derivative instruments and Hedging Activities — Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that the Fund used during the period include forward foreign currency contracts and futures contracts.

During the current fiscal period, the Fund used long and short contracts on U.S. and foreign equity market indices, U.S. and foreign government bonds, foreign currencies, interest rates and commodities (through investment in the Cayman Subsidiary, the SPC and the Onshore Subsidiary), to gain investment exposure in accordance with its investment objective.

The following tables provide quantitative disclosures about fair value amounts of, and gains and losses on, the Fund’s derivative instruments as of and for the current fiscal period.

38

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

The following tables list the fair values and location on the Consolidated Statement of Assets and Liabilities of the Fund’s derivative holdings as of the end of the reporting period, grouped by derivative type and primary risk exposure category by contract type.

Derivative Type	Consolidated Statement of Assets and Liabilities Location		Equity Contracts			Interest Rate Contracts			Foreign Currency Contracts			Commodity Contracts			Total
Asset Derivatives
Forward Contracts (a)		Unrealized appreciation on forward foreign currency contracts	$	—		$	—		$	25,554,858		$	—		$	25,554,858
Futures Contracts (a)		Unrealized appreciation on futures contracts		16,357,422			29,417,478			8,053,332			24,352,466			78,180,698
Total Value- Assets			$	16,357,422		$	29,417,478		$	33,608,190		$	24,352,466		$	103,735,556
Liability Derivatives
Forward Contracts (a)		Unrealized depreciation on forward foreign currency contracts	$	—		$	—		$	(17,831,706	)	$	—		$	(17,831,706	)
Futures Contracts (a)		Unrealized depreciation on futures contracts		(8,571,966	)		(7,842,381	)		(2,538,423	)		(33,088,151	)		(52,040,921	)
Total Value- Liabilities			$	(8,571,966	)	$	(7,842,381	)	$	(20,370,129	)	$	(33,088,151	)	$	(69,872,627	)

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

The following table lists the amounts of realized gains/(losses) included in net increase/(decrease) in net assets resulting from operations during the current fiscal period, grouped by derivative type and primary risk exposure category by contract type.

Derivative Type	Consolidated Statement of Operations Location		Equity Contracts			Interest Rate Contracts		Foreign Currency Contracts		Commodity Contracts			Total
Realized Gain/(Loss)
Futures Contracts		Net realized gain/(loss) from futures contracts	$	(13,292,486	)	$	72,294,848	$	12,750,569	$	(99,481,928	)	$	(27,728,997	)
Forward Contracts		Net realized gain/(loss) from forward foreign currency contracts		—			—		10,613,458		—			10,613,458
Total Realized Gain/(Loss)			$	(13,292,486	)	$	72,294,848	$	23,364,027	$	(99,481,928	)	$	(17,115,539	)

39

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

The following table lists the amounts of change in unrealized appreciation/(depreciation) included in net increase/(decrease) in net assets resulting from operations during the current fiscal period, grouped by derivative type and primary risk exposure category by contract type.

Derivative Type	Consolidated Statement of Operations Location		Equity Contracts		Interest Rate Contracts		Foreign Currency Contracts			Commodity Contracts			Total
Change in Unrealized Appreciation/(Depreciation)
Futures Contracts		Net change in unrealized appreciation/(depreciation) on futures contracts	$	17,475,644	$	3,035,761	$	(19,340,989	)	$	(13,812,226	)	$	(12,641,810	)
Forward Contracts		Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts		—		—		(6,151,865	)		—			(6,151,865	)
Total Change in Unrealized Appreciation/(Depreciation)			$	17,475,644	$	3,035,761	$	(25,492,854	)	$	(13,812,226	)	$	(18,793,675	)

During the current fiscal period, the Fund’s quarterly average volume of derivatives was as follows:

Long Futures Notional Amount	Short Futures Notional Amount	Forward Foreign Currency Contracts — Payable (Value at Trade Date)	Forward Foreign Currency Contracts — Receivable (Value at Trade Date)
$2,751,132,106	$(6,382,073,259)	$(3,395,703,082)	$3,365,867,272

For financial reporting purposes, the Fund does not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral (receivables) or the obligation to return cash collateral (payables) arising from derivative instruments recognized at fair value executed with the same counterparty under a master netting arrangement.

40

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

The following is a summary of financial and derivative instruments that are subject to enforceable master netting agreements (or similar arrangements) and collateral received and pledged in connection with the master netting agreements (or similar arrangements).

			Gross Amount Not Offset in Consolidated Statement of Assets and Liabilities									Gross Amount Not Offset in Consolidated Statement of Assets and Liabilities
Description	Gross Amount Presented in the Consolidated Statement of Assets and Liabilities		Financial Instruments			Collateral Received		Net Amount(1)		Gross Amount Presented in the Consolidated Statement of Assets and Liabilities		Financial Instruments			Collateral Pledged(2)		Net Amount(3)
	Assets									Liabilities
Forward Foreign Currency Contracts	$	25,554,858	$	(17,831,706	)	$	—	$	7,723,152	$	17,831,706	$	(17,831,706	)	$	—	$	—

(1) Net amount represents the net amount receivable from the counterparty in the event of default.

(2) Actual collateral pledged may be more than the amount shown.

(3) Net amount represents the net amount payable to the counterparty in the event of default.

Use of Estimates — The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

Investment Transactions, Investment Income and Expenses — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund’s investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (formerly, PENN Capital Funds Trust) (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Fund.

Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders and recorded on the ex-dividend date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

U.S. Tax Status — No provision is made for U.S. income taxes as it is the Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

41

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

The Cayman Subsidiary is registered as an “exempted company” and the SPC as an “exempted segregated portfolio company” pursuant to the Companies Act (Revised) of the Cayman Islands (as amended). Each of the Cayman Subsidiary and the SPC has received an undertaking from the Governor in Cabinet of the Cayman Islands to the effect that, for a period of twenty years from the date of the undertaking, no act that thereafter is enacted in the Cayman Islands imposing any tax or duty to be levied on profits, income or on gains or appreciation, or any tax in the nature of estate duty or inheritance tax, will apply to any property comprised in or any income arising under the Cayman Subsidiary or the SPC, or to the shareholders thereof, in respect of any such property or income. For U.S. federal income tax purposes, the Cayman Subsidiary is treated as a “controlled foreign corporation.” The SPC is treated as an entity disregarded from its owner, the Cayman Subsidiary, for U.S. income tax purposes. The Onshore Subsidiary is treated as an entity disregarded from its owner, the Fund, for U.S. income tax purposes.

SEC RULE 18f-4 — Effective August 19, 2022, the U.S. Securities and Exchange Commission (“SEC”) implemented Rule 18f-4 under the 1940 Act (“Rule 18f-4”), providing for the regulation of a registered investment company’s use of derivatives and certain related instruments. Among other things, Rule 18f-4 limits a fund’s derivatives exposure through a value-at-risk test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. The Fund, as a full derivatives user (as defined in Rule 18f-4), is subject to the full requirements of Rule 18f-4. The Fund is required to comply with Rule18f-4 and has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4.

Foreign Currency Translation — Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investments in the Consolidated Statement of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currencies in the Consolidated Statement of Operations.

Currency Risk —Investment in foreign securities involves currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and which may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls. Forward foreign currency exchange contracts may limit potential gains from a favorable change in value between the U.S. dollar and foreign currencies. Unanticipated changes in currency pricing may result in poorer overall performance for the Fund than if it had not engaged in these contracts.

Commodity Sector Risk — Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked securities in which the Fund invests may be issued by companies in the financial services sector, and events affecting the financial services sector may cause the Fund’s share value to fluctuate.

Foreign Securities Market Risk — A substantial portion of the trades of the Fund are expected to take place on markets or exchanges outside the United States. There is no limit to the amount of assets of the Fund that may be committed to trading on foreign markets. The risk of loss in trading foreign futures and options on futures contracts can be substantial. Participation in foreign futures and options on futures contracts involves the execution and clearing of trades on, or subject to the rules of, a foreign board of trade or exchange. Some of these foreign markets, in contrast to U.S. exchanges, are so-called

42

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

principals’ markets in which performance is the responsibility only of the individual counterparty with whom the trader has entered into a commodity interest transaction and not of the exchange or clearing corporation. In these kinds of markets, there is risk of bankruptcy or other failure or refusal to perform by the counterparty.

Counterparty Risk — The derivative contracts entered into by the Fund, the SPC or Onshore Subsidiary may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease.

Credit Risk — Credit risk refers to the possibility that the issuer of the security or a counterparty in respect of a derivative instrument will not be able to satisfy its payment obligations to the Fund when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade, but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value or default. In addition, the credit quality of securities may be lowered if an issuer’s financial condition changes.

Coronavirus (Covid-19) Pandemic — The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. Although vaccines for COVID-19 are available, the ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual companies are not known. The operational and financial performance of individual companies and the market in general depends on future developments, including the duration and spread of the outbreak and the pace of recovery which may vary from market to market, and such uncertainty may in turn adversely affect the value and liquidity of the Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’s performance.

Ukraine-Russia Conflict Risk — In February 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries and the threat of wider-spread hostilities could have a severe adverse effect on the region and global economies, including significant negative impacts on the markets for certain securities and commodities, such as oil and natural gas. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future, could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long the armed conflict and related events will last cannot be predicted. These tensions and any related events could have a significant impact on Fund performance and the value of Fund investments, even beyond any direct exposure the Fund may have to issuers located in these countries.

Options — An option on a futures contract gives the purchaser the right, in exchange for a premium, to assume a position in a futures contract at a specified exercise price during the term of the option. The Fund may use futures contracts and related options for: bona fide hedging; attempting to offset changes in the value of securities held or expected to be acquired or be disposed of; attempting to minimize fluctuations in foreign currencies; attempting to gain exposure to a particular market, index or instrument; or other risk management purposes. The risk associated with purchasing an option is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of premium and change in market value should the counterparty not perform under the contract. Put and call options are accounted for in the same manner as other securities owned. The cost of securities acquired through the exercise of call options is increased by the premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid.

Options Written — The Fund may enter into options written for: bona fide hedging; attempting to offset changes in the value of securities held or expected to be acquired or be disposed of; attempting to minimize fluctuations in foreign currencies; attempting to gain exposure to a particular market, index or instrument; or other risk management purposes. Such options may relate to particular securities or domestic stock indices, and may or may not be listed on exchanges regulated by the Commodity Futures Trading Commission or on other non-U.S. exchanges. An option on a futures contract gives the

43

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

purchaser the right, in return for the premium paid, to assume a position in the contract (a long position if the option is a call and a short position if the option is a put) at a specified exercise price at any time during the option exercise period. The writer of the option is required upon exercise to assume a short futures position (if the option is a call) or a long futures position (if the option is a put). Upon exercise of the option, the accumulated cash balance in the writer’s futures margin account is delivered to the holder of the option. That balance represents the amount by which the market price of the futures contract at exercise exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option. The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. The Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. The Fund also may write over-the-counter options where completing the obligation depends upon the credit standing of the other party. Option contracts also involve the risk that they may result in loss due to unanticipated developments in market conditions or other causes. Written options are initially recorded as liabilities to the extent of premiums received and subsequently marked to market to reflect the current value of the option written. Gains or losses are realized when the option transaction expires or closes. When an option is exercised, the proceeds on sales for a written call option or the purchase cost for a written put option is adjusted by the amount of the premium received. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. As of the end of the reporting period, the Fund has no written options.

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

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

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

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

44

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

2. Investment Adviser and Other Services

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

The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding certain items discussed below) to the rates (“Expense Caps”) shown in the following table of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed the Expense Caps as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary expenses, interest and taxes. This contractual limitation is in effect until December 31, 2023 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2023.

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

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

Gross Advisory Fees	Waivers and/or Reimbursements	Net Advisory Fees
$24,560,746	$(997,600)	$23,563,146

If at any time the Fund’s total annual fund operating expenses (not including acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) for a year are less than the relevant share class’s Expense Cap, the Adviser may recoup any waived or reimbursed amounts from the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

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

Expiration
August 31, 2023	August 31, 2024	August 31, 2025	August 31, 2026	Total
$439,732	$1,020,929	$1,164,300	$997,600	$3,622,561

Aspect Capital Limited, Crabel Capital Management, LLC, Eclipse Capital Management, Inc., Episteme Capital Partners (UK), LLP, Graham Capital Management, LP, P/E Global, LLC, R.G. Niederhoffer Capital Management, Inc., Revolution Capital Management, LLC, Systematica Investments Limited (acting as the general partner of Systematica Investments LP), Tudor Investment Corporation, Welton Investment Partners, LLC and Winton Capital Management Limited each served as a Trading Adviser to the Fund during the current fiscal period.

45

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for the Fund. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Fund Services serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Quasar Distributors, LLC (the “Distributor”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB.

The Board has adopted a Plan of Distribution for the Class A Shares, Class C Shares and Class T Shares (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund’s distributor is entitled to receive from the Fund a distribution fee with respect to the Shares, which is accrued daily and paid monthly, of up to 0.25% on an annualized basis of the average daily net assets of the Class A Shares and Class T Shares and up to 1.00% of the Class C Shares. The actual amount of such compensation under the Plan is agreed upon by the Board and by the Distributor. Because these fees are paid out of the Fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. Amounts paid to the Distributor under the Plan may be used by the Distributor to cover expenses that are related to (i) the sale of the Shares, (ii) ongoing servicing and/or maintenance of the accounts of shareholders, and (iii) sub-transfer agency services, subaccounting services or administrative services related to the sale of the Shares, all as set forth in the Fund’s 12b-1 Plan.

For compensation amounts paid to Fund Services and the Custodian, please refer to the Consolidated Statement of Operations.

3. Director And Officer Compensation

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Secretary and Director of Marketing & Business Development of the Company. They are compensated by the Company for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Fund or the Company. For Director and Officer compensation amounts, please refer to the Consolidated Statement of Operations.

4. Purchases and Sales of Investment Securities

During the current fiscal period, there were no purchases or sales of investment securities or long-term U.S. Government securities (excluding short-term investments and derivative transactions) by the Fund.

5. Federal Income Tax Information

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund has determined that there was no effect on the consolidated financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

46

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

As of August 31, 2022, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund were as follows^(a):

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Unrealized Appreciation/ (Depreciation)
$2,757,733,831	$172,613,883	$(388,732,523)	$(216,118,640)

(a) The difference between the book basis and tax basis cost and aggregate gross unrealized appreciation and depreciation of investments is attributable primarily to timing differences related to taxable income from a wholly-owned controlled foreign corporation.

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying consolidated financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

Permanent differences as of August 31, 2022, primarily attributable to disallowed book income from the Cayman Subsidiary, were reclassified to the following accounts:

Distributable Earnings/(Loss)	Paid-In Capital
$(219,606,329)	$219,606,329

As of August 31, 2022, the components of distributable earnings/(deficits) on a tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gains	Net Unrealized Appreciation/ (Depreciation)	Capital Loss Carryforwards	Qualified Late-Year Losses	Other Temporary Differences
$269,747,537	$39,610,965	$(355,785,218)	$—	$—	$—

The differences between the book and tax basis components of distributable earnings/(deficits) relate principally to the timing of recognition of income and gains of the Cayman Subsidiary for federal income tax purposes.

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2022 was as follows:

Ordinary Income	Long-Term Gains	Total
$44,586,281	$9,689,443	$54,275,724

The Fund is permitted to carry forward capital losses for an unlimited period. Capital losses that are carried forward will retain their character as either short-term or long-term capital losses. As of August 31, 2022, the Fund had no unlimited short-term or long-term capital loss carryovers to offset future capital gains.

47

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Concluded)

February 28, 2023 (Unaudited)

6. New Accounting Pronouncements and Regulatory Updates

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

7. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no significant events requiring recognition or disclosure in the financial statements.

48

Abbey Capital Futures Strategy Fund

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling (844) 261-6484 and on the SEC’s website at http://www.sec.gov.

Quarterly Portfolio Schedules

The Company files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Forms N-PORT are available on the SEC’s website at http://www.sec.gov.

49

Investment Adviser
Abbey Capital Limited
1-2 Cavendish Row
Dublin 1, Ireland

Administrator and Transfer Agent
U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201

Principal Underwriter
Quasar Distributors, LLC
111 E Kilbourn Ave, Suite 2200
Milwaukee, WI 53202

Custodian
U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

Independent Registered Public Accounting Firm
Ernst & Young LLP
One Commerce Square
2005 Market Street, Suite 700
Philadelphia, PA 19103

Legal Counsel
Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

AFS-SAR23

Abbey Capital Multi Asset Fund

of

THE RBB FUND, INC.

Semi-Annual Report

February 28, 2023

(Unaudited)

Abbey Capital Multi Asset Fund

Semi-Annual Investment Adviser’s Report (Unaudited)

February 28, 2023

Dear Shareholder,

The Abbey Capital Multi Asset Fund (the “Fund”) Class I Shares returned -0.84% net of fees for the 6-month fiscal period ended February 28, 2022. Negative performance was recorded by both the managed futures and long US equity components of the Fund’s investment strategy. The managed futures component recorded losses from trading in commodity markets, with negative performance recorded in energy, metals and agricultural commodities. The Fund’s long US equity component saw losses from its holdings in S&P 500 futures over the 6-month period. The Fund targets approximately 100% exposure of its net assets to its managed futures strategy and approximately 50% exposure to its long US equity strategy. The Fund’s remaining net assets are allocated to its fixed income strategy. The managed futures strategy is achieved by the Fund investing up to 25% of its total assets in ACMAF Master Offshore Limited (the “ACMAF Master”), a wholly-owned subsidiary of the Fund that invests substantially all of its assets in ACMAF Offshore SPC, which is a wholly-owned and controlled segregated portfolio company that invests in managed futures and foreign exchange contracts. As part of its managed futures strategy, the Fund may also invest a portion of its assets in ACMAF Onshore Series LLC, a wholly-owned subsidiary of the Fund which is a multi-adviser fund that invests in managed futures and foreign exchange contracts.

Average Total Returns for the Periods Ended February 28, 2023

	2023 YTD	1 YEAR	SEP. 1, 2022 TO FEB. 28, 2023	ANNUALIZED SINCE INCEPTION ON APRIL 11, 2018
Class I Shares*	2.80%	8.41%	-0.84%	12.56%
Class A Shares**	2.80%	8.17%	-0.98%	12.27%
Class A Shares (max load)**	-3.07%	1.92%	-6.68%	10.92%
Class C Shares***	2.65%	7.37%	-1.33%	11.44%
Class C Shares (max load)***	1.65%	6.37%	-2.28%	11.44%
S&P 500® Total Return Index****	3.69%	-7.69%	1.26%	10.49%
BofA Merrill Lynch 3-Month T-Bill Index****	0.64%	2.10%	1.74%	1.34%
Barclay CTA Index****	0.03%	5.15%	-0.62%	4.30%

Barclay CTA numbers are based on the estimates available on the BarclayHedge website as of March 15, 2023

Source: Abbey Capital, Bloomberg and BarclayHedge

Performance quoted is past performance and does not guarantee future results. The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Performance would have been lower without fee waivers in effect. Visit www.abbeycapital.com for returns updated daily. Call (US Toll Free) 1-844-261-6484 or (international callers) +1-508-871-3276 for returns current to the most recent month-end.

Please note the above is shown for illustrative purposes only.

* The Fund commenced operations as a series of The RBB Fund, Inc. on April 11, 2018, when all of the assets of Abbey Global LP transferred to Class I Shares of the Fund. For clarity, on February 28, 2023, all references to Abbey Global LP’s performance were removed from the Fund’s prospectus.

** The inception date of the Class A Shares was February 16, 2022. Returns for Class A Shares prior to February 16, 2022 are pro forma (i.e. returns of Class I Shares from April 11, 2018 adjusted for Class A Shares expenses). Purchases of Class A Shares of the Fund are subject to a front-end sales charge of up to 5.75% of the total purchase price; however, sales charges may be reduced for large purchases as outlined in the Fund’s prospectus. For Class A Shares sold by the Distributor, the Distributor will receive the sales charge imposed on purchases of Class A Shares (or any contingent deferred sales charge paid on redemptions) and

1

Abbey Capital Multi Asset Fund

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

February 28, 2023

may retain the full amount of such sales charge. The sales charges or underwriter concessions (the difference between the sales charge and the dealer reallowance) received by the Distributor may be made available to the Fund for pre-approved marketing expenses or may be used to offset the compensation owed by the Adviser to the Distributor for its services. Sales charges are not imposed on Shares that are purchased with reinvested dividends or other distributions.

*** The inception date of the Class C Shares was November 8, 2021. Returns for Class C Shares prior to November 8, 2021 are pro forma (i.e. returns of Class I Shares from April 11, 2018 adjusted for Class C Shares expenses). Performance results with sales charges (“with load”) reflect the deduction of the applicable contingent deferred sales charge (“CDSC”). Class C shares are subject to a CDSC of 1.00% if you redeem your shares within twelve (12) months of purchase, based on the lesser of the shares’ cost at purchase or current net asset value at time of redemption. Performance presented without sales charges does not include the CDSC and would be lower if a charge was reflected.

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

Abbey Capital Limited (the “Adviser”) has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 1.79%, 2.04% and 2.79% of the Fund’s average daily net assets attributable to Class I Shares, Class A Shares and Class C Shares, respectively. This contractual limitation is in effect until December 31, 2023, and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. In addition, the Adviser may recoup any waived or reimbursed amounts from the Fund within three years from the date on which such waiver or reimbursement was made by the Adviser, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. Without the expense limitation agreement, the expense ratios are 1.98%, 2.23% and 2.98% of the Fund’s average daily net assets attributable to Class I Shares, Class A Shares and Class C Shares, respectively, as stated in the Fund’s prospectus dated December 31, 2022 (as revised February 28, 2023) (and which may differ from the actual expense ratios for the period covered by this report). The quoted performance would have been lower without the expense limitation.

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

Performance Analysis

The 6-month period ended February 28, 2023 was negative for Fund performance with losses recorded by both the managed futures allocation and the long US equity allocation.

Inflation, and the outlook for central bank policy, were key drivers of markets over the period. Market expectations for rate hikes in the US and elsewhere shifted several times during the 6- month period, with uncertainty about the outlook for monetary policy contributing to multiple reversals in asset prices and in broader market sentiment.

Expectations for monetary policy were relatively hawkish in September 2022. The US Federal Reserve and the European Central Bank both hiked rates by 0.75%, while US inflation was stronger than expected and eurozone inflation reached double digits. Fund performance was positive in September 2022 as gains for the managed futures allocation outweighed losses for the long equity allocation. The managed futures allocation profited from the continuation of some of the most notable trends from earlier in 2022, namely uptrends in the US Dollar and in global yields. However, the hawkish outlook weighed on global equity prices, with the long equity allocation experiencing losses as the S&P 500 finished the month of September 2022 9.3% lower.

Performance in quarter four of 2022 was more challenging, as reversals in sentiment during the quarter led to corrections in price trends across several markets. Further signs of slowing US inflation initially saw investors price a slower pace of US Federal Reserve tightening. This led to a rebound in equity markets, and a reversal of uptrends in global yields and in the US Dollar. Sentiment shifted in December, however, as guidance from the US Federal Reserve and European Central Bank proved more hawkish than expected. This saw some of the price trends from earlier in the quarter unwind as equities declined and uptrends in global yields resumed.

2

Abbey Capital Multi Asset Fund

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

February 28, 2023

The managed futures allocation was negative in quarter four of 2022 as trend reversals in the US Dollar and choppy price moves in equities resulted in losses. Meanwhile, the long equity allocation was positive as the S&P 500 recorded its first positive quarter of 2022, rising 7.1%.

Performance during the first two months of 2023 was positive. The rally in equities in January 2023 was the primary driver of gains for both the managed futures allocation and the long equity allocation, with stocks buoyed by hopes that we were approaching the end of the US rate hiking cycle and solid corporate earnings data. This rally in stocks retraced somewhat in February 2023 as some stronger than expected US inflation data saw expectations for rate hikes increased. Despite mixed signals on the direction of monetary policy, the S&P 500 rose 3.4% overall in the first two months of 2023.

Similar to financial markets, commodities markets were also choppy during the 6-month period with several markets experiencing a lack of clear trends and frequent price reversals. The Fund’s largest losses occurred in commodities, with negative performance recorded in energy, metals and agricultural commodities.

Energy was the largest detractor from Fund performance over the 6-month period. Losses were concentrated in crude oil and distillate contracts. Both long and short positions in energy recorded losses at different times as price reversals and a lack of clear direction in prices proved difficult for the Fund’s managed futures allocation. Several developments on both the supply and demand side contributed to these choppy price moves. These included evidence of a slowdown in global growth, shifts in Chinese demand expectations as it eased its COVID-19 restrictions, supply cuts from OPEC+ and rising inventories later in the period.

Performance in metals was also challenging, with losses recorded in both precious metals and base metals. As we saw in energy markets, frequent price corrections led to losses for the Fund’s managed futures allocation with long and short positions detracting at different times during the period. In agricultural commodities, losses were concentrated in corn and coffee contracts.

Performance in equities was also negative over the 6-month period, with the long equity allocation recording losses from its allocation to S&P 500 futures. Performance of the managed futures allocation was close to flat in the sector.

Performance for US equities was mixed over the period. The outlook for monetary policy was a key driver of US stocks. Periods when investors priced a more aggressive pace of US Federal Reserve policy tightening were typically negative for the S&P 500. Conversely, periods when monetary policy expectations turned more dovish were generally positive.

Despite the S&P 500 index finishing the 6-month period up 0.4%, the long US equity allocation that invests exclusively in S&P 500 futures recorded negative performance over the period.

A key reason for this was the size of positioning for the long US equity allocation over the 6-month period. Positioning was maintained below 50% of the Fund’s total assets over the first half of the 6-month period when the S&P 500 rallied. This led to underperformance relative to what a static 50% allocation would have returned, most notably in early November 2022 when the S&P 500 rallied sharply as further evidence of slowing US inflation led to forecasts of a slower pace of Federal Reserve tightening.

Positioning for the long US equity allocation was moved closer to 50% of the Fund’s total assets in December 2022. Positioning was maintained close to 50% of the Fund’s total assets for the remainder of the 6-month window, with the S&P 500 performing negatively over the December 2022 to February 2023 period.

In contrast, the Fund’s largest gains were observed in fixed income with short positions in bonds and interest rates both contributing positively to returns. Despite the frequent changes in outlook for monetary policy, global yields rose as central banks in most major markets hiked rates and as inflation, despite signs of slowing, remained elevated. The Fund’s largest gains arose from shorts in US Treasury and US interest rate contracts.

Gains in emerging market currencies were concentrated in the Mexican Peso. Long positions resulted in gains as the currency trended higher for much of the period alongside higher local market rates. In early 2023, the Mexican Peso hit its highest level since 2018 against the US Dollar following larger than expected rate hikes by the Mexican central bank.

3

Abbey Capital Multi Asset Fund

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

February 28, 2023

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

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

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

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

4

Abbey Capital Multi Asset Fund

Performance Data

February 28, 2023 (Unaudited)

Average Annual Total Returns for the Periods Ended February 28, 2023
	Six Months†	One Year	Three Years	Since Inception††
Class A Shares (without sales charge) (Pro forma April 11, 2018 to February 16, 2022)	-0.98%	8.17%	15.76%	12.27%*
Class A Shares (with sales charge) (Pro forma April 11, 2018 to February 16, 2022)	-6.68%	1.92%	13.50%	10.92%*
S&P 500® Total Return Index	1.26%	-7.69%	12.15%	10.49%**
ICE BofA 3-Month U.S. Treasury Bill Index***	1.74%	2.10%	0.84%	1.34%**
Barclay CTA Index***	-0.62%	5.15%	6.04%	4.30%**

† Not annualized.

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

* Class A Shares performance prior to its inception on February 16, 2022 is the performance of Class I Shares, adjusted for the Class A Shares expense ratio.

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

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

The Fund charges a 5.75% maximum sales charge on purchases (as a percentage of offering price) of Class A Shares. The performance data quoted reflects fee waivers in effect and would have been less in their absence. The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 2.04% of the Fund’s average daily net assets attributable to Class A Shares. Without the limitation arrangement, the gross expense ratio is 2.23% for Class A Shares as stated in the current prospectus, as supplemented (and which may differ from the actual expense ratio for the period covered by this report). This contractual limitation is in effect until December 31, 2023 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. Please see the Consolidated Financial Highlights for current figures.

5

Abbey Capital Multi Asset Fund

Performance Data (Continued)

February 28, 2023 (Unaudited)

Average Annual Total Returns for the Periods Ended February 28, 2023
	Six Months†	One Year	Three Years	Since Inception††
Class I Shares	-0.84%	8.41%	16.07%	12.56%
S&P 500® Total Return Index	1.26%	-7.69%	12.15%	10.49%*
ICE BofA 3-Month U.S. Treasury Bill Index**	1.74%	2.10%	0.84%	1.34%*
Barclay CTA Index***	-0.62%	5.15%	6.04%	4.30%*

† Not annualized.

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

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

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

The performance quoted reflects fee waivers in effect and would have been less in their absence. The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 1.79% of the Fund’s average daily net assets attributable to Class I Shares. Without the limitation arrangement, the gross expense ratio is 1.98% for Class I Shares, as stated in the current prospectus (and which may differ from the actual expense ratio for the period covered by this report). This contractual limitation is in effect until December 31, 2023 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. Please see the Consolidated Financial Highlights for current figures.

6

Abbey Capital Multi Asset Fund

Performance Data (Continued)

February 28, 2023 (Unaudited)

Average Annual Total Returns for the Periods Ended February 28, 2023
	Six Months†	One Year	Three Years	Since Inception††
Class C Shares (without contingent deferred sales charge) (Pro forma April 11, 2018 to November 8, 2021)	-1.33%	7.37%	14.91%	11.44%*
Class C Shares (with contingent deferred sales charge) (Pro forma April 11, 2018 to November 8, 2021)	-2.28%	6.37%	14.91%	11.44%*
S&P 500® Total Return Index	1.26%	-7.69%	12.15%	10.49%**
ICE BofA 3-Month U.S. Treasury Bill Index***	1.74%	2.10%	0.84%	1.34%**
Barclay CTA Index***	-0.62%	5.15%	6.04%	4.30%**

† Not annualized.

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

* Class C Shares performance prior to its inception on November 8, 2021 is the performance of Class I Shares, adjusted for the Class C Shares expense ratio.

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

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

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

The performance data quoted reflects fee waivers in effect and would have been less in their absence. The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 2.79% of the Fund’s average daily net assets attributable to Class C Shares. Without the limitation arrangement, the gross expense ratio is 2.98% for Class C Shares, as stated in the current prospectus (and which may differ from the actual expense ratios for the period covered by this report). This contractual limitation is in effect until December 31, 2023 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. Please see the Consolidated Financial Highlights for current figures.

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

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

7

Abbey Capital Multi Asset Fund

Performance Data (Concluded)

February 28, 2023 (Unaudited)

Barclay CTA Index

The Barclay CTA Index is a leading industry benchmark of representative performance of commodity trading advisors. There are currently 412 programs included in the calculation of the Barclay CTA Index for 2023. The Barclay CTA Index is equally weighted and rebalanced at the beginning of each year.

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

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

The S&P 500^® Total Return Index

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

A basis point is one hundredth of one percent.

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

8

Abbey Capital Multi Asset Fund

Fund Expense Example

February 28, 2023 (Unaudited)

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

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2022 through February 28, 2023, and held for the entire period.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

	Beginning Account Value September 1, 2022	Ending Account Value February 28, 2023	Expenses Paid During Period(1)	Annualized Expense Ratio(2)	Actual Six-Month Total Investment Returns for the Fund
Actual
Class A Shares	$ 1,000.00	$ 990.20	$ 10.07	2.04%	-0.98%
Class I Shares	1,000.00	991.60	8.84	1.79%	-0.84%
Class C Shares	1,000.00	986.70	13.74	2.79%	-1.33%
Hypothetical (5% return before expenses)
Class A Shares	$ 1,000.00	$ 1,014.68	$ 10.19	2.04%	N/A
Class I Shares	1,000.00	1,015.92	8.95	1.79%	N/A
Class C Shares	1,000.00	1,010.96	13.91	2.79%	N/A

⁽¹⁾ Expenses are equal to the Fund’s Class A Shares, Class I Shares, and Class C Shares annualized six-month expense ratios for the period September 1, 2022 through February 28, 2023, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one half year period. The Fund’s ending account values in the first section in the table are based on the actual six-month total investment return for the Fund’s respective share classes.

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

9

Abbey Capital Multi Asset Fund

Consolidated Portfolio Holdings Summary Table

February 28, 2023 (Unaudited)

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

	% of Net Assets			Value
SHORT-TERM INVESTMENTS:
U.S. Treasury Obligations		80.3	%	$	359,810,665
Money Market Deposit Account		4.5			20,002,097
OTHER ASSETS IN EXCESS OF LIABILITIES
(including futures and forward foreign currency contracts)		15.2			67,832,889
NET ASSETS		100.0	%	$	447,645,651

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

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

Portfolio holdings are subject to change at any time.

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

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments

February 28, 2023 (Unaudited)

	Coupon*		Maturity Date		Par (000’s)		Value
SHORT-TERM INVESTMENTS - 84.8%
U.S. TREASURY OBLIGATIONS - 80.3%
U.S. Treasury Bills		3.358%		03/02/23	$	10,922	$	10,920,680
U.S. Treasury Bills		3.522%		03/09/23		12,029		12,017,030
U.S. Treasury Bills		3.851%		03/16/23		7,978		7,963,140
U.S. Treasury Bills		3.880%		03/23/23		16,113		16,070,634
U.S. Treasury Bills		3.940%		03/30/23		16,810		16,751,129
U.S. Treasury Bills		4.091%		04/06/23		15,200		15,132,850
U.S. Treasury Bills		4.337%		04/13/23		30,793		30,628,996
U.S. Treasury Bills		4.481%		04/20/23		17,381		17,270,431
U.S. Treasury Bills		4.512%		04/27/23		10,601		10,523,055
U.S. Treasury Bills		4.630%		05/04/23		9,329		9,252,353
U.S. Treasury Bills		4.562%		05/11/23		15,935		15,788,785
U.S. Treasury Bills		4.652%		05/18/23		10,410		10,305,046
U.S. Treasury Bills		4.727%		05/25/23		16,543		16,361,836
U.S. Treasury Bills		4.714%		06/01/23		8,487		8,385,112
U.S. Treasury Bills		4.701%		06/08/23		11,214		11,070,478
U.S. Treasury Bills		4.690%		06/22/23		6,528		6,431,540
U.S. Treasury Bills		4.780%		06/29/23		6,948		6,839,843
U.S. Treasury Bills		4.859%		07/06/23		14,052		13,816,985
U.S. Treasury Bills		4.827%		07/13/23		12,185		11,970,328
U.S. Treasury Bills		4.857%		07/20/23		17,882		17,550,353
U.S. Treasury Bills		4.819%		07/27/23		16,965		16,634,979
U.S. Treasury Bills		4.827%		08/03/23		16,231		15,897,762
U.S. Treasury Bills		4.937%		08/10/23		27,492		26,898,483
U.S. Treasury Bills		5.057%		08/17/23		9,397		9,183,931
U.S. Treasury Bills		5.142%		08/24/23		26,785		26,144,906
TOTAL U.S. TREASURY OBLIGATIONS (Cost $359,958,318)								359,810,665

	Number of Shares (000’s)
MONEY MARKET DEPOSIT ACCOUNT — 4.5%
U.S. Bank Money Market Deposit Account, 4.25% (United States)(a)		20,002		20,002,097
TOTAL MONEY MARKET DEPOSIT ACCOUNT (Cost $20,002,097)				20,002,097
TOTAL SHORT-TERM INVESTMENTS
(Cost $379,960,415)				379,812,762
TOTAL INVESTMENTS — 84.8%
(Cost $379,960,415)				379,812,762
OTHER ASSETS IN EXCESS OF LIABILITIES — 15.2%				67,832,889
NET ASSETS — 100.0%			$	447,645,651

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

(a) The rate shown is as of February 28, 2023.

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Futures contracts outstanding as of February 28, 2023 were as follows:

Long Contracts	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
3-Month Euro Euribor		Dec-25		9	$	2,308,306	$	(10,551	)
3-Month SONIA Index Futures		Sep-23		241		69,011,092		(239,983	)
3-Month SONIA Index Futures		Sep-24		24		6,908,199		(45,813	)
3-Month SONIA Index Futures		Sep-25		25		7,227,991		(31,875	)
90-DAY Bank Bill		Sep-23		21		13,978,598		(18,048	)
Amsterdam Index Futures		Mar-23		61		9,727,998		(139,406	)
Australian 10-Year Bond Futures		Mar-23		44		3,483,649		480
Australian 3-Year Bond Futures		Mar-23		27		1,939,254		(19,903	)
Brent Crude Futures		May-23		1		83,450		(210	)
CAC40 10 Euro Futures		Mar-23		163		12,545,887		(2,832	)
CAD Currency Futures		Mar-23		2		146,770		(430	)
Cattle Feeder Futures		Apr-23		1		97,538		1,675
Cattle Feeder Futures		May-23		1		99,813		200
Cocoa Futures		May-23		37		1,031,930		16,930
Cocoa Futures		Jul-23		17		473,960		9,520
Cocoa Futures ICE		May-23		36		921,911		30,817
Cocoa Futures ICE		Jul-23		25		634,202		25,356
Coffee Robusta Futures		May-23		6		128,400		1,230
Coffee Robusta Futures		Jul-23		1		21,290		890
Copper Futures		May-23		23		2,351,463		(17,827	)
Corn Futures		May-23		268		8,445,350		(316,227	)
Corn Futures		Jul-23		52		1,617,850		(106,988	)
Corn Futures		Dec-23		2		56,975		(3,550	)
DAX Index Futures		Mar-23		53		21,590,723		245,276
DAX-Mini Futures		Mar-23		1		81,474		4,707
DJIA Mini E-CBOT		Mar-23		48		7,843,680		(282,420	)
Dollar Index		Mar-23		7		733,775		12,016
E-Mini Technology Select Futures		Mar-23		1		137,770		(410	)
EUR Foreign Exchange Currency Futures		Mar-23		184		24,361,599		(166,863	)
Euro STOXX 50		Mar-23		236		10,601,216		418,192
Euro/JPY Futures		Mar-23		43		5,681,539		(2,038	)
Euro-Bobl Futures		Mar-23		162		19,735,744		(141,932	)
Euro-BTP Futures		Mar-23		10		1,191,919		(37,115	)
Euro-Bund Futures		Mar-23		58		8,153,556		(86,488	)
Euro-Oat Futures		Mar-23		4		540,272		(16,532	)
European Climate Exchange Futures		Dec-23		8		844,466		39,769
European Climate Exchange Futures		Dec-24		1		110,847		5,426
FTSE 100 Index Futures		Mar-23		425		40,188,816		773,877
FTSE China A50 Index		Mar-23		27		360,180		(4,538	)
FTSE Taiwan Index		Mar-23		3		162,150		(1,720	)
FTSE/JSE TOP 40		Mar-23		7		273,307		(8,254	)
FTSE/MIB Index Futures		Mar-23		57		8,292,718		630,916
Gasoline RBOB Futures		Apr-23		50		5,548,200		108,887
GBP Currency Futures		Mar-23		47		3,541,744		(12,063	)
Gold 100 Oz Futures		Apr-23		68		12,489,560		(366,521	)
Hang Seng China Enterprises Index Futures		Mar-23		21		882,469		(37,455	)
Hang Seng Index Futures		Mar-23		61		7,671,045		(229,750	)
IBEX 35 Index Futures		Mar-23		3		298,670		2,986

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Long Contracts	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
JPY Currency Futures		Mar-23		37	$	3,403,769	$	(194,338	)
Kansas City Hard Red Winter Wheat Futures		Jul-23		1		40,325		(3,925	)
Live Cattle Futures		Apr-23		25		1,654,750		20,820
Live Cattle Futures		Jun-23		50		3,227,000		20,340
Live Cattle Futures		Aug-23		12		769,200		11,330
Live Cattle Futures		Oct-23		2		131,480		2,280
LME Aluminum Forward		Mar-23		3		174,572		(15,506	)
LME Aluminum Forward		Mar-23		399		23,312,871		(1,039,447	)
LME Aluminum Forward		Mar-23		2		116,973		(14,506	)
LME Aluminum Forward		Apr-23		2		117,338		(14,661	)
LME Aluminum Forward		Apr-23		1		58,685		1,522
LME Aluminum Forward		Apr-23		1		58,695		1,908
LME Aluminum Forward		Apr-23		3		176,279		(11,353	)
LME Aluminum Forward		Apr-23		5		294,119		(32,206	)
LME Aluminum Forward		Apr-23		2		117,704		(13,234	)
LME Aluminum Forward		Apr-23		1		58,907		(7,006	)
LME Aluminum Forward		Apr-23		2		117,884		(13,017	)
LME Aluminum Forward		May-23		1		59,091		91
LME Aluminum Forward		May-23		2		118,257		402
LME Aluminum Forward		May-23		2		118,332		402
LME Aluminum Forward		May-23		2		118,382		402
LME Aluminum Forward		May-23		2		118,475		(3,388	)
LME Aluminum Forward		Jun-23		68		4,052,800		(148,991	)
LME Copper Forward		Mar-23		198		44,347,049		1,759,786
LME Copper Forward		Apr-23		2		447,922		4,060
LME Copper Forward		Apr-23		1		224,013		(9,275	)
LME Copper Forward		Apr-23		2		448,100		11,013
LME Copper Forward		Apr-23		1		224,050		(4,363	)
LME Copper Forward		Apr-23		2		448,077		(7,024	)
LME Copper Forward		May-23		1		224,094		(2,094	)
LME Copper Forward		May-23		6		1,344,101		35,663
LME Copper Forward		Jun-23		89		19,942,674		(69,351	)
LME Lead Forward		Mar-23		1		52,563		(2,700	)
LME Lead Forward		Mar-23		69		3,619,050		(138,668	)
LME Lead Forward		Mar-23		1		52,424		(4,295	)
LME Lead Forward		Apr-23		2		104,978		(6,160	)
LME Lead Forward		Apr-23		1		52,494		(2,498	)
LME Lead Forward		Apr-23		1		52,525		(925	)
LME Lead Forward		Apr-23		1		52,525		(3,125	)
LME Lead Forward		Apr-23		2		105,050		(2,313	)
LME Lead Forward		Apr-23		1		52,556		(831	)
LME Lead Forward		Apr-23		2		105,125		(1,667	)
LME Lead Forward		Apr-23		1		52,575		(2,350	)
LME Lead Forward		Apr-23		1		52,581		(1,144	)
LME Lead Forward		May-23		2		105,175		1,675
LME Lead Forward		Jun-23		2		105,357		(1,141	)
LME Nickel Forward		Mar-23		1		147,601		(22,319	)
LME Nickel Forward		Mar-23		1		147,693		(18,637	)
LME Nickel Forward		Mar-23		1		147,707		(21,433	)

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Long Contracts	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
LME Nickel Forward		Mar-23		1	$	147,720	$	(18,624	)
LME Nickel Forward		Mar-23		4		590,880		(126,525	)
LME Nickel Forward		Mar-23		1		147,736		(25,994	)
LME Nickel Forward		Mar-23		1		147,799		(18,821	)
LME Nickel Forward		Mar-23		1		147,956		(37,474	)
LME Nickel Forward		Apr-23		1		148,301		(16,735	)
LME Zinc Forward		Mar-23		1		75,669		(2,281	)
LME Zinc Forward		Mar-23		1		75,438		(5,763	)
LME Zinc Forward		Mar-23		1		75,338		(5,300	)
LME Zinc Forward		Mar-23		64		4,821,600		(400,328	)
LME Zinc Forward		Mar-23		1		75,306		(400	)
LME Zinc Forward		Mar-23		1		75,266		(10,288	)
LME Zinc Forward		Mar-23		1		75,238		25
LME Zinc Forward		Apr-23		1		75,244		96
LME Zinc Forward		Apr-23		2		150,509		(10,054	)
LME Zinc Forward		Apr-23		1		75,194		(9,031	)
LME Zinc Forward		Apr-23		2		150,238		(23,725	)
LME Zinc Forward		May-23		1		75,119		888
LME Zinc Forward		May-23		1		75,119		888
LME Zinc Forward		Jun-23		16		1,199,400		(52,261	)
Long Gilt Futures		Jun-23		113		13,586,748		(117,699	)
Mini FTSE/MIB Pound Futures		Mar-23		2		58,195		6,817
Mini TOPIX Index Futures		Mar-23		4		58,610		397
MSCI EAFE Index Futures		Mar-23		3		306,990		(8,675	)
MSCI Emerging Markets Index Futures		Mar-23		29		1,396,205		(119,275	)
MXN Currency Futures		Mar-23		224		6,099,520		411,725
Nasdaq 100 E-Mini		Mar-23		30		7,243,350		(47,918	)
Natural Gas Futures		Apr-23		1		27,470		750
Nikkei 225 (Chicago Mercantile Exchange)		Mar-23		3		411,375		(2,925	)
Nikkei 225 (Osaka Securities Exchange)		Mar-23		22		4,438,618		(9,254	)
Nikkei 225 (Singapore Exchange)		Mar-23		96		9,675,443		1,506
Nikkei 225 Mini		Mar-23		83		1,674,569		(2,134	)
Nikkei/Yen Futures		Mar-23		4		402,850		3,103
NZD Currency Futures		Mar-23		61		3,775,290		(44,620	)
OMX Helsinki All-Share Index Futures		Mar-23		3		61,054		(329	)
OMX Stockholm 30 Index Futures		Mar-23		548		11,663,584		(70,964	)
Orange Juice Futures		May-23		1		38,040		2,865
Palm Oil Futures		Apr-23		1		23,003		(212	)
Palm Oil Futures		May-23		1		23,075		(540	)
Platinum Futures		Apr-23		1		47,775		(405	)
Rough Rice Futures		May-23		1		34,700		(910	)
Russell 2000 E-Mini		Mar-23		13		1,234,415		(44,855	)
S&P 500 E-Mini Futures		Mar-23		1,140		226,603,499		(4,744,553	)
S&P Mid 400 E-Mini		Mar-23		5		1,301,600		(7,390	)
S&P/TSX 60 IX Futures		Mar-23		23		4,101,400		(58,336	)
SET50 Index Futures		Mar-23		67		366,193		(14,964	)
SGX Iron Ore 62% Futures		Apr-23		25		308,425		190
SGX Nifty 50		Mar-23		49		1,705,102		(55,280	)
Silver Futures		May-23		3		316,065		(1,460	)

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Long Contracts	Expiration Date		Number of Contracts		Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Soybean Futures		May-23		42	$	3,105,900	$	(99,138	)
Soybean Futures		Jul-23		92		6,759,700		(241,500	)
Soybean Futures		Nov-23		4		269,450		(9,650	)
Soybean Meal Futures		May-23		48		2,242,080		13,410
Soybean Meal Futures		Jul-23		4		183,320		(5,580	)
Soybean Oil Futures		Dec-23		1		34,512		(1,644	)
SPI 200 Futures		Mar-23		116		14,046,295		(47,759	)
STOXX Dividend Futures		Dec-23		2		29,658		5,109
STOXX Europe 600 Banks Index		Mar-23		2		17,923		3,430
STOXX Europe 600 Index		Mar-23		17		414,459		11,275
STOXX® Europe 600 ESG-X Index Futures		Mar-23		10		181,289		994
Sugar No. 11 (World)		May-23		493		11,081,851		153,258
Sugar No. 11 (World)		Jul-23		45		986,832		13,306
Sugar No. 11 (World)		Oct-23		2		43,613		739
Topix Index Futures		Mar-23		63		9,231,023		57,692
U.S. Treasury 10-Year Notes (Chicago Board of Trade)		Jun-23		53		5,917,781		2,484
U.S. Treasury 5-Year Notes (Chicago Board of Trade)		Jun-23		285		30,510,585		(42,812	)
White Sugar ICE		May-23		11		309,320		9,645
							$	(5,844,582	)

Short Contracts	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
10-Year Mini Japanese Government Bond Futures		Mar-23		107	$	(11,527,913	)	$	(91,991	)
1-Month SOFR Future		Jul-23		2		(789,230	)		1,333
3-Month Euro Euribor		Mar-26		1		(256,597	)		1,401
3-Month Euro Euribor		Jun-26		1		(256,677	)		(132	)
3-Month Euro Euribor		Jun-25		21		(5,378,272	)		24,843
3-Month Euro Euribor		Sep-24		22		(5,611,111	)		36,504
3-Month Euro Euribor		Sep-23		23		(5,847,308	)		11,291
3-Month Euro Euribor		Mar-25		24		(6,139,933	)		30,210
3-Month Euro Euribor		Jun-23		25		(6,370,313	)		1,335
3-Month Euro Euribor		Mar-24		34		(8,644,746	)		56,256
3-Month Euro Euribor		Dec-24		39		(9,963,470	)		49,461
3-Month Euro Euribor		Jun-24		186		(47,358,241	)		215,597
3-Month Euro Euribor		Dec-23		416		(105,716,007	)		389,648
3-Month SOFR Futures		Jun-25		21		(5,064,413	)		5,563
3-Month SOFR Futures		Mar-25		23		(5,540,700	)		9,838
3-Month SOFR Futures		Dec-24		24		(5,770,800	)		15,088
3-Month SOFR Futures		Sep-25		29		(6,999,150	)		4,713
3-Month SOFR Futures		Mar-24		31		(7,367,925	)		60,000
3-Month SOFR Futures		Jun-23		33		(7,806,563	)		18,875
3-Month SOFR Futures		Sep-24		69		(16,540,162	)		86,300
3-Month SOFR Futures		Jun-24		144		(34,374,599	)		207,131
3-Month SOFR Futures		Dec-23		215		(50,928,124	)		270,513
3-Month SOFR Futures		Sep-23		355		(83,953,062	)		482,612
3-Month SONIA Index Futures		Jun-25		8		(2,311,153	)		4,466

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Short Contracts	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
3-Month SONIA Index Futures		Mar-25		10	$	(2,886,084	)	$	5,999
3-Month SONIA Index Futures		Sep-24		11		(3,166,258	)		11,202
3-Month SONIA Index Futures		Dec-24		11		(3,170,889	)		8,089
3-Month SONIA Index Futures		Jun-23		13		(3,727,672	)		1,218
3-Month SONIA Index Futures		Jun-24		13		(3,735,491	)		16,419
3-Month SONIA Index Futures		Dec-23		19		(5,441,566	)		15,021
3-Month SONIA Index Futures		Mar-24		20		(5,735,782	)		17,832
3-Month SONIA Index Futures		Sep-23		25		(7,158,827	)		12,224
90-DAY Bank Bill		Sep-24		5		(3,331,244	)		618
90-DAY Bank Bill		Mar-23		5		(3,334,338	)		33
90-DAY Bank Bill		Jun-24		7		(4,662,035	)		1,675
90-DAY Bank Bill		Mar-24		10		(6,657,613	)		3,479
90-DAY Bank Bill		Dec-23		15		(9,984,470	)		5,054
90-DAY Bank Bill		Jun-23		15		(9,989,587	)		1,008
90-DAY Bank Bill		Sep-23		17		(11,316,009	)		5,200
90-DAY Eurodollar Futures		Sep-23		1		(235,838	)		438
90-DAY Eurodollar Futures		Mar-26		1		(240,950	)		1,338
90-DAY Eurodollar Futures		Sep-26		1		(241,063	)		1,625
90-DAY Eurodollar Futures		Dec-26		1		(241,100	)		(213	)
90-DAY Eurodollar Futures		Mar-24		2		(474,050	)		1,000
90-DAY Eurodollar Futures		Dec-24		4		(959,200	)		3,400
90-DAY Eurodollar Futures		Jun-23		9		(2,125,575	)		6,194
90-DAY Eurodollar Futures		Dec-23		12		(2,834,700	)		28,350
AUD/USD Currency Futures		Mar-23		179		(12,060,125	)		205,720
Australian 10-Year Bond Futures		Mar-23		111		(8,788,295	)		101,725
Australian 3-Year Bond Futures		Mar-23		388		(27,867,800	)		62,428
Bank Acceptance Futures		Sep-24		7		(1,230,194	)		5,313
Bank Acceptance Futures		Jun-24		10		(1,751,374	)		9,729
Bank Acceptance Futures		Mar-24		19		(3,315,079	)		19,000
Bank Acceptance Futures		Dec-23		22		(3,828,838	)		17,378
Bank Acceptance Futures		Sep-23		31		(5,390,353	)		13,586
Bank Acceptance Futures		Jun-23		34		(5,912,312	)		5,066
Brent Crude Futures		Dec-23		4		(319,800	)		2,360
Brent Crude Futures		Jul-23		4		(329,320	)		1,340
Brent Crude Futures		Jun-23		5		(414,150	)		1,040
Brent Crude Futures		May-23		8		(667,600	)		(10,550	)
Brent Crude Oil Last Day		May-23		1		(83,450	)		(1,130	)
CAD Currency Futures		Mar-23		210		(15,410,849	)		62,234
Canadian 10-Year Bond Futures		Jun-23		165		(14,689,776	)		(48,106	)
Canola Futures (Winnipeg Commodity Exchange)		Jul-23		2		(23,859	)		300
Canola Futures (Winnipeg Commodity Exchange)		May-23		4		(47,971	)		607
CHF Currency Futures		Mar-23		61		(8,118,719	)		61,013
Coffee ‘C’ Futures		Sep-23		3		(205,650	)		(8,081	)
Coffee ‘C’ Futures		Jul-23		5		(346,688	)		(47,494	)
Coffee ‘C’ Futures		May-23		11		(768,488	)		(81,038	)
Copper Futures		Jul-23		1		(102,275	)		(838	)
Corn Futures		Sep-23		1		(29,125	)		1,525
Corn Futures		Jul-23		2		(62,225	)		713
Corn Futures		May-23		2		(63,025	)		1,275

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Short Contracts	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Cotton No.2 Futures		Jul-23		1	$	(42,230	)	$	1,220
Cotton No.2 Futures		May-23		55		(2,310,825	)		(12,270	)
DJIA Mini E-CBOT		Mar-23		3		(490,230	)		4,195
Dollar Index		Mar-23		87		(9,119,775	)		(145,456	)
Dutch TTF Gas Futures		Apr-23		10		(355,374	)		40,857
E-Mini Crude Oil		Apr-23		4		(154,100	)		838
E-Mini Financial Select Futures		Mar-23		1		(110,050	)		1
E-Mini Industrial Select Futures		Mar-23		1		(101,760	)		(10	)
E-Mini Natural Gas		Apr-23		6		(41,205	)		(4,793	)
E-Mini Utilities Select Futures		Mar-23		1		(65,580	)		4,190
EUR Foreign Exchange Currency Futures		Mar-23		80		(10,592,000	)		53,769
Euro BUXL 30-Year Bond Futures		Mar-23		22		(3,124,607	)		223,618
Euro E-Mini Futures		Mar-23		1		(66,200	)		531
Euro-Bobl Futures		Mar-23		248		(30,212,745	)		465,111
Euro-BTP Futures		Mar-23		41		(4,886,869	)		80,967
Euro-Bund Futures		Mar-23		112		(15,744,798	)		448,928
Euro-Oat Futures		Mar-23		48		(6,483,262	)		231,255
Euro-Schatz Futures		Mar-23		586		(65,067,723	)		400,655
FTSE 100 Index Futures		Mar-23		1		(94,562	)		577
FTSE China A50 Index		Mar-23		5		(66,700	)		87
FTSE KLCI Futures		Mar-23		4		(64,089	)		39
Gasoline RBOB Futures		Jun-23		1		(109,087	)		(1,852	)
Gasoline RBOB Futures		May-23		1		(110,544	)		(1,840	)
Gasoline RBOB Futures		Apr-23		12		(1,331,568	)		(30,971	)
GBP Currency Futures		Mar-23		2		(150,713	)		306
Gold 100 Oz Futures		Apr-23		14		(2,571,380	)		(8,020	)
Hang Seng China Enterprises Index Futures		Mar-23		7		(294,156	)		8,765
Hang Seng Index Futures		Mar-23		2		(251,510	)		6,867
JPN 10-Year Bond (Osaka Securities Exchange)		Mar-23		4		(4,308,325	)		(7,712	)
JPY Currency Futures		Mar-23		152		(13,983,050	)		6,975
Kansas City Hard Red Winter Wheat Futures		May-23		7		(284,463	)		10,663
Lean Hogs Futures		Jun-23		2		(81,380	)		950
Lean Hogs Futures		Apr-23		76		(2,589,320	)		88,520
LME Aluminum Forward		Apr-23		1		(58,685	)		7,219
LME Aluminum Forward		Apr-23		1		(58,695	)		7,213
LME Aluminum Forward		Apr-23		1		(58,907	)		(216	)
LME Aluminum Forward		May-23		1		(59,091	)		3,659
LME Aluminum Forward		Mar-23		2		(116,973	)		1,703
LME Aluminum Forward		Apr-23		2		(117,338	)		925
LME Aluminum Forward		Apr-23		2		(117,704	)		11,372
LME Aluminum Forward		Apr-23		2		(117,884	)		(431	)
LME Aluminum Forward		May-23		2		(118,302	)		2,799
LME Aluminum Forward		May-23		2		(118,332	)		556
LME Aluminum Forward		May-23		2		(118,382	)		3,106
LME Aluminum Forward		Mar-23		3		(174,572	)		8,393
LME Aluminum Forward		Apr-23		3		(176,279	)		2,808
LME Aluminum Forward		May-23		4		(236,513	)		6,200
LME Aluminum Forward		Apr-23		5		(294,119	)		19,720
LME Aluminum Forward		Jun-23		152		(9,059,200	)		278,697

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Short Contracts	Expiration Date		Number of Contracts		Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
LME Aluminum Forward		Mar-23		399	$	(23,312,871	)	$	826,853
LME Copper Forward		Apr-23		1		(224,013	)		(13,187	)
LME Copper Forward		Apr-23		1		(224,027	)		8,623
LME Copper Forward		Apr-23		1		(224,050	)		9,225
LME Copper Forward		May-23		1		(224,056	)		(669	)
LME Copper Forward		Apr-23		2		(447,922	)		(19,910	)
LME Copper Forward		Apr-23		2		(448,077	)		(12,402	)
LME Copper Forward		Apr-23		2		(448,100	)		(12,525	)
LME Copper Forward		Jun-23		61		(13,668,575	)		(61,668	)
LME Copper Forward		Mar-23		198		(44,347,049	)		(1,832,749	)
LME Lead Forward		Mar-23		1		(52,424	)		3,789
LME Lead Forward		Apr-23		1		(52,494	)		910
LME Lead Forward		Apr-23		1		(52,525	)		931
LME Lead Forward		Apr-23		1		(52,556	)		(1,119	)
LME Lead Forward		Mar-23		1		(52,563	)		4,575
LME Lead Forward		Apr-23		1		(52,575	)		(850	)
LME Lead Forward		May-23		1		(52,581	)		1,144
LME Lead Forward		Apr-23		1		(52,581	)		831
LME Lead Forward		May-23		1		(52,606	)		(1,381	)
LME Lead Forward		Apr-23		2		(104,978	)		4,654
LME Lead Forward		Apr-23		2		(105,050	)		700
LME Lead Forward		Apr-23		2		(105,125	)		3,125
LME Lead Forward		Jun-23		8		(421,426	)		(5,559	)
LME Lead Forward		Mar-23		69		(3,619,050	)		20,802
LME Nickel Forward		Mar-23		1		(147,601	)		30,707
LME Nickel Forward		Mar-23		1		(147,693	)		26,007
LME Nickel Forward		Mar-23		1		(147,707	)		18,630
LME Nickel Forward		Mar-23		1		(147,720	)		24,300
LME Nickel Forward		Mar-23		1		(147,736	)		26,414
LME Nickel Forward		Mar-23		1		(147,799	)		18,377
LME Nickel Forward		Mar-23		1		(147,956	)		16,864
LME Nickel Forward		Apr-23		1		(148,301	)		22,429
LME Nickel Forward		Jun-23		1		(149,160	)		1,412
LME Nickel Forward		Mar-23		4		(590,880	)		60,867
LME Zinc Forward		May-23		1		(75,106	)		806
LME Zinc Forward		May-23		1		(75,119	)		4,231
LME Zinc Forward		May-23		1		(75,119	)		2,331
LME Zinc Forward		Mar-23		1		(75,238	)		369
LME Zinc Forward		Apr-23		1		(75,244	)		(469	)
LME Zinc Forward		Apr-23		1		(75,254	)		10,168
LME Zinc Forward		Mar-23		1		(75,266	)		(828	)
LME Zinc Forward		Mar-23		1		(75,306	)		106
LME Zinc Forward		Mar-23		1		(75,338	)		388
LME Zinc Forward		Mar-23		1		(75,438	)		300
LME Zinc Forward		Mar-23		1		(75,669	)		5,356
LME Zinc Forward		May-23		2		(150,029	)		(1,892	)
LME Zinc Forward		May-23		3		(225,356	)		5,981
LME Zinc Forward		Jun-23		21		(1,574,213	)		17,735
LME Zinc Forward		Mar-23		64		(4,821,600	)		86,478
Long Gilt Futures		Jun-23		52		(6,252,309	)		40,452

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Short Contracts	Expiration Date		Number of Contracts			Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
Low Sulphur Gasoil G Futures		Jun-23		1		$	(79,775	)	$	(850	)
Low Sulphur Gasoil G Futures		Jul-23		2			(158,150	)		(800	)
Low Sulphur Gasoil G Futures		May-23		3			(242,850	)		(3,325	)
Low Sulphur Gasoil G Futures		Apr-23		10			(825,000	)		(13,925	)
Micro EUR/USD Futures		Mar-23		1			(13,240	)		138
Mill Wheat Euro		Sep-23		1			(14,358	)		185
Mill Wheat Euro		May-23		29			(422,907	)		12,018
Mini H-Shares Index Futures		Mar-23		3			(25,213	)		274
MSCI EAFE Index Futures		Mar-23		2			(204,660	)		1,225
MSCI Emerging Markets Index Futures		Mar-23		14			(674,030	)		12,220
MSCI Singapore Exchange ETS		Mar-23		7			(152,438	)		2,859
Nasdaq 100 E-Mini		Mar-23		5			(1,207,225	)		(40,120	)
Natural Gas Futures		Jun-23		3			(91,080	)		(9,510	)
Natural Gas Futures		May-23		61			(1,746,430	)		(68,840	)
Natural Gas Futures		Apr-23		128			(3,516,160	)		(203,828	)
NY Harbor Ultra-Low Sulfur Diesel Futures		Jul-23		1			(113,089	)		1,848
NY Harbor Ultra-Low Sulfur Diesel Futures		Jun-23		2			(227,858	)		11,420
NY Harbor Ultra-Low Sulfur Diesel Futures		May-23		2			(231,353	)		2,428
NY Harbor Ultra-Low Sulfur Diesel Futures		Apr-23		31			(3,652,891	)		(94,848	)
NZD Currency Futures		Mar-23		1			(61,890	)		(90	)
OAT Futures		May-23		1			(16,750	)		463
Palladium Futures		Jun-23		3			(426,270	)		20,070
Platinum Futures		Apr-23		5			(238,875	)		(3,020	)
Rapeseed Euro		May-23		7			(195,555	)		5,460
Red Wheat Futures (Minneapolis Grain Exchange)		May-23		1			(43,338	)		938
S&P 500 E-Mini Futures		Mar-23		4			(795,100	)		7,208
SGX Nifty 50		Mar-23		1	��		(34,798	)		69
Short BTP Future		Mar-23		87			(9,682,310	)		60,617
Silver Futures		May-23		66			(6,953,430	)		50,000
Soybean Oil Futures		Jul-23		1			(35,850	)		1,632
Soybean Oil Futures		May-23		3			(108,072	)		5,076
U.S. Treasury 10-Year Notes (Chicago Board of Trade)		Jun-23		423			(47,230,593	)		6,203
U.S. Treasury 2-Year Notes (Chicago Board of Trade)		Jun-23		329			(67,026,038	)		159,760
U.S. Treasury 5-Year Notes (Chicago Board of Trade)		Jun-23		578			(61,877,609	)		50,867
U.S. Treasury Long Bond (Chicago Board of Trade)		Jun-23		112			(14,024,500	)		45,296
U.S. Treasury Ultra 10-Year Notes		Jun-23		25			(2,929,688	)		742
U.S. Treasury Ultra Long Bond (Chicago Board of Trade)		Jun-23		25			(3,376,563	)		(1,406	)
UK Natural Gas Futures		Apr-23		5			(208,466	)		33,144
Wheat (Chicago Board of Trade)		Sep-23		1			(36,225	)		2,150
Wheat (Chicago Board of Trade)		Dec-23		4			(148,200	)		12,613
Wheat (Chicago Board of Trade)		Jul-23		95			(3,390,313	)		203,063
Wheat (Chicago Board of Trade)		May-23		130			(4,585,750	)		289,176
WTI Crude Futures		Dec-23		2			(149,180	)		(1,040	)
WTI Crude Futures		Jul-23		2			(153,800	)		130
WTI Crude Futures IPE		Apr-23		2			(154,100	)		800
WTI Crude Futures		May-23		6			(463,140	)		(2,470	)
WTI Crude Futures		Jun-23		11			(848,540	)		(7,150	)
WTI Crude Futures		Apr-23		78			(6,009,900	)		163,964
									$	4,688,352
Total Futures Contracts									$	(1,156,230	)

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Forward foreign currency contracts outstanding as of February 28, 2023 were as follows:

Currency Purchased			Currency Sold		Expiration Date		Counterparty		Unrealized Appreciation/ (Depreciation)
AUD	19,389,153	USD		13,031,450		Mar 01 2023		SOCIETE GENERALE	$	16,025
AUD	19,389,153	USD		13,074,106		Mar 02 2023		SOCIETE GENERALE		(26,161	)
AUD	500,000	USD		356,164		Mar 15 2023		SOCIETE GENERALE		(19,521	)
AUD	6,800,000	CAD		6,325,591		Mar 31 2023		SOCIETE GENERALE		(55,955	)
AUD	386,228	EUR		250,000		Mar 31 2023		SOCIETE GENERALE		(4,739	)
AUD	5,246,721	GBP		3,000,000		Mar 31 2023		SOCIETE GENERALE		(75,935	)
AUD	2,400,000	JPY		220,238,494		Mar 31 2023		SOCIETE GENERALE		(8,137	)
AUD	7,200,000	NZD		7,929,418		Mar 31 2023		SOCIETE GENERALE		(52,282	)
BRL	16,253,525	USD		3,200,000		Mar 15 2023		SOCIETE GENERALE		(105,251	)
CAD	1,876,580	USD		1,400,000		Mar 15 2023		SOCIETE GENERALE		(24,543	)
CAD	2,800,000	JPY		277,671,686		Mar 31 2023		SOCIETE GENERALE		3,817
CHF	22,179,735	USD		23,561,624		Mar 01 2023		SOCIETE GENERALE		(9,963	)
CHF	22,179,735	USD		23,648,471		Mar 02 2023		SOCIETE GENERALE		(94,263	)
CHF	2,866,658	EUR		2,900,000		Mar 15 2023		SOCIETE GENERALE		(21,348	)
CHF	365,741	USD		400,000		Mar 15 2023		SOCIETE GENERALE		(11,011	)
CHF	3,946,121	EUR		4,000,000		Mar 31 2023		SOCIETE GENERALE		(34,191	)
CHF	1,119,892	GBP		1,000,000		Mar 31 2023		SOCIETE GENERALE		(10,228	)
CHF	1,000,000	JPY		143,688,100		Mar 31 2023		SOCIETE GENERALE		5,376
CHF	2,375,000	USD		2,595,997		Mar 31 2023		SOCIETE GENERALE		(65,222	)
CLP	79,292,856	USD		100,000		Mar 09 2023		SOCIETE GENERALE		(4,296	)
CLP	159,953,936	USD		200,000		Mar 14 2023		SOCIETE GENERALE		(7,086	)
CLP	1,746,910,666	USD		2,200,000		Mar 15 2023		SOCIETE GENERALE		(93,440	)
CLP	160,006,000	USD		200,000		Mar 24 2023		SOCIETE GENERALE		(7,314	)
CNH	671,532	USD		100,000		Mar 15 2023		SOCIETE GENERALE		(3,277	)
COP	229,903,580	USD		50,000		Mar 15 2023		SOCIETE GENERALE		(2,839	)
CZK	80,110,200	EUR		3,350,000		Mar 15 2023		SOCIETE GENERALE		56,109
EUR	16,894,850	USD		17,832,514		Mar 01 2023		SOCIETE GENERALE		38,218
EUR	2,750,000	AUD		4,324,315		Mar 02 2023		SOCIETE GENERALE		(1,027	)
EUR	16,660,695	USD		17,644,764		Mar 02 2023		SOCIETE GENERALE		(20,633	)
EUR	3,900,000	CHF		3,907,633		Mar 15 2023		SOCIETE GENERALE		(27,099	)
EUR	550,000	CZK		13,094,056		Mar 15 2023		SOCIETE GENERALE		(6,587	)
EUR	9,550,000	GBP		8,487,457		Mar 15 2023		SOCIETE GENERALE		(101,391	)
EUR	7,300,000	JPY		1,034,421,161		Mar 15 2023		SOCIETE GENERALE		114,634
EUR	10,600,000	NOK		115,773,616		Mar 15 2023		SOCIETE GENERALE		64,754
EUR	1,750,000	PLN		8,358,886		Mar 15 2023		SOCIETE GENERALE		(24,273	)
EUR	15,800,000	SEK		179,404,027		Mar 15 2023		SOCIETE GENERALE		(424,685	)
EUR	300,000	USD		328,554		Mar 15 2023		SOCIETE GENERALE		(10,945	)
EUR	200,000	HUF		76,979,431		Mar 16 2023		SOCIETE GENERALE		(2,199	)
EUR	3,500,000	CAD		5,030,313		Mar 31 2023		SOCIETE GENERALE		21,594
EUR	3,100,000	GBP		2,739,294		Mar 31 2023		SOCIETE GENERALE		(11,607	)
EUR	300,000	HUF		116,682,417		Mar 31 2023		SOCIETE GENERALE		(4,601	)
EUR	1,200,000	JPY		170,046,000		Mar 31 2023		SOCIETE GENERALE		17,043
EUR	3,375,000	NOK		36,658,821		Mar 31 2023		SOCIETE GENERALE		40,668
EUR	600,000	PLN		2,887,180		Mar 31 2023		SOCIETE GENERALE		(11,645	)
EUR	3,625,000	SEK		40,222,102		Mar 31 2023		SOCIETE GENERALE		(7,307	)
GBP	9,332,464	USD		11,236,287		Mar 01 2023		SOCIETE GENERALE		(10,565	)
GBP	5,688,159	EUR		6,450,000		Mar 15 2023		SOCIETE GENERALE		15,289
GBP	300,000	USD		364,734		Mar 15 2023		SOCIETE GENERALE		(3,779	)
GBP	375,000	CHF		420,701		Mar 31 2023		SOCIETE GENERALE		3,045

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Currency Purchased			Currency Sold		Expiration Date		Counterparty		Unrealized Appreciation/ (Depreciation)
GBP	88,185	EUR		100,000		Mar 31 2023		SOCIETE GENERALE	$	159
GBP	1,125,000	JPY		180,941,600		Mar 31 2023		SOCIETE GENERALE		18,927
HUF	1,220,765,594	EUR		3,100,000		Mar 16 2023		SOCIETE GENERALE		110,747
HUF	77,176,298	EUR		200,000		Mar 31 2023		SOCIETE GENERALE		1,376
HUF	288,486,560	USD		800,000		Mar 31 2023		SOCIETE GENERALE		(2,559	)
IDR	745,000,000	USD		50,000		Mar 15 2023		SOCIETE GENERALE		(1,174	)
ILS	5,448,512	USD		1,500,000		Mar 15 2023		SOCIETE GENERALE		(7,965	)
INR	16,531,710	USD		200,000		Mar 01 2023		SOCIETE GENERALE		(32	)
INR	33,141,661	USD		400,000		Mar 02 2023		SOCIETE GENERALE		862
INR	16,382,363	USD		200,000		Mar 03 2023		SOCIETE GENERALE		(1,859	)
INR	248,030,616	USD		3,000,000		Mar 06 2023		SOCIETE GENERALE		(593	)
INR	331,572,000	USD		4,000,000		Mar 08 2023		SOCIETE GENERALE		9,193
INR	33,170,941	USD		400,000		Mar 09 2023		SOCIETE GENERALE		1,059
INR	8,282,712	USD		100,000		Mar 15 2023		SOCIETE GENERALE		104
JPY	33,733,410	EUR		234,155		Mar 01 2023		SOCIETE GENERALE		110
JPY	269,112,240	USD		1,975,861		Mar 01 2023		SOCIETE GENERALE		917
JPY	20,530,263	GBP		125,000		Mar 02 2023		SOCIETE GENERALE		465
JPY	302,845,650	USD		2,222,557		Mar 02 2023		SOCIETE GENERALE		2,308
JPY	120,269,122	EUR		850,000		Mar 15 2023		SOCIETE GENERALE		(14,652	)
JPY	13,027,635	USD		100,000		Mar 15 2023		SOCIETE GENERALE		(4,110	)
JPY	36,322,830	CHF		250,000		Mar 31 2023		SOCIETE GENERALE		1,613
JPY	66,834,552	NZD		800,000		Mar 31 2023		SOCIETE GENERALE		(1,522	)
KRW	737,379,804	USD		600,000		Mar 02 2023		SOCIETE GENERALE		(42,712	)
KRW	735,297,456	USD		600,000		Mar 07 2023		SOCIETE GENERALE		(44,190	)
KRW	1,656,240,177	USD		1,300,000		Mar 08 2023		SOCIETE GENERALE		(47,999	)
KRW	2,893,882,051	USD		2,300,000		Mar 09 2023		SOCIETE GENERALE		(112,337	)
KRW	128,299,360	USD		100,000		Mar 15 2023		SOCIETE GENERALE		(2,986	)
KRW	4,273,717,925	USD		3,300,000		Mar 17 2023		SOCIETE GENERALE		(68,146	)
KRW	4,080,519,788	USD		3,100,000		Mar 21 2023		SOCIETE GENERALE		(13,726	)
MXN	157,236,768	USD		8,350,000		Mar 15 2023		SOCIETE GENERALE		218,410
MXN	67,000,000	USD		3,583,375		Mar 31 2023		SOCIETE GENERALE		55,847
NOK	31,736,344	EUR		2,900,000		Mar 15 2023		SOCIETE GENERALE		(11,699	)
NOK	2,000,000	SEK		2,042,522		Mar 31 2023		SOCIETE GENERALE		(2,538	)
NZD	700,000	USD		451,367		Mar 15 2023		SOCIETE GENERALE		(18,558	)
NZD	3,400,000	JPY		283,136,496		Mar 31 2023		SOCIETE GENERALE		13,184
NZD	300,000	USD		190,005		Mar 31 2023		SOCIETE GENERALE		(4,505	)
PEN	192,319	USD		50,000		Mar 15 2023		SOCIETE GENERALE		625
PLN	38,616,689	EUR		8,150,000		Mar 15 2023		SOCIETE GENERALE		43,021
SEK	104,467,736	EUR		9,400,000		Mar 15 2023		SOCIETE GENERALE		35,990
SEK	41,805,186	NOK		41,500,000		Mar 31 2023		SOCIETE GENERALE		(2,566	)
SGD	3,347,084	USD		2,550,000		Mar 15 2023		SOCIETE GENERALE		(66,861	)
SGD	10,475,495	USD		7,900,000		Mar 31 2023		SOCIETE GENERALE		(125,082	)
TRY	1,927,010	USD		100,000		Mar 31 2023		SOCIETE GENERALE		358
TWD	36,461,496	USD		1,200,000		Mar 01 2023		SOCIETE GENERALE		(3,224	)
TWD	10,335,066	USD		350,000		Mar 15 2023		SOCIETE GENERALE		(10,235	)
USD	13,073,602	AUD		19,389,153		Mar 01 2023		SOCIETE GENERALE		26,127
USD	1,232,456	AUD		1,800,000		Mar 15 2023		SOCIETE GENERALE		20,539
USD	1,744,490	AUD		2,500,000		Mar 31 2023		SOCIETE GENERALE		60,208
USD	1,950,000	BRL		10,203,675		Mar 15 2023		SOCIETE GENERALE		7,172
USD	134	CAD		182		Mar 01 2023		SOCIETE GENERALE		1

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Currency Purchased			Currency Sold		Expiration Date		Counterparty		Unrealized Appreciation/ (Depreciation)
USD	6,100,000	CAD		8,167,803		Mar 15 2023		SOCIETE GENERALE	$	113,335
USD	3,283,499	CAD		4,400,000		Mar 31 2023		SOCIETE GENERALE		57,922
USD	23,645,773	CHF		22,179,735		Mar 01 2023		SOCIETE GENERALE		94,112
USD	1,500,000	CHF		1,394,348		Mar 15 2023		SOCIETE GENERALE		17,021
USD	100,000	CLP		79,509,934		Mar 09 2023		SOCIETE GENERALE		4,034
USD	200,000	CLP		159,780,288		Mar 14 2023		SOCIETE GENERALE		7,295
USD	900,000	CLP		747,947,297		Mar 15 2023		SOCIETE GENERALE		(1,933	)
USD	100,000	CLP		83,923,144		Apr 03 2023		SOCIETE GENERALE		(923	)
USD	4,800,000	CNH		32,870,362		Mar 15 2023		SOCIETE GENERALE		65,578
USD	2,800,000	CNH		19,047,647		Mar 31 2023		SOCIETE GENERALE		53,572
USD	900,000	COP		4,347,719,590		Mar 15 2023		SOCIETE GENERALE		8,135
USD	17,643,676	EUR		16,660,695		Mar 01 2023		SOCIETE GENERALE		20,624
USD	639,280	EUR		600,000		Mar 15 2023		SOCIETE GENERALE		4,061
USD	3,235,490	EUR		3,000,000		Mar 31 2023		SOCIETE GENERALE		56,137
USD	11,166,293	GBP		9,332,464		Mar 01 2023		SOCIETE GENERALE		(59,429	)
USD	11,236,431	GBP		9,332,464		Mar 02 2023		SOCIETE GENERALE		10,526
USD	2,302,281	GBP		1,900,000		Mar 15 2023		SOCIETE GENERALE		16,235
USD	1,678,274	GBP		1,375,000		Mar 31 2023		SOCIETE GENERALE		23,361
USD	300,000	IDR		4,523,956,621		Mar 15 2023		SOCIETE GENERALE		3,508	��
USD	5,300,000	ILS		18,644,416		Mar 15 2023		SOCIETE GENERALE		194,362
USD	1,600,000	ILS		5,633,490		Mar 31 2023		SOCIETE GENERALE		56,434
USD	202,348	INR		16,531,710		Mar 01 2023		SOCIETE GENERALE		2,380
USD	404,887	INR		33,141,661		Mar 02 2023		SOCIETE GENERALE		4,026
USD	200,000	INR		16,387,860		Mar 03 2023		SOCIETE GENERALE		1,793
USD	3,000,000	INR		246,207,000		Mar 06 2023		SOCIETE GENERALE		22,646
USD	4,000,000	INR		329,650,226		Mar 08 2023		SOCIETE GENERALE		14,044
USD	400,000	INR		33,156,240		Mar 09 2023		SOCIETE GENERALE		(881	)
USD	2,500,000	INR		206,197,285		Mar 15 2023		SOCIETE GENERALE		7,918
USD	7,000,000	INR		580,094,500		Mar 21 2023		SOCIETE GENERALE		(8,208	)
USD	400,000	INR		33,253,600		Apr 03 2023		SOCIETE GENERALE		(1,354	)
USD	2,222,258	JPY		302,845,650		Mar 01 2023		SOCIETE GENERALE		(2,310	)
USD	5,900,000	JPY		785,325,450		Mar 15 2023		SOCIETE GENERALE		119,606
USD	1,236,037	JPY		162,500,000		Mar 31 2023		SOCIETE GENERALE		37,017
USD	601,477	KRW		737,379,804		Mar 02 2023		SOCIETE GENERALE		44,189
USD	600,000	KRW		764,344,461		Mar 07 2023		SOCIETE GENERALE		22,234
USD	1,300,000	KRW		1,620,030,575		Mar 08 2023		SOCIETE GENERALE		75,371
USD	2,300,000	KRW		2,949,513,739		Mar 09 2023		SOCIETE GENERALE		70,281
USD	1,900,000	KRW		2,429,513,073		Mar 15 2023		SOCIETE GENERALE		62,918
USD	3,300,000	KRW		4,213,024,830		Mar 17 2023		SOCIETE GENERALE		114,043
USD	3,100,000	KRW		4,004,631,865		Mar 21 2023		SOCIETE GENERALE		71,123
USD	3,100,000	KRW		4,078,468,500		Apr 03 2023		SOCIETE GENERALE		13,517
USD	250,000	MXN		4,712,501		Mar 15 2023		SOCIETE GENERALE		(6,802	)
USD	324,253	MXN		6,000,000		Mar 31 2023		SOCIETE GENERALE		(1,647	)
USD	2,500,000	NOK		25,580,864		Mar 31 2023		SOCIETE GENERALE		32,474
USD	1,189,004	NZD		1,900,000		Mar 15 2023		SOCIETE GENERALE		14,237
USD	50,000	PHP		2,749,813		Mar 15 2023		SOCIETE GENERALE		397
USD	1,800,000	PLN		8,039,554		Mar 31 2023		SOCIETE GENERALE		(3,052	)
USD	2,200,000	SEK		22,654,526		Mar 31 2023		SOCIETE GENERALE		32,091
USD	1,950,000	SGD		2,602,792		Mar 15 2023		SOCIETE GENERALE		19,037
USD	600,000	THB		20,717,494		Mar 15 2023		SOCIETE GENERALE		12,894
USD	2,700,000	TRY		52,365,101		Mar 31 2023		SOCIETE GENERALE		(27,150	)

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Concluded)

February 28, 2023 (Unaudited)

Currency Purchased			Currency Sold		Expiration Date		Counterparty		Unrealized Appreciation/ (Depreciation)
USD	1,213,973	TWD		36,461,496		Mar 01 2023		SOCIETE GENERALE	$	17,197
USD	2,200,000	TWD		66,289,400		Mar 15 2023		SOCIETE GENERALE		20,737
USD	1,200,000	TWD		36,366,960		Mar 23 2023		SOCIETE GENERALE		3,267
USD	3,400,000	ZAR		60,420,485		Mar 15 2023		SOCIETE GENERALE		114,466
USD	1,400,000	ZAR		25,090,807		Mar 31 2023		SOCIETE GENERALE		37,609
ZAR	12,713,844	USD		700,000		Mar 15 2023		SOCIETE GENERALE		(8,649	)
Total Forward Foreign Currency Contracts									$	680,145

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

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

Abbey Capital Multi Asset Fund

Consolidated Statement of Assets And Liabilities

February 28, 2023 (Unaudited)

ASSETS
Investments, at value (cost $379,960,415)	$	379,812,762
Deposits with broker for forward foreign currency contracts		8,753,888
Deposits with broker for futures contracts		60,259,585
Receivables for:
Capital shares sold		1,173,333
Interest receivable		71,424
Unrealized appreciation on forward foreign currency contracts		2,819,658
Unrealized appreciation on futures contracts		12,509,362
Prepaid expenses and other assets		63,214
Total assets	$	465,463,226
LIABILITIES
Due to broker		1,120,988
Payables for:
Advisory fees		569,729
Captial shares redeemed		220,615
Unrealized depreciation on forward foreign currency contracts		2,139,513
Unrealized depreciation on futures contracts		13,665,592
Other accrued expenses and liabilities		101,138
Total liabilities	$	17,817,575
Net assets	$	447,645,651
NET ASSETS CONSIST OF:
Par value	$	39,381
Paid-in capital		481,626,411
Total distributable earnings/(losses)		(34,020,141	)
Net assets	$	447,645,651
CLASS A SHARES:
Net assets	$	1,629,216
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		143,574
Net asset value and redemption price per share	$	11.35
Maxium offering price per share (100/94.25 of $11.35)	$	12.04
CLASS I SHARES:
Net assets	$	441,248,986
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		38,812,114
Net asset value, offering and redemption price per share	$	11.37
CLASS C SHARES:
Net assets	$	4,767,449
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		425,268
Net asset value, offering and redemption price per share	$	11.21

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

Abbey Capital Multi Asset Fund

Consolidated Statement of Operations

For the Six Months Ended February 28, 2023 (Unaudited)

INVESTMENT INCOME
Interest	$	6,725,132
Total investment income		6,725,132
EXPENSES
Advisory fees (Note 2)		3,575,711
Administration and accounting services fees (Note 2)		87,754
Audit and tax service fees		39,170
Transfer agent fees (Note 2)		34,147
Registration and filing fees		33,011
Director fees		24,672
Custodian fees (Note 2)		17,045
Distribution fees (Class C Shares) (Note 2)		14,020
Distribution fees (Class A Shares) (Note 2)		1,669
Legal fees		12,326
Printing and shareholder reporting fees		10,862
Officer fees		7,175
Other expenses		17,696
Total expenses before waivers and/or reimbursements		3,875,258
Less: waivers and/or reimbursements (Note 2)		(234,559	)
Net expenses after waivers and/or reimbursements		3,640,699
Net investment income/(loss)		3,084,433
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		(146,312	)
Futures contracts		1,418,592
Foreign currency transactions		(86,678	)
Forward foreign currency contracts		(989,189	)
Net change in unrealized appreciation/(depreciation) on:
Investments		233,084
Futures contracts		(8,803,008	)
Foreign currency translations		64
Forward foreign currency contracts		(526,040	)
Net realized and unrealized gain/(loss) from investments		(8,899,487	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(5,815,054	)

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

Abbey Capital Multi Asset Fund

Consolidated Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2023 (Unaudited)			For the Year Ended August 31, 2022
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	3,084,433		$	(1,886,699	)
Net realized gain/(loss) from investments, futures contracts, foreign currency transactions and forward foreign currency contracts		196,413			9,827,414
Net change in unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translations and forward foreign currency contracts		(9,095,900	)		5,724,023
Net increase/(decrease) in net assets resulting from operations		(5,815,054	)		13,664,738
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(16,107,884	)		(10,931,120	)
Net decrease in net assets from dividends and distributions to shareholders		(16,107,884	)		(10,931,120	)
CAPITAL SHARE TRANSACTIONS:
Class A Shares
Proceeds from shares sold		2,389,008			1,346,515
Proceeds from reinvestment of distributions		35,006			—
Shares redeemed		(1,510,532	)		(541,920	)
Total from Class A Shares		913,482			804,595
Class I Shares
Proceeds from shares sold		199,333,865			278,631,362
Proceeds from reinvestment of distributions		10,506,767			10,666,118
Shares redeemed		(88,858,352	)		(44,846,418	)
Total from Class I Shares		120,982,280			244,451,062
Class C Shares
Proceeds from shares sold		4,806,196			709,761
Proceeds from reinvestment of distributions		108,350			—
Shares redeemed		(489,005	)		(99,936	)
Total from Class C Shares		4,425,541			609,825
Net increase/(decrease) in net assets from capital share transactions		126,321,303			245,865,482
Total increase/(decrease) in net assets		104,398,365			248,599,100
NET ASSETS:
Beginning of period		343,247,286			94,648,186
End of period	$	447,645,651		$	343,247,286

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

Abbey Capital Multi Asset Fund

Consolidated Statements of Changes in Net Assets (Concluded)

	For the Six Months Ended February 28, 2023 (Unaudited)			For the Year Ended August 31, 2022
SHARE TRANSACTIONS:
Class A Shares
Shares sold		202,289			112,990
Shares reinvested		3,095			—
Shares redeemed		(129,455	)		(45,345	)
Total Class A Shares		75,929			67,645
Class I Shares
Shares sold		16,971,850			23,584,424
Shares reinvested		927,341			957,461
Shares redeemed		(7,674,145	)		(3,858,008	)
Total Class I Shares		10,225,046			20,683,877
Class C Shares
Shares sold		406,254			61,350
Shares reinvested		9,674			—
Shares redeemed		(43,348	)		(8,662	)
Total Class C Shares		372,580			52,688
Net increase/(decrease) in shares outstanding		10,673,555			20,804,210

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

Abbey Capital Multi Asset Fund

Consolidated Financial Highlights

Contained below is per share operating performance data for Class A Shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the consolidated financial statements.

	For the Six Months Ended February 28, 2023 (Unaudited)			For The Period February 16, 2022 to august 31, 2022(1)
Per Share Operating Performance
Net asset value, beginning of period	$	11.94		$	11.21
Net investment income/(loss)(2)		0.08			(0.06	)
Net realized and unrealized gain/(loss) from investments		(0.22	)		0.79
Net increase/(decrease) in net assets resulting from operations		(0.14	)		0.73
Dividends and distributions to shareholders from:
Net investment income		(0.42	)		—
Net realized capital gains		(0.03	)		—
Total dividends and distributions to shareholders		(0.45	)		—
Net asset value, end of period	$	11.35		$	11.94
Total investment return/(loss)(3)		(0.98	)%(4)		6.51	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,629		$	808
Ratio of expenses to average net assets with waivers and/or reimbursements (including interest expense)(6)		2.04	%(5)		2.04	%(5)
Ratio of expenses to average net assets with waivers and/or reimbursements (excluding interest expense)(6)		2.04	%(5)		2.04	%(5)
Ratio of expenses to average net assets without waivers and/or reimbursements (including interest expense)(6)		2.16	%(5)		2.23	%(5)
Ratio of net investment income/(loss) to average net assets		1.31	%(5)		(0.87	)%(5)
Portfolio turnover rate(7)		0	%(4)		0	%(4)

(1) Inception date of Class A Shares of the Fund was February 16, 2022.

(2) Calculated based on average shares outstanding for the period.

(3) Total investment return/(loss) is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total return does not reflect any applicable sales charge.

(4) Not Annualized

(5) Annualized

(6) The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired Fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 2.04% of the Fund’s average daily net assets attributable to Class A Shares.

(7) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the consolidated financial statements.
28

Abbey Capital Multi Asset Fund

Consolidated Financial Highlights (Continued)

Contained below is per share operating performance data for Class I Shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the consolidated financial statements.

	For the Six Months Ended February 28, 2023 (Unaudited)			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Period Ended August 31, 2018(1)
Per Share Operating Performance
Net asset value, beginning of period	$	11.96		$	11.98		$	11.07		$	10.94		$	10.65		$	10.00
Net investment income/(loss)(2)		0.09			(0.13	)		(0.21	)		(0.08	)		0.02			(0.01	)
Net realized and unrealized gain/(loss) from investments		(0.23	)		1.29			2.21			1.38			1.09			0.66
Net increase/(decrease) in net assets resulting from operations		(0.14	)		1.16			2.00			1.30			1.11			0.65
Dividends and distributions to shareholders from:
Net investment income		(0.42	)		(0.34	)		(0.17	)		(0.96	)		(0.36	)		—
Net realized capital gains		(0.03	)		(0.84	)		(0.92	)		(0.21	)		(0.46	)		—
Total dividends and distributions to shareholders		(0.45	)		(1.18	)		(1.09	)		(1.17	)		(0.82	)		—
Net asset value, end of period	$	11.37		$	11.96		$	11.98		$	11.07		$	10.94		$	10.65
Total investment return/(loss)(3)		(0.84	)%(4)		10.40	%		19.72	%		13.97	%		12.20	%		6.50	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	441,249		$	341,815		$	94,948		$	37,572		$	28,242		$	21,608
Ratio of expenses to average net assets with waivers and/or reimbursements (including interest expense)(6)		1.79	%(5)		1.79	%		1.84	%		1.79	%		1.79	%		1.79	%(5)
Ratio of expenses to average net assets with waivers and/or reimbursements (excluding interest expense)(6)		1.79	%(5)		1.79	%		1.79	%		1.79	%		1.79	%		1.79	%(5)
Ratio of expenses to average net assets without waivers and/or reimbursements (including interest expense)(6)		1.91	%(5)		1.98	%		2.28	%		2.45	%		2.27	%		2.84	%(5)
Ratio of net investment income/(loss) to average net assets		1.54	%(5)		(1.12	)%		(1.80	)%		(0.76	)%		0.25	%		(0.25	)%(5)
Portfolio turnover rate(7)		0	%(4)		0	%		0	%		0	%		0	%		0	%(4)

(1) Inception date of Class I Shares of the Fund was April 11, 2018.

(2) Calculated based on average shares outstanding for the period.

(3) Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of the period reported and includes reinvestments of dividends and distributions, if any.

(4) Not annualized.

(5) Annualized.

(6) The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired Fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 1.79% of the Fund’s average daily net assets attributable to Class I Shares.

(7) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

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

Abbey Capital Multi Asset Fund

Consolidated Financial Highlights (Concluded)

Contained below is per share operating performance data for Class C Shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the consolidated financial statements.

	For the Six Months Ended February 28, 2023 (Unaudited)			For The Period November 8, 2021 To August 31, 2022(1)
Per Share Operating Performance
Net asset value, beginning of period	$	11.85		$	12.51
Net investment income/(loss)(2)		0.04			(0.18	)
Net realized and unrealized gain/(loss) from investments		(0.23	)		0.70
Net increase/(decrease) in net assets resulting from operations		(0.19	)		0.52
Dividends and distributions to shareholders from:
Net investment income		(0.42	)		(0.34	)
Net realized capital gains		(0.03	)		(0.84	)
Total dividends and distributions to shareholders		(0.45	)		(1.18	)
Net asset value, end of period	$	11.21		$	11.85
Total investment return/(loss)(3)		(1.33	)%(4)		4.84	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	4,767		$	624
Ratio of expenses to average net assets with waivers and/or reimbursements (including interest expense)(6)		2.79	%(5)		2.79	%(5)
Ratio of expenses to average net assets with waivers and/or reimbursements (excluding interest expense)(6)		2.79	%(5)		2.79	%(5)
Ratio of expenses to average net assets without waivers and/or reimbursements (including interest expense)(6)		2.91	%(5)		2.98	%(5)
Ratio of net investment income/(loss) to average net assets		0.67	%(5)		(1.88	)%(5)
Portfolio turnover rate(7)		0	%(4)		0	%(4)

(1) Inception date of Class C Shares of the Fund was November 8, 2021.

(2) Calculated based on average shares outstanding for the period.

(3) Total investment return/(loss) is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of the period reported and includes reinvestments of dividends and distributions, if any.

(4) Not annualized.

(5) Annualized.

(6) The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired Fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) to 2.79% of the Fund’s average daily net assets attributable to Class C Shares.

(7) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the consolidated financial statements.
30

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements

February 28, 2023 (Unaudited)

1. Organization and Significant Accounting Policies

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is a mutual fund complex divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has forty-eight separate investment portfolios, including the Abbey Capital Multi Asset Fund (the “Fund”), which commenced investment operations on April 11, 2018. The Fund is authorized to offer three classes of shares, Class A Shares, Class I Shares and Class C Shares. Class A Shares are sold subject to a front-end maximum sales charge of 5.75%. Front-end sales charges may be reduced or waived under certain circumstances.

RBB has authorized capital of one hundred billion shares of common stock of which 90.623 billion shares are currently classified into two hundred and thirteen classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

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

The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies.”

The end of the reporting period for the Fund is February 28, 2023, and the period covered by these Notes to Consolidated Financial Statements is the six months ended February 28, 2023 (the “current fiscal period”).

Consolidation of Subsidiaries — The Managed Futures strategy is achieved by the Fund investing up to 25% of its total assets in ACMAF Master Offshore Limited (the “Cayman Subsidiary”), a wholly-owned and controlled subsidiary of the Fund organized under the acts of the Cayman Islands. Effective on or about November 12, 2020, the Fund’s previous wholly-owned subsidiary, the Abbey Capital Multi Asset Offshore Fund Limited, became a wholly-owned subsidiary of the Cayman Subsidiary through a share exchange between the Fund and the Cayman Subsidiary and registered as a segregated portfolio company under the acts of the Cayman Islands under the name ACMAF Offshore SPC (the “SPC”). The Cayman Subsidiary invests all or substantially all of its assets in segregated portfolios of the SPC. The Cayman Subsidiary serves solely as an intermediate entity through which the Fund invests in the SPC and makes no independent investment decisions and has no investment or other discretion over the Fund’s investable assets.

Effective on or about July 8, 2021, the Fund may also invest a portion of its assets in segregated series of another wholly-owned subsidiary of the Fund, the ACMAF Onshore Series LLC (the “Onshore Subsidiary”), a Delaware series limited liability company.

The consolidated financial statements of the Fund include the financial statements of the Cayman Subsidiary, the Onshore Subsidiary and SPC. The Fund consolidates the results of subsidiaries in which the Fund holds a controlling financial interest. All inter-company accounts and transactions have been eliminated. As of the end of the reporting period, the net assets of the Cayman Subsidiary and SPC were $101,078,546 which represented 22.58% of the Fund’s net assets. As of the end of the reporting period, the net assets of the Onshore Subsidiary were $62,847,158, which represented 14.04% of the Fund’s net assets.

Portfolio Valuation — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Forward exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant

31

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

exchange. If market quotations are unavailable or deemed unreliable, securities will be valued by the Valuation Designee (as defined below) in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

The Board has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated Abbey Capital Limited (the “Adviser”) as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

Fair Value Measurements — The inputs and valuation techniques used to measure the fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

● Level 1 – Prices are determined using quoted prices in active markets for identical securities.

● Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 – Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Fund’s investments carried at fair value:

	Total		Level 1		Level 2		Level 3
Short-Term Investments	$	379,812,762	$	379,812,762	$	—	$	—
Commodity Contracts
Futures Contracts		4,898,028		4,898,028		—		—
Equity Contracts
Futures Contracts		2,214,852		2,214,852		—		—
Foreign Currency Contracts
Forward Foreign Currency Contracts		2,819,658		—		2,819,658		—
Futures Contracts		814,427		814,427		—		—
Interest Rate Contracts
Futures Contracts		4,582,055		4,582,055		—		—
Total Assets	$	395,141,782	$	392,322,124	$	2,819,658	$	—

32

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

	Total			Level 1			Level 2			Level 3
Commodity Contracts
Futures Contracts	$	(6,159,857	)	$	(6,159,857	)	$	—		$	—
Equity Contracts
Futures Contracts		(5,981,526	)		(5,981,526	)		—			—
Foreign Currency Contracts
Forward Foreign Currency Contracts		(2,139,513	)		—			(2,139,513	)		—
Futures Contracts		(565,898	)		(565,898	)		—			—
Interest Rate Contracts
Futures Contracts		(958,311	)		(958,311	)		—			—
Total Liabilities	$	(15,805,105	)	$	(13,665,592	)	$	(2,139,513	)	$	—

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

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

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

During the current fiscal period, the Fund had no Level 3 transfers.

Disclosures about Derivative instruments and Hedging Activities — Derivative instruments are defined as financial instruments whose value and performance are based on the value and performance of another security or financial instrument. Derivative instruments that the Fund used during the period include forward foreign currency contracts and futures contracts.

During the current fiscal period, the Fund used long and short contracts on U.S. and foreign equity market indices, U.S. and foreign government bonds, foreign currencies, interest rates and commodities (through investment in the Cayman Subsidiary, the SPC and the Onshore Subsidiary), to gain investment exposure in accordance with its investment objective.

The following tables provide quantitative disclosures about fair value amounts of, and gains and losses on, the Fund’s derivative instruments as of and for the current fiscal period.

33

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

The following tables list the fair values of the Fund’s derivative holdings and location on the Consolidated Statement of Assets and Liabilities as of the end of the reporting period, grouped by derivative type and primary risk exposure category by contract type.

Derivative Type	Consolidated Statement of Assets and Liabilities Location		Equity Contracts			Interest Rate Contracts			Foreign Currency Contracts			Commodity Contracts			Total
Asset Derivatives
Forward Contracts (a)		Unrealized appreciation on forward foreign currency contracts	$	—		$	—		$	2,819,658		$	—		$	2,819,658
Futures Contracts (a)		Unrealized appreciation on futures contracts		2,214,852			4,582,055			814,427			4,898,028			12,509,362
Total Value- Assets			$	2,214,852		$	4,582,055		$	3,634,085		$	4,898,028		$	15,329,020
Liability Derivatives
Forward Contracts (a)		Unrealized depreciation on forward foreign currency contracts	$	—		$	—		$	(2,139,513	)	$	—		$	(2,139,513	)
Futures Contracts (a)		Unrealized depreciation on futures contracts		(5,981,526	)		(958,311	)		(565,898	)		(6,159,857	)		(13,665,592	)
Total Value- Liabilities			$	(5,981,526	)	$	(958,311	)	$	(2,705,411	)	$	(6,159,857	)	$	(15,805,105	)

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

The following table lists the amounts of realized gains/(losses) included in net increase/(decrease) in net assets resulting from operations during the current fiscal period, grouped by derivative type and primary risk exposure category by contract type.

Derivative Type	Consolidated Statement of Operations Location		Equity Contracts		Interest Rate Contracts		Foreign Currency Contracts			Commodity Contracts			Total
Realized Gain/(Loss)
Futures Contracts		Net realized gain/(loss) from Futures Contracts	$	4,851,905	$	6,280,577	$	2,202,706		$	(11,916,596	)	$	1,418,592
Forward Contracts		Net realized gain/(loss) from Forward Foreign Currency Contracts		—		—		(989,189	)		—			(989,189	)
Total Realized Gain/(Loss)			$	4,851,905	$	6,280,577	$	1,213,517		$	(11,916,596	)	$	429,403

34

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

The following table lists the amounts of change in unrealized appreciation/(depreciation) included in net increase/(decrease) in net assets resulting from operations during the current fiscal period, grouped by derivative type and primary risk exposure category by contract type.

Derivative Type	Consolidated Statement of Operations Location		Equity Contracts			Interest Rate Contracts		Foreign Currency Contracts			Commodity Contracts			Total
Change in Unrealized Appreciation/(Depreciation)
Futures Contracts		Net change in unrealized appreciation/(depreciation) on futures contracts	$	(6,996,004	)	$	1,044,092	$	(1,545,979	)	$	(1,305,117	)	$	(8,803,008	)
Forward Contracts		Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts		—			—		(526,040	)		—			(526,040	)
Total Change in Unrealized Appreciation/(Depreciation)			$	(6,996,004	)	$	1,044,092	$	(2,072,019	)	$	(1,305,117	)	$	(9,329,048	)

During the current fiscal period, the Fund’s quarterly average volume of derivatives was as follows:

Long Futures Notional Amount	Short Futures Notional Amount	Forward Foreign Currency Contracts — Payable (Value at Trade Date)	Forward Foreign Currency Contracts — Receivable (Value at Trade Date)
$468,093,493	$(726,176,691)	$(372,037,337)	$372,018,174

For financial reporting purposes, the Fund does not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral (receivables) or the obligation to return cash collateral (payables) arising from derivative instruments recognized at fair value executed with the same counterparty under a master netting arrangement.

35

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

The following is a summary of financial and derivative instruments that are subject to enforceable master netting agreements (or similar arrangements) and collateral received and pledged in connection with the master netting agreements (or similar arrangements).

			Gross Amount Not Offset in Consolidated Statement of Assets and Liabilities									Gross Amount Not Offset in Consolidated Statement of Assets and Liabilities
Description	Gross Amount Presented in the Consolidated Statement of Assets and Liabilities		Financial Instruments			Collateral Received		Net Amount(1)		Gross Amount Presented in the Consolidated Statement of Assets and Liabilities		Financial Instruments			Collateral Pledged(2)		Net Amount(3)
	Assets									Liabilities
Forward Foreign Currency Contracts	$	2,819,658	$	(2,139,513	)	$	—	$	680,145	$	2,139,513	$	(2,139,513	)	$	—	$	—

(1) Net amount represents the net amount receivable from the counterparty in the event of default.

(2) Actual collateral pledged may be more than the amount shown.

(3) Net amount represents the net amount payable to the counterparty in the event of default.

Use of Estimates — The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

Investment Transactions, Investment Income and Expenses — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund’s investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (formerly, PENN Capital Funds Trust) (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Fund.

Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders and recorded on the ex-dividend date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

U.S. Tax Status — No provision is made for U.S. income taxes as it is the Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

36

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

The Cayman Subsidiary is registered as an “exempted company” and the SPC as an “exempted segregated portfolio company” pursuant to the Companies Act (Revised) of the Cayman Islands (as amended). Each of the Cayman Subsidiary and the SPC has received an undertaking from the Governor in Cabinet of the Cayman Islands to the effect that, for a period of twenty years from the date of the undertaking, no act that thereafter is enacted in the Cayman Islands imposing any tax or duty to be levied on profits, income or on gains or appreciation, or any tax in the nature of estate duty or inheritance tax, will apply to any property comprised in or any income arising under the Cayman Subsidiary or the SPC, or to the shareholders thereof, in respect of any such property or income. For U.S. federal income tax purposes, the Cayman Subsidiary is treated as a “controlled foreign corporation” and the SPC is treated as disregarded from its owner, the Cayman Subsidiary, for U.S. income tax purposes. The Onshore Subsidiary is treated as an entity disregarded from its owner, the Fund, for U.S. income tax purposes.

SEC RULE 18f-4 — Effective August 19, 2022, the U.S. Securities and Exchange Commission (“SEC”) implemented Rule 18f-4 under the 1940 Act (“Rule 18f-4”), providing for the regulation of a registered investment company’s use of derivatives and certain related instruments. Among other things, Rule 18f-4 limits a fund’s derivatives exposure through a value-at-risk test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. The Fund, as a full derivatives user (as defined in Rule 18f-4), is subject to the full requirements of Rule 18f-4. The Fund is required to comply with Rule18f-4 and has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4.

Foreign Currency Translation — Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investments in the Consolidated Statement of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currencies in the Consolidated Statement of Operations.

Currency Risk —Investment in foreign securities involves currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and which may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls. Forward foreign currency exchange contracts may limit potential gains from a favorable change in value between the U.S. dollar and foreign currencies. Unanticipated changes in currency pricing may result in poorer overall performance for the Fund than if it had not engaged in these contracts.

Commodity Sector Risk — Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked securities in which the Fund invests may be issued by companies in the financial services sector, and events affecting the financial services sector may cause the Fund’s share value to fluctuate.

Foreign Securities Market Risk — A substantial portion of the trades of the Fund are expected to take place on markets or exchanges outside the United States. There is no limit to the amount of assets of the Fund that may be committed to trading on foreign markets. The risk of loss in trading foreign futures and options on futures contracts

37

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

can be substantial. Participation in foreign futures and options on futures contracts involves the execution and clearing of trades on, or subject to the rules of, a foreign board of trade or exchange. Some of these foreign markets, in contrast to U.S. exchanges, are so-called principals’ markets in which performance is the responsibility only of the individual counterparty with whom the trader has entered into a commodity interest transaction and not of the exchange or clearing corporation. In these kinds of markets, there is risk of bankruptcy or other failure or refusal to perform by the counterparty.

Counterparty Risk — The derivative contracts entered into by the Fund, the Cayman Subsidiary, Onshore Subsidiary or the SPC may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease.

Credit Risk — Credit risk refers to the possibility that the issuer of the security or a counterparty in respect of a derivative instrument will not be able to satisfy its payment obligations to the Fund when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade, but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value or default. In addition, the credit quality of securities may be lowered if an issuer’s financial condition changes.

Coronavirus (COVID-19) Pandemic — The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. Although vaccines for COVID-19 are available, the ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual companies are not known. The operational and financial performance of individual companies and the market in general depends on future developments, including the duration and spread of the outbreak and the pace of recovery which may vary from market to market, and such uncertainty may in turn adversely affect the value and liquidity of the Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’s performance.

UKRAINE-RUSSIA CONFLICT RISK — In February 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries and the threat of wider-spread hostilities could have a severe adverse effect on the region and global economies, including significant negative impacts on the markets for certain securities and commodities, such as oil and natural gas. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future, could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long the armed conflict and related events will last cannot be predicted. These tensions and any related events could have a significant impact on Fund performance and the value of Fund investments, even beyond any direct exposure the Fund may have to issuers located in these countries.

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

38

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

subjects the Fund to risk of loss in excess of the amount shown on the Consolidated Statement of Assets and Liabilities, up to the notional value of the futures contract. Use of short futures contracts subjects the Fund to potentially unlimited risk of loss.

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

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

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

2. Investment Adviser and Other Services

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

The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding certain items discussed below) to the rates (“Expense Caps”) shown in the following table of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed the Expense Caps as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary expenses, interest and taxes. This contractual limitation is in effect until December 31, 2023 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2023.

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

39

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

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

Gross Advisory Fees	Waivers and/or Reimbursements	Net Advisory Fees
$3,575,711	$(234,559)	$3,341,152

If at any time the Fund’s total annual fund operating expenses (not including acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) for a year are less than the relevant share class’s Expense Cap, the Adviser may recoup any waived or reimbursed amounts from the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

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

Expiration
August 31, 2023	August 31, 2024	August 31, 2025	August 31, 2026	Total
$112,914	$254,268	$312,567	$234,559	$914,308

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

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for the Fund. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Fund Services serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Quasar Distributors, LLC (the “Distributor”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB.

For compensation amounts paid to Fund Services and the Custodian, please refer to the Consolidated Statement of Operations.

The Board has adopted a Plan of Distribution for the Class A Shares and Class C Shares (the “Plan”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Fund’s distributor is entitled to receive from the Fund a distribution fee with respect to the Shares, which is accrued daily and paid monthly, of up to 0.25% on an annualized basis of the average daily net assets of the Class A Shares and up to 1.00% of the Class C Shares. The actual amount of such compensation under the Plan is agreed upon by the Board and by the Distributor. Because these fees are paid out of the Fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. Amounts paid to the Distributor under the Plan may be used by the Distributor to cover expenses that are related to (i) the sale of the Shares, (ii) ongoing servicing and/or maintenance of the accounts of shareholders, and (iii) sub-transfer agency services, subaccounting services or administrative services related to the sale of the Shares, all as set forth in the Fund’s 12b-1 Plan.

40

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

3. Director And Officer Compensation

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant-Compliance, LLC serves as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Secretary and Director of Marketing & Business Development of the Company. They are compensated by the Company for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Fund or the Company. For Director and Officer compensation amounts, please refer to the Consolidated Statement of Operations.

4. Purchases and Sales of Investment Securities

During the current fiscal period, there were no purchases or sales of investment securities or long-term U.S. Government securities (excluding short-term investments and derivative transactions) by the Fund.

5. Federal Income Tax Information

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund has determined that there was no effect on the consolidated financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

As of August 31, 2022, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund were as follows^(a):

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Unrealized Appreciation/ (Depreciation)
$335,548,310	$11,447,106	$(25,688,872)	$(14,241,766)

^(a) The difference between the book basis and tax basis cost and aggregate gross unrealized appreciation and depreciation of investments is attributable primarily to timing differences related to taxable income from a wholly-owned controlled foreign corporation.

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying consolidated financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

Permanent differences as of August 31, 2022, primarily attributable to disallowed book income from the Cayman Subsidiary, were reclassified to the following accounts:

Distributable Earnings/(Loss)	Paid-In Capital
$(15,918,422)	$15,918,422

41

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Concluded)

February 28, 2023 (Unaudited)

As of August 31, 2022, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gains	Net Unrealized Appreciation/ (Depreciation)	Capital Loss Carryforwards	Qualified Late-Year Losses	Other Temporary Differences
$14,228,148	$—	$(24,300,369)	$—	$2,024,982	$—

The differences between the book and tax basis components of distributable earnings relate principally to the timing of recognition of income and gains of the Cayman Subsidiary for federal income tax purposes.

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2022 was as follows:

Ordinary Income	Long-Term Gains	Total
$7,325,763	$3,605,357	$10,931,120

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the fiscal year ended August 31, 2022, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2022. The Fund deferred qualified late-year losses of $2,024,982 which will be treated as arising on the first business day of the following fiscal year.

The Fund is permitted to carry forward capital losses for an unlimited period. Capital losses that are carried forward will retain their character as either short-term or long-term capital losses. As of August 31, 2022, the Fund had no unlimited short-term or long-term capital loss carryovers to offset future capital gains.

6. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

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

7. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no significant events requiring recognition or disclosure in the financial statements.

42

Abbey Capital Multi Asset Fund

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling (844) 261-6484 and on the SEC’s website at http://www.sec.gov.

Quarterly Portfolio Schedules

The Company files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Forms N-PORT are available on the SEC’s website at http://www.sec.gov.

43

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Investment Adviser
Abbey Capital Limited
1-2 Cavendish Row
Dublin 1, Ireland

Administrator and Transfer Agent
U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201

Principal Underwriter
Quasar Distributors, LLC
111 E Kilbourn Ave, Suite 2200
Milwaukee, WI 53202

Custodian
U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

Independent Registered Public Accounting Firm
Ernst & Young LLP
One Commerce Square
2005 Market Street, Suite 700
Philadelphia, PA 19103

Legal Counsel
Faegre Drinker Biddle & Reath LLP.
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

AMA-SAR23

ADARA SMALLER COMPANIES FUND

of

The RBB Fund, Inc.

SEMI-ANNUAL REPORT

February 28, 2023
(Unaudited)

This report is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Fund.

ADARA SMALLER COMPANIES FUND

semi-ANNUAL report
Performance Data

FEBRUARY 28, 2023 (UNAUDITED)

Average Annual Total Returns for the Periods Ended February 28, 2023
	Six Months†	One Year	Three Years	Five Years	Since Inception
Adara Smaller Companies Fund	4.45%	-4.99%	15.68%	10.55%	10.76%*
Russell 2000® Index	3.63%	-6.02%	10.08%	6.01%	8.03%**

† Not annualized.

* The Fund commenced operations on October 21, 2014.

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

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

The Fund’s total annual Fund operating expenses, as stated in the current prospectus dated December 31, 2022, are 0.84% of average daily net assets. This ratio may differ from the actual expenses incurred by the Fund for the period covered by this report.

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

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

Investment Considerations

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

1

ADARA SMALLER COMPANIES FUND

Fund Expense Example

FEBRUARY 28, 2023 (UNAUDITED)

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

This example is based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2022 through February 28, 2023 and held for the entire period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value September 1, 2022	Ending Account Value February 28, 2023	Expenses Paid During Period*	Annualized Expense Ratio	Actual Six Month Total Investment Return
Class I Shares
Actual	$ 1,000.00	$ 1,044.50	$ 4.11	0.81%	4.45%
Hypothetical (5% return before expenses)	1,000.00	1,020.78	4.06	0.81%	N/A

* Expenses are equal to the Fund’s annualized six-month expense ratio in the table above, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. The Fund’s ending account value on the first line in the table is based on the actual six-month total investment return for the Fund.

2

ADARA SMALLER COMPANIES FUND

Portfolio Holdings Summary Table

FEBRUARY 28, 2023 (UNAUDITED)

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

Security Type/Sector Classification	% of Net Assets			Value
COMMON STOCKS:
Banks		8.0	%	$	37,180,838
Retail		6.2			29,019,291
Commercial Services		6.1			28,443,066
Biotechnology		5.8			26,962,809
Software		4.5			21,177,681
Semiconductors		4.5			21,147,635
Healthcare-Products		3.1			14,594,491
Engineering & Construction		3.1			14,406,512
REITS		2.8			13,084,640
Electronics		2.8			12,889,702
Insurance		2.4			11,374,727
Pharmaceuticals		2.3			10,778,698
Auto Parts & Equipment		2.2			10,007,985
Oil & Gas		2.0			9,101,506
Computers		1.7			8,141,748
Diversified Financial Services		1.7			8,082,138
Savings & Loans		1.6			7,303,201
Transportation		1.5			7,099,739
Metal Fabricate/Hardware		1.5			6,932,199
Internet		1.5			6,802,355
Miscellaneous Manufacturing		1.4			6,721,209
Food		1.4			6,487,045
Building Materials		1.3			6,269,266
Oil & Gas Services		1.3			6,212,845
Telecommunications		1.3			6,106,089
Distribution/Wholesale		1.2			5,348,322
Cosmetics/Personal Care		1.1			5,115,232
Machinery-Diversified		1.1			4,955,254
Apparel		0.9			4,270,577
Home Builders		0.9			4,053,344
Real Estate		0.8			3,894,931
Beverages		0.8			3,748,610
Agriculture		0.8			3,654,929
Home Furnishings		0.8			3,646,856
Healthcare-Services		0.8			3,632,246
Leisure Time		0.8			3,603,286
Aerospace/Defense		0.7			3,427,454
Chemicals		0.7			3,151,550
Environmental Control		0.7			3,084,425
Energy-Alternate Sources		0.6			2,930,829
Iron/Steel		0.6			2,699,232
Textiles		0.5			2,266,674
Auto Manufacturers		0.5			2,174,519
Hand/Machine Tools		0.4			2,009,835
Mining		0.4			1,928,323
Packaging & Containers		0.4			1,924,569
Machinery-Construction & Mining		0.4			1,910,606
Airlines		0.4			1,909,811
Entertainment		0.4			1,869,030
Lodging		0.4			1,812,396
Investment Companies		0.4			1,635,695
Gas		0.3			1,504,846
Housewares		0.3			1,387,449
Media		0.3			1,296,357
Electric		0.2			718,700
Food Service		0.1			602,618
Electrical Components & Equipment		0.1			525,836
Household Products/Wares		0.1			420,153
Coal		0.1			365,517
Water		0.1			323,132
Forest Products & Paper		0.0			84,451
Office/Business Equip		0.0			59,480
Office Furnishings		0.0			52,514
RIGHTS:
Machinery -Diversified		0.0			—
WARRANTS:
Biotechnology		0.0			3,481
SHORT-TERM INVESTMENTS		9.0			41,701,838
LIABILITIES IN EXCESS OF OTHER ASSETS		(0.1	)		(246,797	)
NET ASSETS		100.0	%	$	465,785,525

Portfolio holdings are subject to change at any time.

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

ADARA SMALLER COMPANIES FUND

Portfolio of Investments

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value
COMMON STOCKS — 91.1%
Aerospace/Defense — 0.7%
AAR Corp.*		33,114	$	1,801,071
AeroVironment, Inc.*		1,433		122,865
Curtiss-Wright Corp.		2,004		350,279
Hexcel Corp.		11,205		817,405
Mercury Systems, Inc.*		2,290		119,859
Moog, Inc. - Class A		1,762		173,768
National Presto Industries, Inc.		615		42,207
				3,427,454
Agriculture — 0.8%
Alico, Inc.		64,320		1,655,597
Darling Ingredients, Inc.*		8,943		565,824
Universal Corp.		3,026		153,085
Vector Group Ltd.		9,371		124,353
Vital Farms, Inc.*		71,539		1,156,070
				3,654,929
Airlines — 0.4%
Allegiant Travel Co.*		6,594		676,215
Hawaiian Holdings, Inc.*		13,143		147,202
SkyWest, Inc.*		8,137		155,172
Sun Country Airlines Holdings, Inc.*		46,445		931,222
				1,909,811
Apparel — 0.9%
Capri Holdings Ltd.*		5,836		289,290
Crocs, Inc.*		3,786		460,794
Deckers Outdoor Corp.*		906		377,213
Kontoor Brands, Inc.		4,168		217,361
Lakeland Industries, Inc.		178,780		2,712,093
Skechers USA, Inc. - Class A*		3,666		163,174
Wolverine World Wide, Inc.		3,024		50,652
				4,270,577
Auto Manufacturers — 0.5%
Wabash National Corp.		79,362		2,174,519
Auto Parts & Equipment — 2.2%
Cooper-Standard Holdings, Inc.*		125,320		1,998,854
Dorman Products, Inc.*		3,643		338,908
Fox Factory Holding Corp.*		2,807		329,823
Gentherm, Inc.*		15,463		982,055
indie Semiconductor, Inc. - Class A*		45,304		473,880
Methode Electronics, Inc.		2,370		115,490
Miller Industries, Inc.		35,640		991,148
Motorcar Parts of America, Inc.*		151,090		1,977,768
Standard Motor Products, Inc.		3,756		146,371
The Shyft Group, Inc.		36,311		941,544
Titan International, Inc.*		45,416		563,613
XPEL, Inc.*		17,191		1,148,531
				10,007,985

	Number of Shares		Value
Banks — 8.0%
Ameris Bancorp		2,245	$	107,468
Banner Corp.		1,733		109,144
Cadence Bank		22,282		591,810
Capital Bancorp, Inc.		62,030		1,259,829
Capital City Bank Group, Inc.		876		31,247
Central Pacific Financial Corp.		3,784		84,875
City Holding Co.		7,387		725,403
Civista Bancshares, Inc.		72,340		1,543,012
Colony Bankcorp, Inc.		119,217		1,498,558
Community Bank System, Inc.		1,997		121,917
Community Trust Bancorp, Inc.		3,554		151,934
Customers Bancorp, Inc.*		13,377		412,012
CVB Financial Corp.		8,715		208,550
Dime Community Bancshares, Inc.		2,193		67,194
Eagle Bancorp, Inc.		2,728		119,514
Esquire Financial Holdings, Inc.		51,975		2,390,330
Farmers National Banc Corp.		113,640		1,619,370
First BanCorp		41,247		598,494
First Business Financial Services, Inc.		51,219		1,814,177
First Commonwealth Financial Corp.		18,699		299,371
First Financial Bancorp		24,036		592,247
First Financial Bankshares, Inc.		13,162		482,782
First Financial Corp.		1,035		45,488
First Hawaiian, Inc.		13,502		369,280
First Interstate BancSystem, Inc. - Class A		2,950		104,843
First Merchants Corp.		8,970		367,052
First Northwest Bancorp		82,210		1,176,425
German American Bancorp, Inc.		1,217		47,828
Glacier Bancorp, Inc.		3,879		183,787
Heritage Financial Corp.		5,441		151,641
HomeStreet, Inc.		2,233		56,339
Hope Bancorp, Inc.		27,648		354,171
Horizon Bancorp, Inc.		61,647		938,267
Independent Bank Corp.		1,193		95,058
Independent Bank Group, Inc.		581		34,198
Metropolitan Bank Holding Corp.*		36,096		2,014,518
NBT Bancorp, Inc.		1,326		53,822
Northeast Bank		63,060		2,779,685
OFG Bancorp		7,960		242,143
Old National Bancorp		10,450		184,652
Orrstown Financial Services, Inc.		59,950		1,378,850
Parke Bancorp, Inc.		99,591		2,032,652
Peoples Financial Services Corp.		19,760		979,108
Preferred Bank		1,379		97,082
S&T Bancorp, Inc.		8,702		324,237
Seacoast Banking Corp. of Florida		15,287		466,406

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

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value
Banks — (Continued)
Simmons First National Corp. - Class A		4,453	$	98,990
Southside Bancshares, Inc.		4,513		172,352
Stellar Bancorp, Inc.		2,051		59,992
The Bancorp, Inc.*		19,832		685,989
Tompkins Financial Corp.		1,660		124,151
Triumph Financial, Inc.*		6,514		396,377
TrustCo Bank Corp. NY		1,864		69,825
UMB Financial Corp.		3,164		286,848
United Community Banks, Inc.		12,730		421,490
Unity Bancorp, Inc.		72,830		1,923,440
Univest Financial Corp.		1,395		39,339
USCB Financial Holdings, Inc.*		108,660		1,381,069
Veritex Holdings, Inc.		11,815		314,988
Walker & Dunlop, Inc.		1,239		108,078
West BanCorp, Inc.		78,870		1,661,002
Westamerica Bancorp		2,361		130,138
				37,180,838
Beverages — 0.8%
Celsius Holdings, Inc.*		7,408		672,647
Coca-Cola Consolidated, Inc.		279		155,361
MGP Ingredients, Inc.		8,239		835,764
The Duckhorn Portfolio, Inc.*		55,892		852,353
The Vita Coco Co., Inc.*		72,885		1,232,485
				3,748,610
Biotechnology — 5.8%
2seventy bio, Inc.*		4,486		60,516
Acumen Pharmaceuticals, Inc.*		38,220		201,419
Akero Therapeutics, Inc.*		4,302		195,784
Albireo Pharma, Inc.*		1,908		85,001
Anavex Life Sciences Corp.*		13,742		130,824
ANI Pharmaceuticals, Inc.*		5,276		220,748
Apellis Pharmaceuticals, Inc.*		8,466		554,354
Astria Therapeutics, Inc.*		43,071		524,605
Avidity Biosciences, Inc.*		26,179		620,442
Biohaven Ltd.*		29,187		445,977
Biomea Fusion, Inc.*		26,396		338,925
Cara Therapeutics, Inc.*		4,074		41,392
Chinook Therapeutics, Inc.*		49,028		1,069,791
Crinetics Pharmaceuticals, Inc.*		95,026		1,866,311
Cytokinetics, Inc.*		16,333		708,199
Day One Biopharmaceuticals, Inc.*		32,773		603,679
DICE Therapeutics, Inc.*		40,648		1,212,936
Dynavax Technologies Corp.*		75,030		772,809
Emergent BioSolutions, Inc.*		7,014		86,833
Halozyme Therapeutics, Inc.*		8,931		428,599
Immunocore Holdings PLC - ADR*		3,376		185,174
Intra-Cellular Therapies, Inc.*		7,299		357,870
IVERIC bio, Inc.*		42,773		888,823

	Number of Shares		Value
Biotechnology — (Continued)
Ligand Pharmaceuticals, Inc.*		978	$	70,553
Maravai LifeSciences Holdings, Inc. - Class A *		13,033		192,237
Mineralys Therapeutics, Inc.*		17,126		304,500
NeoGenomics, Inc.*		3,845		64,788
NGM Biopharmaceuticals, Inc.*		8,562		40,584
Nuvalent, Inc. - Class A*		47,553		1,440,380
Omniab, Inc.*		370		—
Omniab, Inc.*		370		—
Point Biopharma Global, Inc.*		23,221		173,925
Relay Therapeutics, Inc.*		22,129		357,383
REVOLUTION Medicines, Inc.*		14,642		391,820
Roivant Sciences Ltd.*		33,134		268,054
Sana Biotechnology, Inc.*		10,908		40,032
SpringWorks Therapeutics, Inc.*		26,672		850,837
Stoke Therapeutics, Inc.*		4,657		41,401
Structure Therapeutics, Inc. - ADR*		31,664		809,332
Tarsus Pharmaceuticals, Inc.*		1,802		27,913
Terns Pharmaceuticals, Inc.*		31,620		320,311
TG Therapeutics, Inc.*		19,225		307,984
Theravance Biopharma, Inc.*		6,387		68,980
TransMedics Group, Inc.*		37,425		2,996,620
Ventyx Biosciences, Inc.*		41,520		1,795,740
Veracyte, Inc.*		27,735		682,558
Vericel Corp.*		1,632		49,629
Vir Biotechnology, Inc.*		4,966		113,225
Viridian Therapeutics, Inc.*		25,032		820,048
Xencor, Inc.*		6,611		212,411
Xenon Pharmaceuticals, Inc.*		74,013		2,920,553
				26,962,809
Building Materials — 1.3%
AAON, Inc.		4,120		374,755
American Woodmark Corp.*		1,043		53,172
Apogee Enterprises, Inc.		7,722		353,359
Armstrong World Industries, Inc.		18,178		1,433,335
Boise Cascade Co.		3,571		246,792
Gibraltar Industries, Inc.*		4,141		221,171
Modine Manufacturing Co.*		44,620		1,089,174
PGT Innovations, Inc.*		6,101		129,036
Simpson Manufacturing Co., Inc.		2,069		223,163
SPX Technologies, Inc.*		4,521		318,459
Summit Materials, Inc. - Class A*		33,245		982,057
The AZEK Co., Inc.*		6,299		151,743
UFP Industries, Inc.		8,103		693,050
				6,269,266
Chemicals — 0.7%
AdvanSix, Inc.		3,917		161,184
Axalta Coating Systems Ltd.*		37,613		1,120,867
AZZ, Inc.		1,964		79,837
Balchem Corp.		1,846		239,980

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

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value
Chemicals — (Continued)
Codexis, Inc.*		9,224	$	44,598
Innospec, Inc.		1,121		122,705
Koppers Holdings, Inc.		7,974		286,187
Livent Corp.*		7,945		186,310
Rayonier Advanced Materials, Inc.*		4,477		36,711
Rogers Corp.*		1,868		274,970
Stepan Co.		2,701		281,147
The Chemours Co.		9,276		317,054
				3,151,550
Coal — 0.1%
Warrior Met Coal, Inc.		9,551		365,517
Commercial Services — 6.1%
Acacia Research Corp.*		320,940		1,386,461
Adtalem Global Education, Inc.*		3,449		134,925
AirSculpt Technologies, Inc.		42,362		277,471
Alight, Inc. - Class A*		118,030		1,133,088
AMN Healthcare Services, Inc.*		3,294		296,493
ARC Document Solutions, Inc.		446,350		1,490,809
ASGN, Inc.*		2,386		211,877
Barrett Business Services, Inc.		39,368		3,778,541
BGSF, Inc.		165,900		2,345,826
BrightView Holdings, Inc.*		11,695		73,912
Cass Information Systems, Inc.		815		39,405
CoreCivic, Inc.*		174,890		1,698,182
CorVel Corp.*		432		77,881
CRA International, Inc.		17,450		2,172,002
Cross Country Healthcare, Inc.*		29,067		768,822
Deluxe Corp.		7,148		131,809
Ennis, Inc.		2,365		51,439
EVERTEC, Inc.		35,125		1,292,951
Forrester Research, Inc.*		758		24,931
FTI Consulting, Inc.*		1,865		342,619
Green Dot Corp. - Class A*		2,231		42,233
HealthEquity, Inc.*		1,801		117,371
Heidrick & Struggles International, Inc.		2,031		69,724
Huron Consulting Group, Inc.*		8,913		625,604
I3 Verticals, Inc. - Class A*		24,023		591,206
Insperity, Inc.		2,292		284,414
Kelly Services, Inc. - Class A		46,617		779,902
Lifecore Biomedical, Inc.*		135,618		785,228
LiveRamp Holdings, Inc.*		5,117		120,915
MarketAxess Holdings, Inc.		1,203		410,764
Matthews International Corp. - Class A		5,499		209,842
Medifast, Inc.		1,970		220,896
Monro, Inc.		951		47,968
Payoneer Global, Inc.*		103,582		600,776
Paysafe Ltd.*		2,251		44,885
Perdoceo Education Corp.*		10,039		138,388

	Number of Shares		Value
Commercial Services — (Continued)
Performant Financial Corp.*		94,404	$	307,757
Progyny, Inc.*		5,684		213,491
Resources Connection, Inc.		5,457		98,553
Shift4 Payments, Inc. - Class A*		3,300		212,850
ShotSpotter, Inc.*		1,126		38,397
SP Plus Corp.*		49,360		1,679,227
Strategic Education, Inc.		1,789		152,512
Stride, Inc.*		17,468		741,866
The Brink’s Co.		4,054		264,524
Upbound Group, Inc.		3,409		91,532
Viad Corp.*		33,341		857,197
WillScot Mobile Mini Holdings Corp.*		18,786		965,600
				28,443,066
Computers — 1.7%
3D Systems Corp.*		9,382		91,850
CACI International, Inc. - Class A*		1,145		335,485
Cantaloupe, Inc.*		9,881		56,915
DXC Technology Co.*		26,040		722,350
ExlService Holdings, Inc.*		1,497		246,272
Globant SA*		2,493		411,544
Grid Dynamics Holdings, Inc.*		32,139		374,419
Insight Enterprises, Inc.*		2,176		291,410
Maximus, Inc.		8,627		708,104
NCR Corp.*		47,288		1,207,263
One Stop Systems, Inc.*		185,588		534,493
OneSpan, Inc.*		4,506		60,921
Quantum Corp.*		447,440		505,607
Rimini Street, Inc.*		394,650		1,689,102
Science Applications International Corp.		1,681		179,262
Telos Corp.*		10,593		40,995
TTEC Holdings, Inc.		3,501		140,950
Unisys Corp.*		8,411		41,887
WNS Holdings Ltd. - ADR*		5,786		502,919
				8,141,748
Cosmetics/Personal Care — 1.1%
Coty, Inc. - Class A*		41,530		469,289
Edgewell Personal Care Co.		4,692		200,349
elf Beauty, Inc.*		43,523		3,253,344
Inter Parfums, Inc.		5,966		718,366
The Beauty Health Co.*		37,580		473,884
				5,115,232
Distribution/Wholesale — 1.2%
G-III Apparel Group Ltd.*		19,012		315,884
H&E Equipment Services, Inc.		22,246		1,234,653
Manitex International, Inc.*		311,230		1,593,498
MRC Global, Inc.*		7,000		78,400
Pool Corp.		2,106		751,547
SiteOne Landscape Supply, Inc.*		1,349		200,111

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

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value
Distribution/Wholesale — (Continued)
Univar Solutions, Inc.*		32,023	$	1,112,799
WESCO International, Inc.*		371		61,430
				5,348,322
Diversified Financial Services — 1.7%
Encore Capital Group, Inc.*		3,458		178,710
Enova International, Inc.*		3,612		176,085
Evercore, Inc. - Class A		3,541		464,508
Flywire Corp.*		27,213		672,978
FTAI Aviation Ltd.		38,246		966,476
Houlihan Lokey, Inc.		3,838		367,297
Interactive Brokers Group, Inc. - Class A		3,063		263,755
International Money Express, Inc.*		37,835		966,684
NerdWallet, Inc. - Class A*		27,462		566,816
Radian Group, Inc.		33,704		719,580
Silvercrest Asset Management Group, Inc. - Class A		113,746		2,023,541
Sunlight Financial Holdings, Inc.*		263,130		344,700
Virtus Investment Partners, Inc.		807		169,817
World Acceptance Corp.*		2,155		201,191
				8,082,138
Electric — 0.2%
NorthWestern Corp.		6,199		358,178
Unitil Corp.		6,637		360,522
				718,700
Electrical Components & Equipment — 0.1%
Encore Wire Corp.		1,278		246,667
Littelfuse, Inc.		1,079		279,169
				525,836
Electronics — 2.8%
Advanced Energy Industries, Inc.		2,466		229,535
Atkore, Inc.*		15,424		2,252,212
Badger Meter, Inc.		2,217		269,632
Benchmark Electronics, Inc.		3,566		84,835
Brady Corp. - Class A		2,928		161,508
Coherent Corp.*		3,416		147,332
Comtech Telecommunications Corp.		119,350		1,908,406
CTS Corp.		9,573		414,607
Itron, Inc.*		11,780		656,971
Ituran Location and Control Ltd.		27,351		611,021
Kimball Electronics, Inc.*		124,956		3,125,150
Knowles Corp.*		7,352		124,837
Napco Security Technologies, Inc.*		17,051		538,812
OSI Systems, Inc.*		1,136		105,137
Plexus Corp.*		2,641		253,245
Sanmina Corp.*		6,648		401,938
Stoneridge, Inc.*		2,058		49,001
TD SYNNEX Corp.		830		80,112

	Number of Shares		Value
Electronics — (Continued)
TTM Technologies, Inc.*		8,548	$	113,603
Vontier Corp.		52,037		1,361,808
				12,889,702
Energy-Alternate Sources — 0.6%
Array Technologies, Inc.*		30,256		566,997
Eneti, Inc.		5,572		58,952
Green Plains, Inc.*		20,942		726,059
REX American Resources Corp.*		2,520		83,185
Shoals Technologies Group, Inc. - Class A*		47,318		1,161,184
SolarEdge Technologies, Inc.*		1,052		334,452
				2,930,829
Engineering & Construction — 3.1%
Bowman Consulting Group Ltd.*		107,210		2,952,564
Comfort Systems USA, Inc.		10,350		1,505,304
EMCOR Group, Inc.		4,741		792,790
Exponent, Inc.		7,336		754,874
MasTec, Inc.*		4,614		450,880
Mistras Group, Inc.*		86,870		479,522
MYR Group, Inc.*		15,305		1,845,936
NV5 Global, Inc.*		6,714		706,447
Sterling Infrastructure, Inc.*		113,267		4,356,249
TopBuild Corp.*		2,707		561,946
				14,406,512
Entertainment — 0.4%
Cinemark Holdings, Inc.*		4,090		55,665
Everi Holdings, Inc.*		44,483		844,732
IMAX Corp.*		16,557		305,311
Liberty Media Corp-Liberty Braves - Class A*		1,183		40,518
Light & Wonder, Inc.*		6,167		386,116
Monarch Casino & Resort, Inc.		3,215		236,688
				1,869,030
Environmental Control — 0.7%
Energy Recovery, Inc.*		19,643		433,521
Harsco Corp.*		3,525		29,822
Montrose Environmental Group, Inc.*		44,841		2,183,308
Tetra Tech, Inc.		3,198		437,774
				3,084,425
Food — 1.4%
Calavo Growers, Inc.		1,990		64,217
Grocery Outlet Holding Corp.*		7,756		209,800
Hostess Brands, Inc.*		11,540		285,038
Ingles Markets, Inc. - Class A		14,569		1,302,469
J&J Snack Foods Corp.		2,130		300,777
John B Sanfilippo & Son, Inc.		1,789		160,599
Krispy Kreme, Inc.		29,488		383,639
SpartanNash Co.		7,719		206,560
SunOpta, Inc.*		70,886		544,405

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

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value
Food — (Continued)
The Chefs’ Warehouse, Inc.*		10,413	$	338,943
The Real Good Food Co., Inc. *		48,654		187,804
TreeHouse Foods, Inc.*		2,674		130,464
United Natural Foods, Inc.*		8,258		336,348
Utz Brands, Inc.		22,552		369,853
Weis Markets, Inc.		1,995		152,498
Whole Earth Brands, Inc.*		440,009		1,513,631
				6,487,045
Food Service — 0.1%
Sovos Brands, Inc.*		46,107		602,618
Forest Products & Paper — 0.0%
Mercer International, Inc.		7,834		84,451
Gas — 0.3%
Chesapeake Utilities Corp.		1,307		167,414
Northwest Natural Holding Co.		5,018		242,570
Southwest Gas Holdings, Inc.		17,376		1,094,862
				1,504,846
Hand/Machine Tools — 0.4%
Franklin Electric Co., Inc.		1,896		181,201
Hurco Cos., Inc.		50,680		1,486,444
MSA Safety, Inc.		2,547		342,190
				2,009,835
Healthcare-Products — 3.1%
ABIOMED, Inc.*		1,453		—
Adaptive Biotechnologies Corp.*		41,319		353,277
Alphatec Holdings, Inc.*		121,583		1,800,644
Atrion Corp.		121		68,728
Artivion, Inc.*		6,948		91,991
Azenta, Inc.*		2,595		113,895
BioLife Solutions, Inc.*		10,865		252,720
EDAP TMS SA - ADR*		53,477		629,424
Embecta Corp.		5,326		170,166
Establishment Labs Holdings, Inc.*		11,771		843,510
Glaukos Corp.*		2,161		102,064
Haemonetics Corp.*		3,260		253,530
ICU Medical, Inc.*		2,450		418,068
Inari Medical, Inc.*		3,272		184,083
Inogen, Inc.*		4,778		74,871
Inspire Medical Systems, Inc.*		4,588		1,192,559
Integra LifeSciences Holdings Corp.*		3,088		171,755
LeMaitre Vascular, Inc.		934		46,803
Masimo Corp.*		2,530		423,294
MaxCyte, Inc.*		55,568		252,279
Merit Medical Systems, Inc.*		3,088		217,951
NanoString Technologies, Inc.*		6,238		60,883
NuVasive, Inc.*		1,042		45,046
Omnicell, Inc.*		4,226		230,063
Orthofix Medical, Inc.*		7,321		150,813

	Number of Shares		Value
Healthcare-Products — (Continued)
Patterson Cos., Inc.		32,899	$	872,481
PROCEPT BioRobotics Corp.*		31,041		1,162,485
Pulmonx Corp.*		5,099		57,262
Quanterix Corp.*		4,610		50,710
Repligen Corp.*		4,162		725,728
RxSight, Inc.*		32,611		447,423
SI-BONE, Inc.*		23,520		465,108
Silk Road Medical, Inc.*		7,636		404,632
Surmodics, Inc.*		1,885		41,168
Treace Medical Concepts, Inc.*		52,234		1,120,942
Varex Imaging Corp.*		7,739		136,903
West Pharmaceutical Services, Inc.		2,836		899,097
Zimvie, Inc.*		5,460		62,135
				14,594,491
Healthcare-Services — 0.8%
Addus HomeCare Corp.*		1,574		170,999
Agiliti, Inc.*		2,635		50,223
Amedisys, Inc.*		6,207		570,734
Chemed Corp.		621		323,901
Community Health Systems, Inc.*		9,950		60,297
Enhabit, Inc.*		6,073		93,220
ModivCare, Inc.*		2,212		217,196
Pediatrix Medical Group, Inc.*		33,609		529,006
RadNet, Inc.*		25,051		590,828
Surgery Partners, Inc.*		14,006		468,501
The Ensign Group, Inc.		2,982		266,829
The Pennant Group, Inc.*		3,933		59,074
US Physical Therapy, Inc.		2,284		231,438
				3,632,246
Home Builders — 0.9%
Cavco Industries, Inc.*		624		177,840
Century Communities, Inc.		19,596		1,172,037
Installed Building Products, Inc.		11,828		1,364,714
LCI Industries		2,012		226,974
LGI Homes, Inc.*		2,657		277,152
M/I Homes, Inc.*		5,874		339,752
MDC Holdings, Inc.		4,389		162,393
Winnebago Industries, Inc.		5,231		332,482
				4,053,344
Home Furnishings — 0.8%
Arhaus, Inc.*		38,458		558,026
Ethan Allen Interiors, Inc.		3,342		98,756
Hamilton Beach Brands Holding Co. - Class A		130,070		1,690,910
iRobot Corp.*		747		30,694
MillerKnoll, Inc.		2,046		48,838
Sleep Number Corp.*		13,940		555,648
Universal Electronics, Inc.*		52,200		663,984
				3,646,856

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

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value
Household Products/Wares — 0.1%
Central Garden & Pet Co.*		2,380	$	96,390
Quanex Building Products Corp.		1,957		50,784
WD-40 Co.		1,574		272,979
				420,153
Housewares — 0.3%
Lifetime Brands, Inc.		175,183		1,387,449
Insurance — 2.4%
American Equity Investment Life Holding Co.		25,679		1,069,530
Argo Group International Holdings Ltd.		2,322		67,454
Axis Capital Holdings Ltd.		28,437		1,726,695
BRP Group, Inc. - Class A*		30,761		884,071
Donegal Group, Inc. - Class A		2,108		32,400
Employers Holdings, Inc.		3,627		161,075
Genworth Financial, Inc. - Class A*		281,044		1,750,904
HCI Group, Inc.		2,200		115,500
Heritage Insurance Holdings, Inc.		336,030		856,877
Horace Mann Educators Corp.		1,864		68,893
Mercury General Corp.		1,257		42,801
NMI Holdings, Inc. - Class A*		39,935		932,083
RLI Corp.		1,478		203,831
Safety Insurance Group, Inc.		1,668		134,591
Selective Insurance Group, Inc.		3,866		392,515
Stewart Information Services Corp.		2,200		93,478
United Fire Group, Inc.		2,567		73,262
White Mountains Insurance Group Ltd.		1,918		2,768,767
				11,374,727
Internet — 1.5%
Cogent Communications Holdings, Inc.		1,297		83,968
ePlus, Inc.*		28,732		1,556,412
Eventbrite, Inc. - Class A*		44,219		387,358
EverQuote, Inc. - Class A*		101,508		1,385,584
HealthStream, Inc.*		4,636		118,913
Magnite, Inc.*		46,419		516,644
Perion Network Ltd.*		56,928		1,920,751
Yelp, Inc.*		27,739		832,725
				6,802,355
Investment Companies — 0.4%
Cannae Holdings, Inc.*		72,440		1,635,695
Iron/Steel — 0.6%
ATI, Inc.*		52,244		2,123,718
Carpenter Technology Corp.		11,908		575,514
				2,699,232

	Number of Shares		Value
Leisure Time — 0.8%
OneSpaWorld Holdings Ltd.*		70,443	$	816,434
Planet Fitness, Inc. - Class A*		4,568		370,236
Topgolf Callaway Brands Corp.*		4,678		108,436
Vista Outdoor, Inc.*		14,337		409,465
Xponential Fitness, Inc. - Class A*		74,782		1,898,715
				3,603,286
Lodging — 0.4%
Boyd Gaming Corp.		4,776		311,061
Full House Resorts, Inc.*		44,765		433,325
Playa Hotels & Resorts NV*		119,732		1,068,010
				1,812,396
Machinery-Construction & Mining — 0.4%
Argan, Inc.		26,500		1,029,790
Astec Industries, Inc.		3,361		151,346
Bloom Energy Corp. - Class A*		7,762		168,358
BWX Technologies, Inc.		9,182		561,112
				1,910,606
Machinery-Diversified — 1.1%
Albany International Corp. - Class A		1,126		113,636
Applied Industrial Technologies, Inc.		1,045		149,289
Chart Industries, Inc.*		3,219		429,737
Esab Corp.		9,897		580,459
Flowserve Corp.		13,355		463,285
Lindsay Corp.		2,819		424,231
Tennant Co.		2,414		170,959
The Toro Co.		5,348		590,633
Twin Disc, Inc.*		185,495		2,033,025
				4,955,254
Media — 0.3%
AMC Networks, Inc. - Class A*		5,207		116,428
Cable One, Inc.		754		520,720
iHeartMedia, Inc. - Class A*		6,165		44,758
Liberty Latin America Ltd. - Class C*		44,088		387,093
Scholastic Corp.		3,196		145,770
The EW Scripps Co. - Class A*		6,465		81,588
				1,296,357
Metal Fabricate/Hardware — 1.5%
Mueller Industries, Inc.		5,975		441,971
NN, Inc.*		179,350		330,004
Northwest Pipe Co.*		95,210		3,665,585
Proto Labs, Inc.*		6,108		192,036
Standex International Corp.		1,485		171,785
Strattec Security Corp.*		55,520		1,139,270
Xometry, Inc. - Class A*		32,606		991,548
				6,932,199

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

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value
Mining — 0.4%
Century Aluminum Co.*		18,637	$	224,949
Energy Fuels, Inc.*		67,017		449,684
Kaiser Aluminum Corp.		2,403		190,606
Uranium Energy Corp.*		287,320		1,063,084
				1,928,323
Miscellaneous Manufacturing — 1.4%
Axon Enterprise, Inc.*		6,703		1,342,678
EnPro Industries, Inc.		12,377		1,330,528
ESCO Technologies, Inc.		1,920		178,925
Fabrinet*		5,714		696,365
Federal Signal Corp.		28,443		1,500,937
John Bean Technologies Corp.		2,493		276,449
Materion Corp.		2,877		321,303
Myers Industries, Inc.		2,441		63,075
Park Aerospace Corp.		58,133		954,544
Sturm Ruger & Co., Inc.		968		56,405
				6,721,209
Office Furnishings — 0.0%
Interface, Inc.		5,954		52,514
Office/Business Equip — 0.0%
Pitney Bowes, Inc.		13,705		59,480
Oil & Gas — 2.0%
Evolution Petroleum Corp.		60,009		390,659
Helmerich & Payne, Inc.		4,567		192,179
Matador Resources Co.		13,885		746,874
Nabors Industries Ltd.*		628		94,395
Par Pacific Holdings, Inc.*		10,809		300,274
Patterson-UTI Energy, Inc.		112,890		1,546,593
PBF Energy, Inc. - Class A		5,245		229,259
PDC Energy, Inc.		21,646		1,452,663
Permian Resources Corp.		128,521		1,389,312
Range Resources Corp.		29,237		787,645
SM Energy Co.		32,148		948,687
Southwestern Energy Co.*		112,602		596,791
Talos Energy, Inc.*		23,929		426,175
				9,101,506
Oil & Gas Services — 1.3%
DMC Global, Inc.*		44,840		1,200,367
Helix Energy Solutions Group, Inc.*		41,891		346,858
Natural Gas Services Group, Inc.*		183,540		2,018,940
NOW, Inc.*		14,472		185,965
Oceaneering International, Inc.*		62,620		1,308,132
Profire Energy, Inc.*		570,090		661,304
Select Energy Services, Inc. - Class A		8,411		62,410
TechnipFMC PLC*		28,049		428,869
				6,212,845

	Number of Shares		Value
Packaging & Containers — 0.4%
Clearwater Paper Corp.*		2,737	$	105,621
Karat Packaging, Inc.		39,796		616,838
O-I Glass, Inc.*		6,528		145,052
TriMas Corp.		35,247		1,057,058
				1,924,569
Pharmaceuticals — 2.3%
Alector, Inc.*		18,296		156,248
Amphastar Pharmaceuticals, Inc.*		6,771		215,724
Anika Therapeutics, Inc.*		3,736		118,431
Bioxcel Therapeutics, Inc.*		25,463		812,779
Collegium Pharmaceutical, Inc.*		2,619		69,482
Corcept Therapeutics, Inc.*		3,332		69,406
Eagle Pharmaceuticals, Inc.*		3,963		110,964
Enanta Pharmaceuticals, Inc.*		4,093		198,511
Fulcrum Therapeutics, Inc.*		5,904		35,660
Heska Corp.*		1,941		158,056
KalVista Pharmaceuticals Inc.*		39,035		286,127
Merus NV*		46,256		882,102
Morphic Holding, Inc.*		19,570		832,116
Nature’s Sunshine Products, Inc.*		61,090		662,216
Option Care Health, Inc.*		12,311		377,578
Owens & Minor, Inc.*		3,772		57,825
Pacira BioSciences, Inc.*		1,113		47,380
Premier, Inc. - Class A		59,941		1,929,501
Prestige Consumer Healthcare, Inc.*		3,474		209,309
Prometheus Biosciences, Inc.*		13,714		1,678,456
Supernus Pharmaceuticals, Inc.*		1,205		45,296
uniQure NV*		2,321		48,648
USANA Health Sciences, Inc.*		6,685		406,314
Vaxcyte, Inc.*		33,453		1,370,569
				10,778,698
Real Estate — 0.8%
McGrath RentCorp		32,420		3,334,073
Newmark Group, Inc. - Class A		35,006		280,748
RE/MAX Holdings, Inc. - Class A		4,257		78,712
The RMR Group, Inc. - Class A		7,157		201,398
				3,894,931
REITS — 2.8%
Agree Realty Corp.		1,641		116,150
Alexander & Baldwin, Inc.		8,102		151,264
Alexander’s, Inc.		531		116,241
Alpine Income Property Trust, Inc.		106,224		1,936,464
Apollo Commercial Real Estate Finance, Inc.		44,054		506,180
CareTrust REIT, Inc.		7,113		139,913
Centerspace		1,467		91,849
Chatham Lodging Trust		17,141		209,292
City Office REIT, Inc.		5,129		43,391

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

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value
REITS — (Continued)
Community Healthcare Trust, Inc.		8,220	$	318,443
CTO Realty Growth, Inc.		3,783		66,505
DiamondRock Hospitality Co.		13,130		114,494
EastGroup Properties, Inc.		2,590		422,869
Farmland Partners, Inc.		4,288		45,967
Four Corners Property Trust, Inc.		10,498		285,021
Getty Realty Corp.		5,173		177,589
Global Medical REIT, Inc.		170,360		1,713,822
Great Ajax Corp.		202,961		1,700,813
Hudson Pacific Properties, Inc.		25,618		236,454
Indus Realty Trust, Inc.		679		45,174
Industrial Logistics Properties Trust		13,449		55,141
Kite Realty Group Trust		7,450		161,814
KKR Real Estate Finance Trust, Inc.		9,611		139,359
LTC Properties, Inc.		5,085		182,145
LXP Industrial Trust		12,112		126,328
National Health Investors, Inc.		1,656		91,080
NETSTREIT Corp.		7,458		150,577
New York Mortgage Trust, Inc.		183,589		490,183
NexPoint Residential Trust, Inc.		3,307		160,158
One Liberty Properties, Inc.		1,332		30,170
Orion Office REIT, Inc.		13,702		117,289
PennyMac Mortgage Investment Trust		24,404		317,984
PotlatchDeltic Corp.		1,462		67,486
Ready Capital Corp.		6,588		74,181
Redwood Trust, Inc.		77,920		592,971
Retail Opportunity Investments Corp.		28,261		402,154
Saul Centers, Inc.		3,903		153,466
Tanger Factory Outlet Centers, Inc.		33,410		631,115
UMH Properties, Inc.		5,802		98,692
Universal Health Realty Income Trust		4,455		236,204
Urstadt Biddle Properties, Inc. - Class A		13,578		234,899
Whitestone REIT		14,111		133,349
				13,084,640
Retail — 6.2%
Abercrombie & Fitch Co. - Class A*		2,464		72,466
Asbury Automotive Group, Inc.*		6,154		1,397,573
Aspen Aerogels, Inc.*		61,422		666,429
BJ’s Restaurants, Inc.*		7,047		225,504
BJ’s Wholesale Club Holdings, Inc.*		34,289		2,461,950
Bloomin’ Brands, Inc.		20,453		533,823
Boot Barn Holdings, Inc.*		15,131		1,171,896

	Number of Shares		Value
Retail — (Continued)
Build-A-Bear Workshop, Inc.*		141,500	$	2,964,425
Caleres, Inc.		1,929		50,366
Casey’s General Stores, Inc.		1,888		392,610
Chuy’s Holdings, Inc.*		3,285		117,439
Dave & Buster’s Entertainment, Inc.*		17,641		705,993
Designer Brands, Inc. - Class A		6,339		62,059
Destination XL Group, Inc.*		396,110		2,368,738
Dine Brand Global, Inc.		1,134		86,944
Dutch Bros, Inc. - Class A*		5,833		194,531
El Pollo Loco Holdings, Inc.		11,495		137,595
FirstCash Holdings, Inc.		2,930		258,573
Five Below, Inc.*		5,574		1,138,768
Freshpet, Inc.*		6,166		383,402
Genesco, Inc.*		986		44,340
GMS, Inc.*		28,056		1,703,280
Group 1 Automotive, Inc.		2,270		501,829
Guess?, Inc.		12,246		257,656
Hibbett, Inc.		1,413		101,637
Kura Sushi USA, Inc. - Class A*		14,963		936,983
Leslie’s, Inc.*		70,825		893,103
Lithia Motors, Inc.		382		97,479
MSC Industrial Direct Co., Inc. - Class A		8,736		738,367
Murphy USA, Inc.		5,145		1,312,438
Nu Skin Enterprises, Inc. - Class A		4,936		196,650
Ollie’s Bargain Outlet Holdings, Inc.*		3,168		182,287
Papa John’s International, Inc.		4,150		348,393
Portillo’s, Inc. - Class A*		21,434		486,980
PriceSmart, Inc.		1,079		75,228
Red Robin Gourmet Burgers, Inc.*		139,480		1,186,975
RH*		2,399		717,373
Shoe Carnival, Inc.		6,304		166,110
Signet Jewelers Ltd.		5,100		365,262
Texas Roadhouse, Inc.		6,327		642,444
The Buckle, Inc.		2,951		120,371
The ODP Corp.*		1,590		71,995
Tilly’s, Inc. - Class A*		158,630		1,376,908
Wingstop, Inc.		2,527		430,474
World Fuel Services Corp.		19,749		542,110
Zumiez, Inc.*		5,655		131,535
				29,019,291
Savings & Loans — 1.6%
Axos Financial, Inc.*		3,461		164,017
Banc of California, Inc.		5,748		100,877
Berkshire Hills Bancorp, Inc.		17,583		510,962
Brookline Bancorp, Inc.		4,100		53,136
Eagle Bancorp Montana, Inc.		73,800		1,254,600

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

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value
Savings & Loans — (Continued)
Flushing Financial Corp.		3,267	$	63,576
FS Bancorp, Inc.		75,814		2,723,997
New York Community Bancorp, Inc.		8,845		78,544
Northfield Bancorp, Inc.		4,651		68,416
Northwest Bancshares, Inc.		5,826		80,515
Pacific Premier Bancorp, Inc.		8,033		260,430
Provident Financial Services, Inc.		10,750		251,013
Riverview Bancorp, Inc.		242,220		1,693,118
				7,303,201
Semiconductors — 4.5%
Aehr Test Systems*		61,162		2,039,753
Allegro MicroSystems, Inc.*		8,511		371,760
Amtech Systems, Inc.*		251,750		2,411,765
Axcelis Technologies, Inc.*		17,670		2,271,302
AXT, Inc.*		328,822		1,436,952
Cirrus Logic, Inc.*		3,525		362,194
FormFactor, Inc.*		7,775		234,027
Impinj, Inc.*		20,237		2,683,831
inTEST Corp.*		238,620		3,550,666
Kulicke & Soffa Industries, Inc.		6,419		342,133
Lattice Semiconductor Corp.*		5,066		430,407
MKS Instruments, Inc.		1,371		132,891
Monolithic Power Systems, Inc.		1,952		945,334
Onto Innovation, Inc.*		7,549		622,566
Photronics, Inc.*		69,485		1,224,326
Power Integrations, Inc.		10,707		880,651
Semtech Corp.*		5,218		160,767
Silicon Laboratories, Inc.*		1,861		332,244
SiTime Corp.*		2,046		254,011
SkyWater Technology, Inc.*		29,414		386,206
Veeco Instruments, Inc.*		3,472		73,849
				21,147,635
Software — 4.5%
8x8, Inc.*		8,813		46,885
ACI Worldwide, Inc.*		48,337		1,249,512
Agilysys, Inc.*		30,964		2,474,333
Alkami Technology, Inc.*		33,534		515,082
Alteryx, Inc. - Class A*		4,788		312,704
Appfolio, Inc. - Class A*		3,094		408,594
Asure Software, Inc.*		255,740		3,414,129
BigCommerce Holdings, Inc.*		14,771		140,620
Blackbaud, Inc.*		799		44,496
Blackline, Inc.*		2,678		183,068
BM Technologies, Inc.*		216,265		720,163
Cerence, Inc.*		2,519		68,970
Computer Programs & Systems, Inc.*		36,865		1,106,319
Concentrix Corp.		830		113,577
CS Disco, Inc.*		6,801		47,607
CSG Systems International, Inc.		2,981		167,532

	Number of Shares		Value
Software — (Continued)
Digi International, Inc.*		47,123	$	1,572,495
DoubleVerify Holdings, Inc.*		16,714		439,077
Doximity, Inc. - Class A*		7,060		237,428
Duolingo, Inc.*		2,792		253,486
Dynatrace, Inc.*		5,794		246,419
Fastly, Inc. - Class A*		40,891		567,976
Five9, Inc.*		4,890		322,740
Health Catalyst, Inc.*		4,416		61,647
Hims & Hers Health, Inc.*		93,433		1,052,990
Jamf Holding Corp.*		10,402		220,730
JFrog Ltd.*		17,334		398,682
LivePerson, Inc.*		9,192		93,023
Model N, Inc.*		15,710		521,572
ON24, Inc.*		7,374		71,085
PDF Solutions, Inc.*		7,212		270,017
Phreesia, Inc.*		28,865		1,062,232
Privia Health Group, Inc.*		13,671		381,831
Progress Software Corp.		5,306		304,777
Rackspace Technology, Inc.*		17,711		41,621
Simulations Plus, Inc.		1,175		44,697
Smith Micro Software, Inc.*		618,660		866,124
Sprout Social, Inc. - Class A*		4,338		264,531
SPS Commerce, Inc.*		800		120,512
Take-Two Interactive Software, Inc.*		3,504		383,863
Verra Mobility Corp.*		21,157		364,535
				21,177,681
Telecommunications — 1.3%
Aviat Networks, Inc.*		21,380		759,632
Calix, Inc.*		12,927		661,216
Clearfield, Inc.*		6,809		426,856
Credo Technology Group Holding Ltd.*		43,176		458,097
Extreme Networks, Inc.*		61,411		1,149,614
Harmonic, Inc.*		115,123		1,518,472
IDT Corp. - Class B*		3,111		94,606
InterDigital, Inc.		869		63,428
Iridium Communications, Inc.*		9,628		590,870
NETGEAR, Inc.*		431		7,801
Telephone and Data Systems, Inc.		9,210		116,875
Viavi Solutions, Inc.*		23,640		258,622
				6,106,089
Textiles — 0.5%
UniFirst Corp.		11,557		2,266,674
Transportation — 1.5%
Air Transport Services Group, Inc.*		111,772		2,339,388
ArcBest Corp.		7,779		748,340
DHT Holdings, Inc.		32,058		370,911
Forward Air Corp.		9,263		956,034

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

ADARA SMALLER COMPANIES FUND

Portfolio of Investments (CONCLUDED)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value
Transportation — (Continued)
Knight-Swift Transportation Holdings, Inc.		1,873	$	106,461
Marten Transport Ltd.		7,327		161,707
PAM Transportation Services, Inc.*		37,076		1,075,204
Saia, Inc.*		4,008		1,085,647
Scorpio Tankers, Inc.		4,242		256,047
				7,099,739
Water — 0.1%
American States Water Co.		1,758		156,989
California Water Service Group		1,969		112,706
The York Water Co.		1,229		53,437
				323,132
TOTAL COMMON STOCKS
(Cost $306,145,426)				424,327,003
RIGHTS — 0.0%
Machinery -Diversified — 0.0%
Acacia Research Corp.*‡		80,235		—
EVERCEL INC CVR*		350,100		—
TOTAL RIGHTS
(Cost $–)				—

	Number of Shares		Value
WARRANTS — 0.0%
Biotechnology — 0.0%
EQRx, Inc.*		13,678		3,481
TOTAL WARRANTS
(Cost $23,295)				3,481
SHORT-TERM INVESTMENTS — 9.0%
U.S. Bank Money Market Deposit Account, 4.25%(a)		41,701,838		41,701,838
TOTAL SHORT-TERM INVESTMENTS
(Cost $41,701,838)				41,701,838
TOTAL INVESTMENTS — 100.1%
(Cost $347,870,559)				466,032,322
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(246,797	)
NET ASSETS — 100.0%			$	465,785,525

* Non-income producing security

(a) The rate shown is as of February 28, 2023.

‡ Security has been valued at fair market value using significant unobservable inputs as determined in good faith by the Adviser, as valuation designee, under the oversight of The RBB Fund, Inc.’s Board of Directors. As of February 28, 2023, these securities amounted to $0 or 0.00% of net assets.

ADR American Depositary Receipt

PLC Public Limited Company

REIT Real Estate Investment Trust

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

ADARA SMALLER COMPANIES FUND

STATEMENT of Assets and Liabilities

FEBRUARY 28, 2023 (UNAUDITED)

ASSETS
Investments, at value (cost $306,168,721)	$	424,330,484
Short-term investments, at value (cost $41,701,838)		41,701,838
Receivables for:
Investments sold		2,273,997
Dividends		351,068
Prepaid expenses and other assets		52,653
Total assets		468,710,040
LIABILITIES
Payables for:
Investments purchased		2,543,320
Capital shares redeemed		40,020
Sub-advisory fees		227,479
Other accrued expenses and liabilities		113,696
Total liabilities		2,924,515
Net assets	$	465,785,525
NET ASSETS CONSIST OF:
Par value	$	31,098
Paid-in capital		357,386,166
Total distributable earnings/(loss)		108,368,261
Net assets	$	465,785,525
CAPITAL SHARES:
Net Assets		465,785,525
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		31,098,278
Net asset value, offering and redemption price per share	$	14.98

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

ADARA SMALLER COMPANIES FUND

Statement of Operations

FOR THE sIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)

INVESTMENT INCOME
Dividends (net of foreign taxes withheld of $3,481)	$	2,741,570
Total investment income		2,741,570
EXPENSES
Sub-advisory fees (Note 2)		1,503,864
Administration and accounting services fees (Note 2)		72,773
Transfer agent fees (Note 2)		26,024
Director fees		24,436
Legal fees		23,018
Custodian fees (Note 2)		21,754
Officer fees		19,425
Registration and filing fees		19,380
Audit fees and tax services		14,112
Printing and shareholder reporting fees		2,877
Other expenses		59,333
Total expenses		1,786,996
Net investment income/(loss)		954,574
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments		(1,920,470	)
Net change in unrealized appreciation/(depreciation) on investments		20,244,267
Net realized and unrealized gain/(loss) on investments		18,323,797
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	19,278,371

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

ADARA SMALLER COMPANIES FUND

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2023 (Unaudited)			For the Year Ended August 31, 2022
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income/(loss)	$	954,574		$	462,143
Net realized gain/(loss) from investments		(1,920,470	)		7,961,046
Net change in unrealized appreciation/(depreciation) on investments		20,244,267			(94,979,643	)
Net increase/(decrease) in net assets resulting from operations		19,278,371			(86,556,454	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(1,462,252	)		(105,103,713	)
Net decrease in net assets from dividends and distributions to shareholders		(1,462,252	)		(105,103,713	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		26,817,889			47,018,138
Reinvestment of distributions		1,335,449			86,226,516
Shares redeemed		(21,661,622	)		(36,283,870	)
Net increase/(decrease) in net assets resulting from capital share transactions		6,491,716			96,960,784
Total increase/(decrease) in net assets		24,307,835			(94,699,383	)
NET ASSETS:
Beginning of period		441,477,690			536,177,073
End of period	$	465,785,525		$	441,477,690
SHARE TRANSACTIONS:
Shares sold		1,849,790			2,989,240
Shares reinvested		93,192			4,890,897
Shares redeemed		(1,524,132	)		(2,172,006	)
Net increase/(decrease) in shares		418,850			5,708,131

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

ADARA SMALLER COMPANIES FUND

Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	For the Six Months Ended February 28, 2023 (Unaudited)			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018
Per Share Operating Performance
Net asset value, beginning of period	$	14.39		$	21.47		$	13.73		$	12.89		$	16.76		$	12.94
Net investment income/(loss)(1)		0.03			0.02			(0.03	)		(0.01	)		(0.01	)		(0.01	)
Net realized and unrealized gain/(loss) from investments		0.61			(2.88	)		7.99			1.33			(1.99	)		4.36
Net increase/(decrease) in net assets resulting from operations		0.64			(2.86	)		7.96			1.32			(2.00	)		4.35
Dividends and distributions to shareholders from:
Net investment income		(0.05	)		(4.22	)		(0.22	)		(0.48	)		(1.87	)		(0.53	)
Total dividends and distributions to shareholders		(0.05	)		(4.22	)		(0.22	)		(0.48	)		(1.87	)		(0.53	)
Net asset value, end of period	$	14.98		$	14.39		$	21.47		$	13.73		$	12.89		$	16.76
Total investment return/(loss)(2)		4.45	%(3)		(16.93	)%		58.41	%		10.47	%		(11.16	)%		34.54	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	465,786		$	441,478		$	536,177		$	361,442		$	291,859		$	349,352
Ratio of expenses to average net assets		0.81	%(4)		0.84	%		0.84	%		0.90	%		0.93	%		0.90	%
Ratio of net investment income/(loss) to average net assets		0.43	%(4)		0.10	%		(0.18	)%		(0.08	)%		(0.08	)%		(0.07	)%
Portfolio turnover rate		27	%(3)		56	%		75	%		101	%		80	%		86	%

(1) Calculated based on average shares outstanding for the period.

(2) Total investment return/(loss) is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(3) Not annualized.

(4) Annualized.

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

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS

FEBRUARY 28, 2023 (UNAUDITED)

1. Organization and Significant Accounting Policies

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is a mutual fund complex dividend into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has forty-eight separate investment portfolios, including the Adara Smaller Companies Fund (the “Fund”), which commenced investment operations on October 21, 2014.

RBB has authorized capital of one hundred billion shares of common stock of which 90.623 billion shares are currently classified into two hundred and thirteen classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

The Fund’s investment objective seeks capital appreciation.

The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies”.

The end of the reporting period for the Fund is February 28, 2023, and the period covered by these Notes to Financial Statements is for the six months ended February 28, 2023 (the “current fiscal period”).

PORTFOLIO VALUATION – The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Investments in Exchange-Traded Funds (“ETFs”) are valued at their last reported sale price. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies, if any, are valued based on the NAV of those investment companies (which may use fair value pricing as disclosed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued by the Adviser, as Valuation Designee in accordance with procedures adopted by The 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.

18

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2023 (UNAUDITED)

The following is a summary of the inputs used, as of the end of the current fiscal period, in valuing the Fund’s investments carried at fair value:

	Total		Level 1		Level 2		Level 3
Common Stocks	$	424,327,003	$	424,327,003	$	—	$	—
Rights		—		—		—		—	**
Warrants		3,481		—		3,481		—
Short-Term Investments		41,701,838		41,701,838		—		—
Total Investments*	$	466,032,322	$	466,028,841	$	3,481	$	—

* 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 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 current fiscal period, the Fund had no significant Level 3 transfers.

REITS — The Fund has made certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon available funds from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits resulting in the excess portion being designated as a return of capital. The Fund intends to include the gross dividends from such REITs in its annual distributions to shareholders and, accordingly, a portion of the Fund’s distributions may also be designated as a return of capital.

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a

19

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2023 (UNAUDITED)

return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund’s investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (formerly, PENN Capital Funds Trust) (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Fund.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions from net realized capital gains (including net short-term capital gains), if any, are declared and paid at least annually to shareholders recorded on the ex-dividend date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is the Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

CORONAVIRUS (COVID-19) PANDEMIC — The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. Although vaccines for COVID-19 are available, the ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers are not known. The operational and financial performance of the issuers of securities in which the Fund invests depends on future developments, including the duration and spread of the outbreak and the pace of recovery which may vary from market to market, and such uncertainty may in turn adversely affect the value and liquidity of the Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’s performance.

UKRAINE-RUSSIA CONFLICT RISK — In February 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries and the threat of wider-spread hostilities could have a severe adverse effect on the region and global economies, including significant negative impacts on the markets for certain securities and commodities, such as oil and natural gas. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future, could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long the armed conflict and related events will last cannot be predicted. These tensions and any related events could have a significant impact on Fund performance and the value of Fund investments, even beyond any direct exposure the Fund may have to issuers located in these countries.

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

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

2. Investment Adviser and Other Services

Altair Advisers, LLC (“Altair” or the “Adviser”) serves as the investment adviser to the Fund. Aperio Group, LLC, Driehaus Capital Management, LLC, Pacific Ridge Capital Partners, LLC, Pier Capital, LLC and River Road Asset Management, LLC each serves as an investment sub-adviser (“Sub-Adviser”) to the Fund.

20

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2023 (UNAUDITED)

The Fund is managed by the Adviser and one or more Sub-Advisers unaffiliated with the Adviser. The Adviser also has the ultimate responsibility to oversee the Sub-Advisers, and to recommend their hiring, termination and replacement, subject to approval by the Board. The Adviser has an investment team that is jointly responsible for the day-to-day management of the Fund. The Sub-Advisers provide investment advisory services to the portion of the Fund’s portfolio allocated to them by the Adviser. The Adviser and the Company on behalf of the Fund have entered into sub-advisory agreements with the Sub-Advisers to manage the Fund, subject to supervision of the Adviser and the Board, and in accordance with the investment objective and restrictions of the Fund. The Fund compensates the Sub-Advisers for their services at an annual rate based on the Fund’s sub-advised average daily net assets, (the “Sub-Advisory Fee”), not to exceed 1.00%, payable on a monthly basis in arrears.

During the current fiscal period, collectively, sub-advisory fees accrued were $1,503,864, or the rate of 0.68%.

The Fund is currently only available to clients of the Adviser and to other investors at the Fund’s discretion. The Adviser does not receive a separate management fee from the Fund. However, pursuant to the Fund’s investment advisory agreement with the Adviser, the Adviser is entitled to receive reimbursement for out-of-pocket expenses it incurs in connection with its compliance monitoring of Fund trading, up to 0.01% of the Fund’s average daily net assets. During the current fiscal period, the Adviser received $29,678.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for the Fund. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Fund Services serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Quasar Distributors, LLC (the “Distributor”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB.

For compensation amounts paid to Fund Services and the Custodian, please refer to the Statement of Operations.

3. Director and Officer Compensation

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Secretary and Director of Marketing & Business Development of the Company. They are compensated by the Company for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Fund or the Company. For Director and Officer compensation amounts, please refer to the Statement of Operations.

4. Purchases and Sales of Investment Securities

During the current fiscal period, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:

PURCHASES	SALES
$121,203,791	$109,721,476

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

21

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2023 (UNAUDITED)

5. Federal Income Tax Information

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

As of August 31, 2022, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund were as follows:

FEDERAL TAX COST	UNREALIZED APPRECIATION	UNREALIZED (DEPRECIATION)	Net Unrealized Appreciation/ (Depreciation)
$345,369,549	$120,471,149	$(25,324,396)	$95,146,753

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

As of August 31, 2022, the components of distributable earnings on a tax basis were as follows:

UNDISTRIBUTED ORDINARY INCOME	UNDISTRIBUTED LONG-TERM CAPITAL GAINS	CAPITAL LOSS CARRYFORWARDS	NET UNREALIZED APPRECIATION/ (DEPRECIATION)	QUALIFIED LATE-YEAR LOSSES
$—	$—	$—	$95,146,753	$(4,594,611)

The differences between the book and tax basis components of distributable earnings relate primarily to the timing of recognition of income and gains for federal income tax purposes. Short-term and foreign currency gains, if applicable, are reported as ordinary income for federal income tax purposes.

The tax character of dividends and distributions paid during the fiscal years ended August 31, 2022 and August 31, 2021 was as follows:

	ORDINARY INCOME		LONG-TERM GAINS		TOTAL
2022	$	40,918,809	$	64,184,904	$	105,103,713
2021	$	—	$	5,747,679	$	5,747,679

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the fiscal year ended August 31, 2022, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2022.

Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of August 31, 2022, the Fund had no unexpiring short-term or long-term losses.

22

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

FEBRUARY 28, 2023 (UNAUDITED)

6. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

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

In October 2020, the Securities and Exchange Commission (“SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework previously used by funds to comply with Section 18 of the 1940 Act, and requires funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund is required to comply with Rule 18f-4 and has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4. Rule 18f-4 may require the Fund to observe more stringent requirements than were previously imposed by the 1940 Act, which could adversely affect the ability of the Fund to engage in certain derivatives transactions and/or increase the costs of such derivatives transactions, which could adversely affect the Fund’s performance and increase costs related to the Fund’s use of derivatives.

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Fund is required to comply with the rules. Effective September 8, 2022 and pursuant to the requirements of Rule 2a-5, the Board designated the Adviser as its Valuation Designee to perform fair value determinations and approved new valuation procedures for the Fund.

7. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued, and has determined that there were no subsequent events.

23

ADARA SMALLER COMPANIES FUND

Other Information (Unaudited)

Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling (844) 261-6482 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Quarterly Portfolio Schedules

The Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Forms N-PORT are available on the SEC website at http://www.sec.gov.

24

[THIS PAGE INTENTIONALLY LEFT BLANK]

Investment Adviser
Altair Advisers, LLC
303 West Madison Street, Suite 600
Chicago, IL 60606

Administrator and Transfer Agent
U.S. Bank Global Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201

Principal Underwriter
Quasar Distributors, LLC
111 E Kilbourn Ave, Suite 2200
Milwaukee, WI 53202

Custodian
U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Two Commerce Square
2001 Market Street, Suite 1800
Philadelphia, PA 19103

Legal Counsel
Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

ADA-SAR23

AQUARIUS INTERNATIONAL FUND

of

The RBB Fund, Inc.

SEMI-ANNUAL REPORT

February 28, 2023
(Unaudited)

This report is submitted for the general information of the shareholders of the Fund. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Fund.

AQUARIUS INTERNATIONAL FUND

SEMI-Annual Report
Performance Data

FEBRUARY 28, 2023 (UNAUDITED)

Average Annual Total Returns for the Periods Ended February 28, 2023
	Six Months†	One Year	Three Years	Since Inception
Aquarius International Fund	7.10%	-8.05%	3.39%	0.90%*
MSCI AC WORLD INDEX ex USA Gross Index	7.47%	-6.70%	5.75%	2.16%**

† Not annualized.

* The Fund commenced operations on April 17, 2018.

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

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

The Fund’s total annual Fund operating expenses, as stated in the current prospectus dated December 31, 2022, are 0.75% of average daily net assets. This ratio may differ from the actual expenses incurred by the Fund for the period covered by this report.

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

The MSCI ACWI ex USA Gross Index captures large and mid cap representation across 22 of 23 Developed Markets (DM) countries (excluding the US) and 24 Emerging Markets (EM) countries. With 2,257 constituents, the index covers approximately 85% of the global equity opportunity set outside the US. It is impossible to invest directly in an index.

Investment Considerations

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

1

AQUARIUS INTERNATIONAL FUND

Fund Expense Example

FEBRUARY 28, 2023 (UNAUDITED)

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

This example is based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2022 through February 28, 2023 and held for the entire period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value September 1, 2022	Ending Account Value February 28, 2023	Expenses Paid During Period*	Annualized Expense Ratio	Actual Six Month Total Investment Return
Actual	$ 1,000.00	$ 1,071.00	$ 3.85	0.75%	7.10%
Hypothetical (5% return before expenses)	1,000.00	1,021.08	3.76	0.75%	N/A

* Expenses are equal to the Fund’s annualized six-month expense ratio in the table above, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. The Fund’s ending account value on the first line in the table is based on the actual six-month total investment return for the Fund.

2

AQUARIUS INTERNATIONAL FUND

Portfolio Holdings Summary Table

FEBRUARY 28, 2023 (UNAUDITED)

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

Security Type/Sector Classification	% of Net Assets			Value
COMMON STOCKS:
Banks		9.1	%	$	35,810,175
Pharmaceuticals		8.4			33,119,186
Semiconductors		6.8			26,881,121
Insurance		5.2			20,511,875
Oil & Gas		4.4			17,260,736
Distribution/Wholesale		3.9			15,452,866
Commercial Services		3.2			12,755,850
Healthcare-Products		3.2			12,437,467
Internet		3.1			12,125,140
Telecommunications		2.8			11,170,433
Beverages		2.6			10,444,795
Retail		2.5			9,928,433
Aerospace/Defense		2.4			9,411,305
Apparel		2.3			9,135,661
Cosmetics/Personal Care		1.9			7,649,227
Diversified Financial Services		1.9			7,515,136
Media		1.9			7,312,639
Computers		1.6			6,278,048
Software		1.5			5,890,921
Food		1.5			5,787,028
Machinery-Diversified		1.3			5,231,126
Investment Companies		1.2			4,892,764
Chemicals		1.2			4,847,798
Airlines		1.2			4,660,828
Building Materials		1.2			4,617,014
Mining		1.1			4,361,330
Real Estate		1.0			3,939,975
Machinery-Construction & Mining		1.0			3,770,864
Transportation		0.8			3,213,008
Food Service		0.8			2,943,705
Water		0.7			2,876,259
Electric		0.7			2,690,791
Hand/Machine Tools		0.6			2,513,151
Biotechnology		0.6			2,415,207
Life Sciences Tools & Services		0.5			2,046,300
Electronics		0.4			1,715,470
Engineering & Construction		0.4			1,665,199
Auto Manufacturers		0.4			1,639,314
Lodging		0.4			1,500,396
Agriculture		0.3			1,336,387
Iron/Steel		0.3			1,279,102
Auto Parts & Equipment		0.3		$	1,145,804
Electrical Components & Equipment		0.3			1,096,332
Miscellaneous Manufacturing		0.3			1,037,510
Private Equity		0.2			884,396
Healthcare-Services		0.2			878,729
REITS		0.1			575,261
Entertainment		0.1			504,368
Home Furnishings		0.1			441,808
Gas		0.1			415,684
Energy-Alternate Sources		0.1			342,489
Pipelines		0.1			287,267
Holding Companies-Diversification		0.1			277,564
Advertising		0.1			274,912
Toys/Games/Hobbies		0.1			204,254
Forest Products & Paper		0.0			148,967
Office/Business Equipment		0.0			142,083
Coal		0.0			117,307
Home Builders		0.0			75,733
Environmental Control		0.0			70,343
Leisure Time		0.0			59,464
Shipbuilding		0.0			24,065
EXCHANGE TRADED FUNDS
Diversified Financial Services		0.4			1,490,854
PREFERRED STOCKS
Iron/Steel		0.1			232,535
Banks		0.0			148,853
Cosmetics/Personal Care		0.0			93,569
Auto Manufacturers		0.0			48,302
SHORT-TERM INVESTMENTS		10.8			42,798,379
OTHER ASSETS IN EXCESS OF LIABILITIES		0.2			857,862
NET ASSETS		100.0	%	$	395,708,724

Portfolio holdings are subject to change at any time.

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

AQUARIUS INTERNATIONAL FUND

Portfolio Holdings Summary Table

FEBRUARY 28, 2023 (UNAUDITED)

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

Country	% of Net Assets			Value
COMMON STOCKS:
Argentina		0.0	%	$	158,801
Australia		0.7			2,736,783
Austria		0.1			235,890
Belgium		1.9			7,525,123
Brazil		1.0			3,869,838
Britain		14.9			59,146,341
Canada		1.3			4,956,292
Cayman Islands		0.1			429,866
Chile		0.1			229,067
China		5.8			23,139,580
Cyprus		0.0			–
Denmark		3.0			11,947,854
Finland		0.9			3,398,779
France		6.7			26,447,661
Germany		4.6			18,037,375
Greece		0.1			252,277
Hong Kong		1.6			6,247,717
India		3.1			12,427,755
Indonesia		0.4			1,678,674
Ireland		4.5			17,787,106
Isle Of Man		0.3			1,004,930
Israel		1.1			4,340,798
Italy		1.8			7,217,611
Japan		6.6			26,082,118
Kazakhstan		0.2			690,209
Luxembourg		0.5			2,048,587
Mexico		0.7			2,919,441
Netherlands		4.1			16,068,394
New Zealand		0.0			125,050
Norway		1.3			5,028,255
Panama		0.0			149,237
Peru		0.1			224,514
Philippines		0.1		$	231,000
Portugal		0.0			41,430
Qatar		0.1			254,560
Russia		0.0			20
Singapore		1.0			4,013,018
South Africa		0.3			1,335,170
South Korea		3.6			14,162,949
Spain		0.3			1,046,487
Sweden		1.7			6,739,742
Switzerland		4.9			19,262,298
Taiwan		4.0			15,728,901
Thailand		1.5			6,511,822
Turkey		0.0			62,775
United Arab Emirates		0.3			1,122,530
United States		3.1			12,345,935
Uruguay		0.1			470,920
Vietnam		0.0			156,890
EXCHANGE TRADED FUNDS:
United States		0.4			1,490,854
PREFERRED STOCKS:
Brazil		0.0			345,246
Colombia		0.1			36,142
Germany		0.0			48,302
South Korea		0.0			93,569
SHORT-TERM INVESTMENTS
United States		10.8			42,798,379
OTHER ASSETS IN EXCESS OF LIABILITIES		0.2			857,862
NET ASSETS		100.0	%	$	395,708,724

Portfolio holdings are subject to change at any time.

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

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value
COMMON STOCKS — 88.5%
Advertising — 0.1%
Dentsu Group, Inc.		1,800	$	57,723
Publicis Groupe SA		2,188		173,699
WPP PLC		3,536		43,490
				274,912
Aerospace/Defense — 2.4%
Airbus SE		1,185		155,200
BAE Systems PLC		273,926		2,958,453
CAE, Inc.*		1,578		35,631
Dassault Aviation SA		263		45,212
Elbit Systems Ltd.		2,255		381,805
MTU Aero Engines AG - ADR		562		68,193
Rheinmetall AG		9,623		2,445,945
Safran SA		580		81,897
Thales SA		23,168		3,238,969
				9,411,305
Agriculture — 0.3%
British American Tabacco PLC - SP ADR		5,128		195,172
Imperial Brands PLC - SP ADR		3,146		76,354
ITC Ltd.		82,119		374,027
Japan Tobacco, Inc.		6,900		140,314
RLX Technology, Inc. - ADR*		23,295		45,425
SLC Agricola SA		44,596		420,367
Wilmar International Ltd.		29,000		84,728
				1,336,387
Airlines — 1.2%
Copa Holdings SA - Class A*		1,616		149,237
Ryanair Holdings PLC - SP ADR*		48,632		4,511,591
				4,660,828
Apparel — 2.3%
adidas AG		23,963		3,578,790
Gildan Activewear, Inc.		5,757		182,785
Hermes International		80		144,811
Kering SA - ADR		990		58,172
LVMH Moet Hennessy Louis Vuitton SE *		5,229		4,346,999
LVMH Moet Hennessy Louis Vuitton SE - ADR		2,000		333,260
Samsonite International SA (a)*		174,900		490,844
				9,135,661
Auto Manufacturers — 0.4%
Bayerische Motoren Werke AG - SP ADR		3,309		113,863
Daimler Truck Holding AG*		1,811		57,362
Ferrari NV		141		36,582
Ferrari NV		642		167,157
Honda Motor Co. Ltd. - SP ADR		1,291		33,527
Hyundai Motor Co.		545		72,536

	Number of Shares		Value
Auto Manufacturers — (Continued)
Iveco Group NV*		1,324	$	12,499
Li Auto, Inc. - ADR*		1,693		39,972
Mahindra & Mahindra Ltd.		11,415		175,141
Mercedes-Benz Group AG		3,623		277,676
Nissan Motor Co. Ltd. - SP ADR*		4,601		35,980
Stellantis NV		5,160		89,932
Stellantis NV		2,278		39,910
Toyota Motor Corp.		3,000		40,889
Toyota Motor Corp. - SP ADR		1,862		253,083
Volkswagen AG - ADR		5,060		89,865
Volvo AB - Class B		3,636		72,753
XPeng, Inc. - ADR*		3,429		30,587
				1,639,314
Auto Parts & Equipment — 0.3%
Cie Generale des Etablissements Michelin SCA		1,852		58,183
Continental AG - SP ADR		9,600		69,072
Hyundai Mobis Co. Ltd.		322		51,721
KPIT Technologies Ltd.		43,955		440,550
LG Energy Solution Ltd.*		802		316,800
Magna International, Inc.		3,010		167,747
Vitesco Technologies Group AG*		88		6,109
Weichai Power Co. Ltd. - Class H		24,000		35,622
				1,145,804
Banks — 9.1%
Australia & New Zealand Banking Group Ltd.*		5,980		98,918
Banco do Brasil SA		59,500		458,798
Banco do Brasil SA - SP ADR		11,296		89,126
Banco Santander Brasil SA - ADR		5,655		30,876
Banco Santander SA		37,238		146,621
Bangkok Bank PCL		339,600		1,557,868
Bank Leumi Le-Israel		467,629		3,635,594
Bank Mandiri Persero Tbk PT		1,232,500		807,966
Bank Mandiri Persero Tbk PT - ADR		5,112		67,683
Bank of Ireland Group PLC		361,810		3,986,094
Bank of Montreal		867		82,157
Bank Rakyat Indonesia Persero Tbk PT - ADR		1,382		21,373
Barclays PLC		126,063		264,554
Bendigo & Adelaide Bank Ltd.		12,614		82,787
BNP Paribas SA		2,636		184,285
BOC Hong Kong Holdings Ltd.		49,500		167,525
CaixaBank SA		65,952		283,189
Canadian Imperial Bank of Commerce		1,146		52,407
China Merchants Bank Co. Ltd. - Class H		35,063		190,269
China Merchants Bank Co. Ltd. - ADR		554		15,047

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

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value
Banks — (Continued)
Commerzbank AG*		18,102	$	220,581
Commonwealth Bank of Australia		4,044		273,209
Concordia Financial Group Ltd.		11,723		50,365
Credicorp Ltd.		1,762		224,514
Dah Sing Financial Holdings Ltd.		222,400		600,878
DBS Group Holdings Ltd.		100,700		2,554,874
DBS Group Holdings Ltd. - SP ADR		2,227		227,199
Deutsche Bank AG		8,776		109,349
DNB Bank ASA		85,535		1,706,870
FinecoBank Banca Fineco SpA		137,640		2,378,480
FirstRand Ltd.		13,495		48,134
Fukuoka Financial Group, Inc.		3,000		66,970
Grupo Financiero Banorte SAB de CV		162,385		1,374,590
Grupo Financiero Galicia SA - ADR		11,922		158,801
HDFC Bank Ltd.		140,941		2,725,857
HDFC Bank Ltd. - ADR		8,744		591,444
HSBC Holdings PLC - SP ADR		9,910		379,652
ICICI Bank Ltd. - SP ADR		76,732		1,586,818
Industrial & Commerical Bank China Ltd. - Class H		1,668,000		832,269
ING Groep NV		7,103		99,407
Intesa Sanpaolo SpA		14,336		38,726
Japan Post Bank Co. Ltd.		3,700		31,963
KakaoBank Corp.*		8,265		166,248
Macquarie Group Ltd.		749		95,110
Mediobanca Banca di Credito Finanziario SpA		3,974		42,409
Mitsubishi UFJ Financial Group Inc. - SP ADR		53,334		380,271
National Australia Bank Ltd.		7,689		154,767
National Australia Bank Ltd. - SP ADR		11,208		112,304
Nedbank Group Ltd. - SP ADR		2,666		33,565
Nordea Bank Abp		11,504		145,781
Nordea Bank Abp		93		1,177
Oversea-Chinese Banking Corp. Ltd.		9,000		84,586
Royal Bank of Canada		3,511		356,296
SCB X PCL - NVDR		118,500		348,591
Shinhan Financial Group Co. Ltd. - ADR		9,162		268,172
Shizuoka Financial Group, Inc.		3,900		31,163
Societe Generale SA		2,392		68,936
Standard Bank Group Ltd.		73,030		729,498
State Bank of India		47,499		300,067
Sumitomo Mitsui Financial Group, Inc. - SP ADR		56,610		494,205

	Number of Shares		Value
Banks — (Continued)
Svenska Handelsbanken AB - Class A		195,762	$	2,076,441
TCS Group Holding PLC - GDR*‡		3,732		—
The Bank of Nova Scotia		1,685		83,374
The Chiba Bank Ltd.		4,900		35,878
The Toronto-Dominion Bank		3,414		227,202
UBS Group AG		13,717		298,142
UniCredit SpA		2,917		59,677
United Overseas Bank Ltd.		26,200		580,740
Woori Financial Group, Inc. - SP ADR		4,696		131,488
				35,810,175
Beverages — 2.6%
Ambev SA - ADR		8,588		21,900
Anheuser-Busch InBev SA/NV - SP ADR		2,592		157,334
Arca Continental SAB de CV		28,700		243,087
Carlsberg A/S - Class B		499		70,514
China Resources Beer Holdings Co. Ltd.		24,000		177,554
Cia Cervecerias Unidas SA - SP ADR		4,167		63,255
Coca-Cola Europacific Partners PLC		476		26,180
Davide Campari-Milano NV		5,538		62,001
Diageo PLC		123,485		5,240,260
Diageo PLC - SP ADR		2,046		354,040
Endeavour Group Ltd.		2,137		9,806
Fomento Economico Mexicano SAB de CV - SP ADR		461		42,375
Heineken Holding NV		434		37,128
Kirin Holdings Co. Ltd.		1,800		26,943
Pernod Ricard SA		300		62,583
Suntory Beverage & Food Ltd.		800		28,063
Thai Beverage PCL		7,924,600		3,762,553
Tsingtao Brewery Co. Ltd. - Class H		6,000		59,219
				10,444,795
Biotechnology — 0.6%
Argenx SE - ADR*		245		89,675
BeiGene Ltd.*		24,800		429,866
CSL Ltd.		760		151,216
CSL Ltd. - SP ADR		1,030		102,650
Genmab A/S*		4,131		1,554,285
Genmab A/S - SP ADR*		2,330		87,515
				2,415,207
Building Materials — 1.2%
Beijing Oriental Yuhong Waterproof Technology Co. Ltd. - Class A		46,200		228,724

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

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value
Building Materials — (Continued)
CRH PLC		80,421	$	3,777,647
CRH PLC - SP ADR		1,441		68,174
Daikin Industries Ltd.		149		25,478
Daikin Industries Ltd. - ADR		820		14,063
Geberit AG		202		109,019
Holcim AG		2,013		124,253
James Hardie Industries PLC - CDI		2,896		60,337
Kingspan Group PLC		554		35,959
Rinnai Corp.		400		28,057
Semen Indonesia Persero Tbk PT - ADR		2,421		22,757
Sika AG		437		122,546
				4,617,014
Chemicals — 1.2%
Air Liquide SA		15,592		2,477,195
Air Liquide SA - ADR		1,948		61,888
Asahi Kasei Corp.		6,000		41,790
BASF SE		1,976		101,176
Chr Hansen Holding A/S		439		30,434
Croda International PLC		584		46,055
Daqo New Energy Corp. - ADR*		804		35,521
EMS-Chemie Holding AG		143		108,354
FUCHS PETROLUB SE		31,938		1,046,037
Givaudan SA		27		81,386
Givaudan SA - ADR		600		36,186
ICL Group Ltd.		12,592		88,522
Koninklijke DSM NV		785		96,735
LG Chem Ltd.		385		197,637
Nippon Sanso Holdings Corp.		1,500		26,742
Nissan Chemical Corp.		500		21,957
Shin Etsu Chemical Co. Ltd. - ADR		2,744		94,942
Shin-Etsu Chemical Co. Ltd.		654		90,665
Solvay SA - Class A		373		42,607
Sumitomo Chemical Co. Ltd.		13,000		45,552
Symrise AG		500		51,085
Umicore SA - ADR		3,052		25,332
				4,847,798
Coal — 0.0%
China Shenhua Energy Co. Ltd. - Class H		39,000		117,307
Commercial Services — 3.2%
Abu Dhabi Ports Co. PJSC*		202,910		341,228
Adyen NV (a)*		1,249		1,770,366
Allfunds Group PLC		141,996		1,236,807
Amadeus IT Group SA - ADR*		1,437		90,258
Ashtead Group PLC		46,401		3,070,319
Bureau Veritas SA		1,739		49,677

	Number of Shares		Value
Commercial Services — (Continued)
China Merchants Port Holdings Co. Ltd.		60,000	$	84,109
Edenred		1,223		68,838
Experian PLC		2,543		85,735
GMO Payment Gateway, Inc.		300		24,641
International Container Terminal Services, Inc.		40,107		144,681
Intertek Group PLC		1,279		64,196
Localiza Rent a Car SA - SP ADR		4,006		42,448
New Oriental Education & Technology Group, Inc. - SP ADR*		2,260		87,507
Offcn Education Technology Co. Ltd. - Class A*		252,500		207,391
Recruit Holdings Co. Ltd.		3,892		104,367
RELX PLC		165,322		4,985,360
Rentokil Initial PLC		7,414		45,604
Ritchie Bros Auctioneers, Inc.		545		33,338
TAL Education Group - ADR*		7,594		53,386
The Bidvest Group Ltd.		3,146		40,142
TravelSky Technology Ltd. - Class H		51,000		100,669
Worldline SA(a)*		595		24,783
				12,755,850
Computers — 1.6%
AutoStore Holdings Ltd.(a)*		481,390		1,000,190
CGI, Inc.*		1,307		117,133
Check Point Software Technologies Ltd.*		457		56,540
Computershare Ltd.		1,973		32,817
CyberArk Software Ltd.*		576		83,387
Infosys Ltd. - SP ADR		22,690		407,059
Lenovo Group Ltd.		432,000		388,758
Nomura Research Institute Ltd.		71,000		1,586,273
NTT Data Corp.		3,100		43,011
Teleperformance		7,989		2,073,842
Wipro Ltd. - ADR		95,357		445,317
WNS Holdings Ltd. - ADR*		503		43,721
				6,278,048
Cosmetics/Personal Care — 1.9%
Beiersdorf AG		432		51,557
Dabur India Ltd.		41,042		264,247
Essity AB - Class B		5,178		139,664
Haleon PLC - ADR*		9,632		75,900
Haleon PLC*		208,987		808,707
Kose Corp.		200		22,611
Lion Corp.		800		8,631
L’Oreal SA		148		58,500
L’Oreal SA - ADR		3,400		269,348
Proya Cosmetics Co. Ltd. - Class A		35,777		940,896
Shiseido Co. Ltd.		1,200		55,293

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

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value
Cosmetics/Personal Care — (Continued)
Unicharm Corp.		3,287	$	121,660
Unilever PLC		87,546		4,367,714
Unilever PLC - SP ADR		9,303		464,499
				7,649,227
Distribution/Wholesale — 3.9%
Azelis Group NV		88,825		2,249,137
Bunzl PLC		136,666		4,869,528
Ferguson PLC		14,722		2,119,390
Ferguson PLC		28,886		4,162,472
IMCD NV		11,068		1,751,963
ITOCHU Corp.		3,700		110,595
ITOCHU Corp. - ADR		426		25,409
Mitsubishi Corp.		800		27,177
Mitsui & Co. Ltd.		3,159		88,660
Sendas Distribuidora SA - ADR		2,775		48,535
				15,452,866
Diversified Financial Services — 1.9%
Deutsche Boerse AG		24,395		4,253,844
Deutsche Boerse AG - ADR		2,810		48,838
Futu Holdings Ltd. - ADR *		852		41,927
Hong Kong Exchange & Clearing Ltd.		1,780		71,294
Housing Development Finance Corp. Ltd.		26,492		835,142
Japan Exchange Group, Inc. - ADR		80,100		1,194,660
KB Financial Group, Inc.		12,336		477,762
KB Financial Group, Inc. - ADR		6,431		247,787
London Stock Exchange Group PLC		791		70,574
London Stock Exchange Group PLC - ADR		2,464		55,588
Sanlam Ltd. -SP ADR		5,156		33,530
SBI Holdings, Inc.		2,600		56,044
Singapore Exchange Ltd.		6,000		38,750
St James’s Place PLC		5,807		89,396
				7,515,136
Electric — 0.7%
Algonquin Power & Utilities Corp.		4,799		36,616
China Resources Power Holdings Co. Ltd.		14,000		28,587
Dubai Electricity & Water Authority PJSC		625,948		405,585
E.ON SE		4,732		51,630
Electricite de France SA		2,132		26,598
Elia Group SA/NV		478		62,966
Enel SpA		25,288		141,854
Engie SA - SP ADR		8,968		130,574
Equatorial Energia SA		78,400		380,960

	Number of Shares		Value
Electric — (Continued)
Fortis, Inc.		3,649	$	144,391
Fortum Oyj		2,493		38,102
Iberdrola SA		11,694		134,053
Iberdrola SA - SP ADR		1,618		74,193
Meridian Energy Ltd.		15,956		52,373
National Grid PLC		5,579		70,015
National Grid PLC - SP ADR		2,605		163,881
Orsted AS (a)		320		27,854
Power Assets Holdings Ltd.		33,500		179,184
Power Grid Corp. of India Ltd.		134,029		360,043
RWE AG		1,019		43,254
SSE PLC - SP ADR		5,415		113,228
Tokyo Electric Power Co. Holdings, Inc.*		7,500		24,850
				2,690,791
Electrical Components & Equipment — 0.3%
ABB Ltd.		4,533		150,845
Delta Electronics, Inc.		66,000		617,477
Legrand SA		942		87,010
Schneider Electric SE		698		111,999
Schneider Electric SE - ADR		4,025		129,001
				1,096,332
Electronics — 0.4%
AAC Technologies Holdings, Inc.*		32,000		71,518
Azbil Corp.		1,400		36,408
BYD Electronic International Co. Ltd.		23,500		68,523
Hirose Electric Co. Ltd.		427		52,207
Hon Hai Precision Industry Co. Ltd.		141,353		467,596
Hoya Corp.		670		66,332
Hoya Corp. - SP ADR		487		47,948
Kyocera Corp.		500		24,608
Murata Manufacturing Co. Ltd.		1,619		86,661
Murata Manufacturing Co. Ltd. - ADR		5,048		67,517
Nidec Corp.		78		3,958
Nidec Corp. - SP ADR		4,640		58,882
Samsung Electronic-Mechanics Co. Ltd.		3,325		361,514
Sinbon Electronics Co. Ltd.		31,000		301,798
				1,715,470
Energy-Alternate Sources — 0.1%
Energy Absolute PCL - NVDR		122,700		271,722
Vestas Wind System A/S		2,480		70,767
				342,489
Engineering & Construction — 0.4%
Aeroports de Paris*		206		29,848

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

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value
Engineering & Construction — (Continued)
Airports of Thailand PCL - NVDR*		277,500	$	571,088
Auckland International Airport Ltd.*		13,450		72,677
Ferrovial SA		3,085		85,627
Grupo Aeroportuario del Pacifico SAB de CV - SP ADR		392		74,511
Grupo Aeroportuario del Sureste SAB de CV - SP ADR		471		134,791
Larsen & Toubro Ltd.		22,043		561,807
Vinci SA		317		36,045
Vinci SA - ADR		3,476		98,805
				1,665,199
Entertainment — 0.1%
Evolution AB - ADR		336		40,555
Flutter Entertainment PLC*		244		39,176
MultiChoice Group		5,548		42,596
MultiChoice Group Ltd. - ADR		93		703
OPAP SA		16,254		252,277
Oriental Land Co. Ltd.		613		97,887
The Lottery Corp. Ltd. *		8,950		31,174
				504,368
Environmental Control — 0.0%
China Conch Environment Protection Holdings Ltd.*		21,500		7,956
China Conch Venture Holdings Ltd.		31,000		62,387
				70,343
Food — 1.5%
Aeon Co. Ltd.		5,200		96,990
Ajinomoto Co., Inc.		1,500		44,261
Associated British Foods PLC		1,593		38,400
Barry Callebaut AG		25		49,779
China Mengniu Dairy Co. Ltd.		32,703		143,948
Chocoladefabriken Lindt & Spruengli AG		6		65,734
Cia Brasileira de Distribuicao - SP ADR *		2,775		8,269
Coles Group Ltd.		6,998		85,471
Danone SA		2,502		140,643
Foshan Haitian Flavouring & Food Co. Ltd. - Class A		33,600		398,146
Kerry Group PLC - SP ADR		308		29,731
Koninklijke Ahold Delhaize NV		101,440		3,220,905
Koninklijke Ahold Delhaize NV - SP ADR		4,031		128,024
Masan Group Corp.		45,460		156,890
MEIJI Holdings Co. Ltd.		500		22,898
Nestle SA		1,079		121,572
Nestle SA - SP ADR		6,845		770,165

	Number of Shares		Value
Food — (Continued)
Nisshin Seifun Group, Inc.		2,700	$	31,199
Seven & i Holdings Co. Ltd.		600		26,824
Seven & i Holdings Co. Ltd. - ADR		3,000		67,140
Tesco PLC		14,561		44,606
Yakult Honsha Co. Ltd.		1,400		95,433
				5,787,028
Food Service — 0.8%
Compass Group PLC		120,090		2,774,292
Compass Group PLC - SP ADR		7,353		169,413
				2,943,705
Forest Products & Paper — 0.0%
Suzano SA - SP ADR		3,086		28,175
Svenska Cellulosa AB SCA - Class B		4,527		63,176
UPM-Kymmene Oyj		1,590		57,616
				148,967
Gas — 0.1%
ENN Energy Holdings Ltd.		29,200		415,684
Hand/Machine Tools — 0.6%
Alleima AB *		657		3,552
Amada Co. Ltd.		174,200		1,585,244
Disco Corp.		1,500		470,343
Schindler Holding AG		651		140,295
Techtronic Industrials Co. Ltd.		31,500		313,717
				2,513,151
Healthcare-Products — 3.2%
Alcon, Inc.		61,711		4,207,629
Alcon, Inc.		1,673		114,166
Asahi Intecc Co. Ltd.		1,900		32,349
China Medical System Holdings Ltd.		21,000		31,615
Cochlear Ltd.		376		56,071
Coloplast A/S - SP ADR		1,070		12,284
Coloplast A/S - Class B		327		37,784
EssilorLuxottica SA		26,573		4,606,510
EssilorLuxottica SA - ADR		144		12,478
Getinge AB - Class B		1,494		32,111
Olympus Corp.		1,400		23,584
Sartorius Stedim Biotech		6,367		2,073,706
Shandong Weigao Group Medical Polymer Co. Ltd. - Class H		24,000		38,740
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. - Class A		11,800		533,167
Smith & Nephew PLC		2,921		41,678
Sonova Holding AG		2,235		549,668
Terumo Corp.		1,262		33,927
				12,437,467

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

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value
Healthcare-Services — 0.2%
Aier Eye Hospital Group Co. Ltd. - Class A		43,100	$	193,789
BioMerieux		307		30,062
Lonza Group AG		182		108,407
Lonza Group AG - ADR		370		22,033
Max Healthcare Institute Ltd.*		58,390		300,762
Sonic Healthcare Ltd. - SP ADR		3,345		72,921
Wuxi Biologics Cayman, Inc.(a)*		21,536		150,755
				878,729
Holding Companies-Diversification — 0.1%
MELI Kaszek Pioneer Corp. - Class A*		23,189		236,760
Swire Pacific Ltd. - Class A		5,000		40,804
				277,564
Home Builders — 0.0%
Sekisui House Ltd.		4,000		75,733
Home Furnishings — 0.1%
Electrolux AB - Class B		972		11,762
Hoshizaki Corp.		800		28,361
Sony Group Corp. - SP ADR		4,806		401,685
				441,808
Insurance — 5.2%
Admiral Group PLC		57,305		1,516,404
Aegon NV		14,288		74,344
Ageas SA/NV		2,481		111,965
AIA Group Ltd.		100,400		1,067,053
AIA Group, Ltd. - SP ADR		12,131		515,810
Allianz SE - ADR		6,060		141,925
Aon PLC - Class A		23,949		7,281,693
AXA SA		2,251		70,932
Baloise Holding AG		522		86,927
Cathay Financial Holding Co. Ltd.		24,000		34,034
China Pacific Insurance Group Co. Ltd. - Class H		40,400		107,163
Dai-ichi Life Holdings, Inc.		6,692		142,769
Hannover Rueck SE		421		81,757
Lancashire Holdings Ltd.		293,742		2,162,004
Legal & General Group PLC		36,815		113,320
M&G PLC		12,144		31,278
Manulife Finanical Corp.		6,860		135,554
MS&AD Insurance Group Holdings, Inc.		900		29,452
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		295		101,621
New China Life Insurance Co. Ltd. - Class H		45,800		110,999
NN Group NV		3,039		123,008

	Number of Shares		Value
Insurance — (Continued)
PICC Property & Casualty Co. Ltd. - Class H		48,000	$	42,161
Ping An Insurance Group Co. of China Ltd. - Class H		156,000		1,064,940
Sampo Oyj - Class A		60,789		2,959,214
Sompo Holdings, Inc.		600		25,759
Sun Life Financial, Inc.		2,753		132,970
Suncorp Group Ltd.		18,597		160,419
Swiss Re AG		544		56,830
T&D Holdings, Inc.		5,200		78,750
Tokio Marine Holdings, Inc.		4,200		89,169
Topdanmark AS		33,163		1,773,896
Zurich Insurance Group AG		185		87,755
				20,511,875
Internet — 3.1%
Alibaba Group Holding Ltd.*		129,000		1,417,896
Alibaba Group Holdings, Ltd. - SP ADR*		1,747		153,369
Auto Trader Group PLC (a)		5,141		36,769
Delivery Hero SE (a)*		740		29,737
iQIYI, Inc. - ADR*		12,194		94,260
JD.com, Inc. - ADR		2,393		106,345
JOYY, Inc., ADR		2,046		64,244
Meituan - Class B (a)*		30,673		532,328
MercadoLibre, Inc.*		386		470,920
MonotaRO Co. Ltd.		29,700		403,961
Naspers Ltd. - SP ADR		4,780		169,212
NAVER Corp.		1,223		192,258
PDD Holdings, Inc. - ADR*		5,346		469,005
Prosus NV		2,237		160,368
Rakuten Group, Inc.		5,500		27,111
Sea Ltd. - ADR*		1,601		100,047
SEEK Ltd.		4,272		69,218
Shopify, Inc. - Class A*		731		30,073
Tencent Holdings Ltd.		148,530		6,524,686
Tencent Holdings, Ltd. - ADR		7,992		351,328
Trip.com Group Ltd. - ADR*		17,242		612,953
United Internet AG		2,260		49,388
Wix.com Ltd.*		389		35,216
ZOZO, Inc.		1,100		24,448
				12,125,140
Investment Companies — 1.2%
Groupe Bruxelles Lambert NV		57,253		4,806,148
L E Lundbergforetagen AB - Class B		1,867		86,616
				4,892,764
Iron/Steel — 0.3%
BlueScope Steel Ltd.		6,357		81,336
Cia Siderurgica Nacional SA - SP ADR		41,580		134,719

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

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value
Iron/Steel — (Continued)
Fortescue Metals Group Ltd.		5,658	$	81,079
Nippon Steel Corp.		8,000		178,782
Posco Holdings, Inc. - SP ADR		3,580		218,344
Vale SA - SP ADR		35,792		584,842
				1,279,102
Leisure Time — 0.0%
Shimano, Inc.		236		36,698
Yamaha Corp.		600		22,766
				59,464
Life Sciences Tools & Services — 0.5%
Eurofins Scientific SE *		29,361		2,046,300
Lodging — 0.4%
Galaxy Entertainment Group Ltd.		121,000		805,575
Huazhu Group Ltd. - ADR		12,512		592,693
InterContinental Hotels Group PLC		1,515		102,128
				1,500,396
Machinery-Construction & Mining — 1.0%
Epiroc AB - Class A *		75,651		1,453,851
Hitachi Ltd.		901		45,607
Hitachi Ltd. - ADR		1,830		184,628
Komatsu Ltd.		4,400		105,272
Mitsubishi Electical Corp.		5,500		61,805
Siemens Energy AG *		960		19,237
The Weir Group PLC		83,539		1,900,464
				3,770,864
Machinery-Diversified — 1.3%
Accelleron Industries AG*		226		5,571
Atlas Copco AB - Class A		6,804		80,779
Atlas Copco AB - Class A - SP ADR		6,624		78,296
CNH Industrial NV		6,623		108,566
GEA Group AG		81,076		3,564,085
Haitian International Holdings Ltd.		31,000		81,027
Husqvarna AB - Class B		4,490		39,755
Jiangsu Hengli Hydraulic Co. Ltd. - Class A		43,800		434,981
Keyence Corp.		500		216,114
KION Group AG		1,235		48,370
Kubota Corp. - SP ADR		883		66,635
Omron Corp.		500		26,841
SMC Corp.		110		55,914
SMC Corp. - SP ADR		2,280		57,980
Spirax-Sarco Engineering PLC		358		50,278
Sumitomo Heavy Industries Ltd.		2,000		47,086
WEG SA		36,100		268,848
				5,231,126

	Number of Shares		Value
Media — 1.9%
Grupo Televisa SAB - SP ADR		5,156	$	25,574
Informa PLC		4,850		38,960
Liberty Media Corp-Liberty Formula One - Class C*		7,779		527,961
Pearson PLC - SP ADR		15,198		166,874
Shaw Communications, Inc. - Class B		9,386		271,912
Thomson Reuters Corp.		1,419		171,741
Wolters Kluwer NV - SP ADR		52,108		6,032,405
Wolters Kluwer NV - SP ADR		667		77,212
				7,312,639
Mining — 1.1%
Agnico Eagle Mines Ltd.		1,485		68,355
Antofagasta PLC		8,790		165,812
Barrick Gold Corp.		6,196		99,879
BHP Group Ltd. - SP ADR		4,374		266,683
Boliden AB		2,900		118,717
Cameco Corp.		3,460		94,596
Franco-Nevada Corp.		1,038		132,418
MMC Norilsk Nickel PJSC - ADR ‡		2,034		20
Norsk Hydro ASA		15,202		110,652
Polyus PJSC*‡		1,719		—
Rio Tinto PLC - SP ADR		1,210		84,373
South32 Ltd.		44,192		128,397
Southern Copper Corp.		30,603		2,255,135
Sumitomo Metal Mining Co. Ltd.		2,000		74,450
Teck Resources Ltd. - Class B		8,215		327,943
United Tractors Tbk PT		149,100		272,712
Wheaton Precious Metals Corp.		2,998		124,867
Zijin Mining Group Co. Ltd. - Class H		24,000		36,321
				4,361,330
Miscellaneous Manufacturing — 0.3%
Alstom SA		1,445		42,408
Knorr-Bremse AG		679		46,148
Largan Precision Co. Ltd.		4,000		287,560
Orica Ltd.		5,536		60,147
POSCO Chemical Co. Ltd.		1,732		288,979
Siemens AG		1,920		292,592
Sunny Optical Technology Group Co. Ltd.		1,469		16,705
Toshiba Corp.		96		2,971
				1,037,510
Office/Business Equipment — 0.0%
Canon, Inc.		2,700		58,110
FUJIFILM Holdings Corp.		1,800		83,973
				142,083

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

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value
Oil & Gas — 4.4%
Aker BP ASA		1,947	$	52,258
BP PLC - SP ADR		1		40
Canadian Natural Resources Ltd.		4,335		244,971
DCC PLC		93,500		5,192,662
Eni SpA		97,787		1,381,143
Equinor ASA		67,375		2,062,575
Equinor ASA - SP ADR		3,137		95,710
Exxon Mobil Corp.		9,686		1,064,588
Galp Energia SGPS SA		3,396		41,430
Imperial Oil Ltd.		2,792		137,813
Inpex Corp.		6,228		65,297
Neste Oyj		756		36,463
OMV AG		4,843		235,890
Petro Rio SA*		41,800		272,814
Petroleo Brasileiro - SP ADR		73,260		812,453
Reliance Industries Ltd.		34,614		970,858
Repsol SA		7,844		124,051
Santos Ltd.		19,946		93,135
Shell PLC - ADR		60,743		3,691,352
Suncor Energy, Inc.		945		31,752
TotalEnergies SE - SP ADR		7,259		449,405
Ultrapar Participacoes SA - SP ADR		10,793		27,414
Woodside Energy Group Ltd.		7,291		176,662
				17,260,736
Pharmaceuticals — 8.4%
Alfresa Holdings Corp.		260,800		3,149,609
Aspen Pharmacare Holdings Ltd. - ADR		6,986		54,561
Astellas Pharma, Inc.		116,900		1,641,578
AstraZeneca PLC		22,698		2,957,048
AstraZeneca PLC - SP ADR		8,296		540,733
Bayer AG		1,690		100,354
Chugai Pharmaceutical Co. Ltd.		2,000		49,755
Cipla Ltd.		46,299		507,258
CSPC Pharmaceutical Group Ltd.		23,040		24,752
Daiichi Sankyo Co. Ltd.		3,548		111,749
Daiichi Sankyo Co. Ltd. - SP ADR		876		27,647
Dr. Reddy’s Laboratories Ltd. - ADR		6,244		326,249
GSK PLC		170,180		2,915,329
GSK PLC - SP ADR		3,543		121,419
Kobayashi Pharmaceutical Co. Ltd.		400		24,081
Kyowa Kirin Co. Ltd.		2,500		53,501
Merck KGaA		587		111,232
Novartis AG		46,199		3,888,114
Novartis AG - SP ADR		5,833		490,672

	Number of Shares		Value
Pharmaceuticals — (Continued)
Novo Nordisk A/S - Class B		29,129	$	4,114,625
Novo-Nordisk AS - SP ADR		6,449		909,244
Ono Pharmaceutical Co. Ltd.		2,900		59,067
Orion Oyj - Class B		672		31,665
Otsuka Holdings Co. Ltd.		800		24,237
Recordati Industria Chimica e Farmaceutica SpA		68,317		2,897,083
Roche Holdings AG		10,794		3,112,331
Roche Holdings AG - SP ADR		12,016		433,177
Sanofi		36,465		3,409,408
Sanofi - ADR		5,762		269,950
Shanghai Fosun Pharmaceutical Group Co. Ltd. - Class H		10,000		29,256
Sinopharm Group Co. Ltd. - Class H		36,400		97,491
Sun Pharmaceutical Industries Ltd.		48,974		566,377
UCB SA		810		69,634
				33,119,186
Pipelines — 0.1%
Enbridge, Inc.		6,937		260,276
TC Energy Corp.		678		26,991
				287,267
Private Equity — 0.2%
3i Group PLC		3,463		67,751
Antin Infrastructure Partners SA		15,382		336,469
Bridgepoint Group PLC (a)		34,077		102,177
Macquarie Korea Infrastructure Fund		30,578		288,040
Partners Group Holding AG		95		89,959
				884,396
Real Estate — 1.0%
China Resources Land Ltd.		149,714		665,220
CK Asset Holdings Ltd.		20,500		128,577
Corp Inmobiliaria Vesta SAB de CV		166,200		481,345
Country Garden Holdings Co. Ltd.		1,116,000		342,236
Daito Trust Construction Co. Ltd.		300		28,260
DLF Ltd.		89,155		378,894
Great Eagle Holdings Ltd.		377,662		893,223
Henderson Land Development Co. Ltd		23,000		80,734
Iguatemi SA		52,600		193,604
KE Holdings, Inc. - ADR*		26,892		490,779
REA Group Ltd.		633		52,124
Sunac Services Holdings Ltd.(a)		619		247
Swire Properties Ltd.		22,200		58,419
The Wharf Holdings Ltd.		14,000		31,000
Vonovia SE		1,533		38,553

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

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value
Real Estate — (Continued)
Wharf Real Estate Investment Co. Ltd.		14,000	$	76,760
				3,939,975
REITS — 0.1%
CapitaLand Ascendas REIT		23,000		47,239
CapitaLand Integrated Commercial Trust		25,000		35,963
Goodman Group		6,677		88,825
Japan Metropolitan Fund Invest		76		57,058
Japan Real Estate Investment Corp.		15		62,120
Mirvac Group		19,373		29,497
Nippon Prologis REIT, Inc.		12		25,597
Scentre Group		14,492		28,944
Segro PLC		2,361		23,320
Stockland		11,630		29,958
The GPT Group		9,864		31,138
Unibail-Rodamco-Westfield*		938		59,270
United Urban Investment Corp.		51		56,332
				575,261
Retail — 2.5%
Abu Dhabi National Oil Co for Distribution PJSC		319,455		375,717
ANTA Sports Products Ltd.		15,361		202,846
Astra International Tbk PT - ADR		3,615		28,830
Cie Financiere Richemont SA - ADR		12,160		182,035
Fast Retailing Co. Ltd.		441		87,060
Haidilao International Holding Ltd.(a)*		128,000		354,525
Hennes & Mauritz AB - Class B		6,863		86,477
Industria de Diseno Textil SA		2,234		68,822
Jardine Cycle & Carriage Ltd.		4,000		88,181
Li Ning Co. Ltd.		59,500		507,696
McDonald’s Holdings Co. Japan Ltd.		2,600		102,928
Next PLC		952		78,313
Pan Pacific International Holdings Corp.		1,600		29,246
PriceSmart, Inc.		2,999		209,090
Restaurant Brands International, Inc.		3,260		210,237
Shanghai M&G Stationery, Inc. - Class A		44,700		348,966
Shanghai Pharmaceuticals Holding Co. Ltd. - Class H		39,800		70,187
Sundrug Co. Ltd.		24,100		652,501
The Swatch Group AG		10,040		3,493,870
Tsuruha Holdings, Inc.		29,400		2,070,457
USS Co. Ltd.		1,700		27,580

	Number of Shares		Value
Retail — (Continued)
Wal-Mart de Mexico SAB de CV - SP ADR		1,815	$	71,330
Welcia Holdings Co. Ltd.		4,000		87,565
Yum China Holdings, Inc.		5,971		350,677
Zalando SE(a)*		717		28,407
Zhongsheng Group Holdings Ltd.		23,000		114,890
				9,928,433
Semiconductors — 6.8%
ASE Technology Holding Co. Ltd. - ADR		6,033		43,257
ASML Holding NV		2,203		1,357,830
ASML Holding NV - ADR		1,488		919,182
ASPEED Technology, Inc.		4,000		359,530
Hamamatsu Photonics KK		800		39,257
MediaTek, Inc.		32,000		751,329
Parade Technologies Ltd.		9,000		279,864
Rohm Co. Ltd.		40		3,081
Samsung Electronic Co. Ltd.		117,514		5,376,844
Samsung Electronic Co., Ltd. - GDR		3,812		4,362,517
SK Hynix, Inc.		11,197		756,747
SUMCO Corp.		34		469
Taiwan Semiconductor Manufacturing Co. Ltd.		269,122		4,452,326
Taiwan Semiconductor Manufacturing Co. Ltd. - SP ADR		87,925		7,655,630
Tokyo Electron Ltd.		400		137,241
Tokyo Electron Ltd. - ADR		1,048		89,939
United Microelectronics Corp. - SP ADR		36,418		296,078
				26,881,121
Shipbuilding — 0.0%
Hyundai Mipo Dockyard Co. Ltd.*		454		24,065
Software — 1.5%
Bilibili, Inc. - SP ADR*		6,322		122,015
BlackBerry Ltd.*		10,732		41,640
Dassault Systemes SE		2,375		91,652
Dassault Systemes SE - SP ADR		2,450		94,619
Kaspi.KZ JSC - GDR		9,277		690,209
Kingdee International Software Group Co. Ltd.*		41,000		76,607
Kingsoft Corp. Ltd.		21,000		69,334
NetEase, Inc.		96,100		1,493,438
NetEase, Inc. - ADR		2,660		206,522
Nexon Co. Ltd.		2,300		49,892
Playtech PLC*		148,394		1,004,930
SAP SE - SP ADR		3,821		434,906

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

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value
Software — (Continued)
SimCorp A/S		20,641	$	1,479,399
TeamViewer AG - ADR*		4,442		35,758
				5,890,921
Telecommunications — 2.8%
America Movil SAB de CV - Class L - SP ADR		22,927		471,838
BCE, Inc.		5,954		263,464
Bharti Airtel Ltd.		29,660		266,117
Chunghwa Telecom Co. Ltd.		81,000		306,249
Chunghwa Telecom Co. Ltd. - SP ADR		4,171		156,037
Deutsche Telekom AG		1,461		32,789
Deutsche Telekom AG - SP ADR		5,690		128,195
Elisa Oyj		1,238		70,304
GDS Holdings Ltd. - ADR*		5,564		107,107
Hikari Tsushin, Inc.		200		29,030
HKT Trust & HKT Ltd.		35,000		45,503
KDDI Corp.		173,348		5,071,795
KT Corp.		15,784		363,471
Millicom International Cellular SA - SDR*		116		2,287
MTN Group Ltd.		23,254		183,229
Nice Ltd. - SP ADR*		288		59,734
Nippon Telegraph & Telephone Corp.		3,000		86,930
Nippon Telegraph & Telephone Corp. - ADR		984		28,556
Nokia Oyj - SP ADR		12,708		58,457
Orange SA		4,154		47,423
PLDT, Inc. - SP ADR		3,681		86,319
Rogers Communications, Inc. - Class B		1,628		77,786
Singapore Telecommunications Ltd.		60,600		106,467
SK Telecom Co. Ltd. - SP ADR		1		19
Swisscom AG		251		154,878
Telefonaktiebolaget LM Ericsson - Class B		425,317		2,355,237
Telefonica SA		9,725		39,673
Telekomunikasi Indonesia Persero Tbk PT		1,444,800		368,043
Telekomunikasi Indonesia Persero Tbk PT - ADR		3,467		89,310
Turkcell Iletisim Hizmetleri AS - ADR		15,018		62,775
Vodafone Group PLC - SP ADR		4,295		51,411
				11,170,433
Toys/Games/Hobbies — 0.1%
Bandai Namco Holdings, Inc.		800		49,433
Nintendo Co. Ltd.		2,700		101,080

	Number of Shares		Value
Toys/Games/Hobbies — (Continued)
Nintendo Co. Ltd. - ADR		5,760	$	53,741
				204,254
Transportation — 0.8%
Canadian National Railway Co.		3,433		390,984
Canadian Pacific Railway Ltd.		2,120		160,993
Deutsche Post AG - SP ADR		1,603		68,095
DSV A/S		9,379		1,704,223
DSV A/S - ADR		826		75,030
East Japan Railway Co.		1,500		75,756
Getlink SE		1,582		26,569
Keio Corp.		1,500		52,263
Keisei Electric Railway Co. Ltd.		1,000		28,906
Kintetsu Group Holdings Co. Ltd.		800		24,236
Mitsui OSK Lines Ltd.		9,000		235,081
Qatar Gas Transport Co. Ltd.		254,080		254,560
SG Holdings Co. Ltd.		3,200		46,139
Tobu Railway Co. Ltd.		2,100		46,885
West Japan Railway Co.		600		23,288
				3,213,008
Water — 0.7%
Cia de Saneamento Basico do Estado de Sao Paulo - ADR		4,592		45,690
Guangdong Investment Ltd.		30,000		30,316
United Utilities Group PLC		229,334		2,800,253
				2,876,259
TOTAL COMMON STOCKS
(Cost $321,671,244)				350,038,370
EXCHANGE TRADED FUNDS - 0.4%
Diversified Financial Services — 0.4%
iShares MSCI Saudi Arabia ETF		41,093		1,490,854
TOTAL EXCHANGE TRADED FUNDS
(Cost $1,628,819)				1,490,854
PREFERRED STOCKS - 0.1%
Auto Manufacturers — 0.0%
Porsche Automobil Holding SE 4.787%		851		48,302
Banks — 0.0%
Banco Bradesco SA - ADR 7.546%		44,550		112,711
Bancolombia SA - SP ADR 9.671%		1,414		36,142
				148,853
Cosmetics/Personal Care — 0.0%
LG H&H Co. Ltd. 1.416%		433		93,569

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

AQUARIUS INTERNATIONAL FUND

Portfolio of Investments (Concluded)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value
Iron/Steel — 0.1%
Gerdau SA - SP ADR 12.878%		42,511	$	232,535
TOTAL PREFERRED STOCKS
(Cost $677,502)				523,259
SHORT-TERM INVESTMENTS - 10.8%
U.S. Bank Money Market Deposit Account, 4.25% (b)		42,798,379		42,798,379
TOTAL SHORT-TERM INVESTMENTS
(Cost $42,798,379)				42,798,379
TOTAL INVESTMENTS — 99.8%
(Cost $366,775,944)				394,850,862
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.2%				857,862
NET ASSETS — 100.0%			$	395,708,724

* 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 February 28, 2023, total market value of Rule 144A securities is $4,548,982 and represents 1.15% of net assets.

(b) The rate shown is as of February 28, 2023.

‡ Security has been valued at fair market value using significant unobservable inputs as determined in good faith by the Adviser, as Valuation Designee, under the oversight of The RBB Fund, Inc.’s Board of Directors. As of February 28, 2023, these securities amounted to $20 or 0.00% of net assets.

ADR American Depositary Receipt

CDI CREST Depository Interest

ETF Exchange Traded Fund

GDR Global Depositary Receipt

NVDR Non-Voting Depositary

PLC Public Limited Company

REIT Real Estate Investment Trust

SDR Special Drawing Right

SP ADR Sponsored ADR

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

AQUARIUS INTERNATIONAL FUND

STATEMENT of Assets and Liabilities

FEBRUARY 28, 2023 (UNAUDITED)

ASSETS
Investments, at value (cost $323,977,565)	$	352,052,483
Short-term investments, at value (cost $42,798,379)		42,798,379
Foreign currency at value (cost $324,997)		325,329
Receivables for:
Dividends		1,096,869
Investments sold		699,172
Capital shares sold		14,980
Prepaid expenses and other assets		95,441
Total assets	$	397,082,653
LIABILITIES
Payables for:
Investments purchased		914,829
Capital shares redeemed		7,020
Sub-advisory fees		144,596
Other accrued expenses and liabilities		307,484
Total liabilities		1,373,929
Net assets	$	395,708,724
NET ASSETS CONSIST OF:
Par value	$	40,220
Paid-in capital		399,673,572
Total distributable earnings/(loss)		(4,005,068	)
Net assets	$	395,708,724
CAPITAL SHARES:
Net Assets	$	395,708,724
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		40,220,035
Net asset value, offering and redemption price per share	$	9.84

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

AQUARIUS INTERNATIONAL FUND

Statement of Operations

FOR THE Six Months ENDED FEBRUARY 28, 2023 (UNAUDITED)

INVESTMENT INCOME
Dividends (net of foreign taxes withheld of $286,019)	$	3,199,650
Total investment income		3,199,650
EXPENSES
Sub-advisory fees (Note 2)		854,850
Custodian fees (Note 2)		217,527
Administration and accounting services fees (Note 2)		114,623
Transfer agent fees (Note 2)		28,376
Director fees		21,969
Legal fees		21,315
Audit fees and tax services		20,619
Officer fees		12,409
Registration and filing fees		6,896
Printing and shareholder reporting fees		2,955
Other expenses		71,031
Total expenses		1,372,570
Net investment income/(loss)		1,827,080
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments and foreign currency transactions		(10,059,319	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		33,921,929
Net realized and unrealized gain/(loss) on investments		23,862,610
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	25,689,690

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

AQUARIUS INTERNATIONAL FUND

Statements of Changes in Net Assets

	For the Six Months Ended February 28, 2023 (Unaudited)			For the Year Ended August 31, 2022
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income/(loss)	$	1,827,080		$	5,581,660
Net realized gain/(loss) from investments and foreign currency transactions		(10,059,319	)		(12,646,664	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		33,921,929			(83,378,012	)
Net increase/(decrease) in net assets resulting from operations		25,689,690			(90,443,016	)
DIVIDEND AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(4,179,382	)		(5,072,140	)
Net decrease in net assets from dividends and distributions to shareholders		(4,179,382	)		(5,072,140	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		34,994,236			89,693,476
Reinvestment of distributions		3,505,305			4,234,119
Shares redeemed		(19,967,074	)		(25,570,223	)
Net increase/(decrease) in net assets resulting from capital share transactions		18,532,467			68,357,372
Total increase/(decrease) in net assets		40,042,775			(27,157,784	)
NET ASSETS:
Beginning of period		355,665,949			382,823,733
End of period	$	395,708,724		$	355,665,949
SHARE TRANSACTIONS:
Shares sold		3,714,175			8,416,052
Shares reinvested		366,281			363,131
Shares redeemed		(2,124,983	)		(2,483,280	)
Net increase/(decrease) in shares		1,955,473			6,295,903	��

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

AQUARIUS INTERNATIONAL FUND

Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	For the Six Months Ended February 28, 2023 (Unaudited)			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Period April 17, 2018(1) to August 31, 2018
Per Share Operating Performance
Net asset value, beginning of period	$	9.29		$	11.97		$	9.93		$	9.27		$	9.61		$	10.00
Net investment income/(loss)(2)		0.05			0.16			0.12			0.12			0.14			0.08
Net realized and unrealized gain/(loss) from investments		0.61			(2.69	)		2.00			0.67			(0.35	)		(0.47	)
Net increase/(decrease) in net assets resulting from operations		0.66			(2.53	)		2.12			0.79			(0.21	)		(0.39	)
Dividends and distributions to shareholders from:
Net investment income		(0.11	)		(0.15	)		(0.08	)		(0.13	)		(0.13	)		—
Total dividends and distributions to shareholders		(0.11	)		(0.15	)		(0.08	)		(0.13	)		(0.13	)		—
Net asset value, end of period	$	9.84		$	9.29		$	11.97		$	9.93		$	9.27		$	9.61
Total investment return/(loss)(3)		7.10	%(4)		(21.38	)%		21.46	%		8.61	%		(2.12	)%		(3.90	)%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s)	$	395,709		$	355,666		$	382,824		$	278,956		$	163,375		$	176,968
Ratio of expenses to average net assets		0.75	%(5)		0.73	%		0.75	%		0.75	%		0.94	%		0.80	%(5)
Ratio of net investment income/(loss) to average net assets		1.00	%(5)		1.48	%		1.08	%		1.24	%		1.56	%		2.21	%(5)
Portfolio turnover rate		26	%(4)		52	%		48	%		55	%		81	%		36	%(4)

(1) Commencement of operations.

(2) Calculated based on average shares outstanding for the period.

(3) Total investment return/(loss) is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(4) Not annualized.

(5) Annualized.

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

AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS

FEBRUARY 28, 2023 (UNAUDITED)

1. Organization and Significant Accounting Policies

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is a mutual fund complex dividend into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has forty-eight separate investment portfolios, including the Aquarius International Fund (the “Fund”), which commenced investment operations on April 17, 2018.

RBB has authorized capital of one hundred billion shares of common stock of which 90.623 billion shares are currently classified into two hundred and thirteen classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

The Fund’s investment objective seeks capital appreciation.

The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies”.

The end of the reporting period for the Fund is February 28, 2023, and the period covered by these Notes to Financial Statements is for the six months ended February 28, 2023 (the “current fiscal period”).

PORTFOLIO VALUATION – The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies, if any, are valued based on the NAV of those investment companies (which may use fair value pricing as disclosed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued by the Adviser, as Valuation Designee, in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant. The Valuation Designee may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Valuation Designee may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

20

AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2023 (UNAUDITED)

FAIR VALUE MEASUREMENTS – The inputs and valuation techniques used to measure the fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

● Level 1 — Prices are determined using quoted prices in active markets for identical securities.

● Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 — Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Fund’s investments carried at fair value:

	Total		Level 1		Level 2		Level 3
Common Stocks	$	350,038,370	$	72,205,483	$	277,832,867	$	20
Exchange Traded Funds		1,490,854		1,490,854		—		—
Preferred Stocks		523,259		381,388		141,871		—
Short-Term Investments		42,798,379		42,798,379		—		—
Total Investments*	$	394,850,862	$	116,876,104	$	277,974,738	$	20

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

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

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

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

During the current fiscal period, the Fund had no significant Level 3 transfers.

21

AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2023 (UNAUDITED)

REITS — The Fund has made certain investments in real estate investment trusts (“REITs”) which pay dividends to their shareholders based upon available funds from operations. It is quite common for these dividends to exceed the REITs’ taxable earnings and profits resulting in the excess portion being designated as a return of capital. The Fund intends to include the gross dividends from such REITs in its annual distributions to shareholders and, accordingly, a portion of the Fund’s distributions may also be designated as a return of capital.

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund’s investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (formerly, PENN Capital Funds Trust) (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Fund.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions from net realized capital gains (including net short-term capital gains), if any, are declared and paid at least annually to shareholders recorded on the ex-dividend date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is the Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

FOREIGN CURRENCY TRANSLATION — Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investments in the Statement of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currencies in the Statement of Operations.

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

22

AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2023 (UNAUDITED)

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

The Fund may be subject to taxes imposed by countries in which it invests, with respect to its investments in issuers existing or operating in such countries. Such taxes are generally based on income earned or repatriated and capital gains realized on the sale of such investments. The Fund accrues such taxes when the related income or capital gains are earned or throughout the holding period. Some countries require governmental approval for the repatriation of investment income, capital or the proceeds of sales earned by foreign investors. Additionally, if there is a deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

MARKET RISK — Investments in foreign markets may involve certain considerations and risks not typically associated with investments in the United States of America, including the possibility of future political and economic developments and the level of foreign governmental supervision and regulation of foreign securities markets. These markets are generally smaller, less liquid and more volatile than the major securities markets in the United States of America. Consequently, acquisition and disposition of international securities held by the Fund may be inhibited.

CORONAVIRUS (COVID-19) PANDEMIC — The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. Although vaccines for COVID-19 are available, the ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers are not known. The operational and financial performance of the issuers of securities in which the Fund invests depends on future developments, including the duration and spread of the outbreak and the pace of recovery which may vary from market to market, and such uncertainty may in turn adversely affect the value and liquidity of the Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’s performance.

UKRAINE-RUSSIA CONFLICT RISK — In February 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries and the threat of wider-spread hostilities could have a severe adverse effect on the region and global economies, including significant negative impacts on the markets for certain securities and commodities, such as oil and natural gas. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future, could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long the armed conflict and related events will last cannot be predicted. These tensions and any related events could have a significant impact on Fund performance and the value of Fund investments, even beyond any direct exposure the Fund may have to issuers located in these countries.

2. INVESTMENT ADVISER AND OTHER SERVICES

Altair Advisers, LLC (“Altair” or the “Adviser”) serves as the investment adviser to the Fund. Aperio Group, LLC, Driehaus Capital Management, LLC, Mawer Investment Management, Ltd. and Setanta Asset Management Limited each serves as an investment sub-adviser (“Sub-Adviser”) to the Fund.

The Fund is managed by the Adviser and one or more Sub-Advisers unaffiliated with the Adviser. The Adviser also has the ultimate responsibility to oversee the Sub-Advisers, and to recommend their hiring, termination and replacement, subject to approval by the Board. The Adviser has an investment team that is jointly responsible for the day-to-day management of the Fund. The Sub-Advisers provide investment advisory services to the portion of the Fund’s portfolio allocated to them by the Adviser. The Adviser and the Company on behalf of the Fund have entered into sub-advisory agreements with the Sub-Advisers to manage the Fund, subject to supervision of the Adviser and the Board, and in

23

AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2023 (UNAUDITED)

accordance with the investment objective and restrictions of the Fund. The Fund compensates the Sub-Advisers for their services at an annual rate based on the Fund’s sub-advised average daily net assets, (the “Sub-Advisory Fee”), not to exceed 0.90%, payable on a monthly basis in arrears.

During the current fiscal period, collectively, sub-advisory fees accrued were $854,850, or the rate of 0.47%.

The Fund is currently only available to clients of the Adviser and to other investors at the Fund’s discretion. The Adviser does not receive a separate management fee from the Fund. However, pursuant to the Fund’s investment advisory agreement with the Adviser, the Adviser is entitled to receive reimbursement for compliance expenses in connection with managing the Fund, up to 0.03% of the Fund’s average daily net assets. During the current fiscal period, the Adviser received $55,829.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for the Fund. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Fund Services serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Quasar Distributors, LLC (the “Distributor”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB.

For compensation amounts paid to Fund Services and the Custodian, please refer to the Statement of Operations.

3. DIRECTOR AND OFFICER COMPENSATION

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Secretary and Director of Marketing & Business Development of the Company. They are compensated by the Company for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Fund or the Company. For Director and Officer compensation amounts, please refer to the Statement of Operations.

4. PURCHASES AND SALES OF INVESTMENT SECURITIES

During the current fiscal period, aggregate purchases and sales of investment securities (excluding short-term investments) of the Fund were as follows:

PURCHASES	SALES
$100,526,126	$83,601,014

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

5. FEDERAL INCOME TAX INFORMATION

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The

24

AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

FEBRUARY 28, 2023 (UNAUDITED)

Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

As of August 31, 2022, the federal tax cost, which includes foreign currency, and aggregate gross unrealized appreciation and depreciation of investments held by the Fund were as follows:

FEDERAL TAX COST	UNREALIZED APPRECIATION	UNREALIZED (DEPRECIATION)	Net Unrealized Appreciation/ (Depreciation)
$364,987,858	$38,310,971	$(48,650,639)	$(10,339,668)

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

Permanent differences as of August 31, 2022, primarily attributed to foreign currency. There were no permanent differences between distributable earnings/(loss) and paid in capital.

As of August 31, 2022, the components of distributable earnings on a tax basis were as follows:

UNDISTRIBUTED ORDINARY INCOME	UNDISTRIBUTED LONG-TERM CAPITAL GAINS	CAPITAL LOSS CARRYFORWARDS	NET UNREALIZED APPRECIATION/ (DEPRECIATION)	QUALIFIED LATE-YEAR LOSSES
$3,144,936	$—	$(18,320,644)	$(10,339,668)	$—

The differences between the book and tax basis components of distributable earnings relate primarily to the timing of recognition of income and gains for federal income tax purposes. Short-term and foreign currency gains are reported as ordinary income for federal income tax purposes.

The tax character of dividends and distributions paid during the fiscal years ended August 31, 2022 and August 31, 2021 was as follows:

	ORDINARY INCOME		LONG-TERM GAINS		TOTAL
2022	$	5,072,140	$	—	$	5,072,140
2021	$	2,348,112	$	—	$	2,348,112

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the fiscal year ended August 31, 2022, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2022.

Under the Regulated Investment Company Modernization Act of 2010, the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of August 31, 2022, the Fund had short-term capital loss carryforwards of $18,320,644.

25

AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

FEBRUARY 28, 2023 (UNAUDITED)

6. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

In October 2020, the Securities and Exchange Commission (“SEC”) adopted new regulations governing the use of derivatives by registered investment companies (“Rule 18f-4”). Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework previously used by funds to comply with Section 18of the 1940 Act, and requires funds whose use of derivatives is greater than a limited specified amount to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. The Fund is required to comply with Rule 18f-4 and has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4. Rule 18f-4 may require the Fund to observe more stringent requirements than were previously imposed by the 1940 Act, which could adversely affect the ability of the Fund to engage in certain derivatives transactions and/or increase the costs of such derivatives transactions, which could adversely affect the Fund’s performance and increase costs related to the Fund’s use of derivatives.

In December 2020, the SEC adopted a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of the 1940 Act and the threshold for determining whether a fund must fair value a security. In connection with Rule 2a-5, the SEC also adopted related recordkeeping requirements and is rescinding previously issued guidance, including with respect to the role of a board in determining fair value and the accounting and auditing of fund investments. The Fund is required to comply with the rules. Effective September 8, 2022 and pursuant to the requirements of Rule 2a-5, the Board designated the Adviser as its valuation designee to perform fair value determinations and approved new valuation procedures for the Fund.

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

7. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued, and has determined that there were the following subsequent events:

During a special Board meeting held on March 29, 2023, the Board approved a new sub-advisory agreement (the “New Sub-Advisory Agreement”) among Altair, Boston Partners Global Investors, Inc., and the Company on behalf of the Fund. The New Sub-Advisory Agreement was approved for an initial period beginning from March 31, 2023, ending August 16, 2024.

The sub-advisory agreement with Setanta Asset Management Limited was terminated as of March 31, 2023.

26

AQUARIUS INTERNATIONAL FUND

Other Information (Unaudited)

Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling (844) 261-6482 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Quarterly Portfolio Schedules

The Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Forms N-PORT are available on the SEC website at http://www.sec.gov.

27

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Investment Adviser
Altair Advisers, LLC
303 West Madison Street, Suite 600
Chicago, IL 60606

Administrator and Transfer Agent
U.S. Bank Global Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201

Principal Underwriter
Quasar Distributors, LLC
111 E Kilbourn Ave, Suite 2200
Milwaukee, WI 53202

Custodian
U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

Independent Registered Public Accounting Firm
PricewaterhouseCoopers LLP
Two Commerce Square
2001 Market Street, Suite 1800
Philadelphia, PA 19103

Legal Counsel
Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

AQU-SAR23

Boston Partners Investment Funds

of The RBB Fund, Inc.

Semi-Annual Report

February 28, 2023 (Unaudited)

Boston Partners All-Cap Value Fund

Boston Partners Small Cap Value Fund II

WPG Partners Select Small Cap Value Fund

WPG Partners Small Cap Value Diversified Fund
(formerly WPG Partners Small/Micro Cap Value Fund)

Boston Partners Global Sustainability Fund

Boston Partners Global Equity Fund

Boston Partners Emerging Markets Fund

Boston Partners Long/Short Equity Fund

Boston Partners Long/Short Research Fund

Boston Partners Global Long/Short Fund

Boston Partners Emerging Markets Dynamic Equity Fund

BOSTON PARTNERS INVESTMENT FUNDS

Table of Contents

General Market Commentary	1
Fund Expense Examples	7
Portfolio Holdings Summary Tables	9
Portfolio of Investments	12
Statements of Assets and Liabilities	58
Statements of Operations	61
Statements of Changes in Net Assets	64
Financial Highlights	70
Notes to Financial Statements	76
Other Information	90

BOSTON PARTNERS INVESTMENT FUNDS

GENERAL MARKET COMMENTARY

Overview

Investment results for the six-month period ended February 28, 2023 got off to a rough start as last September 2022 lived up to its reputation as “the cruelest month” with the S&P 500 Index (the “S&P 500”) falling by -9.21%, the worst monthly performance for the S&P 500 since March 2020 during the height of the COVID-19 pandemic. Markets were hampered by a third consecutive 75-basis point rate hike by the U.S. Federal Reserve (“Fed”), the most aggressive tightening by the Fed since Paul Volcker’s chairmanship in 1980, and a 75-basis point rate hike by the European Central Bank, the largest on record.

Fortunately for investors, the S&P 500 rebounded in October 2022 with a return of +8.10%, largely due a Wall St. Journal story that suggested that the Fed might be contemplating a pause or even a pivot on interest rates in the near future.

Confirmation of that storyline came in November when Fed Chair Jerome Powell acknowledged at a symposium at the Brookings Institution that “monetary policy affects the economy and inflation with uncertain lags, and the full effects of our rapid tightening so far are yet to be felt. Thus, it makes sense to moderate the pace of our rate increases as we approach the level of restraint that will be sufficient to bring inflation down. The time for moderating the pace of rate increases may come as soon as the December meeting.” That statement helped U.S. stocks to advance for a second consecutive month with a gain +5.59% in November 2022 for the S&P 500.

After two months of rangebound trading, February 2023 brought news of additional strength in the U.S. labor market, a surge in the service side of the economy and an above consensus print for the Fed’s favored inflation measure that forced a recalibration of the future path of potential interest rate moves by the Fed and a “no-landing” scenario for U.S. economy. The S&P 500 fell by -2.45% in February.

For the entire six-month period ended February 28, 2023, the S&P 500 was able to eke out a total return of +1.24%.

Results

Seven of the eleven sectors that comprise the S&P 500 posted positive results over the six-month period, led by three cyclical sectors: Materials (+9.91%), Industrials (+9.60%) and Financials (+9.36%) on investor belief that a “goldilocks” economic environment was unfolding, i.e., strong growth but transitory inflation that would keep the Fed at bay….at least until February arrived. The Energy sector also had strong results with a gain of +6.27% despite a roller-coaster ride for oil prices which began the period at $89.55, peaked at $92.64 in October and ended the period at $77.05 as sanctions on Russia failed to disrupt overall production and above average temperatures hindered demand. The average price of $81.37 per barrel over the period and strong pricing for distillates allowed energy companies to remain highly profitable.

At the opposite end of the spectrum came sectors that have historically proven to be more sensitive to changes in interest rates: Utilities (-11.17%), Consumer Discretionary (-7.06%), Real Estate (-6.84%) and Communication Services (-5.43%). Utilities and Real Estate are thought of as bond surrogates while Consumer Discretionary and Communication Services are considered as long duration sectors since a significant portion of their cash flows are more long dated in nature. All were impacted by an average 0.95% increase in U.S. Treasury interest rates for maturities ranging from three months to 30 years that led to a -2.13% loss for the Bloomberg U.S. Aggregate Bond Index over the six-month period ended February 28, 2023.

The results of risk characteristics were mixed over the six months as high-quality stocks (those rated “B+” or higher by S&P Global Ratings) beat low-quality stocks (“B” or lower) by +3.01%, yet the highest-beta quintile of the S&P 500 beat the lowest-beta quintile by +8.23% and the Russell 2000 Index of small-cap stocks outperformed the Russell 1000 Index of large-cap stocks, +3.61% to +1.35%, respectively.

Style returns in terms of growth versus value were also mixed over the six-month period with the Russell 1000 Value Index outpacing the Russell 1000 Growth Index, +2.87% to -1.75%, respectively, and the Russell 2000 Value Index gaining +3.06% to the +2.66% posted by the Russell 2000 Growth Index. Only in the mid-cap range did value lag, with the Russell Mid-Cap Value Index returning +3.23% to the +4.89% gain of the Russell Mid-Cap Growth Index. In the large-cap space, the Russell 1000 Growth Index was negatively impacted by the five largest holdings in that benchmark (Apple, Microsoft, Tesla, Alphabet Class A, Alphabet Class C) which make-up just over 30% of the index and posted an average loss of -13.89% over the period.

Returns for developed market stocks were strong over the six months with the MSCI EAFE Index of non-U.S. stocks gaining +9.19% in local currency terms on stronger fundamentals (better revenue and earnings growth) and lower valuations. In U.S. dollar terms, the index gained +12.72% as the DXY Index, a measure of dollar appreciation/depreciation versus a basket of six foreign currencies (the Euro, Swiss franc, Japanese yen, Canadian dollar, British pound, and Swedish krona) fell by -3.52% and added a foreign currency boost to the return, with the dollar weakness the result of a belief that a Fed pause/pivot was in the making.

Emerging market stocks were less fortunate as the MSCI Emerging Markets Index fell by -1.74% in local currency terms and by -2.14% in U.S. dollar terms, though the losses were largely the result of what transpired in February when the MSCI Emerging Markets Index lost -4.65% in local currencies and -6.48% is U.S. dollar terms. The MSCI Emerging Markets Currency Index fell by -2.24% during the month on the expectations of more aggressive Fed rate moves to be forthcoming. The MSCI China Index was particularly hard hit, posting a loss of -10.37% in $U.S. dollar terms in February 2023 on anticipated repercussions from “balloon-gate” and the passing of the Lunar New Year holiday.

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BOSTON PARTNERS INVESTMENT FUNDS

GENERAL MARKET COMMENTARY (concluded)

Looking Ahead

There were numerous signs of labor market strength during February with job openings exceeding expectations by 712,000 (about 7% higher than consensus), unemployment insurance jobless claims that averaged 189,000 per week versus an expected 198,000, Nonfarm Payrolls (jobs) increasing by 517,000 versus the 189,000 expected and the Unemployment Rate falling to 3.4% from 3.5% a month earlier and below the 3.6% level forecasted.

During the month of February, The Institute of Supply Management (ISM) reported a stellar reading for the service side of the U.S. economy at 55.2 versus the prior months 49.2, the biggest gain since June 2020 and well above the 50 level, the demarcation line between expansion and contraction. Services make up about 75% of U.S. gross domestic product.

Inflation ran hot during January (reported in February) as the Personal Consumption Expenditure Price Index (PCE) increased by 5.4% year-over-year on a headline basis versus the consensus expectation of a 5.0% gain. Core PCE, items less food and energy, increased by 4.7% year-over-year versus a forecast of 4.3%.

Core Services PCE less Housing, Fed Chair Powell’s so-called “core-core PCE” or “super-core PCE” rose month-over-month by 0.58%, the highest level since November 2021 and the 5^th highest print in the last 30 years.

These results led investors to reassess what level of interest rates will be required to slow the economy, cool the hot labor market and reduce inflation. At the start of February, a hike of 20-basis points (an 80% probability of a 25-basis point hike) in the Fed Funds rate was priced for the March Federal Open Market Committee meeting and 11-basis points for the May meeting (a 44% chance of a 25-basis point move) with a terminal Fed Funds rate of 4.91% as of June before rate cuts were projected to begin. By the end of the month a hike of 30-basis points in March was priced in (indicating a 20% chance of a 50-basis point hike) and a 26-basis point hike for the May meeting. Two potential rate hikes were added, a 72% probability of a 25-basis point hike in June 2023 and a 30% chance of a final hike in July 2023. The expected terminal Fed Funds rate is now expected to reach 5.18% and hold that level through the end of the year.

In reality, we believe the “no-landing” scenario is really a “delayed-landing” as the Fed will keep ratcheting up interest rates until the economy slows enough to corral inflation. Base effects will soon help, at least on the surface, as inflation a year ago was running at 40-year highs making today’s comparisons easier.

But base effects can be misleading, for example, if gasoline prices were to rise from today’s $3.91 per gallon to $4.10 by June 2023 that would be the 10^th highest price for gas recorded over the last 20-years, but a 24% reduction from last year. By the end of the year, the positives from base effects will begin to wane.

Higher rates due to elevated inflation, heightened geo-political risk and lower margin/earnings expectations do not seem all that conducive to significantly higher equity prices.

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

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BOSTON PARTNERS INVESTMENT FUNDS

DEFINITIONS (unaudited)

Past Performance is not a guarantee of future results.

Opinions expressed herein are as of February 28, 2023 and are subject to change at any time, are not guaranteed and should not be considered investment advice. This report is for the information of shareholders of the Funds. It may also be used as sales literature when preceded or accompanied by the current prospectus.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

OROA: Operating Return on Operating Assets

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

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

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

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

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

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

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

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BOSTON PARTNERS INVESTMENT FUNDS

DEFINITIONS (concluded) (unaudited)

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

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

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

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

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

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

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

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

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

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

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BOSTON PARTNERS INVESTMENT FUNDS

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED FEBRUARY 28, 2023 (unaudited)

		AVERAGE ANNUAL
	SIX MONTH	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION
Boston Partners All-Cap Value Fund
Institutional Class	8.19%	1.07%	7.62%	11.22%		N/A
Investor Class	8.06%	0.81%	7.35%	10.96%		N/A
Russell 3000® Value Index	4.08%	–2.92%	7.16%	9.51%		N/A
Russell 3000® Index(1)	1.51%	–8.07%	9.42%	11.87%		N/A
(1)     This is not a primary benchmark of the Fund. Results of the index performance are presented for general comparative purposes.
Boston Partners Small Cap Value Fund II
Institutional Class	7.06%	–2.22%	6.40%	8.74%		N/A
Investor Class	6.90%	–2.47%	6.14%	8.47%		N/A
Russell 2000® Value Index	4.20%	–4.40%	6.38%	8.46%		N/A
Russell 2000® Index(1)	3.63%	–6.02%	6.01%	9.06%		N/A
(1)     This is not a primary benchmark of the Fund. Results of the index performance are presented for general comparative purposes.
WPG Partners Select Small Cap Value Fund
Institutional Class(1)	16.67%	4.25%	N/A	N/A		8.23%
Russell 2000® Value Index	4.20%	–4.40%	N/A	N/A		–7.41%	(2)
(1)     Inception date of the Fund was December 29, 2021.
(2)     Index performance is from inception date of the Class only and is not the inception date of the index itself.
WPG Partners Small Cap Value Diversified Fund (formerly WPG Partners Small/Micro Cap Value Fund)
Institutional Class	11.17%	5.11%	9.30%	7.12%		N/A
Russell 2000® Value Index	4.20%	–4.40%	6.38%	8.46%		N/A
Boston Partners Global Sustainability Fund
Institutional Class(1)	14.06%	1.16%	N/A	N/A		–1.44%
MSCI World Index – Net Return	7.30%	–7.19%	N/A	N/A		–10.44%	(2)
(1)     Inception date of the Fund was December 29, 2021.
(2)     Index performance is from inception date of the Class only and is not the inception date of the index itself.
Boston Partners Global Equity Fund
Institutional Class	13.76%	2.08%	5.50%	8.43%		N/A
MSCI World Index – Net Return	4.04%	–7.33%	6.88%	8.77%		N/A
Boston Partners Emerging Markets Fund
Institutional Class(1)	2.65%	–11.97%	–1.23%	N/A		–0.05%
MSCI Emerging Markets Index – Net Return	–2.29%	–15.28%	–1.87%	N/A		–0.55%	(2)
(1)     Inception date of the Fund was October 17, 2017.
(2)     Index performance is from inception date of the Class only and is not the inception date of the index itself.
Boston Partners Long/Short Equity Fund
Institutional Class	11.25%	7.10%	5.57%	5.62%		N/A
Investor Class	11.13%	6.87%	5.30%	5.35%		N/A
S&P 500® Index	1.26%	–7.69%	9.82%	12.25%		N/A
Boston Partners Long/Short Research Fund
Institutional Class	4.88%	1.70%	3.43%	5.49%		N/A
Investor Class	4.80%	1.52%	3.18%	5.23%		N/A
S&P 500® Index	1.26%	–7.69%	9.82%	12.25%		N/A
Boston Partners Global Long/Short Fund
Institutional Class(1)	7.01%	7.24%	5.03%	N/A		4.67%
MSCI World Index – Net Return	4.04%	–7.33%	6.88%	N/A		7.42%	(3)
Investor Class(2)	6.88%	6.96%	4.76%	N/A		4.72%
MSCI World Index – Net Return	4.04%	–7.33%	6.88%	N/A		7.76%	(3)

(1)	Inception date of the class was December 31, 2013.
(2)	Inception date of the class was April 11, 2014.
(3)	Index performance is from inception date of the Class only and is not the inception date of the index itself.

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BOSTON PARTNERS INVESTMENT FUNDS

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED FEBRUARY 28, 2023 (concluded) (unaudited)

		AVERAGE ANNUAL
	SIX MONTH	1 YEAR	5 YEAR	10 YEAR	SINCE INCEPTION
Boston Partners Emerging Markets Dynamic Equity Fund
Institutional Class(1)	–1.84%	–7.71%	–1.14%	N/A		2.47%
MSCI Emerging Markets Index – Net Return	–2.29%	–15.28%	–1.87%	N/A		2.07%	(2)

(1)

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

(2)

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

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

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

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

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

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

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

The following are the Funds’ gross annual operating expense ratios as stated in the most recent prospectuses for Institutional Class and Investor Class, respectively, dated December 31, 2022:

	INSTITUTIONAL CLASS		INVESTOR CLASS
Boston Partners All-Cap Value Fund	0.86	%	1.11	%
Boston Partners Small Cap Value Fund II	1.02	%	1.27	%
WPG Partners Select Small Cap Value Fund	2.93	%	N/A
WPG Partners Small Cap Value Diversified Fund	1.26	%	N/A
Boston Partners Global Sustainability Fund	1.73	%	N/A
Boston Partners Global Equity Fund	1.13	%	1.38	%
Boston Partners Emerging Markets Fund	1.74	%	N/A
Boston Partners Long/Short Equity Fund	3.18	%(1)	3.43	%(1)
Boston Partners Long/Short Research Fund	1.95	%(1)	2.20	%(1)
Boston Partners Global Long/Short Fund	2.56	%(1)	2.81	%(1)
Boston Partners Emerging Markets Dynamic Equity Fund	1.73	%(1)	N/A

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

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BOSTON PARTNERS INVESTMENT FUNDS

FUND EXPENSE EXAMPLES

FEBRUARY 28, 2023 (unaudited)

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

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2022 through February 28, 2023, and held for the entire period.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

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

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

	BEGINNING ACCOUNT VALUE SEPTEMBER 1, 2022		ENDING ACCOUNT VALUE FEBRUARY 28, 2023		EXPENSES PAID DURING PERIOD*		ANNUALIZED EXPENSE RATIO	ACTUAL SIX-MONTH TOTAL INVESTMENT RETURN FOR THE FUND
Boston Partners All-Cap Value Fund
Institutional
Actual	$	1,000.00	$	1,081.90	$	4.13	0.80%	8.19%
Hypothetical (5% return before expenses)		1,000.00		1,020.83		4.01	0.80%	N/A
Investor
Actual	$	1,000.00	$	1,080.60	$	5.42	1.05%	8.06%
Hypothetical (5% return before expenses)		1,000.00		1,019.59		5.26	1.05%	N/A
Boston Partners Small Cap Value Fund II
Institutional
Actual	$	1,000.00	$	1,070.60	$	5.08	0.99%	7.06%
Hypothetical (5% return before expenses)		1,000.00		1,019.89		4.96	0.99%	N/A
Investor
Actual	$	1,000.00	$	1,069.00	$	6.36	1.24%	6.90%
Hypothetical (5% return before expenses)		1,000.00		1,018.65		6.21	1.24%	N/A
WPG Partners Select Small Cap Value Fund
Institutional
Actual	$	1,000.00	$	1,166.70	$	5.91	1.10%	16.67%
Hypothetical (5% return before expenses)		1,000.00		1,019.34		5.51	1.10%	N/A
WPG Partners Small Cap Value Diversified Fund
Institutional
Actual	$	1,000.00	$	1,111.70	$	5.76	1.10%	11.17%
Hypothetical (5% return before expenses)		1,000.00		1,019.34		5.51	1.10%	N/A
Boston Partners Global Sustainability Fund
Institutional
Actual	$	1,000.00	$	1,140.60	$	4.78	0.90%	14.06%
Hypothetical (5% return before expenses)		1,000.00		1,020.33		4.51	0.90%	N/A

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BOSTON PARTNERS INVESTMENT FUNDS

FUND EXPENSE EXAMPLES (concluded)

FEBRUARY 28, 2023 (unaudited)

	BEGINNING ACCOUNT VALUE SEPTEMBER 1, 2022		ENDING ACCOUNT VALUE FEBRUARY 28, 2023		EXPENSES PAID DURING PERIOD*		ANNUALIZED EXPENSE RATIO		ACTUAL SIX-MONTH TOTAL INVESTMENT RETURN FOR THE FUND
Boston Partners Global Equity Fund
Institutional
Actual	$	1,000.00	$	1,137.60	$	5.04	0.95%		13.76%
Hypothetical (5% return before expenses)		1,000.00		1,020.08		4.76	0.95%		N/A
Boston Partners Emerging Markets Fund
Institutional
Actual	$	1,000.00	$	1,026.50	$	5.02	1.00%		2.65%
Hypothetical (5% return before expenses)		1,000.00		1,019.84		5.01	1.00%		N/A
Boston Partners Long/Short Equity Fund
Institutional
Actual	$	1,000.00	$	1,112.50	$	10.53	2.01%	(1)	11.25%
Hypothetical (5% return before expenses)		1,000.00		1,014.83		10.04	2.01%	(1)	N/A
Investor
Actual	$	1,000.00	$	1,111.30	$	11.83	2.26%	(1)	11.13%
Hypothetical (5% return before expenses)		1,000.00		1,013.59		11.28	2.26%	(1)	N/A
Boston Partners Long/Short Research Fund
Institutional
Actual	$	1,000.00	$	1,048.80	$	9.14	1.80%	(1)	4.88%
Hypothetical (5% return before expenses)		1,000.00		1,015.87		9.00	1.80%	(1)	N/A
Investor
Actual	$	1,000.00	$	1,048.00	$	10.41	2.05%	(1)	4.80%
Hypothetical (5% return before expenses)		1,000.00		1,014.63		10.24	2.05%	(1)	N/A
Boston Partners Global Long/Short Fund
Institutional
Actual	$	1,000.00	$	1,070.10	$	12.22	2.38%	(1)	7.01%
Hypothetical (5% return before expenses)		1,000.00		1,012.99		11.88	2.38%	(1)	N/A
Investor
Actual	$	1,000.00	$	1,068.80	$	13.49	2.63%	(1)	6.88%
Hypothetical (5% return before expenses)		1,000.00		1,011.75		13.12	2.63%	(1)	N/A
Boston Partners Emerging Markets Dynamic Equity Fund
Institutional
Actual	$	1,000.00	$	981.60	$	6.88	1.40%	(1)	–1.84%
Hypothetical (5% return before expenses)		1,000.00		1,017.85		7.00	1.40%	(1)	N/A

*

Expenses are equal to each Fund’s annualized six-month expense ratios in the table above, which include waived fees or reimbursed expenses, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period.

(1)

These amounts include dividends paid on securities which the Funds have sold short (“short-sale dividends”) and related interest expense. The amount of short-sale dividends and related interest expense was 0.05% of average net assets for the six-month period ended February 28, 2023 for both the Institutional Class and Investor Class of the Boston Partners Long/Short Equity Fund, 0.41% of average net assets for the Institutional Class and Investor Class of the Boston Partners Long/Short Research Fund, 0.58% of average net assets of the Institutional Class and Investor Class of the Boston Partners Global Long/Short Fund and 0.00% of average net assets for the Institutional Class of the Boston Partners Emerging Markets Dynamic Equity Fund.

8  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS February 28, 2023 (unaudited)

Portfolio Holdings Summary Tables

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

BOSTON PARTNERS
ALL-CAP VALUE FUND

SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
COMMON STOCK
Health Care		22.7	%	$	318,297,247
Financials		21.8			305,787,015
Information Technology		18.1			253,575,870
Industrials		14.2			199,017,616
Consumer Discretionary		8.4			117,865,989
Energy		7.6			106,506,691
Communication Services		3.1			44,508,289
Materials		2.1			29,579,542
Consumer Staples		1.8			25,857,669
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL		11.2			156,461,054
SHORT-TERM INVESTMENTS		1.0			13,547,672
OPTIONS WRITTEN		(0.3	)		(4,111,184	)
LIABILITIES IN EXCESS OF OTHER ASSETS		(11.7	)		(164,575,599	)
NET ASSETS		100.0	%	$	1,402,317,871

Portfolio holdings are subject to change at any time.

BOSTON PARTNERS
SMALL CAP VALUE FUND II

SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
COMMON STOCK
Financials		24.5	%	$	178,797,561
Industrials		21.3			155,610,262
Consumer Discretionary		14.3			104,746,694
Information Technology		10.9			79,636,320
Energy		8.2			59,850,418
Health Care		5.3			38,565,025
Materials		4.3			31,297,816
Communication Services		2.7			19,320,729
Consumer Staples		2.0			14,750,496
Real Estate		1.9			13,981,296
Utilities		0.2			1,429,171
RIGHTS		0.0			—
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL		33.3			243,279,365
SHORT-TERM INVESTMENTS		0.7			5,097,938
LIABILITIES IN EXCESS OF OTHER ASSETS		(29.6	)		(215,896,258	)
NET ASSETS		100.0	%	$	730,466,833

Portfolio holdings are subject to change at any time.

WPG PARTNERS
SELECT SMALL CAP VALUE FUND

SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
COMMON STOCK
Industrials		30.2	%	$	26,336,341
Financials		11.8			10,285,635
Information Technology		10.8			9,441,005
Health Care		8.4			7,340,252
Materials		7.8			6,817,156
Consumer Staples		7.0			6,151,206
Consumer Discretionary		5.1			4,475,315
Energy		4.1			3,543,102
Real Estate		2.2			1,939,785
Communication Services		1.8			1,581,635
SHORT-TERM INVESTMENTS		9.1			7,953,984
OTHER ASSETS IN EXCESS OF LIABILITIES		1.7			1,505,813
NET ASSETS		100.0	%	$	87,371,229

Portfolio holdings are subject to change at any time.

WPG PARTNERS
SMALL CAP VALUE DIVERSIFIED FUND
(FORMERLY WPG PARTNERS SMALL/MICRO CAP
VALUE FUND)

SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
COMMON STOCK
Industrials		23.5	%	$	7,732,127
Financials		19.8			6,539,154
Materials		12.1			3,977,446
Information Technology		7.7			2,521,337
Energy		6.8			2,225,016
Real Estate		5.5			1,817,491
Utilities		5.2			1,707,356
Health Care		4.7			1,561,434
Consumer Discretionary		4.5			1,499,297
Consumer Staples		4.5			1,486,415
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL		32.9			10,828,403
SHORT-TERM INVESTMENTS		4.8			1,588,824
LIABILITIES IN EXCESS OF OTHER ASSETS		(32.0	)		(10,542,430	)
NET ASSETS		100.0	%	$	32,941,870

Portfolio holdings are subject to change at any time.

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

Semi-Annual Report 2023  |  9

BOSTON PARTNERS INVESTMENT FUNDS February 28, 2023 (unaudited)

Portfolio Holdings Summary Tables (continued)

BOSTON PARTNERS
GLOBAL SUSTAINABILITY FUND

SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
COMMON STOCK
Industrials		19.7	%	$	4,560,135
Financials		18.0			4,162,163
Health Care		16.3			3,788,466
Information Technology		11.2			2,586,840
Consumer Discretionary		8.3			1,932,426
Consumer Staples		6.7			1,560,011
Communication Services		5.4			1,258,749
Energy		5.3			1,223,111
Materials		4.1			946,188
Utilities		0.5			114,157
SHORT-TERM INVESTMENTS		4.8			1,112,163
LIABILITIES IN EXCESS OF OTHER ASSETS		(0.3	)		(77,509	)
NET ASSETS		100.0	%	$	23,166,900

Portfolio holdings are subject to change at any time.

BOSTON PARTNERS
GLOBAL EQUITY FUND

SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
COMMON STOCK
Financials		19.3	%	$	38,215,715
Industrials		18.1			35,767,855
Health Care		15.6			30,854,733
Consumer Discretionary		10.2			20,247,648
Information Technology		9.3			18,451,458
Energy		8.5			16,739,300
Materials		6.0			11,852,192
Consumer Staples		4.5			8,938,551
Communication Services		4.3			8,485,575
Utilities		1.4			2,799,704
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL		6.6			13,101,734
SHORT-TERM INVESTMENTS		3.0			5,916,851
LIABILITIES IN EXCESS OF OTHER ASSETS		(6.8	)		(13,415,946	)
NET ASSETS		100.0	%	$	197,955,370

Portfolio holdings are subject to change at any time.

BOSTON PARTNERS
EMERGING MARKETS FUND

SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
COMMON STOCK
Financials		22.9	%	$	4,951,301
Consumer Discretionary		20.3			4,385,572
Consumer Staples		12.1			2,609,406
Information Technology		9.2			1,984,831
Industrials		7.1			1,523,237
Health Care		4.2			909,791
Communication Services		3.6			782,114
Real Estate		2.4			515,789
Utilities		1.2			253,101
Materials		0.8			181,795
Energy		0.2			32,309
PREFERRED STOCKS		1.0			209,680
EXCHANGE TRADED FUNDS		0.0			11,393
SHORT-TERM INVESTMENTS		16.0			3,442,510
LIABILITIES IN EXCESS OF OTHER ASSETS		(1.0	)		(215,989	)
NET ASSETS		100.0	%	$	21,576,840

Portfolio holdings are subject to change at any time.

BOSTON PARTNERS
LONG/SHORT EQUITY FUND

SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
LONG POSITIONS:
COMMON STOCK
Health Care		21.0	%	$	14,583,485
Financials		17.4			12,073,601
Information Technology		13.9			9,636,068
Industrials		10.7			7,409,673
Consumer Discretionary		10.0			6,965,588
Energy		6.8			4,749,910
Communication Services		6.4			4,467,073
Materials		3.5			2,445,798
Real Estate		2.3			1,595,977
Consumer Staples		2.0			1,379,283
SHORT-TERM INVESTMENTS		6.5			4,545,270
PURCHASED OPTIONS		0.1			33,400
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL		13.4			9,336,324
SHORT POSITIONS:
COMMON STOCK
Information Technology		(5.4	)		(3,759,535	)
Consumer Discretionary		(5.3	)		(3,664,505	)
Industrials		(2.8	)		(1,939,344	)
Health Care		(1.3	)		(892,605	)
Consumer Staples		(1.2	)		(863,432	)
Energy		(0.6	)		(430,634	)
Communication Services		(0.6	)		(402,029	)
Financials		(0.2	)		(155,066	)
Materials		(0.2	)		(115,542	)
OPTIONS WRITTEN		(0.3	)		(199,389	)
OTHER ASSETS IN EXCESS OF LIABILITIES		3.9			2,723,830
NET ASSETS		100.0	%	$	69,523,199

Portfolio holdings are subject to change at any time.

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

10  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS February 28, 2023 (unaudited)

Portfolio Holdings Summary Tables (concluded)

BOSTON PARTNERS
LONG/SHORT RESEARCH FUND

SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
LONG POSITIONS:
COMMON STOCK
Industrials		17.1	%	$	129,355,504
Financials		16.3			122,998,483
Information Technology		12.5			94,957,561
Health Care		11.7			88,488,214
Consumer Discretionary		9.7			73,089,679
Energy		7.9			59,710,902
Consumer Staples		6.0			45,482,635
Communication Services		5.3			39,883,747
Materials		3.9			29,904,530
Real Estate		2.4			18,237,813
Utilities		1.5			11,114,701
WARRANTS		0.0			7
SHORT-TERM INVESTMENTS		5.6			42,455,942
SHORT POSITIONS:
COMMON STOCK
Industrials		(6.5	)		(48,915,472	)
Consumer Discretionary		(5.2	)		(38,979,519	)
Information Technology		(3.7	)		(28,270,798	)
Financials		(2.9	)		(21,575,650	)
Communication Services		(2.3	)		(17,773,614	)
Materials		(2.1	)		(15,586,246	)
Health Care		(2.0	)		(15,388,614	)
Consumer Staples		(1.8	)		(13,586,800	)
Energy		(1.5	)		(11,691,792	)
Real Estate		(1.0	)		(7,343,475	)
Utilities		(0.3	)		(2,183,572	)
OPTIONS WRITTEN		(0.0	)		(6,049	)
OTHER ASSETS IN EXCESS OF LIABILITIES		29.4			222,326,026
NET ASSETS		100.0	%	$	756,704,143

Portfolio holdings are subject to change at any time.

BOSTON PARTNERS
GLOBAL LONG/SHORT FUND

SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
LONG POSITIONS:
COMMON STOCK
Information Technology		16.9	%	$	28,239,962
Financials		15.2			25,422,248
Industrials		12.8			21,421,862
Consumer Discretionary		11.9			19,958,696
Energy		9.6			16,103,460
Health Care		9.3			15,447,059
Materials		7.5			12,578,048
Communication Services		1.5			2,521,557
Consumer Staples		1.4			2,282,008
SHORT-TERM INVESTMENTS		17.2			28,816,636
SHORT POSITIONS:
COMMON STOCK
Consumer Discretionary		(7.0	)		(11,675,849	)
Industrials		(6.9	)		(11,519,481	)
Materials		(6.0	)		(10,039,185	)
Financials		(5.2	)		(8,748,364	)
Information Technology		(4.4	)		(7,434,278	)
Consumer Staples		(3.1	)		(5,139,022	)
Energy		(2.2	)		(3,715,930	)
Health Care		(1.9	)		(3,165,799	)
Communication Services		(1.7	)		(2,918,362	)
Real Estate		(1.0	)		(1,604,311	)
Utilities		(0.3	)		(483,035	)
OPTIONS WRITTEN		(1.6	)		(2,600,548	)
OTHER ASSETS IN EXCESS OF LIABILITIES		38.0			63,610,507
NET ASSETS		100.0	%	$	167,357,879

Portfolio holdings are subject to change at any time.

BOSTON PARTNERS
EMERGING MARKETS DYNAMIC EQUITY FUND

SECURITY TYPE/SECTOR CLASSIFICATION	% OF NET ASSETS			VALUE
LONG POSITIONS:
COMMON STOCK
Financials		14.5	%	$	8,008,633
Consumer Staples		9.9			5,490,207
Consumer Discretionary		9.8			5,431,107
Information Technology		8.6			4,745,596
Industrials		3.4			1,906,423
Real Estate		2.8			1,560,396
Health Care		2.7			1,516,167
Communication Services		2.5			1,394,959
Materials		0.9			503,685
Utilities		0.5			284,969
PREFERRED STOCKS		1.1			614,659
SHORT-TERM INVESTMENTS		41.1			22,791,231
EXCHANGE TRADED FUNDS		0.3			141,720
SHORT POSITIONS:
COMMON STOCK
Materials		(0.2	)		(79,454	)
OTHER ASSETS IN EXCESS OF LIABILITIES		2.1			1,136,731
NET ASSETS		100.0	%	$	55,447,029

Portfolio holdings are subject to change at any time.

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

Semi-Annual Report 2023  |  11

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS ALL-CAP VALUE FUND	Portfolio Of Investments

	NUMBER OF SHARES		VALUE
COMMON STOCKS—99.8%
Communication Services—3.1%
Activision Blizzard, Inc.		99,860	$	7,614,325
Alphabet, Inc., Class A*		121,986		10,986,059
Electronic Arts, Inc.		20,601		2,285,475
Interpublic Group of Cos., Inc., (The)(a)		210,795		7,491,654
Omnicom Group, Inc.(a)		76,770		6,953,059
Take-Two Interactive Software, Inc.*		55,690		6,100,840
TEGNA, Inc.		176,832		3,076,877
				44,508,289
Consumer Discretionary—8.4%
AutoZone, Inc.*		6,326		15,729,852
Booking Holdings, Inc.*		8,270		20,873,480
Harley-Davidson, Inc.(a)		347,200		16,509,360
International Game Technology PLC		134,851		3,581,643
LKQ Corp.		211,952		12,142,730
Mohawk Industries, Inc.*		55,664		5,725,042
NVR, Inc.*		2,781		14,387,837
Tempur Sealy International, Inc.(a)		359,852		15,380,075
Whirlpool Corp.(a)		46,427		6,405,998
Wyndham Hotels & Resorts, Inc.		92,573		7,129,972
				117,865,989
Consumer Staples—1.8%
Altria Group, Inc.		82,804		3,844,589
Coca-Cola European Partners PLC(a)		70,070		3,853,850
Keurig Dr Pepper, Inc.		189,709		6,554,446
Monster Beverage Corp.*		53,713		5,465,835
Philip Morris International, Inc.		63,093		6,138,949
				25,857,669
Energy—7.6%
BP PLC - SP ADR		137,226		5,434,149
Canadian Natural Resources Ltd.		131,235		7,416,090
Chord Energy Corp.		66,953		9,013,213
ConocoPhillips		67,924		7,019,945
Devon Energy Corp.		128,678		6,938,318
Diamondback Energy, Inc.		84,658		11,901,222
EOG Resources, Inc.		62,504		7,064,202
Halliburton Co.		278,628		10,094,692
Marathon Oil Corp.		439,372		11,050,206
Phillips 66		48,516		4,975,801
Pioneer Natural Resources Co.		30,575		6,127,536
Schlumberger Ltd.		254,639		13,549,341
Shell PLC - ADR		97,449		5,921,976
				106,506,691
Financials—21.8%
Aflac, Inc.		196,752		13,408,649
Allstate Corp., (The)		58,198		7,494,738
American International Group, Inc.		368,408		22,513,413
Aon PLC, Class A		27,909		8,485,731
Bank of America Corp.		785,675		26,948,653
Charles Schwab Corp., (The)		227,671		17,740,124
Chubb Ltd.		78,295		16,521,811
Citigroup, Inc.(a)		269,742		13,673,222
Discover Financial Services		72,854		8,159,648
Fifth Third Bancorp		161,608		5,866,370
Globe Life, Inc.		84,906		10,332,211
Goldman Sachs Group, Inc., (The)		46,038		16,189,263

	NUMBER OF SHARES		VALUE
Financials—(continued)
Huntington Bancshares, Inc.		648,958	$	9,942,037
JPMorgan Chase & Co.		170,483		24,438,738
KeyCorp(a)		761,553		13,928,804
Loews Corp.		207,283		12,662,919
Markel Corp.*(a)		4,477		5,953,783
Renaissance Holdings Ltd.		66,423		14,274,303
Synchrony Financial		160,613		5,735,490
Travelers Cos., Inc., (The)(a)		53,142		9,837,647
Truist Financial Corp.		254,869		11,966,100
Wells Fargo & Co.		328,291		15,354,170
White Mountains Insurance Group Ltd.		9,947		14,359,191
				305,787,015
Health Care—22.7%
AbbVie, Inc.		179,320		27,597,348
AmerisourceBergen Corp.		75,384		11,726,735
Amgen, Inc.		66,933		15,505,699
Avantor, Inc.*		379,538		9,249,341
Bristol-Myers Squibb Co.		456,215		31,460,586
Centene Corp.*		200,901		13,741,628
Cigna Corp.		29,976		8,755,990
Elevance Health, Inc.		40,730		19,129,659
Humana, Inc.		24,486		12,121,060
Johnson & Johnson		238,917		36,616,419
McKesson Corp.		42,745		14,952,628
Medtronic PLC		227,201		18,812,243
Merck & Co., Inc.		196,396		20,865,111
Molina Healthcare, Inc.*		23,856		6,568,272
Pfizer, Inc.		499,237		20,254,045
Sanofi - ADR		479,688		22,473,383
UnitedHealth Group, Inc.		44,240		21,055,586
Zimmer Biomet Holdings, Inc.		59,833		7,411,514
				318,297,247
Industrials—14.2%
Acuity Brands, Inc.(a)		41,260		8,002,790
Advanced Drainage Systems, Inc.(a)		36,384		3,228,352
Allegion PLC		32,576		3,671,641
Allison Transmission Holdings, Inc.		129,739		6,162,602
Altra Industrial Motion Corp.		64,020		3,939,151
AMETEK, Inc.		56,034		7,932,173
Boeing Co., (The)*		27,302		5,502,718
BWX Technologies, Inc.		117,284		7,167,225
Copart, Inc.*		70,261		4,950,590
Curtiss-Wright Corp.		33,541		5,862,631
EnerSys		46,069		4,177,998
Expeditors International of Washington, Inc.(a)		127,601		13,341,961
Howmet Aerospace, Inc.		306,321		12,920,620
Huron Consulting Group, Inc.*		95,837		6,726,799
Landstar System, Inc.(a)		65,724		11,882,242
Leidos Holdings, Inc.		37,666		3,656,239
ManpowerGroup, Inc.		32,552		2,763,014
Masco Corp.(a)		106,437		5,580,492
Middleby Corp., (The)*(a)		25,039		3,893,314
PACCAR, Inc.		106,128		7,662,442
Resideo Technologies, Inc.*		153,237		2,810,367
Robert Half International, Inc.		36,591		2,949,966
Science Applications International Corp.(a)		105,687		11,270,462

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

12  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS ALL-CAP VALUE FUND	Portfolio Of Investments (continued)

	NUMBER OF SHARES		VALUE
Industrials—(continued)
Sensata Technologies Holding PLC		101,940	$	5,156,125
Textron, Inc.		127,635		9,257,366
United Parcel Service, Inc., Class B(a)		47,831		8,728,679
WESCO International, Inc.*		104,675		17,332,086
Westinghouse Air Brake Technologies Corp.		119,693		12,487,571
				199,017,616
Information Technology—18.1%
Advanced Micro Devices, Inc.*#		227,200		17,853,376
Analog Devices, Inc.		59,258		10,872,065
Applied Materials, Inc.(a)		53,079		6,165,126
Arrow Electronics, Inc.*		59,609		7,033,266
Belden, Inc.		50,149		4,231,573
Check Point Software Technologies Ltd.*		111,225		13,760,757
Cisco Systems, Inc.		334,273		16,185,499
Cognizant Technology Solutions Corp., Class A		227,817		14,268,179
Fidelity National Information Services, Inc.		94,211		5,970,151
FleetCor Technologies, Inc.*		93,418		20,065,252
Flex Ltd.*		381,350		8,679,526
Gen Digital, Inc.(a)		157,160		3,066,192
Global Payments, Inc.		108,255		12,146,211
Hewlett Packard Enterprise Co.		275,566		4,301,585
Jabil, Inc.		161,139		13,379,371
KLA Corp.		15,355		5,825,380
Lam Research Corp.		11,735		5,703,327
Microchip Technology, Inc.		152,093		12,324,096
Oracle Corp.		172,234		15,053,252
Qorvo, Inc.*		81,278		8,200,137
QUALCOMM, Inc.		133,331		16,470,378
SS&C Technologies Holdings, Inc.(a)		119,179		6,995,807
TE Connectivity Ltd.		44,808		5,704,955
Visa, Inc., Class A(a)		87,844		19,320,409
				253,575,870
Materials—2.1%
Corteva, Inc.		170,393		10,613,780
CRH PLC - SP ADR(a)		140,953		6,668,486
FMC Corp.		95,217		12,297,276
				29,579,542
TOTAL COMMON STOCKS (Cost $871,075,219)				1,400,995,928
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—11.2%
Mount Vernon Liquid Assets Portfolio, LLC, 4.67%(b)		156,461,054		156,461,054
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $156,461,054)				156,461,054

			NUMBER OF SHARES			VALUE
SHORT-TERM INVESTMENTS—1.0%
Tri-State Deposit, 4.45%(b)			8,828,842		$	8,828,842
U.S. Bank Money Market Deposit Account, 4.25%(b)			4,718,830			4,718,830
TOTAL SHORT-TERM INVESTMENTS (Cost $13,547,672)						13,547,672
TOTAL INVESTMENTS—112.0% (Cost $1,041,083,945)						1,571,004,654
	NUMBER OF CONTRACTS		NOTIONAL AMOUNT
OPTIONS WRITTEN††—(0.3%)
Call Options Written—(0.3%)
Advanced Micro Devices, Inc.
Expiration: 06/16/2023, Exercise Price: 60.00	(1,136	)	(8,926,688	)		(2,544,640	)
Expiration: 06/16/2023, Exercise Price: 70.00	(1,136	)	(8,926,688	)		(1,566,544	)
TOTAL CALL OPTIONS WRITTEN (Premiums received $(6,450,869))						(4,111,184	)
TOTAL OPTIONS WRITTEN (Premiums received $(6,450,869))						(4,111,184	)
LIABILITIES IN EXCESS OF OTHER ASSETS—(11.7)%						(164,575,599	)
NET ASSETS—100.0%					$	1,402,317,871

ADR	American Depositary Receipt
PLC	Public Limited Company
SP ADR	Sponsored American Depositary Receipt
*	Non-income producing.
(a)	All or a portion of the security is on loan. At February 28, 2023, the market value of securities on loan was $153,060,251.
(b)	The rate shown is as of February 28, 2023.
#	Security segregated as collateral for options written.
††	Primary risk exposure is equity contracts.
	Industry classifications may be different than those used for compliance monitoring purposes.

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

Semi-Annual Report 2023  |  13

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS ALL-CAP VALUE FUND	Portfolio Of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2023 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
Common Stock
Communication Services	$	44,508,289	$	44,508,289	$	—	$	—	$	—
Consumer Discretionary		117,865,989		117,865,989		—		—		—
Consumer Staples		25,857,669		25,857,669		—		—		—
Energy		106,506,691		106,506,691		—		—		—
Financials		305,787,015		305,787,015		—		—		—
Health Care		318,297,247		318,297,247		—		—		—
Industrials		199,017,616		199,017,616		—		—		—
Information Technology		253,575,870		253,575,870		—		—		—
Materials		29,579,542		29,579,542		—		—		—
Investments Purchased with Proceeds from Securities Lending Collateral		151,014,961		—		—		—		151,014,961
Short-Term Investments		13,547,672		4,718,830		8,828,842		—		—
Total Assets	$	1,565,558,561	$	1,405,714,758	$	8,828,842	$	—	$	151,014,961

	TOTAL			LEVEL 1			LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
Options Written
Equity Contracts	$	(4,111,184	)	$	(4,111,184	)	$	—	$	—	$	—
Total Liabilities	$	(4,111,184	)	$	(4,111,184	)	$	—	$	—	$	—

* 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 included to reconcile to the amounts presented in the Portfolio of Investments.

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

14  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS SMALL CAP VALUE FUND II	Portfolio Of Investments

	NUMBER OF SHARES		VALUE
COMMON STOCKS—95.6%
Communication Services—2.7%
Entravision Communications Corp., Class A		76,289	$	500,456
John Wiley & Sons, Inc., Class A(a)		80,058		3,561,780
Nexstar Media Group, Inc., Class A(a)		46,721		8,685,434
TEGNA, Inc.		377,762		6,573,059
				19,320,729
Consumer Discretionary—14.3%
Beazer Homes USA, Inc.*		178,332		2,658,930
Bloomin’ Brands, Inc.		133,839		3,493,198
Buckle, Inc. (The)(a)		101,821		4,153,278
Caleres, Inc.(a)		235,371		6,145,537
Carriage Services, Inc.		138,778		4,707,350
Fiesta Restaurant Group, Inc.*		339,916		2,736,324
Foot Locker, Inc.(a)		107,312		4,691,681
International Game Technology PLC		254,632		6,763,026
J Jill, Inc.*(a)		121,313		3,366,436
Laureate Education, Inc.		477,403		5,661,999
LCI Industries(a)		55,786		6,293,219
Petco Health & Wellness Co., Inc.*(a)		204,547		2,106,834
Standard Motor Products, Inc.		56,775		2,212,522
Steven Madden Ltd.(a)		208,719		7,576,500
Stride, Inc.*		179,425		7,620,180
Tempur Sealy International, Inc.(a)		193,433		8,267,326
Topgolf Callaway Brands Corp.*(a)		494,098		11,453,192
Travel + Leisure Co.(a)		117,114		4,912,932
TravelCenters of America, Inc.*(a)		90,555		7,638,314
Universal Technical Institute, Inc.*		315,140		2,287,916
				104,746,694
Consumer Staples—2.0%
Fresh Del Monte Produce, Inc.		154,949		4,846,805
Herbalife Nutrition Ltd.*(a)		204,183		3,950,941
Nature’s Sunshine Products, Inc.*		262,904		2,849,879
Vector Group Ltd.		233,826		3,102,871
				14,750,496
Energy—8.2%
Cactus, Inc., Class A(a)		59,043		2,713,026
ChampionX Corp.(a)		114,582		3,502,772
Chord Energy Corp.		35,598		4,792,203
Delek US Holdings, Inc.(a)		69,142		1,740,304
DMC Global, Inc.*		120,876		3,235,850
Enerplus Corp.		397,152		6,302,802
Kosmos Energy Ltd.*(a)		888,786		6,994,746
National Energy Services Reunited Corp.*		482,483		3,116,840
NexTier Oilfield Solutions, Inc.*(a)		535,717		4,891,096
Par Pacific Holdings, Inc.*		116,223		3,228,675
Peabody Energy Corp.*(a)		100,790		2,751,567
ProPetro Holding Corp.*(a)		334,143		2,943,800
Viper Energy Partners LP		262,580		7,517,665
World Fuel Services Corp.(a)		222,917		6,119,072
				59,850,418
Financials—24.5%
AllianceBernstein Holding LP		63,385		2,461,873
Ameris Bancorp		40,214		1,925,044
AMERISAFE, Inc.		49,964		2,725,037
Assured Guaranty Ltd.		46,645		2,911,114

	NUMBER OF SHARES		VALUE
Financials—(continued)
Avantax, Inc.*		86,726	$	2,479,496
Axis Capital Holdings Ltd.		141,296		8,579,493
Bar Harbor Bankshares		96,778		2,890,759
Berkshire Hills Bancorp, Inc.(a)		90,379		2,626,414
BGC Partners, Inc., Class A		866,997		4,213,605
Byline Bancorp, Inc.(a)		103,953		2,562,441
Diamond Hill Investment Group, Inc.		19,153		3,344,114
Dime Community Bancshares, Inc.		9,767		299,261
Employers Holdings, Inc.		58,235		2,586,216
Essent Group Ltd.		57,793		2,482,209
Evercore, Inc., Class A(a)		59,671		7,827,642
Federal Agricultural Mortgage Corp., Class C		68,125		9,664,213
First Hawaiian, Inc.(a)		99,591		2,723,814
First Merchants Corp.(a)		105,852		4,331,464
First Mid Bancshares, Inc.		53,205		1,648,823
FirstCash Holdings, Inc.(a)		40,327		3,558,858
Hancock Whitney Corp.(a)		63,546		3,121,380
Hanover Insurance Group, Inc., (The)(a)		15,712		2,191,510
Heritage Commerce Corp.		222,617		2,695,892
Heritage Financial Corp.		68,125		1,898,644
Hope Bancorp, Inc.		249,188		3,192,098
Luther Burbank Corp.*		176,678		2,054,765
Merchants Bancorp(a)		112,206		3,394,232
Nelnet, Inc., Class A		43,631		4,095,642
OceanFirst Financial Corp.		127,766		3,030,610
Peapack-Gladstone Financial Corp.(a)		165,717		6,156,387
PRA Group, Inc.*(a)		91,045		3,874,875
Preferred Bank(a)		105,978		7,460,851
Primis Financial Corp.		171,985		2,013,944
RBB Bancorp		138,749		2,741,680
Silvercrest Asset Management Group, Inc., Class A		373,547		6,645,401
SLM Corp.(a)		803,296		11,551,397
StoneX Group, Inc.*		48,472		4,887,432
Synovus Financial Corp.		92,941		3,885,863
Univest Financial Corp.		106,203		2,994,925
Valley National Bancorp(a)		446,318		5,168,362
Velocity Financial, Inc.*		31,875		307,275
Veritex Holdings, Inc.(a)		95,431		2,544,191
Voya Financial, Inc.(a)		52,166		3,885,845
Walker & Dunlop, Inc.(a)		54,053		4,715,043
White Mountains Insurance Group Ltd.		4,399		6,350,264
Wintrust Financial Corp.		66,180		6,097,163
				178,797,561
Health Care—5.3%
Amedisys, Inc.*		51,069		4,695,795
AMN Healthcare Services, Inc.*(a)		40,427		3,638,834
Biote Corp., Class A*(a)		795,087		3,705,106
Haemonetics Corp.*(a)		64,329		5,002,866
Inmode Ltd.*		81,758		2,886,875
Lantheus Holdings, Inc.*		38,277		2,830,967
PetIQ, Inc.*(a)		186,460		1,737,807
Quipt Home Medical Corp.*		45,694		286,958
R1 RCM, Inc.*(a)		396,572		5,631,322
Sotera Health Co.*(a)		357,963		5,974,403
Syneos Health, Inc.*		54,055		2,174,092
				38,565,025

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

Semi-Annual Report 2023  |  15

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS SMALL CAP VALUE FUND II	Portfolio Of Investments (continued)

	NUMBER OF SHARES		VALUE
Industrials—21.3%
ABM Industries, Inc.(a)		242,170	$	11,723,450
Acuity Brands, Inc.(a)		14,753		2,861,492
Allison Transmission Holdings, Inc.		83,029		3,943,878
Altra Industrial Motion Corp.		75,397		4,639,177
ASGN, Inc.*		65,758		5,839,310
Atkore, Inc.*		17,338		2,531,695
Brink’s Co., (The)(a)		144,953		9,458,183
CBIZ, Inc.*		135,713		6,797,864
Civeo Corp.*		85,317		2,415,324
CoreCivic, Inc.*		298,761		2,900,969
CRA International, Inc.(a)		73,366		9,131,866
Curtiss-Wright Corp.(a)		55,718		9,738,949
Daseke, Inc.*		431,027		3,512,870
EnerSys		26,833		2,433,485
Granite Construction, Inc.(a)		75,667		3,268,814
Heidrick & Struggles International, Inc.		110,407		3,790,272
Hillenbrand, Inc.(a)		127,545		6,012,471
Hub Group, Inc., Class A*		60,307		5,531,961
Huron Consulting Group, Inc.*		52,741		3,701,891
ICF International, Inc.		54,961		5,468,070
Korn Ferry		91,007		5,086,381
LSI Industries, Inc.		263,422		3,824,887
Masonite International Corp.*		27,140		2,410,032
Matrix Service Co.*		340,938		2,158,138
NOW, Inc.*		199,026		2,557,484
Resideo Technologies, Inc.*		115,371		2,115,904
Science Applications International Corp.		78,195		8,338,715
Terex Corp.(a)		98,078		5,807,198
Universal Logistics Holdings, Inc.		77,815		2,311,106
V2X, Inc.*		91,497		4,242,716
Viad Corp.*		166,412		4,278,453
Wabash National Corp.(a)		145,484		3,986,262
Werner Enterprises, Inc.(a)		60,086		2,790,995
				155,610,262
Information Technology—10.9%
AppLovin Corp., Class A*(a)		195,222		2,635,497
Avnet, Inc.(a)		127,274		5,690,421
Bel Fuse, Inc., Class B		115,387		4,098,546
Belden, Inc.		125,357		10,577,624
Cass Information Systems, Inc.(a)		73,141		3,536,367
Clearfield, Inc.*(a)		64,328		4,032,722
CommScope Holding Co., Inc.*		624,980		4,524,855
Extreme Networks, Inc.*		175,168		3,279,145
Hackett Group, Inc., (The)		136,894		2,551,704
IBEX Holdings Ltd.*		149,204		4,170,252
Insight Enterprises, Inc.*(a)		46,711		6,255,537
InterDigital, Inc.		86,696		6,327,941
MAXIMUS, Inc.(a)		25,532		2,095,667
NCR Corp.*		123,575		3,154,870
OSI Systems, Inc.*		41,673		3,856,836
Photronics, Inc.*		120,085		2,115,898
Richardson Electronics Ltd.		97,191		2,039,067
SMART Global Holdings, Inc.*		280,022		4,676,367
Ultra Clean Holdings, Inc.*(a)		126,083		4,017,004
				79,636,320

	NUMBER OF SHARES		VALUE
Materials—4.3%
Ashland, Inc.(a)		26,462	$	2,693,302
Ecovyst, Inc.*(a)		410,187		4,118,277
Ingevity Corp.*(a)		78,978		6,520,424
Mativ Holdings, Inc.		145,587		3,772,159
Myers Industries, Inc.		52,307		1,351,613
Orion Engineered Carbons SA(a)		200,525		5,113,388
Valvoline, Inc.		219,564		7,728,653
				31,297,816
Real Estate—1.9%
BRT Apartments Corp.		149,954		3,174,526
Cousins Properties, Inc.(a)		111,747		2,736,684
Highwoods Properties, Inc.		84,661		2,243,517
Kennedy-Wilson Holdings, Inc.(a)		150,888		2,521,339
Spirit Realty Capital, Inc.(a)		80,263		3,305,230
				13,981,296
Utilities—0.2%
Pure Cycle Corp.*		161,854		1,429,171
TOTAL COMMON STOCKS (Cost $528,150,600)				697,985,788
RIGHTS—0.0%
Consumer Discretionary—0.0%
Evercel, Inc., CVR*‡		284,149		0
TOTAL RIGHTS (Cost $0)				0
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—33.3%
Mount Vernon Liquid Assets Portfolio, LLC, 4.67%(b)		243,279,365		243,279,365
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $243,279,365)				243,279,365
SHORT-TERM INVESTMENTS—0.7%
Tri-State Deposit, 4.45%(b)		4,918,413		4,918,413
U.S. Bank Money Market Deposit Account, 4.25%(b)		179,525		179,525
TOTAL SHORT-TERM INVESTMENTS (Cost $5,097,938)				5,097,938
TOTAL INVESTMENTS—129.6% (Cost $776,527,903)				946,363,091
LIABILITIES IN EXCESS OF OTHER ASSETS—(29.6)%				(215,896,258	)
NET ASSETS—100.0%			$	730,466,833

PLC	Public Limited Company
LP	Limited Partnership
CVR	Contingent Value Right
*	Non-income producing.
(a)	All or a portion of the security is on loan. At February 28, 2023, the market value of securities on loan was $235,995,842.
(b)	The rate shown is as of February 28, 2023.
‡	Security has been valued at fair market value using significant unobservable inputs as determined in good faith by Boston Partners, as valuation designee, under the oversight of The RBB Fund, Inc.’s Board of Directors. As of February 28, 2023, these securities amounted to $0 or 0.0% of net assets.
	Industry classifications may be different than those used for compliance monitoring purposes.

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

16  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS SMALL CAP VALUE FUND II	Portfolio Of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2023 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3			INVESTMENTS MEASURED AT NET ASSET VALUE*
Common Stock
Communication Services	$	19,320,729	$	19,320,729	$	—	$	—		$	—
Consumer Discretionary		104,746,694		104,746,694		—		—			—
Consumer Staples		14,750,496		14,750,496		—		—			—
Energy		59,850,418		59,850,418		—		—			—
Financials		178,797,561		178,797,561		—		—			—
Health Care		38,565,025		38,565,025		—		—			—
Industrials		155,610,262		155,610,262		—		—			—
Information Technology		79,636,320		79,636,320		—		—			—
Materials		31,297,816		31,297,816		—		—			—
Real Estate		13,981,296		13,981,296		—		—			—
Utilities		1,429,171		1,429,171		—		—			—
Rights		—		—		—		—	**		—
Investments Purchased with Proceeds from Securities Lending Collateral		243,279,365		—		—		—			243,279,365
Short-Term Investments		5,097,938		179,525		4,918,413		—			—
Total Assets	$	946,363,091	$	698,165,313	$	4,918,413	$	—		$	243,279,365

*	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 included to reconcile to the amounts presented in the Portfolio of Investments.
**	Value equals zero as of the end of the reporting period.

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

Semi-Annual Report 2023  |  17

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
WPG PARTNERS SELECT SMALL CAP VALUE FUND	Portfolio Of Investments

	NUMBER OF SHARES		VALUE
COMMON STOCKS—89.2%
Communication Services—1.8%
Cars.com, Inc.*		62,315	$	1,196,448
Vimeo, Inc.*		100,571		385,187
				1,581,635
Consumer Discretionary—5.1%
Barnes & Noble Education, Inc.*		109,720		226,023
BJ’s Restaurants, Inc.*		65,383		2,092,256
Carrols Restaurant Group, Inc.*		284,048		590,820
Gildan Activewear, Inc.		31,233		991,648
Purple Innovation, Inc.*		133,002		574,568
				4,475,315
Consumer Staples—7.0%
Adecoagro SA		348,657		2,831,095
TreeHouse Foods, Inc.*		68,049		3,320,111
				6,151,206
Energy—4.1%
Green Plains, Inc.*		30,202		1,047,103
NexTier Oilfield Solutions, Inc.*		75,677		690,931
SM Energy Co.		61,168		1,805,068
				3,543,102
Financials—11.8%
Avantax, Inc.*		43,200		1,235,088
Axis Capital Holdings Ltd.		42,053		2,553,458
Encore Capital Group, Inc.*		16,220		838,250
EZCORP, Inc., Class A*		233,585		2,060,220
Kemper Corp.		29,437		1,813,319
NMI Holdings, Inc., Class A*		76,491		1,785,300
				10,285,635
Health Care—8.4%
Apollo Endosurgery, Inc.*		79,518		789,614
Augmedix, Inc.*		182,357		295,418
Enovis Corp.*		17,583		1,013,132
Pacira BioSciences, Inc.*		50,580		2,153,191
Pennant Group, Inc., (The)*		54,479		818,275
Sight Sciences, Inc.*		156,360		1,716,833
Syneos Health, Inc.*		13,769		553,789
				7,340,252
Industrials—30.2%
Air Lease Corp.		39,639		1,715,576
Altra Industrial Motion Corp.		61,550		3,787,171
Arcosa, Inc.		35,596		2,157,118
ICF International, Inc.		18,733		1,863,746
KBR, Inc.		37,465		2,064,696
Kirby Corp.*		24,264		1,759,868
Leonardo DRS, Inc.*		155,282		2,018,666
Maxar Technologies, Inc.		117,762		6,064,743
Univar Solutions, Inc.*		76,842		2,670,260
V2X, Inc.*		34,407		1,595,453
XPO, Inc.*		19,156		639,044
				26,336,341
Information Technology—10.8%
Global Blue Group Holding AG*		41,288		289,016
Momentive Global, Inc.*		445,761		3,075,751
NetScout Systems, Inc.*		71,108		2,022,312
ON24, Inc.*		184,485		1,778,435
Rambus, Inc.*		30,202		1,335,834
SmartRent, Inc.*		362,802		939,657
				9,441,005

	NUMBER OF SHARES		VALUE
Materials—7.8%
Axalta Coating Systems Ltd.*		50,485	$	1,504,453
Capstone Copper Corp.*		200,213		890,651
Tronox Holdings PLC		194,973		3,041,579
Valvoline, Inc.		39,218		1,380,473
				6,817,156
Real Estate—2.2%
Equity Commonwealth		91,370		1,939,785
TOTAL COMMON STOCKS (Cost $65,649,027)				77,911,432
SHORT-TERM INVESTMENTS—9.1%
U.S. Bank Money Market Deposit Account, 4.25%(a)		7,953,984		7,953,984
TOTAL SHORT-TERM INVESTMENTS (Cost $7,953,984)				7,953,984
TOTAL INVESTMENTS—98.3% (Cost $73,603,011)				85,865,416
OTHER ASSETS IN EXCESS OF LIABILITIES—1.7%				1,505,813
NET ASSETS—100.0%			$	87,371,229

PLC	Public Limited Company
*	Non-income producing.
(a)	The rate shown is as of February 28, 2023.
	Industry classifications may be different than those used for compliance monitoring purposes.

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

18  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
WPG PARTNERS SELECT SMALL CAP VALUE FUND	Portfolio Of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2023 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stock
Communication Services	$	1,581,635	$	1,581,635	$	—	$	—
Consumer Discretionary		4,475,315		4,475,315		—		—
Consumer Staples		6,151,206		6,151,206		—		—
Energy		3,543,102		3,543,102		—		—
Financials		10,285,635		10,285,635		—		—
Health Care		7,340,252		7,340,252		—		—
Industrials		26,336,341		26,336,341		—		—
Information Technology		9,441,005		9,441,005		—		—
Materials		6,817,156		6,817,156		—		—
Real Estate		1,939,785		1,939,785		—		—
Short-Term Investments		7,953,984		7,953,984		—		—
Total Assets	$	85,865,416	$	85,865,416	$	—	$	—

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

Semi-Annual Report 2023  |  19

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
WPG PARTNERS SMALL CAP VALUE DIVERSIFIED FUND
(FORMERLY WPG PARTNERS SMALL/MICRO CAP VALUE FUND)	Portfolio Of Investments

	NUMBER OF SHARES		VALUE
COMMON STOCKS—94.3%
Consumer Discretionary—4.5%
BJ’s Restaurants, Inc.*(a)		9,242	$	295,744
Cheesecake Factory Inc., (The)(a)		6,099		228,346
Designer Brands, Inc., Class A(a)		17,243		168,809
Gildan Activewear, Inc.		5,932		188,341
Hanesbrands, Inc.(a)*		30,869		175,336
Latham Group, Inc.*		19,064		60,623
Stride, Inc.*(a)		4,851		206,022
Target Hospitality Corp.*(a)		6,073		90,063
Universal Electronics, Inc.*		6,762		86,013
				1,499,297
Consumer Staples—4.5%
Dole PLC		14,905		174,836
Nomad Foods Ltd.*		16,590		297,293
Sovos Brands, Inc.*(a)		27,698		362,013
TreeHouse Foods, Inc.*(a)		13,369		652,273
				1,486,415
Energy—6.8%
DHT Holdings, Inc.		47,712		552,028
Earthstone Energy, Inc., Class A*(a)		13,897		193,863
Green Plains, Inc.*(a)		8,859		307,142
Gulfport Energy Corp.*		2,064		136,472
NexTier Oilfield Solutions, Inc.*(a)		14,373		131,225
Scorpio Tankers, Inc.		8,289		500,324
SM Energy Co.(a)		13,689		403,962
				2,225,016
Financials—19.8%
Ameris Bancorp(a)		7,053		337,627
Avantax, Inc.*		10,967		313,547
Axis Capital Holdings Ltd.		8,277		502,579
Essent Group Ltd.		11,711		502,987
First American Financial Corp.		2,419		137,351
First BanCorp		20,798		301,779
First Commonwealth Financial Corp.		28,201		451,498
First Foundation, Inc.		11,114		167,488
First Interstate BancSystem, Inc., Class A		8,140		289,296
Hanover Insurance Group, Inc., (The)(a)		1,528		213,125
HomeStreet, Inc.		6,756		170,454
Kemper Corp.		6,477		398,983
National Bank Holdings Corp., Class A		11,952		483,936
Popular, Inc.(a)		6,749		481,879
PRA Group, Inc.*(a)		8,744		372,145
Premier Financial Corp.		13,900		344,998
Sculptor Capital Management, Inc.		9,942		89,180
Synovus Financial Corp.		4,996		208,883
Triumph Financial, Inc.*		3,190		194,111
Webster Financial Corp.		10,868		577,308
				6,539,154
Health Care—4.7%
Enovis Corp.*		3,788		218,265
Innoviva, Inc.*(a)		24,780		299,095
Nevro Corp.*		4,251		133,651
Pacira BioSciences, Inc.*(a)		9,282		395,135
Patterson Cos., Inc.(a)		2,709		71,843

	NUMBER OF SHARES		VALUE
Health Care—(continued)
Syneos Health, Inc.*		4,311	$	173,388
Tenet Healthcare Corp.*		4,614		270,057
				1,561,434
Industrials—23.5%
ABM Industries, Inc.(a)		6,690		323,863
Air Lease Corp.		7,197		311,486
Allison Transmission Holdings, Inc.		4,300		204,250
Altra Industrial Motion Corp.		8,965		551,616
Arcosa, Inc.		6,991		423,655
Argan, Inc.		8,548		332,175
Astec Industries, Inc.		2,705		121,806
BrightView Holdings, Inc.*(a)		10,535		66,581
Driven Brands Holdings, Inc.*		5,558		155,485
Frontier Group Holdings, Inc.*		9,723		114,343
Hillman Solutions Corp.*		22,569		200,638
ICF International, Inc.		3,847		382,738
KBR, Inc.(a)		12,079		665,674
Kirby Corp.*(a)		4,539		329,214
Knight-Swift Transportation Holdings, Inc., Class A(a)		4,169		236,966
Leonardo DRS, Inc.*		33,683		437,879
Matthews International Corp., Class A		5,585		213,124
Maxar Technologies, Inc.		20,256		1,043,184
Star Bulk Carriers Corp.(a)		14,248		349,219
Stericycle, Inc.*		2,407		114,766
Sun Country Airlines Holdings, Inc.*		14,047		281,642
Univar Solutions, Inc.*(a)		16,891		586,962
XPO, Inc.*(a)		8,539		284,861
				7,732,127
Information Technology—7.7%
Celestica, Inc.*		15,029		194,625
Global Blue Group Holding AG*		7,877		55,139
JFrog Ltd.*		12,862		295,826
LiveRamp Holdings, Inc.*		9,568		226,092
Mirion Technologies, Inc.*(a)		35,471		322,077
Momentive Global, Inc.*		78,815		543,823
NetScout Systems, Inc.*		13,336		379,276
Rambus, Inc.*(a)		7,709		340,969
SMART Global Holdings, Inc.*		9,791		163,510
				2,521,337
Materials—12.1%
ATI, Inc.*(a)		4,931		200,445
Axalta Coating Systems Ltd.*		11,858		353,368
Capstone Copper Corp.*		56,570		251,653
Commercial Metals Co.		3,007		155,612
Constellium SE*(a)		13,676		218,679
Ecovyst, Inc.*(a)		29,685		298,038
Livent Corp.*(a)		8,020		188,069
Mativ Holdings, Inc.		2,932		75,968
O-I Glass, Inc.*(a)		3,890		86,436
Perimeter Solutions SA*		17,609		150,733
Piedmont Lithium, Inc.*(a)		3,816		247,658
Stelco Holdings, Inc.		4,963		202,958
Summit Materials, Inc., Class A*(a)		8,217		242,730
Tronox Holdings PLC, Class A		35,329		551,132
Valvoline, Inc.		14,208		500,122
Warrior Met Coal, Inc.		6,633		253,845
				3,977,446

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

20  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
WPG PARTNERS SMALL CAP VALUE DIVERSIFIED FUND
(FORMERLY WPG PARTNERS SMALL/MICRO CAP VALUE FUND)	Portfolio Of Investments (continued)

	NUMBER OF SHARES		VALUE
Real Estate—5.5%
Apple Hospitality REIT, Inc.(a)		13,475	$	222,472
Brixmor Property Group, Inc.		25,812		584,383
Equity Commonwealth		12,348		262,148
Getty Realty Corp.(a)		10,469		359,401
UMH Properties, Inc.		22,874		389,087
				1,817,491
Utilities—5.2%
ALLETE, Inc.		4,936		302,034
Avista Corp.(a)		6,187		254,409
Black Hills Corp.(a)		3,056		187,669
NorthWestern Corp.		3,909		225,862
Portland General Electric Co.(a)		4,452		212,806
Southwest Gas Holdings, Inc.		4,674		294,509
Spire, Inc.(a)		3,268		230,067
				1,707,356
TOTAL COMMON STOCKS (Cost $25,484,327)				31,067,073
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—32.9%
Mount Vernon Liquid Assets Portfolio, LLC, 4.67%(b)		10,828,403		10,828,403
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $10,828,403)				10,828,403

	NUMBER OF SHARES		VALUE
SHORT-TERM INVESTMENTS—4.8%
U.S. Bank Money Market Deposit Account, 4.25%(b)		1,588,824	$	1,588,824
TOTAL SHORT-TERM INVESTMENTS (Cost $1,588,824)				1,588,824
TOTAL INVESTMENTS—132.0% (Cost $37,901,554)				43,484,300
LIABILITIES IN EXCESS OF OTHER ASSETS—(32.0)%				(10,542,430	)
NET ASSETS—100.0%			$	32,941,870

PLC	Public Limited Company
REIT	Real Estate Investment Trust
*	Non-income producing.
(a)	All or a portion of the security is on loan. At February 28, 2023, the market value of securities on loan was $10,551,262.
(b)	The rate shown is as of February 28, 2023.
	Industry classifications may be different than those used for compliance monitoring purposes.

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

Semi-Annual Report 2023  |  21

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
WPG PARTNERS SMALL CAP VALUE DIVERSIFIED FUND
(FORMERLY WPG PARTNERS SMALL/MICRO CAP VALUE FUND)	Portfolio Of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2023 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
Common Stock
Consumer Discretionary	$	1,499,297	$	1,499,297	$	—	$	—	$	—
Consumer Staples		1,486,415		1,486,415		—		—		—
Energy		2,225,016		2,225,016		—		—		—
Financials		6,539,154		6,539,154		—		—		—
Health Care		1,561,434		1,561,434		—		—		—
Industrials		7,732,127		7,732,127		—		—		—
Information Technology		2,521,337		2,521,337		—		—		—
Materials		3,977,446		3,977,446		—		—		—
Real Estate		1,817,491		1,817,491		—		—		—
Utilities		1,707,356		1,707,356		—		—		—
Investments Purchased with Proceeds from Securities Lending Collateral		10,828,403		—		—		—		10,828,403
Short-Term Investments		1,588,824		1,588,824		—		—		—
Total Assets	$	43,484,300	$	32,655,897	$	—	$	—	$	10,828,403

* 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 included to reconcile to the amounts presented in the Portfolio of Investments.

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

22  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS GLOBAL SUSTAINABILITY FUND	Portfolio Of Investments

	NUMBER OF SHARES		VALUE
COMMON STOCKS—95.5%
Austria—1.6%
ANDRITZ AG		4,234	$	261,272
Verbund AG		1,320		114,157
				375,429
Belgium—1.4%
Azelis Group NV		12,609		319,272
Bermuda—1.6%
Everest Re Group Ltd.		937		359,780
Denmark—0.4%
DSV A/S		552		100,302
Finland—2.1%
Nordea Bank Abp		33,221		420,984
Sampo Oyj, Class A		1,114		54,230
				475,214
France—10.8%
Airbus SE		3,663		479,744
Capgemini SE		803		150,591
Eiffage SA		1,625		178,342
Imerys SA		1,361		60,393
Kering SA		282		165,342
Legrand SA		2,763		255,210
Rexel SA		21,120		524,991
Sanofi		1,909		178,488
SPIE SA		8,483		232,578
TotalEnergies SE		4,326		266,932
				2,492,611
Germany—6.0%
Brenntag SE		3,043		229,208
Deutsche Telekom AG		18,196		408,373
Rheinmetall AG		1,721		437,439
Siemens AG		2,016		307,221
				1,382,241
Greece—1.2%
Hellenic Telecommunications Organization SA		18,566		284,803
Ireland—1.3%
ICON PLC*		1,313		296,252
Japan—8.2%
Asahi Group Holdings Ltd.		7,700		272,305
IHI Corp.		13,800		358,371
Renesas Electronics Corp.*		36,200		467,613
Sony Group Corp.		3,400		284,296
Subaru Corp.		5,700		91,321
Sumitomo Mitsui Financial Group, Inc.		9,700		423,637
				1,897,543
Netherlands—4.9%
Aalberts NV		4,300		209,029
ING Groep NV		29,432		411,903
Koninklijke Ahold Delhaize NV		13,634		432,904
Stellantis NV		5,053		88,071
				1,141,907
Norway—0.8%
Norsk Hydro ASA		25,115		182,806
Sweden—1.9%
Svenska Handelsbanken AB, Class A		42,143		447,009

	NUMBER OF SHARES		VALUE
Switzerland—3.6%
STMicroelectronics NV		6,486	$	310,689
Swiss Re AG		1,053		110,005
UBS Group AG*		19,430		422,316
				843,010
United Kingdom—8.6%
BAE Systems PLC		10,528		113,704
Coca-Cola European Partners PLC		3,351		184,305
Informa PLC		30,281		243,249
JD Sports Fashion PLC		179,175		390,094
NatWest Group PLC		87,433		307,147
Nomad Foods Ltd.*		10,090		180,813
RS GROUP PLC		10,435		122,695
Shell PLC		8,904		269,687
Tesco PLC		61,976		189,856
				2,001,550
United States—41.1%
AbbVie, Inc.		2,430		373,977
Advanced Micro Devices, Inc.*		1,884		148,045
Alphabet, Inc., Class A*		3,579		322,325
AmerisourceBergen Corp.		1,211		188,383
AMETEK, Inc.		2,209		312,706
Amgen, Inc.		675		156,370
Applied Materials, Inc.		1,691		196,410
AutoZone, Inc.*		91		226,275
Axalta Coating Systems Ltd.*		8,414		250,737
Booking Holdings, Inc.*		165		416,460
Cigna Corp.		1,733		506,209
Cisco Systems, Inc.		7,503		363,295
Concentrix Corp.		449		61,441
Corteva, Inc.		4,592		286,036
CVS Health Corp.		5,690		475,343
Dollar General Corp.		269		58,185
Elevance Health, Inc.		474		222,624
Expedia Group, Inc.*		1,949		212,383
FMC Corp.		1,287		166,216
Gen Digital, Inc.		5,566		108,593
Goldman Sachs Group, Inc., (The)		195		68,572
Halliburton Co.		9,415		341,105
Humana, Inc.		1,053		521,256
Huntington Bancshares, Inc.		21,796		333,915
Johnson & Johnson		2,144		328,589
JPMorgan Chase & Co.		3,199		458,577
KeyCorp		18,813		344,090
Microchip Technology, Inc.		4,039		327,280
Oracle Corp.		2,258		197,349
QUALCOMM, Inc.		369		45,583
Schlumberger Ltd.		6,491		345,386
Science Applications International Corp.		1,107		118,050
TE Connectivity Ltd.		1,649		209,951
UnitedHealth Group, Inc.		461		219,408
US Foods Holding Corp.*		7,989		299,827
Zimmer Biomet Holdings, Inc.		2,596		321,566
				9,532,517
TOTAL COMMON STOCKS (Cost $20,512,004)				22,132,246

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

Semi-Annual Report 2023  |  23

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS GLOBAL SUSTAINABILITY FUND	Portfolio Of Investments (continued)

	NUMBER OF SHARES		VALUE
SHORT-TERM INVESTMENTS—4.8%
U.S. Bank Money Market Deposit Account, 4.25%(a)		1,112,163	$	1,112,163
TOTAL SHORT-TERM INVESTMENTS (Cost $1,112,163)				1,112,163
TOTAL INVESTMENTS—100.3% (Cost $21,624,167)				23,244,409
LIABILITIES IN EXCESS OF OTHER ASSETS—(0.3)%				(77,509	)
NET ASSETS—100.0%			$	23,166,900

PLC	Public Limited Company
*	Non-income producing.
(a)	The rate shown is as of February 28, 2023.

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

24  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS GLOBAL SUSTAINABILITY FUND	Portfolio Of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2023 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stock
Austria	$	375,429	$	—	$	375,429	$	—
Belgium		319,272		—		319,272		—
Bermuda		359,780		359,780		—		—
Denmark		100,302		—		100,302		—
Finland		475,214		—		475,214		—
France		2,492,611		—		2,492,611		—
Germany		1,382,241		—		1,382,241		—
Greece		284,803		—		284,803		—
Ireland		296,252		296,252		—		—
Japan		1,897,543		—		1,897,543		—
Netherlands		1,141,907		—		1,141,907		—
Norway		182,806		—		182,806		—
Sweden		447,009		—		447,009		—
Switzerland		843,010		—		843,010		—
United Kingdom		2,001,550		365,118		1,636,432		—
United States		9,532,517		9,532,517		—		—
Short-Term Investments		1,112,163		1,112,163		—		—
Total Assets	$	23,244,409	$	11,665,830	$	11,578,579	$	—

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

Semi-Annual Report 2023  |  25

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS GLOBAL EQUITY FUND	Portfolio Of Investments

	NUMBER OF SHARES		VALUE
COMMON STOCKS—97.2%
Bermuda—3.6%
Everest Re Group Ltd.		10,027	$	3,850,067
RenaissanceRe Holdings Ltd.		14,936		3,209,747
				7,059,814
Canada—1.6%
Cenovus Energy, Inc.		176,052		3,246,221
Denmark—0.5%
DSV A/S		5,364		974,672
Finland—1.3%
Nordea Bank Abp		208,373		2,640,551
France—10.0%
Airbus SE		19,624		2,570,160
Capgemini SE		8,375		1,570,612
Cie de Saint-Gobain		15,862		942,561
Eiffage SA		24,720		2,712,993
Kering SA		2,394		1,403,649
Rexel SA		129,399		3,216,536
Sanofi		34,941		3,266,917
TotalEnergies SE		67,805		4,183,845
				19,867,273
Germany—6.7%
Brenntag SE		25,073		1,888,575
Daimler Truck Holding AG*		40,961		1,297,400
Deutsche Telekom AG		129,166		2,898,875
Rheinmetall AG		13,924		3,539,160
Siemens AG		23,778		3,623,567
				13,247,577
Greece—0.3%
Hellenic Telecommunications Organization SA		44,264		679,010
Ireland—3.2%
CRH PLC		61,179		2,877,976
Flutter Entertainment PLC*		12,722		2,033,122
Ryanair Holdings PLC*		91,557		1,425,796
				6,336,894
Italy—0.6%
Enel SpA		204,821		1,148,953
Japan—7.0%
Asahi Group Holdings Ltd.		35,000		1,237,752
Fuji Corp.		6,200		93,900
Hitachi Ltd.		14,300		723,837
Honda Motor Co., Ltd.		35,900		933,514
IHI Corp.		52,800		1,371,158
Mitsubishi Heavy Industries Ltd.		34,800		1,282,368
Renesas Electronics Corp.*		204,900		2,646,795
Sony Group Corp.		30,400		2,541,941
Subaru Corp.		88,700		1,421,084
Sumitomo Mitsui Financial Group, Inc.		38,100		1,663,974
				13,916,323
Netherlands—5.4%
Aalberts NV		31,300		1,521,534
ING Groep NV		178,984		2,504,897
Koninklijke Ahold NV		74,523		2,366,241
NXP Semiconductors NV		3,619		645,919
Stellantis NV		205,739		3,585,895
				10,624,486
Norway—0.8%
Norsk Hydro ASA		226,454		1,648,306

	NUMBER OF SHARES		VALUE
Singapore—1.8%
Genting Singapore Ltd.		1,263,200	$	955,577
United Overseas Bank Ltd.		117,600		2,606,679
				3,562,256
Sweden—1.8%
Loomis AB		31,223		1,008,903
Svenska Handelsbanken AB, Class A		230,632		2,446,305
				3,455,208
Switzerland—3.0%
Glencore PLC*		671,181		4,001,486
STMicroelectronics NV		38,097		1,824,903
				5,826,389
United Kingdom—11.3%
AstraZeneca PLC		7,085		923,019
BP PLC		104,259		685,140
Coca-Cola Europacific Partners PLC(a)		39,212		2,156,660
Future PLC		39,567		665,944
IMI PLC		102,829		1,922,718
Inchcape PLC		195,539		2,137,792
JD Sports Fashion PLC		1,239,435		2,698,455
NatWest Group PLC		571,133		2,006,356
Nomad Foods Ltd.*		39,920		715,366
Shell PLC		135,609		4,107,371
SSE PLC		42,939		898,668
Tesco PLC		803,860		2,462,531
WH Smith PLC		52,336		996,883
				22,376,903
United States—38.3%
AbbVie, Inc.		13,807		2,124,897
Allstate Corp., (The)(a)		8,987		1,157,346
Amgen, Inc.		8,216		1,903,318
Applied Materials, Inc.(a)		6,637		770,887
AutoZone, Inc.*(a)		224		556,985
Axalta Coating Systems Ltd.*		21,292		634,502
Bank of America Corp.		44,555		1,528,236
Bristol-Myers Squibb Co.		44,559		3,072,789
Centene Corp.*		25,254		1,727,374
Chubb Ltd.		12,701		2,680,165
Cigna Corp., (The)		11,568		3,379,013
Cisco Systems, Inc.		51,622		2,499,537
Concentrix Corp.(a)		16,115		2,205,177
Corteva, Inc.(a)		24,335		1,515,827
CVS Health Corp.		35,023		2,925,821
Diamondback Energy, Inc.(a)		4,924		692,216
Discover Financial Services		14,264		1,597,568
Elevance Health, Inc.		5,235		2,458,722
Entergy Corp.		7,311		752,083
Fifth Third Bancorp		39,880		1,447,644
FleetCor Technologies, Inc.*		7,568		1,625,531
Gen Digital, Inc.		62,841		1,226,028
Goldman Sachs Group, Inc., (The)		6,210		2,183,746
Halliburton Co.(a)		29,058		1,052,771
HCA Healthcare, Inc.		5,841		1,421,991
Humana, Inc.		5,243		2,595,390
Huntington Bancshares, Inc.		97,927		1,500,242
Johnson & Johnson		9,749		1,494,132
JPMorgan Chase & Co.		13,209		1,893,510
KeyCorp(a)		78,271		1,431,577

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

26  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS GLOBAL EQUITY FUND	Portfolio Of Investments (continued)

	NUMBER OF SHARES		VALUE
United States—(continued)
Leidos Holdings, Inc.		8,823	$	856,449
LKQ Corp.		17,154		982,753
Marathon Petroleum Corp.		8,590		1,061,724
McKesson Corp.(a)		4,978		1,741,354
Nexstar Media Group, Inc., Class A		15,277		2,839,994
Oracle Corp.(a)		16,438		1,436,681
Pioneer Natural Resources Co.(a)		3,142		629,688
QUALCOMM, Inc.		5,958		735,992
Schlumberger Ltd.		20,303		1,080,323
Science Applications International Corp.		17,054		1,818,638
TE Connectivity Ltd.(a)		9,923		1,263,396
Textron, Inc.		21,290		1,544,164
T-Mobile US, Inc.*		9,859		1,401,753
United Rentals, Inc.		3,058		1,432,765
UnitedHealth Group, Inc.		3,824		1,819,995
Valvoline, Inc.(a)		33,355		1,174,096
Wells Fargo & Co.		39,921		1,867,105
				75,741,895
TOTAL COMMON STOCKS (Cost $155,598,213)				192,352,731
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—6.6%
Mount Vernon Liquid Assets Portfolio, LLC, 4.67%(b)		13,101,734		13,101,734
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $13,101,734)				13,101,734

	NUMBER OF SHARES		VALUE
SHORT-TERM INVESTMENTS—3.0%
Tri-State Deposit, 4.45%(b)		5,060,222	$	5,060,222
U.S. Bank Money Market Deposit Account, 4.25%(b)		856,629		856,629
TOTAL SHORT-TERM INVESTMENTS (Cost $5,916,851)				5,916,851
TOTAL INVESTMENTS—106.8% (Cost $174,616,798)				211,371,316
LIABILITIES IN EXCESS OF OTHER ASSETS—(6.8)%				(13,415,946	)
NET ASSETS—100.0%			$	197,955,370

PLC	Public Limited Company
*	Non-income producing.
(a)	All or a portion of the security is on loan. At February 28, 2023, the market value of securities on loan was $12,771,352.
(b)	The rate shown is as of February 28, 2023.

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

Semi-Annual Report 2023  |  27

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS GLOBAL EQUITY FUND	Portfolio Of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2023 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
Common Stock
Bermuda	$	7,059,814	$	7,059,814	$	—	$	—	$	—
Canada		3,246,221		3,246,221		—		—		—
Denmark		974,672		—		974,672		—		—
Finland		2,640,551		—		2,640,551		—		—
France		19,867,273		—		19,867,273		—		—
Germany		13,247,577		—		13,247,577		—		—
Greece		679,010		—		679,010		—		—
Ireland		6,336,894		—		6,336,894		—		—
Italy		1,148,953		—		1,148,953		—		—
Japan		13,916,323		—		13,916,323		—		—
Netherlands		10,624,486		645,919		9,978,567		—		—
Norway		1,648,306		—		1,648,306		—		—
Singapore		3,562,256		—		3,562,256		—		—
Sweden		3,455,208		—		3,455,208		—		—
Switzerland		5,826,389		—		5,826,389		—		—
United Kingdom		22,376,903		2,872,026		19,504,877		—		—
United States		75,741,895		75,741,895		—		—		—
Investments Purchased with Proceeds from Securities Lending Collateral		13,101,734		—		—		—		13,101,734
Short-Term Investments		5,916,851		856,629		5,060,222		—		—
Total Assets	$	211,371,316	$	90,422,504	$	107,847,078	$	—	$	13,101,734

* 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 to the amounts presented in the Portfolio of Investments.

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

28  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS EMERGING MARKETS FUND	Portfolio Of Investments

	NUMBER OF SHARES		VALUE
COMMON STOCKS—84.0%
Austria—0.7%
Erste Group Bank AG		1,695	$	66,534
Raiffeisen Bank International AG		4,738		79,103
				145,637
Brazil—7.7%
Banco do Brasil SA*		113,700		876,729
Cielo SA*		207,000		190,574
Eletromidia SA*		129,376		322,238
Localiza Rent a Car SA*		63		669
Minerva SA		20,300		44,086
Sendas Distribuidora SA*		64,400		223,136
				1,657,432
Chile—0.1%
Banco Santander Chile - ADR		1,447		24,281
China—13.9%
Alibaba Group Holding Ltd.*		18,900		207,738
Alibaba Group Holding Ltd. - SP ADR*		2,346		205,955
China State Construction Engineering Corp., Ltd., Class A		303,200		245,639
Fufeng Group Ltd.		103,000		66,051
JD.com, Inc., Class A		305		6,775
JD.com, Inc. - ADR		3,901		173,360
Meituan, Class B*		420		7,289
Muyuan Foodstuff Co., Ltd., Class A		35,300		251,649
PDD Holdings, Inc. - ADR*		4,778		419,174
Proya Cosmetics Co., Ltd., Class A		12,600		331,363
Rianlon Corp., Class A		15,700		115,744
Tech-Bank Food Co., Ltd., Class A		276,778		242,230
Tencent Holdings Ltd.		4,200		184,499
Trip.com Group Ltd. - ADR*		6,079		216,109
Xiamen Xiangyu Co., Ltd., Class A		32,100		52,728
YTO Express Group Co., Ltd., Class A		19,800		51,797
YTO Express Group Co., Ltd., Class A		85,197		222,876
				3,000,976
Greece—1.0%
Hellenic Telecommunications Organization SA		7,058		108,270
JUMBO SA		5,689		113,597
				221,867
Hungary—0.3%
Richter Gedeon Nyrt		2,632		55,171
India—14.7%
Apollo Tyres Ltd.		27,658		104,744
Bajaj Auto Ltd.		3,384		149,767
Bank of Baroda		325,678		625,602
Bharti Airtel Ltd.		12,294		110,305
Bharti Airtel Ltd.		1,797		7,861
IDFC First Bank Ltd.*		288,533		192,257
Indian Hotels Co., Ltd.		65,502		245,991
ITC Ltd.		118,400		539,276
Mahindra & Mahindra Ltd.		19,107		293,160
Maruti Suzuki India Ltd.		3,314		345,372
PB Fintech Ltd.*		33,184		223,759
Phoenix Mills Ltd., (The)		3,351		56,032
Power Grid Corp. of India Ltd.		94,219		253,101
Reliance Industries Ltd. - SP GDR		575		32,309
				3,179,536

	NUMBER OF SHARES		VALUE
Indonesia—4.1%
Bank Central Asia Tbk PT		737,600	$	423,042
Bank Mandiri Persero Tbk PT		480,800		315,189
Bank Negara Indonesia Persero Tbk PT		261,300		150,281
				888,512
Israel—2.5%
Inmode Ltd.*		11,630		410,655
Mizrahi Tefahot Bank Ltd.		4,353		129,445
				540,100
Japan—2.0%
Suzuki Motor Corp.		12,000		421,093
Mexico—8.1%
Arca Continental SAB de CV		14,100		119,426
Coca-Cola Femsa SAB de CV - SP ADR		1,563		112,552
Coca-Cola Femsa SAB de CV		7,690		55,580
Grupo Aeroportuario del Centro Norte SAB de CV - ADR		2,405		187,566
Grupo Aeroportuario del Pacifico SAB de CV - ADR		2,563		487,175
Grupo Aeroportuario del Sureste SAB de CV - ADR		524		149,958
Grupo Bimbo SAB de CV, Class A		35,400		168,772
Grupo Comercial Chedraui SA de CV		8,400		42,697
Grupo Financiero Banorte SAB de CV, Class O		51,200		433,409
				1,757,135
Poland—0.7%
Dino Polska SA*		1,837		153,359
Russia—0.0%
Fix Price Group PLC - GDR*†		5,934		0
HeadHunter Group PLC - ADR†		3,106		0
Magnit PJSC*†		2,995		0
Sberbank of Russia PJSC - SP ADR*†		9,522		0
				0
Singapore—4.8%
DBS Group Holdings Ltd.		31,056		787,926
United Overseas Bank Ltd.		11,600		257,121
				1,045,047
South Africa—1.0%
Aspen Pharmacare Holdings Ltd.		7,850		60,616
Life Healthcare Group Holdings Ltd.		28,783		30,690
Shoprite Holdings Ltd.		9,831		119,046
				210,352
South Korea—7.7%
Hankook Tire & Technology Co., Ltd.		2,708		76,175
HL Mando Co., Ltd.		4,439		158,993
Hyundai Mobis Co., Ltd.		1,629		261,656
JYP Entertainment Corp.		824		48,941
KT&G Corp.		1,576		105,756
LIG Nex1 Co., Ltd.		2,213		124,828
Orion Corp.		1,063		100,479
SK Hynix, Inc.		11,755		794,459
				1,671,287

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

Semi-Annual Report 2023  |  29

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS EMERGING MARKETS FUND	Portfolio Of Investments (continued)

	NUMBER OF SHARES		VALUE
Taiwan—4.6%
Accton Technology Corp.		50,000	$	457,911
Delta Electronics, Inc.		23,000		215,182
Lotes Co., Ltd.		2,115		59,412
Nanya Technology Corp.		91,000		173,220
Wiwynn Corp.		3,000		94,072
				999,797
Thailand—5.5%
AP Thailand PCL - NVDR		491,400		172,344
Bangkok Dusit Medical Services PCL��		250,700		198,624
Bumrungrad Hospital PCL†		25,800		154,035
Kiatnakin Phatra Bank PCL - NVDR		194,200		366,626
Supalai PCL - NVDR		445,600		287,412
				1,179,041
United Kingdom—1.2%
Pepco Group NV*		25,360		251,204
United States—3.4%
Coupang, Inc.*		46,900		727,419
TOTAL COMMON STOCKS (Cost $18,118,623)				18,129,246
PREFERRED STOCKS—1.0%
Brazil—0.8%
Itau Unibanco Holding SA, Class H - SP ADR 3.930%		35,184		169,235
South Korea—0.2%
Samsung Electronics Co., Ltd. 2.706%		1,003		40,445
TOTAL PREFERRED STOCKS (Cost $202,422)				209,680
EXCHANGE TRADED FUNDS—0.0%
Thailand—0.0%
Jasmine Broadband Internet Infrastructure Fund		49,100		11,393
TOTAL EXCHANGE TRADED FUNDS (Cost $16,928)				11,393

	NUMBER OF SHARES		VALUE
SHORT-TERM INVESTMENTS—16.0%
Tri-State Deposit, 4.45%(a)		2,517,197	$	2,517,197
U.S. Bank Money Market Deposit Account, 4.25%(a)		925,313		925,313
TOTAL SHORT-TERM INVESTMENTS (Cost $3,442,510)				3,442,510
TOTAL INVESTMENTS—101.0% (Cost $21,780,483)				21,792,829
LIABILITIES IN EXCESS OF OTHER ASSETS—(1.0)%				(215,989	)
NET ASSETS—100.0%			$	21,576,840

ADR	American Depositary Receipt
GDR	Global Depositary Receipt
NVDR	Non-voting Depository Receipt
PLC	Public Limited Company
SP ADR	Sponsored American Depositary Receipt
SP GDR	Sponsored Global Depositary Receipt
*	Non-income producing.
(a)	The rate shown is as of February 28, 2023.
†	Security has been valued at fair market value using significant unobservable inputs as determined in good faith by Boston Partners, as valuation designee, under the oversight of The RBB Fund, Inc.’s Board of Directors. As of February 28, 2023, these securities amounted to $352,659 or 1.6% of net assets.

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

30  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS EMERGING MARKETS FUND	Portfolio Of Investments (continued)

Contracts For Difference held by the Fund at February 28, 2023, are as follows:

REFERENCE COMPANY	COUNTERPARTY	EXPIRATION DATE	FINANCING RATE			PAYMENT FREQUENCY	NUMBER OF CONTRACTS LONG/ (SHORT)		NOTIONAL AMOUNT		UNREALIZED APPRECIATION (DEPRECIATION)
Long
China
Petpal Pet Nutrition Technology Co., Ltd., Class A	Goldman Sachs	01/05/2026		0.00	%	Termination		36,956	$	104,540	$	11,746
Wens Foodstuffs Group Co., Ltd., Class A	Goldman Sachs	02/09/2026		0.00		Termination		151,186		431,158		(33,522	)
										535,698		(21,776	)
Portugal
Jeronimo Martins	Goldman Sachs	12/08/2025		2.40		Termination		18,619		382,443		(20,136	)
Russia
Detsky Mir PJSC	Goldman Sachs	09/18/2025		4.58		Monthly		117,900		—		(179,468	)
Total Long										918,141		(221,380	)
Net unrealized gain/(loss) on Contracts For Difference											$	(221,380	)

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

Semi-Annual Report 2023  |  31

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS EMERGING MARKETS FUND	Portfolio Of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2023 is as follows (see Notes to Portfolio of Investments):

	TOTAL			LEVEL 1			LEVEL 2		LEVEL 3
Common Stock
Austria	$	145,637		$	—		$	145,637	$	—
Brazil		1,657,432			1,657,432			—		—
Chile		24,281			24,281			—		—
China		3,000,976			1,014,598			1,986,378		—
Greece		221,867			—			221,867		—
Hungary		55,171			—			55,171		—
India		3,179,536			—			3,179,536		—
Indonesia		888,512			—			888,512		—
Israel		540,100			410,655			129,445		—
Japan		421,093			—			421,093		—
Mexico		1,757,135			1,757,135			—		—
Poland		153,359			—			153,359		—
Russia		—			—			—		—	*
Singapore		1,045,047			—			1,045,047		—
South Africa		210,352			—			210,352		—
South Korea		1,671,287			—			1,671,287		—
Taiwan		999,797			—			999,797		—
Thailand		1,179,041			—			826,382		352,659
United Kingdom		251,204			—			251,204		—
United States		727,419			727,419			—		—
Preferred Stock
Brazil		169,235			169,235			—		—
South Korea		40,445			—			40,445		—
Exchange Traded Funds
Thailand		11,393			11,393			—		—
Short-Term Investments		3,442,510			925,313			2,517,197		—
Contracts For Difference
Equity Contracts		11,746			11,746			—		—
Total Assets	$	21,804,575		$	6,709,207		$	14,742,709	$	352,659
	TOTAL			LEVEL 1			LEVEL 2		LEVEL 3
Contracts For Difference
Equity Contracts	$	(233,126	)	$	(53,658	)	$	—	$	(179,468	)
Total Liabilities	$	(233,126	)	$	(53,658	)	$	—	$	(179,468	)

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

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

32  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND	Portfolio Of Investments

	NUMBER OF SHARES		VALUE
LONG POSITIONS—114.0%
COMMON STOCKS—94.0%
Communication Services—6.4%
Activision Blizzard, Inc.#		2,783	$	212,204
Alphabet, Inc., Class A*†		8,379		754,613
Baidu, Inc., Class A*		54,048		929,265
Entravision Communications Corp., Class A†		207,858		1,363,548
Grindr, Inc.*		54,246		349,886
Nexstar Media Group, Inc., Class A(a)		4,613		857,557
				4,467,073
Consumer Discretionary—10.0%
Alibaba Group Holding Ltd.*		27,504		302,309
Arcos Dorados Holdings, Inc., Class A		137,337		1,134,402
Bowlero Corp.*(a)		22,805		350,741
Carriage Services, Inc.†		16,151		547,842
Cavco Industries, Inc.*		1,704		485,640
JD.com, Inc., Class A		22,086		490,970
Las Vegas Sands Corp.*(a)		4,937		283,729
LKQ Corp.†		12,095		692,923
Perdoceo Education Corp.*†		42,606		587,324
Skechers U.S.A., Inc., Class A*†		5,929		263,900
Stellantis NV(a)		23,937		419,376
Stride, Inc.*†		29,223		1,241,101
Torrid Holdings, Inc.*(a)		60,561		165,331
				6,965,588
Consumer Staples—2.0%
British American Tobacco PLC - SP ADR		11,364		432,514
Coca-Cola European Partners PLC(a)		7,116		391,380
Vector Group Ltd.†		41,853		555,389
				1,379,283
Energy—6.8%
BP PLC - SP ADR		22,534		892,346
Canadian Natural Resources Ltd.		25,023		1,414,050
Devon Energy Corp.(a)		3,712		200,151
Marathon Petroleum Corp.†		8,325		1,028,970
Schlumberger Ltd.		7,760		412,909
VAALCO Energy, Inc.(a)		35,007		164,183
Vitesse Energy, Inc.(a)		18,940		329,367
World Fuel Services Corp.(a)		11,218		307,934
				4,749,910
Financials—17.4%
American International Group, Inc.†		9,924		606,456
Bank of America Corp.†		20,845		714,983
Bank OZK(a)†		11,762		541,405
BGC Partners, Inc., Class A†		226,149		1,099,084
Charles Schwab Corp., (The)		8,044		626,788
Citigroup, Inc.(a)†		12,182		617,506
Crawford & Co., Class A†		32,418		178,947
Evercore, Inc., Class A(a)		2,895		379,766
Fairfax Financial Holdings Ltd.		1,695		1,184,941
Intercorp Financial Services, Inc.		12,682		302,212
Jefferies Financial Group, Inc.		26,471		1,000,339
KB Financial Group, Inc. - ADR*		12,874		496,035
OP Bancorp		15,191		171,203
PCB Bancorp		20,111		367,227
Prudential Financial, Inc.(a)		2,964		296,400

	NUMBER OF SHARES		VALUE
Financials—(continued)
Reinsurance Group of America, Inc.		3,591	$	518,792
Stifel Financial Corp.†		16,347		1,092,470
Wells Fargo & Co.		18,841		881,194
Western Alliance Bancorp(a)†		6,597		489,761
Willis Towers Watson PLC		2,168		508,092
				12,073,601
Health Care—21.0%
Amgen, Inc.†		2,936		680,154
Bristol-Myers Squibb Co.		12,680		874,413
Catalyst Pharmaceuticals, Inc.*†		54,923		838,125
Centene Corp.*†		6,059		414,436
Cigna Corp.†		3,108		907,847
CVS Health Corp.†		12,497		1,043,999
Elevance Health, Inc.†		2,600		1,221,142
Harrow Health, Inc.*†		36,032		645,693
HCA Healthcare, Inc.		3,851		937,526
Henry Schein, Inc.*		8,125		636,269
Inmode Ltd.*#		11,480		405,359
Jazz Pharmaceuticals PLC*		2,210		310,284
Johnson & Johnson†		6,071		930,441
Lantheus Holdings, Inc.*(a)		9,552		706,466
Medtronic PLC†		8,535		706,698
Merck & Co., Inc.†		5,363		569,765
Novartis AG - SP ADR(a)Ɨ		10,497		883,008
Quipt Home Medical Corp.*		62,952		395,338
UnitedHealth Group, Inc.†		1,357		645,850
Universal Health Services, Inc., Class BƗ		6,219		830,672
				14,583,485
Industrials—10.7%
Acuity Brands, Inc.(a)		1,832		355,335
Barrett Business Services, Inc.†		9,366		898,949
Builders FirstSource, Inc.*(a)†#		9,761		827,537
CACI International, Inc., Class A*		1,709		500,737
Euroseas Ltd.(a)		14,723		283,565
Forward Air Corp.(a)		2,678		276,396
Galliford Try Holdings PLC		133,023		280,011
Gibraltar Industries, Inc.*		5,494		293,434
Global Industrial Co.†		8,567		240,990
Graham Corp.*†		16,965		243,617
Heidrick & Struggles International, Inc.†		5,251		180,267
Kelly Services, Inc., Class A†		13,697		229,151
Korn Ferry(a)		5,731		320,306
L B Foster Co., Class A*		16,718		210,145
Quanta Services, Inc.†		2,942		474,839
Ryanair Holdings PLC - SP ADR*(a)		5,119		474,890
Sterling Infrastructure, Inc.*		8,702		334,679
UFP Industries, Inc.(a)		6,358		543,800
V2X, Inc.*		9,511		441,025
				7,409,673
Information Technology—13.9%
Arrow Electronics, Inc.*		2,190		258,398
Box, Inc., Class A*(a)		10,620		354,177
Capgemini SE - ADR†		7,040		263,859
Check Point Software Technologies Ltd.*		7,186		889,052
Cisco Systems, Inc.		13,691		662,918
Cognizant Technology Solutions Corp., Class A†		11,531		722,187

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

Semi-Annual Report 2023  |  33

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND	Portfolio Of Investments (continued)

	NUMBER OF SHARES		VALUE
Information Technology—(continued)
Concentrix Corp.†		2,004	$	274,227
DocuSign, Inc.*#		6,699		410,984
Dropbox, Inc., Class A*†		18,459		376,564
Fabrinet*†		1,666		203,035
FleetCor Technologies, Inc.*		2,461		528,598
Genpact Ltd.		9,000		429,570
Hackett Group, Inc., (The)		26,936		502,087
InterDigital, Inc.		7,098		518,083
Nano Dimension Ltd. - ADR*(a)		54,344		159,771
Open Text Corp.†		10,525		361,850
Oracle Corp.(a)†		7,649		668,523
QUALCOMM, Inc.		6,658		822,463
Richardson Electronics Ltd.†		23,161		485,918
TD SYNNEX Corp.†		2,479		239,273
Telefonaktiebolaget LM Ericsson - SP ADRƗ		91,733		504,531
				9,636,068
Materials—3.5%
Berry Global Group, Inc.†		11,161		693,098
Dundee Precious Metals, Inc.		46,422		298,026
Ecovyst, Inc.*(a)		26,031		261,351
Ferroglobe PLC*		56,921		284,036
POSCO Holdings, Inc. - SP ADR(a)		3,822		233,104
Rio Tinto PLC - SP ADR(a)†		3,562		248,378
Ternium SA - SP ADR†		10,040		427,805
				2,445,798
Real Estate—2.3%
Newmark Group, Inc., Class A†		103,631		831,121
Service Properties Trust†		42,817		470,131
Simon Property Group, Inc.(a)		2,414		294,725
				1,595,977
TOTAL COMMON STOCKS (Cost $46,207,565)				65,306,456

	NUMBER OF CONTRACTS		NOTIONAL AMOUNT
PURCHASED OPTIONS—0.1%
Call Purchased Options—0.1%
Activision Blizzard, Inc. Expiration: 05/19/2023
Exercise Price: 70.00		40		305,000	33,400
TOTAL CALL PURCHASED OPTIONS (Cost $47,521)					33,400
TOTAL PURCHASED OPTIONS (Cost $47,521)					33,400
		NUMBER OF SHARES
INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL—13.4%
Mount Vernon Liquid Assets Portfolio, LLC, 4.67%(b)		9,336,324			9,336,324
TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING COLLATERAL (Cost $9,336,324)					9,336,324

	NUMBER OF SHARES			VALUE
SHORT-TERM INVESTMENTS—6.5%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, 4.47%(b)†		560		$	560
Federated Hermes U.S. Treasury Cash Reserves, 4.42%(b)†		560			560
Goldman Sachs Financial Square Funds - Treasury Instruments Fund, 4.48%(b)†		560			560
MSILF Treasury Securities Portfolio, 4.42%(b)†		560			560
U.S. Bank Money Market Deposit Account, 4.25%(b)		4,543,030			4,543,030
TOTAL SHORT-TERM INVESTMENTS (Cost $4,545,270)					4,545,270
TOTAL LONG POSITIONS—114.0% (Cost $60,136,680)					79,221,450
SECURITIES SOLD SHORT—(17.6%)
COMMON STOCKS—(17.6%)
Communication Services—(0.6%)
Consolidated Communications Holdings, Inc.*		(53,792	)		(162,990	)
CTC Communications Group, Inc.*†		(98,900	)		0
Roblox Corp., Class A*		(6,524	)		(239,039	)
					(402,029	)
Consumer Discretionary—(5.3%)
Brunswick Corp.		(3,167	)		(276,859	)
Destination XL Group, Inc.*		(32,786	)		(196,060	)
Dutch Bros, Inc., Class A*		(7,356	)		(245,323	)
GrowGeneration Corp.*		(21,460	)		(90,883	)
Krispy Kreme, Inc.		(17,536	)		(228,143	)
Mattel, Inc.*		(15,308	)		(275,391	)
Mister Car Wash, Inc.*		(17,727	)		(163,620	)
Papa John’s International, Inc.		(1,965	)		(164,962	)
Peloton Interactive, Inc., Class A*		(9,044	)		(116,849	)
Portillo’s, Inc., Class A*		(12,876	)		(292,543	)
Qsound Labs, Inc.*†		(4,440	)		0
Tesla, Inc.*		(2,558	)		(526,206	)
Vizio Holding Corp., Class A*		(20,057	)		(205,584	)
Warby Parker, Inc., Class A*		(14,641	)		(190,479	)
Wingstop, Inc.		(2,316	)		(394,531	)
Workhorse Group, Inc.*		(81,444	)		(167,775	)
YETI Holdings, Inc.*		(3,317	)		(129,297	)
					(3,664,505	)
Consumer Staples—(1.2%)
Amish Naturals, Inc.*†		(25,959	)		0
BRC, Inc., Class A*		(29,377	)		(195,651	)
Freshpet, Inc.*		(3,235	)		(201,152	)
National Beverage Corp.*		(4,217	)		(196,723	)
Oatly Group AB - ADR*		(51,391	)		(113,060	)
Tattooed Chef, Inc.*		(14,126	)		(17,799	)
Tootsie Roll Industries, Inc.		(3,158	)		(139,047	)
					(863,432	)
Energy—(0.6%)
Beard Co.*†		(9,710	)		0
Enviva, Inc.		(4,200	)		(182,952	)
Green Plains, Inc.*		(7,144	)		(247,682	)
					(430,634	)

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

34  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND	Portfolio Of Investments (continued)

	NUMBER OF SHARES			VALUE
Financials—(0.2%)
P10, Inc., Class A		(14,398	)	$	(155,066	)
Health Care—(1.3%)
10X Genomics, Inc., Class A*		(2,854	)		(135,622	)
Beam Therapeutics, Inc.*		(2,517	)		(101,284	)
BodyTel Scientific, Inc.*†		(4,840	)		0
CareView Communications, Inc.*		(174,320	)		(9,858	)
Cassava Sciences, Inc.*		(5,925	)		(146,348	)
Celldex Therapeutics, Inc.*		(4,001	)		(171,203	)
Glaukos Corp.*		(3,605	)		(170,264	)
Nano-X Imaging Ltd.*		(11,571	)		(84,353	)
Oxford Nanopore Technologies PLC*		(29,323	)		(73,673	)
					(892,605	)
Industrials—(2.8%)
Ameresco, Inc., Class A*		(4,709	)		(206,961	)
Applied Energetics, Inc.*		(57,676	)		(135,539	)
Array Technologies, Inc.*		(11,608	)		(217,534	)
Corporate Resource Services, Inc.*†		(218,896	)		(219	)
Custom Truck One Source, Inc.*		(30,483	)		(220,697	)
DynaMotive Energy Systems Corp.*†		(72,185	)		(7	)
Ener1, Inc.*†		(102,820	)		(10	)
Fiverr International Ltd.*		(8,864	)		(351,103	)
MillerKnoll, Inc.		(13,950	)		(332,986	)
Omega Flex, Inc.		(2,769	)		(322,256	)
Sunrun, Inc.*		(6,324	)		(152,029	)
Valence Technology, Inc.*†		(27,585	)		(3	)
					(1,939,344	)
Information Technology—(5.4%)
Affirm Holdings, Inc.*		(12,866	)		(175,235	)
ANTs software, Inc.*†		(10,334	)		(1	)
BILL Holdings, Inc.*		(1,701	)		(143,956	)
Confluent, Inc., Class A*		(7,503	)		(182,998	)
Consygen, Inc.*†		(200	)		0
Crowdstrike Holdings, Inc., Class A*		(1,051	)		(126,845	)
Flywire Corp.*		(10,982	)		(271,585	)
Guidewire Software, Inc.*		(2,390	)		(167,802	)
HashiCorp, Inc., Class A*		(7,738	)		(225,950	)
Impinj, Inc.*		(5,046	)		(669,201	)
Interliant, Inc.*†		(600	)		0
Lightwave Logic, Inc.*		(38,966	)		(229,899	)
Marathon Digital Holdings, Inc.*		(7,047	)		(50,034	)
Matterport, Inc.*		(21,207	)		(64,681	)
MicroVision, Inc.*		(42,843	)		(109,678	)
nCino, Inc.*		(9,102	)		(248,029	)
Nestor, Inc.*†		(15,200	)		(2	)
Procore Technologies, Inc.*		(3,531	)		(236,542	)
Sprout Social, Inc., Class A*		(2,834	)		(172,817	)
Tiger Telematics, Inc.*†		(6,510	)		0
UiPath, Inc., Class A*		(16,980	)		(251,983	)
Uni-Pixel, Inc.*†		(19,665	)		0
Unity Software, Inc.*		(8,746	)		(266,228	)
Wolfspeed, Inc.*		(2,244	)		(166,011	)
Worldgate Communications, Inc.*†		(582,655	)		(58	)
XRiver Corp.*†		(34,156	)		0
					(3,759,535	)
Materials—(0.2%)
PureCycle Technologies, Inc.*		(18,110	)		(115,542	)
TOTAL COMMON STOCKS (Proceeds $(19,905,636))					(12,222,692	)
TOTAL SECURITIES SOLD SHORT—(17.6%) (Proceeds $(19,905,636))					(12,222,692	)

	NUMBER OF CONTRACTS			NOTIONAL AMOUNT			VALUE
OPTIONS WRITTEN††—(0.3%)
Call Options Written—(0.3%)
Builders FirstSource, Inc. Expiration: 06/16/2023, Exercise Price: 75.00		(77	)		(652,806	)	$	(109,340	)
DocuSign, Inc. Expiration: 06/16/2023, Exercise Price: 65.00		(66	)		(404,910	)		(51,480	)
Inmode Ltd. Expiration: 05/19/2023, Exercise Price: 37.50		(92	)		(324,852	)		(26,312	)
TOTAL CALL OPTIONS WRITTEN (Premiums received $(193,608))								(187,132	)
Put Options Written—(0.0%)
Activision Blizzard, Inc. Expiration: 01/19/2024, Exercise Price: 52.50		(66	)		(503,250	)		(4,752	)
Silicon Motion Technology Corp. Expiration: 03/17/2023, Exercise Price: 45.00		(79	)		(531,038	)		(7,505	)
TOTAL PUT OPTIONS WRITTEN (Premiums received $(40,916))								(12,257	)
TOTAL OPTIONS WRITTEN (Premiums received $(234,524))								(199,389	)
OTHER ASSETS IN EXCESS OF LIABILITIES—3.9%								2,723,830
NET ASSETS—100.0%							$	69,523,199

ADR	American Depositary Receipt
PLC	Public Limited Company
SP ADR	Sponsored American Depositary Receipt
*	Non-income producing.
(a)	All or a portion of the security is on loan. At February 28, 2023, the market value of securities on loan was $9,034,696.
(b)	The rate shown is as of February 28, 2023.
†	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
#	Security segregated as collateral for options written.
††	Primary risk exposure is equity contracts.
‡	Security has been valued at fair market value using significant unobservable inputs as determined in good faith by Boston Partners, as valuation designee, under the oversight of The RBB Fund, Inc.’s Board of Directors. As of February 28, 2023, these securities amounted to $(300) or 0.0% of net assets.
	Industry classifications may be different than those used for compliance monitoring purposes.

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

Semi-Annual Report 2023  |  35

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS LONG/SHORT EQUITY FUND	Portfolio Of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2023 is as follows (see Notes to Portfolio of Investments):

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3			INVESTMENTS MEASURED AT NET ASSET VALUE*
Common Stock
Communication Services	$	4,467,073		$	3,537,808		$	929,265		$	—		$	—
Consumer Discretionary		6,965,588			6,172,309			793,279			—			—
Consumer Staples		1,379,283			1,379,283			—			—			—
Energy		4,749,910			4,749,910			—			—			—
Financials		12,073,601			12,073,601			—			—			—
Health Care		14,583,485			14,583,485			—			—			—
Industrials		7,409,673			7,409,673			—			—			—
Information Technology		9,636,068			9,636,068			—			—			—
Materials		2,445,798			2,445,798			—			—			—
Real Estate		1,595,977			1,595,977			—			—			—
Purchased Options		33,400			—			33,400			—			—
Investments Purchased with Proceeds from Securities Lending Collateral		9,336,324			—			—			—			9,336,324
Short-Term Investments		4,545,270			4,545,270			—			—			—
Total Assets	$	79,221,450		$	68,129,182		$	1,755,944		$	—		$	9,336,324
	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3			INVESTMENTS MEASURED AT NET ASSET VALUE*
Securities Sold Short
Communication Services	$	(402,029	)	$	(402,029	)	$	—		$	—	**	$	—
Consumer Discretionary		(3,664,505	)		(3,664,505	)		—			—	**		—
Consumer Staples		(863,432	)		(863,432	)		—			—	**		—
Energy		(430,634	)		(430,634	)		—	**		—			—
Financials		(155,066	)		(155,066	)		—			—			—
Health Care		(892,605	)		(818,932	)		(73,673	)		—	**		—
Industrials		(1,939,344	)		(1,939,105	)		—			(239	)		—
Information Technology		(3,759,535	)		(3,759,474	)		—			(61	)		—
Materials		(115,542	)		(115,542	)		—			—			—
Options Written
Equity Contracts		(199,389	)		(194,637	)		(4,752	)		—			—
Total Liabilities	$	(12,422,081	)	$	(12,343,356	)	$	(78,425	)	$	(300	)	$	—

*	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 included to reconcile to the amounts presented in the Portfolio of Investments.
**	Value equals zero as of the end of the reporting period.

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

36  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio Of Investments

	NUMBER OF SHARES		VALUE
LONG POSITIONS—99.9%
COMMON STOCKS—94.3%
Communication Services—5.3%
Activision Blizzard, Inc.		71,105	$	5,421,756
Alphabet, Inc., Class A*		37,984		3,420,839
Deutsche Telekom AG		214,520		4,814,476
Future PLC		220,542		3,711,894
Interpublic Group of Cos., Inc., (The)†		55,170		1,960,742
Live Nation Entertainment, Inc.*		27,694		1,995,630
Nexstar Media Group, Inc., Class A†		53,061		9,864,040
Take-Two Interactive Software, Inc.*		23,047		2,524,799
TEGNA, Inc.		195,356		3,399,194
T-Mobile US, Inc.*		19,485		2,770,377
				39,883,747
Consumer Discretionary—9.7%
AutoNation, Inc.*		4,454		608,015
AutoZone, Inc.*		2,119		5,268,978
Booking Holdings, Inc.*		2,621		6,615,404
Boyd Gaming Corp.		42,979		2,799,222
Dollar General Corp.		22,242		4,810,945
Flutter Entertainment PLC*		34,117		5,452,288
Frontdoor, Inc.*		71,677		2,024,875
Garmin Ltd.		17,691		1,736,018
Genting Singapore Ltd.		4,325,300		3,271,973
GVC Holdings PLC		219,271		3,580,844
H&R Block, Inc.		63,755		2,346,184
Harley-Davidson, Inc.†		42,102		2,001,950
LKQ Corp.†		40,808		2,337,890
Mohawk Industries, Inc.*		15,206		1,563,937
Restaurant Brands International, Inc.		.63,555		4,098,662
Ross Stores, Inc.		37,524		4,147,903
Stride, Inc.*†		92,929		3,946,695
Tempur Sealy International, Inc.†		75,289		3,217,852
TJX Cos., Inc., (The)†		42,418		3,249,219
Topgolf Callaway Brands Corp.*†		108,343		2,511,391
Whirlpool Corp.		8,354		1,152,685
Wyndham Hotels & Resorts, Inc.		46,594		3,588,670
Wynn Macau Ltd.*		2,666,900		2,758,079
				73,089,679
Consumer Staples—6.0%
Albertsons Cos., Inc., Class A		151,885		3,019,474
British American Tobacco PLC - SP ADR†		64,641		2,460,236
Coca-Cola European Partners PLC†		33,606		1,848,330
Hershey Co., (The)		38,012		9,059,020
Keurig Dr Pepper, Inc.†		231,818		8,009,312
Kraft Heinz Co., (The)†		107,926		4,202,638
Kroger Co., (The)		59,342		2,560,014
Philip Morris International, Inc.		53,438		5,199,517
US Foods Holding Corp.*†#		105,586		3,962,643
Walmart, Inc.		36,315		5,161,451
				45,482,635
Energy—7.9%
Canadian Natural Resources Ltd.		93,273		5,270,857
Cenovus Energy, Inc.		384,505		7,089,883
Chord Energy Corp.		14,432		1,942,836
Devon Energy Corp.†		81,632		4,401,597
Diamondback Energy, Inc.†		10,643		1,496,193
Enerplus Corp.		117,268		1,860,647
Halliburton Co.†		163,711		5,931,250
Kosmos Energy Ltd.*†		241,907		1,903,808
Marathon Petroleum Corp.†		48,185		5,955,666

	NUMBER OF SHARES		VALUE
Energy—(continued)
MEG Energy Corp.*		213,203	$	3,368,748
Peabody Energy Corp.*		143,822		3,926,341
Pioneer Natural Resources Co.		6,950		1,392,849
ProPetro Holding Corp.*		393,335		3,465,281
Schlumberger Ltd.		113,518		6,040,293
Valero Energy Corp.		43,002		5,664,653
				59,710,902
Financials—16.3%
Allstate Corp., (The)†		30,488		3,926,245
Ameriprise Financial, Inc.†		19,817		6,794,655
Aon PLC, Class A		12,185		3,704,849
Arthur J Gallagher & Co.		1,813		339,665
Bank of America Corp.†		222,242		7,622,901
Berkshire Hathaway, Inc., Class B*†		12,373		3,775,992
Charles Schwab Corp., (The)		40,612		3,164,487
Chubb Ltd.		9,263		1,954,678
DBS Group Holdings Ltd.		66,600		1,689,718
Direct Line Insurance Group PLC		544,404		1,178,552
Discover Financial Services†		18,675		2,091,600
East West Bancorp, Inc.†		91,530		6,975,501
Everest Re Group Ltd.		11,500		4,415,655
Fifth Third Bancorp†		196,805		7,144,022
Goldman Sachs Group, Inc., (The)†		6,091		2,141,900
Hana Financial Group, Inc.		51,597		1,769,637
Huntington Bancshares, Inc.†		515,153		7,892,144
ING Groep NV		149,689		2,094,910
JPMorgan Chase & Co.†		58,653		8,407,908
KeyCorp†		223,225		4,082,785
NatWest Group PLC		540,851		1,899,977
Nordea Bank Abp		302,498		3,833,325
Regions Financial Corp.†		137,980		3,217,694
Renaissance Holdings Ltd.		22,049		4,738,330
S&P Global, Inc.		2,669		910,663
Sampo Oyj, Class A		75,679		3,684,060
SLM Corp.†		101,830		1,464,315
Synchrony Financial†		17,433		622,532
Truist Financial Corp.†		75,359		3,538,105
UBS Group AG*		84,726		1,845,332
United Overseas Bank Ltd.		120,100		2,662,093
W R Berkley Corp.†		50,748		3,359,010
Wells Fargo & Co.		187,369		8,763,248
White Mountains Insurance Group Ltd.		895		1,291,995
				122,998,483
Health Care—11.7%
Abbott Laboratories†		3,524		358,461
AbbVie, Inc.†		60,420		9,298,638
Amedisys, Inc.*		5,002		459,934
AmerisourceBergen Corp.		2,693		418,923
Amgen, Inc.		24,157		5,596,211
AstraZeneca PLC		17,532		2,284,032
Avantor, Inc.*†		135,555		3,303,475
Boston Scientific Corp.*†		33,117		1,547,226
Bristol-Myers Squibb Co.		101,910		7,027,714
Centene Corp.*†		51,442		3,518,633
Cigna Corp.†		12,358		3,609,772
CVS Health Corp.†		55,279		4,618,008
Elevance Health, Inc.†		8,878		4,169,730
Envista Holdings Corp.*†		68,485		2,647,630

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

Semi-Annual Report 2023  |  37

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio Of Investments (continued)

	NUMBER OF SHARES		VALUE
Health Care—(continued)
HCA Healthcare, Inc.		9,292	$	2,262,138
Humana, Inc.		5,543		2,743,896
ICON PLC*		12,688		2,862,794
IQVIA Holdings, Inc.*		9,358		1,950,862
Johnson & Johnson†		20,414		3,128,650
Medtronic PLC		16,838		1,394,186
Merck & Co., Inc.		3,245		344,749
Molina Healthcare, Inc.*		2,413		664,371
Novo Nordisk A/S, Class B		9,665		1,365,232
Pfizer, Inc.		12,186		494,386
R1 RCM, Inc.*		113,739		1,615,094
Sanofi		33,050		3,090,112
Sotera Health Co.*†		77,086		1,286,565
Stryker Corp.		4,649		1,222,129
Syneos Health, Inc.*		5,735		230,662
Thermo Fisher Scientific, Inc.		6,304		3,415,255
UCB SA		14,068		1,209,399
UnitedHealth Group, Inc.		15,295		7,279,502
Universal Health Services, Inc., Class B		2,794		373,195
Zimmer Biomet Holdings, Inc.†		21,770		2,696,650
				88,488,214
Industrials—17.1%
Acuity Brands, Inc.		16,046		3,112,282
Advanced Drainage Systems, Inc.		24,078		2,136,441
AGCO Corp.		14,298		2,013,301
Airbus SE		21,247		2,782,725
Allegion PLC		24,601		2,772,779
Allison Transmission Holdings, Inc.†		55,504		2,636,440
AMETEK, Inc.†		31,267		4,426,157
ANDRITZ AG		45,084		2,782,050
ASGN, Inc.*†		34,779		3,088,375
BWX Technologies, Inc.†		41,373		2,528,304
Carlisle Cos., Inc.		11,592		2,993,286
Caterpillar, Inc.		14,486		3,470,121
Clean Harbors, Inc.*		32,158		4,247,107
Copart, Inc.*		65,077		4,585,325
Curtiss-Wright Corp.		14,785		2,584,270
Daimler Truck Holding AG*		89,296		2,828,365
Deere & Co.		7,885		3,305,707
Dover Corp.†		19,039		2,853,946
Eaton Corp., PLC†		19,651		3,437,549
Eiffage SA		24,656		2,705,969
Ferguson PLC		19,903		2,868,022
Fortive Corp.		57,608		3,840,149
FTI Consulting, Inc.*†		42,853		7,872,525
Hexcel Corp.		28,855		2,104,972
Howmet Aerospace, Inc.†		105,593		4,453,913
Landstar System, Inc.		12,830		2,319,536
Leidos Holdings, Inc.†		33,781		3,279,122
nVent Electric PLC		84,685		3,881,960
Otis Worldwide Corp.		43,679		3,696,117
Parker-Hannifin Corp.†		14,649		5,154,251
Resideo Technologies, Inc.*†		71,837		1,317,491
Science Applications International Corp.†		65,935		7,031,308
Sensata Technologies Holding PLC		30,606		1,548,051
Siemens AG		21,019		3,203,119

	NUMBER OF SHARES		VALUE
Industrials—(continued)
Societe BIC SA		32,723	$	2,116,738
Textron, Inc.		49,007		3,554,478
TransUnion		31,685		2,073,150
WESCO International, Inc.*		26,384		4,368,663
Westinghouse Air Brake Technologies Corp.		32,411		3,381,440
				129,355,504
Information Technology—12.5%
Advanced Micro Devices, Inc.*		28,578		2,245,659
Amdocs Ltd.†		21,083		1,931,414
Applied Materials, Inc.		23,105		2,683,646
Arrow Electronics, Inc.*†		15,679		1,849,965
Broadcom, Inc.		11,168		6,637,031
Capgemini SE		23,263		4,362,644
Check Point Software Technologies Ltd.*		41,285		5,107,780
Cisco Systems, Inc.†		111,913		5,418,827
Cognizant Technology Solutions Corp., Class A†		70,820		4,435,457
Concentrix Corp.		28,509		3,901,172
Fair Isaac Corp.*		3,209		2,173,745
FleetCor Technologies, Inc.*†		21,884		4,700,464
Flex Ltd.*†		269,620		6,136,551
Gen Digital, Inc.†		123,919		2,417,660
Jabil, Inc.†		79,508		6,601,549
Juniper Networks, Inc.		101,210		3,115,244
KLA Corp.		4,106		1,557,734
Lam Research Corp.		5,407		2,627,856
Microchip Technology, Inc.†		60,302		4,886,271
Micron Technology, Inc.		38,359		2,217,917
NetApp, Inc.		49,972		3,225,693
NXP Semiconductors NV		13,336		2,380,209
Oracle Corp.†		41,817		3,654,806
QUALCOMM, Inc.		35,819		4,424,721
Samsung Electronics Co., Ltd.		35,974		1,645,988
SS&C Technologies Holdings, Inc.†		70,282		4,125,553
Western Digital Corp.*		12,786		492,005
				94,957,561
Materials—3.9%
Avery Dennison Corp.		15,679		2,856,557
Corteva, Inc.†		101,476		6,320,940
DuPont de Nemours, Inc.†		16,443		1,200,832
FMC Corp.		36,895		4,764,989
Glencore PLC*		971,267		5,790,556
Norsk Hydro ASA		736,924		5,363,898
Olin Corp.		47,169		2,724,010
WestRock Co.		28,113		882,748
				29,904,530
Real Estate—2.4%
Americold Realty Trust, Inc.†		104,400		3,069,360
Equity LifeStyle Properties, Inc.		21,433		1,468,375
Essex Property Trust, Inc.		11,918		2,718,019
Host Hotels & Resorts, Inc.†		92,769		1,558,519
Klepierre SA		38,717		965,588
Lamar Advertising Co., Class A		24,319		2,542,795
Regency Centers Corp.		29,329		1,844,794
Ventas, Inc.		53,940		2,624,181
VICI Properties, Inc.		43,131		1,446,182
				18,237,813

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

38  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio Of Investments (continued)

	NUMBER OF SHARES			VALUE
Utilities—1.5%
American Electric Power Co., Inc.		20,531		$	1,806,112
CenterPoint Energy, Inc.†		110,592			3,076,669
Entergy Corp.		33,860			3,483,178
FirstEnergy Corp.		69,518			2,748,742
					11,114,701
TOTAL COMMON STOCKS (Cost $554,829,279)					713,223,769
WARRANTS—0.0%
Energy—0.0%
Vista Energy SAB de CV*		26			7
TOTAL WARRANTS (Cost $4)					7
SHORT-TERM INVESTMENTS—5.6%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, 4.47%(a)†		4,867			4,867
Federated Hermes U.S. Treasury Cash Reserves, 4.42%(a)†		4,867			4,867
Goldman Sachs Financial Square Funds - Treasury Instruments Fund, 4.48%(a)†		4,867			4,867
MSILF Treasury Securities Portfolio, 4.42%(a)†		4,867			4,867
U.S. Bank Money Market Deposit Account, 4.25%(a)		42,436,474			42,436,474
TOTAL SHORT-TERM INVESTMENTS (Cost $42,455,942)					42,455,942
TOTAL LONG POSITIONS—99.9% (Cost $597,285,225)					755,679,718
SECURITIES SOLD SHORT—(29.3%)
COMMON STOCKS—(29.3%)
Communication Services—(2.3%)
Angi, Inc.*		(585,009	)		(1,497,623	)
AT&T, Inc.		(88,088	)		(1,665,744	)
Cable One, Inc.		(841	)		(580,803	)
Clear Channel Outdoor Holdings, Inc.*		(628,684	)		(1,112,771	)
fuboTV, Inc.*		(299,748	)		(572,519	)
iHeartMedia, Inc., Class A*		(180,527	)		(1,310,626	)
Lions Gate Entertainment Corp., Class A*		(127,619	)		(1,354,038	)
Madison Square Garden Entertainment Corp.*		(27,875	)		(1,687,274	)
Paramount Global, Class B		(152,274	)		(3,261,709	)
Proximus SADP		(51,628	)		(475,434	)
Roblox Corp., Class A*		(16,424	)		(601,775	)
Telia Co., AB		(812,839	)		(2,099,063	)
Warner Music Group Corp., Class A		(49,247	)		(1,554,235	)
					(17,773,614	)
Consumer Discretionary—(5.2%)
Accor SA*		(59,358	)		(1,970,048	)
Acushnet Holdings Corp.		(23,256	)		(1,122,335	)
Adient PLC*		(23,171	)		(989,865	)
Carnival Corp.*		(42,228	)		(448,461	)
Cheesecake Factory Inc., (The)		(27,852	)		(1,042,779	)
Choice Hotels International, Inc.		(17,522	)		(2,073,904	)

	NUMBER OF SHARES			VALUE
Consumer Discretionary—(continued)
Dick’s Sporting Goods, Inc.		(22,080	)	$	(2,840,150	)
Etsy, Inc.*		(9,810	)		(1,191,032	)
Genius Sports Ltd.*		(124,909	)		(604,560	)
Golden Entertainment, Inc.*		(33,471	)		(1,375,993	)
Hyatt Hotels Corp., Class A*		(18,640	)		(2,166,714	)
LGI Homes, Inc.*		(16,890	)		(1,761,796	)
Life Time Group Holdings, Inc.*		(122,486	)		(2,213,322	)
Lululemon Athletica, Inc.*		(2,273	)		(702,812	)
Mattel, Inc.*		(52,079	)		(936,901	)
Membership Collective Group, Inc., Class A*		(220,189	)		(1,473,064	)
Moncler SpA		(21,186	)		(1,291,411	)
Pearson PLC		(103,441	)		(1,144,229	)
Portillo’s, Inc., Class A*		(32,355	)		(735,106	)
QuantumScape Corp.*		(374,453	)		(3,583,515	)
Rakuten Group, Inc.		(465,000	)		(2,292,071	)
RH*		(2,513	)		(751,462	)
Shake Shack, Inc., Class A*		(9,331	)		(520,576	)
Texas Roadhouse, Inc.		(6,842	)		(694,737	)
Whitbread PLC		(24,978	)		(926,395	)
Williams-Sonoma, Inc.		(13,030	)		(1,627,708	)
Wingstop, Inc.		(8,886	)		(1,513,730	)
Yum China Holdings, Inc.		(16,769	)		(984,843	)
					(38,979,519	)
Consumer Staples—(1.8%)
B&G Foods, Inc.		(84,028	)		(1,064,635	)
Beyond Meat, Inc.*		(40,159	)		(716,437	)
Central Garden & Pet Co., Class A*		(79,533	)		(3,056,453	)
Clorox Co., (The)		(10,339	)		(1,607,094	)
Coca-Cola Bottlers Japan Holdings, Inc.		(160,800	)		(1,692,716	)
Hormel Foods Corp.		(25,458	)		(1,129,826	)
Kimberly-Clark Corp.		(16,838	)		(2,105,592	)
McCormick & Co., Inc.		(17,394	)		(1,292,722	)
Oatly Group AB - ADR*		(418,784	)		(921,325	)
					(13,586,800	)
Energy—(1.5%)
Antero Resources Corp.*		(36,275	)		(950,405	)
Chesapeake Energy Corp.		(11,679	)		(943,780	)
Comstock Resources, Inc.		(114,644	)		(1,391,778	)
Coterra Energy, Inc.		(57,220	)		(1,428,783	)
Enviva, Inc.		(43,161	)		(1,880,093	)
EQT Corp.		(42,292	)		(1,403,249	)
Permian Resources Corp.		(126,169	)		(1,363,887	)
Vital Energy, Inc.*		(45,336	)		(2,329,817	)
					(11,691,792	)
Financials—(2.9%)
Ashmore Group PLC		(735,024	)		(2,389,775	)
B Riley Financial, Inc.		(73,059	)		(2,906,287	)
Cincinnati Financial Corp.		(9,721	)		(1,173,325	)
Credit Suisse Group AG		(266,886	)		(804,576	)
Deutsche Bank AG		(36,855	)		(459,482	)
Erie Indemnity Co., Class A		(4,814	)		(1,133,167	)
Hang Seng Bank Ltd.		(227,000	)		(3,692,504	)
Selective Insurance Group, Inc.		(7,769	)		(788,787	)
SoFi Technologies, Inc.*		(249,035	)		(1,643,631	)
T Rowe Price Group, Inc.		(30,337	)		(3,406,238	)
Trupanion, Inc.*		(9,544	)		(566,723	)
United Bankshares, Inc.		(64,046	)		(2,611,155	)
					(21,575,650	)

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

Semi-Annual Report 2023  |  39

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio Of Investments (continued)

	NUMBER OF SHARES			VALUE
Health Care—(2.0%)
Align Technology, Inc.*		(3,820	)	$	(1,182,290	)
Ambu A/S, Class B		(24,850	)		(364,154	)
Ascendis Pharma A/S - ADR*		(7,592	)		(843,395	)
Cassava Sciences, Inc.*		(14,675	)		(362,473	)
Celldex Therapeutics, Inc.*		(19,363	)		(828,543	)
Doximity, Inc., Class A*		(33,539	)		(1,127,917	)
Glaukos Corp.*		(12,300	)		(580,929	)
GoodRx Holdings, Inc., Class A*		(185,042	)		(978,872	)
Guardant Health, Inc.*		(23,593	)		(728,788	)
Idorsia Ltd.*		(41,421	)		(546,977	)
Intra-Cellular Therapies, Inc.*		(14,836	)		(727,409	)
Mirati Therapeutics, Inc.*		(7,301	)		(334,678	)
ModivCare, Inc.*		(8,580	)		(842,470	)
Neogen Corp.*		(67,022	)		(1,185,619	)
Oak Street Health, Inc.*		(33,506	)		(1,186,112	)
Oxford Nanopore Technologies PLC*		(133,540	)		(335,515	)
Tandem Diabetes Care, Inc.*		(15,572	)		(558,412	)
Teladoc Health, Inc.*		(40,044	)		(1,060,766	)
Ventyx Biosciences, Inc.*		(17,884	)		(773,483	)
West Pharmaceutical Services, Inc.		(2,649	)		(839,812	)
					(15,388,614	)
Industrials—(6.5%)
AeroVironment, Inc.*		(35,665	)		(3,057,917	)
American Airlines Group, Inc.*		(74,818	)		(1,195,592	)
Array Technologies, Inc.*		(142,242	)		(2,665,615	)
AZEK Co., Inc., (The)*		(134,708	)		(3,245,116	)
General Electric Co.		(32,605	)		(2,761,969	)
Hayward Holdings, Inc.*		(206,943	)		(2,547,468	)
Healthcare Services Group, Inc.*		(52,373	)		(694,990	)
Husqvarna AB, Class B		(340,775	)		(3,017,241	)
InPost SA*		(285,328	)		(2,361,173	)
Joby Aviation, Inc.*		(231,439	)		(1,087,763	)
Kennametal, Inc.		(101,342	)		(2,871,019	)
Kratos Defense & Security Solutions, Inc.*		(248,264	)		(3,140,539	)
Mercury Systems, Inc.*		(44,330	)		(2,320,232	)
Oshkosh Corp.		(27,806	)		(2,480,017	)
Pentair PLC		(44,082	)		(2,465,947	)
Proto Labs, Inc.*		(55,081	)		(1,731,747	)
Rolls-Royce Holdings PLC*		(1,131,611	)		(1,971,602	)
Saia, Inc.*		(6,464	)		(1,750,904	)
Triton International Ltd.		(29,250	)		(2,016,495	)
Vertiv Holdings Co.		(191,515	)		(3,112,119	)
Watsco, Inc.		(7,942	)		(2,420,007	)
					(48,915,472	)
Information Technology—(3.7%)
Appfolio, Inc., Class A*		(17,369	)		(2,293,750	)
BlackBerry Ltd.*		(418,851	)		(1,625,142	)
Entegris, Inc.		(30,669	)		(2,613,919	)
GCL Technology Holdings Ltd.*		(10,225,000	)		(2,633,087	)
Itron, Inc.*		(35,874	)		(2,000,693	)
Jamf Holding Corp.*		(127,908	)		(2,714,208	)
Melexis NV		(19,462	)		(2,105,113	)
Napco Security Technologies, Inc.*		(70,393	)		(2,224,419	)
Palantir Technologies, Inc., Class A*		(366,071	)		(2,869,997	)
Procore Technologies, Inc.*		(44,510	)		(2,981,725	)
Taiyo Yuden Co., Ltd.		(59,600	)		(1,804,807	)
Unity Software, Inc.*		(78,973	)		(2,403,938	)
					(28,270,798	)

			NUMBER OF SHARES			VALUE
Materials—(2.1%)
Antofagasta PLC				(47,451	)	$	(895,105	)
AptarGroup, Inc.				(8,615	)		(1,005,543	)
Ball Corp.				(27,317	)		(1,535,489	)
Huntsman Corp.				(112,638	)		(3,304,799	)
Kumba Iron Ore Ltd.				(53,067	)		(1,383,874	)
Mitsui Chemicals, Inc.				(63,200	)		(1,524,708	)
Nippon Paper Industries Co., Ltd.				(278,100	)		(2,224,184	)
Siam Cement PCL, (The) - NVDR				(188,600	)		(1,744,653	)
Southern Copper Corp.				(26,705	)		(1,967,891	)
							(15,586,246	)
Real Estate—(1.0%)
Howard Hughes Corp., (The)*				(12,786	)		(1,062,772	)
Macerich Co., (The)				(68,451	)		(817,989	)
Nomura Real Estate Master Fund, Inc.*				(990	)		(1,097,370	)
Rexford Industrial Realty, Inc.				(20,323	)		(1,228,729	)
SL Green Realty Corp.				(32,915	)		(1,120,756	)
Unibail-Rodamco-Westfield*				(19,442	)		(1,228,489	)
WeWork, Inc., Class A*				(678,767	)		(787,370	)
							(7,343,475	)
Utilities—(0.3%)
Avangrid, Inc.				(55,946	)		(2,183,572	)
TOTAL COMMON STOCKS (Proceeds $(245,872,950))							(221,295,552	)
TOTAL SECURITIES SOLD SHORT—(29.3%) (Proceeds $(245,872,950))							(221,295,552	)
	NUMBER OF CONTRACTS			NOTIONAL AMOUNT
OPTIONS WRITTEN ††—0.0%
Call Options Written—(0.0%)
US Foods Holding Corp. Expiration: 03/17/2023, Exercise Price: 40.00	(263	)		(987,039	)		(6,049	)
TOTAL CALL OPTIONS WRITTEN (Premiums received $(26,478))							(6,049	)
TOTAL OPTIONS WRITTEN (Premiums received $(26,478))							(6,049	)
OTHER ASSETS IN EXCESS OF LIABILITIES—29.4%							222,326,026
NET ASSETS—100.0%						$	756,704,143

ADR	American Depositary Receipt
PLC	Public Limited Company
SP ADR	Sponsored American Depositary Receipt
NVDR	Non-Voting Depository Receipt
*	Non-income producing.
(a)	The rate shown is as of February 28, 2023.
†	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
#	Security segregated as collateral for options written.
††	Primary risk exposure is equity contracts.
	Industry classifications may be different than those used for compliance monitoring purposes.

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

40  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio Of Investments (continued)

Contracts For Difference held by the Fund at February 28, 2023, are as follows:

REFERENCE COMPANY	COUNTERPARTY	EXPIRATION DATE	FINANCING RATE			PAYMENT FREQUENCY	NUMBER OF CONTRACTS LONG/ (SHORT)			NOTIONAL AMOUNT			UNREALIZED APPRECIATION (DEPRECIATION)
Long
United States
International Game Technology	Goldman Sachs	12/08/2025		4.58	%	Termination		123,435		$	3,278,434			$	263,345
Total Long											3,278,434				263,345
Short
Australia
Commonwealth Bank of Australia	Morgan Stanley	12/08/2025		3.33		Termination		(50,944	)	$	(3,451,686	)		$	197,112
WiseTech Global Ltd.	Morgan Stanley	12/08/2025		3.33		Termination		(45,093	)		(1,911,620	)			(207,244	)
											(5,363,306	)			(10,132	)
China
Shenzhen Goodix Technology Co., Ltd., Class A	Morgan Stanley	02/23/2026		4.58		Termination		(22,700	)		(175,760	)			15,661
Shenzhen Goodix Technology Co., Ltd., Class A	Goldman Sachs	12/08/2025		4.58		Termination		(153,700	)		(1,190,060	)			(29,179	)
Tongwei Co., Ltd., Class A	Goldman Sachs	01/19/2026		4.58		Termination		(334,900	)		(2,022,122	)			(71,861	)
											(3,387,942	)			(85,379	)
Germany
Deutsche Bank AG	Morgan Stanley	12/08/2025		2.48		Termination		(204,466	)		(2,551,905	)			(373,703	)
Japan
Nippon Shinyaku Co., Ltd.	Morgan Stanley	12/08/2025		-0.01		Termination		(12,500	)		(560,024	)			151,482
South Korea
Kakaobank Corp.	Goldman Sachs	12/08/2025		4.58		Termination		(43,760	)		(881,318	)			46,253
Krafton, Inc.	Morgan Stanley	12/08/2025		4.58		Termination		(11,652	)		(1,495,190	)			95,045
											(2,376,508	)			141,298
Switzerland
Credit Suisse Group AG	Morgan Stanley	12/31/2025		0.94		Termination		(166,168	)		(503,171	)			(1,615	)
Credit Suisse Group AG	Morgan Stanley	12/08/2025		0.94		Termination		(785,636	)		(2,378,971	)			87,060
Vat Group AG	Morgan Stanley	12/08/2025		0.94		Termination		(8,138	)		(2,457,342	)			(153,800	)
											(5,339,484	)			(68,355	)
Taiwan
Acer, Inc.	Goldman Sachs	12/08/2025		4.58		Termination		(1,489,000	)		(1,238,818	)			(70,034	)
Asustek Computer, Inc.	Goldman Sachs	12/08/2025		4.58		Termination		(183,000	)		(1,669,670	)			31,230
Compal Electronics	Goldman Sachs	12/08/2025		4.58		Termination		(1,420,000	)		(1,125,486	)			(106,470	)
Pan Jit International, Inc.	Goldman Sachs	12/08/2025		4.58		Termination		(1,101,000	)		(2,413,784	)			(27,224	)
SDI Corporation	Goldman Sachs	12/08/2025		4.58		Termination		(201,000	)		(817,998	)			(91,842	)
Taiwan Cement	Goldman Sachs	12/12/2025		4.58		Termination		(1,950,000	)		(2,505,537	)			(403,660	)
								��			(9,771,293	)			(668,000	)
United States
Affirm Holdings, Inc.	Goldman Sachs	03/02/2026		4.58		Termination		(5,463	)		(74,406	)			(2,854	)
Affirm Holdings, Inc.	Morgan Stanley	12/08/2025		4.58		Termination		(25,827	)		(351,764	)			(42,744	)
Alexandria Real Estate Equities, Inc.	Morgan Stanley	12/08/2025		4.58		Termination		(8,467	)		(1,268,187	)			(27,856	)
AMERCO - Non-Voting	Morgan Stanley	12/08/2025		4.58		Termination		(50,121	)		(2,788,231	)			274,162
Ameresco, Inc., Class A	Morgan Stanley	12/08/2025		4.58		Termination		(39,320	)		(1,728,114	)			706,187
Bank of Hawaii Corp.	Goldman Sachs	03/02/2026		4.58		Termination		(8,829	)		(660,939	)			(2,215	)
Bank of Hawaii Corp.	Morgan Stanley	12/08/2025		4.58		Termination		(41,744	)		(3,124,956	)			115,213
BlackLine, Inc.	Morgan Stanley	12/08/2025		4.58		Termination		(36,233	)		(2,476,888	)			(215,586	)
Ceridian HCM Holding, Inc.	Morgan Stanley	12/08/2025		4.58		Termination		(17,260	)		(1,258,772	)			(175,707	)
Chipotle Mexican Grill, Inc.	Morgan Stanley	12/08/2025		4.58		Termination		(1,033	)		(1,540,286	)			17,892
Coinbase Global, Inc., Class A	Morgan Stanley	12/08/2025		4.58		Termination		(4,121	)		(267,164	)			(92,393	)
Coinbase Global, Inc., Class A	Goldman Sachs	03/02/2026		4.58		Termination		(872	)		(56,532	)			(4,918	)
Commerce Bancshares, Inc.	Morgan Stanley	12/08/2025		4.58		Termination		(53,765	)		(3,556,554	)			88,175
Community Bank System, Inc	Morgan Stanley	12/08/2025		4.58		Termination		(59,128	)		(3,609,763	)			76,866
Coty, Inc., Class A	Morgan Stanley	12/08/2025		4.58		Termination		(236,252	)		(2,669,648	)			(791,445	)
Coty, Inc., Class A	Goldman Sachs	12/15/2025		4.58		Termination		(17,885	)		(202,101	)			(60,501	)
Credit Acceptance Corp.	Goldman Sachs	03/02/2026		4.58		Termination		(773	)		(343,475	)			277
Credit Acceptance Corp.	Morgan Stanley	12/08/2025		4.58		Termination		(3,653	)		(1,623,174	)			48,987
Cullen/Frost Bankers, Inc.	Morgan Stanley	12/08/2025		4.58		Termination		(10,428	)		(1,374,619	)			67,573

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

Semi-Annual Report 2023  |  41

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio Of Investments (continued)

REFERENCE COMPANY	COUNTERPARTY	EXPIRATION DATE	FINANCING RATE		PAYMENT FREQUENCY	NUMBER OF CONTRACTS LONG/ (SHORT)			NOTIONAL AMOUNT			UNREALIZED APPRECIATION (DEPRECIATION)
CVB Financial Corp.	Morgan Stanley	12/08/2025		4.58	Termination		(26,525	)	$	(634,743	)		$	96,551
Definitive Healthcare Corp.	Morgan Stanley	12/08/2025		4.58	Termination		(61,023	)		(696,883	)			14,035
Extra Space Storage, Inc.	Morgan Stanley	12/08/2025		4.58	Termination		(7,610	)		(1,252,987	)			(65,522	)
Figs, Inc., Class A	Morgan Stanley	12/08/2025		4.58	Termination		(95,152	)		(876,350	)			(153,195	)
First Financial Bankshares, Inc.	Morgan Stanley	12/08/2025		4.58	Termination		(82,962	)		(3,043,046	)			(92,917	)
First Financial Bankshares, Inc.	Goldman Sachs	03/02/2026		4.58	Termination		(17,547	)		(643,624	)			6,772
Floor & Decor Holdings, Inc., Class A	Morgan Stanley	12/08/2025		4.58	Termination		(21,940	)		(2,014,311	)			(433,754	)
Glacier Bancorp, Inc.	Goldman Sachs	03/02/2026		4.58	Termination		(12,930	)		(612,623	)			(51	)
Glacier Bancorp, Inc.	Morgan Stanley	12/08/2025		4.58	Termination		(61,131	)		(2,896,387	)			455,426
Guidewire Software, Inc.	Morgan Stanley	12/08/2025		4.58	Termination		(36,360	)		(2,552,836	)			(497,768	)
Kinsale Capital Group, Inc.	Morgan Stanley	12/08/2025		4.58	Termination		(11,122	)		(3,544,580	)			(312,862	)
La-Z-Boy, Inc.	Morgan Stanley	12/08/2025		4.58	Termination		(60,325	)		(1,953,324	)			(478,377	)
La-Z-Boy, Inc.	Goldman Sachs	12/15/2025		4.58	Termination		(5,188	)		(167,987	)			(42,591	)
Lowe’s Cos., Inc.	Morgan Stanley	12/08/2025		4.58	Termination		(8,644	)		(1,778,503	)			(33,193	)
Moody’s Corp.	Goldman Sachs	03/02/2026		4.58	Termination		(2,022	)		(586,683	)			235
Moody’s Corp.	Morgan Stanley	12/08/2025		4.58	Termination		(9,558	)		(2,773,254	)			23,417
Myriad Genetics, Inc.	Morgan Stanley	12/08/2025		4.58	Termination		(31,441	)		(594,864	)			18,550
National Beverage Corp.	Morgan Stanley	12/08/2025		4.58	Termination		(40,199	)		(1,875,283	)			125,421
National Beverage Corp.	Goldman Sachs	12/15/2025		4.58	Termination		(2,534	)		(118,211	)			10,039
Novanta, Inc.	Morgan Stanley	12/08/2025		4.58	Termination		(13,027	)		(2,044,067	)			(102,262	)
RLI Corp.	Morgan Stanley	12/08/2025		4.58	Termination		(22,213	)		(3,063,395	)			(214,578	)
Rocket Cos., Inc., Class A	Goldman Sachs	03/02/2026		4.58	Termination		(20,002	)		(157,216	)			780
Rocket Cos., Inc., Class A	Morgan Stanley	12/08/2025		4.58	Termination		(94,567	)		(743,297	)			37,827
Wayfair Inc., Class A	Morgan Stanley	12/08/2025		4.58	Termination		(12,039	)		(487,459	)			(41,775	)
WD-40 Co.	Morgan Stanley	12/08/2025		4.58	Termination		(14,202	)		(2,463,053	)			(86,206	)
WD-40 Co.	Goldman Sachs	12/15/2025		4.58	Termination		(667	)		(115,678	)			(4,412	)
Westamerica Bancorporation	Morgan Stanley	12/08/2025		4.58	Termination		(12,390	)		(682,937	)			60,587
Wolfspeed, Inc.	Morgan Stanley	12/08/2025		4.58	Termination		(17,201	)		(1,272,530	)			116,795
										(68,621,684	)			(1,613,915	)
Total Short										(97,972,146	)			(2,526,704	)
Net unrealized gain/(loss) on Contracts For Difference													$	(2,263,359	)

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

42  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Portfolio Of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2023 is as follows (see Notes to Portfolio of Investments):

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Common Stock
Communication Services	$	39,883,747		$	31,357,377		$	8,526,370		$	—
Consumer Discretionary		73,089,679			58,026,495			15,063,184			—
Consumer Staples		45,482,635			45,482,635			—			—
Energy		59,710,902			59,710,902			—			—
Financials		122,998,483			104,186,211			18,812,272			—
Health Care		88,488,214			80,539,439			7,948,775			—
Industrials		129,355,504			112,936,538			16,418,966			—
Information Technology		94,957,561			88,948,929			6,008,632			—
Materials		29,904,530			18,750,076			11,154,454			—
Real Estate		18,237,813			17,272,225			965,588			—
Utilities		11,114,701			11,114,701			—			—
Warrants		7			7			—			—
Short-Term Investments		42,455,942			42,455,942			—			—
Contracts For Difference
Equity Contracts		3,248,955			3,248,955			—			—
Total Assets	$	758,928,673		$	674,030,432		$	84,898,241		$	—
	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Securities Sold Short
Communication Services	$	(17,773,614	)	$	(15,199,117	)	$	(2,574,497	)	$	—
Consumer Discretionary		(38,979,519	)		(31,355,365	)		(7,624,154	)		—
Consumer Staples		(13,586,800	)		(11,894,084	)		(1,692,716	)		—
Energy		(11,691,792	)		(11,691,792	)		—			—
Financials		(21,575,650	)		(14,229,313	)		(7,346,337	)		—
Health Care		(15,388,614	)		(14,141,968	)		(1,246,646	)		—
Industrials		(48,915,472	)		(41,565,456	)		(7,350,016	)		—
Information Technology		(28,270,798	)		(21,727,791	)		(6,543,007	)		—
Materials		(15,586,246	)		(7,813,722	)		(7,772,524	)		—
Real Estate		(7,343,475	)		(5,017,616	)		(2,325,859	)		—
Utilities		(2,183,572	)		(2,183,572	)		—			—
Options Written
Equity Contracts		(6,049	)		(6,049	)		—			—
Contracts For Difference
Equity Contracts		(5,512,314	)		(5,512,314	)		—			—
Total Liabilities	$	(226,813,915	)	$	(182,338,159	)	$	(44,475,756	)	$	—

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

Semi-Annual Report 2023  |  43

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio Of Investments

	NUMBER OF SHARES		VALUE
LONG POSITIONS—103.3%
COMMON STOCKS—86.1%
Austria—0.7%
Andritz AG		19,888	$	1,227,252
Bermuda—2.5%
Everest Re Group Ltd.†#		10,745		4,125,758
Brazil—0.7%
Banco do Brasil SA*		142,400		1,098,031
Canada—7.7%
Canadian Natural Resources Ltd.		42,930		2,426,040
Cenovus Energy, Inc.#		77,222		1,423,974
Cenovus Energy, Inc.#		55,917		1,031,053
MEG Energy Corp.*		48,686		769,271
Suncor Energy, Inc.		122,262		4,109,150
Teck Resources Ltd., Class B		79,825		3,186,614
				12,946,102
China—2.0%
Alibaba Group Holding Ltd.*		307,200		3,376,572
Meituan, Class B*		2,550		44,255
				3,420,827
Finland—0.9%
Nordea Bank Abp		118,761		1,504,967
France—6.8%
AXA SA		48,653		1,533,125
Capgemini SE		8,333		1,562,736
Imerys SA		37,393		1,659,289
Kering SA		1,514		887,688
Rexel SA		48,098		1,195,596
Sanofi		39,649		3,707,106
SPIE SA		32,427		889,050
				11,434,590
Germany—2.4%
Brenntag SE		19,990		1,505,708
Daimler Truck Holding AG*		22,992		728,249
Siemens AG		11,481		1,749,608
				3,983,565
India—1.4%
HDFC Bank Ltd. - ADR†		34,514		2,334,527
Ireland—3.7%
Flutter Entertainment PLC*		10,543		1,684,892
ICON PLC*		7,802		1,760,365
Ryanair Holdings PLC*		173,239		2,697,811
				6,143,068
Israel—1.2%
Check Point Software Technologies Ltd.*		15,775		1,951,683
Japan—8.5%
Fuji Corp.		48,900		740,595
Idemitsu Kosan Co., Ltd.		34,700		767,963
IHI Corp.		71,500		1,856,777
Komatsu Ltd.		72,600		1,736,984
Renesas Electronics Corp.*		458,000		5,916,213
Sony Group Corp.		28,400		2,374,708
Subaru Corp.		53,200		852,330
				14,245,570
Netherlands—3.5%
Aalberts NV		46,594		2,264,996
ING Groep NV		59,293		829,811
Stellantis NV		158,358		2,760,076
				5,854,883

	NUMBER OF SHARES		VALUE
Norway—0.3%
Norsk Hydro ASA		59,462	$	432,810
Singapore—1.4%
Genting Singapore Ltd.		1,002,200		758,137
United Overseas Bank Ltd.		73,000		1,618,092
				2,376,229
South Korea—1.4%
Hana Financial Group, Inc.		27,421		940,465
POSCO Holdings, Inc.		5,494		1,324,183
				2,264,648
Switzerland—5.0%
Glencore PLC*		505,910		3,016,163
STMicroelectronics NV		86,191		4,128,678
UBS Group AG*		58,744		1,276,815
				8,421,656
United Kingdom—2.6%
Coca-Cola Europacific Partners PLC†		12,711		699,105
Endeavour Mining PLC		58,184		1,211,012
Ferroglobe PLC*†		120,880		603,191
IMI PLC		96,401		1,802,526
				4,315,834
United States—33.4%
Activision Blizzard, Inc.†		13,836		1,054,995
AGCO Corp.†		21,495		3,026,711
Alphabet, Inc., Class C*†#		16,241		1,466,562
Applied Materials, Inc.†		11,374		1,321,090
AutoZone, Inc.*#		612		1,521,762
Bank of America Corp.†		61,717		2,116,893
Booking Holdings, Inc.*#		1,568		3,957,632
Centene Corp.*†		53,479		3,657,963
Cigna Corp., (The)†#		11,862		3,464,890
Cisco Systems, Inc.†		52,220		2,528,492
Concentrix Corp.†		12,617		1,726,510
CVS Health Corp.†		34,196		2,856,734
Diamondback Energy, Inc.†#		12,708		1,786,491
FleetCor Technologies, Inc.*		9,462		2,032,343
FMC Corp.†#		8,864		1,144,786
JPMorgan Chase & Co.†#		13,316		1,908,849
Lennar Corp., Class A†#		17,993		1,740,643
Micron Technology, Inc.†#		18,346		1,060,766
NexTier Oilfield Solutions, Inc.*		210,696		1,923,654
Oracle Corp.†#		52,722		4,607,903
Ovintiv, Inc.		16,080		687,628
ProFrac Holding Corp., Class A*†		61,591		1,178,236
QUALCOMM, Inc.†		11,362		1,403,548
StoneX Group, Inc.*†		9,290		936,711
US Foods Holding Corp.*†		42,177		1,582,903
Wells Fargo & Co.#		111,144		5,198,205
				55,892,900
TOTAL COMMON STOCKS (Cost $124,800,164)				143,974,900
SHORT-TERM INVESTMENTS—17.2%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, 4.47%(a)†		913,000		913,000
Federated Hermes U.S. Treasury Cash Reserves, 4.42%(a)†		913,000		913,000
Goldman Sachs Financial Square Funds - Treasury Instruments Fund, 4.48%(a)†		913,000		913,000

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

44  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio Of Investments (continued)

	NUMBER OF SHARES			VALUE
SHORT-TERM INVESTMENTS—(continued)
MSILF Treasury Securities Portfolio, 4.42%(a)†		913,000		$	913,000
Tri-State Deposit, 4.45%(a)		16,175,293			16,175,293
U.S. Bank Money Market Deposit Account, 4.25%(a)		8,989,343			8,989,343
TOTAL SHORT-TERM INVESTMENTS (Cost $28,816,636)					28,816,636
TOTAL LONG POSITIONS—103.3% (Cost $153,616,800)					172,791,536
SECURITIES SOLD SHORT—(39.7%)
COMMON STOCKS—(39.7%)
Australia—(0.8%)
Commonwealth Bank of Australia		(13,747	)		(928,735	)
Fortescue Metals Group Ltd.		(27,343	)		(391,824	)
					(1,320,559	)
Belgium—(1.0%)
Melexis NV		(9,398	)		(1,016,538	)
Umicore SA		(18,230	)		(607,579	)
					(1,624,117	)
Bermuda—(0.5%)
Triton International Ltd.		(12,582	)		(867,403	)
Canada—(0.8%)
Lululemon Athletica, Inc.*		(2,441	)		(754,757	)
Saputo, Inc.		(18,923	)		(506,740	)
					(1,261,497	)
China—(0.4%)
Yum China Holdings, Inc.		(11,219	)		(658,892	)
Denmark—(0.4%)
Ambu A/S, Class B		(45,039	)		(660,005	)
Finland—(0.4%)
Valmet Oyj		(17,749	)		(585,702	)
France—(0.5%)
Unibail-Rodamco-Westfield*		(13,689	)		(864,972	)
Germany—(0.8%)
Covestro AG		(19,641	)		(863,425	)
Varta AG		(17,849	)		(530,629	)
					(1,394,054	)
Hong Kong—(0.3%)
Techtronic Industries Co., Ltd.		(52,500	)		(522,861	)
Ireland—(0.6%)
Trane Technologies PLC		(5,698	)		(1,053,959	)
Japan—(3.5%)
Aeon Co., Ltd.		(23,000	)		(428,993	)
Hirose Electric Co., Ltd.		(3,600	)		(440,151	)
Lasertec Corp.		(5,200	)		(845,496	)
Murata Manufacturing Co., Ltd.		(14,500	)		(776,147	)
Musashi Seimitsu Industry Co., Ltd.		(62,500	)		(806,936	)
Nidec Corp.		(9,800	)		(497,345	)
Nippon Paper Industries Co., Ltd.		(45,200	)		(361,500	)
Nomura Real Estate Master Fund, Inc.*		(667	)		(739,339	)
Rakuten Group, Inc.		(178,400	)		(879,366	)
					(5,775,273	)
Netherlands—(0.3%)
Universal Music Group NV		(22,501	)		(530,153	)

	NUMBER OF SHARES			VALUE
New Zealand—(0.4%)
Xero Ltd.*		(12,888	)	$	(671,258	)
Norway—(0.4%)
Crayon Group Holding ASA*		(80,783	)		(728,684	)
Sweden—(1.7%)
Epiroc AB*		(30,974	)		(595,255	)
EQT AB		(26,263	)		(587,357	)
Husqvarna AB, Class B		(104,099	)		(921,698	)
Telia Co., AB		(300,878	)		(776,983	)
					(2,881,293	)
Switzerland—(3.7%)
Bucher Industries AG		(876	)		(395,987	)
Credit Suisse Group AG		(233,211	)		(703,056	)
EMS-Chemie Holding AG		(953	)		(722,106	)
Givaudan SA		(277	)		(834,956	)
Idorsia Ltd.*		(61,451	)		(811,480	)
Kardex Holding AG		(4,236	)		(787,813	)
Kuehne + Nagel International AG		(1,631	)		(417,597	)
Logitech International SA		(20,430	)		(1,115,897	)
VAT Group AG*		(1,287	)		(388,477	)
					(6,177,369	)
United Kingdom—(0.5%)
Haleon PLC - ADR*		(111,379	)		(877,667	)
United States—(22.7%)
Ameresco, Inc., Class A*		(14,929	)		(656,130	)
Antero Resources Corp.*		(24,229	)		(634,800	)
Appfolio, Inc., Class A*		(3,729	)		(492,452	)
AptarGroup, Inc.		(9,220	)		(1,076,158	)
Avangrid, Inc.		(12,376	)		(483,035	)
AZEK Co Inc/The*		(29,815	)		(718,243	)
Ball Corp.		(9,665	)		(543,270	)
Cassava Sciences, Inc.*		(14,725	)		(363,707	)
Central Garden & Pet Co., Class A*		(8,711	)		(334,764	)
Ceridian HCM Holding, Inc.*		(10,027	)		(731,269	)
Cheesecake Factory Inc., (The)		(13,863	)		(519,031	)
Chipotle Mexican Grill, Inc.*		(449	)		(669,495	)
Cincinnati Financial Corp.		(6,704	)		(809,173	)
Coinbase Global, Inc., Class A*		(4,653	)		(301,654	)
Coterra Energy, Inc.		(31,479	)		(786,031	)
Credit Acceptance Corp.*		(2,570	)		(1,141,954	)
Cullen/Frost Bankers, Inc.		(3,954	)		(521,216	)
Doximity, Inc., Class A*		(11,205	)		(376,824	)
EQT Corp.		(16,994	)		(563,861	)
First Financial Bankshares, Inc.		(21,395	)		(784,769	)
Floor & Decor Holdings, Inc., Class A*		(13,483	)		(1,237,874	)
General Electric Co.		(6,172	)		(522,830	)
Greif, Inc., Class A		(10,310	)		(732,525	)
Hormel Foods Corp.		(13,137	)		(583,020	)
Huntsman Corp.		(14,752	)		(432,824	)
iHeartMedia, Inc., Class A*		(29,090	)		(211,193	)
LGI Homes, Inc.*		(7,717	)		(804,960	)
Lightwave Logic, Inc.*		(50,492	)		(297,903	)
Lowe’s Cos., Inc.		(3,223	)		(663,132	)
Lucid Group, Inc.*		(38,222	)		(348,967	)
Matador Resources Co.		(22,426	)		(1,206,295	)
Mattel, Inc.*		(55,652	)		(1,001,179	)
McCormick & Co., Inc.		(14,709	)		(1,093,173	)
Mercury Systems, Inc.*		(6,113	)		(319,954	)

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

Semi-Annual Report 2023  |  45

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio Of Investments (continued)

				NUMBER OF SHARES			VALUE
United States—(continued)
Mosaic Co., (The)					(10,289	)	$	(547,272	)
National Beverage Corp.*					(13,281	)		(619,559	)
Paramount Global, Class B					(44,819	)		(960,023	)
Permian Resources Corp.					(48,561	)		(524,944	)
Portillo’s, Inc., Class A*					(29,540	)		(671,149	)
PureCycle Technologies, Inc.*					(52,237	)		(333,272	)
QuantumScape Corp.*					(33,935	)		(324,758	)
Saia, Inc.*					(2,310	)		(625,710	)
Selective Insurance Group, Inc.					(6,353	)		(645,020	)
Southern Copper Corp.					(15,900	)		(1,171,671	)
Steel Dynamics, Inc.					(3,320	)		(418,685	)
Summit Materials, Inc., Class A*					(33,924	)		(1,002,117	)
T Rowe Price Group, Inc.					(20,711	)		(2,325,431	)
Tandem Diabetes Care, Inc.*					(11,241	)		(403,102	)
Tesla, Inc.*					(9,024	)		(1,856,327	)
Warner Music Group Corp.,
Class A					(13,942	)		(440,010	)
Watsco, Inc.					(3,649	)		(1,111,887	)
WD-40 Co.					(4,008	)		(695,107	)
West Pharmaceutical Services, Inc.					(1,737	)		(550,681	)
Wingstop, Inc.					(2,812	)		(479,024	)
Wolfspeed, Inc.*					(4,305	)		(318,484	)
								(37,987,898	)
TOTAL COMMON STOCKS (Proceeds $(66,336,427))								(66,443,616	)
TOTAL SECURITIES SOLD SHORT—(39.7%) (Proceeds $(66,336,427))								(66,443,616	)
	NUMBER OF CONTRACTS			NOTIONAL AMOUNT
OPTIONS WRITTEN ††—(1.6%)
Call Options Written—(1.6%)
Alphabet, Inc. Expiration: 04/21/2023, Exercise Price: 80.00		(162	)		(1,462,860	)		(194,400	)
AutoZone, Inc. Expiration: 03/17/2023, Exercise Price: 2,300.00		(3	)		(745,962	)		(59,700	)
Booking Holdings, Inc. Expiration: 06/16/2023, Exercise Price: 2,350.00		(8	)		(2,019,200	)		(241,560	)
Expiration: 06/16/2023, Exercise Price: 2,450.00		(7	)		(1,766,800	)		(170,800	)
Cenovus Energy, Inc. Expiration: 06/16/2023, Exercise Price: 21.00		(772	)		(1,423,568	)		(65,620	)

	NUMBER OF CONTRACTS			NOTIONAL AMOUNT			VALUE
Call Options Written—(continued)
Cigna Corp., (The) Expiration: 06/16/2023, Exercise Price: 300.00		(116	)		(3,388,360	)	$	(146,740	)
Diamondback Energy, Inc. Expiration: 03/17/2023, Exercise Price: 128.49		(100	)		(1,405,800	)		(124,500	)
Everest Re Group Ltd. Expiration: 10/20/2023, Exercise Price: 370.00		(54	)		(2,073,438	)		(221,400	)
FMC Corp. Expiration: 07/21/2023, Exercise Price: 120.00		(69	)		(891,135	)		(100,740	)
JPMorgan Chase & Co. Expiration: 04/21/2023, Exercise Price: 120.00		(105	)		(1,505,175	)		(249,900	)
Lennar Corp. Expiration: 06/16/2023, Exercise Price: 80.00		(89	)		(860,986	)		(171,770	)
Micron Technology, Inc. Expiration: 03/17/2023, Exercise Price: 50.00		(136	)		(786,352	)		(109,888	)
Oracle Corp. Expiration: 09/15/2023, Exercise Price: 82.50		(395	)		(3,452,300	)		(446,350	)
Wells Fargo & Co. Expiration: 06/16/2023, Exercise Price: 42.50		(508	)		(2,375,916	)		(297,180	)
TOTAL CALL OPTIONS WRITTEN (Premiums received $(2,716,116))								(2,600,548	)
TOTAL OPTIONS WRITTEN (Premiums received $(2,716,116))								(2,600,548	)
OTHER ASSETS IN EXCESS OF LIABILITIES—38.0%								63,610,507
NET ASSETS—100.0%							$	167,357,879

ADR	American Depositary Receipt
PLC	Public Limited Company
*	Non-income producing.
(a)	The rate shown is as of February 28, 2023.
†	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
#	Security segregated as collateral for options written.
††	Primary risk exposure is equity contracts.

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

46  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio Of Investments (continued)

Contracts For Difference held by the Fund at February 28, 2023, are as follows:

REFERENCE COMPANY	COUNTERPARTY		EXPIRATION DATE	FINANCING RATE			PAYMENT FREQUENCY	NUMBER OF CONTRACTS LONG/ (SHORT)			NOTIONAL AMOUNT			UNREALIZED APPRECIATION (DEPRECIATION)
Long
Ireland
CRH PLC		Goldman Sachs	12/08/2025		3.93	%	Termination		30,060		$	1,412,859			$	221,000
United Kingdom
AstraZeneca PLC		Morgan Stanley	01/19/2026		3.93		Termination		15,835			2,072,325				(136,637	)
CVS Group PLC		Morgan Stanley	01/19/2026		3.93		Termination		41,654			939,941				(20,846	)
Future PLC		Morgan Stanley	01/19/2026		3.93		Termination		104,132			1,756,075				(139,896	)
JD Sports Fashion PLC		Morgan Stanley	01/19/2026		3.93		Termination		699,180			1,523,064				189,332
WH Smith PLC		Goldman Sachs	12/08/2025		3.93		Termination		92,554			1,758,989				129,105
												8,050,394				21,058
Total Long												9,463,253				242,058
Short
Brazil
Klabin SA - Unit		Morgan Stanley	01/19/2026		4.58		Termination		(110,100	)		(409,659	)			27,034
Klabin SA - Unit		Goldman Sachs	12/22/2025		4.58		Termination		(11,500	)		(42,789	)			924
												(452,448	)			27,958
Japan
Ibiden Co., Ltd.		Goldman Sachs	02/24/2026		-0.01		Termination		(25,700	)		(882,432	)			(22,601	)
Shinko Electric Industries Co., Ltd.		Goldman Sachs	02/24/2026		-0.01		Termination		(21,300	)		(584,301	)			(2,370	)
												(1,466,733	)			(24,971	)
South Korea
KakaoBank Corp.		Goldman Sachs	02/13/2026		4.58		Termination		(18,685	)		(376,312	)			31,942
KakaoBank Corp.		Morgan Stanley	02/23/2026		4.58		Termination		(20,610	)		(415,081	)			(32,068	)
SK Bioscience Co., Ltd.		Morgan Stanley	02/16/2026		4.58		Termination		(8,737	)		(460,207	)			30,995
												(1,251,600	)			30,869
Taiwan
Advantech Co., Ltd.		Morgan Stanley	01/19/2026		4.58		Termination		(2,000	)		(23,433	)			(1,130	)
Advantech Co., Ltd.		Goldman Sachs	12/08/2025		4.58		Termination		(84,000	)		(984,197	)			(74,819	)
Advantech Co., Ltd.		HSBC	12/22/2025		0.00		Termination		(1,000	)		(11,717	)			(1,151	)
Compal Electronics, Inc.		Morgan Stanley	01/19/2026		4.58		Termination		(106,000	)		(84,015	)			(4,102	)
Compal Electronics, Inc.		Goldman Sachs	12/08/2025		4.58		Termination		(1,018,000	)		(806,863	)			(73,597	)
Compal Electronics, Inc.		HSBC	12/22/2025		0.00		Termination		(12,000	)		(9,511	)			(655	)
Nan Ya Plastics Corp.		Morgan Stanley	01/19/2026		4.58		Termination		(7,000	)		(17,368	)			(47	)
Nan Ya Plastics Corp.		Goldman Sachs	12/08/2025		4.58		Termination		(287,000	)		(712,096	)			1,881
Pan Jit International, Inc.		Morgan Stanley	01/19/2026		4.58		Termination		(54,000	)		(118,387	)			(6,500	)
Pan Jit International, Inc.		Goldman Sachs	12/08/2025		4.58		Termination		(407,000	)		(892,289	)			(16,553	)
Pan Jit International, Inc.		HSBC	12/22/2025		0.00		Termination		(5,000	)		(10,962	)			(1,013	)
												(3,670,838	)			(177,686	)
United Kingdom
abrdn PLC		Goldman Sachs	02/23/2026		3.93		Termination		(302,528	)		(817,309	)			(57,665	)
Antofagasta PLC		Morgan Stanley	01/19/2026		3.93		Termination		(2,280	)		(43,057	)			4,703
Antofagasta PLC		Goldman Sachs	12/08/2025		3.93		Termination		(116,728	)		(2,204,376	)			(139,962	)
Ashmore Group PLC		Morgan Stanley	01/19/2026		3.93		Termination		(18,432	)		(59,773	)			(798	)
Ashmore Group PLC		Goldman Sachs	12/08/2025		3.93		Termination		(282,068	)		(914,712	)			(138,761	)
Associated British Foods PLC		Morgan Stanley	01/19/2026		3.93		Termination		(752	)		(18,154	)			(1,388	)
Associated British Foods PLC		Goldman Sachs	12/08/2025		3.93		Termination		(20,509	)		(495,111	)			(85,887	)
Dunelm Group PLC		Morgan Stanley	01/19/2026		3.93		Termination		(1,523	)		(23,027	)			(4,067	)
Dunelm Group PLC		Goldman Sachs	12/08/2025		3.93		Termination		(31,799	)		(480,795	)			(96,695	)
Fevertree Drinks PLC		Goldman Sachs	02/09/2026		3.93		Termination		(29,834	)		(382,184	)			24,689
Next PLC		Morgan Stanley	01/19/2026		3.93		Termination		(6,076	)		(500,048	)			(13,598	)
Next PLC		Goldman Sachs	12/08/2025		3.93		Termination		(1,453	)		(119,580	)			(18,054	)
Ocado Group PLC		Goldman Sachs	02/16/2026		3.93		Termination		(97,098	)		(640,966	)			99,365
Oxford Nanopore Technologies PLC		Morgan Stanley	01/19/2026		3.93		Termination		(134,849	)		(339,004	)			97,878
Oxford Nanopore Technologies PLC		Goldman Sachs	12/08/2025		3.93		Termination		(78,941	)		(198,454	)			49,717
Pearson PLC		Goldman Sachs	01/09/2026		3.93		Termination		(69,459	)		(767,311	)			(13,195	)
												(8,003,861	)			(293,718	)

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

Semi-Annual Report 2023  |  47

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio Of Investments (continued)

REFERENCE COMPANY	COUNTERPARTY		EXPIRATION DATE	FINANCING RATE		PAYMENT FREQUENCY	NUMBER OF CONTRACTS LONG/ (SHORT)			NOTIONAL AMOUNT			UNREALIZED APPRECIATION (DEPRECIATION)
United States
Adient PLC		Morgan Stanley	01/19/2026		4.58	Termination		(532	)	$	(22,727	)		$	(410	)
Adient PLC		Goldman Sachs	12/08/2025		4.58	Termination		(27,201	)		(1,162,027	)			(163,711	)
											(1,184,754	)			(164,121	)
Total Short											(16,030,234	)			(601,669	)
Net unrealized gain/(loss) on Contracts For Difference														$	(359,611	)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2023 is as follows (see Notes to Portfolio of Investments):

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Common Stock
Austria	$	1,227,252	$	—	$	1,227,252	$	—
Bermuda		4,125,758		4,125,758		—		—
Brazil		1,098,031		1,098,031		—		—
Canada		12,946,102		12,946,102		—		—
China		3,420,827		—		3,420,827		—
Finland		1,504,967		—		1,504,967		—
France		11,434,590		—		11,434,590		—
Germany		3,983,565		—		3,983,565		—
India		2,334,527		2,334,527		—		—
Ireland		6,143,068		1,760,365		4,382,703		—
Israel		1,951,683		1,951,683		—		—
Japan		14,245,570		—		14,245,570		—
Netherlands		5,854,883		—		5,854,883		—
Norway		432,810		—		432,810		—
Singapore		2,376,229		—		2,376,229		—
South Korea		2,264,648		—		2,264,648		—
Switzerland		8,421,656		—		8,421,656		—
United Kingdom		4,315,834		2,513,308		1,802,526		—
United States		55,892,900		55,892,900		—		—
Short-Term Investments		28,816,636		12,641,343		16,175,293		—
Contracts For Difference
Equity Contracts		908,565		908,565		—		—
Total Assets	$	173,700,101	$	96,172,582	$	77,527,519	$	—

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

48  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Portfolio Of Investments (concluded)

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Securities Sold Short
Australia	$	(1,320,559	)	$	—		$	(1,320,559	)	$	—
Belgium		(1,624,117	)		—			(1,624,117	)		—
Bermuda		(867,403	)		(867,403	)		—			—
Canada		(1,261,497	)		(1,261,497	)		—			—
China		(658,892	)		(658,892	)		—			—
Denmark		(660,005	)		—			(660,005	)		—
Finland		(585,702	)		—			(585,702	)		—
France		(864,972	)		—			(864,972	)		—
Germany		(1,394,054	)		—			(1,394,054	)		—
Hong Kong		(522,861	)		—			(522,861	)		—
Ireland		(1,053,959	)		(1,053,959	)		—			—
Japan		(5,775,273	)		—			(5,775,273	)		—
Netherlands		(530,153	)		—			(530,153	)		—
New Zealand		(671,258	)		—			(671,258	)		—
Norway		(728,684	)		—			(728,684	)		—
Sweden		(2,881,293	)		—			(2,881,293	)		—
Switzerland		(6,177,369	)		—			(6,177,369	)		—
United Kingdom		(877,667	)		(877,667	)		—			—
United States		(37,987,898	)		(37,987,898	)		—			—
Options Written
Equity Contracts		(2,600,548	)		(1,680,878	)		(919,670	)		—
Contracts For Difference
Equity Contracts		(1,268,176	)		(1,268,176	)		—			—
Total Liabilities	$	(70,312,340	)	$	(45,656,370	)	$	(24,655,970	)	$	—

* Value equals 0 as of the end of the reporting period.

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

Semi-Annual Report 2023  |  49

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Portfolio Of Investments

	NUMBER OF SHARES		VALUE
LONG POSITIONS—98.1%
COMMON STOCKS—55.6%
Brazil—2.6%
Eletromidia SA*		380,078	$	946,665
Localiza Rent a Car SA*		173		1,838
Minerva SA		65,000		141,163
Sendas Distribuidora SA*		95,300		330,199
				1,419,865
China—7.7%
China State Construction Engineering Corp., Ltd., Class A†		798,400		646,829
Fufeng Group Ltd.		321,000		205,848
Muyuan Foods Co., Ltd., Class A†		116,481		830,377
Proya Cosmetics Co., Ltd., Class A†		24,900		654,836
Rianlon Corp., Class A†		40,400		297,837
Tech-Bank Food Co., Ltd., Class A†		913,830		799,764
Xiamen Xiangyu Co., Ltd., Class A†		93,700		153,913
YTO Express Group Co., Ltd., Class A†		264,000		690,626
				4,280,030
Greece—0.6%
JUMBO SA		16,107		321,623
Hungary—0.7%
Richter Gedeon Nyrt		19,701		412,966
India—10.9%
Apollo Tyres Ltd.		183,173		693,694
Bajaj Auto Ltd.		9,898		438,061
Bank of Baroda		607,837		1,167,607
Bharti Airtel Ltd.		35,267		316,425
Bharti Airtel Ltd.		4,783		20,921
Indian Hotels Co., Ltd.		112,482		422,424
ITC Ltd.		110,354		502,629
Mahindra & Mahindra Ltd.		44,402		681,262
Maruti Suzuki India Ltd.		6,855		714,402
PB Fintech Ltd.*		84,977		572,997
Phoenix Mills Ltd., (The)		13,027		217,826
Power Grid Corp. of India Ltd.		106,082		284,969
				6,033,217
Indonesia—3.5%
Bank Central Asia Tbk PT		777,400		445,869
Bank Mandiri Persero Tbk PT		2,330,200		1,527,564
				1,973,433
Israel—0.7%
Mizrahi Tefahot Bank Ltd.		12,592		374,448
Mexico—2.9%
Arca Continental SAB de CV		20,400		172,786
Grupo Bimbo SAB de CV, Class A		102,100		486,770
Grupo Financiero Banorte SAB de CV, Class O		111,200		941,309
				1,600,865
Poland—1.7%
Dino Polska SA*		11,165		932,094
Russia—0.0%
Fix Price Group PLC - GDR*		21,704		0
Singapore—3.5%
DBS Group Holdings Ltd.		44,100		1,118,867
United Overseas Bank Ltd.		37,000		820,129
				1,938,996

	NUMBER OF SHARES		VALUE
South Africa—0.7%
Life Healthcare Group Holdings Ltd.		84,151	$	89,726
Shoprite Holdings Ltd.		25,560		309,511
				399,237
South Korea—9.2%
Hankook Tire & Technology Co., Ltd.		49,795		1,400,712
HL Mando Co., Ltd.		12,749		456,634
Hyundai Mobis Co., Ltd.		1,882		302,294
JYP Entertainment Corp.		1,868		110,948
LIG Nex1 Co., Ltd.		6,400		361,003
Orion Corp.		3,492		330,078
SK Hynix, Inc.		31,851		2,152,643
				5,114,312
Taiwan—4.8%
Accton Technology Corp.		186,000		1,703,429
Delta Electronics, Inc.		31,000		290,027
Lotes Co., Ltd.		5,328		149,669
Nanya Technology Corp.		121,000		230,325
Voltronic Power Technology Corp.		1,000		52,214
Wiwynn Corp.		7,000		219,503
				2,645,167
Thailand—6.1%
AP Thailand PCL - NVDR		1,617,100		567,150
Bangkok Dusit Medical Services PCL		720,800		571,072
Bumrungrad Hospital PCL		74,100		442,404
Kiatnakin Phatra Bank PCL - NVDR		550,800		1,039,844
Supalai PCL - NVDR		1,202,200		775,419
				3,395,889
TOTAL COMMON STOCKS (Cost $29,407,865)				30,842,142
PREFERRED STOCKS—1.1%
South Korea—1.1%
Samsung Electronics Co., Ltd. 2.706%		15,243		614,659
TOTAL PREFERRED STOCKS (Cost $285,774)				614,659
EXCHANGE TRADED FUNDS—0.3%
Thailand—0.3%
Jasmine Broadband Internet Infrastructure Fund		610,800		141,720
TOTAL EXCHANGE TRADED FUNDS (Cost $210,578)				141,720
SHORT-TERM INVESTMENTS—41.1%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio, 4.47%(a)†		3,675,447		3,675,447
Federated Hermes U.S. Treasury Cash Reserves, 4.42%(a)†		3,971,707		3,971,707
Goldman Sachs Financial Square Funds - Treasury Instruments Fund, 4.48%(a)†		3,675,447		3,675,447
MSILF Treasury Securities Portfolio, 4.42%(a)†		3,379,188		3,379,188
Tri-State Deposit, 4.45%(a)		5,823,594		5,823,594
U.S. Bank Money Market Deposit Account, 4.25%(a)		2,265,848		2,265,848
TOTAL SHORT-TERM INVESTMENTS (Cost $22,791,231)				22,791,231
TOTAL LONG POSITIONS—98.1% (Cost $52,695,448)				54,389,752

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

50  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Portfolio Of Investments (continued)

	NUMBER OF SHARES			VALUE
SECURITIES SOLD SHORT—(0.2%)
COMMON STOCKS—(0.2%)
United Kingdom—(0.2%)
Antofagasta PLC		(4,212	)	$	(79,454	)
TOTAL COMMON STOCKS (Proceeds $(74,356))					(79,454	)
TOTAL SECURITIES SOLD SHORT—(0.2%) (Proceeds $(74,356))					(79,454	)
OTHER ASSETS IN EXCESS OF LIABILITIES—2.1%					1,136,731
NET ASSETS—100.0%				$	55,447,029

GDR	Global Depositary Receipt
NVDR	Non-voting Depository Receipt
PLC	Public Limited Company
*	Non-income producing.
†	Security position is either entirely or partially held in a segregated account as collateral for securities sold short.
(a)	The rate shown is as of February 28, 2023.
‡	Security has been valued at fair market value using significant unobservable inputs as determined in good faith by Boston Partners, as valuation designee, under the oversight of The RBB Fund, Inc.’s Board of Directors. As of February 28, 2023, these securities amounted to $1,013,476 or 1.8% of net assets.

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

Semi-Annual Report 2023  |  51

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Portfolio Of Investments (continued)

Contracts For Difference held by the Fund at February 28, 2023, are as follows:

REFERENCE COMPANY	COUNTERPARTY		EXPIRATION DATE	FINANCING RATE			PAYMENT FREQUENCY	NUMBER OF CONTRACTS LONG/ (SHORT)		NOTIONAL AMOUNT		UNREALIZED APPRECIATION (DEPRECIATION)
Long
Austria
Erste Group Bank AG		Goldman Sachs	08/12/25		2.40	%	Termination		4,261	$	167,565		$	34,027
Raiffeisen Bank International AG		Morgan Stanley	08/12/25		2.48		Termination		13,070		218,421			10,921
											385,986			44,948
Brazil
Banco do Brasil SA		Morgan Stanley	08/12/25		4.58		Termination		277,900		2,142,858			254,487
Cielo SA		Morgan Stanley	08/12/25		4.58		Termination		281,900		259,530			23,588
Itau Unibanco Holding SA - SP ADR		Goldman Sachs	08/12/25		4.58		Termination		87,808		422,356			(6,253	)
Sendas Distribuidora SA		Goldman Sachs	08/12/25		4.58		Termination		40,100		138,940			(16,518	)
											2,963,684			255,304
China
Alibaba Group Holding Ltd.		Goldman Sachs	08/12/25		2.41		Termination		21,100		232,521			(16,532	)
Alibaba Group Holding Ltd. - SP ADR		Goldman Sachs	08/12/25		4.58		Termination		4,733		415,510			(12,921	)
JD.com, Inc. - ADR		Goldman Sachs	08/12/25		4.58		Termination		11,856		526,881			(174,757	)
JD.com, Inc., Class A		Goldman Sachs	08/12/25		2.41		Termination		854		18,898			(7,387	)
Meituan, Class B		Goldman Sachs	31/12/25		0.00		Termination		1,170		20,287			20,287
Petpal Pet Nutrition Technology Co., Ltd., Class A		HSBC	05/01/26		4.55		Termination		106,200		300,416			31,042
Pinduoduo, Inc. - ADR		Goldman Sachs	08/12/25		4.58		Termination		11,966		1,049,777			(12,113	)
Proya Cosmetics Co., Ltd., Class A		Goldman Sachs	08/12/25		4.58		Termination		24,900		654,848			66,594
Tencent Holdings Ltd.		Goldman Sachs	08/12/25		2.41		Termination		11,700		512,156			44,121
Trip.com Group Ltd. - ADR		Goldman Sachs	08/12/25		4.58		Termination		15,226		541,284			5,093
Wens Foodstuffs Group Co., Ltd., Class A		JPMorgan	09/02/26		1.17		Termination		380,020		1,083,753			(84,286	)
											5,356,331			(140,859	)
Greece
Hellenic Telecommunications Organization SA		Goldman Sachs	03/02/26		2.40		Termination		17,506		268,853			630
India
Reliance Industries Ltd. - GDR		Goldman Sachs	08/12/25		4.58		Termination		2,046		113,962			(18,196	)
Israel
INMODE Ltd.		Goldman Sachs	08/12/25		4.58		Termination		33,660		1,188,535			(36,098	)
Mizrahi Tefahot Bank Ltd.		Goldman Sachs	12/12/25		3.91		Termination		16,625		494,645			(65,621	)
											1,683,180			(101,719	)
Japan
Suzuki Motor Corp.		Goldman Sachs	08/12/25		-0.01		Termination		34,200		1,201,415			20,116
Mexico
Arca Continental SAB de CV		Goldman Sachs	02/03/26		4.58		Termination		16,500		139,258			(184	)
Coca-Cola Femsa SAB de CV		Goldman Sachs	08/12/25		4.58		Termination		22,041		159,304			10,415
Coca-Cola Femsa SAB de CV - SP ADR		Goldman Sachs	09/02/26		4.58		Termination		3,797		273,422			(4,075	)
Grupo Bimbo SAB de CV, Class A		Goldman Sachs	09/12/25		4.58		Termination		35,000		166,865			17,790
Grupo Comercial Chedraui SA de CV		Morgan Stanley	08/12/25		4.58		Termination		81,800		415,784			73,102
Grupo Financiero Banorte SAB de CV, Class O		Goldman Sachs	08/12/25		4.58		Termination		105,200		890,519			29,977
											2,045,152			127,025
Portugal
Jeronimo Martins SGPS SA		Goldman Sachs	08/12/25		2.40		Termination		60,933		1,251,593			(56,846	)

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

52  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Portfolio Of Investments (continued)

REFERENCE COMPANY	COUNTERPARTY		EXPIRATION DATE	FINANCING RATE		PAYMENT FREQUENCY	NUMBER OF CONTRACTS LONG/ (SHORT)			NOTIONAL AMOUNT			UNREALIZED APPRECIATION (DEPRECIATION)
Russia
Detsky Mir PJSC		Goldman Sachs	18/09/25		4.58	Monthly		316,240		$	—			$	(469,315	)
Headhunter Group PLC - ADR		Morgan Stanley	19/09/23		4.58	Monthly		7,725			—				(116,107	)
Magnit PJSC - SP GDR		Goldman Sachs	16/09/25		4.58	Monthly		37,249			—				(462	)
Sberbank PJSC - SP ADR		Goldman Sachs	16/09/25		4.58	Monthly		23,338			—				(1,057	)
											—				(586,941	)
Singapore
DBS Group Holdings Ltd.		Goldman Sachs	08/12/25		3.87	Termination		44,551			1,128,931				423
South Africa
Aspen Pharmacare Holdings Ltd.		Morgan Stanley	09/12/25		7.19	Termination		58,826			454,496				(2,080	)
South Korea
Hyundai Mobis Co., Ltd.		Goldman Sachs	08/12/25		4.58	Termination		2,774			445,475				(3,034	)
KT&G Corp.		Goldman Sachs	03/02/26		4.58	Termination		4,049			271,412				(32,045	)
Orion Corp.		Goldman Sachs	02/02/26		4.58	Termination		7,035			664,557				(42,160	)
SK Hynix, Inc.		Goldman Sachs	08/12/25		4.58	Termination		5,167			349,087				25,313
											1,730,531				(51,926	)
United Kingdom
Pepco Group NV		Goldman Sachs	03/02/26		4.58	Termination		34,423			340,937				5,071
United States
Banco Santander Chile - ADR		Morgan Stanley	08/12/25		4.58	Termination		3,843			64,486				5,802
Coupang, Inc.		Goldman Sachs	08/12/25		4.58	Termination		74,961			1,162,645				(185,961	)
Grupo Aeroportuario del Centro Norte SAB de CV - SP ADR		Goldman Sachs	08/12/25		4.58	Termination		12,075			941,729				127,633
Grupo Aeroportuario del Pacifico SAB de CV - SP ADR		Goldman Sachs	08/12/25		4.58	Termination		8,351			1,587,359				301,221
											3,756,219				248,695
Total Long											22,681,270				(256,355	)
Short
Brazil
B3 SA - Brasil Bolsa Balcao		Bank of America	08/12/25		4.58	Termination		(42,800	)		(86,574	)			13,042
Hapvida Participacoes e Investimentos SA		Goldman Sachs	08/12/25		4.58	Termination		(70,632	)		(60,440	)			6,605
Klabin SA - Unit		Morgan Stanley	08/12/25		4.58	Termination		(14,600	)		(54,324	)			2,152
Natura & Co. Holding SA		Morgan Stanley	08/12/25		4.58	Termination		(40,000	)		(117,430	)			(22,582	)
OI SA		Goldman Sachs	08/12/25		4.58	Termination		(180,680	)		(69,022	)			(7,157	)
OI SA		Morgan Stanley	22/12/25		4.58	Termination		(386,070	)		(147,483	)			(1,549	)
Pagseguro Digital Ltd., Class A		Goldman Sachs	08/12/25		4.58	Termination		(6,894	)		(59,771	)			3,861
Suzano SA - SP ADR		Goldman Sachs	08/12/25		4.58	Termination		(5,780	)		(52,771	)			3,901
											(647,815	)			(1,727	)
China
China National Building Material Co., Ltd., Class H		Goldman Sachs	08/12/25		2.41	Termination		(622,000	)		(550,730	)			(31,757	)
China Resources Microelectronics Ltd., Class A		Morgan Stanley	29/12/25		4.58	Termination		(37,000	)		(288,934	)			(676	)
Flat Glass Group Co., Ltd., Class H		Bank of America	08/12/25		2.41	Termination		(157,000	)		(415,032	)			(12,001	)
Hangzhou Silan Microelectronics Co., Ltd., Class A		Goldman Sachs	08/12/25		4.58	Termination		(31,600	)		(153,506	)			12,151
Hangzhou Silan Microelectronics Co., Ltd., Class A		HSBC	05/12/25		4.55	Termination		(18,512	)		(89,927	)			6,525
Hua Hong Semiconductor Ltd.		Goldman Sachs	08/12/25		2.41	Termination		(149,000	)		(570,419	)			(60,744	)
Kanzhun Ltd. - ADR		Goldman Sachs	08/12/25		4.58	Termination		(10,131	)		(204,140	)			(6,180	)
Maxscend Microelectronics Co., Ltd., Class A		Goldman Sachs	08/12/25		4.58	Termination		(13,000	)		(219,745	)			(3,426	)
Shenzhen Goodix Technology Co., Ltd., Class A		Goldman Sachs	08/12/25		4.58	Termination		(5,600	)		(43,359	)			(1,063	)
Shenzhen Goodix Technology Co., Ltd., Class A		Morgan Stanley	09/12/25		4.58	Termination		(1,611	)		(12,474	)			1,228
Skshu Paint Co., Ltd., Class A		HSBC	05/12/25		4.55	Termination		(32,700	)		(576,823	)			(16,124	)

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

Semi-Annual Report 2023  |  53

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Portfolio Of Investments (continued)

REFERENCE COMPANY	COUNTERPARTY		EXPIRATION DATE	FINANCING RATE		PAYMENT FREQUENCY	NUMBER OF CONTRACTS LONG/ (SHORT)			NOTIONAL AMOUNT			UNREALIZED APPRECIATION (DEPRECIATION)
China—(continued)
Sunny Optical Technology Group Co., Ltd.		Goldman Sachs	08/12/25		2.41	Termination		(35,900	)	$	(407,050	)		$	67,689
Tongwei Co., Ltd., Class A		Morgan Stanley	20/02/26		4.58	Termination		(28,300	)		(170,875	)			(4,188	)
Vanchip (Tianjin) Technology Co., Ltd., Class A		Morgan Stanley	23/02/26		4.58	Termination		(32,300	)		(218,114	)			14,054
Will Semiconductor Co., Ltd., Shanghai, Class A		Goldman Sachs	08/12/25		4.58	Termination		(33,635	)		(416,596	)			(19,599	)
Wingtech Technology Co., Ltd., Class A		Goldman Sachs	08/12/25		4.58	Termination		(34,500	)		(267,821	)			14,680
Xiaomi Corp., Class B		Goldman Sachs	08/12/25		2.41	Termination		(207,800	)		(313,974	)			(9,530	)
Xinyi Solar Holdings Ltd.		Goldman Sachs	08/12/25		2.41	Termination		(104,000	)		(111,030	)			3,577
Yihai International Holding Ltd.		Goldman Sachs	08/12/25		2.41	Termination		(42,000	)		(121,997	)			23,811
Zoomlion Heavy Industry Science and Technology Co., Ltd., Class H		Goldman Sachs	08/12/25		2.41	Termination		(729,000	)		(420,716	)			(60,368	)
											(5,573,262	)			(81,941	)
Hong Kong
China Taiping Insurance Holdings Co., Ltd.		Goldman Sachs	08/12/25		2.41	Termination		(159,400	)		(188,249	)			(5,208	)
Nine Dragons Paper Holdings Ltd.		Goldman Sachs	08/12/25		2.41	Termination		(575,000	)		(468,093	)			(6,066	)
Techtronic Industries Co., Ltd.		Goldman Sachs	08/12/25		2.41	Termination		(43,000	)		(427,568	)			120,245
Xinyi Glass Holdings Ltd.		Goldman Sachs	08/12/25		2.41	Termination		(315,000	)		(588,313	)			10,434
											(1,672,223	)			119,405
Indonesia
Unilever Indonesia Tbk PT		HSBC	02/12/25		4.55	Termination		(349,400	)		(95,770	)			10,839
Israel
Camtek Ltd.		Morgan Stanley	16/02/26		4.58	Termination		(10,001	)		(271,227	)			(10,068	)
Camtek Ltd.		Goldman Sachs	08/12/25		4.58	Termination		(6,900	)		(187,128	)			(21,390	)
Nova Ltd.		Morgan Stanley	16/02/26		4.58	Termination		(3,266	)		(295,834	)			302
Nova Ltd.		Goldman Sachs	08/12/25		4.58	Termination		(1,585	)		(143,569	)			(6,118	)
Playtika Holding Corp.		Goldman Sachs	08/12/25		4.58	Termination		(9,020	)		(86,592	)			(4,961	)
Wix.com Ltd.		Goldman Sachs	08/12/25		4.58	Termination		(1,712	)		(154,987	)			(8,492	)
											(1,139,337	)			(50,727	)
Japan
Ibiden Co., Ltd.		Goldman Sachs	23/02/26		-0.01	Termination		(8,200	)		(281,554	)			(10,073	)
Lasertec Corp.		Goldman Sachs	08/12/25		-0.01	Termination		(3,600	)		(585,656	)			127,311
Murata Manufacturing Co., Ltd.		Goldman Sachs	08/12/25		-0.01	Termination		(6,400	)		(344,078	)			7,615
Shinko Electric Industries Co., Ltd.		Morgan Stanley	16/02/26		-0.01	Termination		(14,300	)		(392,277	)			7,682
Taiyo Yuden Co., Ltd.		Goldman Sachs	08/12/25		-0.01	Termination		(6,500	)		(196,926	)			12,890
											(1,800,491	)			145,425
Malaysia
Top Glove Corp. Bhd		Morgan Stanley	08/12/25		4.58	Termination		(1,062,700	)		(178,794	)			18,249
Mexico
Grupo Mexico SAB de CV, Class B		Goldman Sachs	08/12/25		4.58	Termination		(51,800	)		(232,975	)			(26,656	)
Kimberly-Clark de Mexico SAB de CV, Class A		Goldman Sachs	08/12/25		4.58	Termination		(58,100	)		(116,222	)			(18,011	)
											(349,197	)			(44,667	)
Russia
Ozon Holdings PLC - ADR		Goldman Sachs	16/09/25		4.58	Monthly		(27,082	)		—				314,150
VK Co., Ltd.		Morgan Stanley	19/09/23		4.58	Monthly		(77,484	)		—				140,169
											—				454,319
Singapore
Starhub Ltd.		Goldman Sachs	08/12/25		3.87	Termination		(79,900	)		(62,808	)			1,535

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

54  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Portfolio Of Investments (continued)

REFERENCE COMPANY	COUNTERPARTY		EXPIRATION DATE	FINANCING RATE		PAYMENT FREQUENCY	NUMBER OF CONTRACTS LONG/ (SHORT)			NOTIONAL AMOUNT			UNREALIZED APPRECIATION (DEPRECIATION)
South Africa
Capitec Bank Holdings Ltd.		Goldman Sachs	08/12/25		7.07	Termination		(4,331	)	$	(413,764	)		$	32,773
Kumba Iron Ore Ltd.		HSBC	05/12/25		7.07	Termination		(5,421	)		(141,409	)			1,352
Sappi Ltd.		Goldman Sachs	08/12/25		7.07	Termination		(49,105	)		(130,670	)			1,016
											(685,843	)			35,141
South Korea
Amorepacific Corp.		Goldman Sachs	08/12/25		4.58	Termination		(1,584	)		(165,672	)			5,270
Chunbo Co., Ltd.		Goldman Sachs	12/12/25		4.58	Termination		(657	)		(125,119	)			(7,405	)
Chunbo Co., Ltd.		Morgan Stanley	08/12/25		4.58	Termination		(1,824	)		(347,363	)			(23,056	)
DB HiTek Co., Ltd.		Bank of America	08/12/25		4.58	Termination		(5,025	)		(172,025	)			(7,624	)
Hana Micron, Inc.		Goldman Sachs	08/12/25		4.58	Termination		(44,973	)		(373,855	)			(8,546	)
Hanon Systems		Morgan Stanley	08/12/25		4.58	Termination		(15,087	)		(102,955	)			(6,181	)
Hansol Chemical Co., Ltd.		Morgan Stanley	08/12/25		4.58	Termination		(1,637	)		(252,988	)			834
Hansol Chemical Co., Ltd.		Goldman Sachs	12/12/25		4.58	Termination		(962	)		(148,671	)			(2,402	)
Hybe Co., Ltd.		Morgan Stanley	08/12/25		4.58	Termination		(1,844	)		(257,944	)			(56,224	)
Hyundai Motor Co.		Morgan Stanley	08/12/25		4.58	Termination		(1,304	)		(173,735	)			(11,094	)
KakaoBank Corp.		Goldman Sachs	08/12/25		4.58	Termination		(12,321	)		(248,143	)			13,023
Kia Corp.		Morgan Stanley	08/12/25		4.58	Termination		(3,298	)		(187,674	)			(24,887	)
KIWOOM Securities Co., Ltd.		Morgan Stanley	08/12/25		4.58	Termination		(4,086	)		(318,666	)			(39,533	)
Krafton, Inc.		Goldman Sachs	08/12/25		4.58	Termination		(1,729	)		(221,866	)			24,863
Kumho Petrochemical Co., Ltd.		Morgan Stanley	08/12/25		4.58	Termination		(2,564	)		(304,793	)			(28,739	)
Leeno Industrial, Inc.		Morgan Stanley	08/12/25		4.58	Termination		(3,269	)		(400,951	)			20,407
LG Chem Ltd.		Goldman Sachs	08/12/25		4.58	Termination		(146	)		(75,027	)			3,583
LG Display Co., Ltd.		Goldman Sachs	08/12/25		4.58	Termination		(28,654	)		(331,094	)			(15,216	)
LG H&H Co., Ltd.		Goldman Sachs	08/12/25		4.58	Termination		(371	)		(187,287	)			14,253
NAVER Corp.		Goldman Sachs	08/12/25		4.58	Termination		(3,209	)		(505,631	)			(30,233	)
Netmarble Corp.		Goldman Sachs	08/12/25		4.58	Termination		(4,462	)		(208,390	)			(30,276	)
Samsung Electro-Mechanics Co., Ltd.		Goldman Sachs	08/12/25		4.58	Termination		(4,271	)		(464,783	)			(2,214	)
SK Biopharmaceuticals Co., Ltd.		Goldman Sachs	08/12/25		4.58	Termination		(2,220	)		(111,902	)			12,782
SK Bioscience Co., Ltd.		Goldman Sachs	13/02/26		4.58	Termination		(2,328	)		(122,624	)			15,204
SK IE Technology Co., Ltd.		Goldman Sachs	08/12/25		4.58	Termination		(8,049	)		(397,812	)			(9,295	)
TSE Co., Ltd.		Goldman Sachs	08/12/25		4.58	Termination		(10,776	)		(313,528	)			23,509
											(6,520,498	)			(169,197	)
Taiwan
Acer, Inc.		Morgan Stanley	08/12/25		4.58	Termination		(711,000	)		(591,538	)			(47,408	)
Advanced Wireless Semiconductor Co.		Goldman Sachs	08/12/25		4.58	Termination		(139,000	)		(349,901	)			(9,796	)
ASMedia Technology, Inc.		Goldman Sachs	08/12/25		4.58	Termination		(17,000	)		(552,914	)			(141,051	)
Asustek Computer, Inc.		Goldman Sachs	08/12/25		4.58	Termination		(64,000	)		(583,928	)			10,922
Compal Electronics, Inc.		Goldman Sachs	08/12/25		4.58	Termination		(457,000	)		(362,216	)			(34,265	)
Dyaco International, Inc.		HSBC	02/12/25		4.55	Termination		(72,000	)		(112,362	)			(19,407	)
Faraday Technology Corp.		Goldman Sachs	08/12/25		4.58	Termination		(94,000	)		(572,277	)			(22,750	)
FocalTech Systems Co., Ltd.		HSBC	02/12/25		4.55	Termination		(52,000	)		(122,706	)			(12,163	)
Formosa Plastics Corp.		Goldman Sachs	08/12/25		4.58	Termination		(51,000	)		(152,149	)			(2,908	)
Giant Manufacturing Co., Ltd.		Goldman Sachs	08/12/25		4.58	Termination		(22,753	)		(151,963	)			21,778
Kinsus Interconnect Technology Corp.		Morgan Stanley	08/12/25		4.58	Termination		(142,000	)		(505,653	)			117,652
Mediatek, Inc.		Goldman Sachs	08/12/25		4.58	Termination		(23,000	)		(545,759	)			12,472
Micro-Star International Co., Ltd.		Morgan Stanley	08/12/25		4.58	Termination		(95,000	)		(427,149	)			(50,453	)
Nan Ya Plastics Corp.		Morgan Stanley	08/12/25		4.58	Termination		(147,000	)		(364,732	)			(1,088	)
Nan Ya Printed Circuit Board Corp.		Morgan Stanley	08/12/25		4.58	Termination		(72,000	)		(555,309	)			160,191
Nuvoton Technology Corp.		Goldman Sachs	08/12/25		4.58	Termination		(120,000	)		(580,909	)			(85,602	)
Pan Jit International, Inc.		Morgan Stanley	08/12/25		4.58	Termination		(281,000	)		(616,052	)			(33,721	)
Parade Technologies Ltd.		Goldman Sachs	08/12/25		4.58	Termination		(20,000	)		(631,451	)			(83,632	)
Powerchip Semiconductor Manufacturing Corp.		Goldman Sachs	08/12/25		4.58	Termination		(363,000	)		(396,721	)			22,336
Realtek Semiconductor Corp.		Morgan Stanley	08/12/25		4.58	Termination		(50,000	)		(623,574	)			(125,067	)
SDI Corporation		Morgan Stanley	08/12/25		4.58	Termination		(85,000	)		(345,920	)			(51,874	)
Silergy Corp.		Goldman Sachs	08/12/25		4.58	Termination		(32,000	)		(611,234	)			(13,231	)

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

Semi-Annual Report 2023  |  55

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Portfolio Of Investments (continued)

REFERENCE COMPANY	COUNTERPARTY		EXPIRATION DATE	FINANCING RATE		PAYMENT FREQUENCY	NUMBER OF CONTRACTS LONG/ (SHORT)			NOTIONAL AMOUNT			UNREALIZED APPRECIATION (DEPRECIATION)
Taiwan—(continued)
TSRC Corp.		Goldman Sachs	08/12/25		4.58	Termination		(324,000	)	$	(308,905	)		$	(9,891	)
Unimicron Technology Corp.		Goldman Sachs	08/12/25		4.58	Termination		(115,000	)		(483,106	)			143,865
UPI Semiconductor Corp.		Goldman Sachs	08/12/25		4.58	Termination		(55,000	)		(527,987	)			33,790
USI Corp.		Morgan Stanley	08/12/25		4.58	Termination		(223,000	)		(183,702	)			(30,506	)
Win Semiconductors Corp.		Morgan Stanley	08/12/25		4.58	Termination		(46,000	)		(256,650	)			(20,206	)
Win Semiconductors Corp.		Goldman Sachs	12/12/25		4.58	Termination		(48,000	)		(267,809	)			(32,762	)
Yageo Corp.		Morgan Stanley	08/12/25		4.58	Termination		(19,306	)		(340,886	)			(31,526	)
											(12,125,462	)			(336,301	)
Thailand
Com7 PCL - NVDR		Morgan Stanley	08/12/25		4.58	Termination		(548,600	)		(473,449	)			39,297
KCE Electronics PCL - NVDR		Morgan Stanley	08/12/25		4.58	Termination		(56,700	)		(74,603	)			4,496
Kerry Express Thailand - NVDR		Morgan Stanley	08/12/25		4.58	Termination		(135,500	)		(59,428	)			11,860
Muangthai Capital PCL - NVDR		Morgan Stanley	08/12/25		4.58	Termination		(93,200	)		(92,300	)			15,953
Siam Cement PCL, (The) - NVDR		Goldman Sachs	08/12/25		4.58	Termination		(25,900	)		(239,643	)			3,112
Sri Trang Agro-Industry PCL - NVDR		Morgan Stanley	08/12/25		4.58	Termination		(217,800	)		(155,610	)			(38,145	)
TOA Paint Thailand PCL - NVDR		Morgan Stanley	08/12/25		4.58	Termination		(109,100	)		(100,329	)			988
											(1,195,362	)			37,561
United Kingdom
Antofagasta PLC		Goldman Sachs	08/12/25		3.93	Termination		(13,490	)		(254,755	)			(20,202	)
United States
Alpha & Omega Semiconductor Ltd.		Goldman Sachs	08/12/25		4.58	Termination		(12,587	)		(336,199	)			81,690
Freeport-McMoRan, Inc.		Goldman Sachs	08/12/25		4.58	Termination		(7,840	)		(321,205	)			(16,542	)
GDS Holdings Ltd. - ADR		Goldman Sachs	08/12/25		4.58	Termination		(17,695	)		(340,629	)			(30,057	)
Hess Corp.		Goldman Sachs	08/12/25		4.58	Termination		(1,971	)		(265,494	)			11,609
Monolithic Power Systems, Inc.		Goldman Sachs	16/02/26		4.58	Termination		(540	)		(261,517	)			16,030
Mosaic Co., (The)		Goldman Sachs	23/02/26		4.58	Termination		(6,706	)		(356,692	)			(22,695	)
Southern Copper Corp.		Goldman Sachs	08/12/25		4.58	Termination		(2,007	)		(147,896	)			(26,191	)
Synaptics, Inc.		Goldman Sachs	08/12/25		4.58	Termination		(4,144	)		(487,376	)			(39,959	)
											(2,517,008	)			(26,115	)
Total Short											(34,818,625	)			91,597
Net unrealized gain/(loss) on Contracts For Difference														$	(164,758	)

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

56  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Portfolio Of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of February 28, 2023 is as follows (see Notes to Portfolio of Investments):

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Common Stock
Brazil	$	1,419,865		$	1,419,865		$	—		$	—
China		4,280,030			—			4,280,030			—
Greece		321,623			—			321,623			—
Hungary		412,966			—			412,966			—
India		6,033,217			—			6,033,217			—
Indonesia		1,973,433			—			1,973,433			—
Israel		374,448			—			374,448			—
Mexico		1,600,865			1,600,865			—			—
Poland		932,094			—			932,094			—
Russia		—			—			—			—	*
Singapore		1,938,996			—			1,938,996			—
South Africa		399,237			—			399,237			—
South Korea		5,114,312			—			5,114,312			—
Taiwan		2,645,167			—			2,645,167			—
Thailand		3,395,889			—			2,382,413			1,013,476
Preferred Stock
South Korea		614,659			—			614,659			—
Exchange Traded Funds
Thailand		141,720			141,720			—			—
Short-Term Investments		22,791,231			16,967,637			5,823,594			—
Contracts For Difference
Equity Contracts		2,929,260			2,474,941			—			454,319
Total Assets	$	57,319,012		$	22,605,028		$	33,246,189		$	1,467,795
	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Securities Sold Short
United Kingdom	$	(79,454	)	$	—		$	(79,454	)	$	—
Contracts For Difference
Equity Contracts		(3,094,018	)		(2,507,077	)		—			(586,941	)
Total Liabilities	$	(3,173,472	)	$	(2,507,077	)	$	(79,454	)	$	(586,941	)

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

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

Semi-Annual Report 2023  |  57

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
STATEMENTS OF ASSETS AND LIABILITIES

		Boston Partners All-Cap Value Fund		Boston Partners Small Cap Value Fund II		WPG Partners Select Small Cap Value Fund		WPG Partners Small Cap Value Diversified Fund
ASSETS
Investments in securities, at value †^		$	1,400,995,928	$	697,985,788	$	77,911,432	$	31,067,073
Investments purchased with proceeds from securities lending collateral, at value *			156,461,054		243,279,365		—		10,828,403
Short-term investments, at value **			13,547,672		5,097,938		7,953,984		1,588,824
Purchased options, at value			—		—		—		—
Cash			—		—		—		—
Foreign currency, at value #			—		—		—		19,790
Receivables
Investments sold			5,162,175		33,332,839		1,155,005		170,052
Foreign currency deposits with brokers for securities sold short #			—		—		—		—
Deposits with brokers for contracts for difference			—		—		—		—
Deposits with brokers for securities sold short			—		—		—		—
Capital shares sold			1,690,288		565,871		709,991		51,040
Dividends and interest			2,597,040		528,664		418,056		98,112
Due from advisor			—		—		7,899		—
Unrealized appreciation on contracts for difference ◊			—		—		—		—
Prepaid expenses and other assets			119,664		74,226		6,161		11,362
Total assets			1,580,573,821		980,864,691		88,162,528		43,834,656
LIABILITIES
Securities sold short, at fair value ‡			—		—		—		—
Options written, at value +◊			4,111,184		—		—		—
Due to custodian			—		—		—		—
Due to broker			—		—		—		—
Foreign currency overdraft			—		—		—		—
Payables
Securities lending collateral (note 8)			156,461,054		243,279,365		—		10,828,403
Investments purchased			14,868,435		5,714,318		608,439		—
Capital shares redeemed			1,507,574		512,125		54,862		—
Investment advisory fees			862,771		530,996		59,714		17,151
Custodian fees			27,953		13,976		17,178		9,529
Distribution and service fees			68,784		96,347		—		—
Dividends on securities sold short			—		—		—		—
Administration and accounting fees			143,880		72,830		12,387		5,241
Transfer agent fees			170,480		112,548		—		4,214
Unrealized depreciation on contracts for difference ◊			—		—		—		—
Other accrued expenses and liabilities			33,835		65,353		38,719		28,248
Total liabilities			178,255,950		250,397,858		791,299		10,892,786
Net Assets		$	1,402,317,871	$	730,466,833	$	87,371,229	$	32,941,870
NET ASSETS CONSIST OF:
Par value		$	45,749	$	26,831	$	7,984	$	1,754
Paid-in Capital			795,067,145		532,065,853		74,098,269		27,274,580
Total Distributable earnings/(loss)			607,204,977		198,374,149		13,264,976		5,665,536
Net Assets		$	1,402,317,871	$	730,466,833	$	87,371,229	$	32,941,870
INSTITUTIONAL CLASS
Net assets		$	1,167,428,957	$	644,862,252	$	87,371,229	$	32,941,870
Shares outstanding			38,049,332		23,533,225		7,984,324		1,753,510
Net asset value, offering and redemption price per share		$	30.68	$	27.40	$	10.94	$	18.79
INVESTOR CLASS
Net assets		$	234,888,914	$	85,604,581	$	—	$	—
Shares outstanding			7,699,265		3,298,021		—		—
Net asset value, offering and redemption price per share		$	30.51	$	25.96	$	—	$	—
†	Investments in securities, at cost	$	871,075,219	$	528,150,600	$	65,649,027	$	25,484,327
^	Includes market value of securities on loan	$	153,060,251	$	235,995,842	$	—	$	10,551,262
*	Investments purchased with proceeds from securities lending collateral, at cost	$	156,461,054	$	243,279,365	$	—	$	10,828,403
**	Short-term investments, at cost	$	13,547,672	$	5,097,938	$	7,953,984	$	1,588,824
	Purchased options, at cost	$	—	$	—	$	—	$	—
#	Foreign currency, at cost	$	—	$	—	$	—	$	19,885
‡	Proceeds received, securities sold short	$	—	$	—	$	—	$	—
+	Premiums received, options written	$	6,450,869	$	—	$	—	$	—
◊	Primary risk exposure is equity contracts

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

58  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
STATEMENTS OF ASSETS AND LIABILITIES (continued)

		Boston Partners Global Sustainability Fund			Boston Partners Global Equity Fund		Boston Partners Emerging Markets Fund			Boston Partners Long/Short Equity Fund
ASSETS
Investments in securities, at value †^		$	22,132,246		$	192,352,731	$	18,350,319		$	65,306,456
Investments purchased with proceeds from securities lending collateral, at value *			—			13,101,734		—			9,336,324
Short-term investments, at value **			1,112,163			5,916,851		3,442,510			4,545,270
Purchased options, at value			—			—		—			33,400
Cash			—			—		—			1,390
Foreign currency, at value #			—			—		22,721			—
Receivables
Investments sold			545,740			1,006,280		202,981			478,266
Foreign currency deposits with brokers for securities sold short #			—			—		—			2,957,272
Deposits with brokers for contracts for difference			—			—		190,000			—
Deposits with brokers for securities sold short			—			—		—			8,601,207
Capital shares sold			—			4,137		—			277,139
Dividends and interest			42,962			708,207		64,356			96,391
Due from advisor			—			—		—			—
Unrealized appreciation on contracts for difference ◊			—			—		11,746			—
Prepaid expenses and other assets			5,789			26,927		11,872			24,487
Total assets			23,838,900			213,116,867		22,296,505			91,657,602
LIABILITIES
Securities sold short, at fair value ‡			—			—		—			12,222,692
Options written, at value +◊			—			—		—			199,389
Due to custodian			—			—		6,368			—
Due to broker			—			—		—			—
Foreign currency overdraft			—			—		—			—
Payables
Securities lending collateral (note 8)			—			13,101,734		—			9,336,324
Investments purchased			584,132			1,783,777		375,816			187,318
Capital shares redeemed			—			10,012		—			18,356
Investment advisory fees			9,577			156,559		7,282			86,101
Custodian fees			13,708			28,246		46,644			9,305
Distribution and service fees			—			—		—			6,211
Dividends on securities sold short			—			—		—			1,267
Administration and accounting fees			14,537			19,917		5,933			9,753
Transfer agent fees			3,527			17,224		5,183			4,808
Unrealized depreciation on contracts for difference ◊			—			—		233,126			—
Other accrued expenses and liabilities			46,519			44,028		39,313			52,879
Total liabilities			672,000			15,161,497		719,665			22,134,403
Net Assets		$	23,166,900		$	197,955,370	$	21,576,840		$	69,523,199
NET ASSETS CONSIST OF:
Par value		$	2,390		$	9,448	$	2,520		$	4,958
Paid-in Capital			24,280,819			181,588,654		25,956,703			37,275,453
Total Distributable earnings/(loss)			(1,116,309	)		16,357,268		(4,382,383	)		32,242,788
Net Assets		$	23,166,900		$	197,955,370	$	21,576,840		$	69,523,199
INSTITUTIONAL CLASS
Net assets		$	23,166,900		$	197,955,370	$	21,576,840		$	56,871,299
Shares outstanding			2,390,116			9,448,173		2,519,686			3,911,619
Net asset value, offering and redemption price per share		$	9.69		$	20.95	$	8.56		$	14.54
INVESTOR CLASS
Net assets		$	—		$	—	$	—		$	12,651,900
Shares outstanding			—			—		—			1,046,522
Net asset value, offering and redemption price per share		$	—		$	—	$	—		$	12.09
†	Investments in securities, at cost	$	20,512,004		$	155,598,213	$	18,337,973		$	46,207,565
^	Includes market value of securities on loan	$	—		$	12,771,352	$	—		$	9,034,696
*	Investments purchased with proceeds from securities lending collateral, at cost	$	—		$	13,101,734	$	—		$	9,336,324
**	Short-term investments, at cost	$	1,112,163		$	5,916,851	$	3,442,510		$	4,545,270
	Purchased options, at cost	$	—		$	—	$	—		$	47,521
#	Foreign currency, at cost	$	—		$	—	$	22,478		$	3,209,327
‡	Proceeds received, securities sold short	$	—		$	—	$	—		$	19,905,636
+	Premiums received, options written	$	—		$	—	$	—		$	234,524
◊	Primary risk exposure is equity contracts

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

Semi-Annual Report 2023  |  59

BOSTON PARTNERS INVESTMENT FUNDS	February 28, 2023 (unaudited)
STATEMENTS OF ASSETS AND LIABILITIES (concluded)

		Boston Partners Long/Short Research Fund		Boston Partners Global Long/Short Fund		Boston Partners Emerging Markets Dynamic Equity Fund
ASSETS
Investments in securities, at value †^		$	713,223,776	$	143,974,900	$	31,598,521
Investments purchased with proceeds from securities lending collateral, at value *			—		—		—
Short-term investments, at value **			42,455,942		28,816,636		22,791,231
Purchased options, at value			—		—		—
Cash			—		—		883
Foreign currency, at value #			—		—		—
Receivables
Investments sold			2,939,761		353,883		407,076
Foreign currency deposits with brokers for securities sold short #			44,169,624		—		74,636
Deposits with brokers for contracts for difference			1,321,258		510,000		2,238,224
Deposits with brokers for securities sold short			186,881,742		66,093,165		—
Capital shares sold			1,104,089		707,405		3,325
Dividends and interest			2,172,923		1,573,666		119,714
Due from advisor			—		—		—
Unrealized appreciation on contracts for difference ◊			3,248,955		908,565		2,929,260
Prepaid expenses and other assets			118,295		134,618		120,155
Total assets			997,636,365		243,072,838		60,283,025
LIABILITIES
Securities sold short, at fair value ‡			221,295,552		66,443,616		79,454
Options written, at value +◊			6,049		2,600,548		—
Due to custodian			—		—		—
Due to broker			—		—		180,690
Foreign currency overdraft			—		61,207		—
Payables
Securities lending collateral (note 8)			—		—		—
Investments purchased			10,383,378		4,470,383		939,353
Capital shares redeemed			1,990,465		329,729		267
Investment advisory fees			684,801		151,892		73,525
Custodian fees			41,289		41,052		48,480
Distribution and service fees			4,748		6,051		—
Dividends on securities sold short			233,854		92,645		—
Administration and accounting fees			73,471		17,361		9,648
Transfer agent fees			48,542		6,126		1,709
Unrealized depreciation on contracts for difference ◊			5,512,314		1,268,176		3,094,018
Other accrued expenses and liabilities			657,759		226,173		408,852
Total liabilities			240,932,222		75,714,959		4,835,996
Net Assets		$	756,704,143	$	167,357,879	$	55,447,029
NET ASSETS CONSIST OF:
Par value		$	54,649	$	11,718	$	6,876
Paid-in Capital			547,851,176		160,786,194		72,800,689
Total Distributable earnings/(loss)			208,798,318		6,559,967		(17,360,536	)
Net Assets		$	756,704,143	$	167,357,879	$	55,447,029
INSTITUTIONAL CLASS
Net assets		$	746,338,835	$	159,094,860	$	55,447,029
Shares outstanding			53,872,511		11,130,117		6,876,012
Net asset value, offering and redemption price per share		$	13.85	$	14.29	$	8.06
INVESTOR CLASS
Net assets		$	10,365,308	$	8,263,019	$	—
Shares outstanding			776,519		587,916		—
Net asset value, offering and redemption price per share		$	13.35	$	14.05	$	—
†	Investments in securities, at cost	$	554,829,283	$	124,800,164	$	29,904,217
^	Includes market value of securities on loan	$	—	$	—	$	—
*	Investments purchased with proceeds from securities lending collateral, at cost	$	—	$	—	$	—
**	Short-term investments, at cost	$	42,455,942	$	28,816,636	$	22,791,231
	Purchased options, at cost	$	—	$	—	$	—
#	Foreign currency, at cost	$	44,186,233	$	—	$	77,016
‡	Proceeds received, securities sold short	$	245,872,950	$	66,336,427	$	74,356
+	Premiums received, options written	$	26,478	$	2,716,116	$	—
◊	Primary risk exposure is equity contracts

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

60  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	For the Six Months Ended February 28, 2023 (unaudited)
STATEMENTS OF OPERATIONS

		Boston Partners All-Cap Value Fund			Boston Partners Small Cap Value Fund II			WPG Partners Select Small Cap Value Fund			WPG Partners Small Cap Value Diversified Fund
Investment Income
Dividends †		$	14,248,449		$	7,153,456		$	563,621		$	351,749
Interest			404,595			238,464			102,963			22,323
Income from securities loaned (Note 8)			115,194			151,662			—			10,638
Prime broker interest income			—			—			—			—
Total investment income			14,768,238			7,543,582			666,584			384,710
Expenses
Advisory fees (Note 2)			4,916,594			3,138,693			296,063			122,401
Transfer agent fees (Note 2)			433,639			317,441			6,739			10,794
Distribution fees (Investor Class) (Note 2)			289,257			102,152			—			—
Administration and accounting fees (Note 2)			180,072			116,861			17,281			13,801
Director’s fees			89,864			44,304			202			1,998
Officer’s fees			77,881			38,425			133			1,469
Legal fees			76,461			43,576			631			1,928
Printing and shareholder reporting fees			45,020			44,271			1,418			5,785
Registration fees			27,114			23,336			19,976			11,001
Audit and tax service fees			19,970			19,789			23,561			19,921
Custodian fees (Note 2)			10,284			15,628			20,630			10,392
Other expenses			56,160			28,328			5,951			2,633
Dividend expense on securities sold short			—			—			—			—
Total expenses before waivers and/or reimbursements			6,222,316			3,932,804			392,585			202,123
Less: waivers and/or reimbursements net of amounts recouped (Note 2)			(307,215	)		(173,374	)		(31,906	)		(33,030	)
Net expenses after waivers and/or reimbursements net of amounts recouped			5,915,101			3,759,430			360,679			169,093
Net investment income/(loss)			8,853,137			3,784,152			305,905			215,617
Net realized gain/(loss) from:
Investment securities			72,896,677			48,475,554			1,107,383			172,267
Securities sold short			—			—			—			—
Options written **			—			—			—			—
Contracts for difference **			—			—			—			—
Foreign currency transactions			336			—			(979	)		1,166
Net change in unrealized appreciation/(depreciation) on:
Investment securities			27,493,770			(1,523,367	)		13,113,637			2,836,032
Purchased options **			—			—			—			—
Securities sold short			—			—			—			—
Options written **			1,672,091			—			—			—
Contracts for difference **			—			—			—			—
Foreign currency translation			(251	)		—			1			(41	)
Net realized and unrealized gain/(loss)			102,062,623			46,952,187			14,220,042			3,009,424
Net increase/(decrease) in net assets resulting from operations		$	110,915,760		$	50,736,339		$	14,525,947		$	3,225,041
†	Net of foreign withholding taxes of	$	(24,294	)	$	(4,645	)	$	(4,591	)	$	(3,760	)

** Primary risk exposure is equity contracts

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

Semi-Annual Report 2023  |  61

BOSTON PARTNERS INVESTMENT FUNDS	For the Six Months Ended February 28, 2023 (unaudited)
STATEMENTS OF OPERATIONS (continued)

		Boston Partners Global Sustainability Fund			Boston Partners Global Equity Fund			Boston Partners Emerging Markets Fund			Boston Partners Long/Short Equity Fund
Investment Income
Dividends †		$	159,506		$	1,689,681		$	184,269		$	540,349
Interest			16,968			107,643			38,802			57,573
Income from securities loaned (Note 8)			—			9,425			—			24,021
Prime broker interest income			—			—			—			53,014
Total investment income			176,474			1,806,749			223,071			674,957
Expenses
Advisory fees (Note 2)			85,479			816,764			76,812			759,836
Transfer agent fees (Note 2)			724			62,763			645			30,057
Distribution fees (Investor Class) (Note 2)			—			—			—			14,668
Administration and accounting fees (Note 2)			16,350			39,135			14,966			22,957
Director’s fees			44			10,302			1,319			4,087
Officer’s fees			43			8,474			1,027			2,855
Legal fees			678			10,007			1,236			3,726
Printing and shareholder reporting fees			2,080			—			357			—
Registration fees			17,016			13,156			9,484			16,089
Audit and tax service fees			28,161			29,253			32,808			27,398
Custodian fees (Note 2)			13,047			22,502			42,936			7,573
Other expenses			5,842			7,793			733			3,178
Dividend expense on securities sold short			—			—			—			17,045
Total expenses before waivers and/or reimbursements			169,464			1,020,149			182,323			909,469
Less: waivers and/or reimbursements net of amounts recouped (Note 2)			(73,069	)		(158,009	)		(79,870	)		(215,854	)
Net expenses after waivers and/or reimbursements net of amounts recouped			96,395			862,140			102,453			693,615
Net investment income/(loss)			80,079			944,609			120,618			(18,658	)
Net realized gain/(loss) from:
Investment securities			(1,463,944	)		3,157,074			(529,916	)		3,011,511
Securities sold short			—			—			—			4,699,498
Options written **			—			—			—			102,189
Contracts for difference **			—			—			(150,221	)		266,549
Foreign currency transactions			564			12,932			(15,827	)		(10,365	)
Net change in unrealized appreciation/(depreciation) on:
Investment securities			4,159,043			19,637,988			1,154,127			3,254,860
Purchased options **			—			—			—			(14,121	)
Securities sold short			—			—			—			(3,424,524	)
Options written **			—			—			—			(84,061	)
Contracts for difference **			—			—			(22,743	)		(419,379	)
Foreign currency translation			1,102			22,669			608			(33,361	)
Net realized and unrealized gain/(loss)			2,696,765			22,830,663			436,028			7,348,796
Net increase/(decrease) in net assets resulting from operations		$	2,776,844		$	23,775,272		$	556,646		$	7,330,138
†	Net of foreign withholding taxes of	$	(5,139	)	$	(83,050	)	$	(23,184	)	$	(11,475	)

** Primary risk exposure is equity contracts

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

62  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	For the Six Months Ended February 28, 2023 (unaudited)
STATEMENTS OF OPERATIONS (concluded)

		Boston Partners Long/Short Research Fund			Boston Partners Global Long/Short Fund			Boston Partners Emerging Markets Dynamic Equity Fund
Investment Income
Dividends †		$	7,966,883		$	1,046,986		$	328,431
Interest			746,471			344,568			145,576
Income from securities loaned (Note 8)			—			—			—
Prime broker interest income			2,252,580			890,195			2,428
Total investment income			10,965,934			2,281,749			476,435
Expenses
Advisory fees (Note 2)			4,975,910			1,112,781			363,392
Transfer agent fees (Note 2)			175,697			67,347			4,104
Distribution fees (Investor Class) (Note 2)			14,671			10,673			—
Administration and accounting fees (Note 2)			130,361			28,865			20,839
Director’s fees			50,232			8,167			3,364
Officer’s fees			33,605			4,941			2,614
Legal fees			42,975			7,371			1,645
Printing and shareholder reporting fees			—			—			—
Registration fees			19,673			18,443			10,080
Audit and tax service fees			36,681			32,638			39,032
Custodian fees (Note 2)			41,165			47,268			48,679
Other expenses			26,507			6,362			4,467
Dividend expense on securities sold short			1,649,809			446,856			375
Total expenses before waivers and/or reimbursements			7,197,286			1,791,712			498,591
Less: waivers and/or reimbursements net of amounts recouped (Note 2)			—			—			(91,019	)
Net expenses after waivers and/or reimbursements net of amounts recouped			7,197,286			1,791,712			407,572
Net investment income/(loss)			3,768,648			490,037			68,863
Net realized gain/(loss) from:
Investment securities			21,230,506			4,175,011			(712,653	)
Securities sold short			12,900,473			70,774			22
Options written **			898,914			(154,224	)		—
Contracts for difference **			12,345,235			(483,758	)		(397,424	)
Foreign currency transactions			(2,338,964	)		198,996			(35,309	)
Net change in unrealized appreciation/(depreciation) on:
Investment securities			34,312,266			13,058,548			1,651,091
Purchased options **			—			—			—
Securities sold short			(29,273,375	)		(7,018,857	)		(25,560	)
Options written **			20,429			(85,737	)		—
Contracts for difference **			(15,544,880	)		(1,160,657	)		(1,478,014	)
Foreign currency translation			3,635,991			(51,291	)		(78,158	)
Net realized and unrealized gain/(loss)			38,186,595			8,548,805			(1,076,005	)
Net increase/(decrease) in net assets resulting from operations		$	41,955,243		$	9,038,842		$	(1,007,142	)
†	Net of foreign withholding taxes of	$	(120,926	)	$	(65,541	)	$	(47,936	)

** Primary risk exposure is equity contracts.

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

Semi-Annual Report 2023  |  63

BOSTON PARTNERS INVESTMENT FUNDS	(unaudited)
STATEMENTS OF CHANGES IN NET ASSETS

	Boston Partners All-Cap Value Fund						Boston Partners Small Cap Value Fund II
	For the Six Months Ended February 28, 2023			For the Year Ended August 31, 2022			For the Six Months Ended February 28, 2023			For the Year Ended August 31, 2022
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	8,853,137		$	16,754,843		$	3,784,152		$	4,924,806
Net realized gain/(loss) from investments and foreign currency		72,897,013			141,891,515			48,475,554			37,453,487
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		29,165,610			(201,890,405	)		(1,523,367	)		(120,654,994	)
Net increase/(decrease) in net assets resulting from operations		110,915,760			(43,244,047	)		50,736,339			(78,276,701	)
Dividends and distributions to shareholders:
Institutional Class		(96,713,599	)		(89,636,021	)		(46,030,717	)		(52,624,831	)
Investor Class		(18,398,789	)		(14,088,626	)		(5,861,952	)		(7,067,459	)
Net decrease in net assets from dividends and distributions to shareholders		(115,112,388	)		(103,724,647	)		(51,892,669	)		(59,692,290	)
Capital transactions:
Institutional Class
Proceeds from shares sold		147,272,025			279,553,596			51,935,251			158,734,422
Reinvestment of distributions		75,831,183			74,080,238			43,911,312			49,549,396
Shares redeemed		(252,534,608	)		(682,906,325	)		(138,462,785	)		(175,418,506	)
Investor Class
Proceeds from shares sold		10,352,573			19,585,547			4,083,380			12,962,300
Reinvestment of distributions		17,605,766			13,527,130			5,743,917			6,920,636
Shares redeemed		(23,078,364	)		(58,809,925	)		(6,861,255	)		(24,229,889	)
Net increase/(decrease) in net assets from capital transactions		(24,551,425	)		(354,969,739	)		(39,650,180	)		28,518,359
Total increase/(decrease) in net assets		(28,748,053	)		(501,938,433	)		(40,806,510	)		(109,450,632	)
Net assets:
Beginning of period		1,431,065,924			1,933,004,357			771,273,343			880,723,975
End of period	$	1,402,317,871		$	1,431,065,924		$	730,466,833		$	771,273,343
Share transactions:
Institutional Class
Shares sold		4,740,905			8,516,986			1,950,896			5,241,830
Shares reinvested		2,498,556			2,283,608			1,711,942			1,643,429
Shares redeemed		(8,193,828	)		(20,766,356	)		(5,156,431	)		(5,867,812	)
Net increase/(decrease)		(954,367	)		(9,965,762	)		(1,493,593	)		1,017,447
Investor Class
Shares sold		335,164			604,325			161,758			451,279
Shares reinvested		583,165			419,056			236,278			241,305
Shares redeemed		(754,580	)		(1,811,471	)		(274,352	)		(903,346	)
Net increase/(decrease)		163,749			(788,090	)		123,684			(210,762	)

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

64  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	(unaudited)
STATEMENTS OF CHANGES IN NET ASSETS (continued)

	WPG Partners Select Small Cap Value Fund						WPG Partners Small Cap Value Diversified Fund
	For the Six Months Ended February 28, 2023			For the Period Ended August 31, 2022*			For the Six Months Ended February 28, 2023			For the Year Ended August 31, 2022
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	305,905		$	(13,383	)	$	215,617		$	136,513
Net realized gain/(loss) from investments and foreign currency		1,106,404			(284,617	)		173,433			4,766,002
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		13,113,638			(851,233	)		2,835,991			(3,865,450	)
Net increase/(decrease) in net assets resulting from operations		14,525,947			(1,149,233	)		3,225,041			1,037,065
Dividends and distributions to shareholders:
Institutional Class		(111,741	)		—			(4,669,593	)		(417,759	)
Net decrease in net assets from dividends and distributions to shareholders		(111,741	)		—			(4,669,593	)		(417,759	)
Capital transactions:
Institutional Class
Proceeds from shares sold		58,390,701			19,127,270			1,232,380			6,503,416
Reinvestment of distributions		111,438			—			4,416,593			392,172
Shares redeemed		(3,390,165	)		(132,988	)		(3,526,741	)		(2,852,853	)
Net increase/(decrease) in net assets from capital transactions		55,111,974			18,994,282			2,122,232			4,042,735
Total increase/(decrease) in net assets		69,526,180			17,845,049			677,680			4,662,041
Net assets:
Beginning of period		17,845,049			—			32,264,190			27,602,149
End of period	$	87,371,229		$	17,845,049		$	32,941,870		$	32,264,190
Share transactions:
Institutional Class
Shares sold		6,402,831			1,912,822			65,574			313,324
Shares reinvested		11,155			—			253,245			19,717
Shares redeemed		(328,720	)		(13,764	)		(184,750	)		(141,175	)
Net increase/(decrease)		6,085,266			1,899,058			134,069			191,866

*       The Fund commenced operations on December 29, 2021.

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

Semi-Annual Report 2023  |  65

BOSTON PARTNERS INVESTMENT FUNDS	(unaudited)
STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Boston Partners Global Sustainability Fund						Boston Partners Global Equity Fund
	For the Six Months Ended February 28, 2023			For the Period Ended August 31, 2022*			For the Six Months Ended February 28, 2023			For the Year Ended August 31, 2022
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	80,079		$	263,754		$	944,609		$	3,593,717
Net realized gain/(loss) from investments and foreign currency		(1,463,380	)		(1,302,681	)		3,170,006			10,613,523
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		4,160,145			(2,540,407	)		19,660,657			(29,901,450	)
Net increase/(decrease) in net assets resulting from operations		2,776,844			(3,579,334	)		23,775,272			(15,694,210	)
Dividends and distributions to shareholders:
Institutional Class		(313,835	)		—			(2,771,850	)		(3,282,335	)
Net decrease in net assets from dividends and distributions to shareholders		(313,835	)		—			(2,771,850	)		(3,282,335	)
Capital transactions:
Institutional Class
Proceeds from shares sold		600,237			26,219,183			9,044,652			13,720,960
Reinvestment of distributions		313,835			—			2,760,443			3,267,140
Shares redeemed		(2,850,030	)		—			(6,260,111	)		(10,037,979	)
Net increase/(decrease) in net assets from capital transactions		(1,935,958	)		26,219,183			5,544,984			6,950,121
Total increase/(decrease) in net assets		527,051			22,639,849			26,548,406			(12,026,424	)
Net assets:
Beginning of period		22,639,849			—			171,406,964			183,433,388
End of period	$	23,166,900		$	22,639,849		$	197,955,370		$	171,406,964
Share transactions:
Institutional Class
Shares sold		64,679			2,626,775			453,715			672,846
Shares reinvested		33,673			—			136,453			160,233
Shares redeemed		(335,011	)		—			(315,103	)		(502,686	)
Net increase/(decrease)		(236,659	)		2,626,775			275,065			330,393

*       The Fund commenced operations on December 29, 2021.

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

66  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	(unaudited)
STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Boston Partners Emerging Markets Fund						Boston Partners Long/Short Equity Fund
	For the Six Months Ended February 28, 2023			For the Year Ended August 31, 2022			For the Six Months Ended February 28, 2023			For the Year Ended August 31, 2022
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	120,618		$	450,857		$	(18,658	)	$	(594,234	)
Net realized gain/(loss) from investments and foreign currency		(695,964	)		(3,083,963	)		8,069,382			9,017,511
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		1,131,992			(3,484,403	)		(720,586	)		(3,660,649	)
Net increase/(decrease) in net assets resulting from operations		556,646			(6,117,509	)		7,330,138			4,762,628
Dividends and distributions to shareholders:
Institutional Class		(651,962	)		(1,230,604	)		(6,481,806	)		(2,222,369	)
Investor Class		—			—			(1,588,742	)		(568,709	)
Net decrease in net assets from dividends and distributions to shareholders		(651,962	)		(1,230,604	)		(8,070,548	)		(2,791,078	)
Capital transactions:
Institutional Class
Proceeds from shares sold		316,189			4,922,572			7,323,386			11,580,037
Reinvestment of distributions		651,962			1,230,604			6,315,049			2,118,791
Shares redeemed		(800,010	)		(1,030,015	)		(11,119,099	)		(10,206,570	)
Investor Class
Proceeds from shares sold		—			—			1,295,989			1,987,755
Reinvestment of distributions		—			—			1,538,485			549,395
Shares redeemed		—			—			(1,543,201	)		(2,670,683	)
Net increase/(decrease) in net assets from capital transactions		168,141			5,123,161			3,810,609			3,358,725
Total increase/(decrease) in net assets		72,825			(2,224,952	)		3,070,199			5,330,275
Net assets:
Beginning of period		21,504,015			23,728,967			66,453,000			61,122,725
End of period	$	21,576,840		$	21,504,015		$	69,523,199		$	66,453,000
Share transactions:
Institutional Class
Shares sold		38,171			471,060			503,199			772,646
Shares reinvested		78,079			120,176			453,016			149,316
Shares redeemed		(95,240	)		(106,407	)		(760,732	)		(691,858	)
Net increase/(decrease)		21,010			484,829			195,483			230,104
Investor Class
Shares sold		—			—			104,254			153,329
Shares reinvested		—			—			132,628			45,405
Shares redeemed		—			—			(124,923	)		(210,827	)
Net increase/(decrease)		—			—			111,959			(12,093	)

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

Semi-Annual Report 2023  |  67

BOSTON PARTNERS INVESTMENT FUNDS	(unaudited)
STATEMENTS OF CHANGES IN NET ASSETS (continued)

	Boston Partners Long/Short Research Fund						Boston Partners Global Long/Short Fund
	For the Six Months Ended February 28, 2023			For the Year Ended August 31, 2022			For the Six Months Ended February 28, 2023			For the Year Ended August 31, 2022
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	3,768,648		$	(806,220	)	$	490,037		$	432,017
Net realized gain/(loss) from investments and foreign currency		45,036,164			176,879,838			3,806,799			15,104,285
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		(6,849,569	)		(124,327,460	)		4,742,006			(3,987,028	)
Net increase/(decrease) in net assets resulting from operations		41,955,243			51,746,158			9,038,842			11,549,274
Dividends and distributions to shareholders:
Institutional Class		(144,215,120	)		(86,584,443	)		(2,998,432	)		—
Investor Class		(2,234,372	)		(1,150,099	)		(245,884	)		—
Net decrease in net assets from dividends and distributions to shareholders		(146,449,492	)		(87,734,542	)		(3,244,316	)		—
Capital transactions:
Institutional Class
Proceeds from shares sold		208,050,717			211,949,877			74,203,202			64,513,248
Reinvestment of distributions		71,158,668			45,172,097			2,776,329			—
Shares redeemed		(231,938,336	)		(228,297,315	)		(38,476,718	)		(63,270,608	)
Investor Class
Proceeds from shares sold		1,719,436			3,774,057			9,052,493			6,524,071
Reinvestment of distributions		2,215,329			1,144,023			223,590			—
Shares redeemed		(3,909,676	)		(2,637,299	)		(7,453,133	)		(5,729,454	)
Net increase/(decrease) in net assets from capital transactions		47,296,138			31,105,440			40,325,763			2,037,257
Total increase/(decrease) in net assets		(57,198,111	)		(4,882,944	)		46,120,289			13,586,531
Net assets:
Beginning of period		813,902,254			818,785,198			121,237,590			107,651,059
End of period	$	756,704,143		$	813,902,254		$	167,357,879		$	121,237,590
Share transactions:
Institutional Class
Shares sold		14,056,379			12,983,416			5,225,367			4,730,594
Shares reinvested		5,086,395			2,891,940			194,557			—
Shares redeemed		(15,456,437	)		(13,752,873	)		(2,721,231	)		(4,731,465	)
Net increase/(decrease)		3,686,337			2,122,483			2,698,693			(871	)
Investor Class
Shares sold		116,178			239,284			635,206			481,835
Shares reinvested		164,220			75,463			15,925			—
Shares redeemed		(278,394	)		(163,631	)		(521,751	)		(436,138	)
Net increase/(decrease)		2,004			151,116			129,380			45,697

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

68  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS	(unaudited)
STATEMENTS OF CHANGES IN NET ASSETS (concluded)

	Boston Partners Emerging Markets Dynamic Equity Fund
	For the Six Months Ended February 28, 2023			For the Year Ended August 31, 2022
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	68,863		$	384,446
Net realized gain/(loss) from investments and foreign currency		(1,145,364	)		(4,533,397	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		69,359			(2,597,974	)
Net increase/(decrease) in net assets resulting from operations		(1,007,142	)		(6,746,925	)
Dividends and distributions to shareholders:
Institutional Class		(11,778,440	)		(36,249	)
Net decrease in net assets from dividends and distributions to shareholders		(11,778,440	)		(36,249	)
Capital transactions:
Institutional Class
Proceeds from shares sold		2,378,257			10,840,739
Reinvestment of distributions		11,469,531			35,160
Shares redeemed		(6,230,792	)		(4,906,731	)
Net increase/(decrease) in net assets from capital transactions		7,616,996			5,969,168
Total increase/(decrease) in net assets		(5,168,586	)		(814,006	)
Net assets:
Beginning of period		60,615,615			61,429,621
End of period	$	55,447,029		$	60,615,615
Share transactions:
Institutional Class
Shares sold		265,351			1,008,879
Shares reinvested		1,402,143			3,301
Shares redeemed		(716,365	)		(457,685	)
Net increase/(decrease)		951,129			554,495

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

Semi-Annual Report 2023  |  69

BOSTON PARTNERS INVESTMENT FUNDS
FINANCIAL HIGHLIGHTS	Per Share Operating Performance

Contained below is per share operating performance data for each class of shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	Net Asset Value, Beginning of Period			Net Investment Income/ (Loss)*				Net Realized and Unrealized Gain/ (Loss) on Investments				Net Increase/ (Decrease) in Net Assets Resulting from Operations				Dividends to Shareholders from Net Investment Income				Distributions to Shareholders from Net Realized Gains				Total Dividend and Distributions to Shareholders
Boston Partners All-Cap Value Fund
Institutional Class
9/1/22 through 2/28/23†		$	30.78		$	0.21			$	2.28			$	2.49			$	(0.31	)		$	(2.28	)		$	(2.59	)
8/31/22			33.77			0.33				(1.51	)			(1.18	)			(0.33	)			(1.48	)			(1.81	)
8/31/21			24.53			0.26				9.43				9.69				(0.21	)			(0.24	)			(0.45	)
8/31/20			24.97			0.36				(0.08	)			0.28				(0.37	)			(0.35	)			(0.72	)
8/31/19			27.86			0.34				(1.76	)			(1.42	)			(0.29	)			(1.18	)			(1.47	)
8/31/18			25.57			0.22				3.20				3.42				(0.18	)			(0.95	)			(1.13	)
Investor Class
9/1/22 through 2/28/23†		$	30.58		$	0.16			$	2.28			$	2.44			$	(0.23	)		$	(2.28	)		$	(2.51	)
8/31/22			33.56			0.25				(1.51	)			(1.26	)			(0.24	)			(1.48	)			(1.72	)
8/31/21			24.39			0.18				9.38				9.56				(0.15	)			(0.24	)			(0.39	)
8/31/20			24.82			0.30				(0.09	)			0.21				(0.29	)			(0.35	)			(0.64	)
8/31/19			27.69			0.27				(1.75	)			(1.48	)			(0.21	)			(1.18	)			(1.39	)
8/31/18			25.42			0.16				3.18				3.34				(0.12	)			(0.95	)			(1.07	)
Boston Partners Small Cap Value Fund II
Institutional Class
9/1/22 through 2/28/23†		$	27.51		$	0.14			$	1.67			$	1.81			$	(0.26	)		$	(1.66	)		$	(1.92	)
8/31/22			32.34			0.18				(2.86	)			(2.68	)			(0.12	)			(2.03	)			(2.15	)
8/31/21			21.06			0.15				11.27				11.42				(0.14	)			—				(0.14	)
8/31/20			23.42			0.20				(1.94	)			(1.74	)			(0.28	)			(0.34	)			(0.62	)
8/31/19			27.74			0.23				(3.12	)			(2.89	)			(0.12	)			(1.31	)			(1.43	)
8/31/18			24.96			0.21				3.75				3.96				(0.20	)			(0.98	)			(1.18	)
Investor Class
9/1/22 through 2/28/23†		$	26.12		$	0.10			$	1.59			$	1.69			$	(0.19	)		$	(1.66	)		$	(1.85	)
8/31/22			30.81			0.10				(2.72	)			(2.62	)			(0.04	)			(2.03	)			(2.07	)
8/31/21			20.07			0.07				10.75				10.82				(0.08	)			—				(0.08	)
8/31/20			22.33			0.15				(1.85	)			(1.70	)			(0.22	)			(0.34	)			(0.56	)
8/31/19			26.53			0.16				(2.99	)			(2.83	)			(0.06	)			(1.31	)			(1.37	)
8/31/18			23.92			0.14				3.59				3.73				(0.14	)			(0.98	)			(1.12	)
WPG Partners Select Small Cap Value Fund
Institutional Class
9/1/22 through 2/28/23†		$	9.40		$	0.05			$	1.51			$	1.56			$	—			$	(0.02	)		$	(0.02	)
12/29/21** through 8/31/22			10.00			(0.01	)			(0.59	)			(0.60	)			—				—				—
WPG Partners Small Cap Value Diversified Fund
Institutional Class
9/1/22 through 2/28/23†		$	19.92		$	0.13			$	1.85			$	1.98			$	(0.09	)		$	(3.02	)		$	(3.11	)
8/31/22			19.33			0.09				0.80				0.89				(0.07	)			(0.23	)			(0.30	)
8/31/21			11.96			0.07				7.39				7.46				(0.09	)			—				(0.09	)
8/31/20			13.19			0.09				(1.26	)			(1.17	)			(0.06	)			—				(0.06	)
8/31/19			17.52			0.06				(3.36	)			(3.30	)			(0.05	)			(0.98	)			(1.03	)
8/31/18			16.13			0.04				2.50				2.54				(0.06	)			(1.09	)			(1.15	)

†	unaudited.
*	Calculated based on average shares outstanding for the period.
**	Commencement of operations.

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

70  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS
FINANCIAL HIGHLIGHTS (continued)	Per Share Operating Performance

Net Asset Value, End of Period		Total Investment Return1			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any2			Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense)	Ratio of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any			Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements			Portfolio Turnover Rate
	$30.68		8.19	%	$	1,167,429		0.80	%3	N/A		0.84	%3		1.30	%3		23	%4
	30.78		(3.76	)		1,200,629		0.80		N/A		0.86			1.00			29
	33.77		39.91			1,653,698		0.80		N/A		0.83			0.86			33
	24.53		0.84			1,053,301		0.80		N/A		0.84			1.46			37
	24.97		(4.65	)		1,561,229		0.80		N/A		0.82			1.34			33
	27.86		13.70			1,853,976		0.80		N/A		0.80			0.83			33
	$30.51		8.06	%	$	234,889		1.05	%3	N/A		1.09	%3		1.05	%3		23	%4
	30.58		(4.00	)		230,437		1.05		N/A		1.11			0.75			29
	33.56		39.57			279,306		1.05		N/A		1.08			0.61			33
	24.39		0.59			220,927		1.05		N/A		1.09			1.21			37
	24.82		(4.90	)		320,962		1.05		N/A		1.07			1.09			33
	27.69		13.44			510,737		1.05		N/A		1.05			0.58			33
	$27.40		7.06	%	$	644,862		0.99	%3	N/A		1.04	%3		1.05	%3		39	%4
	27.51		(8.88	)		688,375		0.99		N/A		1.02			0.61			24
	32.34		54.40			776,442		0.99		N/A		1.01			0.52			33
	21.06		(7.88	)		503,349		1.07		N/A		1.09			0.94			46
	23.42		(9.92	)		421,429		1.10		N/A		1.16			0.97			29
	27.74		16.25			476,179		1.10		N/A		1.14			0.78			40
	$25.96		6.90	%	$	85,605		1.24	%3	N/A		1.29	%3		0.80	%3		39	%4
	26.12		(9.11	)		82,898		1.24		N/A		1.27			0.36			24
	30.81		54.01			104,282		1.24		N/A		1.26			0.27			33
	20.07		(8.07	)		77,032		1.32		N/A		1.34			0.69			46
	22.33		(10.20	)		122,703		1.35		N/A		1.41			0.72			29
	26.53		15.94			144,315		1.35		N/A		1.39			0.53			40
	$10.94		16.67	%	$	87,371		1.10	%3	N/A		1.19	%3		0.93	%3		56	%4
	9.40		(6.00	)		17,845		1.10	3	N/A		2.93	3		(0.22	)3		70	4
	$18.79		11.17	%	$	32,942		1.10	%3	N/A		1.32	%3		1.41	%3		42	%4
	19.92		4.59			32,264		1.10		N/A		1.26			0.44			92
	19.33		62.66			27,602		1.10		N/A		1.28			0.40			114
	11.96		(8.92	)		19,150		1.10		N/A		1.31			0.74			123
	13.19		(18.85	)		22,273		1.10		N/A		1.23			0.40			79
	17.52		16.16			32,436		1.09		N/A		1.11			0.23			80

1	Total return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of the period and is not annualized if period is less than one year.
2	Beginning on September 1, 2018, the expense limitation includes acquired fund fees and expenses (AFFE). AFFE are not reflected as expenses in these financial statements and therefore this may cause the net expense ratios after waivers/reimbursements to be lower than the expense limitation in place.
3	Annualized
4	Not Annualized

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

Semi-Annual Report 2023  |  71

BOSTON PARTNERS INVESTMENT FUNDS
FINANCIAL HIGHLIGHTS (continued)	Per Share Operating Performance

Contained below is per share operating performance data for each class of shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	Net Asset Value, Beginning of Period			Net Investment Income/ (Loss)*				Net Realized and Unrealized Gain/ (Loss) on Investments				Net Increase/ (Decrease) in Net Assets Resulting from Operations				Dividends to Shareholders from Net Investment Income				Distributions to Shareholders from Net Realized Gains				Total Dividend and Distributions to Shareholders
Boston Partners Global Sustainability Fund
Institutional Class
9/1/22 through 2/28/23†		$	8.62		$	0.03			$	1.18			$	1.21			$	(0.14	)		$	—			$	(0.14	)
12/29/21** through 8/31/22			10.00			0.11				(1.49	)			(1.38	)			—				—				—
Boston Partners Global Equity Fund
Institutional Class
9/1/22 through 2/28/23†		$	18.69		$	0.10			$	2.46			$	2.56			$	(0.30	)		$	—			$	(0.30	)
8/31/22			20.74			0.39				(2.08	)			(1.69	)			(0.36	)			—				(0.36	)
8/31/21			15.15			0.25				5.69				5.94				(0.35	)			—				(0.35	)
8/31/20			15.91			0.15				(0.67	)			(0.52	)			(0.24	)			—				(0.24	)
8/31/19			18.73			0.25				(1.79	)			(1.54	)			(0.18	)			(1.10	)			(1.28	)
8/31/18			17.39			0.16				1.56				1.72				(0.12	)			(0.26	)			(0.38	)
Boston Partners Emerging Markets Fund
Institutional Class
9/1/22 through 2/28/23†		$	8.61		$	0.05			$	0.17			$	0.22			$	(0.27	)		$	—			$	(0.27	)
8/31/22			11.78			0.19				(2.75	)			(2.56	)			(0.46	)			(0.15	)			(0.61	)
8/31/21			9.79			0.13				1.94				2.07				(0.08	)			—				(0.08	)
8/31/20			9.18			0.21				0.89				1.10				(0.49	)			—				(0.49	)
8/31/19			9.13			0.13				(0.08	)			0.05				—				—				—
10/17/17** through 8/31/18			10.00			0.05				(0.86	)			(0.81	)			(0.06	)			—				(0.06	)
Boston Partners Long/Short Equity Fund
Institutional Class
9/1/22 through 2/28/23†		$	14.73			$ —	^		$	1.58			$	1.58			$	—			$	(1.77	)		$	(1.77	)
8/31/22			14.21			(0.13	)			1.29				1.16				—				(0.64	)			(0.64	)
8/31/21			15.15			(0.12	)			3.69				3.57				—				(4.51	)			(4.51	)
8/31/20			17.74			(0.14	)			(0.70	)			(0.84	)			—				(1.75	)			(1.75	)
8/31/19			20.51			(0.18	)			(1.06	)			(1.24	)			—				(1.53	)			(1.53	)
8/31/18			20.96			(0.35	)			0.07				(0.28	)			—				(0.17	)			(0.17	)
Investor Class
9/1/22 through 2/28/23†		$	12.54		$	(0.02	)		$	1.34			$	1.32			$	—			$	(1.77	)		$	(1.77	)
8/31/22			12.22			(0.14	)			1.10				0.96				—				(0.64	)			(0.64	)
8/31/21			13.64			(0.14	)			3.23				3.09				—				(4.51	)			(4.51	)
8/31/20			16.17			(0.16	)			(0.62	)			(0.78	)			—				(1.75	)			(1.75	)
8/31/19			18.88			(0.20	)			(0.98	)			(1.18	)			—				(1.53	)			(1.53	)
8/31/18			19.36			(0.38	)			0.07				(0.31	)			—				(0.17	)			(0.17	)

†	Unaudited.
*	Calculated based on average shares outstanding.
**	Commencement of operations.
^	Amount is less than $0.005.

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

72  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS
FINANCIAL HIGHLIGHTS (continued)	Per Share Operating Performance

Net Asset Value, End of Period		Total Investment Return1			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any2			Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense)			Ratio of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any			Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements			Portfolio Turnover Rate
$	9.69		14.06	%	$	23,167		0.90	%3		N/A			1.59	%3		0.75	%3		40	%4
	8.62		(13.80	)		22,640		0.90	3		N/A			1.73	3		1.75	3		55	4
$	20.95		13.76	%	$	197,955		0.95	%3		N/A			1.12	%3		1.04	%3		26	%4
	18.69		(8.27	)		171,407		0.95			N/A			1.13			1.94			59
	20.74		39.66			183,433		0.95			N/A			1.04			1.38			88
	15.15		(3.40	)		177,470		0.95			N/A			1.22			0.96			118
	15.91		(7.92	)		683,649		0.95			N/A			1.03			1.55			97
	18.73		9.93			666,271		0.95			N/A			1.03			0.88			80
$	8.56		2.65	%	$	21,577		1.00	%3		N/A			1.78	%3		1.18	%3		86	%4
	8.61		(22.55	)		21,504		1.00			N/A			1.74			1.94			143
	11.78		21.15			23.729		1.00			N/A			1.56			1.16			123
	9.79		12.05			16,508		1.06			N/A			2.39			2.29			177
	9.18		0.55			9,468		1.07			N/A			2.89			1.41			155
	9.13		(8.11	)		8,296		1.10	3		N/A			2.95	3		0.58	3		146	4
$	14.54		11.25	%	$	56,871		2.01	%3		1.96	%3		2.65	%3		(0.01	%)3		22	%4
	14.73		8.35			54,733		2.55			1.96			3.18			(0.87	)		40
	14.21		29.08			49,551		2.60			1.97			3.14			(0.91	)		31
	15.15		(5.78	)		68,780		2.57			2.25			2.74			(0.81	)		46
	17.74		(6.05	)		227,834		2.67			2.45			2.68			(0.94	)		64
	20.51		(1.38	)		651,325		3.01			2.37			3.01			(1.62	)		58
$	12.09		11.13	%	$	12,652		2.26	%3		2.21	%3		2.90	%3		(0.26	%)3		22	%4
	12.54		8.07			11,720		2.80			2.21			3.43			(1.12	)		40
	12.22		28.71			11.571		2.85			2.22			3.39			(1.16	)		31
	13.64		(5.99	)		14,484		2.82			2.50			2.99			(1.06	)		46
	16.17		(6.27	)		28,156		2.92			2.70			2.93			(1.19	)		64
	18.88		(1.65	)		54,167		3.26			2.62			3.26			(1.87	)		58

1	Total return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of the period and is not annualized if period is less than one year.
2	Beginning on September 1, 2018, the expense limitation includes acquired fund fees and expenses (AFFE). AFFE are not reflected as expenses in these financial statements and therefore this may cause the net expense ratios after waivers/reimbursements to be lower than the expense limitation in place.
3	Annualized
4	Not Annualized

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

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BOSTON PARTNERS INVESTMENT FUNDS
FINANCIAL HIGHLIGHTS (continued)	Per Share Operating Performance

Contained below is per share operating performance data for each class of shares outstanding, total investment return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	Net Asset Value, Beginning of Period			Net Investment Income/ (Loss)*				Net Realized and Unrealized Gain/ (Loss) on Investments				Net Increase/ (Decrease) in Net Assets Resulting from Operations				Dividends to Shareholders from Net Investment Income				Distributions to Shareholders from Net Realized Gains				Total Dividend and Distributions to Shareholders
Boston Partners Long/Short Research Fund
Institutional Class
9/1/22 through 2/28/23†		$	15.98		$	0.07			$	0.74			$	0.81			$	(0.22	)		$	(2.72	)		$	(2.94	)
8/31/22			16.82			(0.02	)			1.18				1.16				—				(2.00	)			(2.00	)
8/31/21			13.31			(0.10	)			3.61				3.51				—				—				—
8/31/20			15.15			(0.00	)			(1.48	)			(1.48	)			(0.21	)			(0.15	)			(0.36	)
8/31/19			16.64			0.09				(0.79	)			(0.70	)			(0.01	)			(0.78	)			(0.79	)
8/31/18			16.27			(0.03	)			0.40				0.37				—				—				—
Investor Class
9/1/22 through 2/28/23†		$	15.48		$	0.05			$	0.72			$	0.77			$	(0.18	)		$	(2.72	)		$	(2.90	)
8/31/22			16.39			(0.05	)			1.14				1.09				—				(2.00	)			(2.00	)
8/31/21			13.01			(0.13	)			3.51				3.38				—				—				—
8/31/20			14.81			(0.04	)			(1.44	)			(1.48	)			(0.17	)			(0.15	)			(0.32	)
8/31/19			16.31			0.06				(0.78	)			(0.72	)			—				(0.78	)			(0.78	)
8/31/18			15.99			(0.08	)			0.40				0.32				—				—				—
Boston Partners Global Long/Short Fund
Institutional Class
9/1/22 through 2/28/23†		$	13.65		$	0.05			$	0.91			$	0.96			$	(0.32	)		$	—			$	(0.32	)
8/31/22			12.18			0.05				1.42				1.47				—				—				—
8/31/21			9.72			(0.01	)			2.48				2.47				(0.01	)			—				(0.01	)
8/31/20			10.74			0.01				(0.89	)			(0.88	)			(0.14	)			—				(0.14	)
8/31/19			11.52			0.07				(0.65	)			(0.58	)			—				(0.20	)			(0.20	)
8/31/18			11.34			(0.01	)			0.19				0.18				—				—				—
Investor Class
9/1/22 through 2/28/23†		$	13.43		$	0.03			$	0.89			$	0.92			$	(0.30	)		$	—			$	(0.30	)
8/31/22			12.01			0.01				1.41				1.42				—				—				—
8/31/21			9.61			(0.03	)			2.43				2.40				—				—				—
8/31/20			10.61			(0.02	)			(0.88	)			(0.90	)			(0.10	)			—				(0.10	)
8/31/19			11.40			0.05				(0.84	)			(0.79	)			—				—				—
8/31/18			11.25			(0.04	)			0.19				0.15				—				—				—
Boston Partners Emerging Markets Dynamic Equity Fund
Institutional Class
9/1/22 through 2/28/23†		$	10.23		$	0.01			$	(0.17	)		$	(0.16	)		$	(2.01	)		$	—			$	(2.01	)
8/31/22			11.44			0.07				(1.27	)			(1.20	)			(0.01	)			—				(0.01	)
8/31/21			11.23			(0.02	)			1.17				1.15				(0.94	)			—				(0.94	)
8/31/20			10.45			0.19				0.82				1.01				(0.23	)			—				(0.23	)
8/31/19			10.49			0.04				(0.03	)			0.01				—				(0.05	)			(0.05	)
8/31/18			12.12			(0.05	)			(0.87	)			(0.92	)			(0.26	)			(0.45	)			(0.71	)

†	unaudited.
*	Calculated based on average shares outstanding, unless otherwise noted.

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

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FINANCIAL HIGHLIGHTS (concluded)	Per Share Operating Performance

Net Asset Value, End of Period			Total Investment Return1			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupment if any2			Ratio of Expenses to Average Net Assets With Waivers, Reimbursements and Recoupments if any (Excluding Dividend and Interest Expense)			Ratio of Expenses to Average Net Assets Without Waivers, Reimbursements and Recoupments if any			Ratio of Net Investment Income/(Loss) to Average Net Assets With Waivers and Reimbursements			Portfolio Turnover Rate
	$	13.85		4.88	%	$	746,339		1.80	%3		1.39	%3		1.80	%3		0.95	%3		29	%4
		15.98		7.17			801,913		1.95			1.40			1.95			(0.10	)		85
		16.82		26.37			808,565		2.15			1.40			2.15			(0.66	)		61
		13.31		(10.13	)		1,082,963		2.21			1.37			2.21			(0.01	)		66
		15.15		(4.05	)		3,212,731		2.15			1.38			2.15			0.62			60
		16.64		2.27			6,636,897		2.09			1.34			2.09			(0.19	)		60
	$	13.35		4.80	%	$	10,365		2.05	%3		1.64	%3		2.05	%3		0.70	%3		29	%4
		15.48		6.91			11,989		2.20			1.65			2.20			(0.35	)		85
		16.39		25.98			10,220		2.40			1.65			2.40			(0.91	)		61
		13.01		(10.32	)		24,436		2.46			1.62			2.46			(0.26	)		66
		14.81		(4.27	)		54,570		2.40			1.63			2.40			0.37			60
		16.31		2.00			118,905		2.34			1.59			2.34			(0.44	)		60
	$	14.29		7.01	%	$	159,095		2.39	%3		1.79	%3		2.39	%3		0.70	%3		75	%4
		13.65		12.07			115,079		2.56			1.81			2.56			0.34			161
		12.18		25.39			102,691		2.29			1.83			2.29			(0.07	)		102
		9.72		(8.30	)		130,857		2.46			1.75			2.46			0.07			125
		10.74		(5.00	)		611,254		2.47			1.65			2.47			0.69			99
		11.52		1.59			913,237		2.34			1.65			2.34			(0.11	)		85
	$	14.05		6.88	%	$	8,263		2.64	%3		2.04	%3		2.64	%3		0.45	%3		75	%4
		13.43		11.82			6,159		2.81			2.06			2.81			0.09			161
		12.01		24.97			4,960		2.54			2.08			2.54			(0.32	)		102
		9.61		(8.55	)		6,308		2.71			2.00			2.71			(0.18	)		125
		10.61		(5.14	)		14,610		2.72			1.90			2.72			0.44			99
		11.40		1.33			23,987		2.59			1.90			2.59			(0.36	)		85
	$	8.06		(1.84	%)	$	55,447		1.40	%3		1.40	%3		1.72	%3		0.24	%3		68	%4
		10.23		(10.52	)		60,616		1.42			1.40			1.73			0.63			136
		11.44		10.38			61,430		1.75			1.40			2.00			(0.14	)		125
		11.23		9.75			60,176		1.66			1.49			2.19			1.81			219
		10.45		0.18			58,424		1.96			1.96			2.44			0.43			186
		10.49		(8.11	)		58,245		2.00			2.00			2.37			(0.47	)		222

1	Total return is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of the period and is not annualized if period is less than one year.
2	Beginning on September 1, 2018, the expense limitation includes acquired fund fees and expenses (AFFE). AFFE are not reflected as expenses in these financial statements and therefore this may cause the net expense ratios after waivers/reimbursements to be lower than the expense limitation in place.
3	Annualized
4	Not Annualized

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

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NOTES TO FINANCIAL STATEMENTS

February 28, 2023

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is a mutual fund complex divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has forty-eight separate investment portfolios, including Boston Partners All-Cap Value Fund (“BP All-Cap Value Fund”), Boston Partners Small Cap Value Fund II (“BP Small Cap Value Fund II”), WPG Partners Select Small Cap Value Fund (“WPG Select Small Cap Value Fund”), WPG Partners Small Cap Value Diversified Fund (formerly known as WPG Partners Small/Micro Cap Value Fund) (“WPG Small Cap Value Diversified Fund”), Boston Partners Global Sustainability Fund (“BP Global Sustainability Fund”), Boston Partners Global Equity Fund (“BP Global Equity Fund”), Boston Partners Emerging Markets Fund (“BP Emerging Markets Fund”), Boston Partners Long/Short Equity Fund (“BP Long/Short Equity Fund”), Boston Partners Long/Short Research Fund (“BP Long/Short Research Fund”), Boston Partners Global Long/Short Fund (“BP Global Long/Short Fund”) and Boston Partners Emerging Markets Dynamic Equity Fund (“BP Emerging Markets Dynamic Equity Fund”), (each, a “Fund” and collectively, the “Funds”). As of the end of the reporting period, the Funds (other than the WPG Select Small Cap Value Fund, WPG Small Cap Value Diversified Fund, BP Global Sustainability Fund, BP Global Equity Fund, BP Emerging Markets Fund and BP Emerging Markets Dynamic Equity Fund) each offer two classes of shares, Institutional Class and Investor Class. As of the end of the reporting period, Investor Class shares of the BP Global Equity Fund have not been issued. The WPG Select Small Cap Value Fund, WPG Small Cap Value Diversified Fund, BP Global Sustainability Fund, BP Emerging Markets Fund and BP Emerging Markets Dynamic Equity Fund are single class funds, offering only the Institutional Class of shares.

RBB has authorized capital of one hundred billion shares of common stock of which 90.623 billion shares are currently classified into two hundred and thirteen classes of common stock. Each class represents an interest in an active or inactive investment portfolio of the Company.

The investment objective of BP Small Cap Value Fund II and BP All-Cap Value Fund is to seek long-term growth of capital primarily through investment in equity securities. The investment objective of BP Global Equity Fund, BP Global/Long Short Fund, BP Emerging Markets Fund, and BP Emerging Markets Dynamic Equity Fund is to seek long-term capital growth. The investment objective of WPG Select Small Cap Value Fund and BP Global Sustainability Fund is to seek long-term capital appreciation. The investment objective of BP Long/Short Equity Fund is to seek long-term capital appreciation while reducing exposure to general equity market risk. The investment objective of WPG Small Cap Value Diversified Fund is to seek capital appreciation by investing primarily in common stocks, securities convertible into common stocks and in special situations. The investment objective of BP Long/Short Research Fund is to seek long-term total return.

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services-Investment Companies.”

The end of the reporting period for the Funds is February 28, 2023, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2023 (the “current fiscal period”).

PORTFOLIO VALUATION — Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m Eastern time) on each day the NYSE is open. Securities held by a Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. Investments in other open-end investment companies, if any, are valued based on the NAV of the investment companies (which may use fair value pricing as disclosed in their prospectuses). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. If market quotations are unavailable or deemed unreliable, securities will be valued by the Valuation Designee (as defined below) in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be

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NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2023

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).

The Board has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Boston Partners Global Investors, Inc. (“Boston Partners” or the “Adviser”) as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure the fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

•	Level 1 —	Prices are determined using quoted prices in active markets for identical securities.
•	Level 2 —	Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).
•	Level 3 —	Prices are determined using significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

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

A summary of the inputs used to value each Fund’s investments as of the end of the reporting period is included in each Fund’s Portfolio of Investments.

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

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

The following is a summary of quantitative information about Level 3 Fair Value Measurements:

FUND	TYPE OF SECURITY	UNREALIZED APPRECIATION/ (DEPRECIATION) AS OF 2/28/2023	VALUATION TECHNIQUES	UNOBSERVABLE INPUT	UNOBSERVABLE INPUT VALUES (USD)	IMPACT TO VALUATION FROM AN INCREASE TO INPUT
BP Emerging Markets Dynamic Equity Fund	Contracts For Difference – Total Short – Russia	314,150	Market Approach & Concensus Pricing	Discount for lack of marketability as a result of geopolitical event and sanction	100%	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security
BP Emerging Markets Dynamic Equity Fund	Contracts For Difference – Total Short – Russia	140,169	Market Approach & Concensus Pricing	Discount for lack of marketability as a result of geopolitical event and sanction	100%	Significant changes in the market quotes would have resulted in direct and proportional changes in the fair value of the security

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NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2023

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

During the current fiscal year, the Funds had no significant level 3 investments or transfers.

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Funds record security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds’ investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (formerly, PENN Capital Funds Trust) (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Offering costs are amortized for a new fund and accrued over a 12-month period from the inception date of the fund. Offering costs are charged directly to the fund in which they are incurred. Expenses and fees, including investment advisory, offering costs, and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Funds.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders and recorded on the ex-dividend date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations which may differ from U.S. GAAP.

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is each Fund’s intention to qualify or continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

SEC RULE 18f-4 — Effective August 19, 2022, the Securities and Exchange Commission (the “SEC”) implemented Rule 18f-4 under the 1940 Act (“Rule 18f-4”), providing for the regulation of a registered investment company’s use of derivatives and certain related instruments. Among other things, Rule 18f-4 limits a fund’s derivatives exposure through a value-at-risk test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. The BP Emerging Markets Fund, BP Long/Short Equity Fund, BP Long/Short Research Fund, BP Global Long/Short Fund, and BP Emerging Markets Dynamic Equity Fund, as a full derivatives user (as defined in Rule 18f-4), is subject to the full requirements of Rule 18f-4. The BP All-Cap Value Fund, BP Small Cap Value Fund II, WPG Select Small Cap Value Fund, WPG Small Cap Value Diversified Fund, BP Global Sustainability Fund, and BP Global Equity Fund, as a limited derivatives user (as defined in Rule 18f-4), is not subject to the full requirements of Rule 18f-4. The Funds are required to comply with Rule18f-4 and has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4.

FOREIGN CURRENCY TRANSLATION — Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.

The Funds do not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investments in the Statements of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currencies in the Statements of Operations.

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

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

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NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2023

CURRENCY RISK — The Funds invest in securities of foreign issuers, including American Depositary Receipts. These markets are subject to special risks associated with foreign investments not typically associated with investing in U.S. markets. Because the foreign securities in which the Funds may invest generally trade in currencies other than the U.S. dollar, changes in currency exchange rates will affect the Funds’ NAV, the value of dividends and interest earned and gains and losses realized on the sale of securities. Because the NAV for the Funds are determined on the basis of U.S. dollars, the Funds may lose money by investing in a foreign security if the local currency of a foreign market depreciates against the U.S. dollar, even if the local currency value of the Funds’ holdings goes up. Generally, a strong U.S. dollar relative to these other currencies will adversely affect the value of the Funds’ holdings in foreign securities.

EMERGING MARKETS RISK — The BP Global Sustainability Fund, the BP Emerging Markets Fund and the BP Emerging Markets Dynamic Equity Fund invest in emerging market instruments which are subject to certain credit and market risks. The securities and currency markets of emerging market countries are generally smaller, less developed, less liquid and more volatile than the securities and currency markets of the United States and other developed markets. Disclosure and regulatory standards in many respects are less stringent than in other developed markets. There also may be a lower level of monitoring and regulation of securities markets in emerging market countries and the activities of investors in such markets and enforcement of existing regulations may be extremely limited. Political and economic structures in many of these countries may be in their infancy and developing rapidly, and such countries may lack the social, political and economic stability characteristics of more developed countries.

FOREIGN SECURITIES MARKET RISK — Securities of many non-U.S. companies may be less liquid and their prices more volatile than securities of comparable U.S. companies. Securities of companies traded in many countries outside the U.S., particularly emerging markets countries, may be subject to further risks due to the inexperience of local investment professionals and financial institutions, the possibility of permanent or temporary termination of trading and greater spreads between bid and asked prices of securities. In addition, non-U.S. stock exchanges and investment professionals are subject to less governmental regulation, and commissions may be higher than in the United States. Also, there may be delays in the settlement of non-U.S. stock exchange transactions.

LIBOR DISCONTINUATION RISK — The terms of many financial instruments in which the Funds may invest or other transactions to which the Funds may be a party may be tied to the London Interbank Offered Rate, or “LIBOR.” LIBOR is the offered rate for short-term Eurodollar deposits between major international banks. LIBOR may be a significant factor in determining the Funds’ payment obligations under a derivative investment, the cost of financing to the Funds or an investment’s value or return to the Funds, and may be used in other ways that affect the Funds’ investment performance. In July 2017, the Financial Conduct Authority (“FCA”), the United Kingdom’s financial regulatory body, announced a desire to phase out the use of LIBOR by the end of 2021.

The FCA and ICE Benchmark Administrator have since announced that most LIBOR settings will no longer be published after December 31, 2021 and a majority of U.S. dollar LIBOR settings will cease publication after June 30, 2023. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing the Secured Overnight Financing Rate (“SOFR”) that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new reference rates. Uncertainty related to the liquidity impact of the change in rates, and how to appropriately adjust these rates at the time of transition, poses risks for the Funds. The effect of any changes to, or discontinuation of, LIBOR on the Funds will depend on, among other things, (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new instruments and contracts. In addition, there are obstacles to converting certain longer-term securities and transactions to a new reference rate or rates and the effectiveness of one alternative reference rate versus multiple alternative reference rates in new or existing financial instruments and products has not been determined.

The transition away from LIBOR might lead to increased volatility and illiquidity in markets for instruments whose terms currently reference LIBOR, reduced values of LIBOR-related investments, reduced effectiveness of hedging strategies, increased costs for certain LIBOR-related instruments, increased difficulty in borrowing or refinancing, and prolonged adverse market conditions for the Funds. Furthermore, the risks associated with the expected discontinuation of LIBOR and related transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner.

Although the Funds are working to minimize its exposure to risks associated with the expected discontinuation of LIBOR, all of the aforementioned risks may adversely affect the Funds’ performance or NAV.

CORONAVIRUS (COVID-19) PANDEMIC — The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. Although vaccines for COVID-19 are available, the ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers are not known. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak and the pace of recovery which may vary from market to market, and such uncertainty may in turn adversely affect the value and liquidity of the Funds’ investments, impair the Funds’ ability to satisfy redemption requests, and negatively impact the Funds’ performance.

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NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2023

UKRAINE-RUSSIA CONFLICT RISK — In February 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries and the threat of wider-spread hostilities could have a severe adverse effect on the region and global economies, including significant negative impacts on the markets for certain securities and commodities, such as oil and natural gas. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future, could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long the armed conflict and related events will last cannot be predicted. These tensions and any related events could have a significant impact on the Funds’ performance and the value of Funds’ investments, even beyond any direct exposure that the Funds may have to issuers located in these countries.

SUSTAINABLE INVESTMENT RISK — The sustainability criterion required for investment by the BP Global Sustainability Fund may cause the Fund to not invest in certain industries or issuers. As a result, the BP Global Sustainability Fund may be overweight or underweight in certain industries or issuers relative to its benchmark index, which may cause the Fund’s performance to be more or less sensitive to developments affecting those industries or issuers. Sustainability information provided by issuers, upon which the portfolio managers may rely, continues to develop, and may be incomplete, inaccurate, use different methodologies, or be applied differently across companies and industries. Further, the regulatory landscape for sustainable investing in the United States is still developing and future rules and regulations may require the BP Global Sustainability Fund to modify or alter its investment process. Similarly, government policies incentivizing issuers to engage in sustainable practices may fall out of favor, which could potentially limit the BP Global Sustainability Fund’s investment universe. There is also a risk that the companies identified through the investment process may fail to adhere to sustainable business practices, which may result in the BP Global Sustainability Fund selling a security when it might otherwise be disadvantageous to do so. There is no guarantee that sustainable investments will outperform the broader market on either an absolute or relative basis.

OPTIONS WRITTEN — The Funds may enter into options written for: bona fide hedging; attempting to offset changes in the value of securities held or expected to be acquired or be disposed of; attempting to minimize fluctuations in foreign currencies; attempting to gain exposure to a particular market, index or instrument; or other risk management purposes. Such options may relate to particular securities or domestic stock indices, and may or may not be listed on exchanges regulated by the Commodity Futures Trading Commission or on other non-U.S. exchanges. An option on a futures contract gives the purchaser the right, in return for the premium paid, to assume a position in the contract (a long position if the option is a call and a short position if the option is a put) at a specified exercise price at any time during the option exercise period. The writer of the option is required upon exercise to assume a short futures position (if the option is a call) or a long futures position (if the option is a put). Upon exercise of the option, the accumulated cash balance in the writer’s futures margin account is delivered to the holder of the option. That balance represents the amount by which the market price of the futures contract at exercise exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option. The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. The Funds also have the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. The Funds also may write OTC options where completing the obligation depends upon the credit standing of the other party. Option contracts also involve the risk that they may result in loss due to unanticipated developments in market conditions or other causes. Written options are initially recorded as liabilities to the extent of premiums received and subsequently marked to market to reflect the current value of the option written. Gains or losses are realized when the option transaction expires or closes. When an option is exercised, the proceeds on sales for a written call option or the purchase cost for a written put option is adjusted by the amount of the premium received. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange’s clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. As of the end of the reporting period, all of the Funds’ written options are exchange-traded options.

During the current fiscal period, the Funds’ average quarterly volume of options transactions was as follows:

FUND	PURCHASED OPTIONS (COST)		WRITTEN OPTIONS (PROCEEDS)
BP All-Cap Value Fund	$	—	$	3,272,778
BP Long/Short Equity Fund		22,696		167,224
BP Long/Short Research Fund		—		506,201
BP Global Long/Short Fund		—		1,251,653

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NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2023

SHORT SALES — When the investment adviser believes that a security is overvalued, the BP Long/Short Equity Fund, the BP Long/Short Research Fund, the BP Global Long/Short Fund and the BP Emerging Markets Dynamic Equity Fund may sell the security short by borrowing the same security from a broker or other institution and selling the security. A Fund will incur a loss as a result of a short sale if the price of the borrowed security increases between the date of the short sale and the date on which the Fund buys and replaces such borrowed security. A Fund will realize a gain if there is a decline in price of the security between those dates where the decline in price exceeds the costs of borrowing the security and other transaction costs. There can be no assurance that a Fund will be able to close out a short position at any particular time or at an acceptable price. Although a Fund’s gain is limited to the amount at which it sold a security short, its potential loss is unlimited. Until a Fund replaces a borrowed security, it will maintain at all times cash, U.S. Government securities, or other liquid securities in an amount which, when added to any amount deposited with a broker as collateral, will at least equal the current market value of the security sold short. Depending on arrangements made with brokers, a Fund may not receive any payments (including interest) on collateral deposited with them.

In accordance with the terms of its prime brokerage agreements, a Fund may receive rebate income or be charged a fee for borrowed securities. Such income or fee is calculated on a daily basis based upon the market value of each borrowed security and a variable rate that is dependent upon the availability of such security. The Funds record these prime broker charges on a net basis as interest income or interest expense. During the current fiscal period, the BP Long/Short Equity Fund, the BP Long/Short Research Fund, the BP Global Long/Short Fund and the BP Emerging Markets Dynamic Equity Fund had net income/(charges) of $93,527, $2,331,264, $894,336 and $4,718, respectively, on borrowed securities. Such amounts are included in prime broker interest income on the Statements of Operations.

As of the end of the reporting period, BP Long/Short Equity Fund, BP Long/Short Research Fund, BP Global Long/Short Fund and BP Emerging Markets Dynamic Equity Fund had securities sold short valued at $12,222,692, $221,295,552, $66,443,616 and $79,454, respectively, for which securities of $27,998,776, $241,201,816, $47,418,565 and $18,777,944 and deposits of $11,558,479, $231,051,366, $66,093,165 and $74,636, respectively, were pledged as collateral.

In accordance with Special Custody and Pledge Agreements with Goldman Sachs & Co. (“Goldman Sachs”) (the Funds’ prime broker), BP Long/Short Equity Fund, BP Long/Short Research Fund, BP Global Long/Short Fund and BP Emerging Markets Dynamic Equity Fund may borrow from Goldman Sachs to the extent necessary to maintain required margin cash deposits on short positions. Interest on such borrowings is charged to the Fund based on the LIBOR rate plus an agreed upon spread.

The BP Long/Short Equity Fund, BP Long/Short Research Fund, BP Global Long/Short Fund and BP Emerging Markets Dynamic Equity Fund utilized cash borrowings from Goldman Sachs to meet required margin cash deposits as follows during the current fiscal period:

BP LONG/SHORT EQUITY FUND					BP LONG/SHORT RESEARCH FUND
DAYS UNITIZED		AVERAGE DAILY BORROWINGS	WEIGHTED AVERAGE INTEREST RATE		DAYS UNITIZED		AVERAGE DAILY BORROWINGS		WEIGHTED AVERAGE INTEREST RATE
	181	EUR 6,592		1.76%		142		AUD 442,791		3.45	%
	181	USD 1,933,059		4.16%		77		CAD 3,528,238		4.79	%
						54		CHF 137,715		1.01	%
						162		DKK 355,656		1.92	%
						120		EUR 772,116		2.32	%
						158		GBP 696,598		3.79	%
						106		HKD 1,605,592		2.42	%
						42		JPY 75,991,897		0.37	%
						104		MXN 551,886		10.87	%
						52		SEK 372,096		2.98	%
						139		THB 66,202,272		1.56	%
						54		USD 2,263,881		3.36	%
						64		ZAR 1,444,827		7.53	%
BP GLOBAL LONG/SHORT FUND					BP EMERGING MARKETS DYNAMIC EQUITY FUND
DAYS UNITIZED		AVERAGE DAILY BORROWINGS	WEIGHTED AVERAGE INTEREST RATE		DAYS UNITIZED		AVERAGE DAILY BORROWINGS		WEIGHTED AVERAGE INTEREST RATE
	84	AUD 154,289		3.50%		51		GBP 23,010		2.21	%
	51	EUR 7,239		1.45%		60		HKD 116,969		2.55	%
	78	HKD 79,578		2.22%		62		USD 346,446		3.60	%
	165	JPY 26,908,744		0.41%
	31	SEK 272,460		2.12%
	51	USD 464,185		4.25%

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NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2023

The BP Long/Short Equity Fund, BP Long/Short Research Fund, BP Global Long/Short Fund and BP Emerging Markets Dynamic Equity Fund incurred interest expense during the current fiscal period on such borrowings, in the amount of $40,513, $78,684, $4,141 and $2,290 respectively.

CONTRACTS FOR DIFFERENCE — The BP Emerging Markets Fund, BP Long/Short Equity Fund, BP Long/Short Research Fund, BP Global Long/Short Fund and BP Emerging Markets Dynamic Equity Fund (for this section only, each a “Fund”) may enter into Contracts for Differences (“CFDs”). CFDs are leveraged derivative instruments that allow a Fund to take a position on the change in the market price of an underlying asset, such as a stock, or the value of an index or currency exchange rate. With a short CFD, a Fund is seeking to profit from falls in the market price of the asset. CFDs are subject to liquidity risk because the liquidity of CFDs is based on the liquidity of the underlying instrument, and are subject to counterparty risk, i.e., the risk that the counterparty to the CFD transaction may be unable or unwilling to make payments or to otherwise honor its financial obligations under the terms of the contract. It is also possible that the market price of the CFD will move between the time the order is placed by a Fund and when it is executed by the issuer, which can result in the trade being executed at a less favorable price. CFDs, like many other derivative instruments, involve the risk that, if the derivative security declines in value, additional margin would be required to maintain the margin level. The seller may require a Fund to deposit additional sums to cover this decline in value, and the margin call may be at short notice. If additional margin is not provided in time, the seller may liquidate the positions at a loss for which a Fund is liable. The potential for margin calls and large losses are much greater in CFDs than in other leveraged products. Most CFDs are traded OTC. CFDs are not registered with the SEC or any U.S. regulator, and are not subject to U.S. regulation. In a short position, the Fund will receive or pay an amount based upon the amount, if any, by which the notional amount of the CFD would have decreased or increased in value had it sold the particular stocks short, less the dividends that would have been paid on those stocks, plus a floating rate of interest on the notional amount of the CFD. All of these components are reflected in the market value of the CFD.

CFDs are marked-to-market daily based upon quotations from market makers and the resulting changes in market values, if any, are recorded as an unrealized gain or loss in the Statements of Operations. Periodic payments made or received are recorded as realized gains or losses. Entering into CFDs involves, to varying degrees, elements of credit and market risk in excess of the amounts recognized on the Statements of Assets and Liabilities. Such risks involve the possibility that there will be no liquid market for these contracts, that the counterparty to the contract may default on its obligation to perform and that there may be unfavorable changes in market conditions. CFDs outstanding at period end, if any, are listed on the Portfolio of Investments. As of the end of the reporting period, BP Emerging Markets Fund, BP Long/Short Research Fund, BP Global Long/Short Fund and BP Emerging Markets Dynamic Equity Fund had cash deposits for CFDs of $190,000, $1,321,258, $510,000 and $2,238,224, respectively, which were pledged as collateral. In connection with CFDs, cash or securities may be segregated as collateral by the Funds’ custodian. As of the end of the reporting period, the BP Long/Short Research Fund, BP Global Long/Short Fund, BP Emerging Markets Dynamic Equity Fund and the BP Emerging Markets Fund held CFDs.

During the current fiscal period, the average volume of CFDs was as follows:

FUND	NOTIONAL AMOUNT LONG		NOTIONAL AMOUNT SHORT
BP Emerging Markets Fund	$	1,464,007	$	—
BP Long/Short Equity Fund		—		871,197
BP Long/Short Research Fund		2,874,802		123,923,120
BP Global Long/Short Fund		6,827,501		12,257,186
BP Emerging Markets Dynamic Equity Fund		23,371,378		38,043,758

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NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2023

The following is a summary of CFD’s that are subject to enforceable master netting agreements (or similar arrangements) and collateral received and pledged in connection with the master netting agreements (or similar arrangements) as of the end of the reporting period:

			GROSS AMOUNT NOT OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES								GROSS AMOUNT NOT OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES
FUND	GROSS AMOUNTS OF RECOGNIZED ASSETS		FINANCIAL INSTRUMENTS		CASH COLLATERAL RECEIVED		NET AMOUNT1		GROSS AMOUNTS OF RECOGNIZED LIABILITIES		FINANCIAL INSTRUMENTS		CASH COLLATERAL PLEDGED2		NET AMOUNT3
BP Emerging Markets Fund
Goldman Sachs	$	11,746	$	11,746	$	—	$	—	$	233,126	$	11,746	$	190,000	$	31,380
Total	$	11,746	$	11,746	$	—	$	—	$	233,126	$	11,746	$	190,000	$	31,380
BP Long/Short Research Fund
Goldman Sachs	$	358,931	$	358,931	$	—	$	—	$	917,812	$	358,931	$	558,881	$	—
Morgan Stanley		2,890,024		2,890,024		—		—		4,594,502		2,890,024		711,258		1,293,220
Total	$	3,248,955	$	3,248,955	$	—	$	—	$	5,512,314	$	3,248,955	$	1,270,139	$	1,293,220
BP Global Long/Short Fund
HSBC	$	—	$	—	$	—	$	—	$	2,819	$	—	$	—	$	2,819
Goldman Sachs		558,623		558,623		—		—		903,870		558,623		345,247		—
Morgan Stanley		349,942		349,942		—		—		361,487		349,942		—		194,332
Total	$	908,565	$	908,565	$	—	$	—	$	1,268,176	$	908,565	$	345,247	$	197,151
BP Emerging Markets Dynamic Equity Fund
Bank of America	$	13,042	$	13,042	$	—	$	—	$	19,625	$	13,042	$	6,583	$	—
Goldman Sachs		1,943,046		1,943,046		—		—		2,165,455		1,943,046		222,409		—
HSBC		49,758		47,694		—		2,064		47,694		47,694		—		—
JPMorgan		—		—		—		—		84,286		—		—		84,286
Morgan Stanley		923,414		776,958		—		146,456		776,958		776,958		—		—
Total	$	2,929,260	$	2,780,740	$	—	$	148,520	$	3,094,018	$	2,780,740	$	228,992	$	84,286

1	Net amount represents the net amount receivable from the counterparty in the event of default.
2	Actual collateral pledged may be more than the amount shown.
3	Net amount represents the net amount payable to the counterparty in the event of default.

2. INVESTMENT ADVISERS AND OTHER SERVICES

Boston Partners Global Investors, Inc. (“Boston Partners” or the “Adviser”) serves as the investment adviser to each Fund. Each Fund compensates the Adviser for its services at an annual rate based on the Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown in the following table.

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NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2023

The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed the rates (“Expense Caps”) shown in the following table of each Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause total annual Fund operating expenses to exceed the Expense Caps as applicable: short sale dividend expense, brokerage commissions, extraordinary expenses, interest and taxes. This contractual limitation for all the Funds is in effect until December 31, 2023 and may not be terminated without the approval of the Board.

				EXPENSE CAPS
FUND	ADVISORY FEE			INSTITUTIONAL CLASS			INVESTOR CLASS
BP All-Cap Value Fund		0.70	%		0.80	%		1.05	%
BP Small Cap Value Fund II		0.85			0.99			1.24
WPG Select Small Cap Value Fund		0.90			1.10			N/A
WPG Small Cap Value Diversified Fund*		0.80			1.10			N/A
BP Global Sustainability Fund		0.80			0.90			N/A
BP Global Equity Fund		0.90			0.95			1.20
BP Emerging Markets Fund		0.75			1.00			N/A
BP Long/Short Equity Fund		2.25			1.96			2.21
BP Long/Short Research Fund		1.25			1.50			1.75
BP Global Long/Short Fund		1.50			2.00			2.25
BP Emerging Markets Dynamic Equity Fund		1.25			1.40			N/A

* 0.80% of net asset up to $500 million, 0.75% of net assets in excess of $500 million.

The Adviser may recoup from each Fund fees and expenses previously paid, waived, or absorbed for a period of three years after such fees or expenses were incurred, provided that the repayments do not cause the Funds’ operating expenses (excluding brokerage commissions, short sale dividend expense, taxes, interest expense, and any extraordinary expenses) to exceed the Expense Caps of each class of each Fund that were in effect at the time the fees and expenses were paid, waived, or absorbed by the Adviser, as well as the Expense Caps that are currently in effect, if different.

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

FUND	GROSS ADVISORY FEES		WAIVERS AND/OR REIMBURSEMENTS*			RECOUPMENTS		NET ADVISORY FEES
BP All-Cap Value Fund	$	4,916,594	$	(307,215	)	$	—	$	4,609,379
BP Small Cap Value Fund II		3,138,693		(173,374	)		—		2,965,319
WPG Select Small Cap Value Fund		296,063		(34,888	)		2,982		264,157
WPG Small Cap Value Diversified Fund		122,401		(33,030	)		—		89,371
BP Global Sustainability Fund		85,479		(73,069	)		—		12,410
BP Global Equity Fund		816,764		(158,009	)		—		658,755
BP Emerging Markets Fund		76,812		(79,870	)		—		(3,058	)
BP Long/Short Equity Fund		759,836		(215,854	)		—		543,982
BP Long/Short Research Fund		4,975,910		—			—		4,975,910
BP Global Long/Short Fund		1,112,781		—			—		1,112,781
BP Emerging Markets Dynamic Equity Fund		363,392		(91,019	)		—		272,373

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

	EXPIRATION
FUND	August 31, 2023		August 31, 2024		August 31, 2025		August 31, 2026		TOTAL
BP All-Cap Value Fund	$	446,940	$	479,510	$	1,054,852	$	307,215	$	2,288,517
BP Small Cap Value Fund II		89,204		139,323		274,029		173,374		675,930
WPG Select Small Cap Value Fund		—		—		109,573		34,888		144,461
WPG Small Cap Value Diversified Fund		31,925		43,934		49,003		33,030		157,892
BP Global Sustainability Fund		—		—		125,165		73,069		198,234
BP Global Equity Fund		812,624		140,758		327,392		158,009		1,438,783
BP Emerging Markets Fund		139,751		123,547		170,692		79,870		513,860
BP Long/Short Equity Fund		241,392		366,046		404,556		215,854		1,227,848
BP Emerging Markets Dynamic Equity Fund		208,806		168,395		194,970		91,019		663,190

* Includes Acquired fund fees and expenses. Acquired fund fees and expenses are indirect fees and expenses that the Fund incurs from investing in the shares of other mutual funds, including money market funds and exchange traded funds.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for the Funds. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Fund Services serves as the Funds’ transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

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NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2023

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Funds. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Quasar Distributors, LLC (the “Distributor”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Funds’ shares pursuant to a Distribution Agreement with RBB.

For compensation amounts paid to Fund Services and the Custodian, please refer to the Statements of Operations.

The Board has approved a Distribution Agreement for the Funds and adopted separate Plans of Distribution for the Investor Class Shares of each Fund (the “Plans”) pursuant to Rule 12b-1 under the 1940 Act. Under the Plans, Quasar Distributors, LLC (the “Underwriter”) is entitled to receive from each Fund a distribution fee with respect to the Investor Class Shares, which is accrued daily and paid monthly, of up to 0.25% on an annualized basis of the average daily net assets of the Investor Class Shares. Amounts paid to the Distributor under the Plans may be used by the Distributor to cover expenses that are related to (i) the sale of the Investor Class Shares, (ii) ongoing servicing and/or maintenance of the accounts of shareholders, and (iii) sub-transfer agency services, subaccounting services or administrative services related to the sale of the Investor Class Shares, all as set forth in the Plans.

3. DIRECTOR AND OFFICER COMPENSATION

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves as Chief Compliance Officer of the Company and served as President of the Company until August 2022. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Secretary and Director of Marketing & Business Development of the Company. They are compensated by the Company for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Funds or the Company. For Director and Officer compensation amounts, please refer to the Statements of Operations.

4. PURCHASES AND SALES OF INVESTMENT SECURITIES

During the current fiscal period, aggregate purchases and sales of investment securities (excluding short-term investments and derivative transactions) of the Funds were as follows:

FUND	PURCHASES		SALES
BP All-Cap Value Fund		$320,555,841		$429,892,203
BP Small Cap Value Fund II		285,108,482		390,627,531
WPG Select Small Cap Value Fund		81,551,306		34,204,616
WPG Small Cap Value Diversified Fund		12,614,274		15,631,619
BP Global Sustainability Fund		8,285,475		10,018,949
BP Global Equity Fund		49,981,249		45,514,647
BP Emerging Markets Fund		15,763,852		17,157,076
BP Long/Short Equity Fund		14,381,674		14,087,992
BP Long/Short Research Fund		214,513,846		307,323,146
BP Global Long/Short Fund		123,494,776		98,402,134
BP Emerging Markets Dynamic Equity Fund		25,808,321		35,309,546

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

5. CAPITAL SHARE TRANSACTIONS

As of the end of the reporting period, each class of each Fund has 100,000,000 shares of $0.001 par value common stock authorized except for the Institutional Class Shares of the BP Long/Short Research Fund, BP Global Long/Short Fund and WPG Small Cap Value Diversified Fund, which have 750,000,000 shares, 300,000,000 shares and 50,000,000 shares, respectively, of $0.001 par value common stock authorized.

6. RESTRICTED SECURITIES

Each Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if applicable, is included at the end of each Fund’s Portfolio of Investments.

As of the end of the reporting period, the Funds did not hold any restricted securities that were illiquid.

Semi-Annual Report 2023  |  85

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2023

7. FEDERAL INCOME TAX INFORMATION

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Funds have determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

As of August 31, 2022, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by each Fund were as follows:

FUND	FEDERAL TAX COST		UNREALIZED APPRECIATION		UNREALIZED (DEPRECIATION)			NET UNREALIZED APPRECIATION/ (DEPRECIATION)
BP All-Cap Value Fund		$1,051,594,229		$515,605,400		$(17,151,073	)		$498,454,327
BP Small Cap Value Fund II		763,526,124		217,031,499		(52,186,201	)		164,845,298
WPG Select Small Cap Value Fund		19,262,101		497,699		(1,758,614	)		(1,260,915	)
WPG Small Cap Value Diversified Fund		35,207,952		5,178,621		(2,738,066	)		2,440,555
BP Global Sustainability Fund		25,343,269		709,747		(3,378,798	)		(2,669,051	)
BP Global Equity Fund		171,300,538		32,066,880		(19,016,723	)		13,050,157
BP Emerging Markets Fund		22,211,654		1,403,103		(2,661,479	)		(1,258,376	)
BP Long/Short Equity Fund		58,925,959		28,195,029		(2,551,387	)		25,643,642
BP Long/Short Research Fund		678,310,185		210,900,306		(39,055,046	)		171,845,260
BP Global Long/Short Fund		116,847,266		20,521,147		(13,290,223	)		7,230,924
BP Emerging Markets Dynamic Equity Fund		45,977,773		3,439,330		(3,487,105	)		(47,775	)

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

The following permanent differences as of August 31, 2022 were reclassified among the following accounts. They are primarily attributable to net investment loss, deemed distributions due to shareholder redemptions and investments in partnerships.

FUND	DISTRIBUTABLE EARNINGS/(LOSS)			PAID-IN CAPITAL
BP All-Cap Value Fund		$(20,607,230	)		$20,607,230
BP Small Cap Value Fund II		(4,315,026	)		4,315,026
WPG Select Small Cap Value Fund		3			(3	)
WPG Small Cap Value Diversified Fund		(225,362	)		225,362
BP Global Sustainability Fund		16			(16	)
BP Global Equity Fund		—			—
BP Emerging Markets Fund		—			—
BP Long/Short Equity Fund		7			(7	)
BP Long/Short Research Fund		(8,800,702	)		8,800,702
BP Global Long/Short Fund		(2,177	)		2,177
BP Emerging Markets Dynamic Equity Fund		—			—

86  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2023

As of August 31, 2022, the components of distributable earnings on a tax basis were as follows:

FUND	UNDISTRIBUTED ORDINARY INCOME		UNDISTRIBUTED LONG-TERM CAPITAL GAINS		CAPITAL LOSS CARRYFORWARDS			QUALIFIED LATE-YEAR LOSS DEFERRAL			OTHER TEMPORARY DIFFERENCES			UNREALIZED APPRECIATION/ (DEPRECIATION)
BP All-Cap Value Fund		$21,940,541		$91,006,661	$	—		$	—		$	—			$498,454,403
BP Small Cap Value Fund II		3,467,979		38,767,754		—			(7,550,552	)		—			164,845,298
WPG Select Small Cap Value Fund		111,686		—		—			—			—			(1,260,916	)
WPG Small Cap Value Diversified Fund		1,862,973		2,806,614		—			—			—			2,440,501
BP Global Sustainability Fund		255,240		—		(1,163,901	)		—			—			(2,670,657	)
BP Global Equity Fund		2,131,969		—		(19,776,513	)		—			—			12,998,390
BP Emerging Markets Fund		651,962		—		(3,679,074	)		—			—			(1,259,955	)
BP Long/Short Equity Fund		3,931,846		3,626,560		—			—			—			25,424,792
BP Long/Short Research Fund		58,564,394		86,589,178		—			—			—			168,138,995
BP Global Long/Short Fund		3,244,316		—		(9,158,562	)		—			(530,699	)		7,210,386
BP Emerging Markets Dynamic Equity Fund		7,610,542		—		(12,136,889	)		—			—			(48,607	)

The differences between the book and tax basis components of distributable earnings relate principally to the timing of recognition of income and gains for federal income tax purposes.

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2022 was as follows:

	2022						2021
FUND	ORDINARY INCOME		LONG-TERM GAINS		TOTAL		ORDINARY INCOME		LONG-TERM GAINS		TOTAL
BP All-Cap Value Fund	$	42,230,699	$	61,493,948	$	103,724,647	$	9,805,102	$	11,863,033	$	21,668,135
BP Small Cap Value Fund II		17,060,225		42,632,065		59,692,290		3,711,285		—		3,711,285
WPG Select Small Cap Value Fund		—		—		—
WPG Small Cap Value Diversified Fund		417,759		—		417,759		144,307		—		144,307
BP Global Sustainability Fund		—		—		—
BP Global Equity Fund		3,282,335		—		3,282,335		2,917,436		—		2,917,436
BP Emerging Markets Fund		926,742		303,862		1,230,604		129,801		—		129,801
BP Long/Short Equity Fund		—		2,791,078		2,791,078		—		23,768,795		23,768,795
BP Long/Short Research Fund		—		87,734,542		87,734,542		—		—		—
BP Global Long/Short Fund		—		—		—		79,283		—		79,283
BP Emerging Markets Dynamic Equity Fund		36,249		—		36,249		5,338,757		—		5,338,757

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the year ended August 31, 2022, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2022.

Semi-Annual Report 2023  |  87

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (continued)

February 28, 2023

For the fiscal year ended August 31, 2022, the Funds deferred to September 1, 2022, the following qualified late-year losses.

FUND	LATE-YEAR ORDINARY LOSS DEFERRAL		POST-OCTOBER CAPITAL LOSS DEFERRAL
BP All-Cap Value Fund	$	—	$	—
BP Small Cap Value Fund II		—		7,550,552
WPG Select Small Cap Value Fund		—		—
WPG Small Cap Value Diversified Fund		—		—
BP Global Sustainability Fund		—		—
BP Global Equity Fund		—		—
BP Emerging Markets Fund		—		—
BP Long/Short Equity Fund		—		—
BP Long/Short Research Fund		—		—
BP Global Long/Short Fund		—		—
BP Emerging Markets Dynamic Equity Fund		—		—

Accumulated capital losses represent net capital loss carryforwards as of August 31, 2022 that may be available to offset future realized capital gains and thereby reduce future capital gains distributions. Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Any losses incurred during those future taxable years will be required to be utilized prior to any losses incurred in pre-enactment taxable years. Additionally, post-enactment capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. During the fiscal year, the BP Global Equity Fund had utilized $9,128,785, and BP Global Long/Short Fund had utilized $13,718,886 of carry forward capital losses.

As of August 31, 2022, the BP Global Sustainability Fund had short-term post-enactment capital losses of $1,163,901. The BP Global Equity Fund had short-term post-enactment capital losses of $19,776,513. The BP Emerging Markets Fund had short-term post-enactment capital losses of $3,679,074. The BP Global Long/Short Fund had short-term post-enactment capital losses of $9,158,562. The BP Emerging Markets Dynamic Equity Fund had short-term post-enactment capital losses of $11,790,527 and long-term post-enactment capital losses of $346,362. The capital losses can be carried forward for an unlimited period.

8. SECURITIES LENDING

Securities may be loaned to financial institutions, such as broker-dealers, and are required to be secured continuously by collateral in cash, cash equivalents, letter of credit or U.S. Government securities maintained on a current basis at an amount at least equal to the market value of the securities loaned. Cash collateral received, pursuant to investment guidelines established by the Funds and approved by the Board, is invested in short-term investments. All such investments are made at the risk of the Funds and, as such, the Funds are liable for investment losses. Such loans would involve risks of delay in receiving additional collateral in the event the value of the collateral decreased below the value of the securities loaned or of delay in recovering the securities loaned or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers deemed by Boston Partners to be of good standing and only when, in Boston Partners’ judgment, the income to be earned from the loans justifies the attendant risks. Any loans of a Fund’s securities will be fully collateralized and marked to market daily. Investments purchased with proceeds from securities lending are overnight and continuous. During the current fiscal period, the Funds participated in securities lending. The market value of securities on loan and cash collateral as of the end of the reporting period and the income generated from the program during the current fiscal period with respect to such loans were as follows:

FUND	MARKET VALUE OF SECURITIES LOANED		MARKET VALUE OF COLLATERAL		INCOME RECEIVED FROM SECURITIES LENDING
BP All-Cap Value Fund	$	153,060,251	$	156,413,081	$	115,194
BP Small Cap Value Fund II		235,995,842		243,204,773		151,662
WPG Small Cap Value Diversified Fund		10,551,262		10,825,083		10,638
BP Global Equity Fund		12,771,352		13,097,717		9,425
BP Long/Short Equity Fund		9,034,696		9,333,461		24,021

88  |  Semi-Annual Report 2023

BOSTON PARTNERS INVESTMENT FUNDS

NOTES TO FINANCIAL STATEMENTS (concluded)

February 28, 2023

Securities lending transactions are entered into by the Funds’ securities lending agent on behalf of the Funds under a Master Securities Lending Agreement (“MSLA”) which permits the Funds’ securities lending agent on behalf of the Funds, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable on behalf of the Funds to the same counterparty against amounts to be received and create one single net payment due to or from the Funds. The following table is a summary of the Funds’ open securities lending transactions which are subject to a MSLA as of the end of the reporting period:

							GROSS AMOUNT NOT OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES
FUND	GROSS AMOUNT OF RECOGNIZED ASSETS		GROSS AMOUNTS OFFSET IN THE STATEMENT OF ASSETS AND LIABILITIES		NET AMOUNT OF ASSETS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES		FINANCIAL INSTRUMENTS1			CASH COLLATERAL RECEIVED		NET AMOUNT
BP All-Cap Value Fund	$	153,060,251		—	$	153,060,251	$	(153,060,251	)		—		—
BP Small Cap Value Fund II		235,995,842		—		235,995,842		(235,995,842	)		—		—
WPG Small Cap Value Diversified Fund		10,551,262		—		10,551,262		(10,551,262	)		—		—
BP Global Equity Fund		12,771,352		—		12,771,352		(12,771,352	)		—		—
BP Long/Short Equity Fund		9,034,696		—		9,034,696		(9,034,696	)		—		—

1 Amount disclosed is limited to the amount of assets presented in the Statement of Assets and Liabilites. Actual collateral received may be more than the amount shown.

9. LINE OF CREDIT

The Company, on behalf of the Funds, has established a line of credit (“LoC”) with the Custodian to be used for temporary or emergency purposes, primarily for financing redemption payments. Any loan issued to a Fund utilizing the LoC (each, a “Borrowing Fund” and together, the “Borrowing Funds”) is secured by securities held in the Borrowing Fund’s portfolio. The LoC was renewed on September 13, 2022. The LoC will mature, unless renewed, on September 12, 2023. Borrowing under the LoC is limited to the lesser of (i) $100,000,000, (ii) 20.0% of the gross market value of a Borrowing Fund, or (iii) 33 1/3% of the net market value of the unencumbered assets of a Borrowing Fund. The interest rate paid by the Borrowing Funds on outstanding borrowings is equal to the prime lending rate of the Custodian, which was 7.75% at February 28, 2023.

During the current fiscal period, the Funds’ LoC borrowing activity was as follows:

	TOTAL AMOUNT OF DAYS BORROWED		AVERAGE BORROWINGS		MAXIMUM AMOUNT OUTSTANDING		INTEREST EXPENSE		AVERAGE INTEREST RATE
BP All-Cap Value Fund		8		$38,321,125		$54,361,000		$63,377		7.27	%
BP Small Cap Value Fund II		8		1,040,250		2,624,000		1,624		7.27	%
WPG Small Cap Value Diversified Fund		2		1,702,500		1,780,000		520		5.50	%
BP Global Sustainability Fund		1		1,496,000		1,496,000		229		5.73	%
BP Emerging Markets Fund		4		49,750		59,000		39		7.27	%
BP Long/Short Research Fund		4		61,568,500		61,609,000		47,887		7.27	%
BP Emerging Markets Dynamic Equity Fund		2		249,500		298,000		97		6.95	%

10. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

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

11. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no significant events requiring recognition or disclosure in the financial statements.

Semi-Annual Report 2023  |  89

BOSTON PARTNERS INVESTMENT FUNDS (unaudited)

OTHER INFORMATION

Proxy Voting

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling (888) 261-4073 and on the SEC’s website at http://www.sec.gov.

Quarterly Portfolio Schedule

The Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its reports on Form N-PORT. The Company’s Forms N-PORT are available on the SEC’s website at http://www.sec.gov.

90  |  Semi-Annual Report 2023

INVESTMENT ADVISER

Boston Partners Global Investors, Inc.
1 Beacon Street, 30th Floor
Boston, MA 02108

ADMINISTRATOR AND TRANSFER AGENT

U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201

PRINCIPAL UNDERWRITER

Quasar Distributors, LLC
111 E. Kilbourn Ave., Suite 2200
Milwaukee, WI 53202

CUSTODIAN

U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

Ernst & Young LLP
One Commerce Square
2005 Market Street, Suite 700
Philadelphia, PA 19103

LEGAL COUNSEL

Faegre Drinker Biddle & Reath LLP
One Logan Square, Ste. 2000
Philadelphia, PA 19103-6996

BOS-SAR23

Campbell Systematic Macro Fund

of

THE RBB FUND, INC.

Class A (TICKER: EBSAX)

Class C (TICKER: EBSCX)

Class I (TICKER: EBSIX)

Semi-Annual Report

February 28, 2023
(Unaudited)

Campbell Systematic Macro Fund

Performance Data
February 28, 2023 (Unaudited)

Average annual total returns for the periods ended February 28, 2023
	SIX MONTHS(1)	ONE YEAR	THREE YEARS	FIVE YEARS	SINCE INCEPTION(2)
Class A Shares (without sales charge)	4.70%	30.12%	13.18%	11.00%	5.69%
Class A Shares (with sales charge)	1.00%	25.57%	11.84%	10.20%	5.32%
BarclayHedge BTOP50 Index (3)(4)	0.76%	12.06%	10.44%	6.85%	3.54%
S&P 500® Total Return Index (3)(5)	1.26%	-7.69%	12.16%	9.83%	12.26%

⁽¹⁾ Not annualized.

⁽²⁾ The Fund commenced operations on March 8, 2013 as a separate portfolio (the “Predecessor Fund”) of Equinox Funds Trust. Effective May 29, 2020, the Predecessor Fund was reorganized as a new series of The RBB Fund, Inc. (the “Reorganization”). The performance shown for periods prior to May 29, 2020 represents the performance of the Predecessor Fund.

⁽³⁾ Benchmark performance is from inception date of the Class only and is not the inception date of the benchmark itself.

⁽⁴⁾ The BarclayHedge BTOP50 Index (“BTOP50 Index”) seeks to replicate the overall composition of the managed futures industry with regard to trading style and overall market exposure. The BTOP50 Index employs a top-down approach in selecting its constituents. The largest investable trading advisor programs, as measured by assets under management, are selected for inclusion in the BTOP50 Index. It is not possible to invest directly in an index.

⁽⁵⁾ This is not a primary benchmark of the Fund. Results of the S&P 500^® Total Return Index are presented for general comparative purposes. The S&P 500^® Total Return Index is a widely accepted, unmanaged index of U.S. stock market performance which does not take into account charges, fees and other expenses. It is not possible to invest directly in an index.

Effective January 15, 2021, the outstanding Class P Shares of the Campbell Systematic Macro Fund (the “Fund”) were converted into Class A Shares of the Fund. Class A Shares of the Fund have a 3.50% maximum sales charge. Prior to February 16, 2021, the Class A Shares of the Fund had a 5.75% maximum sales charge.

Performance data quoted is past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the returns quoted above. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Call the Fund at 1-844-261-6488 for returns current to the most recent month-end.

The performance data quoted reflects fee waivers in effect and would have been less in their absence. The Fund’s total annual operating expense ratio for Class A Shares, as stated in the current prospectus dated December 31, 2022, as supplemented, is 2.16% and the Fund’s net operating expense ratio after waivers for Class A Shares is 2.00%. Campbell & Company Investment Adviser LLC (the “Adviser”). has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) for Class A Shares to 2.00% of the Fund’s average daily net assets. This contractual limitation is in effect until December 31, 2023 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. (the “Company”). Please see the Consolidated Financial Highlights for current figures.

An investment in the Fund is speculative and involves substantial risk. The Fund is not suitable for all investors. It is possible that an investor may lose some or all of its investment. The Fund invests in long and short positions in futures, forwards and spot contracts, each of which may be tied to commodities, financial indices and instruments, foreign currencies, or equity indices. The Fund also invests in investment grade fixed income securities of all durations and maturities. The Fund may be more volatile than investments in traditional securities. Losses on futures and other derivatives can be caused by unanticipated market movements and may be potentially unlimited. Commodities, currencies, foreign investments, and interest rate-linked instruments each entail special risks. The Fund is non-diversified; therefore gains or losses on a single holding may have a relatively great impact on the Fund. A more complete description of the Fund’s risks can be found in its prospectus, which should be read carefully before investing.

Portfolio composition is subject to change.

1

Campbell Systematic Macro Fund

Performance Data (Continued)
February 28, 2023 (Unaudited)

Average annual total returns for the periods ended February 28, 2023
	SIX MONTHS(1)	ONE YEAR	THREE YEARS	FIVE YEARS	SINCE INCEPTION(2)
Class C Shares (without sales charge)	4.25%	29.09%	12.36%	10.17%	5.98%
Class C Shares (with sales charge)	3.35%	28.09%	12.36%	10.17%	5.98%
BarclayHedge BTOP50 Index (3)(4)	0.76%	12.06%	10.44%	6.85%	4.12%
S&P 500® Total Return Index (3)(5)	1.26%	-7.69%	12.16%	9.83%	11.33%

⁽¹⁾ Not annualized.

⁽²⁾ Class C Shares of the Fund commenced operations on February 11, 2014 in a separate portfolio (the “Predecessor Fund”) of Equinox Funds Trust. Effective May 29, 2020, the Predecessor Fund was reorganized as a new series of The RBB Fund, Inc. (the “Reorganization”). The performance shown for periods prior to May 29, 2020 represents the performance of the Predecessor Fund.

⁽³⁾ Benchmark performance is from inception date of the Class only and is not the inception date of the benchmark itself.

⁽⁴⁾ The BarclayHedge BTOP50 Index (“BTOP50 Index”) seeks to replicate the overall composition of the managed futures industry with regard to trading style and overall market exposure. The BTOP50 Index employs a top-down approach in selecting its constituents. The largest investable trading advisor programs, as measured by assets under management, are selected for inclusion in the BTOP50 Index. It is not possible to invest directly in an index.

⁽⁵⁾ This is not a primary benchmark of the Fund. Results of the S&P 500^® Total Return Index are presented for general comparative purposes. The S&P 500^® Total Return Index is a widely accepted, unmanaged index of U.S. stock market performance which does not take into account charges, fees and other expenses. It is not possible to invest directly in an index.

Performance data quoted is past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the returns quoted above. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Call the Fund at 1-844-261-6488 for returns current to the most recent month-end.

The performance data quoted reflects fee waivers in effect and would have been less in their absence. The Fund’s total annual operating expense ratio for Class C Shares, as stated in the current prospectus dated December 31, 2022, as supplemented, is 2.91% and the Fund’s net operating expense ratio after waivers for Class C Shares is 2.75%. The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) for Class C Shares to 2.75% of the Fund’s average daily net assets. This contractual limitation is in effect until December 31, 2023 and may not be terminated without the approval of the Board of Directors of the Company. Please see the Consolidated Financial Highlights for current figures.

An investment in the Fund is speculative and involves substantial risk. The Fund is not suitable for all investors. It is possible that an investor may lose some or all of its investment. The Fund invests in long and short positions in futures, forwards and spot contracts, each of which may be tied to commodities, financial indices and instruments, foreign currencies, or equity indices. The Fund also invests in investment grade fixed income securities of all durations and maturities. The Fund may be more volatile than investments in traditional securities. Losses on futures and other derivatives can be caused by unanticipated market movements and may be potentially unlimited. Commodities, currencies, foreign investments, and interest rate-linked instruments each entail special risks. The Fund is non-diversified; therefore gains or losses on a single holding may have a relatively great impact on the Fund. A more complete description of the Fund’s risks can be found in its prospectus, which should be read carefully before investing.

Portfolio composition is subject to change.

2

Campbell Systematic Macro Fund

Performance Data (Concluded)
February 28, 2023 (Unaudited)

Average annual total returns for the periods ended FEBRUARY 28, 2023
	SIX MONTHS(1)	ONE YEAR	THREE YEARS	FIVE YEARS	SINCE INCEPTION(2)
Class I Shares	4.77%	30.42%	13.46%	11.27%	5.95%
BarclayHedge BTOP50 Index (3)(4)	0.76%	12.06%	10.44%	6.85%	3.54%
S&P 500® Total Return Index (3)(5)	1.26%	-7.69%	12.16%	9.83%	12.26%

⁽¹⁾ Not annualized.

⁽²⁾ The Fund commenced operations on March 8, 2013 as a separate portfolio (the “Predecessor Fund”) of Equinox Funds Trust. Effective May 29, 2020, the Predecessor Fund was reorganized as a new series of The RBB Fund, Inc. (the “Reorganization”). The performance shown for periods prior to May 29, 2020 represents the performance of the Predecessor Fund.

⁽³⁾ Benchmark performance is from inception date of the Class only and is not the inception date of the benchmark itself.

⁽⁴⁾ The BarclayHedge BTOP50 Index (“BTOP50 Index”) seeks to replicate the overall composition of the managed futures industry with regard to trading style and overall market exposure. The BTOP50 Index employs a top-down approach in selecting its constituents. The largest investable trading advisor programs, as measured by assets under management, are selected for inclusion in the BTOP50 Index. It is not possible to invest directly in an index.

⁽⁵⁾ This is not a primary benchmark of the Fund. Results of the S&P 500^® Total Return Index are presented for general comparative purposes. The S&P 500^® Total Return Index is a widely accepted, unmanaged index of U.S. stock market performance which does not take into account charges, fees and other expenses. It is not possible to invest directly in an index.

Performance data quoted is past performance and does not guarantee future results. Investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the returns quoted above. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Call the Fund at 1-844-261-6488 for returns current to the most recent month-end.

The performance data quoted reflects fee waivers in effect and would have been less in their absence. The Fund’s total annual operating expense ratio for Class I Shares, as stated in the current prospectus dated December 31, 2022, as supplemented, is 1.91% and the Fund’s net operating expense ratio after waivers is for Class I Shares 1.75%. The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) for Class I Shares to 1.75% of the Fund’s average daily net assets. This contractual limitation is in effect until December 31, 2023 and may not be terminated without the approval of the Board of Directors of the Company. Please see the Consolidated Financial Highlights for current figures.

An investment in the Fund is speculative and involves substantial risk. The Fund is not suitable for all investors. It is possible that an investor may lose some or all of its investment. The Fund invests in long and short positions in futures, forwards and spot contracts, each of which may be tied to commodities, financial indices and instruments, foreign currencies, or equity indices. The Fund also invests in investment grade fixed income securities of all durations and maturities. The Fund may be more volatile than investments in traditional securities. Losses on futures and other derivatives can be caused by unanticipated market movements and may be potentially unlimited. Commodities, currencies, foreign investments, and interest rate-linked instruments each entail special risks. The Fund is non-diversified; therefore gains or losses on a single holding may have a relatively great impact on the Fund. A more complete description of the Fund’s risks can be found in its prospectus, which should be read carefully before investing.

Portfolio composition is subject to change.

3

Campbell Systematic Macro Fund

Fund Expense Example

February 28, 2023 (Unaudited)

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

This example is based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2022 through February 28, 2023, and held for the entire period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	Beginning Account Value September 1, 2022	Ending Account Value February 28, 2023	Expenses Paid During Period *	Annualized Expense Ratio	Actual Six-Month Total Investment Returns for the Fund
Actual
Class A Shares	$ 1,000.00	$ 1,047.00	$ 10.15	2.00%	4.70%
Class C Shares	1,000.00	1,042.50	13.93	2.75%	4.25%
Class I Shares	1,000.00	1,047.70	8.89	1.75%	4.77%
Hypothetical (5% return before expenses)
Class A Shares	$ 1,000.00	$ 1,014.88	$ 9.99	2.00%	N/A
Class C Shares	1,000.00	1,011.16	13.71	2.75%	N/A
Class I Shares	1,000.00	1,016.12	8.75	1.75%	N/A

* Expenses are equal to the Fund’s annualized six-month expense ratio for the period September 1, 2022 to February 28, 2023, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one half year period. The Fund’s ending account values on the first line in the table is based on the actual six-month total investment return for the Fund.

4

Campbell Systematic Macro Fund

Consolidated Portfolio Holdings Summary Table

February 28, 2023 (Unaudited)

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

	% of Net Assets			Value
SHORT-TERM INVESTMENTS:
U.S. Treasury Bills		70.3	%	$	539,524,260
MONEY MARKET DEPOSIT ACCOUNT:
U.S. Bank Money Market Deposit Account		12.4			95,017,267
OTHER ASSETS IN EXCESS OF LIABILITIES (including futures and forward foreign currency contracts)		17.3			132,687,334
NET ASSETS		100.0	%	$	767,228,861

The Fund seeks to achieve its investment objective by allocating its assets among derivatives and fixed income securities.

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

Portfolio holdings are subject to change at any time.

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

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

Campbell Systematic Macro Fund

Consolidated Portfolio of Investments

February 28, 2023 (Unaudited)

	Coupon*	Maturity Date	PAR (000’s)		Value
SHORT-TERM INVESTMENTS — 70.3%
U.S. TREASURY OBLIGATIONS — 70.3%
United States Treasury Bill	3.40%	03/09/23	$	100,000	$	99,900,500
United States Treasury Bill	4.11%	04/13/23		110,000		109,414,137
United States Treasury Bill	4.55%	05/04/23		115,000		114,055,160
United States Treasury Bill	4.67%	06/15/23		75,000		73,964,678
United States Treasury Bill	4.83%	07/06/23		25,000		24,581,885
United States Treasury Bill	4.76%	07/13/23		50,000		49,119,113
United States Treasury Bill	4.89%	08/10/23		70,000		68,488,787
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $539,804,568)						539,524,260
			Number of Shares (000’s)
MONEY MARKET DEPOSIT ACCOUNT — 12.4%
U.S. Bank Money Market Deposit Account, 4.25%(a)				95,017		95,017,267
TOTAL MONEY MARKET DEPOSIT ACCOUNT
(Cost $95,017,267)						95,017,267
TOTAL SHORT-TERM INVESTMENTS
(Cost $634,821,835)						634,541,527
TOTAL INVESTMENTS — 82.7%
(Cost $634,821,835)						634,541,527
OTHER ASSETS IN EXCESS OF LIABILITIES — 17.3%						132,687,334
NET ASSETS — 100.0%					$	767,228,861

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

(a) The rate shown is as of February 28, 2023.

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

Campbell Systematic Macro Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Futures contracts outstanding as of February 28, 2023 were as follows:

Long Contracts	Expiration Date	Number of Contracts	Notional Amount		Value and Unrealized Appreciation/ (Depreciation)
Australian 10-Year Bond	Mar-23	606	$	47,979,341	$	(80,501	)
CAC40 10 Euro	Mar-23	174		13,392,543		(294	)
Canadian 10-Year Bond	Jun-23	304		27,064,800		44,771
Coffee	May-23	271		18,932,738		891,982
Cotton No.2	May-23	125		5,251,875		(23,594	)
DAX Index	Mar-23	114		46,440,425		(68,537	)
Euro Stoxx 50	Mar-23	665		29,872,072		30,851
FTSE Taiwan Index	Mar-23	170		9,188,500		(61,540	)
FTSE/JSE TOP 40	Mar-23	184		7,184,065		(216,871	)
FTSE/MIB Index	Mar-23	99		14,403,142		317,681
Gasoline RBOB	Apr-23	184		20,417,376		155,144
Hang Seng Index	Mar-23	156		19,617,754		(510,868	)
IBEX 35 Index	Mar-23	140		13,937,955		190,849
JPN 10-Year Bond (Osaka Securities Exchange)	Mar-23	5		5,385,406		(683	)
Kansas City Hard Red Winter Wheat	May-23	454		18,449,425		(1,467,346	)
Live Cattle	Apr-23	161		10,656,590		77,756
London Metals Exchange Aluminum	Mar-23	1,003		58,603,535		(2,991,960	)
London Metals Exchange Aluminum	Jun-23	296		17,641,600		(73,402	)
London Metals Exchange Copper	Mar-23	1,550		347,161,250		17,334,419
London Metals Exchange Copper	Jun-23	477		106,883,775		1,329,104
London Metals Exchange Zinc	Mar-23	822		61,927,425		66,028
London Metals Exchange Zinc	Jun-23	224		16,791,600		(430,875	)
Long Gilt	Jun-23	128		15,390,300		(173,807	)
Nasdaq 100 E-Mini	Mar-23	65		15,693,925		(39,606	)
Nikkei 225 (Osaka Securities Exchange)	Mar-23	139		28,043,994		4,908
S&P/TSX 60 Index	Mar-23	108		19,258,747		(91,245	)
SGX Nifty 50	Mar-23	232		8,073,136		(281,063	)
Soybean Meal	May-23	922		43,066,620		(583,744	)
Soybean Oil	May-23	463		16,679,112		(336,108	)
SPI 200 Index	Mar-23	273		33,057,230		(457,278	)
Sugar No. 11 (World)	May-23	875		19,668,600		414,109
Topix Index	Mar-23	70		10,256,693		103,896
					$	13,072,176

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

Campbell Systematic Macro Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Short Contracts	Expiration Date	Number of Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
3-Month Euro Euribor	Mar-24	1,481	$	(376,554,961	)	$	1,983,116
90-Day Bank Bill	Mar-24	455		(302,922,026	)		277,884
Australian 3-Year Bond	Mar-23	246		(17,668,760	)		22,291
Bank Acceptance	Jun-24	208		(36,428,582	)		39,321
Brent Crude	Jun-23	101		(8,365,830	)		(155,714	)
Cattle Feeder Futures	Apr-23	58		(5,657,175	)		(115,887	)
Cocoa	May-23	1,039		(28,977,710	)		(1,720,268	)
Copper	May-23	245		(25,048,187	)		57,545
Corn	May-23	29		(913,862	)		18,162
DJIA Mini E-CBOT	Mar-23	3		(490,230	)		2,488
Euro-Bobl	Mar-23	1,190		(144,972,447	)		807,345
Euro-BTP	Mar-23	122		(14,541,414	)		80,823
Euro-Bund	Mar-23	729		(102,481,770	)		844,845
Euro-BUXL 30-Year Bond Futures	Mar-23	84		(11,930,319	)		631,079
Euro-Oat	Mar-23	197		(26,608,388	)		520,077
Euro-Schatz	Mar-23	1,970		(218,743,032	)		1,194,157
FTSE 100 Index	Mar-23	178		(16,832,022	)		45,724
FTSE China A50 Index	Mar-23	223		(2,974,820	)		64,587
Gold 100 Oz	Apr-23	359		(65,937,530	)		(61,117	)
Hang Seng China Enterprises Index	Mar-23	36		(1,512,804	)		75,879
ICE Three Month SONIA Index Futures	Mar-24	487		(139,666,300	)		1,064,637
iShares MSCI EAFE ETF	Mar-23	29		(2,967,570	)		(70,687	)
London Metals Exchange Aluminum	Mar-23	1,003		(58,603,535	)		1,918,837
London Metals Exchange Aluminum	Jun-23	772		(46,011,200	)		2,590,134
London Metals Exchange Copper	Mar-23	1,550		(347,161,250	)		(13,052,278	)
London Metals Exchange Copper	Jun-23	341		(76,409,575	)		239,337
London Metals Exchange Zinc	Mar-23	822		(61,927,425	)		2,615,987
London Metals Exchange Zinc	Jun-23	127		(9,520,237	)		257,874
Low Sulphur Gasoil G Futures	Apr-23	20		(1,650,000	)		(26,459	)
MSCI Emerging Markets Index	Mar-23	65		(3,129,425	)		64,501
MSCI Singapore Exchange ETS	Mar-23	164		(3,571,404	)		45,788
Natural Gas	Apr-23	124		(3,406,280	)		(127,130	)
NY Harbor Ultra-Low Sulfur Diesel	Apr-23	25		(2,945,880	)		(65,433	)
OMX Stockholm 30 Index	Mar-23	857		(18,240,313	)		33,902
Palladium	Jun-23	24		(3,410,160	)		206,021
Platinum	Apr-23	146		(6,975,150	)		64,574
Russell 2000 E-Mini	Mar-23	96		(9,115,680	)		78,012
S&P 500 E-Mini	Mar-23	292		(58,042,300	)		189,518
S&P Mid 400 E-Mini	Mar-23	20		(5,206,400	)		70,696
Silver	May-23	226		(23,810,230	)		303,402
Soybean	May-23	33		(2,440,350	)		11,838
Three-Month SOFR	Jun-24	1,433		(342,075,012	)		65,512
U.S. Treasury 2-Year Notes	Jun-23	1,548		(315,368,718	)		825,883
U.S. Treasury 5-Year Notes	Jun-23	270		(28,904,766	)		132,170
U.S. Treasury 10-Year Notes	Jun-23	1,320		(147,386,250	)		397,323
U.S. Treasury Long Bond (Chicago Board of Trade)	Jun-23	60		(7,513,125	)		(29,982	)
U.S. Treasury Ultra Long Bond (Chicago Board of Trade)	Jun-23	47		(6,347,938	)		60,857
Wheat	May-23	748		(26,385,700	)		2,044,204

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

Campbell Systematic Macro Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Short Contracts	Expiration Date	Number of Contracts	Notional Amount			Value and Unrealized Appreciation/ (Depreciation)
WTI Crude	Apr-23	350	$	(26,967,500	)	$	(324,687	)
						$	4,196,688
Total Futures Contracts						$	17,268,864

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

Campbell Systematic Macro Fund

Consolidated Portfolio of Investments (Continued)

February 28, 2023 (Unaudited)

Forward foreign currency contracts outstanding as of February 28, 2023 were as follows:

Currency Purchased		Currency Sold		Expiration Date	Counterparty	Unrealized Appreciation/ (Depreciation)
AUD	1,017,950,000	USD	702,001,342	Mar 15 2023	UBS	$	(16,628,610	)
BRL	513,850,000	USD	98,354,736	Mar 15 2023	UBS		(515,251	)
CAD	1,300,400,000	USD	966,449,540	Mar 15 2023	UBS		(13,309,649	)
CHF	102,300,000	USD	111,510,610	Mar 15 2023	UBS		(2,707,910	)
CLP	49,560,000,000	USD	58,845,561	Mar 15 2023	UBS		917,720
CNH	566,100,000	USD	81,915,345	Mar 15 2023	UBS		(378,180	)
COP	279,360,000,000	USD	57,524,090	Mar 15 2023	UBS		(217,834	)
CZK	2,210,000,000	USD	98,911,442	Mar 15 2023	UBS		477,566
EUR	735,450,000	USD	787,698,417	Mar 15 2023	UBS		(9,078,872	)
GBP	390,300,000	USD	474,395,978	Mar 15 2023	UBS		(4,793,983	)
HUF	36,906,000,000	USD	97,107,185	Mar 16 2023	UBS		5,467,155
IDR	739,375,000,000	USD	48,655,308	Mar 15 2023	UBS		(197,951	)
INR	8,129,000,000	USD	98,204,454	Mar 15 2023	UBS		41,907
JPY	43,665,000,000	USD	331,436,786	Mar 15 2023	UBS		(10,040,279	)
KRW	127,755,000,000	USD	101,599,897	Mar 15 2023	UBS		(4,997,651	)
MXN	2,775,000,000	USD	142,777,229	Mar 15 2023	UBS		8,442,730
NOK	1,958,550,000	USD	196,439,069	Mar 15 2023	UBS		(7,687,818	)
NZD	936,900,000	USD	594,912,628	Mar 15 2023	UBS		(15,628,591	)
PHP	6,121,500,000	USD	109,058,283	Mar 15 2023	UBS		1,365,311
PLN	486,825,000	USD	108,526,112	Mar 15 2023	UBS		790,856
SEK	784,950,000	USD	75,755,109	Mar 15 2023	UBS		(709,113	)
SGD	179,469,000	USD	134,291,053	Mar 15 2023	UBS		(1,146,362	)
TWD	1,121,850,000	USD	37,184,640	Mar 15 2023	UBS		(303,833	)
USD	888,965,504	AUD	1,297,750,000	Mar 15 2023	UBS		15,207,006
USD	90,086,709	BRL	478,500,000	Mar 15 2023	UBS		(1,021,968	)
USD	1,165,005,075	CAD	1,572,400,000	Mar 15 2023	UBS		12,500,334
USD	151,818,093	CHF	140,100,000	Mar 15 2023	UBS		2,812,636
USD	35,456,400	CLP	30,420,000,000	Mar 15 2023	UBS		(1,226,388	)
USD	99,221,538	CNH	684,400,000	Mar 15 2023	UBS		645,253
USD	88,758,968	COP	420,030,000,000	Mar 15 2023	UBS		2,596,502
USD	64,611,695	CZK	1,458,000,000	Mar 15 2023	UBS		(958,066	)
USD	668,917,493	EUR	622,750,000	Mar 15 2023	UBS		9,613,228
USD	367,731,322	GBP	302,300,000	Mar 15 2023	UBS		4,009,357
USD	60,475,465	HUF	22,713,000,000	Mar 16 2023	UBS		(2,651,695	)
USD	102,085,398	IDR	1,585,500,000,000	Mar 15 2023	UBS		(1,825,527	)
USD	99,771,344	INR	8,240,000,000	Mar 15 2023	UBS		183,447
USD	330,995,583	JPY	43,638,000,000	Mar 15 2023	UBS		9,797,809
USD	70,318,511	KRW	90,585,000,000	Mar 15 2023	UBS		1,822,449
USD	90,923,652	MXN	1,757,700,000	Mar 15 2023	UBS		(4,859,888	)
USD	334,266,709	NOK	3,290,400,000	Mar 15 2023	UBS		17,161,139
USD	531,844,288	NZD	840,000,000	Mar 15 2023	UBS		12,473,393
USD	104,499,961	PHP	5,758,500,000	Mar 15 2023	UBS		624,396
USD	129,199,144	PLN	570,675,000	Mar 15 2023	UBS		1,053,588
USD	65,357,437	SEK	673,650,000	Mar 15 2023	UBS		952,398
USD	148,217,267	SGD	198,390,000	Mar 15 2023	UBS		1,035,440
USD	106,623,273	TWD	3,200,400,000	Mar 15 2023	UBS		1,410,158
USD	217,579,258	ZAR	3,785,600,000	Mar 15 2023	UBS		11,726,593

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

Campbell Systematic Macro Fund

Consolidated Portfolio of Investments (Concluded)

February 28, 2023 (Unaudited)

Currency Purchased		Currency Sold		Expiration Date	Counterparty	Unrealized Appreciation/ (Depreciation)
ZAR	3,504,800,000	USD	200,745,173	Mar 15 2023	UBS	$	(10,161,798	)
Total Forward Foreign Currency Contracts						$	12,081,154

AUD	Australian Dollar	JPY	Japanese Yen
BRL	Brazilian Real	KRW	South Korean Won
CAD	Canadian Dollar	MXN	Mexican Peso
CHF	Swiss Franc	NOK	Norwegian Krone
CLP	Chilean Peso	NZD	New Zealand Dollar
CNH	Chinese Yuan Renminbi	PHP	Philippine Peso
COP	Columbian Peso	PLN	Polish Zloty
CZK	Czech Koruna	SEK	Swedish Krona
EUR	Euro	SGD	Singapore Dollar
GBP	British Pound	TWD	Taiwan New Dollar
HUF	Hungarian Forint	UBS	Union Bank of Switzerland
IDR	Indonesian Rupiah	USD	United States Dollar
INR	Indian Rupee	ZAR	South African Rand

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

Campbell Systematic Macro Fund

Consolidated Statement of Assets and Liabilities

February 28, 2023 (Unaudited)

ASSETS
Investments, at value (cost $634,821,835)	$	634,541,527
Deposits with brokers:
Futures contracts		61,556,989
Forward foreign currency contracts		41,254,702
Unrealized appreciation on forward foreign currency contracts		123,128,371
Unrealized appreciation on futures contracts		40,907,828
Receivable for capital shares sold		3,585,817
Interest receivable		301,696
Prepaid expenses and other assets		117,313
Total assets		905,394,243
LIABILITIES
Unrealized depreciation on forward foreign currency contracts		111,047,217
Unrealized depreciation on futures contracts		23,638,964
Due to Broker		2,155,079
Payable for:
Advisory fees		873,609
Capital shares redeemed		359,924
Other accrued expenses and liabilities		90,589
Total liabilities		138,165,382
Net assets	$	767,228,861
NET ASSETS CONSIST OF:
Par value	$	78,179
Paid-in capital		799,506,573
Total distributable earnings/(loss)		(32,355,891	)
Net assets	$	767,228,861
CAPITAL SHARES:
Class A Shares:
Net assets applicable to Class A Shares	$	67,597,450
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		6,959,932
Net asset value, offering and redemption price per share	$	9.71
Maximum offering price per share (100/96.5 of $9.71)	$	10.06
Class C Shares:
Net assets applicable to Class C Shares	$	19,413,951
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		2,139,676
Net asset value, offering and redemption price per share	$	9.07
Class I Shares:
Net assets applicable to Class I Shares	$	680,217,460
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		69,079,055
Net asset value, offering and redemption price per share	$	9.85

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

Campbell Systematic Macro Fund

Consolidated Statement of Operations

For the Period Ended February 28, 2023 (Unaudited)

INVESTMENT INCOME
Interest	$	11,422,812
Total investment income		11,422,812
EXPENSES
Advisory fees (Note 2)		6,101,147
Transfer agent fees (Note 2)		443,837
Administration and accounting fees (Note 2)		93,641
Distribution fees - Class A Shares		87,718
Distribution fees - Class C Shares		91,071
Registration and filing fees		48,583
Director fees		29,544
Audit and tax service fees		27,424
Legal fees		26,493
Printing and shareholder reporting fees		22,392
Officer fees		18,490
Custodian fees (Note 2)		15,922
Other expenses		9,193
Total expenses before waivers and/or reimbursements		7,015,455
Less: waivers and reimbursements (Note 2)		(326,295	)
Net expenses after waivers and/or reimbursements		6,689,160
Net investment income/(loss)		4,733,652
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		(3,839	)
Futures contracts		8,000,809
Foreign currency transactions		(2,530,538	)
Forward foreign currency contracts		8,669,811
Net change in unrealized appreciation/(depreciation) on:
Investments		268,724
Futures contracts		14,059,747
Foreign currency translations		498,338
Forward foreign currency contracts		(3,357,552	)
Net realized and unrealized gain/(loss) on investments		25,605,500
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	30,339,152

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

Campbell Systematic Macro Fund

Consolidated Statements of Changes in Net Assets

	For the Period Ended February 28, 2023 (Unaudited)			For the Year Ended August 31, 2022
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	4,733,652		$	(2,792,104	)
Net realized gain/(loss) from investments, futures contracts, foreign currency transactions and forward foreign currency contracts		14,136,243			50,437,598
Net change in unrealized appreciation/(depreciation) on investments, future contracts, foreign currency translation and forward foreign currency contracts		11,469,257			19,222,601
Net increase/(decrease) in net assets resulting from operations		30,339,152			66,868,095
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(100,796,916	)		(10,151,201	)
Net decrease in net assets from dividends and distributions to shareholders		(100,796,916	)		(10,151,201	)
CAPITAL SHARE TRANSACTIONS:
Class A Shares
Proceeds from shares sold		23,897,772			53,370,788
Reinvestment of distributions		9,286,917			840,478
Shares redeemed		(24,358,627	)		(6,522,289	)
Total from Class A Shares		8,826,062			47,688,977
Class C Shares
Proceeds from shares sold		5,492,758			5,670,775
Proceeds from reinvestment of distributions		2,388,732			635,536
Shares redeemed		(2,307,725	)		(1,834,074	)
Total from Class C Shares		5,573,765			4,472,237
Class I Shares
Proceeds from shares sold		384,929,778			494,892,554
Proceeds from reinvestment of distributions		85,541,786			8,403,372
Shares redeemed		(283,458,884	)		(116,914,962	)
Total from Class I Shares		187,012,680			386,380,964
Net increase/(decrease) in net assets from capital share transactions		201,412,507			438,542,178
Total increase/(decrease) in net assets		130,954,743			495,259,072

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

Campbell Systematic Macro Fund

Consolidated Statements of Changes in Net Assets (Concluded)

	For the Period Ended February 28, 2023 (Unaudited)			For the Year Ended August 31, 2022
Net Assets:
Beginning of period	$	636,274,118		$	141,015,046
End of period	$	767,228,861		$	636,274,118
SHARE TRANSACTIONS:
Class A Shares
Shares sold		2,346,267			5,296,683
Shares reinvested		979,633			103,635
Shares redeemed		(2,523,256	)		(683,187	)
Total from Class A Shares		802,644			4,717,131
Class C Shares
Shares sold		556,223			604,995
Shares reinvested		269,001			82,860
Shares redeemed		(247,756	)		(208,784	)
Total from Class C Shares		577,468			479,071
Class I Shares
Shares sold		37,552,288			48,866,179
Shares reinvested		8,901,331			1,026,053
Shares redeemed		(28,890,666	)		(11,782,155	)
Total from Class I Shares		17,562,953			38,110,077
Net increase/(decrease) in shares outstanding		18,943,065			43,306,279

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

Campbell Systematic Macro Fund

Consolidated Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the consolidated financial statements.

	Class A
	For the Period Ended February 28, 2023 (Unaudited)			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Period Ended August 31, 2020(1)(2)			For the Year Ended Sept. 30, 2019			For the Year Ended Sept. 30, 2018			For the Year Ended Sept. 30, 2017
Per Share Operating Performance
Net asset value, beginning of period	$	10.65		$	8.76		$	7.55		$	9.81		$	9.49		$	9.36		$	10.13
Net investment income/(loss)(3)		0.05			(0.11	)		(0.16	)		(0.07	)		—	(4)		(0.03	)		(0.04	)
Net realized and unrealized gain/(loss) on investments, futures, forward currency and swap contracts (5)		0.40			2.57			1.37			(0.76	)		1.45			0.16			(0.73	)
Net increase/(decrease) in net assets resulting from operations		0.45			2.46			1.21			(0.83	)		1.45			0.13			(0.77	)
Dividends and distributions to shareholders from:
Net investment income		(0.20	)		(0.48	)		—			(0.79	)		(1.13	)		—			—
Net realized capital gain		(1.19	)		(0.09	)		—			(0.64	)		—			—			—
Total dividends and distributions to shareholders		(1.39	)		(0.57	)		—			(1.43	)		(1.13	)		—			—
Net asset value, end of period	$	9.71		$	10.65		$	8.76		$	7.55		$	9.81		$	9.49		$	9.36
Total investment return (6)		4.70	%(7)		30.09	%		16.03	%		(8.86	)%(7)		17.73	%		1.39	%		(7.60	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	67,597		$	65,549		$	12,613		$	10,365		$	12,895		$	14,744		$	24,092
Ratio of expenses to average net assets with waivers and reimbursements and/or recoupments (10)		2.00	%(8)		2.00	%		2.03	%		2.15	%(8)		2.12	%		1.58	%		1.15	%
Ratio of expenses to average net assets without waivers and reimbursements and/or recoupments (9)(11)		2.09	%(8)		2.16	%		2.36	%		2.51	%(8)		2.54	%		1.96	%		1.33	%
Ratio of net investment income/(loss) to average net assets		1.08	%(8)		(1.32	)%		(1.93	)%		(0.93	)%(8)		(0.03	)%		(0.32	)%		(0.45	)%
Portfolio turnover rate (12)		0	%(7)		0	%		0	%		0	%(7)		15	%		122	%		0	%

(1) The fiscal year end of the Predecessor Fund was September 30. The Fund changed its fiscal year end to August 31 to reflect the fiscal year end of the other series of the Company. The period ended is from October 1, 2019 to August 31, 2020.

(2) Prior to May 29, 2020, the Fund was a diversified series (the “Predecessor Fund”) of Equinox Funds Trust (the “Trust”), an open-end management investment company (or mutual fund) organized on June 2, 2010, as a statutory trust under the laws of the State of Delaware. The Predecessor Fund was reorganized into the Fund following the close of business on May 29, 2020 (the “Reorganization”). As a result of the Reorganization, the performance and accounting history of the Predecessor Fund was assumed by the Fund. Performance and accounting information prior to May 29, 2020 included herein is that of the Predecessor Fund.

(3) Calculated based on average shares outstanding for the period.

(4) Less than $0.005 per share.

(5) The amount shown may not correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

(6) Total returns are historical and assume changes in share price and reinvestment of dividends and distributions. Total returns for periods of less than one year are not annualized. Had the Adviser not waived its fees or reimbursed a portion of the Fund’s expenses, the returns would have been lower.

(7) Not annualized

(8) Annualized

(9) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

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

Campbell Systematic Macro Fund

Consolidated Financial Highlights (Continued)

(10) Ratio of net expenses to average net assets excluding interest expense	2.00%	2.00%	2.00%	2.12%	2.07%	1.58%	1.15%
(11) Ratio of gross expenses to average net assets excluding interest expense(9)	2.09%	2.16%	2.33%	2.48%	2.49%	1.96%	1.33%

(12) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

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

Campbell Systematic Macro Fund

Consolidated Financial Highlights (Continued)

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the consolidated financial statements.

	Class C
	For the Period Ended February 28, 2023 (Unaudited)			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Period Ended August 31, 2020(1)(2)			For the Year Ended Sept. 30, 2019			For the Year Ended Sept. 30, 2018			For the Year Ended Sept. 30, 2017
Per Share Operating Performance
Net asset value, beginning of period	$	10.02		$	8.38		$	7.28		$	9.51		$	9.20		$	9.15		$	9.98
Net investment income/(loss)(3)		0.02			(0.20	)		(0.21	)		(0.12	)		(0.07	)		(0.10	)		(0.11	)
Net realized and unrealized gain/(loss) on investments, futures, forward currency and swap contracts (4)		0.37			2.45			1.31			(0.74	)		1.42			0.15			(0.72	)
Net increase/(decrease) in net assets resulting from operations		0.39			2.25			1.10			(0.86	)		1.35			0.05			(0.83	)
Dividends and distributions to shareholders from:
Net investment income		(0.15	)		(0.52	)		—			(0.73	)		(1.04	)		—			—
Net realized capital gain		(1.19	)		(0.09	)		—			(0.64	)		—			—			—
Total dividends and distributions to shareholders		(1.34	)		(0.61	)		—			(1.37	)		(1.04	)		—			—
Net asset value, end of period	$	9.07		$	10.02		$	8.38		$	7.28		$	9.51		$	9.20		$	9.15
Total investment return (5)		4.25	%(6)		29.13	%		15.11	%		(9.49	)%(6)		16.88	%		0.55	%		(8.32	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	19,414		$	15,654		$	9,079		$	9,087		$	13,237		$	15,676		$	22,792
Ratio of expenses to average net assets with waivers and reimbursements and/or recoupments (9)		2.75	%(7)		2.75	%		2.78	%		2.88	%(7)		2.87	%		2.35	%		1.90	%
Ratio of expenses to average net assets without waivers and reimbursements and/or recoupments (8)(10)		2.84	%(7)		2.91	%		3.11	%		3.27	%(7)		3.29	%		2.74	%		2.08	%
Ratio of net investment income/(loss) to average net assets		0.33	%(7)		(2.07	)%		(2.67	)%		(1.65	)%(7)		(0.78	)%		(1.05	)%		(1.19	)%
Portfolio turnover rate (11)		0	%(6)		0	%		0	%		0	%(6)		15	%		122	%		0	%

(1) The fiscal year end of the Predecessor Fund was September 30. The Fund changed its fiscal year end to August 31 to reflect the fiscal year end of the other series of the Company. The period ended is from October 1, 2019 to August 31, 2020.

(2) Prior to May 29, 2020, the Fund was a diversified series (the “Predecessor Fund”) of Equinox Funds Trust (the “Trust”), an open-end management investment company (or mutual fund) organized on June 2, 2010, as a statutory trust under the laws of the State of Delaware. The Predecessor Fund was reorganized into the Fund following the close of business on May 29, 2020 (the “Reorganization”). As a result of the Reorganization, the performance and accounting history of the Predecessor Fund was assumed by the Fund. Performance and accounting information prior to May 29, 2020 included herein is that of the Predecessor Fund.

(3) Calculated based on average shares outstanding for the period.

(4) The amount shown may not correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

(5) Total returns are historical and assume changes in share price and reinvestment of dividends and distributions. Total returns for periods of less than one year are not annualized. Had the Adviser not waived its fees or reimbursed a portion of the Fund’s expenses, the returns would have been lower.

(6) Not annualized

(7) Annualized

(8) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(9) Ratio of net expenses to average net assets excluding interest expense 2.75% 2.75% 2.75% 2.85% 2.82% 2.35% 1.90%

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

Campbell Systematic Macro Fund

Consolidated Financial Highlights (Continued)

(10) Ratio of gross expenses to average net assets excluding interest expense⁽⁸⁾ 2.84% 2.91% 3.08% 3.24% 3.24% 2.74% 2.08%

(11) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

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

Campbell Systematic Macro Fund

Consolidated Financial Highlights (Continued)

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the consolidated financial statements.

	Class I
	For the Period Ended February 28, 2023 (Unaudited)			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Period Ended August 31, 2020(1)(2)			For the Year Ended Sept. 30, 2019			For the Year Ended Sept. 30, 2018			For the Year Ended Sept. 30, 2017
Per Share Operating Performance
Net asset value, beginning of period	$	10.77		$	8.90		$	7.65		$	9.93		$	9.59		$	9.44		$	10.20
Net investment income/(loss)(3)		0.07			(0.09	)		(0.14	)		(0.07	)		0.02			(0.01	)		(0.02	)
Net realized and unrealized gain/(loss) on investments, futures, forward currency and swap contracts (4)		0.42			2.59			1.39			(0.77	)		1.48			0.16			(0.74	)
Net increase/(decrease) in net assets resulting from operations		0.49			2.50			1.25			(0.84	)		1.50			0.15			(0.76	)
Dividends and distributions to shareholders from:
Net investment income		(0.22	)		(0.54	)		—			(0.80	)		(1.16	)		—			—
Net realized capital gain		(1.19	)		(0.09	)		—			(0.64	)		—			—			—
Total dividends and distributions to shareholders		(1.41	)		(0.63	)		—			(1.44	)		(1.16	)		—			—
Net asset value, end of period	$	9.85		$	10.77		$	8.90		$	7.65		$	9.93		$	9.59		$	9.44
Total investment return (5)		4.77	%(6)		30.35	%		16.34	%		(8.75	)%(6)		18.17	%		1.59	%		(7.45	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	680,217		$	555,072		$	119,324		$	115,431		$	51,067		$	89,456		$	279,212
Ratio of expenses to average net assets with waivers and reimbursements and/or recoupments (9)		1.75	%(7)		1.75	%		1.78	%		1.88	%(7)		1.84	%		1.30	%		0.90	%
Ratio of expenses to average net assets without waivers and reimbursements and/or recoupments (8)(10)		1.84	%(7)		1.91	%		2.11	%		2.24	%(7)		2.28	%		1.64	%		1.07	%
Ratio of net investment income/(loss) to average net assets		1.33	%(7)		(1.07	)%		(1.68	)%		(0.91	)%(7)		0.23	%		(0.10	)%		(0.20	)%
Portfolio turnover rate (11)		0	%(6)		0	%		0	%		0	%(6)		15	%		122	%		0	%

(1) The fiscal year end of the Predecessor Fund was September 30. The Fund changed its fiscal year end to August 31 to reflect the fiscal year end of the other series of the Company. The period ended is from October 1, 2019 to August 31, 2020.

(2) Prior to May 29, 2020, the Fund was a diversified series (the “Predecessor Fund”) of Equinox Funds Trust (the “Trust”), an open-end management investment company (or mutual fund) organized on June 2, 2010, as a statutory trust under the laws of the State of Delaware. The Predecessor Fund was reorganized into the Fund following the close of business on May 29, 2020 (the “Reorganization”). As a result of the Reorganization, the performance and accounting history of the Predecessor Fund was assumed by the Fund. Performance and accounting information prior to May 29, 2020 included herein is that of the Predecessor Fund.

(3) Calculated based on average shares outstanding for the period.

(4) The amount shown may not correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

(5) Total returns are historical and assume changes in share price and reinvestment of dividends and distributions. Total returns for periods of less than one year are not annualized. Had the Adviser not waived its fees or reimbursed a portion of the Fund’s expenses, the returns would have been lower.

(6) Not annualized

(7) Annualized

(8) Represents the ratio of expenses to average net assets absent fee waivers and/or expense reimbursements by the Adviser.

(9) Ratio of net expenses to average net assets excluding interest expense 1.75% 1.75% 1.75% 1.85% 1.80% 1.30% 0.90%

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

Campbell Systematic Macro Fund

Consolidated Financial Highlights (Concluded)

(10) Ratio of gross expenses to average net assets excluding interest expense⁽⁸⁾ 1.84% 1.91% 2.08% 2.21% 2.24% 1.64% 1.07%

(11) Portfolio turnover is calculated on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

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

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements

February 28, 2023 (Unaudited)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is a mutual fund complex divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has forty-eight separate investment portfolios, including the Campbell Systematic Macro Fund (the “Fund”), which commenced investment operations on March 4, 2013. The Fund currently offers Class A, Class C and Class I shares. Class A and Class I shares commenced operations on March 4, 2013. Class C commenced operations on February 11, 2014.

Class C and Class I shares are offered at net asset value. Class A shares are offered at net asset value plus a maximum sales charge of 3.50%. Prior to February 16, 2021, Class A shares were offered at net asset value plus a maximum sales charge of 5.75%. A contingent deferred sales charge (“CDSC”) of 1.00% is assessed on certain redemptions of Class A shares made within twelve months after a purchase of Class A shares where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more. A CDSC of 1.00% is assessed on redemptions of Class C shares made within twelve months after a purchase of such shares. Each class represents an interest in the same assets of the Fund and classes are identical except for differences in their sales charge structures and ongoing service and distribution charges. All classes of shares have equal voting privileges except that each class has exclusive voting rights with respect to its service and/or distribution plans. The Fund’s income, expenses (other than class specific distribution fees) and realized and unrealized gains and losses are allocated proportionately each day based upon the relative net assets of each class.

Prior to May 29, 2020, the Fund was a diversified series (the “Predecessor Fund”) of Equinox Funds Trust (the “Trust”), an open-end management investment company (or mutual fund) organized on June 2, 2010, as a statutory trust under the laws of the State of Delaware. The Predecessor Fund was reorganized into the Fund following the close of business on May 29, 2020 (the “Reorganization”). As a result of the Reorganization, the performance and accounting history of the Predecessor Fund was assumed by the Fund. Performance and accounting information prior to May 29, 2020 included herein is that of the Predecessor Fund.

The fiscal year end of the Predecessor Fund was September 30. The Fund changed its fiscal year end to August 31 to reflect the fiscal year end of the other series of the Company.

The Company has authorized capital of one hundred billion shares of common stock of which 90.623 billion shares are currently classified into two hundred and thirteen classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

Effective January 15, 2021 (the “Conversion Date”), the outstanding Class P shares of the Fund were converted into Class A shares of the Fund (the “Class Conversion”). The Class Conversion was completed based on the share classes’ relative net asset values on the Conversion Date, without the imposition of any fees or expenses. All Class P shares of the Fund were converted into Class A shares as of the Conversion Date.

The Fund’s investment objective is to seek capital appreciation.

The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies.”

The end of the reporting period for the Fund is February 28, 2023, and the period covered by these Notes to Consolidated Financial Statements is the six months ended February 28, 2023 (the “current fiscal period”).

CONSOLIDATION OF SUBSIDIARY — Campbell & Company Investment Adviser LLC’s (the “Adviser”) Campbell Systematic Macro Program is achieved by the Fund investing up to 25% of its total assets in the Campbell Systematic Macro Offshore Limited (the “Subsidiary”), a wholly-owned and controlled subsidiary of the Fund

22

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

organized under the acts of the Cayman Islands. The consolidated financial statements of the Fund include the financial statements of the Subsidiary. The Fund consolidates the results of subsidiaries in which the Fund holds a controlling financial interest. All inter-company accounts and transactions have been eliminated. As of the end of the reporting period, the net assets of the Subsidiary were $44,166,581, which represented 5.76% of the Fund’s net assets.

PORTFOLIO VALUATION — The NAV is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sales price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Investments in other open-end investment companies are valued based on the NAV of those investment companies (which may use fair value pricing as discussed in their prospectuses). Forward currency exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant exchange. If market quotations are unavailable or deemed unreliable, securities will be valued by Valuation Designee (as defined below) in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

The Board has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated the Adviser as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure the fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

● Level 1 – Prices are determined using quoted prices in active markets for identical securities.

● Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 – Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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

23

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Fund’s investments carried at fair value:

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Short-Term Investments	$	634,541,527	$	634,541,527	$	—	$	—
Commodity Contracts
Futures Contracts		30,596,457		30,596,457		—		—
Equity Contracts
Futures Contracts		1,319,280		1,319,280		—		—
Interest Rate Contracts
Futures Contracts		8,992,091		8,992,091		—		—
Foreign Currency Contracts
Forward Foreign Currency Contracts		123,128,371		—		123,128,371		—
Total Assets	$	798,577,726	$	675,449,355	$	123,128,371	$	—

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Commodity Contracts
Futures Contracts	$	(21,556,002	)	$	(21,556,002	)	$	—		$	—
Equity Contracts
Futures Contracts		(1,797,989	)		(1,797,989	)		—			—
Interest Rate Contracts
Futures Contracts		(284,973	)		(284,973	)		—			—
Foreign Currency Contracts
Forward Foreign Currency Contracts		(111,047,217	)		—			(111,047,217	)		—
Total Liabilities	$	(134,686,181	)	$	(23,638,964	)	$	(111,047,217	)	$	—

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

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

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

During the current fiscal period, the Fund had no Level 3 transfers.

24

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (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 tables list the fair values and location on the Consolidated Statement of Assets and Liabilities of the Fund’s derivative holdings as of the end of the reporting period, grouped by derivative type and primary risk exposure category by contract type.

Derivative Type	Consolidated Statement of Assets and Liabilities Location		Commodity Contracts			Equity Contracts			Interest Rate Contracts			Foreign Currency Contracts			Total
Asset Derivatives
Futures Contracts (a)		Unrealized appreciation on futures contracts	$	30,596,457		$	1,319,280		$	8,992,091		$	—		$	40,907,828
Forward Contracts (a)		Unrealized appreciation on forward foreign currency contracts		—			—			—			123,128,371			123,128,371
Total Value - Assets			$	30,596,457		$	1,319,280		$	8,992,091		$	123,128,371		$	164,036,199
Liability Derivatives
Futures Contracts (a)		Unrealized depreciation on futures contracts	$	(21,556,002	)	$	(1,797,989	)	$	(284,973	)	$	—		$	(23,638,964	)
Forward Contracts (a)		Unrealized depreciation on forward foreign currency contracts		—			—			—			(111,047,217	)		(111,047,217	)
Total Value - Liabilities			$	(21,556,002	)	$	(1,797,989	)	$	(284,973	)	$	(111,047,217	)	$	(134,686,181	)

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

25

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

The following table lists the amounts of realized gains/(losses) included in net increase/(decrease) in net assets resulting from operations during the current fiscal period, grouped by derivative type and primary risk exposure category by contract type.

Derivative Type	Consolidated Statement of Operations Location		Commodity Contracts			Equity Contracts		Interest Rate Contracts		Foreign Currency Contracts		Total
Realized Gain/(Loss)
Futures Contracts		Net realized gain/(loss) from futures contracts	$	(20,058,971	)	$	3,387,111	$	24,672,669	$	—	$	8,000,809
Forward Contracts		Net realized gain/(loss) from forward foreign currency contracts		—			—		—		8,669,811		8,669,811
Total Realized Gain/(Loss)			$	(20,058,971	)	$	3,387,111	$	24,672,669	$	8,669,811	$	16,670,620

The following table lists the amounts of change in unrealized appreciation/(depreciation) included in net increase/(decrease) in net assets resulting from operations during the current fiscal period, grouped by derivative type and primary risk exposure category by contract type.

Derivative Type	Consolidated Statement of Operations Location		Commodity Contracts		Equity Contracts			Interest Rate Contracts		Foreign Currency Contracts			Total
Change in Unrealized Appreciation/(Depreciation)
Futures Contracts		Net change in unrealized appreciation/ (depreciation) on futures contracts	$	6,768,417	$	(175,416	)	$	7,466,746	$	—		$	14,059,747
Forward Contracts		Net change in unrealized appreciation/ (depreciation) on forward foreign currency contracts		—		—			—		(3,357,552	)		(3,357,552	)
Total Change in Unrealized Appreciation/(Depreciation)			$	6,768,417	$	(175,416	)	$	7,466,746	$	(3,357,552	)	$	10,702,195

During the current fiscal period, the Fund’s quarterly average volume of derivatives was as follows:

Long Futures Notional Amount		Short Futures Notional Amount		Forward Foreign Currency Contracts- Payable (Value At Trade Date)		Forward Foreign Currency Contracts- Receivable (Value At Trade Date)
	$1,069,757,853		$(2,295,518,083)		$(8,981,841,982)		$8,989,388,558

For financial reporting purposes, the Fund does not offset fair value amounts recognized for derivative instruments and fair value amounts recognized for the right to reclaim cash collateral (receivables) or the obligation to return cash collateral (payables) arising from derivative instruments recognized at fair value executed with the same counterparty under a master netting arrangement.

26

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

The following is a summary of financial and derivative instruments that are subject to enforceable master netting agreements (or similar arrangements) and collateral received and pledged in connection with the master netting agreements (or similar arrangements).

			Gross Amount Not Offset in Consolidated Statement of Assets and Liabilities									Gross Amount Not Offset in Consolidated Statement of Assets and Liabilities
Description	Gross Amount Presented in the Consolidated Statement of Assets and Liabilities		Financial Instruments			Collateral Received		Net Amount(1)		Gross Amount Presented in the Consolidated Statement of Assets and Liabilities		Financial Instruments			Collateral Pledged(2)		Net Amount(3)
	Assets									Liabilities
Forward Foreign Currency Contracts	$	123,128,371	$	(111,047,217	)	$	—	$	12,081,154	$	111,047,217	$	(111,047,217	)	$	—	$	—

(1) Net amount represents the net amount receivable from the counterparty in the event of default.

(2) Actual collateral pledged may be more than the amount shown.

(3) Net amount represents the net amount payable to the counterparty in the event of default.

Use of Estimates — The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

Investment Transactions, Investment Income and Expenses — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund’s investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (formerly, PENN Capital Funds Trust) (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Fund.

Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders and recorded on the ex-dividend date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

U.S. Tax Status — No provision is made for U.S. income taxes as it is the Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

27

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

For tax purposes, the Subsidiary is an exempted Cayman Islands investment company. The Subsidiary has received an undertaking from the Government of the Cayman Islands exempting it from all local income, profits and capital gains taxes. No such taxes are levied in the Cayman Islands at the present time. For U.S. income tax purposes, the Subsidiary is a Controlled Foreign Corporation and as such is not subject to U.S. income tax.

SEC RULE 18f-4 — Effective August 19, 2022, the U.S. Securities and Exchange Commission (the “SEC”) implemented Rule 18f-4 under the 1940 Act (“Rule 18f-4”), providing for the regulation of a registered investment company’s use of derivatives and certain related instruments. Among other things, Rule 18f-4 limits a fund’s derivatives exposure through a value-at-risk test and requires the adoption and implementation of a derivatives risk management program for certain derivatives users. The Fund, as a full derivatives user (as defined in Rule 18f-4), is subject to the full requirements of Rule 18f-4. The Fund is required to comply with Rule18f-4 and has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4.

Foreign Currency Translation — Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the consolidated financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date.

The Fund does not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investments in the Consolidated Statement of Operations. Other foreign currency transactions resulting in realized and unrealized gain or loss are reported separately as net realized gain or loss and change in unrealized appreciation or depreciation on foreign currencies in the Consolidated Statement of Operations.

Currency Risk — Investment in foreign securities involves currency risk associated with securities that trade or are denominated in currencies other than the U.S. dollar and which may be affected by fluctuations in currency exchange rates. An increase in the strength of the U.S. dollar relative to a foreign currency may cause the U.S. dollar value of an investment in that country to decline. Foreign currencies also are subject to risks caused by inflation, interest rates, budget deficits and low savings rates, political factors and government controls. Forward foreign currency exchange contracts may limit potential gains from a favorable change in value between the U.S. dollar and foreign currencies. Unanticipated changes in currency pricing may result in poorer overall performance for the Fund than if it had not engaged in these contracts.

Commodity Sector Risk — Exposure to the commodities markets may subject the Fund to greater volatility than investments in traditional securities. The value of commodity-linked derivative instruments may be affected by changes in overall market movements, commodity index volatility, changes in interest rates or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargoes, tariffs and international economic, political and regulatory developments. The prices of energy, industrial metals, precious metals, agriculture and livestock sector commodities may fluctuate widely due to factors such as changes in value, supply and demand and governmental regulatory policies. The commodity-linked securities in which the Fund invests may be issued by companies in the financial services sector, and events affecting the financial services sector may cause the Fund’s share value to fluctuate.

Foreign Securities Market Risk — A substantial portion of the trades of the Fund are expected to take place on markets or exchanges outside the United States. There is no limit to the amount of assets of the Fund that may be committed to trading on foreign markets. The risk of loss in trading foreign futures and options on futures contracts can be substantial. Participation in foreign futures and options on futures contracts involves the execution and clearing of trades on, or subject to the rules of, a foreign board of trade or exchange. Some of these foreign markets, in contrast to U.S. exchanges, are so-called principals’ markets in which performance is the responsibility only of the individual

28

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

counterparty with whom the trader has entered into a commodity interest transaction and not of the exchange or clearing corporation. In these kinds of markets, there is risk of bankruptcy or other failure or refusal to perform by the counterparty.

Counterparty Risk — The derivative contracts entered into by the Fund or its Subsidiary may be privately negotiated in the over-the-counter market. These contracts also involve exposure to credit risk, since contract performance depends in part on the financial condition of the counterparty. Relying on a counterparty exposes the Fund to the risk that a counterparty will not settle a transaction in accordance with its terms and conditions because of a dispute over the terms of the contract (whether or not bona fide) or because of a credit or liquidity problem, thus causing the Fund to suffer a loss. If a counterparty defaults on its payment obligations to the Fund, this default will cause the value of an investment in the Fund to decrease.

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

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

Credit Risk — Credit risk refers to the possibility that the issuer of the security or a counterparty in respect of a derivative instrument will not be able to satisfy its payment obligations to the Fund when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value or default. In addition, the credit quality of securities may be lowered if an issuer’s financial condition changes.

Coronavirus (COVID-19) Pandemic — The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. Although vaccines for COVID-19 are available, the ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual companies are not known. The operational and financial performance of individual companies and the market in general depends on future developments, including the duration and spread of the outbreak and the pace of recovery which may vary from market to market, and such uncertainty may in turn adversely affect the value and liquidity of the Fund’s investments, impair the Fund’s ability to satisfy redemption requests, and negatively impact the Fund’s performance.

29

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

Ukraine-Russia Conflict Risk — In February 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries and the threat of wider-spread hostilities could have a severe adverse effect on the region and global economies, including significant negative impacts on the markets for certain securities and commodities, such as oil and natural gas. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future, could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long the armed conflict and related events will last cannot be predicted. These tensions and any related events could have a significant impact on Fund performance and the value of Fund investments, even beyond any direct exposure the Fund may have to issuers located in these countries.

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

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

2. Investment Adviser and Other Services

Campbell & Company Investment Adviser LLC (“Campbell” or the “Adviser”) serves as the investment adviser to the Fund. The Adviser is a wholly-owned subsidiary of Campbell & Company, L.P. The Fund compensates the Adviser for its services at an annual rate based on the Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown in the following table.

Prior to May 29, 2020, Equinox Institutional Asset Management, LP (“Equinox”) served as adviser to the Predecessor Fund and Campbell served as a sub-adviser to the Predecessor Fund. Equinox was entitled to an advisory fee from the Predecessor Fund at the same rate payable to Campbell as Adviser to the Fund. Equinox, not the Predecessor Fund, paid a sub-advisory fee to Campbell.

The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed the rate (“Expense Cap”) shown in the following table of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause total annual Fund operating expenses to exceed the Expense Cap as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary expenses, interest and taxes. This contractual limitation is in effect until December 31, 2023 and may not be terminated without the approval of the Board. The Adviser may discontinue this arrangement at any time after December 31, 2023.

	Expense Cap
Advisory Fee	Class A*	Class C	Class I
1.64%	2.00%	2.75%	1.75%

* Effective January 15, 2021, the outstanding Class P Shares of the Fund were converted into Class A Shares of the Fund. Prior to that date, the Adviser had contractually agreed maintain an Expense Cap for Class P Shares of the Fund of 2.00%.

Prior to May 29, 2020, Equinox and Campbell had contractually agreed to reduce their advisory fees and/or reimburse certain expenses of the Predecessor Fund, to ensure that the Predecessor Fund’s total annual operating expenses, excluding (i) taxes, (ii) interest, (iii) extraordinary items, (iv) acquired fund fees and expenses, and (v) brokerage commissions, did not exceed, on an annual basis, 2.14% with respect to Class A shares, 2.89% with respect to Class C shares, and 1.89% with respect to Class I shares of the Predecessor Fund’s average daily net assets.

30

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

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

Gross Advisory Fees	Waivers and/or Reimbursements	Net Advisory Fees
$6,101,147	$(326,295)	$5,774,852

If at any time the Fund’s total annual Fund operating expenses for a year are less than the Expense Cap, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed the Expense Cap that was in effect at the time of the waiver or reimbursement.

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

Expiration
August 31, 2023	August 31, 2024	August 31, 2025	August 31, 2026	Total
$74,409	$438,636	$392,091	$326,295	$839,340

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for the Fund. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Fund Services serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Quasar Distributors, LLC (the “Distributor”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB.

The Board has adopted a Plan of Distribution (the “Plan”) for the Class A Shares and Class C Shares of the Fund pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor is entitled to receive from the Fund a distribution fee with respect to the Shares, which is accrued daily and paid monthly, of up to 0.25% on an annualized basis of the average daily net assets of the Class A Shares and up to 1.00% on an annualized basis of the average daily net assets of the Class C Shares. The actual amount of such compensation under the Plan is agreed upon by the Board and by the Distributor. Because these fees are paid out of each Fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. Amounts paid to the Distributor under the Plan may be used by the Distributor to cover expenses that are related to (i) the sale of the Shares, (ii) ongoing servicing and/or maintenance of the accounts of shareholders, and (iii) sub-transfer agency services, subaccounting services or administrative services related to the sale of the Shares, all as set forth in the Fund’s 12b-1 Plan.

For compensation amounts paid to Fund Services and the Custodian, please refer to the Consolidated Statement of Operations.

31

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

February 28, 2023 (Unaudited)

3. Director and Officer Compensation

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Secretary and Director of Marketing & Business Development of the Company. They are compensated by the Company for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Fund or the Company. For Director and Officer compensation amounts, please refer to the Consolidated Statement of Operations.

4. Purchases and Sales of Investment Securities

During the current fiscal period, there were no purchases and sales of investment securities (excluding short-term investments and derivative transactions) or long-term U.S. Government securities by the Fund.

5. Federal Income Tax Information

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund has determined that there was no effect on the consolidated financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

As of August 31, 2022, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund were as follows^(a):

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Unrealized Appreciation/ (Depreciation)
$575,071,353	$30,680,816	$(40,460,779)	$(9,779,963)

(a) The difference between the book basis and tax basis cost and aggregate gross unrealized appreciation and depreciation of investments is attributable primarily to futures not regulated by Section 1256 of the Internal Revenue Code and timing difference related to taxable income from a wholly owned controlled foreign corporation.

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying consolidated financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

The following permanent differences as of August 31, 2022, primarily attributable to investments in wholly-owned controlled foreign corporation were reclassified among the following accounts:

Distributable Earnings/(Loss)	PAID-IN CAPITAL
$(14,110,248)	$14,110,248

32

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Concluded)

February 28, 2023 (Unaudited)

As of August 31, 2022, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gains	Capital Loss Carryforwards	Qualified Late-Year Loss Deferral	Other Temporary Differences	Unrealized Appreciation/ (Depreciation)
$42,343,982	$30,737,246	$—	$—	$(2,861,646)	$(32,117,709)

The differences between the book and tax basis components of distributable earnings relate principally to the timing of recognition of income and gains of the Subsidiary for federal income tax purposes. Short-term and foreign currency gains are reported as ordinary income for federal income tax purposes.

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2022 was as follows:

Ordinary Income	Long-Term Gains	Total
$8,660,018	$1,491,183	$10,151,201

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the fiscal period ended August 31, 2022, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2022. As of August 31, 2022, the Fund had no tax basis qualified late-year loss deferral.

6. New Accounting Pronouncements and Regulatory Updates

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

7. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date the consolidated financial statements were issued and has determined that there were no significant events requiring recognition or disclosure in the consolidated financial statements.

33

Campbell Systematic Macro Fund

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling 1-844-261-6488 and on the SEC website at http://www.sec.gov.

Quarterly Portfolio Schedules

The Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Forms N-PORT are available on the SEC’s website at http://www.sec.gov.

34

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Investment Adviser
Campbell & Company Investment Adviser LLC
2850 Quarry Lake Drive
Baltimore, Maryland 21209

Administrator and Transfer Agent
U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201

Principal Underwriter
Quasar Distributors, LLC
111 E Kilbourn Ave, Suite 2200
Milwaukee, WI 53202

Custodian
U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

Independent Registered Public Accounting Firm
Ernst & Young LLP
One Commerce Square
2005 Market Street, Suite 700
Philadelphia, PA 19103

Legal Counsel
Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

CSMF-SAR23

FREE MARKET U.S. EQUITY FUND
FREE MARKET INTERNATIONAL EQUITY FUND
FREE MARKET FIXED INCOME FUND

of

The RBB Fund, Inc.

Semi-Annual Report

February 28, 2023
(Unaudited)

This report is submitted for the general information of the shareholders of the Funds. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Funds.

FREE MARKET FUNDS

PERFORMANCE DATA

February 28, 2023 (Unaudited)

Free Market U.S. Equity Fund

Average Annual Total Returns for the Periods Ended February 28, 2023
	Six Months(1)	1 Year	5 Years	10 Years	Since Inception
Free Market U.S. Equity Fund	6.79%	-1.49%	7.59%	9.94%	8.78%(2)
Russell 2500® Index	4.40%	-5.42%	7.67%	9.96%	8.52%
Composite Index(3)	3.34%	-5.16%	7.52%	9.97%	7.82%

⁽¹⁾ Not annualized.

⁽²⁾ The Fund commenced operations on December 31, 2007.

⁽³⁾ The Composite Index is comprised of the S&P 500^® Index, Russell 1000^® Value Index, Russell 2000^® Index and Russell 2000^® Value Index, each weighted 25%, respectively.

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. For performance data current to the most recent month-end, please call 1-866-780-0357 ext. 3863. The Fund’s annual operating expense ratio, as stated in the current prospectus dated December 31, 2022, is 0.80% (included in the ratio is 0.24% attributable to acquired fund fees and expenses).

The Fund’s aggregate total return since inception is based on an increase in net asset value from $10.00 per share on December 31, 2007 (commencement of operations) to $20.76 per share on February 28, 2023.

Portfolio composition is subject to change.

The Free Market U.S. Equity Fund’s underlying funds invest in small-cap and micro-cap stocks, large-cap stocks and other equity securities. In addition to the ordinary risks of equity investing, small companies entail special risk. Small companies tend to have more risk than large companies. An investor in the Fund will incur the expenses of the underlying funds in addition to the Fund’s expenses. The foregoing is not intended to be a complete discussion of all risks associated with the investment strategies of the Fund.

1

FREE MARKET FUNDS

PERFORMANCE DATA (Continued)

February 28, 2023 (Unaudited)

Free Market International Equity Fund

Average Annual Total Returns for the Periods Ended February 28, 2023
	Six Months(1)	1 Year	5 Years	10 Years	Since Inception
Free Market International Equity Fund	11.32%	-3.65%	1.02%	4.61%	3.11%(2)
MSCI World (excluding U.S.) Index	11.41%	-3.75%	2.99%	4.77%	2.20%
Composite Index(3)	8.37%	-6.77%	0.94%	4.28%	2.27%

⁽¹⁾ Not annualized.

⁽²⁾ The Fund commenced operations on December 31, 2007.

⁽³⁾ The Composite Index is comprised of the MSCI EAFE Index, MSCI EAFE Value Index, MSCI EAFE Small Company Index and MSCI Emerging Markets Free Index, each weighted 25%, respectively.

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. For performance data current to the most recent month-end, please call 1-866-780-0357 ext. 3863. The Fund’s annual operating expense ratio, as stated in the current prospectus dated December 31, 2022, is 0.88% (included in the ratio is 0.32% attributable to acquired fund fees and expenses).

The Fund’s aggregate total return since inception is based on a decrease in net asset value from $10.00 per share on December 31, 2007 (commencement of operations) to $10.39 per share on February 28, 2023.

Portfolio composition is subject to change.

The Free Market International Equity Fund’s underlying funds invest in common stock, preferred stock, securities convertible into stocks and other equity securities issued by foreign companies. In addition to the ordinary risks of equity investing, foreign and small companies entail special risk. The return on foreign equities may be adversely affected by currency fluctuations. Emerging markets may be subject to social instability and lack of market liquidity. Small companies tend to have more risk than large companies. An investor in the Fund will incur the expenses of the underlying funds in addition to the Fund’s expenses. The foregoing is not intended to be a complete discussion of all risks associated with the investment strategies of the Fund.

2

FREE MARKET FUNDS

PERFORMANCE DATA (CONCLUDED)

February 28, 2023 (Unaudited)

Free Market Fixed Income Fund

Average Annual Total Returns for the Periods Ended February 28, 2023
	Six Months(1)	1 Year	5 Years	10 Years	Since Inception
Free Market Fixed Income Fund	-0.46%	-4.58%	0.39%	0.34%	1.09%(2)
FTSE World Government Bond Index 1-5 Years	-0.62%	-3.39%	0.80%	0.98%	1.65%
Composite Index(3)	-0.55%	-4.22%	0.89%	0.87%	1.71%

⁽¹⁾ Not annualized.

⁽²⁾ The Fund commenced operations on December 31, 2007.

⁽²⁾ The Composite Index is comprised of the Three-Month Treasury Bill Index, Bloomberg Barclays Intermediate Government/Credit Bond Index, ICE BofA Merrill Lynch 1-3 Year US Government/Corporate Index and Bloomberg Barclays U.S. Capital Aggregate Bond Index, each weighted 25%, respectively.

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. For performance data current to the most recent month-end, please call 1-866-780-0357 ext. 3863. The Fund’s annual operating expense ratio, as stated in the current prospectus dated December 31, 2022, is 0.68% (included in the ratio is 0.12% attributable to acquired fund fees and expenses).

The Fund’s aggregate total return since inception is based on a decrease in net asset value from $10.00 per share on December 31, 2007 (commencement of operations) to $9.66 per share on February 28, 2023.

Portfolio composition is subject to change.

The Free Market Fixed Income Fund’s underlying funds invest in fixed income securities. The underlying funds may invest their assets in bonds and other debt securities issued by domestic and foreign governments and companies. Debt instruments involve the risk that their prices will fall when interest rates rise, and they are subject to the risk that the borrower may default. In addition, the return on foreign debt securities may be adversely affected by currency fluctuations. An investor in the Fund will incur expenses of the underlying funds in addition to the Fund’s expenses. The foregoing is not intended to be a complete discussion of all risks associated with the investment strategies of the Fund.

3

FREE MARKET FUNDS

Fund Expense Examples

February 28, 2023 (Unaudited)

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

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2022 through February 28, 2023, and held for the entire period.

Actual Expenses

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

Hypothetical EXAMPLES for Comparison Purposes

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

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

	Beginning Account Value September 1, 2022	Ending Account Value February 28, 2023	Expenses Paid*	Annualized Expense Ratio*	Actual Six-Month Total Investment Return for the Portfolio
Actual
Free Market U.S. Equity Fund	$ 1,000.00	$ 1,067.90	$ 2.87	0.56%	6.79%
Free Market International Equity Fund	1,000.00	1,113.20	2.99	0.57%	11.32%
Free Market Fixed Income Fund	1,000.00	995.40	2.77	0.56%	-0.46%
Hypothetical (5% return before expenses)
Free Market U.S. Equity Fund	$ 1,000.00	$ 1,022.02	$ 2.81	0.56%	N/A
Free Market International Equity Fund	1,000.00	1021.97	2.86	0.57%	N/A
Free Market Fixed Income Fund	1,000.00	1,022.02	2.81	0.56%	N/A

* Expenses are equal to each Fund’s annualized six-month expense ratio for the period September 1, 2022 through February 28, 2023, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one half year period. The annualized expense ratios do not reflect fees and expenses associated with the underlying funds. If such fees and expenses had been included, the expenses would have been higher. Each Fund’s ending account values in the first section in the table is based on the actual six-month total investment return for each Fund for the period September 1, 2022 through February 28, 2023, The range of weighted expense ratios of the underlying funds held by the Funds, as stated in the underlying funds’ current prospectuses, were as follows:

FUNDS	RANGE OF WEIGHTED EXPENSE RATIO
Free Market U.S. Equity Fund	0.00% - 0.08%
Free Market International Equity Fund	0.00% - 0.17%
Free Market Fixed Income Fund	0.00% - 0.04%

4

FREE MARKET FUNDS

FREE MARKET U.S. EQUITY FUND

Portfolio of Investments

February 28, 2023 (Unaudited)

	Number of Shares		Value
DOMESTIC EQUITY FUNDS — 99.9%
iShares Core S&P 500 ETF		648,555	$	258,105,433
iShares MSCI USA Value Factor ETF		3,233,565		303,082,048
U.S. Large Cap Value Portfolio III (a)		19,432,293		540,412,073
U.S. Large Cap Value Series (b)		2,825,615		192,311,388
U.S. Large Company Portfolio (a)		9,702,781		263,042,394
U.S. Micro Cap Portfolio (c)		21,636,778		535,726,633
U.S. Small Cap Portfolio (c)		12,801,214		535,218,738
U.S. Small Cap Value Portfolio (c)		21,005,399		888,108,274
TOTAL DOMESTIC EQUITY FUNDS
(Cost $2,309,407,656)				3,516,006,981
SHORT-TERM INVESTMENTS — 0.1%
STIT-Government & Agency Portfolio, 4.52%*		2,719,774		2,719,774
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,719,774)				2,719,774
TOTAL INVESTMENTS — 100.0%
(Cost $2,312,127,430)				3,518,726,755
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%				1,209,223
NET ASSETS — 100.0%			$	3,519,935,978

Portfolio Holdings Summary Table

	% of Net Assets			Value
Domestic Equity Funds		99.9	%	$	3,516,006,981
Short-Term Investments		0.1	%		2,719,774
Other Assets In Excess Of Liabilities		0.0	%		1,209,223
NET ASSETS		100.0	%	$	3,519,935,978

* Seven-day yield as of February 28, 2023.

(a) A portfolio of Dimensional Investment Group Inc.

(b) A portfolio of DFA Investment Trust Company.

(c) A portfolio of DFA Investment Dimensions Group Inc.

ETF Exchange-Traded Fund

Portfolio holdings are subject to change at any time.

5

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

FREE MARKET FUNDS

FREE MARKET INTERNATIONAL EQUITY FUND

Portfolio of Investments

February 28, 2023 (Unaudited)

	Number of Shares/ Beneficial Interest		Value
INTERNATIONAL EQUITY FUNDS — 99.9%
Canadian Small Company Series (a)		2,108,704	$	34,083,995
DFA International Small Cap Value Portfolio (b)		54,895,567		1,098,460,291
DFA International Value Portfolio III (c)		26,202,260		428,668,966
DFA International Value Series (a)		13,331,142		395,268,373
Emerging Markets Small Cap Portfolio (b)		6,323,659		131,532,099
Emerging Markets Value Portfolio, Class Institutional (b)		4,850,967		130,588,026
iShares Core MSCI EAFE ETF		2,070,385		134,637,137
iShares Core MSCI Emerging Markets ETF		2,909,255		137,753,224
iShares MSCI EAFE Small-Cap ETF		3,966,023		234,867,882
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $2,459,809,340)				2,725,859,993
SHORT-TERM INVESTMENTS — 0.1%
STIT-Government & Agency Portfolio, 4.52%*		3,322,935		3,322,935
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,322,935)				3,322,935
TOTAL INVESTMENTS — 100.0%
(Cost $2,463,132,275)				2,729,182,928
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%				743,627
NET ASSETS — 100.0%			$	2,729,926,555

Portfolio Holdings Summary Table

	% of Net Assets			Value
International Equity Funds		99.9	%	$	2,725,859,993
Short-Term Investments		0.1	%		3,322,935
Other Assets In Excess of Liabilities		0.0	%		743,627
NET ASSETS		100.0	%	$	2,729,926,555

* Seven-day yield as of February 28, 2023.

(a) A portfolio of DFA Investment Trust Company.

(b) A portfolio of DFA Investment Dimensions Group Inc.

(c) A portfolio of Dimensional Investment Group Inc.

ETF Exchange-Traded Fund

Portfolio holdings are subject to change at any time.

6

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

FREE MARKET FUNDS

FREE MARKET FIXED INCOME FUND

Portfolio of Investments

February 28, 2023 (Unaudited)

	Number of Shares		Value
FIXED INCOME FUNDS — 99.4%
DFA One-Year Fixed Income Portfolio (a)		38,781,096	$	390,525,637
DFA Two-Year Global Fixed Income Portfolio (a)		70,543,440		673,689,855
iShares 1-3 Year Treasury Bond ETF		1,318,454		106,781,589
iShares 3-7 Year Treasury Bond ETF		1,404,212		160,782,274
iShares Core International Aggregate Bond ETF		8,411,627		403,253,398
iShares Intermediate-Term Corporate Bond ETF		3,240,530		161,605,231
iShares Short-Term Corporate Bond ETF		12,946,291		646,278,847
iShares TIPS Bond ETF		1,261,194		135,174,773
TOTAL FIXED INCOME FUNDS
(Cost $2,861,939,442)				2,678,091,604
SHORT-TERM INVESTMENTS — 0.8%
STIT-Government & Agency Portfolio, 4.52%*		21,644,024		21,644,024
TOTAL SHORT-TERM INVESTMENTS
(Cost $21,644,024)				21,644,024
TOTAL INVESTMENTS — 100.2%
(Cost $2,883,583,466)				2,699,735,628
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%				(4,884,246	)
NET ASSETS — 100.0%			$	2,694,851,382

Portfolio Holdings Summary Table

	% of Net Assets			Value
Fixed Income Funds		99.4	%	$	2,678,091,604
Short-Term Investments		0.8	%		21,644,024
Liabilities In Excess Of Other Assets		(0.2	)%		(4,884,246	)
NET ASSETS		100.0	%	$	2,694,851,382

* Seven-day yield as of February 28, 2023.

(a) A portfolio of DFA Investment Dimensions Group Inc.

ETF Exchange-Traded Fund

Portfolio holdings are subject to change at any time.

7

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

FREE MARKET FUNDS

Statements of Assets and Liabilities

February 28, 2023 (Unaudited)

	Free Market U.S. Equity Fund		Free Market International Equity Fund		Free Market Fixed Income Fund
ASSETS
Investments in non-affiliated funds, at value (cost $2,309,407,655, $2,459,809,341 and $2,861,939,443, respectively)	$	3,516,006,981	$	2,725,859,994	$	2,678,091,605
Short-term investments, at value (cost $2,719,774, $3,322,935 and $21,644,024, respectively)		2,719,774		3,322,935		21,644,024
Receivables for:
Capital shares sold		4,391,527		3,414,200		3,698,681
Prepaid expenses and other assets		240,982		171,226		256,032
Total assets		3,523,359,264		2,732,768,355		2,703,690,342
LIABILITIES
Payables for:
Capital shares redeemed		1,505,070		1,330,807		1,265,535
Advisory fees		1,358,472		1,050,887		1,022,843
Administration and accounting fees		259,132		198,600		211,595
Transfer agent fees		60,117		45,002		49,388
Other accrued expenses and liabilities		240,495		216,504		6,289,599
Total liabilities		3,423,286		2,841,800		8,838,960
Net assets	$	3,519,935,978	$	2,729,926,555	$	2,694,851,382
NET ASSETS CONSIST OF:
Par value	$	169,567	$	262,766	$	279,054
Paid-in capital		2,194,207,864		2,440,407,269		2,885,084,860
Total distributable earnings/(loss)		1,325,558,547		289,256,520		(190,512,532	)
Net assets	$	3,519,935,978	$	2,729,926,555	$	2,694,851,382
CAPITAL SHARES:
Net assets	$	3,519,935,978	$	2,729,926,555	$	2,694,851,382
Shares outstanding ($0.001 par value, 700,000,000 shares authorized)		169,567,379		262,766,111		279,053,715
Net asset value, offering and redemption price per share	$	20.76	$	10.39	$	9.66

8

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

FREE MARKET FUNDS

Statements of Operations

FOR THE Six Months ENDED February 28, 2023 (Unaudited)

	Free Market U.S. Equity Fund		Free Market International Equity Fund			Free Market Fixed Income Fund
INVESTMENT INCOME
Dividends from non-affiliated funds	$	27,455,793	$	32,080,102		$	36,041,064
Total investment income		27,455,793		32,080,102			36,041,064
EXPENSES
Advisory fees (Note 2)		8,205,492		6,153,672			6,580,667
Administration and accounting fees (Note 2)		362,071		276,530			322,399
Director fees		155,388		117,045			129,809
Legal fees		125,581		92,347			102,517
Officer fees		115,756		87,603			102,873
Transfer agent fees (Note 2)		79,267		66,747			72,262
Custodian fees (Note 2)		48,480		38,703			39,511
Printing and shareholder reporting fees		41,127		36,233			37,809
Registration and filing fees		20,603		20,429			18,905
Audit and tax service fees		18,441		19,347			18,543
Other expenses		89,632		140,140			64,256
Total expenses		9,261,838		7,048,796			7,489,551
Net investment income/(loss)		18,193,955		25,031,306			28,551,513
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Non-affiliated funds		2,248,435		(1,808,897	)		(4,675,738	)
Capital gain distributions from non-affiliated fund investments		112,189,127		2,393,907			97,941
Net change in unrealized appreciation/(depreciation) on:
Non-affiliated funds		90,944,951		253,884,377			(39,075,948	)
Net realized and unrealized gain/(loss) on investments		205,382,513		254,469,387			(43,653,745	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	223,576,468	$	279,500,693		$	(15,102,232	)

9

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

FREE MARKET U.S. EQUITY FUND

Statements of Changes in Net Assets

	For the six months Ended February 28. 2023 (Unaudited)			For the Year Ended August 31, 2022
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	18,193,955		$	32,200,297
Net realized gain/(loss) from investments		114,437,562			273,761,097
Net change in unrealized appreciation/(depreciation) on investments		90,944,951			(532,671,620	)
Net increase/(decrease) in net assets resulting from operations		223,576,468			(226,710,226	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(220,809,118	)		(160,049,321	)
Net decrease in net assets from dividends and distributions to shareholders		(254,085,784	)		(160,049,321	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		230,395,117			505,375,262
Reinvestment of distributions		253,858,591			159,919,251
Shares redeemed		(226,662,925	)		(620,998,823	)
Net increase/(decrease) in net assets from capital shares		257,590,783			44,295,690
Total increase/(decrease) in net assets		227,081,467			(342,463,857	)
NET ASSETS:
Beginning of period		3,292,854,511			3,635,318,368
End of period	$	3,519,935,978		$	3,292,854,511
SHARES TRANSACTIONS:
Shares sold		11,055,097			22,341,943
Dividends and distributions reinvested		13,098,999			6,724,947
Shares redeemed		(10,887,252	)		(26,856,120	)
Net increase/(decrease) in shares outstanding		13,266,844			2,210,770

10

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

FREE MARKET INTERNATIONAL EQUITY FUND

Statements of Changes in Net Assets

	For the six months Ended February 28. 2023 (Unaudited)			For the Year Ended August 31, 2022
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	25,031,306		$	79,767,694
Net realized gain/(loss) from investments		585,010			19,150,254
Net change in unrealized appreciation/(depreciation) on investments		253,884,377			(522,820,062	)
Net increase/(decrease) in net assets resulting from operations		279,500,693			(423,902,114	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		—			(35,219,290	)
Net decrease in net assets from dividends and distributions to shareholders		(86,538,910	)		(35,219,290	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		210,327,926			454,919,419
Reinvestment of distributions		86,521,788			35,204,207
Shares redeemed		(155,261,687	)		(317,838,272	)
Net increase/(decrease) in net assets from capital shares		141,588,027			172,285,354
Total increase/(decrease) in net assets		334,549,810			(286,836,050	)
NET ASSETS:
Beginning of period		2,395,376,745			2,682,212,795
End of period	$	2,729,926,555		$	2,395,376,745
SHARES TRANSACTIONS:
Shares sold		21,668,166			42,243,193
Dividends and distributions reinvested		8,874,030			3,107,167
Shares redeemed		(15,736,326	)		(28,689,507	)
Net increase/(decrease) in shares outstanding		14,805,870			16,660,853

11

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

FREE MARKET FIXED INCOME FUND

Statements of Changes in Net Assets

	For the six months Ended February 28. 2023 (Unaudited)			For the Year Ended August 31, 2022
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	28,551,513		$	14,460,405
Net realized gain/(loss) from investments		(4,577,797	)		2,217,382
Net change in unrealized appreciation/(depreciation) on investments		(39,075,948	)		(207,628,479	)
Net increase/(decrease) in net assets resulting from operations		(15,102,232	)		(190,950,692	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		—			(15,000,590	)
Net decrease in net assets from dividends and distributions to shareholders		(31,271,661	)		(15,000,590	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		200,229,316			561,502,718
Reinvestment of distributions		31,267,525			14,991,009
Shares redeemed		(239,435,083	)		(441,988,903	)
Net increase/(decrease) in net assets from capital shares		(7,938,242	)		134,504,824
Total increase/(decrease) in net assets		(54,312,135	)		(71,446,458	)
NET ASSETS:
Beginning of period		2,749,163,517			2,820,609,975
End of period	$	2,694,851,382		$	2,749,163,517
SHARES TRANSACTIONS:
Shares sold		20,634,074			54,774,661
Dividends and distributions reinvested		3,251,380			1,463,991
Shares redeemed		(24,723,429	)		(43,490,265	)
Net increase/(decrease) in shares outstanding		(837,975	)		12,748,387

12

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

FREE MARKET FUNDS

FREE MARKET U.S. EQUITY FUND

Financial Highlights

Contained below is per share operating performance data for each share outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	For the Six months Ended February 28, 2023 (Unaudited)			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018
Per Share Operating Performance
Net asset value, beginning of period	$	21.07		$	23.59		$	16.06		$	16.90		$	20.37		$	17.60
Net investment income/(loss)(1)		0.11			0.21			0.21			0.17			0.17			0.15
Net realized and unrealized gain/(loss) on investments		1.20			(1.69	)		7.62			—	(2)		(2.73	)		3.34
Net increase/(decrease) in net assets resulting from operations		1.31			(1.48	)		7.83			0.17			(2.56	)		3.49
Dividends and distributions to shareholders from:
Net investment income		(0.21	)		(0.41	)		(0.08	)		(0.16	)		(0.15	)		(0.20	)
Net realized capital gains		(1.41	)		(0.63	)		(0.22	)		(0.85	)		(0.76	)		(0.52	)
Total dividends and distributions to shareholders		(1.62	)		(1.04	)		(0.30	)		(1.01	)		(0.91	)		(0.72	)
Net asset value, end of period	$	20.76		$	21.07		$	23.59		$	16.06		$	16.90		$	20.37
Total investment return/(loss)(3)		6.79	%(5)		(6.77	)%		49.28	%		0.32	%		(12.09	)%		20.11	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,519,936		$	3,292,855		$	3,635,318		$	2,839,337		$	2,899,018		$	3,413,559
Ratio of expenses to average net assets(4)		0.56	%(6)		0.56	%		0.55	%		0.56	%		0.55	%		0.55	%
Ratio of net investment income/(loss) to average net assets(4)		1.09	%(6)		0.92	%		1.05	%		1.05	%		0.96	%		0.76	%
Portfolio turnover rate		2	%(5)		7	%		5	%		14	%		7	%		2	%

(1) The selected per share data is calculated using the average shares outstanding method for the period.

(2) Amount less than $(0.005) per share.

(3) Total investment return/(loss) is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(4) The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

(5) Not Annualized.

(6) Annualized.

13

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

FREE MARKET FUNDS

FREE MARKET INTERNATIONAL EQUITY FUND

Financial Highlights

Contained below is per share operating performance data for each share outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	For the Six months Ended February 28, 2023 (Unaudited)			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018
Per Share Operating Performance
Net asset value, beginning of period	$	9.66		$	11.60		$	8.89		$	9.09		$	10.72		$	10.97
Net investment income/(loss)(1)		0.10			0.34			0.18			0.19			0.21			0.22
Net realized and unrealized gain/(loss) on investments		0.97			(2.13	)		2.84			(0.13	)		(1.47	)		(0.10	)
Net increase/(decrease) in net assets resulting from operations		1.07			(1.79	)		3.02			0.06			(1.26	)		0.12
Dividends and distributions to shareholders from:
Net investment income		(0.34	)		(0.15	)		(0.13	)		(0.14	)		(0.18	)		(0.26	)
Net realized capital gains		—			—			(0.18	)		(0.12	)		(0.19	)		(0.11	)
Total dividends and distributions to shareholders		(0.34	)		(0.15	)		(0.31	)		(0.26	)		(0.37	)		(0.37	)
Net asset value, end of period	$	10.39		$	9.66		$	11.60		$	8.89		$	9.09		$	10.72
Total investment return/(loss)(2)		11.32	%(4)		(15.63	)%		34.43	%		0.30	%		(11.66	)%		0.98	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,729,927		$	2,395,377		$	2,682,213		$	2,153,655		$	2,154,908		$	2,312,863
Ratio of expenses to average net assets(3)		0.57	%(5)		0.56	%		0.56	%		0.58	%		0.58	%		0.57	%
Ratio of net investment income/(loss) to average net assets(3)		2.01	%(5)		3.08	%		1.70	%		2.13	%		2.22	%		1.93	%
Portfolio turnover rate		1	%(4)		2	%		5	%		28	%		4	%		3	%

(1) The selected per share data is calculated using the average shares outstanding method for the period.

(2) Total investment return/(loss) is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(3) The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

(4) Not Annualized.

(5) Annualized.

14

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

FREE MARKET FUNDS

FREE MARKET FIXED INCOME FUND

Financial Highlights

Contained below is per share operating performance data for each share outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	For the Six months Ended February 28, 2023 (Unaudited)			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018
Per Share Operating Performance
Net asset value, beginning of period	$	9.82		$	10.56		$	10.61		$	10.47		$	10.22		$	10.36
Net investment income/(loss)(1)		0.10			0.05			0.03			0.15			0.27			0.10
Net realized and unrealized gain/(loss) on investments		(0.15	)		(0.74	)		—	(2)		0.16			0.24			(0.14	)
Net increase/(decrease) in net assets resulting from operations		(0.05	)		(0.69	)		0.03			0.31			0.51			(0.04	)
Dividends and distributions to shareholders from:
Net investment income		(0.11	)		(0.05	)		(0.05	)		(0.17	)		(0.26	)		(0.09	)
Net realized capital gains		—			—			(0.03	)		—			—	(2)		(0.01	)
Return of capital		—			—			—	(2)		—			—			—
Total dividends and distributions to shareholders		(0.11	)		(0.05	)		(0.08	)		(0.17	)		(0.26	)		(0.10	)
Net asset value, end of period	$	9.66		$	9.82		$	10.56		$	10.61		$	10.47		$	10.22
Total investment return/(loss)(3)		(0.46	)%(5)		(6.51	)%		0.31	%		2.98	%		5.11	%		(0.35	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,694,851		$	2,749,164		$	2,820,610		$	2,307,909		$	2,748,593		$	2,867,621
Ratio of expenses to average net assets(4)		0.56	%(6)		0.56	%		0.56	%		0.56	%		0.55	%		0.55	%
Ratio of net investment income/(loss) to average net assets(4)		2.14	%(6)		0.51	%		0.27	%		1.39	%		2.62	%		1.02	%
Portfolio turnover rate		3	%(5)		3	%		2	%		46	%		3	%		0	%

(1) The selected per share data is calculated using the average shares outstanding method for the period.

(2) Amount less than $(0.005) per share.

(3) Total investment return/(loss) is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(4) The Fund also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

(5) Not Annualized.

(6) Annualized.

15

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

FREE MARKET FUNDS

Notes to Financial Statements

February 28, 2023 (Unaudited)

1. Organization and Significant Accounting Policies

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is a mutual fund complex divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has forty-eight separate investment portfolios, including the Free Market U.S. Equity Fund, the Free Market International Equity Fund and the Free Market Fixed Income Fund (each a “Fund” and collectively, the “Funds”). Each Fund operates as a “fund of funds” and commenced investment operations on December 31, 2007.

RBB has authorized capital of one hundred billion shares of common stock of which 90.623 billion shares are currently classified into two hundred and thirteen classes of common stock. Each class represents an interest in an active or inactive investment portfolio of the Company.

Free Market U.S. Equity and Free Market International Equity’s investment objective is to seek long-term capital appreciation. Free Market Fixed Income’s investment objective is to seek total return (consisting of current income and capital appreciation).

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies”.

The end of the reporting period for the Funds is February 28, 2023, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2023 (the “current fiscal period”).

Investment Company Securities – The Funds pursue their investment objectives by investing primarily in shares of registered, open-end investment companies and exchange-traded funds (“ETFs”) (collectively, “underlying funds”). When a Fund invests in underlying funds it will indirectly bear its proportionate share of any fees and expenses payable directly by the underlying fund. In connection with its investments in other investment companies, a Fund will incur higher expenses, many of which may be duplicative. Furthermore, because the Funds invest in shares of ETFs and underlying funds their performances are directly related to the ability of the ETFs and underlying funds to meet their respective investment objectives, as well as the allocation of each Fund’s assets among the ETFs and underlying funds. Accordingly, the Funds’ investment performance will be influenced by the investment strategies of and risks associated with the ETFs and underlying funds in direct proportion to the amount of assets the Funds allocate to the ETFs and underlying funds utilizing such strategies. As disclosed in the Portfolio of Investments, the Funds invest in a number of different underlying funds, including underlying funds that are portfolios of DFA Investment Dimensions Group Inc., and Dimensional Investment Group Inc. (collectively, “DFA Underlying Funds”) and iShares by BlackRock (“iShares Underlying Funds”). Information about DFA Underlying Funds and iShares Underlying Funds’ risks may be found in such DFA Underlying Funds’ and iShares Underlying Funds’ annual or semiannual report to shareholders, which can be found at us.dimensional.com and iShares.com, respectively. Additional information about derivatives related risks, if applicable, may also be found in each such DFA Underlying Fund or iShares Underlying Funds’ annual or semiannual report to shareholders. The annual and semiannual reports to shareholders for the underlying funds may also be found by visiting the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PORTFOLIO VALUATION — Investments in the underlying funds are valued at each Fund’s net asset value (“NAV”) determined as of the close of business on the New York Stock Exchange (generally 4:00 p.m. Eastern time). Investments in ETFs are valued at their last reported sale price. As required, some securities and assets may be valued at fair value as determined in good faith by the Company’s Board of Directors (the “Board”). Direct investments in fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market.

The Board has adopted a pricing and valuation policy for use by each Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Matson Money, Inc. (“Matson Money” or the “Adviser”) as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee

16

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

February 28, 2023 (Unaudited)

is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure the fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

● Level 1 — Prices are determined using quoted prices in active markets for identical securities.

● Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 — Prices are determined using significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

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

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Funds’ investments carried at fair value:

FREE MARKET U.S. EQUITY Fund

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
Domestic Equity Funds	$	3,516,006,981	$	3,323,695,593	$	—	$	—	$	192,311,388
Short-Term Investments		2,719,774		2,719,774		—		—		—
Total Investments**	$	3,518,726,755	$	3,326,415,367	$	—	$	—	$	192,311,388

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

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

FREE MARKET INTERNATIONAL EQUITY Fund

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
International Equity Funds	$	2,725,859,993	$	2,296,507,625	$	—	$	—	$	429,352,368
Short-Term Investments		3,322,935		3,322,935		—		—		—
Total Investments**	$	2,729,182,928	$	2,299,830,560	$	—	$	—	$	429,352,368

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

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

17

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

February 28, 2023 (Unaudited)

FREE MARKET FIXED INCOME VI Fund

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
Fixed Income Funds	$	2,678,091,604	$	2,678,091,604	$	—	$	—	$	—
Short-Term Investments		21,644,024		21,644,024		—		—		—
Total Investments**	$	2,699,735,628	$	2,699,735,628	$	—	$	—	$	—

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

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

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

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

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

During the current fiscal period, the Funds had no Level 3 transfers.

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Funds record security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Each Fund’s investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (formerly, PENN Capital Funds Trust) (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of

18

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

February 28, 2023 (Unaudited)

the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Funds. In addition to the net annual operating expenses that the Funds bear directly, the shareholders indirectly bear the Funds’ pro-rata expenses of the underlying mutual funds in which each Fund invests.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders recorded on the ex-dividend date for each Fund with the exception of the Free Market Fixed Income Fund which declares and pays quarterly dividends from net investment income. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is each Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

MARKET RISK — The value of a Fund’s shares will fluctuate as a result of the movement of the overall stock market or the value of the underlying fund held by a Fund, and you could lose money.

CORONAVIRUS (COVID-19) PANDEMIC — The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. Although vaccines for COVID-19 are available, the ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers are not known. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak and the pace of recovery which may vary market to market, and such uncertainty may in turn adversely affect the value and liquidity of the Funds’ investments, impair the Funds’ ability to satisfy redemption requests, and negatively impact the Funds’ performance.

UKRAINE-RUSSIA CONFLICT RISK — In February 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries and the threat of wider-spread hostilities could have a severe adverse effect on the region and global economies, including significant negative impacts on the markets for certain securities and commodities, such as oil and natural gas. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future, could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long the armed conflict and related events will last cannot be predicted. These tensions and any related events could have a significant impact on Fund performance and the value of Fund investments, even beyond any direct exposure a Fund may have to issuers located in these countries.

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

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

For additional information about the DFA Underlying Funds and iShares Underlying Funds’ valuation policies, refer to the DFA Underlying Funds and iShares Underlying Funds’ most recent annual or semiannual report which can be found at us.dimensional.com and iShares.com, respectively.

19

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

February 28, 2023 (Unaudited)

2. Investment Adviser and Other Services

Matson Money, Inc. serves as the investment adviser to each Fund. Each Fund compensates the Adviser for its services at an annual rate based on each Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown in the following tables.

AVERAGE DAILY NET ASSETS	ADVISORY FEE
For the first $1 billion		0.50	%
Over $1 billion to $3 billion		0.49
Over $3 billion to $5 billion		0.48
Over $5 billion		0.47

The Adviser has voluntarily agreed to waive advisory fees and/or reimburse expenses to the extent that total annual Fund operating expenses exceed the rates (“Expense Caps”) shown in the following table annually of each Fund’s average daily net assets. The Adviser may not recoup waived management fees or reimbursed expenses. The Adviser may discontinue these arrangements at any time.

FUND	EXPENSE CAPS
Free Market U.S. Equity Fund		1.13	%
Free Market International Equity Fund		1.35
Free Market Fixed Income Fund		1.00

During the current fiscal period, investment advisory fees accrued were as follows:

FUND	ADVISORY FEES
Free Market U.S. Equity Fund	$	8,205,492
Free Market International Equity Fund		6,153,672
Free Market Fixed Income Fund		6,580,667

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for the Funds. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Fund Services serves as the Funds’ transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Funds. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Vigilant Distributors, LLC (the “Distributor”), serves as the principal underwriter and distributor of the Funds’ shares pursuant to a Distribution Agreement with RBB.

For compensation amounts paid to Fund Services and the Custodian, please refer to the Statements of Operations.

3. Director and Officer Compensation

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Secretary and Director of Marketing & Business Development of the Company. They are compensated for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Funds or the Company. For Director and Officer compensation amounts, please refer to the Statements of Operations.

20

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

February 28, 2023 (Unaudited)

4. Purchases and Sales of Investment Securities

During the current fiscal period, aggregate purchase and sales of investment securities (excluding short-term investments) of the Funds were as follows:

	Purchases		Sales
Free Market U.S. Equity Fund	$	186,495,647	$	51,831,563
Free Market International Equity Fund		109,084,608		25,000,000
Free Market Fixed Income Fund		69,143,864		78,915,444

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

5. Federal Income Tax Information

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Funds have determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

As of August 31, 2022, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by each Fund were as follows:

	FEDERAL TAX COST		UNREALIZED APPRECIATION		UNREALIZED (DEPRECIATION)			NET UNREALIZED APPRECIATION/ (DEPRECIATION)
Free Market U.S. Equity Fund	$	2,161,839,023	$	1,164,755,951	$	(34,945,254	)		1,129,810,697
Free Market International Equity Fund		2,305,194,402		197,679,142		(109,380,408	)		88,298,734
Free Market Fixed Income Fund		2,894,150,687		—		(146,884,500	)		(146,884,500	)

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

Permanent differences as of August 31, 2022, primarily attributable to equalization, short term dividend reclass, distribution reclass, and dividend reclass were reclassified among the following accounts:

	DISTRIBUTABLE EARNINGS/(LOSS)			Paid-In Capital
Free Market U.S. Equity Fund	$	(26,171,102	)	$	26,171,102
Free Market International Equity Fund		—			—
Free Market Fixed Income Fund		—			—

21

FREE MARKET FUNDS

Notes to Financial Statements (Concluded)

February 28, 2023 (Unaudited)

As of August 31, 2022, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Capital Loss CarryForwards			NET Unrealized Appreciation/ (Depreciation)
Free Market U.S. Equity Fund	$	7,863,581	$	218,393,585	$	—		$	1,129,810,697
Free Market International Equity Fund		86,538,908		—		(78,542,905	)		88,298,734
Free Market Fixed Income Fund		3,970,625		—		(1,224,764	)		(146,884,500	)

The differences between the book and tax basis components of distributable earnings relate primarily to the timing of recognition of income and gains for federal income tax purposes and are inclusive of underlying partnerships and investments. Short-term and foreign currency gains, if applicable, are reported as ordinary income for federal income tax purposes.

The tax character of distributions paid during the fiscal year ended August 31, 2022 was as follows:

	Ordinary Income		Long-Term Gains		RETURN OF CAPITAL		Total
Free Market U.S. Equity Fund	$	62,775,363	$	97,273,958	$	—	$	160,049,321
Free Market International Equity Fund		35,219,290		—		—	$	35,219,290
Free Market Fixed Income Fund		15,000,590		—		—	$	15,000,590

Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

The Funds are permitted to carry forward capital losses for an unlimited period. Capital losses that are carried forward will retain their character as either short-term or long-term capital losses. As of August 31, 2022, the Free Market International Equity Fund had $13,568,310 of short-term capital loss carryforwards and $64,974,595 of long-term capital loss carryforwards, the Free Market Fixed Income Fund had $1,224,764 of short-term capital loss carryforwards.

6. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

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

7. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined there were no subsequent events.

22

FREE MARKET FUNDS

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling Free Market Funds at (866) 780-0357, ext. 3863 and on the SEC’s website at http://www.sec.gov.

Quarterly Portfolio Schedules

The Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Form N-PORT is available on the SEC’s website at http://www.sec.gov.

23

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Investment Adviser

Matson Money, Inc.
5955 Deerfield Blvd.
Mason, OH 45040

Administrator and Transfer Agent

U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201

Principal Underwriter

Vigilant Distributors, LLC
Gateway Corporate Center, Suite 216
223 Wilmington West Chester Pike
Chadds Ford, PA 19317

Custodian

U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1800
2001 Market Street
Philadelphia, PA 19103-7042

Legal Counsel

Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

FMFI-SAR23

MATSON MONEY U.S. EQUITY VI PORTFOLIO
MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO
MATSON MONEY FIXED INCOME VI PORTFOLIO

of

The RBB Fund, Inc.

SEMI-Annual Report

February 28, 2023
(Unaudited)

This report is submitted for the general information of the shareholders of the Portfolios. It is not authorized for distribution unless preceded or accompanied by a current prospectus for the Portfolios.

MATSON MONEY VI PORTFOLIOS

Performance Data

February 28, 2023 (Unaudited)

Matson Money U.S. Equity VI Portfolio

Average Annual Total Returns for the Periods Ended February 28, 2023
	SIX MONTHS(1)	1 YEAR	5 YEARS	SINCE INCEPTION
Matson Money U.S. Equity VI Portfolio	7.07%	-1.14%	7.56%	7.95%(2)
Russell 2500® Index	4.40%	-5.42%	7.67%	8.12%(4)
Composite Index(3)	3.34%	-5.16%	7.52%	8.71%(4)

⁽¹⁾ Not annualized.

⁽²⁾ The Portfolio commenced operations on February 18, 2014.

⁽³⁾ The Composite Index is comprised of the S&P 500^® Index, Russell 1000^® Value Index, Russell 2000^® Index and Russell 2000^® Value Index, each weighted 25%, respectively.

⁽⁴⁾ Index information is not available as of the date of the inception of the Portfolio. The average annual returns for the Russell 2500^® Index and the Composite Index are presented as of March 1, 2014. If the Portfolio had commenced operations on March 1, 2014, its average annual return since inception would have been 7.80%.

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares. For performance data current to the most recent month-end, please call 1-866-780-0357 ext. 3863. The Portfolio’s annual operating expense ratio, as stated in the current prospectus dated December 31, 2022 is 0.98% (included in the ratio is 0.25% attributable to acquired fund fees and expenses).

The Portfolio’s aggregate total return since inception is based on an increase in net asset value from $25.00 per share on February 18, 2014 (commencement of operations) to $30.70 per share on February 28, 2023.

Portfolio composition is subject to change.

The Matson Money U.S. Equity VI Portfolio’s underlying funds invest in small-cap and micro-cap stocks, large-cap stocks and other equity securities. In addition to the ordinary risks of equity investing, small companies entail special risk. Small companies tend to have more risk than large companies. An investor in the Portfolio will incur the expenses of the underlying funds in addition to the Portfolio’s expenses. The foregoing is not intended to be a complete discussion of all risks associated with the investment strategies of the Portfolio.

2

MATSON MONEY VI PORTFOLIOS

Performance Data (Continued)

February 28, 2023 (Unaudited)

Matson Money International Equity VI Portfolio

Average Annual Total Returns for the Periods Ended February 28, 2023
	SIX MONTHS(1)	1 YEAR	5 YEARS	SINCE INCEPTION
Matson Money International Equity VI Portfolio	11.12%	-3.85%	0.91%	2.77%(2)
MSCI World (excluding U.S.) Index	11.41%	-3.75%	2.99%	3.97%(4)
Composite Index(3)	8.37%	-6.77%	0.94%	3.71%(4)

⁽¹⁾ Not annualized.

⁽²⁾ The Portfolio commenced operations on February 18, 2014.

⁽³⁾ The Composite Index is comprised of the MSCI EAFE Index, MSCI EAFE Value Index, MSCI EAFE Small Company Index, and MSCI Emerging Markets Index, each weighted 25%, respectively.

⁽⁴⁾ Index information is not available as of the date of the inception of the Portfolio. The average annual returns for the MSCI World (excluding U.S.) Index and the Composite Index are presented as of March 1, 2014. If the Portfolio had commenced operations on March 1, 2014, its average annual return since inception would have been 2.63%.

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares. For performance data current to the most recent month-end, please call 1-866-780-0357 ext. 3863. The Portfolio’s annual operating expense ratio, as stated in the current prospectus dated December 31, 2022 is 1.15% (included in the ratio is 0.35% attributable to acquired fund fees and expenses).

The Portfolio’s aggregate total return since inception is based on a decrease in net asset value from $25.00 per share on February 18, 2014 (commencement of operations) to $23.91 per share on February 28, 2023.

Portfolio composition is subject to change.

The Matson Money International Equity VI Portfolio’s underlying funds invest in common stock, preferred stock, securities convertible into stocks and other equity securities issued by foreign companies. In addition to the ordinary risks of equity investing, foreign and small companies entail special risk. The return on foreign equities may be adversely affected by currency fluctuations. Emerging markets may be subject to social instability and lack of market liquidity. Small companies tend to have more risk than large companies. An investor in the Portfolio will incur the expenses of the underlying funds in addition to the Portfolio’s expenses. The foregoing is not intended to be a complete discussion of all risks associated with the investment strategies of the Portfolio.

3

MATSON MONEY VI PORTFOLIOS

Performance Data (Concluded)

February 28, 2023 (Unaudited)

Matson Money Fixed Income VI Portfolio

Average Annual Total Returns for the Periods Ended February 28, 2023
	SIX MONTHS(1)	1 YEAR	5 YEARS	SINCE INCEPTION
Matson Money Fixed Income VI Portfolio	-0.65%	-4.99%	0.15%	0.16%(2)
FTSE World Government Bond Index 1-5 Years	-0.62%	-3.39%	0.80%	0.98%(4)
Composite Index(3)	-0.55%	-4.22%	0.89%	0.96%(4)

⁽¹⁾ Not annualized.

⁽²⁾ The Portfolio commenced operations on February 18, 2014.

⁽³⁾ The Composite Index is comprised of the Three-Month Treasury Bill Index, Bloomberg Barclays Capital Intermediate Government Bond Index, ICE BofA Merrill Lynch 1-3 Year US Government/Corporate Index and Bloomberg Barclays U.S. Aggregate Bond Index, each weighted 25%, respectively.

⁽⁴⁾ Index information is not available as of the date of the inception of the Portfolio. The average annual returns for the FTSE World Government Bond Index 1-5 Years (formerly known as the Citigroup World Govt. Bond 1-5 Year Currency Hedged U.S. Dollar Index), and the Composite Index are presented as of March 1, 2014. If the Portfolio had commenced operations on March 1, 2014, its average annual return since inception would have been 0.15%.

The performance data quoted represents past performance. Past performance is not indicative of future results. Investment return and principal value will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown include the reinvestment of all dividends and other distributions and do not reflect taxes that a shareholder would pay on Portfolio distributions or on the redemption of Portfolio shares. For performance data current to the most recent month-end, please call 1-866-780-0357 ext. 3863. The Portfolio’s annual operating expense ratio, as stated in the current prospectus dated December 31, 2022 is 0.85% (included in the ratio is 0.12% attributable to acquired fund fees and expenses).

The Portfolio’s aggregate total return since inception is based on a decrease in net asset value from $25.00 per share on February 18, 2014 (commencement of operations) to $23.23 per share on February 28, 2023.

Portfolio composition is subject to change.

The Matson Money Fixed Income VI Portfolio’s underlying funds invest in fixed income securities. The underlying funds may invest their assets in bonds and other debt securities issued by domestic and foreign governments and companies. Debt instruments involve the risk that their prices will fall when interest rates rise, and they are subject to the risk that the borrower may default. In addition, the return on foreign debt securities may be adversely affected by currency fluctuations. An investor in the Portfolio will incur expenses of the underlying funds in addition to the Portfolio’s expenses. The foregoing is not intended to be a complete discussion of all risks associated with the investment strategies of the Portfolio.

4

MATSON MONEY VI PORTFOLIOS

Fund Expense ExampleS

February 28, 2023 (Unaudited)

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

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2022 through February 28, 2023, and held for the entire period.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

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

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

	BEGINNING ACCOUNT VALUE SEPTEMBER 1, 2022	ENDING ACCOUNT VALUE FEBRUARY 28, 2023	EXPENSES PAID DURING PERIOD*	Annualized EXPENSE RATIO*	ACTUAL SIX- MONTH TOTAL INVESTMENT RETURN FOR THE PORTFOLIO
Actual
Matson Money U.S. Equity VI Portfolio	$ 1,000.00	$ 1,070.70	$ 3.85	0.75%	7.07%
Matson Money International Equity VI Portfolio	1,000.00	1,111.20	4.29	0.82%	11.12%
Matson Money Fixed Income VI Portfolio	1,000.00	993.50	3.76	0.76%	-0.65%

5

MATSON MONEY VI PORTFOLIOS

Fund Expense Examples (CONCLUDED)

February 28, 2023 (Unaudited)

	BEGINNING ACCOUNT VALUE SEPTEMBER 1, 2022	ENDING ACCOUNT VALUE FEBRUARY 28, 2023	EXPENSES PAID DURING PERIOD*	Annualized EXPENSE RATIO*	ACTUAL SIX- MONTH TOTAL INVESTMENT RETURN FOR THE PORTFOLIO
Hypothetical (5% return before expenses)
Matson Money U.S. Equity VI Portfolio	$ 1,000.00	$ 1,021.08	$ 3.76	0.75%	N/A
Matson Money International Equity VI Portfolio	1,000.00	1,020.73	4.11	0.82%	N/A
Matson Money Fixed Income VI Portfolio	1,000.00	1,021.03	3.81	0.76%	N/A

* Expenses are equal to each Portfolio’s annualized six-month expense ratio for the period September 1, 2022 through February 28, 2023, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one half year period. The annualized expense ratios do not reflect fees and expenses associated with the underlying funds. Fees and expenses presented for a Portfolio do not reflect any fees and expenses imposed on shares of the Portfolio purchased through variable annuity contracts, variable life insurance policies, and certain qualified pension and retirement plans, which would increase overall fees and expenses. If such fees and expenses had been included, the expenses would have been higher. Each Portfolio’s ending account value in the first section in the table is based on the actual six-month total investment return for each Portfolio for the period September 1, 2022 through February 28, 2023. The range of weighted expense ratios of the underlying funds held by the Portfolios, as stated in the underlying funds’ current prospectuses, were as follows:

FUNDS	RANGE OF WEIGHTED EXPENSE RATIO
Matson Money U.S. Equity VI Portfolio	0.01% - 0.06%
Matson Money International Equity VI Portfolio	0.00% - 0.12%
Matson Money Fixed Income VI Portfolio	0.00% - 0.02%

6

MATSON MONEY VI PORTFOLIOS

MATSON MONEY U.S. EQUITY VI PORTFOLIO

Portfolio of Investments

February 28, 2023 (Unaudited)

	NUMBER OF SHARES		VALUE
DOMESTIC EQUITY FUNDS — 99.1%
U.S. Large Cap Value Portfolio III (a)		267,929	$	7,451,104
U.S. Large Company Portfolio (a)		147,876		4,008,930
U.S. Micro Cap Portfolio (b)		177,606		4,397,534
U.S. Small Cap Portfolio (b)		104,876		4,384,853
U.S. Small Cap Value Portfolio (b)		68,994		2,917,071
VA U.S. Large Value Portfolio (b)		36,794		1,145,029
VA U.S. Targeted Value Portfolio (b)		196,257		4,362,786
TOTAL DOMESTIC EQUITY FUNDS
(Cost $25,008,729)				28,667,307
SHORT-TERM INVESTMENTS — 1.0%
STIT-Government & Agency Portfolio, 4.52%*		293,382		293,382
TOTAL SHORT-TERM INVESTMENTS
(Cost $293,382)				293,382
TOTAL INVESTMENTS — 100.1%
(Cost $25,302,111)				28,960,689
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(39,802	)
NET ASSETS — 100.0%			$	28,920,887

PORTFOLIO HOLDINGS SUMMARY TABLE
	% of Net Assets			Value
Domestic Equity Funds		99.1	%	$	28,667,307
Short-Term Investments		1.0	%		293,382
Liabilities In Excess Of Other Assets		(0.1	)%		(39,802	)
NET ASSETS		100.0	%	$	28,920,887

* Seven-day yield as of February 28, 2023.

(a) A portfolio of Dimensional Investment Group Inc.

(b) A portfolio of DFA Investment Trust Company.

Portfolio holdings are subject to change at any time.

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

7

MATSON MONEY VI PORTFOLIOS

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

Portfolio of Investments

February 28, 2023 (Unaudited)

	NUMBER OF SHARES		VALUE
INTERNATIONAL EQUITY FUNDS — 99.2%
DFA International Small Cap Value Portfolio (a)		295,281	$	5,908,573
DFA International Value Portfolio III (b)		383,286		6,270,554
Emerging Markets Small Cap Portfolio (a)		48,428		1,007,298
Emerging Markets Value Portfolio, Class Institutional (a)		37,465		1,008,550
iShares Core MSCI EAFE ETF		12,628		821,199
iShares Core MSCI Emerging Markets ETF		22,307		1,056,236
VA International Small Portfolio (a)		313,851		3,546,511
VA International Value Portfolio (a)		80,607		1,055,951
TOTAL INTERNATIONAL EQUITY FUNDS
(Cost $19,866,407)				20,674,872
SHORT-TERM INVESTMENTS — 1.0%
STIT-Government & Agency Portfolio, 4.52%*		202,550		202,550
TOTAL SHORT-TERM INVESTMENTS
(Cost $202,550)				202,550
TOTAL INVESTMENTS — 100.2%
(Cost $20,068,957)				20,877,422
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.2)%				(40,877	)
NET ASSETS — 100.0%			$	20,836,545

PORTFOLIO HOLDINGS SUMMARY TABLE
	% of Net Assets			Value
International Equity Funds		99.2	%	$	20,674,872
Short-Term Investments		1.0	%		202,550
Liabilities In Excess Of Other Assets		(0.2	)%		(40,877	)
NET ASSETS		100.0	%	$	20,836,545

* Seven-day yield as of February 28, 2023.

(a) A portfolio of DFA Investment Trust Company.

(b) A portfolio of DFA Investment Dimensions Group Inc.

ETF Exchange-Traded Fund

Portfolio holdings are subject to change at any time.    

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

8

MATSON MONEY VI PORTFOLIOS

MATSON MONEY FIXED INCOME VI PORTFOLIO

Portfolio of Investments

February 28, 2023 (Unaudited)

	NUMBER OF SHARES		VALUE
FIXED INCOME FUNDS — 98.6%
DFA One-Year Fixed Income Portfolio (a)		320,768	$	3,230,135
DFA Two-Year Global Fixed Income Portfolio (a)		441,613		4,217,404
iShares 1-3 Year Treasury Bond ETF		13,923		1,127,624
iShares 3-7 Year Treasury Bond ETF		14,683		1,681,203
iShares Core International Aggregate Bond ETF		87,001		4,170,828
iShares Intermediate-Term Corporate Bond ETF		33,017		1,646,558
iShares Short-Term Corporate Bond ETF		134,392		6,708,849
iShares TIPS Bond ETF		13,103		1,404,379
VA Global Bond Portfolio (a)		291,210		2,816,005
VA Short-Term Fixed Income Portfolio (a)		57,104		569,900
TOTAL FIXED INCOME FUNDS
(Cost $29,663,154)				27,572,885
SHORT-TERM INVESTMENTS — 1.5%
STIT-Government & Agency Portfolio, 4.52%*		415,027		415,027
TOTAL SHORT-TERM INVESTMENTS
(Cost $415,027)				415,027
TOTAL INVESTMENTS — 100.1%
(Cost $30,078,181)				27,987,912
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.1)%				(31,579	)
NET ASSETS — 100.0%			$	27,956,333

PORTFOLIO HOLDINGS SUMMARY TABLE
	% of Net Assets			Value
Fixed Income Funds		98.6	%	$	27,572,885
Short-Term Investments		1.5	%		415,027
Liabilities In Excess Of Other Assets		(0.1	)%		(31,579	)
NET ASSETS		100.0	%	$	27,956,333

* Seven-day yield as of February 28, 2023.

(a) A portfolio of DFA Investment Dimensions Group Inc.

ETF Exchange-Traded Fund

Portfolio holdings are subject to change at any time.

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

9

MATSON MONEY VI PORTFOLIOS

Statements of Assets and Liabilities

February 28, 2023 (Unaudited)

	MATSON MONEY U.S. EQUITY VI PORTFOLIO		MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO		MATSON MONEY FIXED INCOME VI PORTFOLIO
ASSETS
Investments, at value (cost $25,008,730, $19,866,407 and $29,671,945, respectively)	$	28,667,308	$	20,674,872	$	27,572,885
Short-term investments, at value (cost $293,382, $202,550 and $415,027, respectively)		293,382		202,550		415,027
Receivables for:
Investments sold		3,793		616		10,998
Prepaid expenses and other assets		1,562		481		1,533
Total assets		28,966,045		20,878,519		28,000,443
LIABILITIES
Payables for:
Audit fees		22,471		22,988		22,917
Advisory fees		11,362		8,156		10,824
Administration and accounting fees		4,305		3,667		4,393
Capital shares redeemed		947		3,156		679
Transfer agent fees		822		674		847
Other accrued expenses and liabilities		5,251		3,333		4,450
Total liabilities		45,158		41,974		44,110
Net assets	$	28,920,887	$	20,836,545	$	27,956,333
NET ASSETS CONSIST OF:
Par Value	$	942	$	872	$	1,203
Paid-in capital		24,117,583		20,620,255		30,249,305
Total distributable earnings/(loss)		4,802,362		215,418		(2,294,175	)
Net assets	$	28,920,887	$	20,836,545	$	27,956,333
CAPITAL SHARES:
Net assets	$	28,920,887	$	20,836,545	$	27,956,333
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		942,022		871,613		1,203,441
Net asset value, offering and redemption price per share	$	30.70	$	23.91	$	23.23

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

10

MATSON MONEY VI PORTFOLIOS

Statements of Operations

FOR THE SIX MONTHS ENDED February 28, 2023 (Unaudited)

	MATSON MONEY U.S. EQUITY VI PORTFOLIO		MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO			MATSON MONEY FIXED INCOME VI PORTFOLIO
INVESTMENT INCOME
Dividends from non-affiliated funds	$	267,232	$	408,321		$	392,008
Total investment income		267,232		408,321			392,008
EXPENSES:
Advisory fees (Note 2)		69,755		50,182			69,053
Audit and tax services fees		16,602		17,061			17,014
Administration and accounting fees (Note 2)		9,581		8,675			9,688
Custodian fees (Note 2)		3,049		2,625			2,261
Director fees		1,380		977			1,382
Printing and shareholder reporting fees		1,238		562			1,384
Officer fees		1,094		768			1,127
Legal fees		947		670			973
Transfer agent fees (Note 2)		443		318			443
Other expenses		1,048		946			1,074
Total expenses		105,137		82,784			104,399
Net investment income/(loss)		162,095		325,537			287,609
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Non-affiliated funds		219,599		(205,953	)		(69,559	)
Capital gain distributions from non-affiliated fund investments		1,236,276		96,255			1,016
Net change in unrealized appreciation/(depreciation) on:
Non-affiliated funds		341,219		2,089,642			(399,714	)
Net realized and unrealized gain/(loss) on investments		1,797,094		1,979,944			(468,257	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,959,189	$	2,305,481		$	(180,648	)

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

11

MATSON MONEY U.S. EQUITY VI PORTFOLIO

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2022
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	162,095		$	200,906
Net realized gain/(loss) from investments		1,455,875			2,750,655
Net change in unrealized appreciation/(depreciation) on investments		341,219			(4,996,942	)
Net increase/(decrease) in net assets resulting from operations		1,959,189			(2,045,381	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(2,549,816	)		(2,291,039	)
Net decrease in net assets from dividends and distributions to shareholders		(2,775,746	)		(2,291,039	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		635,339			3,769,795
Reinvestment of distributions		2,775,746			2,291,039
Shares redeemed		(1,490,569	)		(5,703,434	)
Net increase/(decrease) in net assets from capital shares		1,920,516			357,400
Total increase/(decrease) in net assets		1,103,959			(3,979,020	)
NET ASSETS:
Beginning of period		27,816,928			31,795,948
End of period	$	28,920,887		$	27,816,928
SHARES TRANSACTIONS:
Shares sold		20,827			106,781
Dividends and distributions reinvested		96,851			63,871
Shares redeemed		(47,524	)		(165,123	)
Net increase/(decrease) in shares outstanding		70,154			5,529

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

12

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2022
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	325,537		$	622,505
Net realized gain/(loss) from investments		(109,698	)		372,095
Net change in unrealized appreciation/(depreciation) on investments		2,089,642			(4,576,837	)
Net increase/(decrease) in net assets resulting from operations		2,305,481			(3,582,237	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(210,264	)		(1,361,460	)
Net decrease in net assets from dividends and distributions to shareholders		(663,764	)		(1,361,460	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,331,337			2,954,287
Reinvestment of distributions		663,764			1,361,460
Shares redeemed		(1,900,453	)		(3,051,625	)
Net increase/(decrease) in net assets from capital shares		94,648			1,264,122
Total increase/(decrease) in net assets		1,736,365			(3,679,575	)
NET ASSETS:
Beginning of period		19,100,180			22,779,755
End of period	$	20,836,545		$	19,100,180
SHARES TRANSACTIONS:
Shares sold		62,587			114,254
Dividends and distributions reinvested		29,553			52,183
Shares redeemed		(80,113	)		(120,422	)
Net increase/(decrease) in shares outstanding		12,027			46,015

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

13

MATSON MONEY FIXED INCOME VI PORTFOLIO

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2022
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	287,609		$	122,102
Net realized gain/(loss) from investments		(68,543	)		(27,840	)
Net change in unrealized appreciation/(depreciation) on investments		(399,714	)		(2,400,845	)
Net increase/(decrease) in net assets resulting from operations		(180,648	)		(2,306,583	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		—			(100,067	)
Net decrease in net assets from dividends and distributions to shareholders		(338,690	)		(100,067	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,485,804			2,888,692
Reinvestment of distributions		338,690			100,067
Shares redeemed		(1,647,655	)		(5,386,524	)
Net increase/(decrease) in net assets from capital shares		176,839			(2,397,765	)
Total increase/(decrease) in net assets		(342,499	)		(4,804,415	)
NET ASSETS:
Beginning of period		28,298,832			33,103,247
End of period	$	27,956,333		$	28,298,832
SHARES TRANSACTIONS:
Shares sold		63,512			116,203
Dividends and distributions reinvested		14,630			3,969
Shares redeemed		(70,311	)		(220,221	)
Net increase/(decrease) in shares outstanding		7,831			(100,049	)

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

14

MATSON MONEY VI PORTFOLIOS

MATSON MONEY U.S. EQUITY VI PORTFOLIO

Financial Highlights

Contained below is per share operating performance data for each share outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2022			FOR THE YEAR ENDED AUGUST 31, 2021			FOR THE YEAR ENDED AUGUST 31, 2020			FOR THE YEAR ENDED AUGUST 31, 2019			FOR THE YEAR ENDED AUGUST 31, 2018
Per Share Operating Performance
Net asset value, beginning of period	$	31.90		$	36.70		$	25.62		$	27.08		$	33.12		$	29.15
Net investment income/(loss)(1)		0.18			0.23			0.25			0.22			0.21			0.18
Net realized and unrealized gain/(loss) on investments		1.84			(2.37	)		12.06			(0.04	)		(4.34	)		5.40
Net increase/(decrease) in net assets resulting from operations		2.02			(2.14	)		12.31			0.18			(4.13	)		5.58
Dividends and distributions to shareholders from:
Net investment income		(0.26	)		(0.34	)		(0.29	)		(0.24	)		(0.27	)		(0.33	)
Net realized capital gains		(2.96	)		(2.32	)		(0.94	)		(1.40	)		(1.64	)		(1.28	)
Total dividends and distributions to shareholders		(3.22	)		(2.66	)		(1.23	)		(1.64	)		(1.91	)		(1.61	)
Net asset value, end of period	$	30.70		$	31.90		$	36.70		$	25.62		$	27.08		$	33.12
Total investment return/(loss)(2)		7.07	%(4)		(6.64	)%		49.31	%		(0.02	)%		(11.89	)%		19.56	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	28,921		$	27,817		$	31,796		$	25,070		$	24,839		$	26,181
Ratio of expenses to average net assets with waivers, if any(3)		0.75	%(5)		0.73	%		0.74	%		0.76	%		0.76	%		0.73	%
Ratio of expenses to average net assets without waivers, if any(3)		0.75	%(5)		0.73	%		0.74	%		0.76	%		0.76	%		0.73	%
Ratio of net investment income/(loss) to average net assets with waivers(3)		1.16	%(5)		0.65	%		0.77	%		0.86	%		0.72	%		0.58	%
Portfolio turnover rate		4	%(4)		15	%		18	%		18	%		17	%		12	%

(1) The selected per share data is calculated using the average shares outstanding method for the period.

(2) Total investment return/(loss) is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(3) The Portfolio also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

(4) Not Annualized.

(5) Annualized.

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

15

MATSON MONEY VI PORTFOLIOS

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

Financial Highlights

Contained below is per share operating performance data for each share outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2022			FOR THE YEAR ENDED AUGUST 31, 2021			FOR THE YEAR ENDED AUGUST 31, 2020			FOR THE YEAR ENDED AUGUST 31, 2019			FOR THE YEAR ENDED AUGUST 31, 2018
Per Share Operating Performance
Net asset value, beginning of period	$	22.22		$	28.00		$	21.35		$	22.27		$	26.16		$	26.60
Net investment income/(loss)(1)		0.36			0.73			0.37			0.42			0.43			0.47
Net realized and unrealized gain/(loss) on investments		2.06			(4.87	)		6.80			(0.25	)		(3.51	)		(0.13	)
Net increase/(decrease) in net assets resulting from operations		2.42			(4.14	)		7.17			0.17			(3.08	)		0.34
Dividends and distributions to shareholders from:
Net investment income		(0.50	)		(0.82	)		(0.35	)		(0.52	)		(0.39	)		(0.54	)
Net realized capital gains		(0.23	)		(0.82	)		(0.17	)		(0.57	)		(0.42	)		(0.24	)
Total dividends and distributions to shareholders		(0.73	)		(1.64	)		(0.52	)		(1.09	)		(0.81	)		(0.78	)
Net asset value, end of period	$	23.91		$	22.22		$	28.00		$	21.35		$	22.27		$	26.16
Total investment return/(loss)(2)		11.12	%(4)		(15.66	)%		33.96	%		0.17	%		(11.62	)%		1.13	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	20,837		$	19,100		$	22,780		$	18,559		$	18,228		$	17,950
Ratio of expenses to average net assets with waivers, if any(3)		0.82	%(5)		0.80	%		0.80	%		0.83	%		0.86	%		0.79	%
Ratio of expenses to average net assets without waivers, if any(3)		0.82	%(5)		0.80	%		0.80	%		0.83	%		0.86	%		0.79	%
Ratio of net investment income/(loss) to average net assets with waivers(3)		3.24	%(5)		2.86	%		1.48	%		1.99	%		1.82	%		1.70	%
Portfolio turnover rate		8	%(4)		11	%		18	%		26	%		13	%		8	%

(1) The selected per share data is calculated using the average shares outstanding method for the period.

(2) Total investment return/(loss) is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(3) The Portfolio also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

(4) Not Annualized.

(5) Annualized.

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

16

MATSON MONEY VI PORTFOLIOS

MATSON MONEY FIXED INCOME VI PORTFOLIO

Financial Highlights

Contained below is per share operating performance data for each share outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2022			FOR THE YEAR ENDED AUGUST 31, 2021			FOR THE YEAR ENDED AUGUST 31, 2020			FOR THE YEAR ENDED AUGUST 31, 2019			FOR THE YEAR ENDED AUGUST 31, 2018
Per Share Operating Performance
Net asset value, beginning of period	$	23.67		$	25.55		$	25.66		$	25.38		$	24.74		$	25.12
Net investment income/(loss)(1)		0.24			0.10			0.02			0.43			0.59			0.23
Net realized and unrealized gain/(loss) on investments		(0.39	)		(1.90	)		0.04			0.27			0.61			(0.36	)
Net increase/(decrease) in net assets resulting from operations		(0.15	)		(1.80	)		0.06			0.70			1.20			(0.13	)
Dividends and distributions to shareholders from:
Net investment income		(0.29	)		(0.08	)		(0.16	)		(0.42	)		(0.56	)		(0.22	)
Net realized capital gains		—			—			—			—			—	(2)		(0.03	)
Return of capital		—			—			(0.01	)		—			—			—
Total dividends and distributions to shareholders		(0.29	)		(0.08	)		(0.17	)		(0.42	)		(0.56	)		(0.25	)
Net asset value, end of period	$	23.23		$	23.67		$	25.55		$	25.66		$	25.38		$	24.74
Total investment return/(loss)(3)		(0.65	)%(5)		(7.08	)%		0.22	%		2.80	%		4.98	%		(0.50	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	27,956		$	28,299		$	33,103		$	27,323		$	29,546		$	30,405
Ratio of expenses to average net assets with waivers, if any(4)		0.76	%(6)		0.73	%		0.73	%		0.74	%		0.74	%		0.71	%
Ratio of expenses to average net assets without waivers, if any(4)		0.76	%(6)		0.73	%		0.73	%		0.74	%		0.74	%		0.71	%
Ratio of net investment income/(loss) to average net assets with waivers(4)		2.08	%(6)		0.39	%		0.07	%		1.69	%		2.39	%		0.93	%
Portfolio turnover rate		4	%(5)		7	%		8	%		46	%		19	%		2	%

(1) The selected per share data is calculated using the average shares outstanding method for the period.

(2) Amount less than $(0.005) per share.

(3) Total investment return/(loss) is calculated by assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(4) The Portfolio also will indirectly bear its prorated share of expenses of the underlying funds. Such expenses are not included in the calculation of this ratio.

(5) Not Annualized.

(6) Annualized.

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

17

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements

February 28, 2023 (Unaudited)

1. Organization and Significant Accounting Policies

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is a mutual fund complex divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, has forty separate investment portfolios, including the Matson Money U.S. Equity VI Portfolio, the Matson Money International Equity VI Portfolio and the Matson Money Fixed Income VI Portfolio (each, a “Portfolio” and collectively, the “Portfolios”). Each Portfolio operates as a “fund of funds” and commenced investment operations on February 18, 2014. Shares of the Portfolios are offered to separate accounts of participating life insurance companies for the purpose of funding variable annuity contracts and variable life insurance policies.

RBB has authorized capital of one hundred billion shares of common stock of which 90.623 billion shares are currently classified into two hundred and thirteen classes of common stock. Each class represents an interest in an active or inactive investment portfolio of the Company.

Matson Money U.S. Equity VI Portfolio and Matson Money International Equity VI Portfolio’s investment objective is to seek long-term capital appreciation. Matson Money Fixed Income VI Portfolio’s investment objective is to seek total return (consisting of current income and capital appreciation).

The Portfolios are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies”.

The end of the reporting period for the Portfolios is February 28, 2023, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2023 (the “current fiscal period”).

INVESTMENT COMPANY SECURITIES — The Portfolios pursue their investment objectives by investing primarily in shares of registered, open-end investment companies and exchange-traded funds (“ETFs”) (collectively, “underlying funds”). When a Portfolio invests in underlying funds it will indirectly bear its proportionate share of any fees and expenses payable directly by the underlying fund. In connection with its investments in other investment companies, a Portfolio will incur higher expenses, many of which may be duplicative. Furthermore, because the Portfolios invest in shares of ETFs and underlying funds their performances are directly related to the ability of the ETFs and underlying funds to meet their respective investment objectives, as well as the allocation of each Portfolio’s assets among the ETFs and underlying funds. Accordingly, the Portfolios’ investment performance will be influenced by the investment strategies of and risks associated with the ETFs and underlying funds in direct proportion to the amount of assets the Portfolios allocate to the ETFs and underlying funds utilizing such strategies. As disclosed in the Portfolio of Investments, the Portfolios invest in a number of different underlying funds, including underlying funds that are portfolios of DFA Investment Dimensions Group Inc., and Dimensional Investment Group Inc. (collectively, “DFA Underlying Funds”) and iShares by BlackRock (“iShares Underlying Funds”). Information about DFA Underlying Funds’ and iShares Underlying Funds’ risks may be found in such DFA Underlying Funds and iShares Underlying Funds’ annual or semiannual report to shareholders, which can be found at us.dimensional.com and iShares.com, respectively. Additional information about derivatives related risks, if applicable, may also be found in each such DFA Underlying Fund or iShares Underlying Funds’ annual or semiannual report to shareholders. The annual and semiannual reports to shareholders for the underlying funds may also be found by visiting the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

PORTFOLIO VALUATION — Investments in the underlying funds are valued at each Portfolio’s net asset value (“NAV”) determined as of the close of business on the New York Stock Exchange (generally 4:00 p.m. Eastern time). Investments in ETFs are valued at their last reported sale price. As required, some securities and assets may be valued at fair value as determined in good faith by the Company’s Board of Directors (the “Board”). Direct investments in fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market.

18

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (continued)

February 28, 2023 (Unaudited)

The Board has adopted a pricing and valuation policy for use by each Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Matson Money, Inc. (“Matson Money” or the “Adviser”) as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure the fair value of the Portfolios’ investments are summarized into three levels as described in the hierarchy below:

● Level 1 — Prices are determined using quoted prices in active markets for identical securities.

● Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 — Prices are determined using significant unobservable inputs (including the Portfolios’ own assumptions in determining the fair value of investments).

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

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Portfolios’ investments carried at fair value:

MATSON MONEY U.S. EQUITY VI PORTFOLIO

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
Domestic Equity Funds	$	28,667,307	$	23,159,492	$	—	$	—	$	5,507,815
Short-Term Investments		293,382		293,382		—		—		—
Total Investments**	$	28,960,689	$	23,452,874	$	—	$	—	$	5,507,815

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

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

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
International Equity Funds	$	20,674,872	$	16,072,410	$	—	$	—	$	4,602,462
Short-Term Investments		202,550		202,550		—		—		—
Total Investments**	$	20,877,422	$	16,274,960	$	—	$	—	$	4,602,462

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

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

19

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (Continued)

February 28, 2023 (Unaudited)

MATSON MONEY FIXED INCOME VI PORTFOLIO

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE*
Fixed Income Funds	$	27,572,885	$	24,186,980	$	—	$	—	$	3,385,905
Short-Term Investments		415,027		415,027		—		—		—
Total Investments**	$	27,987,912	$	24,602,007	$	—	$	—	$	3,385,905

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

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

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

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

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

During the current fiscal period, the Portfolios had no Level 3 transfers.

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Portfolios record security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. Each Portfolio’s investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (formerly, PENN Capital Funds Trust) (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net

20

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (Continued)

February 28, 2023 (Unaudited)

assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Portfolios. In addition to the net annual operating expenses that the Portfolios bear directly, the shareholders indirectly bear the Portfolios’ pro-rata expenses of the underlying mutual funds in which each Portfolio invests.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders recorded on the ex-dividend date for each Portfolio. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is each Portfolio’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

MARKET RISK — The value of a Portfolio’s shares will fluctuate as a result of the movement of the overall stock market or the value of the underlying fund held by a Portfolio, and you could lose money.

CORONAVIRUS (COVID-19) PANDEMIC — The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. Although vaccines for COVID-19 are available, the ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers are not known. The operational and financial performance of the issuers of securities in which the Portfolios invest depends on future developments, including the duration and spread of the outbreak and the pace of recovery which may vary market to market, and such uncertainty may in turn adversely affect the value and liquidity of the Portfolios’ investments, impair the Portfolios’ ability to satisfy redemption requests, and negatively impact the Portfolios’ performance.

UKRAINE-RUSSIA CONFLICT RISK — In February 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries and the threat of wider-spread hostilities could have a severe adverse effect on the region and global economies, including significant negative impacts on the markets for certain securities and commodities, such as oil and natural gas. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future, could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long the armed conflict and related events will last cannot be predicted. These tensions and any related events could have a significant impact on Fund performance and the value of Fund investments, even beyond any direct exposure the Fund may have to issuers located in these countries.

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

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

For additional information about the DFA Underlying Funds and iShares Underlying Funds’ valuation policies, refer to the DFA Underlying Funds and iShares Underlying Funds’ most recent annual or semiannual report which can be found at us.dimensional.com and iShares.com, respectively.

21

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (Continued)

February 28, 2023 (Unaudited)

2. Investment Adviser and Other Services

Matson Money, Inc. serves as the investment adviser to each Portfolio. Each Portfolio compensates the Adviser for its services at an annual rate based on each Portfolio’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown in the following table.

AVERAGE DAILY NET ASSETS	ADVISORY FEE
For the first $1 billion		0.50	%
Over $1 billion to $5 billion		0.49
Over $5 billion		0.47

The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent that total annual Portfolio operating expenses (excluding certain items discussed below) exceed the rates (“Expense Caps”) shown in the following table of each Portfolio’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and certain of these expenses could cause total annual Portfolio operating expenses to exceed the Expense Caps: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2023 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2023.

PORTFOLIO	EXPENSE CAPS
Matson Money U.S. Equity VI Portfolio		1.13	%
Matson Money International Equity VI Portfolio		1.35
Matson Money Fixed Income VI Portfolio		1.00

During the current fiscal period, investment advisory fees accrued were as follows:

PORTFOLIO	ADVISORY FEES
Matson Money U.S. Equity VI Portfolio	$	69,755
Matson Money International Equity VI Portfolio		50,182
Matson Money Fixed Income VI Portfolio		69,053

Effective September 1, 2019, if at any time a Portfolio’s total annual Portfolio operating expenses for a year are less than the Expense Cap, the Adviser is entitled to reimbursement by the Portfolio of the advisory fees forgone and other payments remitted by the Adviser to the Portfolio within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Portfolio to exceed the Expense Cap that was in effect at the time of the waiver or reimbursement. As of the end of the reporting period, the Portfolios had no amounts available for recoupment.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”) serves as administrator for the Portfolios. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Fund Services serves as the Portfolios’ transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Portfolios. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Vigilant Distributors, LLC (the “Distributor”), serves as the principal underwriter and distributor of the Funds’ shares pursuant to a Distribution Agreement with RBB.

For compensation amounts paid to Fund Services and the Custodian, please refer to the Statements of Operations.

22

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (CONTINUED)

February 28, 2023 (Unaudited)

3. Director and Officer Compensation

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Secretary and Director of Marketing & Business Development of the Company. They are compensated for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Portfolios or the Company. For Director and Officer compensation amounts, please refer to the Statements of Operations.

4. Purchases and Sales of Investment Securities

During the current fiscal period, aggregate purchases and sales of investment securities (excluding short-term investments) of the Portfolios were as follows:

	PURCHASES		SALES
Matson Money U.S. Equity VI Portfolio	$	1,743,225	$	1,225,713
Matson Money International Equity VI Portfolio		1,606,883		1,750,056
Matson Money Fixed Income VI Portfolio		1,328,082		1,202,215

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

5. Federal Income Tax Information

The Portfolios have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Portfolios to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Portfolios have determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Portfolios are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

As of August 31, 2022, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by each Portfolio were as follows:

	FEDERAL TAX COST		UNREALIZED APPRECIATION		UNREALIZED (DEPRECIATION)			NET UNREALIZED APPRECIATION/ (DEPRECIATION)
Matson Money U.S. Equity Fund	$	24,782,062	$	4,079,158	$	(993,209	)	$	3,085,949
Matson Money International Equity Fund		20,885,586		685,789		(2,424,682	)		(1,738,893	)
Matson Money Fixed Income Fund		30,139,701		37,189		(1,827,472	)		(1,790,283	)

Distributions to shareholders from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

23

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (CONTINUED)

February 28, 2023 (Unaudited)

Permanent differences as of August 31, 2022, primarily attributed to short-term capital gain distributions, distribution reclass, and dividend reclass. There were no permanent differences between distributable earnings/(loss) and paid in capital.

As of August 31, 2022, the components of distributable earnings on a tax basis were as follows:

	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains		Capital Loss Carry Forwards			Net Unrealized Appreciation/ (Depreciation)
Matson Money U.S. Equity Fund	$	14,896	$	2,518,074	$	—		$	3,085,949
Matson Money International Equity Fund		102,331		210,263		—			(1,738,893	)
Matson Money Fixed Income Fund		68,675		—		(53,229	)		(1,790,283	)

The differences between the book and tax basis components of distributable earnings relate primarily to the timing of recognition of income and gains for federal income tax purposes. Short-term and foreign currency gains, if applicable, are reported as ordinary income for federal income tax purposes.

The tax character of distributions paid during the fiscal year ended August 31, 2022 was as follows:

	ORDINARY INCOME		LONG-TERM GAINS		RETURN OF CAPITAL		TOTAL
Matson Money U.S. Equity Fund	$	290,468	$	2,000,571	$	—	$	2,291,039
Matson Money International Equity Fund		679,887		681,573		—		1,361,460
Matson Money Fixed Income Fund		100,067		—		—		100,067

Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the fiscal year ended August 31, 2022, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2022. The Matson Money Fixed Income Fund deferred qualified late-year losses of $53,229 which will be treated as arising on the first business day of the following fiscal year.

The Funds are permitted to carry forward capital losses for an unlimited period. Capital losses that are carried forward will retain their character as either short-term or long-term capital losses. As of August 31, 2022, the Funds had no unexpiring short-term or long-term losses.

6. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

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

24

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (concluded)

February 28, 2023 (Unaudited)

7. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined there were no subsequent events.

25

MATSON MONEY VI PORTFOLIOS

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Portfolios use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Portfolios voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling Matson Money VI Portfolios at (866) 780-0357, ext. 3863 and on the SEC’s website at http://www.sec.gov.

Quarterly Portfolio Schedules

The Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Form N-PORT is available on the SEC’s website at http://www.sec.gov.

26

[THIS PAGE INTENTIONALLY LEFT BLANK]

Investment Adviser

Matson Money, Inc.
5955 Deerfield Blvd.
Mason, OH 45040

Administrator and Transfer Agent

U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201

Principal Underwriter

Vigilant Distributors, LLC
Gateway Corporate Center, Suite 216
223 Wilmington West Chester Pike
Chadds Ford, PA 19317

Custodian

U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP
Two Commerce Square, Suite 1800
2001 Market Street
Philadelphia, PA 19103-7042

Legal Counsel

Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

MMFI-SAR23

Semi-ANNUAL
report 2023

Motley Fool Asset Management ETFs
Series of The RBB Fund, Inc.

2/28/23
(UNAUDITED)

Motley Fool Global Opportunities ETF
Motley Fool Mid-Cap Growth ETF
Motley Fool 100 Index ETF
Motley Fool Small-Cap Growth ETF
Motley Fool Capital Efficiency 100 Index ETF
Motley Fool Next Index ETF

Motley Fool Global Opportunities ETF (TMFG)
Motley Fool Mid-Cap Growth ETF (TMFM)
Motley Fool 100 Index ETF (TMFC)
Motley Fool Small-Cap Growth ETF (TMFS)
Motley Fool Capital Efficiency 100 Index ETF (TMFE)
Motley Fool Next Index ETF (TMFX)

Table of Contents

Portfolio Characteristics	1
Fund Expense Examples	14
Schedules of Investments	16
Financial Statements	47
Notes to Financial Statements	65
Notice to Shareholders	79

Motley Fool GLOBAL OPPORTUNITIES ETF

Portfolio Characteristics

(Unaudited)

Average Annual Total Returns for the periods ended February 28, 2023
	SIX MONTHS†	One Year	Five Years	Since Inception	Inception Date
Motley Fool Global Opportunities ETF*	0.71%	-11.64%	5.76%	7.84%	6/17/2014
FTSE Global All Cap Net Tax Index**	3.80%	-7.88%	6.06%	6.81%(1)	—
Fund Expense Ratio:(2) 0.85%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.fooletfs.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratios of the Fund are set forth according to the Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios.

* The Motley Fool Global Opportunities ETF operated as a series of The Motley Fool Funds Trust (the “Predecessor Fund”) prior to December 21, 2016 at which time the Predecessor Fund was reorganized into the Fund. The performance shown for periods prior to December 21, 2016 represents the performance of the Predecessor Fund. These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower.

** The FTSE Global All Cap Net Tax Index is a market-capitalization weighted index representing the performance of large, mid and small cap companies in Developed and Emerging markets. The index is comprised of approximately 9,500 securities from 49 countries and captures 98% of the world’s investable market capitalization. Fair value prices and foreign exchange as of 4 pm ET are used in the calculation of this index, and returns are adjusted for withholding taxes applicable to dividends received by a U.S. Regulated Investment Company domiciled in the United States. The index is unmanaged and not available for direct investments. Its performance does not reflect deductions for fees, expenses or taxes.

1

Motley Fool GLOBAL OPPORTUNITIES ETF

Portfolio Characteristics (CONTINUED)

(Unaudited)

The investment objective of the Motley Fool Global Opportunities ETF is to achieve long-term capital appreciation, and it pursues this objective by investing primarily in common stocks of companies located anywhere in the world. The Fund seeks long-term growth by identifying and acquiring securities of companies that are, in the view of Motley Fool Asset Management, LLC (the “Adviser”), high quality. To identify these high-quality businesses, the Adviser engages in research to evaluate each company under consideration using four criteria: management, culture, and incentives; the economics of the business; competitive advantage; and trajectory. The Adviser’s approach prizes a long-term mindset and a balance of qualitative and quantitative factors.

The Fund will invest in areas of the market, that, in the view of the Adviser, offer the greatest potential for long-term capital appreciation, and it does not attempt to match the allocations of its benchmark. As such, significant deviation from the benchmark is expected from time to time, especially over shorter time frames.

The allocations to various sectors, countries, or any other macro-economic designation, are the byproduct of rigorous bottom-up analysis rather than an intentional top-down opinion of asset classes. While market conditions are constantly changing, exposure to equity market risk is needed to consistently achieve equity-like returns.

The following tables show the top ten holdings, sector allocations, and top ten countries in which the Fund was invested in as of February 28, 2023. Portfolio holdings are subject to change without notice.

Top Ten Holdings	% OF NET Assets
Mastercard, Inc., Class A	6.2%
Watsco, Inc.	4.5
Amazon.com, Inc.	4.4
Waste Connections, Inc.	4.2
Axon Enterprise, Inc.	4.2
International Container Terminal Services, Inc.	3.8
Yum China Holdings, Inc.	3.7
ICON PLC	3.7
Cellnex Telecom SA	3.6
MercadoLibre, Inc.	3.6
	41.9%

2

Motley Fool GLOBAL OPPORTUNITIES ETF

Portfolio Characteristics (Concluded)

(Unaudited)

The Motley Fool Global Opportunities ETF uses the Global Industry Classification Standard^SM (“GICS ^SM”) as the basis for the classification of securities on the Schedule of Investments (“SOI”).

Sector Allocation	% OF Net Assets
Industrials	21.0%
Information Technology	19.8
Consumer Discretionary	14.8
Financials	12.6
Communication Services	11.7
Real Estate	7.8
Health Care	7.5
Consumer Staples	2.3
	97.5%

Top ten Countries	% OF Net Assets
United States*	55.5%
Canada	8.6
Ireland	6.1
Philippines	3.8
China	3.7
Spain	3.6
Argentina	3.6
Taiwan	3.2
United Kingdom	3.0
India	2.9
	94.0%

* As of the date of this report, the Fund had a holding of 2.3% in the U.S. Bank Money Market Deposit Account

3

Motley Fool MID-CAP GROWTH ETF

Portfolio Characteristics

(Unaudited)

Average Annual Total Returns for the periods ended February 28, 2023
	SIX MONTHS†	One Year	Five Years	Since Inception	Inception Date
Motley Fool Mid-Cap Growth ETF*	-0.03%	-12.17%	3.67%	6.97%	6/17/2014
Russell MidCap®* Growth Total Return Index**	5.31%	-8.31%	8.74%	9.61%(1)	—
Fund Expense Ratio:(2) 0.85%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.fooletfs.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratios of the Fund are set forth according to the Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights tables in this report. See the Financial Highlights for more current expense ratios.

* The Motley Fool Mid-Cap Growth ETF operated as a series of The Motley Fool Funds Trust (the “Predecessor Fund”) prior to December 21, 2016 at which time the Predecessor Fund was reorganized into the Fund. The performance shown for periods prior to December 21, 2016 represents the performance of the Predecessor Fund. These returns reflect expense waivers by the Fund’s investment adviser. Without these waivers, returns would have been lower.

** The Russell Midcap^® Growth Total Return Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap^® Growth Total Return Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market.

The investment objective of the Motley Fool Mid-Cap Growth ETF is to achieve long-term capital appreciation, and it pursues this objective by investing primarily in common stocks of companies organized in the United States. The Fund seeks long-term growth by identifying and acquiring securities of companies that are, in the view of the Adviser, high quality. To identify these high-quality businesses, the Adviser engages in research to evaluate each company under consideration using four criteria: management, culture, and incentives; the economics of the business; competitive advantage; and trajectory. The Adviser’s approach prizes a long-term mindset and a balance of qualitative and quantitative factors.

The Fund will invest in areas of the market, that, in the view of the Adviser, offer the greatest potential for long-term capital appreciation, and it does not attempt to match the allocations of its benchmark. As such, significant deviation from the benchmark is expected from time to time, especially over shorter time frames.

The allocations to various sectors, or any other macro-economic designation, are the byproduct of rigorous bottom-up analysis rather than an intentional top-down opinion of asset classes. While market conditions are constantly changing, exposure to equity market risk is needed to consistently achieve equity-like returns. The Adviser views its time as best spent focused on evaluating businesses and seeking to minimize company-specific risk in order to pursue its objective of long-term capital appreciation.

Although the Motley Fool Mid-Cap Growth ETF may invest in companies with any market capitalization, the Adviser expects that investments in the securities of companies having smaller- and mid-market capitalizations will be important components of the Fund’s investment program. Investments in securities of these companies may involve greater risk than do investments in larger, more established companies. Small- and mid-cap stocks tend to be more volatile and less liquid than their large-cap counterparts.

4

Motley Fool MID-CAP GROWTH ETF

Portfolio Characteristics (Concluded)

(Unaudited)

The following tables show the top ten holdings, and sector allocations in which the Fund was invested in as of February 28, 2023.Portfolio holdings are subject to change without notice.

Top ten Holdings	% OF Net Assets
Axon Enterprise, Inc.	6.1%
Watsco, Inc.	5.9
Markel Corp.	5.0
SBA Communications Corp.	5.0
Brown & Brown, Inc.	4.8
ResMed, Inc.	4.6
Fastenal Co.	4.2
Paylocity Holding Corp.	4.0
Tyler Technologies, Inc.	3.9
Gentex Corp.	3.6
	47.1%

The Motley Fool Mid-Cap Growth ETF uses the Global Industry Classification Standard^SM (“GICS ^SM”) as the basis for the classification of securities on the Schedule of Investments (“SOI”).

Sector Allocation	% OF Net Assets
Information Technology	24.0%
Industrials	20.6
Financials	12.5
Consumer Discretionary	11.9
Health Care	11.8
Real Estate	8.5
Materials	2.5
	91.8%

5

Motley Fool 100 Index ETF

Portfolio Characteristics

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED February 28, 2023
	SIX MONTHS†	One Year	Five Years	Since Inception	Inception Date
Motley Fool 100 Index ETF	-2.90%	-15.09%	11.51%	10.75%	1/29/2018
Motley Fool 100 Index*	-2.63%	-14.66%	12.10%	11.31%(1)	—
S&P 500* Total Return Index**	1.26%	-7.69%	9.82%	8.63%(1)	—
Fund Expense Ratio:(2) 0.50%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. Performance data current to the most recent month-end may be obtained at www.fooletfs.com. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The Motley Fool 100 Index (“Fool 100 Index”) was developed by The Motley Fool, LLC (“The Motley Fool”), an affiliate of Motley Fool Asset Management, LLC (“Adviser”), in 2017 and is a proprietary, rules-based index designed to track the performance of the 100 largest, most liquid U.S. companies that have been recommended by The Motley Fool’s analysts and newsletters or the highest-rated stocks in Fool IQ, the company’s analyst opinion database. Every company included in the Fool 100 Index is incorporated and listed in the U.S. The Fool 100 Index is calculated and administered by Solactive AG (the “Index Calculation Agent”), which is not affiliated with the Fund, the Adviser or The Motley Fool. Additional information regarding the Fool 100 Index, including its value, is available on the websites of the Fund at www.fooletfs.com and the Index Calculation Agent, at www.solactive.com. You cannot invest directly in an index.

** The S&P 500^® Total Return Index is the total return version of the S&P 500^® Index. Dividends are reinvested on a daily basis and all regular cash dividends are assumed reinvested in the index on the ex-dividend date. The S&P 500^® Index is a market-capitalization-weighted index of 500 US stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500^® Index is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe. The S&P 500^® Index was first introduced on the 1st of January, 1923, though expanded to 500 stocks on March 4, 1957.

6

Motley Fool 100 Index ETF

Portfolio Characteristics (Concluded)

(Unaudited)

The following tables show the top ten holdings and sector allocations, in which the Motley Fool 100 Index ETF was invested in as of February 28, 2023. Portfolio holdings are subject to change without notice.

Top TEN Holdings	% OF Net Assets
Apple, Inc.	13.5%
Microsoft Corp.	10.7
Alphabet, Inc., Class C	6.7
Amazon.com, Inc.	5.5
Berkshire Hathaway, Inc., Class B	3.9
Tesla, Inc.	3.7
NVIDIA Corp.	3.3
Meta Platforms, Inc., Class A	2.6
Visa, Inc., Class A	2.6
UnitedHealth Group, Inc.	2.6
	55.1%

The Motley Fool 100 Index ETF uses the Global Industry Classification Standard^SM (“GICS^SM”) as the basis for the classification of securities on the Schedule of Investments (“SOI”). We believe that this makes the SOI classifications more standard with the rest of the industry.

Sector Allocation	% OF Net Assets
Information Technology	42.9%
Consumer Discretionary	15.2
Communication Services	13.1
Health Care	11.5
Financials	9.1
Industrials	3.7
Consumer Staples	1.5
Real Estate	1.4
Utilities	0.8
Materials	0.6
Energy	0.2
	100.0%

7

MOTLEY FOOL SMALL-CAP GROWTH ETF

Portfolio Characteristics

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED February 28, 2023
	SIX MONTHS†	One Year	THREE YEARS	Since Inception	Inception Date
Motley Fool Small-Cap Growth ETF	5.75%	-14.06%	3.98%	9.13%	10/29/2018
Russell 2000 Growth Total Return® Index*	3.06%	-7.92%	6.51%	6.58%(1)	—
Fund Expense Ratio:(2) 0.85%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The Russell 2000 Growth Total Return^® Index measures the performance of those companies included in the Russell 2000 Index with higher price-to-book ratios and higher forecasted earnings growth rates. The Russell 2000 Index measures the performance of approximately 2,000 companies with small-market capitalizations.

8

MOTLEY FOOL SMALL-CAP GROWTH ETF

Portfolio Characteristics (CONCLUDED)

(Unaudited)

The following tables show the top ten holdings and sector allocations, in which the Motley Fool Small-Cap Growth ETF was invested in as of February 28, 2023. Portfolio holdings are subject to change without notice.

Top TEN Holdings	% OF Net Assets
Penumbra, Inc.	5.8%
Alarm.com Holdings, Inc.	4.5
Leonardo DRS, Inc.	4.2
Heska Corp.	4.1
Watsco, Inc.	4.0
Landstar System, Inc.	4.0
Howard Hughes Corp., (The)	3.9
Globus Medical, Inc., Class A	3.9
Goosehead Insurance, Inc., Class A	3.5
Gentex Corp.	3.4
	41.3%

The Motley Fool Small-Cap Growth ETF uses GICS^SM as the basis for the classification of securities on the Schedule of Investments.

Sector Allocation	% OF Net Assets
Health Care	25.3%
Industrials	21.9
Information Technology	13.8
Real Estate	9.4
Consumer Discretionary	7.9
Financials	7.4
Energy	2.9
Materials	1.5
	90.1%

9

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Portfolio Characteristics

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED February 28, 2023
	SIX MONTHS†	One Year	Since Inception	Inception Date
Motley Fool Capital Efficiency 100 Index ETF	0.47%	-11.62%	-19.90%	12/30/2021
Motley Fool Capital Efficiency 100 Index*	0.76%	-11.30%	-19.65%(1)	—
S&P 500 Total Return Index**	1.26%	-7.69%	-13.30%(1)	—
Fund Expense Ratio:(2) 0.50%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The Motley Fool Capital Efficiency 100 Index (“Capital Efficiency 100 Index”) was developed by The Motley Fool, LLC (“The Motley Fool”), an affiliate of Motley Fool Asset Management, LLC (“Adviser”), in 2021 and is a proprietary, rules-based index designed to track the performance of the highest scoring stocks of U.S. companies, measured by a company’s capital efficiency, that have been recommended by The Motley Fool’s analysts and newsletters, and that also meet certain liquidity requirements. Capital efficiency is a measure of how a business turns its investments into revenue and profit and it provides insight into the company’s return on invested capital. Every company included in the Capital Efficiency 100 Index is incorporated and listed in the U.S. The Capital Efficiency 100 Index is calculated and administered by Solactive AG (the “Index Calculation Agent”), which is not affiliated with the Fund, the Adviser or The Motley Fool. Additional information regarding the Capital Efficiency 100 Index, including its value, is available on the websites of the Fund at www.fooletfs.com and the Index Calculation Agent, at www.solactive.com. You cannot invest directly in an index.

** The S&P 500^® Total Return Index is the total return version of the S&P 500^® Index. Dividends are reinvested on a daily basis and all regular cash dividends are assumed reinvested in the index on the ex-dividend date. The S&P 500^® Index is a market-capitalization-weighted index of 500 US stocks chosen for market size, liquidity and industry grouping, among other factors. The S&P 500^® Index is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe. The S&P 500^® Index was first introduced on the 1st of January, 1923, though expanded to 500 stocks on March 4, 1957.

10

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Portfolio Characteristics (CONCLUDED)

(Unaudited)

The following tables show the top ten holdings and sector allocations, in which the Motley Fool Capital Efficiency 100 Index ETF was invested in as of February 28, 2023. Portfolio holdings are subject to change without notice.

Top TEN Holdings	% OF Net Assets
Meta Platforms, Inc., Class A	7.2%
Apple, Inc.	5.3
Amazon.com, Inc.	5.2
Visa, Inc., Class A	5.1
Mastercard, Inc., Class A	5.0
Microsoft Corp.	4.9
Alphabet, Inc., Class C	4.8
Home Depot, Inc., (The)	4.4
UnitedHealth Group, Inc.	4.3
Johnson & Johnson	4.2
	50.4%

The Motley Fool Capital Efficiency 100 Index ETF uses GICS^SM as the basis for the classification of securities on the Schedule of Investments.

Sector Allocation	% OF Net Assets
Information Technology	39.1%
Health Care	17.4
Consumer Discretionary	15.9
Communication Services	15.7
Industrials	5.7
Consumer Staples	4.3
Materials	1.5
Financials	0.4
	100.0%

11

MOTLEY FOOL NEXT INDEX ETF

Portfolio Characteristics

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODS ENDED February 28, 2023
	SIX MONTHS†	One Year	Since Inception	Inception Date
Motley Fool Next Index ETF	1.74%	-12.71%	-20.62%	12/30/2021
Motley Fool Next Index*	1.96%	-12.33%	-20.33%(1)	—
Russell Midcap®* Growth Total Return Index**	5.31%	-8.31%	-18.73%(1)	—
Fund Expense Ratio:(2) 0.50%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The Motley Fool Next Index (“Next Index”) was developed by The Motley Fool, LLC (“The Motley Fool”), an affiliate of Motley Fool Asset Management, LLC (“Adviser”), in 2021 and is a proprietary, rules-based index designed to track the performance of the 100 largest, most liquid U.S. companies that have been recommended by The Motley Fool’s analysts and newsletters. Every company included in the Capital Efficiency 100 Index is incorporated and listed in the U.S. The Next Index is calculated and administered by Solactive AG (the “Index Calculation Agent”), which is not affiliated with the Fund, the Adviser or The Motley Fool. Additional information regarding the Next Index, including its value, is available on the websites of the Fund at www.fooletfs.com and the Index Calculation Agent, at www.solactive.com. You cannot invest directly in an index.

** The Russell Midcap^® Growth Total Return Index measures the performance of the mid-cap growth segment of the U.S. equity universe. It includes those Russell Midcap^® Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap^® Growth Total Return Index is constructed to provide a comprehensive and unbiased barometer of the mid-cap growth market. The Index is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true mid-cap growth market.

12

MOTLEY FOOL NEXT INDEX ETF

Portfolio Characteristics (CONCLUDED)

(Unaudited)

The following tables show the top ten holdings and sector allocations, in which the Motley Fool Next Index ETF was invested in as of February 28, 2023. Portfolio holdings are subject to change without notice.

Top TEN Holdings	% OF Net Assets
Corning, Inc.	1.9%
Nasdaq, Inc.	1.8
Trade Desk, Inc., (The) Class A	1.8
Ulta Beauty, Inc.	1.7
Gartner, Inc.	1.7
Tractor Supply Co.	1.7
Alnylam Pharmaceuticals, Inc.	1.5
McCormick & Co., Inc.	1.3
HEICO Corp.	1.3
Insulet Corp.	1.2
	15.9%

The Motley Fool Next Index ETF uses GICS^SM as the basis for the classification of securities on the Schedule of Investments.

Sector Allocation	% OF Net Assets
Information Technology	33.8%
Consumer Discretionary	16.7
Health Care	12.5
Industrials	11.8
Financials	10.2
Communication Services	8.8
Consumer Staples	3.6
Real Estate	1.2
Materials	1.0
Energy	0.5
	0.3
	100.4%

13

Motley Fool Asset Management ETFs

Fund Expense Examples

FEBRUARY 28, 2023 (UNAUDITED)

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

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2022 through February 28, 2023, and held for the entire period.

Actual Expenses

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

Hypothetical Examples for Comparison Purposes

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

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

Do you know how many times a fund, or the market, has returned a smooth 5% over a long period of time? Never. But we have to pick some example. In reality, the market’s returns are always far bumpier, with the market returning 20% one year, followed by a loss of 10% the next year, followed by a 3% gain,etc. These variations affect actual expenses as well. Happily, over almost all time periods of 20 years or longer, according to the research of University of Pennsylvania’s Jeremy Siegel and others, the domestic market’s returns have been at least 5% per year on average.

14

Motley Fool Asset Management ETFs

Fund Expense Examples (Concluded)

FEBRUARY 28, 2023 (UNAUDITED)

	Beginning Account Value September 1, 2022	Ending Account Value February 28, 2023	Expenses Paid During Period(1)	Annualized Expense Ratio	Actual Six-Month Total Investment Returns for the Funds
Motley Fool 100 Index ETF
Actual	$ 1,000.00	$ 971.00	$ 2.44	0.50%	-2.90%
Hypothetical (5% return before expenses)	1,000.00	1,022.32	2.51	0.50%	N/A
Motley Fool Small-Cap Growth ETF
Actual	$ 1,000.00	$ 1,057.50	$ 4.34	0.85%	5.75%
Hypothetical (5% return before expenses)	1,000.00	1,020.58	4.26	0.85%	N/A
Motley Fool Global Opportunities ETF
Actual	$ 1,000.00	$ 1,007.10	$ 4.23	0.85%	0.71%
Hypothetical (5% return before expenses)	1,000.00	1,020.58	4.26	0.85%	N/A
Motley Fool Mid-Cap Growth ETF
Actual	$ 1,000.00	$ 999.70	$ 4.21	0.85%	-0.03%
Hypothetical (5% return before expenses)	1,000.00	1,020.58	4.26	0.85%	N/A
Motley Fool Capital Efficiency 100 Index ETF
Actual	$ 1,000.00	$ 1,022.32	$ 2.51	0.50%	0.47%
Hypothetical (5% return before expenses)	1,000.00	1,022.32	2.51	0.50%	N/A
Motley Fool Next Index ETF
Actual	$ 1,000.00	$ 1,000.00	$ 2.51	0.50%	1.74%
Hypothetical (5% return before expenses)	1,000.00	1,022.32	2.51	0.50%	N/A

⁽¹⁾ Expenses are equal to the Fund’s annualized expense ratio for the period September 1, 2022 through February 28, 2023, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. The Fund’s ending account value in the first section in the table is based on the actual since inception total investment return for the Fund.

15

Motley Fool global opportunities ETF

Schedule of Investments

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks — 97.5%
Aerospace & Defense — 4.2%
Axon Enterprise, Inc. (United States)*		85,954	$	17,217,446
Banks — 6.8%
Bank of Georgia Group PLC (Georgia)		243,452		8,170,120
HDFC Bank., Ltd., ADR (India)		175,060		11,841,059
Signature Bank (United States)(a)		49,302		5,672,195
SVB Financial Group (United States)*(a)		8,076		2,326,776
				28,010,150
Capital Markets — 3.1%
Brookfield Asset Management Ltd., Class A, ADR (Canada)(a)		61,794		2,077,514
Brookfield Corp. (Canada)		247,163		8,218,170
Georgia Capital PLC (Georgia)*		258,167		2,537,077
				12,832,761
Commercial Services & Supplies — 4.2%
Waste Connections, Inc., ADR (Canada)		128,810		17,250,235
Diversified Telecommunication Services — 3.6%
Cellnex Telecom SA (Spain)		390,320		14,680,606
Entertainment — 2.5%
Universal Music Group NV (Netherlands)		440,532		10,413,972
Equity Real Estate Investment Trusts (REITs) — 6.5%
American Tower Corp. (United States)		37,440		7,413,494
Equinix, Inc. (United States)		16,625		11,442,489
SBA Communications Corp. (United States)		29,560		7,666,386
				26,522,369
Food & Staples Retailing — 2.3%
Costco Wholesale Corp. (United States)		19,171		9,282,215
Health Care Equipment & Supplies — 3.9%
Medtronic PLC, ADR (Ireland)		122,321		10,128,179
ResMed, Inc. (United States)		26,600		5,665,800
				15,793,979
Health Care Providers & Services — 0.0%
NMC Health PLC (United Arab Emirates)*(b)		485,482		8,760

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

16

Motley Fool global opportunities ETF

Schedule of Investments (continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Hotels, Restaurants & Leisure — 6.9%
Starbucks Corp. (United States)		128,810	$	13,150,213
Yum China Holdings, Inc. (China)		257,130		15,101,245
				28,251,458
Insurance — 2.7%
Aon PLC, Class A, ADR(United Kingdom)		35,842		10,897,760
Interactive Media & Services — 3.3%
Alphabet, Inc., Class C (United States)*		150,451		13,585,725
Internet & Direct Marketing Retail — 7.9%
Amazon.com, Inc. (United States)*		189,787		17,883,629
MercadoLibre, Inc. (Argentina)*		11,957		14,587,540
				32,471,169
IT Services — 7.5%
Mastercard, Inc., Class A (United States)		71,420		25,374,812
PayPal Holdings, Inc. (United States)*		73,050		5,376,480
				30,751,292
Life Sciences Tools & Services — 3.7%
ICON PLC (Ireland)*		66,500		15,004,395
Machinery — 0.5%
FANUC Corp. (Japan)		13,300		2,263,310
Media — 2.1%
Comcast Corp., Class A (United States)		195,175		7,254,655
System1 Group PLC (United Kingdom)*		535,650		1,191,965
				8,446,620
Real Estate Management & Development — 1.3%
Jones Lang LaSalle, Inc. (United States)*(a)		30,408		5,304,980
Road & Rail — 1.9%
Canadian National Railway Co., ADR (Canada)		67,422		7,678,692
Semiconductors & Semiconductor Equipment — 3.2%
Taiwan Semiconductor Manufacturing Co., Ltd., SP ADR (Taiwan)		152,715		13,296,895

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

17

Motley Fool global opportunities ETF

Schedule of Investments (continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Software — 9.0%
Atlassian Corp., Class A (United States)*(a)		78,070	$	12,829,243
Everbridge, Inc. (United States)*		94,330		3,082,704
Paycom Software, Inc. (United States)*		30,790		8,900,157
Salesforce.com, Inc. (United States)*		47,768		7,815,323
Splunk, Inc. (United States)*		43,225		4,430,563
				37,057,990
Trading Companies & Distributors — 6.4%
Fastenal Co. (United States)		152,252		7,850,113
Watsco, Inc. (United States)(a)		60,427		18,412,711
				26,262,824
Transportation Infrastructure — 3.8%
International Container Terminal Services, Inc. (Philippines)		4,306,156		15,544,173
Wireless Telecommunication Services — 0.2%
Safaricom Ltd., PLC (Kenya)		4,000,000		734,147
Total Common Stocks (Cost $246,550,999)				399,563,923
Investments Purchased with Proceeds from Securities Lending Collateral — 9.9%
Mount Vernon Liquid Assets Portfolio, LLC, 4.67%		40,518,101		40,518,101
Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $40,518,101)				40,518,101

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

18

Motley Fool global opportunities ETF

Schedule of Investments (CONCLUDED)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Short-Term Investments — 2.3%
U.S. Bank Money Market Deposit Account, 4.25% (United States)(c)		9,386,795	$	9,386,795
Total Short-Term Investments (Cost $9,386,795)				9,386,795
Total Investments (Cost $296,455,895) — 109.7%				449,468,819
Liabilities in Excess of Other Assets — (9.7)%				(39,763,942	)
NET ASSETS — 100.0%
(Applicable to 16,543,873 shares outstanding)			$	409,704,877

* Non-income producing security.

ADR — American Depositary Receipt

PLC — Public Limited Company

SP ADR — Sponsored ADR

(a) All or a portion of the security is on loan. At February 28, 2023, the market value of securities on loan was $39,800,691.

(b) Security has been valued at fair market value using significant unobservable inputs as determined in good faith by the Adviser, as valuation designee, under the oversight of The RBB Fund, Inc.’s Board of Directors. As of February 28, 2023, these securities amounted to $8,760 or 0.0% of net assets.

(c) Seven-day yield as of February 28, 2023.

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

19

Motley Fool mid-cap growth ETF

Schedule of Investments

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks — 91.7%
Aerospace & Defense — 6.1%
Axon Enterprise, Inc. (United States)*		58,763	$	11,770,817
Air Freight & Logistics — 2.1%
GXO Logistics, Inc. (United States)*(a)		82,181		4,073,712
Auto Components — 6.3%
Gentex Corp. (United States)		246,545		7,038,860
LCI Industries (United States)(a)		45,572		5,140,977
				12,179,837
Automobiles — 2.8%
Thor Industries, Inc. (United States)(a)		59,624		5,425,188
Banks — 2.2%
SVB Financial Group (United States)*(a)		14,818		4,269,214
Biotechnology — 0.2%
Ultragenyx Pharmaceutical, Inc. (United States)*		9,076		403,791
Chemicals — 2.5%
Eastman Chemical Co. (United States)		57,284		4,880,597
Electronic Equipment, Instruments & Components — 2.6%
Cognex Corp. (United States)(a)		104,822		4,970,659
Equity Real Estate Investment Trusts (REITs) — 4.9%
SBA Communications Corp. (United States)		37,008		9,598,025
Health Care Equipment & Supplies — 9.0%
Cooper Companies, Inc., (The) (United States)(a)		20,460		6,689,806
Heska Corp. (United States)*(a)		22,296		1,815,563
ResMed, Inc. (United States)(a)		41,546		8,849,298
				17,354,667
Health Care Providers & Services — 2.6%
HealthEquity, Inc. (United States)*(a)		78,090		5,089,125
Insurance — 10.2%
Brown & Brown, Inc. (United States)		164,362		9,215,777
Goosehead Insurance, Inc., Class A (United States)*(a)		18,542		864,984
Markel Corp. (United States)*		7,346		9,769,152
				19,849,913

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

20

Motley Fool mid-cap growth ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
IT Services — 3.3%
Broadridge Financial Solutions, Inc. (United States)		45,232	$	6,367,761
Real Estate Management & Development — 3.6%
Jones Lang LaSalle, Inc. (United States)*		39,898		6,960,605
Road & Rail — 2.3%
RXO, Inc. (United States)*(a)		82,181		1,690,463
XPO Logistics, Inc. (United States)*(a)		82,181		2,741,558
				4,432,021
Software — 18.1%
Alarm.com Holdings, Inc. (United States)*		112,531		5,719,951
ANSYS, Inc. (United States)*		6,594		2,002,004
Everbridge, Inc. (United States)*		31,033		1,014,158
Paycom Software, Inc. (United States)*		18,414		5,322,751
Paylocity Holding Corp. (United States)*(a)		40,509		7,802,439
Splunk, Inc. (United States)*		55,924		5,732,210
Tyler Technologies, Inc. (United States)*		23,368		7,506,970
				35,100,483
Specialty Retail — 2.8%
Tractor Supply Co. (United States)(a)		23,034		5,372,911
Trading Companies & Distributors — 10.1%
Fastenal Co. (United States)		159,016		8,198,865
Watsco, Inc. (United States)(a)		37,294		11,363,855
				19,562,720
Total Common Stocks (Cost $101,796,886)				177,662,046
Investments Purchased with Proceeds from Securities Lending Collateral — 24.8%
Mount Vernon Liquid Assets Portfolio, LLC, 4.67%		48,052,898		48,052,898
Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $48,052,898)				48,052,898

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

21

Motley Fool mid-cap growth ETF

Schedule of Investments (CONCLUDED)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Short-Term Investments — 8.3%
U.S. Bank Money Market Deposit Account, 4.25% (United States)(b)		15,996,949	$	15,996,949
Total Short-Term Investments (Cost $15,996,949)				15,996,949
Total Investments (Cost $165,846,733) — 124.8%				241,711,893
Liabilities in Excess of Other Assets — (24.8)%				(48,029,172	)
NET ASSETS — 100.0%
(Applicable to 8,542,511 shares outstanding)			$	193,682,721

* Non-income producing security.

(a) All or a portion of the security is on loan. At February 28, 2023, the market value of securities on loan was $46,995,272.

(b) The rate shown is as of February 28, 2023.

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

22

Motley Fool 100 Index ETF

Schedule of Investments

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks — 99.9%
Aerospace & Defense — 0.2%
TransDigm Group, Inc. (United States)		1,178	$	876,279
Air Freight & Logistics — 0.3%
FedEx Corp. (United States)		5,663		1,150,835
Automobiles — 3.7%
Tesla, Inc. (United States)*		69,263		14,248,092
Banks — 2.4%
JPMorgan Chase & Co. (United States)		64,749		9,281,769
Beverages — 0.3%
Monster Beverage Corp. (United States)*		11,438		1,163,931
Biotechnology — 2.4%
Amgen, Inc. (United States)		11,704		2,711,349
Biogen, Inc. (United States)*		3,166		854,377
Gilead Sciences, Inc. (United States)		27,512		2,215,541
Moderna, Inc. (United States)*(a)		8,488		1,178,219
Seagen, Inc. (United States)*		4,071		731,518
Vertex Pharmaceuticals, Inc. (United States)*		5,630		1,634,333
				9,325,337
Capital Markets — 2.6%
Charles Schwab Corp., (The) (United States)		40,820		3,180,694
CME Group, Inc. (United States)		7,813		1,448,218
Goldman Sachs Group, Inc, (The) (United States)		7,780		2,735,837
Intercontinental Exchange, Inc. (United States)		12,109		1,232,696
Moody’s Corp. (United States)		3,994		1,158,859
				9,756,304
Chemicals — 0.6%
Ecolab, Inc. (United States)		6,165		982,516
Sherwin-Williams Co., (The) (United States)		5,589		1,237,125
				2,219,641
Commercial Services & Supplies — 0.8%
Cintas Corp. (United States)		2,220		973,403
Copart, Inc. (United States)*		10,449		736,236
Waste Management, Inc. (United States)		8,969		1,343,197
				3,052,836

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

23

Motley Fool 100 Index ETF

Schedule of Investments (continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Communications Equipment — 0.2%
Arista Networks, Inc. (United States)*		6,698	$	929,013
Diversified Financial Services — 3.9%
Berkshire Hathaway, Inc., Class B (United States)*		48,424		14,778,036
Electric Utilities — 0.8%
NextEra Energy, Inc. (United States)		43,591		3,096,269
Entertainment — 2.7%
Activision Blizzard, Inc. (United States)		16,919		1,290,074
Electronic Arts, Inc. (United States)(a)		6,031		669,079
Netflix, Inc. (United States)*		9,760		3,143,989
ROBLOX Corp., Class A (United States)*(a)		13,000		476,320
Walt Disney Co., (The) (United States)*		39,999		3,984,300
Warner Bros Discovery, Inc. (United States)*(a)		53,215		831,218
				10,394,980
Equity Real Estate Investment Trusts (REITs) — 1.4%
American Tower Corp. (United States)		10,122		2,004,257
Crown Castle International Corp. (United States)		9,462		1,237,157
Digital Realty Trust, Inc. (United States)(a)		6,224		648,728
Equinix, Inc. (United States)		2,031		1,397,876
				5,288,018
Food & Staples Retailing — 1.2%
Costco Wholesale Corp. (United States)		9,739		4,715,429
Health Care Equipment & Supplies — 1.6%
Align Technology, Inc. (United States)*		1,740		538,530
Becton Dickinson and Co. (United States)		6,192		1,452,334
DexCom, Inc. (United States)*		8,520		945,805
IDEXX Laboratories, Inc. (United States)*		1,827		864,609
Intuitive Surgical, Inc. (United States)*		7,759		1,779,837
ResMed, Inc. (United States)		3,221		686,073
				6,267,188
Health Care Providers & Services — 3.9%
CVS Health Corp. (United States)		28,821		2,407,706
HCA Healthcare, Inc. (United States)		6,233		1,517,424

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

24

Motley Fool 100 Index ETF

Schedule of Investments (continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Health Care Providers & Services (continued)
McKesson Corp. (United States)		3,119	$	1,091,057
UnitedHealth Group, Inc. (United States)		20,494		9,753,914
				14,770,101
Health Care Technology — 0.1%
Veeva Systems, Inc., Class A (United States)*		3,419		566,392
Hotels, Restaurants & Leisure — 2.2%
Airbnb, Inc., Class A (United States)*		13,917		1,715,688
Booking Holdings, Inc. (United States)*		856		2,160,544
Chipotle Mexican Grill, Inc. (United States)*		610		909,559
Marriott International, Inc., Class A (United States)		6,956		1,177,233
Starbucks Corp. (United States)		25,177		2,570,320
				8,533,344
Industrial Conglomerates — 0.4%
3M Co. (United States)		12,640		1,361,834
Insurance — 0.2%
Aflac, Inc. (United States)(a)		13,710		934,337
Interactive Media & Services — 9.3%
Alphabet, Inc., Class C (United States)*		282,699		25,527,720
Meta Platforms, Inc., Class A (United States)*		57,575		10,072,171
				35,599,891
Internet & Direct Marketing Retail — 5.7%
Amazon.com, Inc. (United States)*		223,765		21,085,376
eBay, Inc. (United States)		11,924		547,312
				21,632,688
IT Services — 5.9%
Block, Inc. (United States)*(a)		12,769		979,765
Cloudflare, Inc., Class A (United States)*(a)		7,203		432,252
Cognizant Technology Solutions Corp., Class A (United States)		11,390		713,356
Mastercard, Inc., Class A (United States)		21,090		7,493,066
PayPal Holdings, Inc. (United States)*		25,072		1,845,299
Snowflake, Inc., Class A (United States)*(a)		7,054		1,088,997
Visa, Inc., Class A (United States)(a)		45,216		9,944,807
				22,497,542

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

25

Motley Fool 100 Index ETF

Schedule of Investments (continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Life Sciences Tools & Services — 0.2%
Illumina, Inc. (United States)*(a)		3,440	$	685,248
Machinery — 0.2%
Cummins, Inc. (United States)		3,093		751,846
Oil, Gas & Consumable Fuels — 0.2%
Kinder Morgan, Inc. (United States)(a)		48,847		833,330
Pharmaceuticals — 3.2%
Bristol-Myers Squibb Co. (United States)		48,688		3,357,524
Johnson & Johnson (United States)		57,349		8,789,308
				12,146,832
Professional Services — 0.2%
CoStar Group, Inc. (United States)*		8,817		623,009
Road & Rail — 1.4%
Old Dominion Freight Line, Inc. (United States)(a)		2,429		824,063
Uber Technologies, Inc. (United States)*		42,811		1,423,894
Union Pacific Corp. (United States)		14,102		2,923,063
				5,171,020
Semiconductors & Semiconductor Equipment — 5.8%
Advanced Micro Devices, Inc. (United States)*		35,366		2,779,060
Broadcom, Inc. (United States)		9,169		5,449,045
Lam Research Corp. (United States)		2,981		1,448,796
NVIDIA Corp. (United States)		53,830		12,497,173
				22,174,074
Software — 17.8%
Adobe Systems, Inc. (United States)*		10,201		3,304,614
Autodesk, Inc. (United States)*		4,682		930,267
Cadence Design Systems, Inc. (United States)*(a)		5,958		1,149,536
Crowdstrike Holdings, Inc., Class A (United States)*		5,104		616,002
Datadog, Inc., Class A (United States)*		6,961		532,656
Fortinet, Inc. (United States)*		17,114		1,017,256
Intuit, Inc. (United States)		6,115		2,489,906
Microsoft Corp. (United States)		163,555		40,793,888
Oracle Corp. (United States)		59,083		5,163,854

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

26

Motley Fool 100 Index ETF

Schedule of Investments (continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Software (continued)
Palo Alto Networks, Inc. (United States)*(a)		6,530	$	1,230,056
Roper Technologies, Inc. (United States)		2,305		991,611
Salesforce.com, Inc. (United States)*		21,605		3,534,794
ServiceNow, Inc. (United States)*(a)		4,387		1,895,930
Synopsys, Inc. (United States)*		3,308		1,203,318
VMware, Inc., Class A (United States)*		9,221		1,015,509
Workday, Inc., Class A (United States)*(a)		5,570		1,033,068
Zoom Video Communications, Inc., Class A (United States)*		6,514		485,879
Zscaler, Inc. (United States)*(a)		3,162		414,696
				67,802,840
Specialty Retail — 2.5%
Home Depot, Inc., (The) (United States)		22,355		6,629,152
Lowe’s Cos, Inc. (United States)		13,317		2,739,973
				9,369,125
Technology Hardware, Storage & Peripherals — 13.5%
Apple, Inc. (United States)		348,935		51,436,508
Textiles, Apparel & Luxury Goods — 1.1%
NIKE, Inc., Class B (United States)		34,322		4,077,110
Wireless Telecommunication Services — 1.0%
T-Mobile US, Inc. (United States)*		27,293		3,880,519
Total Common Stocks (Cost $306,114,379)				381,391,547
Rights — 0.0%
Altaba, Inc. - Escrow Shares (United States)*(b)		8,565		20,470
Total Rights (Cost $2,161)				20,470
Investments Purchased with Proceeds from Securities Lending Collateral — 6.3%
Mount Vernon Liquid Assets Portfolio, LLC, 4.67%		24,096,724		24,096,724
Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $24,096,724)				24,096,724

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

27

Motley Fool 100 Index ETF

Schedule of Investments (Concluded)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Short-Term Investments — 0.1%
U.S. Bank Money Market Deposit Account, 4.25% (United States)(c)		329,012	$	329,012
Total Short-Term Investments (Cost $329,012)				329,012
Total Investments (Cost $330,542,276) — 106.3%				405,837,753
Liabilities in Excess of Other Assets — (6.3)%				(23,936,587	)
NET ASSETS — 100.0%
(Applicable to 11,600,000 shares outstanding)			$	381,901,166

* Non-income producing security.

(a) All or a portion of the security is on loan. At February 28, 2023, the market value of securities on loan was $23,562,746.

(b) Security has been valued at fair market value using significant unobservable inputs as determined in good faith by the Adviser, as valuation designee, under the oversight of The RBB Fund, Inc.’s Board of Directors. As of February 28, 2023, these securities amounted to $20,470 or 0.0% of net assets.

(c) The rate shown is as of February 28, 2023.

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

28

MOTLEY FOOL Small-Cap Growth ETF

Schedule of Investments

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks — 90.1%
Aerospace & Defense — 7.1%
Axon Enterprise, Inc. (United States)(a)*		10,387	$	2,080,620
Leonardo DRS, Inc. (United States)*		225,568		2,932,384
				5,013,004
Air Freight & Logistics — 2.7%
GXO Logistics, Inc. (United States)(a)*		37,524		1,860,065
Auto Components — 6.5%
Fox Factory Holding Corp. (United States)(a)*		18,550		2,179,625
Gentex Corp. (United States)		83,152		2,373,990
				4,553,615
Banks — 2.4%
Live Oak Bancshares, Inc. (United States)(a)		49,414		1,707,748
Biotechnology — 4.3%
PTC Therapeutics, Inc. (United States)*		41,340		1,805,318
Ultragenyx Pharmaceutical, Inc. (United States)*		26,623		1,184,457
				2,989,775
Building Products — 1.2%
Trex Co., Inc. (United States)(a)*		16,933		865,784
Capital Markets — 1.5%
StoneX Group, Inc. (United States)*		10,145		1,022,920
Chemicals — 1.5%
Perimeter Solutions SA (Luxembourg)(a)*ADR		121,677		1,041,555
Electronic Equipment, Instruments & Components — 1.5%
nLight, Inc. (United States)*		96,050		1,085,365
Equity Real Estate Investment Trusts (REITs) — 2.7%
STAG Industrial, Inc. (United States)(a)		56,329		1,894,908
Health Care Equipment & Supplies — 19.1%
Globus Medical, Inc., Class A (United States)(a)*		46,844		2,732,879
Heska Corp. (United States)(a)*		35,722		2,908,842
Inari Medical, Inc. (United States)(a)*		20,000		1,125,200
Mesa Laboratories, Inc. (United States)		8,160		1,440,403
Penumbra, Inc. (United States)(a)*		15,582		4,051,164

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

29

MOTLEY FOOL Small-Cap Growth ETF

Schedule of Investments (CONTINUED)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Health Care Equipment & Supplies (continued)
UFP Technologies, Inc. (United States)*		10,145	$	1,194,269
				13,452,757
Health Care Providers & Services — 1.0%
HealthEquity, Inc. (United States)(a)*		10,940		712,960
Health Care Technology — 0.9%
Schrodinger, Inc. (United States)(a)*		30,257		657,485
Insurance — 3.5%
Goosehead Insurance, Inc., Class A (United States)(a)*		53,285		2,485,745
Leisure Products — 1.4%
Clarus Corp. (United States)		98,514		975,289
Machinery — 2.9%
John Bean Technologies Corp. (United States)		18,530		2,054,792
Oil, Gas & Consumable Fuels — 2.9%
Northern Oil and Gas, Inc. (United States)(a)		64,962		2,016,420
Real Estate Management & Development — 6.7%
Howard Hughes Corp., (The) (United States)(a)*		33,274		2,765,735
Jones Lang LaSalle, Inc. (United States)*		6,993		1,219,999
Newmark Group, Inc., Class A (United States)(a)		94,353		756,711
				4,742,445
Road & Rail — 4.0%
Landstar System, Inc. (United States)		15,370		2,778,742
Software — 12.3%
Alarm.com Holdings, Inc. (United States)*		61,850		3,143,836
Everbridge, Inc. (United States)*		28,706		938,112
Paylocity Holding Corp. (United States)(a)*		6,509		1,253,698
Q2 Holdings, Inc. (United States)*		38,372		1,238,648
Smartsheet, Inc., Class A (United States)(a)*		45,099		1,985,258
Upland Software, Inc. (United States)(a)*		15,388		89,097
				8,648,649
Trading Companies & Distributors — 4.0%
Watsco, Inc. (United States)(a)		9,206		2,805,160
Total Common Stocks (Cost $75,919,091)				63,365,183

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

30

MOTLEY FOOL Small-Cap Growth ETF

Schedule of Investments (Concluded)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Investments Purchased with Proceeds from Securities Lending Collateral — 45.9%
Mount Vernon Liquid Assets Portfolio, LLC, 4.67%		32,276,210	$	32,276,210
Total Investments Purchased with Proceeds from Securities Lending Collateral (Cost $32,276,210)				32,276,210
Short-Term Investments — 8.7%
U.S. Bank Money Market Deposit Account, 4.25% (United States)(b)		6,096,928		6,096,928
Total Short-Term Investments (Cost $6,096,928)				6,096,928
Total Investments (Cost $114,292,229) — 144.7%				101,738,321
Liabilities in Excess of Other Assets — (44.7)%				(31,411,492	)
NET ASSETS — 100.0%
(Applicable to 2,650,000 shares outstanding)			$	70,326,829

* Non-income producing security.

ADR — American Depositary Receipt

(a) All or a portion of the security is on loan. At February 28, 2023, the market value of securities on loan was $31,554,214.

(b) Seven-day yield as of February 28, 2023.

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

31

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks — 99.8%
Air Freight & Logistics — 0.1%
GXO Logistics, Inc. (United States)*		278	$	13,780
Beverages — 0.8%
Boston Beer Co., Inc., Class A (The) (United States)*		30		9,714
Monster Beverage Corp. (United States)*		1,366		139,004
				148,718
Biotechnology — 4.4%
Amgen, Inc. (United States)		1,494		346,100
Biogen, Inc. (United States)*		332		89,593
Exelixis, Inc. (United States)*		748		12,776
Gilead Sciences, Inc. (United States)		2,987		240,543
Neurocrine Biosciences, Inc. (United States)*		225		23,198
Vertex Pharmaceuticals, Inc. (United States)*		606		175,916
				888,126
Capital Markets — 0.3%
Nasdaq, Inc. (United States)		1,108		62,114
PJT Partners, Inc., Class A (United States)		78		6,153
				68,267
Chemicals — 1.4%
Balchem Corp. (United States)		78		10,140
Ecolab, Inc. (United States)		682		108,690
RPM International, Inc. (United States)		359		31,818
Sherwin-Williams Co., (The) (United States)		602		133,253
				283,901
Commercial Services & Supplies — 2.0%
Cintas Corp. (United States)		301		131,979
Copart, Inc. (United States)*		1,118		78,774
Rollins, Inc. (United States)		1,133		39,882
Waste Management, Inc. (United States)		978		146,465
				397,100
Consumer Finance — 0.0%
Upstart Holdings, Inc. (United States)*		205		3,795
Distributors — 0.2%
LKQ Corp. (United States)		763		43,712

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

32

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Electronic Equipment, Instruments & Components — 0.4%
Cognex Corp. (United States)		358	$	16,976
National Instruments Corp. (United States)		372		18,790
Zebra Technologies Corp., Class A (United States)*		151		45,338
				81,104
Entertainment — 3.1%
Activision Blizzard, Inc. (United States)		1,776		135,420
Electronic Arts, Inc. (United States)		642		71,223
Netflix, Inc. (United States)*		1,057		340,491
Take-Two Interactive Software, Inc. (United States)*		351		38,452
World Wrestling Entertainment, Inc., Class A (United States)		194		16,296
				601,882
Food & Staples Retailing — 3.4%
Casey’s General Stores, Inc. (United States)		124		25,786
Costco Wholesale Corp. (United States)		1,321		639,602
				665,388
Food Products — 0.1%
Darling Ingredients, Inc. (United States)*		361		22,840
Health Care Equipment & Supplies — 2.4%
Globus Medical, Inc., Class A (United States)*		255		14,877
IDEXX Laboratories, Inc. (United States)*		327		154,749
Intuitive Surgical, Inc. (United States)*		809		185,577
Masimo Corp. (United States)*		110		18,404
ResMed, Inc. (United States)		445		94,785
				468,392
Health Care Providers & Services — 6.0%
HCA Healthcare, Inc. (United States)		836		203,524
McKesson Corp. (United States)		343		119,985
UnitedHealth Group, Inc. (United States)		1,783		848,601
				1,172,110
Health Care Technology — 0.3%
Veeva Systems, Inc., Class A (United States)*		411		68,086

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

33

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Hotels, Restaurants & Leisure — 0.1%
Wingstop, Inc. (United States)		64	$	10,902
Household Durables — 0.3%
Meritage Homes Corp. (United States)*		90		9,831
NVR, Inc. (United States)*		9		46,563
				56,394
Industrial Conglomerates — 0.7%
3M Co. (United States)		1,335		143,833
Interactive Media & Services — 12.3%
Alphabet, Inc., Class C (United States)*		10,431		941,919
Meta Platforms, Inc., Class A (United States)*		8,110		1,418,763
Pinterest, Inc., Class A (United States)*		1,653		41,507
				2,402,189
Internet & Direct Marketing Retail — 5.8%
Amazon.com, Inc. (United States)*		10,911		1,028,144
eBay, Inc. (United States)		1,396		64,076
Etsy, Inc. (United States)*		312		37,880
				1,130,100
IT Services — 11.5%
Cognizant Technology Solutions Corp., Class A (United States)		1,464		91,690
EPAM Systems, Inc. (United States)*		153		47,070
Gartner, Inc. (United States)*		215		70,479
GoDaddy, Inc., Class A (United States)*		420		31,798
Jack Henry & Associates, Inc. (United States)		195		32,027
Mastercard, Inc., Class A (United States)		2,736		972,073
TaskUS, Inc., Class A (United States)*		233		4,009
Visa, Inc., Class A (United States)		4,558		1,002,486
				2,251,632
Machinery — 0.4%
Cummins, Inc. (United States)		311		75,598
Tennant Co. (United States)		45		3,187
				78,785

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

34

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Media — 0.3%
New York Times Co., (The), Class A (United States)		415	$	15,978
Sirius XM Holdings, Inc. (United States)		11,069		48,593
				64,571
Pharmaceuticals — 4.2%
Johnson & Johnson (United States)		5,320		815,343
Professional Services — 0.0%
Upwork, Inc. (United States)*		296		3,357
Road & Rail — 2.2%
Old Dominion Freight Line, Inc. (United States)		327		110,938
Union Pacific Corp. (United States)		1,550		321,284
				432,222
Semiconductors & Semiconductor Equipment — 4.6%
Broadcom, Inc. (United States)		1,047		622,222
Cirrus Logic, Inc. (United States)*		145		14,899
Impinj, Inc. (United States)*		68		9,018
Lam Research Corp. (United States)		400		194,404
Skyworks Solutions, Inc. (United States)		338		37,711
Universal Display Corp. (United States)		116		15,758
				894,012
Software — 17.3%
Adobe Systems, Inc. (United States)*		1,526		494,348
Appfolio, Inc., Class A (United States)*		82		10,829
Autodesk, Inc. (United States)*		746		148,223
Cadence Design Systems, Inc. (United States)*		823		158,790
Fair Isaac Corp. (United States)*		89		60,288
Fortinet, Inc. (United States)*		2,391		142,121
Microsoft Corp. (United States)		3,873		966,004
Nutanix, Inc., Class A (United States)*		546		15,425
Oracle Corp. (United States)		6,912		604,109
Palo Alto Networks, Inc. (United States)*		693		130,540
ServiceNow, Inc. (United States)*		583		251,955
Synopsys, Inc. (United States)*		468		170,240
VMware, Inc., Class A (United States)*		1,003		110,460

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

35

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Software (continued)
Workday, Inc., Class A (United States)*		673	$	124,821
				3,388,153
Specialty Retail — 7.2%
Camping World Holdings, Inc., Class A (United States)		107		2,443
Home Depot, Inc., (The) (United States)		2,942		872,421
Lowe’s Cos, Inc. (United States)		2,030		417,673
RH (United States)*		57		17,045
Ulta Beauty, Inc. (United States)*		147		76,263
Williams-Sonoma, Inc. (United States)		188		23,485
Winmark Corp. (United States)		20		5,840
				1,415,170
Technology Hardware, Storage & Peripherals — 5.4%
Apple, Inc. (United States)		7,024		1,035,408
Pure Storage, Inc., Class A (United States)*		811		23,146
				1,058,554
Textiles, Apparel & Luxury Goods — 2.4%
NIKE, Inc., Class B (United States)		3,820		453,778
Under Armour, Inc., Class A (United States)*		1,326		13,167
				466,945
Thrifts & Mortgage Finance — 0.0%
Walker & Dunlop, Inc. (United States)		69		6,019
Trading Companies & Distributors — 0.2%
Watsco, Inc. (United States)		115		35,042
Total Common Stocks (Cost $20,686,063)				19,580,424

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

36

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments (Concluded)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Short-Term Investments — 0.1%
U.S. Bank Money Market Deposit Account, 4.25% (United States)(a)		25,436	$	25,436
Total Short-Term Investments (Cost $25,436)				25,436
Total Investments (Cost $20,711,499) — 99.9%				19,605,860
Other Assets in Excess of Liabilities — 0.1%				12,474
NET ASSETS — 100.0%
(Applicable to 1,275,000 shares outstanding)			$	19,618,334

* Non-income producing security.

(a) Seven-day yield as of February 28, 2023.

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

37

MOTLEY FOOL next index ETF

Schedule of Investments

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks — 99.9%
Aerospace & Defense — 3.3%
AeroVironment, Inc. (United States)*		488	$	41,841
Axon Enterprise, Inc. (United States)*		1,393		279,032
HEICO Corp. (United States)		2,308		382,136
Textron, Inc. (United States)		4,087		296,430
				999,439
Air Freight & Logistics — 0.4%
GXO Logistics, Inc. (United States)*		2,322		115,101
Airlines — 0.6%
Alaska Air Group, Inc. (United States)*		2,483		118,762
Hawaiian Holdings, Inc. (United States)*		948		10,617
JetBlue Airways Corp. (United States)*		6,340		52,622
				182,001
Auto Components — 0.8%
BorgWarner, Inc. (United States)		4,583		230,433
Banks — 1.6%
SVB Financial Group (United States)*		1,156		333,055
Western Alliance Bancorp (United States)		2,115		157,018
				490,073
Beverages — 0.7%
Boston Beer Co., Inc., (The), Class A (United States)*		238		77,064
Celsius Holdings, Inc. (United States)*		1,492		135,474
				212,538
Biotechnology — 5.0%
2seventy bio, Inc. (United States)*		696		9,389
Alnylam Pharmaceuticals, Inc. (United States)*		2,408		461,012
AnaptysBio, Inc. (United States)*		556		13,844
BioMarin Pharmaceutical, Inc. (United States)*		3,637		362,209
Bluebird Bio, Inc. (United States)*		1,623		8,440
Editas Medicine, Inc. (United States)*		1,264		11,427
Emergent BioSolutions, Inc. (United States)*		976		12,083
Exact Sciences Corp. (United States)*		3,477		216,721
Exelixis, Inc. (United States)*		6,315		107,860

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

38

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Biotechnology (continued)
Ionis Pharmaceuticals, Inc. (United States)*		2,780	$	99,802
Neurocrine Biosciences, Inc. (United States)*		1,883		194,137
				1,496,924
Building Products — 0.4%
Trex Co., Inc. (United States)*		2,148		109,827
Capital Markets — 6.2%
Affiliated Managers Group, Inc. (United States)		737		117,485
Cboe Global Markets, Inc. (United States)		2,076		261,929
FactSet Research Systems, Inc. (United States)		745		308,840
Interactive Brokers Group, Inc., Class A (United States)		2,014		173,425
Jefferies Financial Group, Inc. (United States)		4,483		169,413
MarketAxess Holdings, Inc. (United States)		736		251,307
Nasdaq, Inc. (United States)		9,618		539,185
PJT Partners, Inc., Class A (United States)		477		37,626
				1,859,210
Chemicals — 1.0%
Balchem Corp. (United States)		630		81,900
RPM International, Inc. (United States)		2,528		224,057
				305,957
Commercial Services & Supplies — 1.1%
Rollins, Inc. (United States)		9,639		339,293
Communications Equipment — 1.1%
Ubiquiti, Inc. (United States)		1,184		317,667
Construction & Engineering — 0.6%
MasTec, Inc. (United States)*		1,505		147,069
NV5 Global, Inc. (United States)*		305		32,092
				179,161
Consumer Finance — 0.1%
Upstart Holdings, Inc. (United States)*		1,602		29,653
Distributors — 1.0%
LKQ Corp. (United States)		5,230		299,627

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

39

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Diversified Consumer Services — 0.2%
2U, Inc. (United States)*		1,388	$	12,436
Chegg, Inc. (United States)*		2,455		39,010
				51,446
Diversified Telecommunication Services — 0.0%
Bandwidth, Inc., Class A (United States)*		474		7,536
Electronic Equipment, Instruments & Components — 5.0%
Cognex Corp. (United States)		3,386		160,564
Coherent Corp. (United States)*		2,715		117,098
Corning, Inc. (United States)		16,556		562,076
IPG Photonics Corp. (United States)*		953		117,448
Littelfuse, Inc. (United States)		484		125,225
National Instruments Corp. (United States)		2,556		129,104
Zebra Technologies Corp., Class A (United States)*		1,011		303,553
				1,515,068
Energy Equipment & Services — 0.1%
Oceaneering International, Inc. (United States)*		1,963		41,007
Entertainment — 3.3%
Live Nation Entertainment, Inc. (United States)*		4,429		319,154
Roku, Inc. (United States)*		2,726		176,345
Skillz, Inc. (United States)*		7,663		4,793
Take-Two Interactive Software, Inc. (United States)*		3,285		359,872
World Wrestling Entertainment, Inc., Class A (United States)		1,456		122,304
				982,468
Equity Real Estate Investment Trusts (REITs) — 0.5%
Retail Opportunity Investments Corp. (United States)		2,439		34,707
STAG Industrial, Inc. (United States)		3,508		118,009
				152,716
Food & Staples Retailing — 0.5%
Casey’s General Stores, Inc. (United States)		729		151,595
Food Products — 2.2%
Beyond Meat, Inc. (United States)*		1,248		22,264
Darling Ingredients, Inc. (United States)*		3,138		198,541

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

40

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Food Products (continued)
Freshpet, Inc. (United States)*		941	$	58,512
McCormick & Co., Inc. (United States)		5,246		389,883
				669,200
Health Care Equipment & Supplies — 3.5%
Globus Medical, Inc., Class A (United States)*		1,955		114,055
Insulet Corp. (United States)*		1,359		375,573
Masimo Corp. (United States)*		1,028		171,995
NuVasive, Inc. (United States)*		1,021		44,138
QuidelOrtho Corp. (United States)*		1,293		112,413
Shockwave Medical, Inc. (United States)*		708		134,690
STAAR Surgical Co. (United States)*		944		52,288
TransMedics Group, Inc. (United States)*		626		50,124
				1,055,276
Health Care Providers & Services — 1.7%
Fulgent Genetics, Inc. (United States)*		592		19,412
Guardant Health, Inc. (United States)*		2,005		61,934
HealthEquity, Inc. (United States)*		1,658		108,052
Quest Diagnostics, Inc. (United States)		2,227		308,128
				497,526
Health Care Technology — 0.8%
Doximity, Inc., Class A (United States)*		3,768		126,718
GoodRx Holdings, Inc., Class A (United States)*		7,755		41,024
Teladoc, Inc. (United States)*		3,169		83,947
				251,689
Hotels, Restaurants & Leisure — 2.8%
Dave & Buster’s Entertainment, Inc. (United States)*		946		37,859
Hyatt Hotels Corp., Class A (United States)*		2,097		243,755
Planet Fitness, Inc., Class A (United States)*		1,633		132,355
Texas Roadhouse, Inc. (United States)		1,310		133,017
Vail Resorts, Inc. (United States)		790		184,457
Wingstop, Inc. (United States)		585		99,655
				831,098

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

41

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Household Durables — 1.5%
Dream Finders Homes, Inc., Class A (United States)*		1,817	$	21,859
iRobot Corp. (United States)*		536		22,024
Meritage Homes Corp. (United States)*		715		78,099
NVR, Inc. (United States)*		63		325,938
				447,920
Household Products — 0.2%
Spectrum Brands Holdings, Inc. (United States)		798		51,088
Insurance — 1.9%
Kinsale Capital Group, Inc. (United States)		452		144,052
Lemonade, Inc. (United States)*		1,353		22,054
Markel Corp. (United States)*		263		349,753
Safety Insurance Group, Inc. (United States)		289		23,320
Trupanion, Inc. (United States)*		800		47,504
				586,683
Interactive Media & Services — 2.1%
Bumble, Inc., Class A (United States)*		2,538		61,369
fuboTV, Inc. (United States)*		3,822		7,300
Match Group, Inc. (United States)*		5,467		226,443
Pinterest, Inc., Class A (United States)*		13,275		333,335
				628,447
Internet & Direct Marketing Retail — 2.4%
Chewy, Inc., Class A (United States)*		8,288		336,078
Etsy, Inc. (United States)*		2,460		298,669
Stitch Fix, Inc., Class A (United States)*		2,016		9,395
Wayfair, Inc., Class A (United States)*		2,097		84,907
				729,049
IT Services — 9.5%
Broadridge Financial Solutions, Inc. (United States)		2,431		342,236
DigitalOcean Holdings, Inc. (United States)*		1,886		60,314
EPAM Systems, Inc. (United States)*		1,125		346,106
Euronet Worldwide, Inc. (United States)*		970		105,585
Fastly, Inc., Class A (United States)*		2,367		32,878
Gartner, Inc. (United States)*		1,547		507,122
GoDaddy, Inc., Class A (United States)*		3,035		229,780

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

42

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
IT Services (continued)
Jack Henry & Associates, Inc. (United States)		1,427	$	234,371
Marqeta, Inc., Class A (United States)*		10,669		61,880
MongoDB, Inc. (United States)*		1,356		284,109
Okta, Inc. (United States)*		3,136		223,565
TaskUS, Inc., Class A (United States)*		1,909		32,844
Twilio, Inc., Class A (United States)*		3,609		242,561
WEX, Inc. (United States)*		854		164,660
				2,868,011
Leisure Products — 0.8%
Hasbro, Inc. (United States)		2,703		148,692
Peloton Interactive, Inc., Class A (United States)*		6,656		85,995
				234,687
Life Sciences Tools & Services — 0.6%
Repligen Corp. (United States)*		1,087		189,540
Machinery — 3.0%
Chart Industries, Inc. (United States)*		818		109,203
Middleby Corp., (The) (United States)*		1,055		164,042
Proto Labs, Inc. (United States)*		501		15,751
Tennant Co. (United States)		364		25,779
Toro Co., (The) (United States)		2,040		225,298
Westinghouse Air Brake Technologies Corp. (United States)		3,559		371,310
				911,383
Media — 3.4%
Boston Omaha Corp., Class A (United States)*		553		13,322
New York Times Co., (The), Class A (United States)		3,239		124,701
PubMatic, Inc., Class A (United States)*		1,027		15,590
Sirius XM Holdings, Inc. (United States)		76,133		334,224
Trade Desk, Inc., (The) Class A (United States)*		9,582		536,209
				1,024,046
Oil, Gas & Consumable Fuels — 0.1%
Clean Energy Fuels Corp. (United States)*		4,353		24,377
Vitesse Energy, Inc. (United States)*		527		9,164
				33,541

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

43

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Pharmaceuticals — 0.9%
Viatris, Inc. (United States)		23,737	$	270,602
Professional Services — 0.7%
Robert Half International, Inc. (United States)		2,089		168,415
Upwork, Inc. (United States)*		2,571		29,155
				197,570
Real Estate Management & Development — 0.7%
Redfin Corp. (United States)*		1,975		14,635
Zillow Group, Inc., Class A (United States)*		4,621		194,082
				208,717
Road & Rail — 1.0%
U-Haul Holding Co. (United States)		3,545		227,625
XPO Logistics, Inc. (United States)*		2,254		75,193
				302,818
Semiconductors & Semiconductor Equipment — 3.7%
Cirrus Logic, Inc. (United States)*		1,078		110,765
First Solar, Inc. (United States)*		2,087		352,995
Impinj, Inc. (United States)*		507		67,238
Silicon Laboratories, Inc. (United States)*		651		116,223
Skyworks Solutions, Inc. (United States)		3,136		349,884
Universal Display Corp. (United States)		925		125,661
				1,122,766
Software — 13.9%
Alarm.com Holdings, Inc. (United States)*		977		49,661
Alteryx, Inc., Class A (United States)*		1,352		88,299
Appfolio, Inc., Class A (United States)*		689		90,989
Appian Corp., Class A (United States)*		1,421		58,900
Asana, Inc., Class A (United States)*		4,166		61,615
Blackbaud, Inc. (United States)*		1,017		56,637
Blackline, Inc. (United States)*		1,171		80,050
Box, Inc., Class A (United States)*		2,795		93,213
Braze, Inc., Class A (United States)*		1,874		57,532
Confluent, Inc., Class A (United States)*		5,607		136,755
DocuSign, Inc. (United States)*		3,937		241,535

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

44

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Software (continued)
Fair Isaac Corp. (United States)*		488	$	330,566
Five9, Inc. (United States)*		1,380		91,080
HubSpot, Inc. (United States)*		950		367,517
LivePerson, Inc. (United States)*		1,475		14,927
New Relic, Inc. (United States)*		1,339		97,707
Nutanix, Inc., Class A (United States)*		4,504		127,238
PagerDuty, Inc. (United States)*		1,761		52,583
Paycom Software, Inc. (United States)*		1,132		327,216
Pegasystems, Inc. (United States)		1,609		74,625
Q2 Holdings, Inc. (United States)*		1,125		36,315
Smartsheet, Inc., Class A (United States)*		2,571		113,175
Splunk, Inc. (United States)*		3,205		328,513
Sprout Social, Inc., Class A (United States)*		1,073		65,432
SS&C Technologies Holdings, Inc. (United States)		4,931		289,450
Tyler Technologies, Inc. (United States)*		815		261,819
UiPath, Inc., Class A (United States)*		10,822		160,598
Unity Software, Inc. (United States)*		7,888		240,111
Varonis Systems, Inc. (United States)*		2,157		58,412
Zuora, Inc., Class A (United States)*		2,613		22,132
				4,074,602
Specialty Retail — 6.4%
Camping World Holdings, Inc., Class A (United States)		825		18,835
CarMax, Inc. (United States)*		3,093		213,540
Designer Brands, Inc., Class A (United States)		1,246		12,198
Five Below, Inc. (United States)*		1,087		222,074
GameStop Corp., Class A (United States)*		5,956		114,534
RH (United States)*		463		138,451
Sleep Number Corp. (United States)*		414		16,502
Tractor Supply Co. (United States)		2,162		504,308
Ulta Beauty, Inc. (United States)*		996		516,725
Williams-Sonoma, Inc. (United States)		1,303		162,771
Winmark Corp. (United States)		66		19,272
				1,939,210
Technology Hardware, Storage & Peripherals — 0.6%
Pure Storage, Inc., Class A (United States)*		5,924		169,071

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

45

MOTLEY FOOL next index ETF

Schedule of Investments (Concluded)

FEBRUARY 28, 2023 (UNAUDITED)

	Number of Shares		Value (Note 2)
Common Stocks (continued)
Textiles, Apparel & Luxury Goods — 0.9%
Carter’s, Inc. (United States)		747	$	56,316
Skechers USA, Inc., Class A (United States)*		3,036		135,132
Under Armour, Inc., Class A (United States)*		8,302		82,439
				273,887
Thrifts & Mortgage Finance — 0.4%
Axos Financial, Inc. (United States)*		1,175		55,683
Walker & Dunlop, Inc. (United States)		646		56,351
				112,034
Trading Companies & Distributors — 0.7%
Watsco, Inc. (United States)		703		214,211
Total Common Stocks (Cost $34,532,156)				29,963,412
Short-Term Investments — 0.5%
U.S. Bank Money Market Deposit Account, 4.25% (United States)(a)		155,645		155,645
Total Short-Term Investments (Cost $155,645)				155,645
Total Investments (Cost $34,687,801) — 100.4%				30,119,057
Liabilities in Excess of Other Assets — (0.4)%				6,346
NET ASSETS — 100.0%
(Applicable to 1,975,000 shares outstanding)			$	30,125,403

* Non-income producing security.

(a) Seven-day yield as of February 28, 2023.

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

46

Motley Fool ETFs

Statements of Assets and Liabilities

FEBRUARY 28, 2023 (UNAUDITED)

	Motley Fool Global Opportunities ETF		Motley Fool Mid-Cap Growth ETF		Motley Fool 100 Index ETF		Motley Fool Small-Cap Growth ETF
ASSETS
Investments in securities of unaffiliated issurers, at value (cost $246,550,999, $101,796,886, $306,116,540 and $75,919,091 respectively)^	$	399,563,923	$	177,662,046	$	381,412,017	$	63,365,183
Investments purchased with proceeds from securities lending collateral (cost $40,518,101, $48,052,898, $24,096,724 and $32,276,210 respectively)		40,518,101		48,052,898		24,096,724		32,276,210
Short-term investments, at value (cost $9,386,795, $15,996,949, $329,012 and $6,096,928 respectively)		9,386,795		15,996,949		329,012		6,096,928
Receivables for:
Dividends and tax reclaims		1,034,525		154,788		311,675		41,744
Investments sold		—		—		—		870,390
Total assets		450,503,344		241,866,681		406,149,428		102,650,455
LIABILITIES
Payables for:
Securities lending collateral (see Note 7)		40,518,101		48,052,898		24,096,724		32,276,210
Advisory fees		277,695		131,062		151,538		47,416
Other accrued expenses and liabilities		2,671		—		—		—
Total liabilities		40,798,467		48,183,960		24,248,262		32,323,626
Net assets	$	409,704,877	$	193,682,721	$	381,901,166	$	70,326,829
NET ASSETS CONSIST OF:
Par value	$	16,544	$	8,543	$	11,600	$	2,650
Paid-in capital		243,179,882		108,647,553		310,154,493		88,567,175
Total distributable earnings/(losses)		166,508,451		85,026,575		71,735,073		(18,242,996	)
Net assets	$	409,704,877	$	193,682,721	$	381,901,166	$	70,326,829
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		16,543,873		8,542,511		11,600,000		2,650,000
Net asset value, price per share		24.76		22.67		32.92		26.54
^ Includes market value of securities on loan	$	39,800,691	$	46,995,272	$	23,562,746	$	31,554,214

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

47

Motley Fool ETFs

Statements of Assets and Liabilities (concluded)

FEBRUARY 28, 2023 (UNAUDITED)

	Motley Fool Capital Efficiency 100 Index ETF			Motley Fool Next Index ETF
ASSETS
Investments in securities of unaffiliated issurers, at value (cost $20,686,063 and $34,532,156 respectively)^	$	19,580,424		$	29,963,412
Short-term investments, at value (cost $25,436 and $155,645 respectively)		25,436			155,645
Receivables for:
Dividends and tax reclaims		20,277			18,356
Total assets		19,626,137			30,137,413
LIABILITIES
Payables for:
Advisory fees		7,803			12,010
Total liabilities		7,803			12,010
Net assets	$	19,618,334		$	30,125,403
NET ASSETS CONSIST OF:
Par value	$	1,275		$	1,975
Paid-in capital		21,822,639			36,142,050
Total distributable earnings/(losses)		(2,205,580	)		(6,018,622	)
Net assets	$	19,618,334		$	30,125,403
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		1,275,000			1,975,000
Net asset value, price per share		15.39			15.25

^ Includes market value of securities on loan

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

48

Motley Fool ETFs

Statements of Operations

FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)

	Motley Fool Global Opportunities ETF			Motley Fool Mid-Cap Growth ETF			Motley Fool 100 Index ETF			Motley Fool Small-Cap Growth ETF
INVESTMENT INCOME
Dividends	$	1,947,621		$	1,057,000		$	1,704,367		$	335,211
Securities lending income		41,631			27,161			29,298			17,210
Total investment income		1,989,252			1,084,161			1,733,665			352,421
EXPENSES
Advisory fees (Note 3)		1,723,678			830,045			955,365			298,078
Total expenses		1,723,678			830,045			955,365			298,078
Net investment income/(loss)		265,574			254,116			778,300			54,343
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		15,690,484			9,504,760			(3,403,666	)		(4,426,742	)
Foreign currency transactions		(5,798	)		—			—			—
Redemption in-kind		—			—			9,744,607			259,573
Net change in unrealized appreciation/(depreciation) on:
Investments		(13,779,434	)		(10,169,080	)		(19,924,168	)		7,559,767
Foreign currency transactions		45,219			—			—			—
Net realized and unrealized gain/(loss)		1,950,471			(664,320	)		(13,583,227	)		3,392,598
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,216,045		$	(410,204	)	$	(12,804,927	)	$	3,446,941

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

49

Motley Fool ETFs

Statements of Operations (CONCLUDED)

FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)

	Motley Fool Capital Efficiency 100 Index ETF			Motley Fool NEXT INDEX ETF
INVESTMENT INCOME
Dividends	$	96,802		$	96,322
Total investment income		96,802			96,322
EXPENSES
Advisory fees (Note 3)		48,666			75,431
Total expenses		48,666			75,431
Net investment income/(loss)		48,136			20,891
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		(876,138	)		(1,122,903	)
Redemption in-kind		63,110			(84,638	)
Net change in unrealized appreciation/(depreciation) on:
Investments		811,989			1,633,400
Net realized and unrealized gain/(loss)		(1,039	)		425,859
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	47,097		$	446,750

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

50

MOTLEY FOOL Global Opportunities ETF
Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2022
OPERATIONS
Net investment income/(loss)	$	265,574		$	14,163,531
Net realized gain/(loss) from investments and foreign currency transactions		15,684,686			28,994,058
Net change in unrealized appreciation/(depreciation) on investments, foreign currency translation and assets and liabilities denominated in foreign currencies		(13,734,215	)		(227,722,486	)
Net increase/(decrease) in net assets resulting from operations		2,216,045			(184,564,897	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares		—			(35,341,409	)
Insitutional Shares		(2,705,256	)		(12,707,670	)
Total dividends and distributions to shareholders		(2,705,256	)		(48,049,079	)
CAPITAL SHARE TRANSACTIONS:
Investor Shares
Proceeds from shares sold		—			6,643,104
Reinvestment of dividends		—			34,321,026
Share redeemed		—			(21,570,991	)
Shares redeemed from exchange to Institutional Class(1)		—			(458,343,422	)
Total from Investor Shares		—			(438,950,283	)
Institutional Shares
Proceeds from shares sold		—			6,411,019
Proceeds from Institutional Class exchange(1)		—			458,343,422
Reinvestment of dividends		—			12,058,120
Shares redeemed		(23,457,955	)		(73,170,311	)
Total from Institutional Shares		(23,457,955	)		403,642,250
Net increase/(decrease) in net assets from capital share transactions		(23,457,955	)		(35,308,033	)
Total increase/(decrease) in net assets		(23,947,166	)		(267,922,009	)
NET ASSETS:
Beginning of period	$	433,652,043		$	701,574,052
End of period	$	409,704,877		$	433,652,043

⁽¹⁾ Effective December 3, 2021, the outstanding Investor Class Shares of the Fund were converted into Institutional Class Shares of the Fund.

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

51

MOTLEY FOOL Global Opportunities ETF
Statements of Changes in Net Assets (CONCLUDED)

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2022
SHARE TRANSACTIONS:
Investor Shares
Shares sold		—			187,055
Shares reinvested		—			1,111,072
Shares redeemed		—			(612,521	)
Shares exchanged into Institutional Class(1)		—			(14,816,530	)
Net increase/(decrease) in shares		—			(14,130,924	)
Institutional Shares
Shares sold					179,722
Shares exchanged from Investor Class(1)		—			14,718,418
Shares reinvested		—			387,721
Shares redeemed		(975,000	)		(2,668,501	)
Net increase/(decrease) in shares		(975,000	)		12,617,360

⁽¹⁾ Effective December 3, 2021, the outstanding Investor Class Shares of the Fund were converted into Institutional Class Shares of the Fund.

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

52

MOTLEY FOOL Mid-Cap Growth ETF
Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2022
OPERATIONS
Net investment income/(loss)	$	254,116		$	(660,888	)
Net realized gain/(loss) from investments and foreign currency transactions		9,504,760			16,762,592
Net change in unrealized appreciation/(depreciation) on investments, foreign currency translation, and assets and liabilities denominated in foreign currencies		(10,169,080	)		(100,048,288	)
Net increase/(decrease) in net assets resulting from operations		(410,204	)		(83,946,584	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Investor Shares		—			(3,423,164	)
Institutional Shares		—			(17,390,769	)
Total dividends and distributions to shareholders		—			(20,813,933	)
CAPITAL SHARE TRANSACTIONS:
Investor Shares
Proceeds from shares sold		—			3,029,266
Reinvestment of dividends		—			16,920,328
Shares redeemed		—			(10,054,968	)
Shares redeemed from exchange to Institutional Class(1)		—			(250,730,153	)
Total from Investor Shares		—			(240,835,527	)
Institutional Shares
Proceeds from shares sold		—			1,532,940
Proceeds from Institutional Class exchange(1)		—			250,730,153
Reinvestment of dividends		—			3,235,692
Shares redeemed		(14,951,090	)		(32,143,643	)
Total from Institutional Shares		(14,951,090	)		223,355,142
Net increase/(decrease) in net assets from capital share transactions		(14,951,090	)		(17,480,385	)
Total increase/(decrease) in net assets		(15,361,294	)		(122,240,902	)
NET ASSETS:
Beginning of period	$	209,044,015		$	331,284,917
End of period	$	193,682,721		$	209,044,015

⁽¹⁾ Effective December 3, 2021, the outstanding Investor Class Shares of the Fund were converted into Institutional Class Shares of the Fund.

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

53

MOTLEY FOOL Mid-Cap Growth ETF
Statements of Changes in Net Assets (CONCLUDED)

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2022
SHARE TRANSACTIONS:
Investor Shares
Shares sold		—			95,439
Shares reinvested		—			601,505
Shares redeemed		—			(316,334	)
Shares exchanged into Institutional Class(1)		—			(8,829,770	)
Net increase/(decrease) in shares		—			(8,449,160	)
Institutional Shares
Shares sold		—			47,461
Shares exchanged from Investor Class(1)		—			8,699,588
Shares reinvested		—			113,334
Shares redeemed		(625,000	)		(1,283,081	)
Net increase/(decrease) in shares		(625,000	)		7,577,302

⁽¹⁾ Effective December 3, 2021, the outstanding Investor Class Shares of the Fund were converted into Institutional Class Shares of the Fund.

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

54

Motley Fool 100 Index ETF

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2022
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	778,300		$	980,905
Net realized gain/(loss) from investments		6,340,941			12,165,022
Net change in unrealized appreciation/(depreciation) on investments		(19,924,168	)		(120,161,259	)
Net increase/(decrease) in net assets resulting from operations		(12,804,927	)		(107,015,332	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(982,823	)		(1,325,790	)
Net decrease in net assets from dividends and distributions to shareholders		(982,823	)		(1,325,790	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		3,855,702			41,513,113
Shares redeemed		(25,435,523	)		(43,914,753	)
Net increase/(decrease) in net assets from capital share transactions		(21,579,821	)		(2,401,640	)
Total increase/(decrease) in net assets		(35,367,571	)		(110,742,762	)
NET ASSETS:
Beginning of period		417,268,737			528,011,499
End of period	$	381,901,166		$	417,268,737
SHARES TRANSACTIONS:
Shares sold		125,000			975,000
Shares redeemed		(800,000	)		(1,225,000	)
Net increase/(decrease) in shares outstanding		(675,000	)		(250,000	)

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

55

Motley Fool Small-Cap Growth ETF

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE YEAR ENDED AUGUST 31, 2022
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	54,343		$	(571,366	)
Net realized gain/(loss) from investments		(4,167,169	)		12,159,631
Net change in unrealized appreciation/(depreciation) on investments		7,559,767			(70,725,754	)
Net increase/(decrease) in net assets resulting from operations		3,446,941			(59,137,489	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(227,522	)		(3,829,540	)
Net decrease in net assets from dividends and distributions to shareholders		(227,522	)		(3,829,540	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		—			2,045,968
Shares redeemed		(10,942,445	)		(50,410,673	)
Net increase/(decrease) in net assets from capital share transactions		(10,942,445	)		(48,364,705	)
Total increase/(decrease) in net assets		(7,723,026	)		(111,331,734	)
NET ASSETS:
Beginning of period		78,049,855			189,381,589
End of period	$	70,326,829		$	78,049,855
SHARES TRANSACTIONS:
Shares sold		—			50,000
Shares redeemed		(450,000	)		(1,600,000	)
Net increase/(decrease) in shares outstanding		(450,000	)		(1,550,000	)

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

56

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE PERIOD ENDED august 31, 2022*
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	48,136		$	42,783
Net realized gain/(loss) from investments		(813,028	)		(369,769	)
Net change in unrealized appreciation/(depreciation) on investments		811,989			(1,917,628	)
Net increase/(decrease) in net assets resulting from operations		47,097			(2,244,614	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(76,457	)		—
Net decrease in net assets from dividends and distributions to shareholders		(76,457	)		—
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		—			24,197,108
Shares redeemed		(1,106,495	)		(1,198,305	)
Net increase/(decrease) in net assets from capital share transactions		(1,106,495	)		22,998,803
Total increase/(decrease) in net assets		(1,135,855	)		20,754,189
NET ASSETS:
Beginning of period		20,754,189			—
End of period	$	19,618,334		$	20,754,189
SHARES TRANSACTIONS:
Shares sold		—			1,425,000
Shares redeemed		(75,000	)		(75,000	)
Net increase/(decrease) in shares outstanding		(75,000	)		1,350,000

* Inception date of the Fund was December 30, 2021.

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

57

MOTLEY FOOL NEXT INDEX ETF

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE PERIOD ENDED august 31, 2022*
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	20,891		$	50,952
Net realized gain/(loss) from investments		(1,207,541	)		(268,811	)
Net change in unrealized appreciation/(depreciation) on investments		1,633,400			(6,202,144	)
Net increase/(decrease) in net assets resulting from operations		446,750			(6,420,003	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(64,299	)		—
Net decrease in net assets from dividends and distributions to shareholders		(64,299	)		—
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		—			39,453,233
Shares redeemed		(2,935,025	)		(355,253	)
Net increase/(decrease) in net assets from capital share transactions		(2,935,025	)		39,097,980
Total increase/(decrease) in net assets		(2,552,574	)		32,677,977
NET ASSETS:
Beginning of period		32,677,977			—
End of period	$	30,125,403		$	32,677,977
SHARES TRANSACTIONS:
Shares sold		—			2,200,000
Shares redeemed		(200,000	)		(25,000	)
Net increase/(decrease) in shares outstanding		(200,000	)		2,175,000

* Inception date of the Fund was December 30, 2021.

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

58

MOTLEY FOOL Global Opportunities ETF
Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023			YEARS ENDED AUGUST 31,
	(UNAUDITED)			2022			2021			2020			2019			2018
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	24.75		$	37.03		$	30.17		$	25.09		$	25.97		$	24.09
Net investment income/(loss)(1)		0.02			0.30			(0.05	)		—	*		0.05			0.02
Net realized and unrealized gain/(loss) from investments		0.13			(10.00	)		9.03			6.21			0.80			4.94
Net increase/(decrease) in net assets resulting from operations		0.15			(9.70	)		8.98			6.21			0.85			4.96
Dividends and distributions to shareholders from:
Net investment income		(0.06	)		(0.77	)		—			(0.04	)		—			(0.03	)
Net realized capital gains		(0.08	)		(1.81	)		(2.12	)		(1.09	)		(1.73	)		(3.05	)
Total dividends and distributions to shareholders		(0.14	)		(2.58	)		(2.12	)		(1.13	)		(1.73	)		(3.08	)
Redemption and small-balance account fees		—			—			—			—			—			—	*
Net asset value, end of period	$	24.76		$	24.75		$	37.03		$	30.17		$	25.09		$	25.97
Market value, end of period	$	24.80		$	24.74		$	—		$	—		$	—		$	—
Total investment return/(loss) on net asset value(2)		0.71	%(4)		(27.61	)%		30.86	%		25.64	%		4.94	%		22.48	%
Total investment return/(loss) on market price(3)		24.73	%		(27.65	)%		—	%		—	%		—	%		—	%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	409,705		$	433,652		$	181,509		$	122,406		$	92,760		$	78,987
Ratio of expenses to average net assets		0.85	%(5)		0.87	%		0.95	%		0.95	%		0.95	%		0.95	%
Ratio of expenses to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees)		0.85	%(5)		0.88	%		0.98	%		1.00	%		0.99	%		1.06	%
Ratio of net investment income/(loss) to average net assets		0.13	%(5)		1.08	%		(0.16	)%		(0.01	)%		0.19	%		0.07	%
Ratio of net investment income/(loss) to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees)		0.13	%(5)		1.07	%		(0.19	)%		(0.06	)%		0.15	%		(0.04	)%
Portfolio turnover rate		2	%(4)		14	%		12	%		10	%		11	%		15	%

* Amount represents less than $0.005 per share.

⁽¹⁾ Per share data calculated using average shares outstanding method.

⁽²⁾ Total investment return/(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

⁽³⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁴⁾ Not annualized.

⁽⁵⁾ Annualized.

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

59

MOTLEY FOOL Mid-Cap Growth ETF
Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023			YEARS ENDED AUGUST 31,
	(UNAUDITED)			2022			2021			2020			2019			2018
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	22.68		$	33.20		$	29.79		$	24.48		$	27.50		$	22.14
Net investment income/(loss)(1)		0.03			(0.04	)		(0.09	)		(0.02	)		0.02			(0.01	)
Net realized and unrealized gain/(loss) from investments		(0.04	)		(8.38	)		6.90			6.79			(1.88	)		6.72
Net increase/(decrease) in net assets resulting from operations		(0.01	)		(8.42	)		6.81			6.77			(1.86	)		6.71
Dividends and distributions to shareholders from:
Net investment income		—			—			—			—			—			—
Net realized capital gains		—			(2.10	)		(3.40	)		(1.46	)		(1.16	)		(1.35	)
Total dividends and distributions to shareholders		—			(2.10	)		(3.40	)		(1.46	)		(1.16	)		(1.35	)
Redemption and small-balance account fees		—			—			—			—			—			—	*
Net asset value, end of period	$	22.67		$	22.68		$	33.20		$	29.79		$	24.48		$	27.50
Market value, end of period	$	22.65		$	22.62		$	—		$	—		$	—		$	—
Total investment return/(loss) on net asset value(2)		(0.03	)%(4)		(26.66	)%		24.38	%		28.77	%		(5.97	)%		31.10	%
Total investment return/(loss) on market price(3)		0.12	%		(26.84	)%		—	%		—	%		—	%		—	%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	193,683		$	209,044		$	54,460		$	39,488		$	29,205		$	30,562
Ratio of expenses to average net assets		0.85	%(5)		0.90	%		0.95	%		0.95	%		0.95	%		0.95	%
Ratio of expenses to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees)		0.85	%(5)		0.88	%		0.98	%		1.00	%		0.98	%		1.17	%
Ratio of net investment income/(loss) to average net assets		0.26	%(5)		(0.17	)%		(0.30	)%		(0.06	)%		0.10	%		(0.05	)%
Ratio of net investment income/(loss) to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees)		0.26	%(5)		(0.15	)%		(0.33	)%		(0.11	)%		0.07	%		(0.26	)%
Portfolio turnover rate		3	%(4)		2	%		15	%		14	%		4	%		19	%

* Amount represents less than $0.005 per share.

⁽¹⁾ Per share data calculated using average shares outstanding method.

⁽²⁾ Total investment return/(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

⁽³⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁴⁾ Not annualized.

⁽⁵⁾ Annualized.

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

60

Motley Fool 100 Index ETF

Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023			YEARS ENDED AUGUST 31,												For the Period Ended august 31,
	(UNAUDITED)			2022			2021			2020			2019			2018(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	33.99		$	42.16		$	33.67		$	22.46		$	22.10		$	20.00
Net investment income/(loss)(2)		0.07			0.08			0.05			0.11			0.15			0.08
Net realized and unrealized gain/(loss) from investments		(1.06	)		(8.15	)		8.59			11.23			0.32			2.02
Net increase/(decrease) in net assets resulting from operations		(0.99	)		(8.07	)		8.64			11.34			0.47			2.10
Dividends and distributions to shareholders from:
Net investment income		(0.08	)		(0.02	)		(0.10	)		(0.13	)		(0.11	)		—
Net realized capital gains		—			(0.08	)		(0.05	)		—			—			—
Total dividends and distributions to shareholders		(0.08	)		(0.10	)		(0.15	)		(0.13	)		(0.11	)		—
Net asset value, end of period	$	32.92		$	33.99		$	42.16		$	33.67		$	22.46		$	22.10
Market value, end of period	$	32.89		$	34.00		$	42.20		$	33.66		$	22.42		$	22.13
Total investment return/(loss) on net asset value(3)		(2.90	)%(5)		(19.18	)%		25.74	%		50.67	%		2.27	%		10.49	%(5)
Total investment return/(loss) on market price(4)		(3.01	)%		(19.24	)%		25.91	%		50.89	%		1.93	%		10.65	%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	381,901		$	417,269		$	528,011		$	337,547		$	185,871		$	140,879
Ratio of expenses to average net assets		0.5	%(6)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%(6)
Ratio of net investment income/(loss) to average net assets		0.41	%(6)		0.20	%		0.15	%		0.43	%		0.69	%		0.68	%(6)
Portfolio turnover rate		4	%(5)		15	%		23	%		26	%		26	%		10	%(5)

⁽¹⁾ Inception date of the Fund was January 29, 2018.

⁽²⁾ Per share data calculated using average shares outstanding method.

⁽³⁾ Total investment return/(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

⁽⁴⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

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

61

MOTLEY FOOL Small-Cap Growth ETF

Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss) return, ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023			YEARS ENDED AUGUST 31,									FOR THE PERIOD ENDED AUGUST 31,
	(UNAUDITED)			2022			2021			2020			2019(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	25.18		$	40.73		$	32.59		$	23.33		$	20.00
Net investment income/(loss)(2)		0.10			(0.15	)		(0.19	)		(0.07	)		—	*
Net realized and unrealized gain/(loss) from investments		1.34			(14.53	)		10.48			9.67			3.33
Net increase/(decrease) in net assets resulting from operations		1.44			(14.68	)		10.29			9.60			3.33
Dividends and distributions to shareholders from:
Net realized capital gains		(0.08	)		(0.87	)		(2.15	)		(0.34	)		—
Total dividends and distributions to shareholders		(0.08	)		(0.87	)		(2.15	)		(0.34	)		—
Net asset value, end of period	$	26.54		$	25.18		$	40.73		$	32.59		$	23.33
Market value, end of period	$	26.53		$	25.18		$	40.74		$	32.68		$	23.34
Total investment return/(loss) on net asset value(3)		5.75	%(5)		(36.66	)%		32.00	%		41.58	%		16.65	%(5)
Total investment return/(loss) on market price(4)		5.69	%		(36.65	)%		31.54	%		41.88	%		16.69	%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	70,327		$	78,050		$	189,382		$	106,745		$	71,153
Ratio of expenses to average net assets		0.85	%(6)		0.85	%		0.85	%		0.85	%		0.85	%(6)
Ratio of net investment income/(loss) to average net assets		0.8	%(6)		(0.46	)%		(0.51	)%		(0.29	)%		(0.01	)%(6)
Portfolio turnover rate		37	%(5)		11	%		21	%		27	%		21	%(5)

* Amount represents less than $0.005 per share.

⁽¹⁾ Inception date of the Fund was October 29, 2018.

⁽²⁾ Per share data calculated using average shares outstanding method.

⁽³⁾ Total investment return/(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

⁽⁴⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

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

62

Motley Fool CAPITAL EFFICIENCY 100 INDEX ETF

Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss) return, ratios to average net assets and other supplemental data for the respective period. This information has been derived from information provided in the financial statements.

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023			For the Period Ended august 31,
	(UNAUDITED)			2022(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	15.37		$	20.00
Net investment income/(loss)(2)		0.04			0.05
Net realized and unrealized gain/(loss) from investments		0.04			(4.68	)
Net increase/(decrease) in net assets resulting from operations		0.08			(4.63	)
Dividends and distributions to shareholders from:
Net realized capital gains		(0.06	)		—
Total dividends and distributions to shareholders		(0.06	)		—
Net asset value, end of period	$	15.39		$	15.37
Market value, end of period	$	15.38		$	15.38
Total investment return/(loss) on net asset value(3)		0.47	%(5)		(23.13	)%(5)
Total investment return/(loss) on market price(4)		0.38	%		(23.09	)%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	19,618		$	20,754
Ratio of expenses to average net assets		0.5	%(6)		0.50	%(6)
Ratio of net investment income/(loss) to average net assets		0.49	%(6)		0.50	%(6)
Portfolio turnover rate		16	%(5)		17	%(5)

⁽¹⁾ Inception date of the Fund was December 30, 2021.

⁽²⁾ Per share data calculated using average shares outstanding method.

⁽³⁾ Total investment return/(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

⁽⁴⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

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

63

MOTLEY FOOL NEXT INDEX ETF

Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss) return, ratios to average net assets and other supplemental data for the respective period. This information has been derived from information provided in the financial statements.

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023			For the Period Ended august 31,
	(UNAUDITED)			2022(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	15.02		$	20.00
Net investment income/(loss)(2)		0.01			0.03
Net realized and unrealized gain/(loss) from investments		0.25			(5.01	)
Net increase/(decrease) in net assets resulting from operations		0.26			(4.98	)
Dividends and distributions to shareholders from:
Net realized capital gains		(0.03	)		—
Total dividends and distributions to shareholders		(0.03	)		—
Net asset value, end of period	$	15.25		$	15.02
Market value, end of period	$	15.25		$	15.01
Total investment return/(loss) on net asset value(3)		1.74	%(5)		(24.88	)%(5)
Total investment return/(loss) on market price(4)		1.85	%		(24.97	)%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	30,125		$	32,678
Ratio of expenses to average net assets		0.50	%(6)		0.50	%(6)
Ratio of net investment income/(loss) to average net assets		0.14	%(6)		0.26	%(6)
Portfolio turnover rate		18	%(5)		11	%(5)

⁽¹⁾ Inception date of the Fund was December 30, 2021.

⁽²⁾ Per share data calculated using average shares outstanding method.

⁽³⁾ Total investment return/(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

⁽⁴⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

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

64

Motley Fool Asset Management ETFs

Notes to Financial Statements

FEBRUARY 28, 2023 (UNAUDITED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is a mutual fund complex divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has forty-eight separate investment portfolios, including the Motley Fool Global Opportunities ETF (“Global Opportunities Fund”), the Motley Fool Mid-Cap Growth ETF (“Mid-Cap Growth Fund”), the Motley Fool 100 Index ETF (the “Fool 100 Fund”), the Motley Fool Small-Cap Growth ETF (“Small-Cap Growth Fund”), the Motley Fool Capital Efficiency 100 Index ETF (“Capital Efficiency Fund”) and the Motley Fool Next Index ETF (“Next Fund”) (each a “Fund” and together the “Funds”). The Global Opportunities Fund, Mid-Cap Growth Fund, Fool 100 Fund, Small-Cap Growth Fund, Capital Efficiency Fund and Next Fund commenced investment operations on June 17, 2014, June 17, 2014, January 29, 2018, October 29, 2018, December 30, 2021 and December 30, 2021, respectively.

RBB has authorized capital of one hundred billion shares of common stock of which 90.623 billion shares are currently classified into two hundred and thirteen classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

The investment objective of each Fund is to achieve long-term capital appreciation. The Global Opportunities Fund pursues its objective by investing primarily in common stocks of United States companies and of companies that are organized under the laws of other countries around the world. The Mid-Cap Growth Fund pursues its objective by investing primarily in common stocks of companies that are organized in the United States and that are engaged in a broad range of industries.

The investment objective of the Fool 100 Fund is to achieve investment results that correspond (before fees and expenses) generally to the total return performance of the Motley Fool 100 Index (the “Fool 100 Index”). The Fool 100 Index was developed by The Motley Fool, LLC (“The Motley Fool”), an affiliate of Motley Fool Asset Management, LLC (the “Adviser”), in 2017 and is a proprietary, rules-based index designed to track the performance of the 100 largest, most liquid U.S. companies that have been recommended by The Motley Fool’s analysts and newsletters or the highest-rated stocks in Fool IQ, the company’s analyst opinion database. Every company include in the Fool 100 Index is incorporated and listed in the U.S. The investment objective of the Small-Cap Growth Fund is to achieve long-term capital appreciation.

The investment objective of the Capital Efficiency Fund is to seek investment results that correspond (before fees and expenses) generally to the total return performance of the Motley Fool Capital Efficiency 100 Index (the “Capital Efficiency 100 Index”). The Capital Efficiency 100 Index was developed by The Motley Fool in 2021 and is a proprietary, rules-based index designed to track the performance of the highest scoring stocks of U.S. companies, measured by a company’s capital efficiency, that have been recommended by The Motley Fool’s analysts and newsletters, and that also meet certain liquidity requirements. Capital efficiency is a measure of how a business turns its investments into revenue and profit and it provides insight into the company’s return on invested capital. Every company included in the Capital Efficiency 100 Index is incorporated and listed in the U.S. The investment objective of the Next Fund is to seek investment results that correspond (before fees and expenses) generally to the total return performance of the Motley Fool Next Index (the “Next Index”). The Next Index was developed by The Motley Fool in 2021 and is a proprietary, rules-based index designed to track the performance of the 100 largest, most liquid U.S. companies that have been recommended by The Motley Fool’s analysts and newsletters. Every company included in the Next Index is incorporated and listed in the U.S.

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies”.

The end of the reporting period for the Funds is February 28, 2023, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2023 (the “current fiscal period”).

PORTFOLIO VALUATION — Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices

65

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 28, 2023 (UNAUDITED)

prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant.

The Board has adopted a pricing and valuation policy for use by each Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Motley Fool Asset Management, LLC (the “Adviser”) as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

FAIR VALUE MEASUREMENTS — The inputs and valuation techniques used to measure the fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

● Level 1 – Prices are determined using quoted prices in active markets for identical securities.

● Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 – Prices are determined using significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

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

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Funds’ investments carried at fair value:

GLOBAL OPPORTUNITIES FUND

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE^
Common Stocks	$	399,563,923	$	399,555,163	$	—	$	8,760	$	—
Investments Purchased with Proceeds From Securities Lending Collateral		40,518,101		—		—		—		40,518,101
Short-Term Investments		9,386,795		9,386,795		—		—		—
Total Investments*	$	449,468,819	$	408,941,958	$	—	$	8,760	$	40,518,101

66

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 28, 2023 (UNAUDITED)

MID-CAP GROWTH FUND

		TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE^
Common Stocks		$	177,662,046	$	177,662,046	$	—	$	—	$	—
Investments Purchased with Proceeds From Securities Lending Collateral	��		48,052,898		—		—		—		48,052,898
Short-Term Investments			15,996,949		15,996,949		—		—		—
Total Investments*		$	241,711,893	$	193,658,995	$	—	$	—	$	48,052,898

FOOL 100 FUND

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE^
Common Stocks	$	381,391,547	$	381,382,982	$	—	$	8,565	$	—
Rights		20,470		—		—		20,470		—
Investments Purchased with Proceeds From Securities Lending Collateral		24,096,724		—		—		—		24,096,724
Short-Term Investments		329,012		329,012		—		—		—
Total Investments*	$	405,837,753	$	381,711,994	$	—	$	29,035	$	24,096,724

SMALL-CAP GROWTH FUND

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE^
Common Stocks	$	63,365,183	$	63,365,183	$	—	$	—	$	—
Investments Purchased with Proceeds From Securities Lending Collateral		32,276,210		—		—		—		32,276,210
Short-Term Investments		6,096,928		6,096,928		—		—		—
Total Investments*	$	101,738,321	$	69,462,111	$	—	$	—	$	32,276,210

67

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 28, 2023 (UNAUDITED)

CAPITAL EFFICIENCY FUND

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE^
Common Stocks	$	19,580,424	$	19,580,424	$	—	$	—	$	—
Short-Term Investments		25,436		25,436		—		—		—
Total Investments*	$	19,605,860	$	19,605,860	$	—	$	—	$	—

NEXT FUND

	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3		INVESTMENTS MEASURED AT NET ASSET VALUE^
Common Stocks	$	29,963,412	$	29,963,412	$	—	$	—	$	—
Short-Term Investments		155,645		155,645		—		—		—
Total Investments*	$	30,119,057	$	30,119,057	$	—	$	—	$	—

* Please refer to the 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 Statements of Assets and Liabilities.

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

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

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

During the current fiscal period, the Funds had no Level 3 transfers.

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FEBRUARY 28, 2023 (UNAUDITED)

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Funds record security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. Certain expenses are shared with The RBB Fund Trust (formerly, PENN Capital Funds Trust) (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory fees, are accrued daily and taken into account for the purpose of determining the NAV of each Fund.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Each Fund pays dividends from its net investment income and distributes any net capital gains that it realizes. Dividends and capital gains distributions are generally paid once a year and as required to comply with federal excise tax requirements. Distributions to shareholders are determined in accordance with tax regulations and recorded on the ex dividend date. Additionally, each Fund reports details of distribution-related transactions on quarterly account statements. You may not receive a separate confirmation statement for these transactions.

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is the Funds’ intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

CORONAVIRUS (COVID-19) PANDEMIC — The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. Although vaccines for COVID-19 are available, the ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers are not known. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak and the pace of recovery which may vary from market to market, and such uncertainty may in turn adversely affect the value and liquidity of the Funds’ investments, impair the Funds’ ability to satisfy redemption requests, and negatively impact the Funds’ performance.

UKRAINE-RUSSIA CONFLICT RISK — In February 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries and the threat of wider-spread hostilities could have a severe adverse effect on the region and global economies, including significant negative impacts on the markets for certain securities and commodities, such as oil and natural gas. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future, could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long the armed conflict and related events will last cannot be predicted. These tensions and any related events could have a significant impact on Fund performance and the value of Fund investments, even beyond any direct exposure the Fund may have to issuers located in these countries.

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

FOREIGN CURRENCY TRANSLATION — The books and records of the Funds are maintained in U.S. dollars as follows: (1) the values of investment securities and other assets and liabilities stated in foreign currencies are translated at the exchange rates prevailing at the end of the period; and (2) purchases, sales and income are translated at the rates of exchange prevailing on the respective dates of such transactions. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement from foreign currency transactions are reported in the Statements of Operations for the current period. The Funds do not isolate the portion of gains and losses on investments.

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

2. Investment Policies and Practices

The sections below describe some of the different types of investments that may be made by the Funds and the investment practices in which the Funds may engage.

TYPES OF FIXED-INCOME SECURITIES — Each Fund may invest in bonds and other types of debt obligations of U.S. and foreign issuers. Fixed income securities purchased by a Fund may include, among others, bonds, notes, and debentures issued by corporations; debt securities issued or guaranteed by the U.S. government or one of its agencies or instrumentalities (“U.S. Government Securities”); municipal securities; mortgage-backed and asset-backed securities; and debt securities issued or guaranteed by foreign governments, their agencies, instrumentalities, or political subdivisions, or by government-owned, -controlled, or -sponsored entities, including central banks. These investments also include money market instruments and other types of obligations. Investors should recognize that, although securities ratings issued by S&P Global Ratings (“S&P”), a division of The McGraw-Hill Companies, Inc., and Moody’s Investors Services©, Inc. (“Moody’s”), provide a generally useful guide as to credit risks, they do not offer any criteria to evaluate interest rate risk. Changes in interest rate levels generally cause fluctuations in the prices of fixed-income securities and will, therefore, cause fluctuations in the NAV per share of a Fund. Subsequent to the purchase of a fixed-income security by a Fund, the ratings or credit quality of such security may deteriorate. Any such subsequent adverse changes in the rating or quality of a security held by a Fund would not require a Fund to sell the security.

REAL ESTATE INVESTMENT TRUSTS — Real estate investment trusts (“REITs”) are pooled investment vehicles that manage a portfolio of real estate or real estate-related loans to earn profits for their shareholders. REITs are generally classified as equity REITs, mortgage REITs, or a combination of equity and mortgage REITs. Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of the borrower on any credit extended. REITs are dependent upon management skills, may not be diversified geographically or by property type, and are subject to heavy cash-flow dependency, default by borrowers, and self-liquidation. REITs must also meet certain requirements under the Internal Revenue Code of 1986, as amended (the “Code”), to avoid entity level tax and be eligible to pass through certain tax attributes of their income to shareholders. REITs are consequently subject to the risk of failing to meet these requirements for favorable tax treatment and of failing to maintain their exemptions from registration under the 1940 Act. REITs are also subject to the risks of changes in the Code, affecting their tax status.

REITs (especially mortgage REITs) are also subject to interest rate risks. When interest rates decline, the value of a REIT’s investment in fixed-rate obligations can be expected to rise. Conversely, when interest rates rise, the value of a REIT’s investment in fixed-rate obligations can be expected to decline. In contrast, as interest rates on adjustable-rate mortgage loans are reset periodically, yields on a REIT’s investments in such loans will gradually align themselves to reflect changes in market interest rates, causing the value of such investments to fluctuate less dramatically in response to interest rate fluctuations than would investments in fixed-rate obligations.

The management of a REIT may be subject to conflicts of interest with respect to the operation of the business of the REIT and may be involved in real estate activities competitive with the REIT. REITs may own properties through joint ventures or in other circumstances in which a REIT may not have control over its investments. REITs may use significant amounts of leverage.

REITs often do not provide complete tax information until after the end of the calendar year. Consequently, because of the delay, it may be necessary for a Fund, if invested in REITs, to request permission to extend the deadline for issuance of Forms 1099-DIV beyond January 31. Alternatively, amended Forms 1099-DIV may be sent.

FOREIGN SECURITIES — The Global Opportunities Fund and the Mid-Cap Growth Fund may invest in equity and fixed-income securities of foreign companies, including companies located in both developed and emerging-market countries. Investment in foreign securities may include the purchase of American Depositary Receipts (“ADRs”) and other depositary receipts (European Depositary Receipts (“EDRs”) and Global Depositary Receipts (“GDRs”)) that represent indirect interests in securities of foreign issuers. A significant portion of a Fund’s exposure to foreign investments may be composed of such investments. Investments in foreign securities are affected by risk factors generally not associated with investments in the securities

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FEBRUARY 28, 2023 (UNAUDITED)

of U.S. companies in the U.S. With respect to such securities, there may be more limited information publicly available concerning the issuer than would be the case with respect to domestic securities, foreign issuers may use different accounting standards, and foreign trading markets may not be as liquid as are U.S. markets. Foreign securities also involve such risks as currency risks, possible imposition of withholding or confiscatory taxes, possible currency transfer restrictions, expropriation or other adverse political or economic developments, and the difficulty of enforcing obligations in other countries. These risks may be greater in emerging-market countries and in less-developed countries.

The purchase of securities denominated in foreign currencies will subject the value of the Funds’ investments in those securities to fluctuations caused by changes in foreign exchange rates. To hedge against the effects of changes in foreign exchange rates, the Funds may enter into forward foreign currency exchange contracts (“forward contracts”). These contracts represent agreements to exchange an amount of currency at an agreed-upon future date and rate. The Funds will generally use forward contracts only to “lock in” the price in U.S. dollars of a foreign security that a Fund plans to purchase or to sell. In certain limited cases, it may use such contracts to hedge against an anticipated substantial decline in the price of a foreign currency against the U.S. dollar that would adversely affect the U.S. dollar value of foreign securities held by the Fund. Forward contracts will not be used in all cases and, in any event, cannot completely protect the Funds against all changes in the values of foreign securities resulting from fluctuations in foreign exchange rates. The Funds will not enter into a forward contract if, as a result, forward contracts would represent more than 20% of a Fund’s total assets. For hedging purposes, the Funds may also use options on foreign currencies, which expose the Funds to certain risks.

Some foreign securities are traded in the U.S. in the form of ADRs. ADRs are receipts typically issued by a U.S. bank or company evidencing ownership of the underlying securities of foreign issuers. EDRs and GDRs are receipts typically issued by foreign banks or trust companies, evidencing ownership of underlying securities issued by either a foreign or U.S. issuer. Generally, depositary receipts in registered form are designed for use in the U.S. and depositary receipts in bearer form are designed for use in securities markets outside the U.S. Depositary receipts may not necessarily be denominated in the same currency as the underlying securities into which they may be converted. Depositary receipts generally involve the same risks as other investments in foreign securities. However, holders of ADRs and other depositary receipts may not have all the legal rights of shareholders and may experience difficulty in receiving shareholder communications.

PARTICIPATORY NOTES — A participatory note, as used by a Fund, is an instrument used by investors to obtain exposure to an equity investment, including common stocks and warrants, in a local market where direct ownership is not permitted (or is impractical.) In countries where direct ownership by a foreign investor, such as a Fund, is not allowed by local law, such as Saudi Arabia, an investor may gain exposure to the market through a participatory note, which derives its value from a group of underlying equity securities. A participatory note is intended (disregarding the effect of any fees and expenses) to reflect the performance of the underlying equity securities on a one-to-one basis so that investors will not normally gain more in absolute terms than they would have made had they invested in the underlying securities directly, and will not normally lose more than they would have lost had they invested in the underlying securities directly.

In addition to providing access to otherwise closed markets, participatory notes can also provide a less expensive option to direct investment (where ownership by foreign investors is permitted) by reducing registration and transaction costs in acquiring and selling local registered shares. The Funds’ investment manager also believes that participatory notes can offer greater liquidity in markets that restrict the ability of the Funds to dispose of an investment by either restricting transactions by size or requiring registration and/or regulatory approvals.

The purchase of participatory notes involves risks that are in addition to the risks normally associated with a direct investment in the underlying securities. The Fund is subject to the risk that the issuer of the participatory note (i.e., the issuing bank or broker-dealer), which is the only responsible party under the note, is unable or refuses to perform under the terms of the participatory note, also known as counterparty risk.

While the holder of a participatory note is entitled to receive from the bank or broker-dealer any dividends or other distributions paid on the underlying securities, the holder is not entitled to the same rights as an owner of the underlying securities, such as voting rights.

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FEBRUARY 28, 2023 (UNAUDITED)

Participatory notes may not be traded on exchanges, are privately issued, and may be illiquid. To the extent a participatory note is determined to be illiquid, it would be subject to the Fund’s limitation on investments in illiquid securities. There can be no assurance that the trading price or value of participatory notes will equal the value of the underlying value of the equity securities they seek to replicate.

TEMPORARY INVESTMENTS — During periods of adverse market or economic conditions, a Fund may temporarily invest all or a substantial portion of its assets in high-quality, fixed-income securities, money market instruments, and shares of money market mutual funds, or it may hold cash. At such times, a Fund would not be pursuing its stated investment objective with its usual investment strategies. A Fund may also hold these investments for liquidity purposes. Fixed-income securities will be deemed to be of high quality if they are rated “A” or better by S&P or Moody’s or, if unrated, are determined to be of comparable quality by the Adviser. Money market instruments are high-quality, short-term fixed income obligations (which generally have remaining maturities of one year or less), and may include U.S. Government Securities, commercial paper, certificates of deposit and banker’s acceptances issued by domestic branches of United States banks that are members of the Federal Deposit Insurance Corporation, and repurchase agreements for US. Government Securities. In lieu of purchasing money market instruments, a Fund may purchase shares of money market mutual funds that invest primarily in U.S. Government Securities and repurchase agreements involving those securities, subject to certain limitations imposed by the 1940 Act. A Fund, as an investor in a money market fund, will indirectly bear the fees and expenses of the money market fund. These indirect fees and expenses will be in addition to the fees and expenses of the Funds. Repurchase agreements involve certain risks not associated with direct investments in debt securities.

3. INVESTMENT adviser and other services

Each Fund pays all of its expenses other than those expressly assumed by the Adviser. Expenses of each Fund are deducted from the Fund’s total income before dividends are paid. Subject to the supervision of the Board, the Adviser manages the overall investment operations of each Fund in accordance with the Fund’s respective investment objective and policies and formulates a continuing investment strategy for each Fund pursuant to the terms of the Investment Advisory Agreements between the Adviser and the Company on behalf of each Fund. The Adviser is a wholly-owned subsidiary of Motley Fool Investment Management, LLC, which is a wholly owned subsidiary of The Motley Fool Holdings Inc. (“TMF Holdings”), a multimedia financial-services holding company that also owns The Motley Fool, which publishes investment information and analysis across a wide range of media, including investment newsletter services, websites, and books. TMF Holdings is controlled by David Gardner and Tom Gardner, along with other private shareholders. Each Fund compensates the Adviser with a unitary management fee for its services at an annual rate based on each Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown on the following table. From the Advisory Fee, the Adviser pays most of the expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services. However, the Adviser is not responsible for interest expenses, brokerage commissions and other trading expenses, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business.

FUND	ADVISORY FEE
Global Opportunities Fund		0.85	%
Mid-Cap Growth Fund		0.85	%
Fool 100 Fund		0.50	%
Small-Cap Growth Fund		0.85	%
Capital Efficiency Fund		0.50	%
Next Fund		0.50	%

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FEBRUARY 28, 2023 (UNAUDITED)

During the current fiscal period, investment advisory fees accrued were as follows:

FUND	GROSS ADVISORY FEES		RECOUPMENT/ WAIVERS		NET ADVISORY FEES
Global Opportunities Fund	$	1,723,678	$	—	$	1,723,678
Mid-Cap Growth Fund		830,045		—		830,045
Fool 100 Fund		955,365		—		955,365
Small-Cap Growth Fund		298,078		—		298,078
Capital Efficiency Fund		48,666		—		48,666
Next Fund		75,431		—		75,431

U.S. Bancorp Fund Services, LLC (“Fund Services”), doing business as U.S. Bank Global Fund Services, serves as administrator for the Funds. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Fund Services serves as the Funds’ transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Funds. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Foreside Funds Distributors, LLC (“Foreside”) serves as the principal underwriter and distributor of the Global Opportunities Fund’s shares and Mid-Cap Growth Fund’s shares pursuant to a Distribution Agreement with RBB.

Quasar Distributors, LLC (“Quasar”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Fool 100 Fund’s shares, Small-Cap Growth Fund’s shares, Capital Efficiency Fund’s shares and Next Fund’s shares pursuant to a Distribution Agreement with RBB.

Under the Fund’s unitary fee, the Adviser compensates Fund Services and the Custodian for its services provided.

DIRECTOR AND OFFICER COMPENSATION — The Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Secretary and Director of Marketing & Business Development of the Company. They are compensated for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Funds or the Company. Until October 1, 2020, an employee of Vigilant Compliance, LLC served as Chief Compliance Officer of the Adviser. Neither the Funds nor the Company compensated this individual or Vigilant Compliance, LLC for the services provided to Motley Fool Asset Management. For Director and Officer compensation amounts, please refer to the Statements of Operations.

REDEMPTION FEE — Prior to January 1, 2018, the Global Opportunities Fund and Mid-Cap Growth Fund imposed a redemption fee of 2.00% on redemptions/exchanges of Fund shares held less than 90 days. The redemption fee was calculated as a percentage of the net asset value of the total redemption proceeds and was retained by the Funds and accounted for as additional paid-in capital. Effective January 1, 2018, the Funds have eliminated their redemption fees. Please see the Funds’ prospectus for more information.

TRANSACTIONS WITH AFFILIATES — Advisers to investment companies, including the Motley Fool Asset Management Funds, are permitted under 17a-7 of the 1940 Act to purchase or sell securities directly between affiliated clients. When affecting these “cross” transactions, Rule 17a-7 imposes restrictions on how the trades are processed and reported. The specified conditions within Rule 17a-7 are outlined in procedures established by or under the direction of the Board of Directors. The procedures have been designed to provide assurance that any purchase or sale of securities by the Fund from or to another Fund complies with Rule 17a-7 under the 1940 Act.

During the current fiscal period, the Funds did not engage in any security transactions with affiliates.

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FEBRUARY 28, 2023 (UNAUDITED)

4. PURCHASES AND SALES OF INVESTMENT SECURITIES

During the current fiscal period, aggregate purchases and sales and maturities of investment securities (excluding in-kind transactions and short-term investments) of the Funds were as follows:

FUND	PURCHASES		SALES
Global Opportunities Fund	$	7,210,488	$	11,088,490
Mid-Cap Growth Fund		6,134,417		9,573,508
Fool 100 Fund		16,230,714		16,724,247
Small-Cap Growth Fund		24,159,203		27,015,101
Capital Efficiency Fund		3,086,283		3,165,569
Next Fund		5,491,548		5,591,805

There were no purchases or sales of long-term U.S. Government Securities during the current fiscal period.

During the current fiscal period, aggregate purchases and sales and maturities of in-kind transactions of the Funds were as follows:

FUND	PURCHASES		SALES
Global Opportunities Fund	$	—	$	22,013,362
Mid-Cap Growth Fund		—		13,727,400
Fool 100 Fund		3,795,839		24,954,314
Small-Cap Growth Fund		—		9,889,052
Capital Efficiency Fund		—		1,057,892
Next Fund		—		2,821,248

5. Federal Income tax information

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Funds have determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired. Since the Capital Efficiency Fund and Next Fund did not have a full fiscal year, the tax cost of investments is the same as noted in the Schedule of Investments.

As of August 31, 2022, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Funds were as follows:

FUND	FEDERAL TAX COST		UNREALIZED APPRECIATION		UNREALIZED (DEPRECIATION)			NET UNREALIZED APPRECIATION/ (DEPRECIATION)
Global Opportunities Fund	$	299,887,575	$	193,641,843	$	(26,974,236	)	$	166,667,607
Mid-Cap Growth Fund		154,978,563		95,591,547		(9,557,307	)		86,034,240
Fool 100 Fund		346,104,539		123,076,386		(30,874,055	)		92,202,331

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FEBRUARY 28, 2023 (UNAUDITED)

FUND	FEDERAL TAX COST		UNREALIZED APPRECIATION		UNREALIZED (DEPRECIATION)			NET UNREALIZED APPRECIATION/ (DEPRECIATION)
Small-Cap Growth Fund	$	115,340,590	$	7,601,478	$	(27,728,730	)	$	(20,127,252	)
Capital Efficiency Fund		22,911,589		574,023		(2,749,476	)		(2,175,453	)
Next Fund		38,887,385		1,392,214		(7,613,889	)		(6,221,675	)

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

The following permanent differences as of August 31, 2022, primarily attributable to foreign currency transactions and in-kind redemptions gains, were reclassified among the following accounts:

FUND	DISTRIBUTABLE EARNINGS/(LOSS)			PAID-IN CAPITAL
Global Opportunities Fund	$	(26,462,033	)	$	26,462,033
Mid-Cap Growth Fund		(12,729,248	)		12,729,248
Fool 100 Fund		(20,166,702	)		20,166,702
Small-Cap Growth Fund		(12,327,921	)		12,327,921
Capital Efficiency Fund		68,394			(68,394	)
Next Fund		18,930			(18,930	)

As of August 31, 2022, the components of distributable earnings on a tax basis were as follows:

FUND	UNDISTRIBUTED ORDINARY INCOME		UNDISTRIBUTED LONG-TERM CAPITAL GAINS		CAPITAL Loss Carryover			Post October Losses and Qualified Late- Year losses			UNREALIZED APPRECIATION/ (DEPRECIATION)			Total
Global Opportunities Fund	$	—	$	330,055	$	—		$	—		$	166,667,607		$	166,997,662
Mid-Cap Growth Fund		—		—		—			(597,461	)		86,034,240			85,436,779
Fool 100 Fund		982,823		—		(7,662,331	)		—			92,202,331			85,522,823
Small-Cap Growth Fund		—		—		(953,492	)		(381,671	)		(20,127,252	)		(21,462,415	)
Capital Efficiency Fund		42,783		—		(43,550	)		—			(2,175,453	)		(2,176,220	)
Next Fund		50,952		—		(230,350	)		—			(6,221,675	)		(6,401,073	)

The differences between the book and tax basis components of distributable earnings relate primarily to the timing of recognition of income and gains for federal income tax purposes.

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FEBRUARY 28, 2023 (UNAUDITED)

The tax character of dividends and distributions paid during the fiscal years ended August 31, 2022 and August 31, 2021 was as follows:

FUND	Tax year		ORDINARY INCOME		LONG-TERM CAPITAL GAIN		TOTAL
Global Opportunities Fund		2022	$	13,281,199	$	34,767,880	$	48,049,079
		2021		254,531		38,103,932		38,358,463
Mid-Cap Growth Fund		2022		—		20,813,933		20,813,933
		2021		—		32,831,307		32,831,307
Fool 100 Fund		2022		309,330		1,016,460		1,325,790
		2021		1,067,239		562,320		1,629,559
Small-Cap Growth Fund		2022		—		3,829,540		3,829,540
		2021		454,925		7,916,932		8,371,857
Capital Efficiency Fund		2022		—		—		—
Next Fund		2022		—		—		—

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Pursuant to federal income tax rules applicable to regulated investment companies, the Funds may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the fiscal year ended August 31, 2022, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2022. The Mid-Cap Growth Fund and Small-Cap Growth Fund deferred $514,142 post October loss and $83,319 late-year loss and $185,190 post October loss and $196,481 late-year loss, respectively, which will be treated as arising on the first business day of the following fiscal year.

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of August 31, 2022, the Fool 100 Fund, Small-Cap Growth Fund, Capital Efficiency Fund and Next Fund had unexpiring short-term losses of $7,662,331, $953,492, $43,550 and $230,350, respectively.

6. SHARE TRANSACTIONS

Shares of the Global Opportunities Fund, Mid-Cap Growth Fund, Fool 100 Fund and Small-Cap Growth Fund are listed and trade on the Cboe BZX Exchange, Inc. Shares of the Capital Efficiency Fund and Next Fund are listed and trade on the NYSE, Arca, Inc. Market prices for the shares may be different from their NAV. Each Fund issues and redeems shares on a continuous basis at NAV only in blocks of 25,000 shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of each Fund. Creation Units may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from each Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

76

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

FEBRUARY 28, 2023 (UNAUDITED)

Each Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for each Fund is $250, payable to the custodian. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate each Fund for the transaction costs associated with the cash transactions. Variable fees received by each Fund, if any, are displayed in the capital shares transactions section of the Statements of Changes in Net Assets. Each Fund may issue an unlimited number of shares of beneficial interest, with $0.001 par value per share. Shares of each Fund have equal rights and privileges.

7. SECURITIES LENDING

The Funds may make secured loans of their portfolio securities to brokers, dealers and other financial institutions to earn additional income and receive cash collateral equal to at least 100% of the current market value of the loaned securities, as marked to market each day that the NAV of the Funds is determined. When the collateral falls below specified amounts, the Funds’ lending agent will use its best effort to obtain additional collateral on the next business day to meet required amounts under the security lending agreement. The Funds will pay administrative and custodial fees in connection with the loan of securities. Collateral is invested in short-term investments and the Funds will bear the risk of loss of the invested collateral. Investments purchased with proceeds from securities lending are overnight and continuous. Securities lending will expose the Funds to the risk of loss should a borrower default on its obligation to return the borrowed securities. The market value of the securities on loan and cash collateral as of the end of the reporting period and the income generated from the program during the current fiscal period with respect to such secured loans were as follows:

FUND	MARKET VALUE OF SECURITIES LOANED		MARKET VALUE OF COLLATERAL		INCOME RECEIVED FROM SECURITIES LENDING
Global Opportunities Fund	$	39,800,691	$	40,505,678	$	41,631
Mid-Cap Growth Fund		46,995,272		48,038,164		27,161
Fool 100 Fund		23,562,746		24,089,336		29,298
Small-Cap Growth Fund		31,554,214		32,266,314		17,210

Securities lending transactions are entered into by the Funds’ securities lending agent on behalf of the Funds under a Master Securities Lending Agreement (“MSLA”) which permits the Funds’ securities lending agent on behalf of the Funds under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable on behalf of the

77

Motley Fool Asset Management ETFs

Notes to Financial Statements (Concluded)

FEBRUARY 28, 2023 (UNAUDITED)

Funds to the same counterparty against amounts to be received and create one single net payment due to or from the Funds. The following table is a summary of the Funds’ open securities lending transactions which are subject to a MSLA as of the end of the reporting period:

							GROSS AMOUNTS NOT OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES
FUND	GROSS AMOUNTS OF RECOGNIZED ASSETS		GROSS AMOUNTS OFFSET IN THE STATEMENTS OF ASSETS AND LIABILITIES		NET AMOUNTS OF ASSETS PRESENTED IN THE STATEMENTS OF ASSETS AND LIABILITIES		FINANCIAL INSTRUMENTS1			CASH COLLATERAL RECEIVED		NET AMOUNT2
Global Opportunities Fund	$	39,800,691	$	—	$	39,800,691	$	(39,800,691	)	$	—	$	—
Mid-Cap Growth Fund		46,995,272		—		46,995,272		(46,995,272	)		—		—
Fool 100 Fund		23,562,746		—		23,562,746		(23,562,746	)		—		—
Small-Cap Growth Fund		31,554,214		—		31,554,214		(31,554,214	)		—		—

¹ Amount disclosed is limited to the amount of assets presented in the Statements of Assets and Liabilities. Actual collateral received may be more than the amount shown.

² Net amount represents the net amount receivable from the counterparty in the event of default.

8. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

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

9. Subsequent Events

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no significant events requiring recognition or disclosure in the financial statements.

78

Motley Fool Asset Management ETFs

Notice to Shareholders

(Unaudited)

Information on Proxy Voting

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available (i) without charge, upon request, by calling (888) 863-8803; and (ii) on the SEC’s website at http://www.sec.gov.

Quarterly Schedule of Investments

The Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Form N-PORT are available on the SEC’s website at http://www.sec.gov.

Frequency Distributions of Premiums and Discounts

Information regarding how often shares of the Funds trade on an exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds is available, without charge, on the Funds’ website at www.fooletfs.com.

79

Investment Adviser

Motley Fool Asset Management, LLC
2000 Duke Street
Suite 275
Alexandria, VA 22314

Administrator and Transfer Agent

U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201

Custodian

U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

Principal Underwriters

Quasar Distributors, LLC
111 E Kilbourn Ave, Suite 2200
Milwaukee, WI 53202

Foreside Funds Distributors, LLC
899 Cassatt Road
400 Berwyn Park, Suite 110
Berwyn, PA 19312

Independent Registered Public Accounting Firm

Tait, Weller & Baker LLP
Two Liberty Place
50 S 16^th St. Suite 2900
Philadelphia, PA 19102-2529

Legal Counsel

Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

80

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Optima Strategic Credit Fund

of

THE RBB FUND, INC.

Semi-Annual Report

February 28, 2023

(Unaudited)

��

Optima Strategic Credit Fund

Table of Contents

Performance Data	1
Fund Expense Example	2
Portfolio Holdings Summary Table	3
Portfolio of Investments	4
Statement of Assets And Liabilities	6
Statement of Operations	7
Statements of Changes in Net Assets	8
Financial Highlights	9
Notes To Financial Statements	10
Other Information	18

Optima Strategic Credit Fund

Performance Data

February 28, 2023 (Unaudited)

Average Annual Total Returns for the Periods Ended February 28, 2023
	Six Months	One Year	Since Inception(1)
Optima Strategic Credit Fund	-0.04%	-1.04%	-1.14%
iBoxx USD Liquid High Yield Index(2)(3)(4)	2.72%	-5.36%	-8.70%
Markit CDX North America High Yield Index(2)(4)	8.65%	4.65%	1.78%
Fund Expense Ratio(5) 1.25%
Gross Expense Ratio(6) 1.71%

(1) Inception date of the Founders Class Shares of the Fund was December 29, 2021.

(2) Benchmark performance is from inception date of the Class only and is not the inception date of the benchmark itself.

(3) The iBoxx USD Liquid High Yield Index seeks to accurately and objectively replicate the USD High Yield Corporate Bond Market by utilizing multi-source independent pricing and quality tested reference data. The index consists of liquid USD high yield bonds and is subject to monthly rebalancing and daily total return calculations to maintain a high quality rendering of bond market performance. The index is market-value weighted with an issuer cap of 3%.

(4) Beginning on February 28, 2023, the Fund has opted to change its primary index from the iBoxx USD Liquid High Yield Index to the Markit CDX North America High Yield Index (the “HY Index”). The HY Index is composed of one hundred (100) liquid North American entities with high yield credit ratings that trade in the credit default swaps market.

(5) The expense ratios of the Fund are set forth according to the Prospectus for the Fund and may differ from the expense ratios disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratios.

(6) The gross expense ratio of the Fund as of the most recent prospectus.

The performance quoted reflects fee waivers in effect and would have been less in their absence. The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary expenses, interest and taxes) to 1.25% of the Fund’s average daily net assets attributable to Founders Class Shares. This contractual limitation is in effect until December 31, 2023 and may not be terminated without the approval of the Board of Directors of The RBB Fund, Inc. Please see the Financial Highlights for current figures.

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of investments will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost.

1

Optima Strategic Credit Fund

Fund Expense Example

February 28, 2023 (Unaudited)

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

This example is based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2022 through February 28, 2023, and held for the entire period.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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

	Founders Class Shares
	Beginning Account Value September 1, 2022	Ending Account Value February 28, 2023	Expenses Paid During Period*	Annualized Expense Ratio	Actual Six-Month Total Investment Return for the Fund
Actual	$ 1,000.00	$ 999.60	$6.20	1.25%	-0.04%
Hypothetical (5% return before expenses)	1,000.00	1,024.79	6.28	1.25%	N/A

* Expenses are equal to the Fund’s annualized expense ratio for the period September 1, 2022 to February 28, 2023, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one half year period. The Fund’s ending account value on the first line in the table is based on the actual six-month total investment return for the Fund.

2

Optima Strategic Credit Fund

Portfolio Holdings Summary Table

February 28, 2023 (Unaudited)

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

	% of Net Assets			Value
SHORT-TERM INVESTMENTS:
U.S. Treasury Obligations		54.7	%	$	27,842,774
Money Market Deposit Account		20.3			10,329,721
OTHER ASSETS IN EXCESS OF LIABILITIES		25.0			12,715,395
NET ASSETS		100.0	%	$	50,887,890

Portfolio holdings are subject to change at any time.

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

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

Optima Strategic Credit Fund

Portfolio of Investments

February 28, 2023 (Unaudited)

	Coupon*		Maturity Date		Par (000’s)		Value
SHORT-TERM INVESTMENTS — 75.0%
U.S. TREASURY OBLIGATIONS — 54.7%
United States Treasury Bill		1.620%		03/23/23		13,000	$	12,965,819
United States Treasury Bill		3.911%		03/30/23		8,000		7,971,983
United States Treasury Bill		4.130%		04/06/23		1,000		995,582
United States Treasury Bill		2.856%		06/15/23		5,000		4,930,979
United States Treasury Bill		3.235%		08/10/23		1,000		978,411
TOTAL U.S. TREASURY OBLIGATIONS (Cost $27,904,736)								27,842,774

	Number of Shares (000’s)
MONEY MARKET DEPOSIT ACCOUNT — 20.3%
U.S. Bank Money Market Deposit Account, 4.25%(a)		10,330		10,329,721
TOTAL MONEY MARKET DEPOSIT ACCOUNT
(Cost $10,329,721)				10,329,721
TOTAL SHORT-TERM INVESTMENTS — 75.0%
(Cost $38,234,457)				38,172,495
OTHER ASSETS IN EXCESS OF LIABILITIES — 25.0%				12,715,395
NET ASSETS — 100.0%			$	50,887,890

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

(a) The rate shown is as of February 28, 2023.

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

Optima Strategic Credit Fund

SCHEDULE OF CENTRALLY CLEARED CREDIT DEFAULT SWAPS

February 28, 2023 (Unaudited)

Counterparty	Reference Entity	Protection		Termination Date		Pay Fixed Rate		Payment Frequency		NOTIONAL AMOUNT		Value		Premium paid		UNREALIZED APPRECIATION (DEPRECIATION)
Wells Fargo	Markit CDX North American High Yield (Series #39)		Sell		12/20/2027		5.000%		Quarterly		45,000,000	$	888,825	$	1,179,847	$	(291,022	)
Total Credit Default Swap Contracts												$	888,825	$	1,179,847	$	(291,022	)

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

Optima Strategic Credit Fund

Statement of Assets And Liabilities

February 28, 2023 (Unaudited)

ASSETS
Short-term investments, at value (cost $38,234,457)		$	38,172,495
Cash			4,086,138
Deposit at Broker for Swap Contracts			8,680,746
Receivables for:
Variation margin on centrally cleared swaps			145
Interest			16,584
Prepaid expenses and other assets			994
Total assets	��		50,957,102
LIABILITIES
Payables for:
Advisory fees			32,030
Administration and accounting services fees			11,031
Audit expenses			8,962
Transfer agent fees			7,127
Printing and shareholder reporting fees			6,261
Custodian fees			1,080
Blue Sky Fees			703
Other accrued expenses and liabilities			2,018
Total liabilities			69,212
Net assets		$	50,887,890
NET ASSETS CONSIST OF:
Par value		$	5,167
Paid-in capital			51,282,630
Total distributable earnings/(losses)			(399,907	)
Net assets		$	50,887,890
FOUNDERS CLASS SHARES:
Net assets		$	50,887,890
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)			5,166,519
Net asset value, offering and redemption price per share		$	9.85

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

Optima Strategic Credit Fund

Statement of Operations

For the Six-Month Period Ended February 28, 2023 (Unaudited)

INVESTMENT INCOME
Interest	$	559,580
Broker interest income		13,100
Total investment income		572,680
EXPENSES
Advisory fees (Note 2)		123,137
Offering costs		82,234
Transfer agent fees (Note 2)		36,609
Administration and accounting services fees (Note 2)		26,519
Audit fees and tax services		7,748
Registration and filing fees		3,821
Printing and shareholder reporting fees		3,381
Legal fees		2,427
Custodian fees (Note 2)		667
Officer fees		292
Director fees		238
Other expenses		76
Broker interest expense		48,753
Recoupment		54,198
Total expenses before waivers and/or reimbursements		390,100
Less: waivers and/or reimbursements (Note 2)		(33,505	)
Net expenses after waivers and/or reimbursements		356,595
Net investment income/(loss)		216,085
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Swap contracts		(77,268	)
Net change in unrealized appreciation/(depreciation) from:
Short-term investments		124,638
Swap contracts		(291,022	)
Net realized and unrealized gain/(loss) from investments		(243,652	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(27,567	)

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

Optima Strategic Credit Fund

Statements of Changes in Net Assets

	For the Six-Month Period Ended February 28, 2023 (Unaudited)			For the Period Ended August 31, 2022*
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	216,085		$	3,277
Net realized gain/(loss) from investments		(77,268	)		(852	)
Net change in unrealized appreciation/(depreciation) on investments		(166,384	)		(186,600	)
Net increase/(decrease) in net assets resulting from operations		(27,567	)		(184,175	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(188,165	)		—
Net decrease in net assets from dividends and distributions to shareholders		(188,165	)		—
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		10,930,649			41,719,542
Proceeds from reinvestment of distributions		188,165			—
Shares redeemed		(1,117,512	)		(433,047	)
Net increase/(decrease) in net assets from capital share transactions		10,001,302			41,286,495
Total increase/(decrease) in net assets		9,785,570			41,102,320
NET ASSETS:
Beginning of period		41,102,320			—
End of period	$	50,887,890		$	41,102,320
SHARE TRANSACTIONS:
Shares sold		1,106,168			4,197,861
Shares reinvested		19,063			—
Shares redeemed		(113,115	)		(43,458	)
Net increase/(decrease) in shares outstanding		1,012,116			4,154,403

* Inception date of the Founders Class Shares of the Fund was December 29, 2021.

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

Optima Strategic Credit Fund

Financial Highlights

Contained below is per share operating performance data for Founders Class outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	For the Six-Month Period Ended February 28, 2023 (Unaudited)			For the Period December 29, 2021(1) to August 31, 2022
Per Share Operating Performance
Net asset value, beginning of period	$	9.89		$	10.00
Net investment income/(loss)(2)		0.04			—
Net realized and unrealized gain/(loss) from investments		(0.04	)		(0.11	)
Net increase/(decrease) in net assets resulting from operations		—			(0.11	)
Total dividends and distributions to shareholders		(0.04	)		—
Net asset value, end of period	$	9.85		$	9.89
Total investment return/(loss)(3)		(0.04	)%(4)		(1.10	)%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	50,888		$	41,102
Ratio of expenses to average net assets with waivers and/or reimbursements		1.36	%(5)		1.48	%(5)
Ratio of expenses to average net assets without waivers and/or reimbursements		1.28	%(5)		1.94	%(5)
Ratio of expenses to average net assets with waivers and reimbursements (excluding interest expense)		1.25	%(5)		1.25	%(5)
Ratio of expenses to average net assets without waivers and reimbursements (excluding interest expense)		1.17	%(5)		1.71	%(5)
Ratio of net investment income/(loss) to average net assets		0.88	%(5)		0.03	%(5)
Portfolio turnover rate		0	%(4)		0	%(4)

(1) Inception date of the Founders Class Shares of the Fund was December 29, 2021.

(2) Calculated based on average shares outstanding for the period.

(3) Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of the period reported and includes reinvestments of dividends and distributions, if any.

(4) Not annualized.

(5) Annualized.

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

Optima Strategic Credit Fund

Notes To Financial Statements

February 28, 2023 (Unaudited)

1. Organization and Significant Accounting Policies

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is a mutual fund divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has forty-eight separate investment portfolios, including the Optima Strategic Credit Fund (the “Fund”), which commenced investment operations on December 29, 2021. The Fund is authorized to offer two classes of shares, Founders Class Shares and Investor Class Shares. Investor Class Shares have not yet commenced operations as of the end of the reporting period.

RBB has authorized capital of one hundred billion shares of common stock of which 90.623 billion shares are currently classified into two hundred and thirteen classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

The investment objective of the Fund is to seek total return.

The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services – Investment Companies.”

The end of the reporting period for the Fund is February 28, 2023, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2023 (the “current fiscal period”).

Portfolio Valuation — The Fund values its investments at fair value. The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Securities listed or traded on U.S. exchanges, including swaps contracts, are valued at the last sales prices on the exchange where they are principally traded. In the absence of a current quotation, a security is valued at the mean between the last bid and asked prices on that exchange. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

The Board has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated Optima Asset Management, LLC (the “Adviser”) as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

Fair Value Measurements — The inputs and valuation techniques used to measure the fair value of the Fund’s investments are summarized into three levels as described in the hierarchy below:

● Level 1 – Prices are determined using quoted prices in active markets for identical securities.

● Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

10

Optima Strategic Credit Fund

Notes To Financial Statements (Continued)

February 28, 2023 (Unaudited)

● Level 3 – Prices are determined using significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).

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

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Fund’s investments carried at fair value:

	Total			Level 1		Level 2			Level 3
Total Investments*
Short-Term Investments	$	38,172,495		$	10,329,721	$	27,842,774		$	—
Total Investments	$	38,172,495		$	10,329,721	$	27,842,774		$	—
Other Financial Instruments**
Liabilities
Unrealized Depreciation on Swap Contracts		(291,022	)		—		(291,022	)		—
Total Other Financial Instruments	$	(291,022	)	$	—	$	(291,022	)	$	—

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

** Other financial instruments are derivative financial instruments not reflected in the Schedules of Investments, such as futures contracts, swap contracts and forward foreign currency contracts. These contracts are valued at the unrealized appreciation (depreciation) on the instrument.

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

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

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

During the current fiscal period, the Fund had no Level 3 transfers.

11

Optima Strategic Credit Fund

Notes To Financial Statements (Continued)

February 28, 2023 (Unaudited)

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

Investment Transactions, Investment Income and Expenses — The Fund records security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Fund’s investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (formerly, PENN Capital Funds Trust) (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Fund.

Credit Default Swap – During the current fiscal period, the Fund entered into a credit default swap to preserve a return or spread on a particular investment or portion of its portfolio, as a duration management technique and to protect against any increase in the price of securities the Fund anticipates purchasing at a later date. In a credit default swap, the protection buyer makes a stream of payments based on a fixed percentage applied to the contract notional amount to the protection seller in exchange for the right to receive a specified return upon the occurrence of a defined credit event on the reference obligation which may be either a single security or a basket of securities issued by corporate or sovereign issuers. Although contract-specific, credit events are generally defined as bankruptcy, failure to pay, restructuring, obligation acceleration, obligation default, or repudiation/moratorium. Upon the occurrence of a defined credit event, the difference between the value of the reference obligation and the swap’s notional amount is recorded as realized gain (for protection written) or loss (for protection sold) in the Statement of Operations. In the case of credit default swaps where the Fund is selling protection, the notional amount approximates the maximum loss. For financial reporting purposes, cash collateral that has been pledged to cover obligations of the Fund, if any, is reported separately as Deposit at Broker for Swap Contracts on the Statement of Assets and Liabilities. The average monthly notional value of the credit default swap in the Fund during the current fiscal period was as follows:

Portfolio
Optima Strategic Credit Fund	$	21,200,000

Centrally Cleared Swaps – For swaps that are centrally cleared, initial margins are posted, and daily changes in fair value are recorded as variation margin at the broker and may be recorded as a payable or receivable on the Statement of Assets and Liabilities as “Variation margin on centrally cleared swaps” and settled daily against the Portfolio’s margin account. Because the Portfolio’s margin does not leave the brokerage account until recalled, centrally cleared swaps are shown at unrealized appreciation (depreciation) on swap contracts, which closely approximates the accumulated variation margin. Initial margin is determined by each relevant clearing agency and is segregated at a broker account registered with the Commodity Futures Trading Commission (“CFTC”), or the applicable regulator. Customer Account Agreements (“CAA”) and related addendums governing the Company’s cleared swap transactions do not provide the Company with legal right of set off and are not associated with a master netting agreement.

12

Optima Strategic Credit Fund

Notes To Financial Statements (Continued)

February 28, 2023 (Unaudited)

For the current fiscal period, the effect of derivative contracts in the Fund’s Statement of Operations was as follows:

	STATEMENT OF OPERATIONS
RISK	DERIVATIVE TYPE		LOCATION		NET REALIZED GAIN(LOSS)			NET CHANGE IN UNREALIZED APPRECIATION (DEPRECIATION)
Credit		Swap contracts		Swap contracts	$	(77,268	)	$	(291,022	)

For the current fiscal period, the effect of derivative contracts in the Fund’s Statement of Assets and Liabilities was as follows:

	STATEMENT OF ASSETS AND LIABILITIES
RISK	DERIVATIVE TYPE		LOCATION		Amount
Liability Derivatives
Credit		Swap contracts		Unrealized depreciation on swap contracts*	$	(291,022	)
Total Value - Liabilities					$	(291,022	)

* Includes cumulative appreciation/depreciation on centrally cleared swaps

Dividends and Distributions to Shareholders — Dividends from net investment income, if any, are declared and paid quarterly. Net realized capital gains (including net short-term capital gains), if any, are distributed by the Fund at least annually. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

U.S. Tax Status — No provision is made for U.S. income taxes as it is the Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income.

Active Management Risk — The Fund is subject to management risk as an actively-managed investment portfolio. The Fund’s ability to achieve its investment objective depends on the investment skill and ability of the Sub-Adviser and on Anthony Capital Management, LLC’s (the “Sub-Adviser”) ability to correctly identify economic trends.

Cash Positions Risk — The Fund may hold a significant position in cash and/or cash equivalent securities. When the Fund’s investment in cash or cash equivalent securities increases, the Fund may not participate in market advances or declines to the same extent that it would if the Fund were more fully invested in other securities.

Counterparty Risk — Counterparty risk is the risk that the other party(s) to an agreement or a participant to a transaction might default on a contract or fail to perform by failing to pay amounts due or failing to fulfill the obligations of the contract or transaction.

Credit Risk — Credit risk is the risk that an issuer or other obligated party of a debt security may be unable or unwilling to make interest and principal payments when due. Changes in an issuer’s credit rating or the market’s perception of an issuer’s creditworthiness may also affect the value of the Fund’s investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value or default. In addition, the credit quality of securities may be lowered if an issuer’s financial condition changes. The Fund could also be delayed or hindered in its enforcement of rights against an issuer, guarantor, or counterparty.

13

Optima Strategic Credit Fund

Notes To Financial Statements (Continued)

February 28, 2023 (Unaudited)

Credit Default Swap Risk — Credit default swaps are typically two-party financial contracts that transfer credit exposure between the two parties. Under a typical credit default swap, one party (the “seller”) receives pre-determined periodic payments from the other party (the “buyer”). The seller agrees to make specific payments to the buyer if a negative credit event occurs, such as the bankruptcy of or default by the issuer of the underlying debt instrument. The use of credit default swaps involves investment techniques and risks different from those associated with ordinary portfolio security transactions, such as potentially heightened counterparty or concentration risks.

Cyber Security Risk — Cyber security risk is the risk of an unauthorized breach and access to Fund assets, Fund or customer data (including private shareholder information), or proprietary information, or the risk of an incident occurring that causes the Adviser, Sub-Adviser, custodian, transfer agent, distributor and/or other service providers and financial intermediaries to suffer data breaches, data corruption or lose operational functionality or prevent Fund investors from purchasing, redeeming or exchanging shares or receiving distributions. The Fund and its Adviser and Sub-Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers. Successful cyber-attacks or other cyber-failures or events affecting the Fund or its service providers may adversely impact and cause financial losses to the Fund or its shareholders. Issuers of securities in which the Fund invests are also subject to cyber security risks, and the value of these securities could decline if the issuers experience cyber-attacks or other cyber-failures.

Fixed Income Securities Risk — Fixed income securities in which the Fund or an Underlying Fund may invest are subject to certain risks, including: interest rate risk, prepayment risk and credit/default risk. Interest rate risk involves the risk that prices of fixed income securities will rise and fall in response to interest rate changes. Prepayment risk involves the risk that in declining interest rate environments prepayments of principal could increase and require the Fund or an Underlying Fund to reinvest proceeds of the prepayments at lower interest rates. Credit risk involves the risk that the credit rating of a security may be lowered.

Government Intervention and Regulatory Changes — The Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”) (which was passed into law in July 2010) significantly revised and expanded the rulemaking, supervisory and enforcement authority of federal bank, securities and commodities regulators. There can be no assurance that future regulatory actions including, but not limited to, those authorized by the Dodd-Frank Act will not adversely impact the Fund. Major changes resulting from legislative or regulatory actions could materially affect the profitability of the Fund or the value of investments made by the Fund or force the Fund to revise its investment strategy or divest certain of its investments. Any of these developments could expose the Fund to additional costs, taxes, liabilities, enforcement actions and reputational risk.

In addition, in October 2020, the SEC adopted new regulations governing the use of derivatives by registered investment companies. The Fund is required to comply with Rule 18f-4 and has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4. Rule 18f-4 imposes limits on the amount of derivatives a fund can enter into, eliminates the asset segregation framework previously used by funds to comply with Section 18 of the 1940 Act, treats derivatives as senior securities so that a failure to comply with the limits would result in a statutory violation and requires funds whose use of derivatives is more than a limited specified exposure to establish and maintain a comprehensive derivatives risk management program and appoint a derivatives risk manager. These rules could have a substantial effect on the ability of the Fund to implement fully its investment strategy, as described herein, which may limit the Fund’s ability to achieve its objective.

High Yield Securities — High yield securities, which are rated below investment grade and commonly referred to as “junk” bonds, are high risk, speculative investments that may cause income and principal losses for the Fund. They generally have greater credit risk, are less liquid and have more volatile prices than investment grade securities.

Interest Rate Risk— Interest rate risk is the risk that prices of fixed income securities generally increase when interest rates decline and decrease when interest rates increase. The Fund may lose money if short term or long term interest rates rise sharply or otherwise change in a manner not anticipated by the Sub-Adviser. It is likely there will be less governmental action in the near future to maintain low interest rates. Changing interest rates may have unpredictable

14

Optima Strategic Credit Fund

Notes To Financial Statements (Continued)

February 28, 2023 (Unaudited)

effects on the markets and the Fund’s investments and may also affect the liquidity of fixed income securities and instruments held by the Fund. Any future declines in interest rate levels could cause the Fund’s earnings to fall below the Fund’s expense ratio, resulting in a negative yield, and a decline in the Fund’s share price. A general rise in interest rates may cause investors to move out of fixed income securities on a large scale, which could adversely affect the price and liquidity of fixed income securities and could also result in increased redemptions for the Fund. Fluctuations in interest rates may also affect the liquidity of fixed income securities and instruments held by the Fund.

Cash and Cash Equivalents —The Fund maintains cash in bank deposit accounts which, at times, may exceed United States federally insured limits and is classified as Cash and Cash Equivalents on the Statement of Assets and Liabilities.

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

2. Investment Adviser and Other Services

Optima Asset Management LLC serves as the investment adviser for the Fund. Anthony Capital Management, LLC serves as the investment sub-adviser to the Fund. Subject to the supervision of the Board, the Adviser manages the overall investment operations of the Fund, primarily in the form of oversight of the Sub-Adviser pursuant to the terms of the Investment Advisory Agreement between the Adviser and the Company on behalf of the Fund. The Fund compensates the Adviser for its services at an annual rate based on the Fund’s average daily net assets (the“Advisory Fee”), payable on a monthly basis in arrears, as shown in the following table. The Adviser compensates the Sub-Adviser out of the Advisory Fee.

The Adviser has contractually agreed to waive its advisory fee and/or reimburse expenses in order to limit total annual Fund operating expenses (excluding certain items discussed below) to the rates (“Expense Cap”) shown in the following table of the Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed the Expense Cap as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary expenses, interest and taxes. This contractual limitation is in effect until December 31, 2023 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2023.

Advisory Fee	Expense Cap
	Founders Class
.50%	1.25%

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

Gross Advisory Fees	Waivers	Recoupment	Net Advisory Fees
$123,137	$(33,505)	$54,198	$143,830

15

Optima Strategic Credit Fund

Notes To Financial Statements (Continued)

February 28, 2023 (Unaudited)

If at any time the Fund’s total annual fund operating expenses (not including acquired fund fees and expenses, brokerage commissions, extraordinary expenses, interest and taxes) for a year are less than the relevant share class’s Expense Cap, the Adviser may recoup any waived or reimbursed amounts from the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

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

Expiration
AUGUST 31, 2025	August 31, 2026
$2,965	$33,505

U.S. Bancorp Fund Services, LLC (“Fund Services”), doing business as U.S. Bank Global Fund Services, serves as administrator for the Fund. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Fund Services serves as the Fund’s transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Fund. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Quasar Distributors, LLC (the “Distributor”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Fund’s shares pursuant to a Distribution Agreement with RBB.

For compensation amounts paid to Fund Services and the Custodian, please refer to the Statement of Operations.

3. Director And Officer Compensation

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Secretary and Director of Marketing & Business Development of the Company. They are compensated by the Fund for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Fund or the Company. As of the end of the reporting period, there were no director and officer fees charged or paid by the Fund.

4. Purchases and Sales of Investment Securities

During the current fiscal period, there were no purchases or sales of investment securities or long-term U.S. Government securities (excluding short-term investments) by the Fund.

5. Federal Income Tax Information

The Fund has followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Fund to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Fund is subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

16

Optima Strategic Credit Fund

Notes To Financial Statements (Concluded)

February 28, 2023 (Unaudited)

As of August 31, 2022, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund were as follows:

Federal Tax Cost	Unrealized Appreciation	Unrealized (Depreciation)	Net Unrealized Appreciation/ (Depreciation)
$37,171,685	$—	$(186,600)	$(186,600)

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

As of August 31, 2022, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gains	Net Unrealized Appreciation/ (Depreciation)	Capital Loss Carryforwards	Qualified Late-Year Losses	Other Temporary Differences
$3,277	$—	$(186,600)	$(852)	$—	$—

The differences between the book and tax basis components of distributable earnings relate primarily to the timing of recognition of income and gains for federal income tax purposes. Short-term and foreign currency gains, if applicable, are reported as ordinary income for federal income tax purposes.

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2022 were as follows:

	Ordinary Income	Long-Term Gains	Total
2022	$—	$—	$—

The Fund is permitted to carry forward capital losses for an unlimited period. Capital losses that are carried forward will retain their character as either short-term or long-term capital losses. As of August 31, 2022, the Fund had unexpiring short-term losses of $852 to offset future capital gains.

6. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

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

7. Subsequent Events

Management has evaluated the impact of all subsequent events on the Fund through the date the financial statements were issued and has determined that there were no significant events requiring recognition or disclosure in the financial statements.

17

Optima Strategic Credit Fund

Other Information

(Unaudited)

Proxy Voting

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling (866) 239-2026 and on the SEC’s website at http://www.sec.gov.

Quarterly Portfolio Schedules

The Company files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Form N-PORT is available on the SEC’s website at http://www.sec.gov.

18

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Investment Adviser
Optima Asset Management LLC
10 East 53rd Street
New York, New York 10022

Sub-Adviser
Anthony Capital Management, LLC
421 George Street, Suite 206
De Pere, Wisconsin 54115

Administrator and Transfer Agent
U.S. Bank Global Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201

Principal Underwriter
Quasar Distributors, LLC
111 E Kilbourn Ave, Suite 2200
Milwaukee, WI 53202

Custodian
U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

Independent Registered Public Accounting Firm
Cohen & Company, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, Ohio 44115

Legal Counsel
Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

OSCF-SAR23

SGI U.S. LARGE CAP EQUITY FUND

SGI U.S. SMALL CAP EQUITY FUND

SGI GLOBAL EQUITY FUND

SGI PRUDENT GROWTH FUND

SGI PEAK GROWTH FUND

SGI SMALL CAP CORE FUND

of

The RBB Fund, Inc.

SEMI-ANNUAL REPORT

February 28, 2023
(Unaudited)

This report is submitted for the general information of the shareholders of the Funds and may not be used as sales literature unless preceded or accompanied by a current prospectus for the Funds.

SGI U.S. LARGE CAP EQUITY FUND - CLASS I SHARES

Performance Data

February 28, 2023 (UNAUDITED)

Average Annual Total Returns for the periods ended February 28, 2023
	Six Months(1)	One Year	Five Years	Ten Years	Since Inception(2)
Class I Shares	2.36%	-1.23%	7.55%	9.99%	10.20%
S&P 500® Index(3)	1.26%	-7.69%	9.82%	12.25%	12.36%

⁽¹⁾ Not annualized.

⁽²⁾ Class I Shares of the Fund commenced operations on February 29, 2012.

⁽³⁾ Benchmark performance is from the inception date of the Class I Shares only and is not the inception date of the benchmark itself.

Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by calling 1-855-744-8500.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2022, are 0.96% and 0.92%, respectively, of average daily net assets for Class I Shares. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. Summit Global Investments, LLC (the “Adviser”) has contractually agreed to waive management fees and/or reimburse expenses through December 31, 2023 to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed 0.98% of the Fund’s average daily net assets attributable to Class I Shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed 0.98%: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. The contractual limitation may not be terminated before December 31, 2023 without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s total annual Fund operating expenses for a year are less than 0.98% of the Fund’s average daily net assets attributable to Class I Shares, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

The Fund’s investments will generally consist of securities, which may include common stocks, preferred stocks, warrants to acquire common stock and securities convertible into common stock. Portfolio composition is subject to change. The Fund evaluates performance as compared to that of the Standard & Poor’s 500^® Index (“S&P 500^®”). The S&P 500^® is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. It is impossible to invest directly in an index.

1

SGI U.S. LARGE CAP EQUITY FUND - CLASS A SHARES

Performance Data (continued)

February 28, 2023 (UNAUDITED)

Average Annual Total Returns for the periods ended February 28, 2023
	Six Months(1)	One Year	Three Years	Five Years	Since Inception(2)
Class A Shares (without sales charge)	2.17%	-1.46%	6.74%	7.28%	8.34%
Class A Shares (with sales charge)	-3.19%	-6.65%	4.84%	6.13%	7.55%
S&P 500® Index(3)	1.26%	-7.69%	12.15%	9.82%	11.21%

⁽¹⁾ Not annualized.

⁽²⁾ Class A Shares of the Fund commenced operations on October 29, 2015.

⁽³⁾ Benchmark performance is from the inception date of the Class A Shares only and is not the inception date of the benchmark itself.

Class A Shares of the Fund have a 5.25% maximum sales charge.

Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by calling 1-855-744-8500.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2022, are 1.21% and 1.17%, respectively, of average daily net assets for Class A Shares. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. Summit Global Investments, LLC (the “Adviser”) has contractually agreed to waive management fees and/or reimburse expenses through December 31, 2023 to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed 1.23% of the Fund’s average daily net assets attributable to Class A Shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse certain expenses, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed 1.23%: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. The contractual limitation may not be terminated before December 31, 2023 without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s total annual Fund operating expenses for a year are less than 1.23% of the Fund’s average daily net assets attributable to Class A Shares, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

The Fund’s investments will generally consist of securities, which may include common stocks, preferred stocks, warrants to acquire common stock and securities convertible into common stock. Portfolio composition is subject to change. The Fund evaluates performance as compared to that of the Standard & Poor’s 500^® Index (“S&P 500^®”). The S&P 500^® is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. It is impossible to invest directly in an index.

2

SGI U.S. LARGE CAP EQUITY FUND - CLASS C SHARES

Performance Data (continued)

February 28, 2023 (UNAUDITED)

Average Annual Total Returns for the periods ended February 28, 2023
	Six Months(1)	One Year	Three Years	Five Years	Since Inception(2)
Class C Shares	1.83%	-2.17%	6.10%	6.58%	7.92%
S&P 500® Index(3)	1.26%	-7.69%	12.15%	9.82%	11.77%

⁽¹⁾ Not annualized.

⁽²⁾ Class C Shares of the Fund commenced operations on December 31, 2015.

⁽³⁾ Benchmark performance is from the inception date of the Class C Shares only and is not the inception date of the benchmark itself.

Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by calling 1-855-744-8500.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2022, are 1.96% and 1.92%, respectively, of average daily net assets for Class C Shares. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. Summit Global Investments, LLC (the “Adviser”) has contractually agreed to waive management fees and/or reimburse expenses through December 31, 2023 to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed 1.98% of the Fund’s average daily net assets attributable to Class C Shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed 1.98%: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. The contractual limitation may not be terminated before December 31, 2023 without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s total annual Fund operating expenses for a year are less than 1.98% of the Fund’s average daily net assets attributable to Class C Shares, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

The Fund’s investments will generally consist of securities, which may include common stocks, preferred stocks, warrants to acquire common stock and securities convertible into common stock. Portfolio composition is subject to change. The Fund evaluates performance as compared to that of the Standard & Poor’s 500^® Index (“S&P 500^®”). The S&P 500^® is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. It is impossible to invest directly in an index.

3

SGI U.S. SMALL CAP EQUITY FUND - CLASS I SHARES

Performance Data (continued)

February 28, 2023 (UNAUDITED)

Average Annual Total Returns for the periods ended February 28, 2023
	Six Months(1)	One Year	Three Years	Five Years	Since Inception(2)
Class I Shares	2.70%	-1.16%	2.51%	1.26%	4.55%
Russell 2000® Index(3)	3.63%	-6.02%	10.08%	6.01%	9.43%

⁽¹⁾ Not annualized.

⁽²⁾ Class I Shares of the Fund commenced operations on March 31, 2016.

⁽³⁾ Benchmark performance is from the inception date of the Class I Shares only and is not the inception date of the benchmark itself.

Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by calling 1-855-744-8500.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2022, are 1.46% and 1.23%, respectively, of average daily net assets for Class I Shares. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. Summit Global Investments, LLC (the “Adviser”) has contractually agreed to waive management fees and/or reimburse expenses through December 31, 2023 to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed 1.23% of the Fund’s average daily net assets attributable to Class I Shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed 1.23%: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation may not be terminated before December 31, 2023 without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s total annual Fund operating expenses for a year are less than 1.23% of the Fund’s average daily net assets attributable to Class I Shares, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

The Fund’s investments will generally consist of securities, which may include common stocks, preferred stocks, warrants to acquire common stock and securities convertible into common stock. Portfolio composition is subject to change. The Fund evaluates performance as compared to that of the Russell 2000^® Index (“Russell 2000^®”). The Russell 2000^® is a widely recognized, unmanaged index of 2,000 common stocks which are generally representative of the U.S. Small Companies. It is impossible to invest directly in an index.

The Fund invests in equity securities and in stocks of small companies which are subject to market, economic and business risks that may cause their price to rise or fall over time. Stocks of small companies may be more volatile, less liquid or not as readily marketable as those of larger companies. Small companies may also have limited product lines, markets or financial resources and may be dependent on relatively small or inexperienced management groups. Although the Fund seeks lower volatility, there is no guarantee the Fund will perform as expected.

4

SGI U.S. SMALL CAP EQUITY FUND - CLASS A SHARES

Performance Data (continued)

February 28, 2023 (UNAUDITED)

Average Annual Total Returns for the periods ended February 28, 2023
	Six Months (1)	One Year	Three Years	Five Years	Since Inception(2)
Class A Shares (without sales charge)	2.63%	-1.34%	2.28%	1.04%	4.33%
Class A Shares (with sales charge)	-2.76%	-6.55%	0.45%	-0.04%	3.52%
Russell 2000® Index(3)	3.63%	-6.02%	10.08%	6.01%	9.43%

⁽¹⁾ Not annualized.

⁽²⁾ Class A Shares of the Fund commenced operations on March 31, 2016.

⁽³⁾ Benchmark performance is from the inception date of the Class A Shares only and is not the inception date of the benchmark itself.

Class A Shares of the Fund have a 5.25% maximum sales charge.

Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by calling 1-855-744-8500.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2022, are 1.71% and 1.48%, respectively, of average daily net assets for Class A Shares. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. Summit Global Investments, LLC (the “Adviser”) has contractually agreed to waive management fees and/or reimburse expenses through December 31, 2023 to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed 1.48% of the Fund’s average daily net assets attributable to Class A Shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed 1.48%: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation may not be terminated before December 31, 2023 without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s total annual Fund operating expenses for a year are less than 1.48% of the Fund’s average daily net assets attributable to Class A Shares, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

The Fund’s investments will generally consist of securities, which may include common stocks, preferred stocks, warrants to acquire common stock and securities convertible into common stock. Portfolio composition is subject to change. The Fund evaluates performance as compared to that of the Russell 2000^® Index (“Russell 2000^®”). The Russell 2000^® is a widely recognized, unmanaged index of 2,000 common stocks which are generally representative of the U.S. Small Companies. It is impossible to invest directly in an index.

The Fund invests in equity securities and in stocks of small companies which are subject to market, economic and business risks that may cause their price to rise or fall over time. Stocks of small companies may be more volatile, less liquid or not as readily marketable as those of larger companies. Small companies may also have limited product lines, markets or financial resources and may be dependent on relatively small or inexperienced management groups. Although the Fund seeks lower volatility, there is no guarantee the Fund will perform as expected.

5

SGI U.S. SMALL CAP EQUITY FUND - CLASS C SHARES

Performance Data (continued)

February 28, 2023 (UNAUDITED)

Average Annual Total Returns for the periods ended February 28, 2023
	Six Months(1)	One Year	Three Years	Five Years	Since Inception(2)
Class C Shares	2.25%	-1.48%	1.69%	0.40%	3.62%
Russell 2000® Index(3)	3.63%	-6.02%	10.08%	6.01%	9.43%

⁽¹⁾ Not annualized.

⁽²⁾ Class C Shares of the Fund commenced operations on March 31, 2016.

⁽³⁾ Benchmark performance is from the inception date of the Class C Shares only and is not the inception date of the benchmark itself.

Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by calling 1-855-744-8500.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2022, are 2.46% and 2.23%, respectively, of average daily net assets for Class C Shares. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. Summit Global Investments, LLC (the “Adviser”) has contractually agreed to waive management fees and/or reimburse expenses through December 31, 2023 to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed 2.23% of the Fund’s average daily net assets attributable to Class C Shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed 2.23%: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation may not be terminated before December 31, 2023 without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s total annual Fund operating expenses for a year are less than 2.23% of the Fund’s average daily net assets attributable to Class C Shares, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

The Fund’s investments will generally consist of securities, which may include common stocks, preferred stocks, warrants to acquire common stock and securities convertible into common stock. Portfolio composition is subject to change. The Fund evaluates performance as compared to that of the Russell 2000^® Index (“Russell 2000^®”). The Russell 2000^® is a widely recognized, unmanaged index of 2,000 common stocks which are generally representative of the U.S. Small Companies. It is impossible to invest directly in an index.

The Fund invests in equity securities and in stocks of small companies which are subject to market, economic and business risks that may cause their price to rise or fall over time. Stocks of small companies may be more volatile, less liquid or not as readily marketable as those of larger companies. Small companies may also have limited product lines, markets or financial resources and may be dependent on relatively small or inexperienced management groups. Although the Fund seeks lower volatility, there is no guarantee the Fund will perform as expected.

6

SGI GLOBAL EQUITY FUND - CLASS I SHARES

Performance Data (continued)

February 28, 2023 (UNAUDITED)

Average Annual Total Returns for the periods ended February 28, 2023(2)
	Six Months(1)	One Year	Five Years	Ten Years	Since Inception
Class I Shares(3)	2.42%	-5.31%	5.48%	8.83%	13.28%
MSCI ACWI Index(4)	3.32%	-8.26%	5.82%	7.93%	10.67%

⁽¹⁾ Not annualized.

⁽²⁾ Returns for periods prior to January 3, 2017 were generated under the management of the Fund’s former investment adviser and reflect a previous investment strategy.

⁽³⁾ The Fund operated as a series of Scotia Institutional Funds prior to the close of business on March 21, 2014 (the “Predecessor Fund”), at which time the Predecessor Fund was reorganized into the Fund. The fiscal year end of the Predecessor Fund was September 30. The performance shown for periods prior to March 21, 2014 represents the performance for the Predecessor Fund. While the Predecessor Fund commenced operations on March 31, 2009, the Predecessor Fund began investing consistent with its investment objective on April 1, 2009.

⁽⁴⁾ Benchmark performance is from the inception date of the Predecessor Fund only and is not the inception date of the benchmark itself.

Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by calling 1-855-744-8500.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2022, are 1.01% and 0.84%, respectively, of average daily net assets for Class I Shares. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. Summit Global Investments, LLC (the “Adviser”) has contractually agreed to waive management fees and/or reimburse certain expenses of the Fund through December 31, 2023 to the extent necessary to ensure that the Fund’s total annual operating expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) do not exceed 0.84% (on an annual basis) of Class I’s average daily net assets (the “Expense Limitation”). The Expense Limitation shall remain in effect until December 31, 2023 unless the Board of Directors of The RBB Fund, Inc. approves its earlier termination. If at any time the Fund’s total annual Fund operating expenses for a year are less than 0.84% of the Fund’s average daily net assets attributable to Class I Shares, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

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

The MSCI ACWI Index (the “Index”) captures large and mid cap representation across 23 Developed Markets (DM) and 27 Emerging Markets (EM) countries. With more than 3,000 constituents, the Index covers approximately 85% of the global investable equity opportunity set. It is not possible to invest directly in an index.

7

SGI PRUDENT GROWTH FUND - CLASS I SHARES

Performance Data (continued)

February 28, 2023 (UNAUDITED)

Average Annual Total Returns for the periods ended February 28, 2023
	Six Months(1)	One Year	Since Inception
Class I Shares	1.47%	-5.48%	1.92%(2)
S&P 500® Index(3)	1.26%	-7.69%	9.54%
Composite Index(4)	0.07%	-8.16%	3.97%

⁽¹⁾ Not annualized.

⁽²⁾ Inception date of the Fund is June 8, 2020.

⁽³⁾ Benchmark performance is from the inception date of the Fund only and is not the inception date of the benchmark itself.

⁽⁴⁾ The Composite Index is comprised of the S&P 500^® Index and Bloomberg US Aggregate Bond Index, weighted 60% and 40%, respectively.

Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by calling 1-855-744-8500.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2022 are 2.11% and 2.20%, respectively, of average daily net assets for Class I Shares. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. Summit Global Investments, LLC (the “Adviser”) has contractually agreed to waive management fees and/or reimburse certain expenses of the Fund through December 31, 2023 to the extent necessary to ensure that the Fund’s total annual operating expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) do not exceed 1.70% (on an annual basis) of Class I’s average daily net assets (the “Expense Limitation”). The Expense Limitation shall remain in effect until December 31, 2023, unless the Board of Directors of The RBB Fund, Inc. approves its earlier termination. If at any time the Fund’s total annual Fund operating expenses for a year are less than 1.70% of the Fund’s average daily net assets attributable to Class I Shares, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

The S&P 500^® Index is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. It is impossible to invest directly in an index.

The Bloomberg US Aggregate Bond Index is a broad-based, market capitalization-weighted bond market index representing intermediate term investment grade bonds traded in the United States. It is not possible to invest directly in an index.

8

SGI PEAK GROWTH FUND - CLASS I SHARES

Performance Data (continued)

February 28, 2023 (UNAUDITED)

Average Annual Total Returns for the periods ended February 28, 2023
	Six Months(1)	One Year	Since Inception
Class I Shares	2.71%	-4.19%	5.13%(2)
S&P 500® Index(3)	1.26%	-7.69%	9.54%

⁽¹⁾ Not annualized.

⁽²⁾ Inception date of the Fund is June 8, 2020.

⁽³⁾ Benchmark performance is from the inception date of the Fund only and is not the inception date of the benchmark itself.

Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by calling 1-855-744-8500.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2022 are 2.35% and 2.47%, respectively, of average daily net assets for Class I Shares. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. Summit Global Investments, LLC (the “Adviser”) has contractually agreed to waive management fees and/or reimburse certain expenses of the Fund through December 31, 2023 to the extent necessary to ensure that the Fund’s total annual operating expenses (excluding taxes, extraordinary expenses, brokerage commissions and interest) do not exceed 1.70% (on an annual basis) of Class I’s average daily net assets (the “Expense Limitation”). The Expense Limitation shall remain in effect December 31, 2023, unless the Board of Directors of The RBB Fund, Inc. approves its earlier termination. If at any time the Fund’s total annual Fund operating expenses for a year are less than 1.70% of the Fund’s average daily net assets attributable to Class I Shares, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement.

The S&P 500^® Index is a widely recognized, unmanaged index of 500 common stocks which are generally representative of the U.S. stock market as a whole. It is impossible to invest directly in an index.

9

SGI SMALL CAP CORE FUND - CLASS I SHARES

Performance Data (CONCLUDED)

February 28, 2023 (UNAUDITED)

Average Annual Total Returns for the periods ended February 28, 2023
	Six Months(1)	One Year	Five Years	Ten Years	Since Inception(2)
Class I Shares	7.23%	2.22%	7.83%	10.16%	10.65%
Russell 2000® Index	3.63%	-6.02%	6.01%	9.06%	8.03%

⁽¹⁾ Not annualized.

⁽²⁾ For the period October 1, 1999 (commencement of operations) through February 28, 2023.

Performance quoted is past performance and does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher. Returns shown do not reflect taxes that a shareholder would pay on Fund distributions or on the redemption of Fund shares. Performance data current to the most recent month-end may be obtained by calling 1-855-744-8500.

The Fund’s total annual gross and net operating expenses, as stated in the current prospectus dated December 31, 2022, are 1.33% and 1.23%, respectively, of average daily net assets for Class I Shares. These ratios may differ from the actual expenses incurred by the Fund for the period covered by this report. Summit Global Investments, LLC (the “Adviser”) has contractually agreed to waive management fees and/or reimburse expenses through December 31, 2023 to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed 1.23% of the Fund’s average daily net assets attributable to Class I Shares. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause net total annual Fund operating expenses to exceed 1.23%: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation may not be terminated before December 31, 2023 without the approval of the Board of Directors of The RBB Fund, Inc. If at any time the Fund’s total annual Fund operating expenses for a year are less than 1.23% of the Fund’s average daily net assets attributable to Class I Shares, the Adviser is entitled to reimbursement by the Fund of the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund to exceed expense limitations that were in effect at the time of the waiver or reimbursement. The Fund’s investments will generally consist of securities, which may include common stocks, preferred stocks, warrants to acquire common stock and securities convertible into common stock. Portfolio composition is subject to change. The Fund evaluates performance as compared to that of the Russell 2000^® Index (“Russell 2000^®”). The Russell 2000^® is a widely recognized, unmanaged index of 2,000 common stocks which are generally representative of the U.S. Small Companies. It is impossible to invest directly in an index.

The Fund invests in equity securities and in stocks of small companies which are subject to market, economic and business risks that may cause their price to rise or fall over time. Stocks of small companies may be more volatile, less liquid or not as readily marketable as those of larger companies. Small companies may also have limited product lines, markets or financial resources and may be dependent on relatively small or inexperienced management groups. Although the Fund seeks lower volatility, there is no guarantee the Fund will perform as expected.

10

SUMMIT GLOBAL INVESTMENTS

Fund Expense Examples

February 28, 2023 (UNAUDITED)

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

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2022 through February 28, 2023 and held for the entire period.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

	SGI U.S. Large Cap Equity Fund
	Beginning Account Value SEPTEMBER 1, 2022	Ending Account Value FEBRUARY 28, 2023	Expenses Paid During Period*	Annualized Expense Ratio	Actual Six-Month Total Investment Return for the Fund
Actual
Class I Shares	$ 1,000.00	$ 1,023.60	$ 4.92	0.98%	2.36%
Class A Shares	1,000.00	1,021.70	6.17	1.23	2.17
Class C Shares	1,000.00	1,018.30	9.91	1.98	1.83
Hypothetical (5% return before expenses)
Class I Shares	$ 1,000.00	$ 1,019.89	$ 4.91	0.98%	N/A
Class A Shares	1,000.00	1,018.65	6.16	1.23	N/A
Class C Shares	1,000.00	1,014.93	9.89	1.98	N/A

11

SUMMIT GLOBAL INVESTMENTS

Fund Expense Examples (CONTINUED)

February 28, 2023 (UNAUDITED)

	SGI U.S. Small Cap Equity Fund
	Beginning Account Value SEPTEMBER 1, 2022	Ending Account Value FEBRUARY 28, 2023	Expenses Paid During Period*	Annualized Expense Ratio	Actual Six-Month Total Investment Return for the Fund
Actual
Class I Shares	$ 1,000.00	$ 1,027.00	$ 6.18	1.23%	2.70%
Class A Shares	1,000.00	1,026.30	7.44	1.48	2.63
Class C Shares	1,000.00	1,022.50	11.18	2.23	2.25
Hypothetical (5% return before expenses)
Class I Shares	$ 1,000.00	$ 1,018.70	$ 6.16	1.23%	N/A
Class A Shares	1,000.00	1,017.46	7.40	1.48	N/A
Class C Shares	1,000.00	1,013.74	11.13	2.23	N/A

	SGI Global Equity Fund
	Beginning Account Value SEPTEMBER 1, 2022	Ending Account Value FEBRUARY 28, 2023	Expenses Paid During Period*	Annualized Expense Ratio	Actual Six-Month Total Investment Return for the Fund
Actual
Class I Shares	$ 1,000.00	$ 1,024.20	$ 4.22	0.84%	2.42%
Hypothetical (5% return before expenses)
Class I Shares	$ 1,000.00	$ 1,020.63	$ 4.21	0.84%	N/A

	SGI Prudent GROWTH Fund
	Beginning Account Value SEPTEMBER 1, 2022	Ending Account Value FEBRUARY 28, 2023	Expenses Paid During Period*	Annualized Expense Ratio	Actual Six-Month Total Investment Return for the Fund
Actual
Class I Shares	$ 1,000.00	$ 1,014.70	$ 7.79	1.56%	1.47%
Hypothetical (5% return before expenses)
Class I Shares	$ 1,000.00	$ 1,017.06	$ 7.80	1.56%	N/A

12

SUMMIT GLOBAL INVESTMENTS

Fund Expense Examples (Concluded)

February 28, 2023 (UNAUDITED)

	SGI Peak Growth Fund
	Beginning Account Value SEPTEMBER 1, 2022	Ending Account Value FEBRUARY 28, 2023	Expenses Paid During Period*	Annualized Expense Ratio	Actual Six-Month Total Investment Return for the Fund
Actual
Class I Shares	$ 1,000.00	$ 1,027.10	$ 8.19	1.63%	2.71%
Hypothetical (5% return before expenses)
Class I Shares	$ 1,000.00	$ 1,016.71	$ 8.15	1.63%	N/A

	SGI small cap CORE Fund
	Beginning Account Value SEPTEMBER 1, 2022	Ending Account Value FEBRUARY 28, 2023	Expenses Paid During Period*	Annualized Expense Ratio	Actual Six-Month Total Investment Return for the Fund
Actual
Class L Shares	$ 1,000.00	$ 1,072.30	$ 6.32	1.23%	7.23%
Hypothetical (5% return before expenses)
Class L Shares	$ 1,000.00	$ 1,018.70	$ 6.16	1.23%	N/A

* Expenses are equal to each Fund’s annualized six-month expense ratio for the period September 1, 2022 to February 28, 2023, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one half year period. Each Fund’s ending account values on the first line in the tables is based on the actual six-month total investment return for each Fund.

13

SGI U.S. LARGE CAP EQUITY FUND

Portfolio Holdings Summary Table

February 28, 2023 (Unaudited)

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

	% of Net Assets			Value
COMMON STOCKS:
Pharmaceuticals		10.2	%	$	40,890,251
Food		9.5			38,133,643
Insurance		9.3			37,092,589
Software		9.2			36,889,031
Biotechnology		8.6			34,155,410
Electric		6.9			27,686,327
Oil & Gas		6.3			25,246,595
Banks		4.9			19,616,739
Retail		4.3			17,169,066
Computers		3.9			15,713,579
REITS		2.9			11,489,477
Telecommunications		2.6			10,338,019
Distribution/Wholesale		2.5			10,021,132
Media		2.4			9,749,885
Commercial Services		2.1			8,400,268
Electronics		1.9			7,460,172
Chemicals		1.3			5,001,240
Hand & Machine Tools		1.2			4,898,996
Internet		1.2			4,845,440
Semiconductors		0.9			3,744,027
Water		0.9			3,663,918
Diversified Financial Services		0.9			3,361,406
Household Products/Wares		0.7			2,763,605
Advertising		0.7			2,590,302
Environmental Control		0.6			2,560,896
Miscellaneous Manufacturing		0.6			2,537,413
Aerospace/Defense		0.6			2,347,473
Healthcare-Services		0.4			1,703,230
Electrical Components & Equipment		0.3			1,132,480
Building Materials		0.2			833,055
Healthcare-Products		0.2			814,928
Apparel		0.2			809,286
Engineering & Construction		0.2			794,512
Transportation		0.2			763,288
SHORT-TERM INVESTMENTS		1.2			4,604,757
OTHER ASSETS IN EXCESS OF LIABILITIES		0.0			19,414
NET ASSETS		100	%	$	399,841,849

Portfolio holdings are subject to change at any time.

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

SGI U.S. LARGE CAP EQUITY FUND

Portfolio of Investments

February 28, 2023 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 98.8%
Advertising — 0.7%
Omnicom Group, Inc.		28,600	$	2,590,302
Aerospace/Defense — 0.6%
General Dynamics Corp.		10,300		2,347,473
Apparel — 0.2%
Tapestry, Inc.		18,600		809,286
Banks — 4.9%
Bank of New York Mellon Corp., (The)		80,300		4,085,664
Citizens Financial Group, Inc.		186,300		7,779,888
Fifth Third Bancorp		81,100		2,943,930
JPMorgan Chase & Co.		23,800		3,411,730
KeyCorp		76,300		1,395,527
				19,616,739
Biotechnology — 8.6%
Gilead Sciences, Inc.		144,500		11,636,585
Incyte Corp.*		125,600		9,668,688
Royalty Pharma PLC, Class A, (United Kingdom)		88,800		3,183,480
Vertex Pharmaceuticals, Inc.*		33,300		9,666,657
				34,155,410
Building Materials — 0.2%
Carrier Global Corp.		18,500		833,055
Chemicals — 1.3%
Eastman Chemical Co.		58,700		5,001,240
Commercial Services — 2.1%
Automatic Data Processing, Inc.		20,200		4,440,364
Gartner, Inc.*		2,400		786,744
S&P Global, Inc.		9,300		3,173,160
				8,400,268
Computers — 3.9%
Accenture PLC, Class A, (Ireland)		12,600		3,345,930
Apple, Inc.		67,200		9,905,952
Hewlett Packard Enterprise Co.		157,700		2,461,697
				15,713,579
Distribution/Wholesale — 2.5%
Copart, Inc.*		73,000		5,143,580
Fastenal Co.		58,300		3,005,948
WW Grainger, Inc.		2,800		1,871,604
				10,021,132
Diversified Financial Services — 0.9%
Ameriprise Financial, Inc.		3,500		1,200,045
Interactive Brokers Group, Inc., Class A		25,100		2,161,361
				3,361,406
Electric — 6.9%
AES Corp.		71,100	$	1,754,748
Alliant Energy Corp.		67,200		3,445,344
American Electric Power Co., Inc.		13,400		1,178,798
CMS Energy Corp.		48,100		2,836,457
Consolidated Edison, Inc.		9,300		830,955
DTE Energy Co.		21,700		2,380,707
Evergy, Inc.		60,400		3,552,124
Exelon Corp.		22,800		920,892
PPL Corp.		134,700		3,646,329
Public Service Enterprise Group, Inc.		14,700		888,321
WEC Energy Group, Inc.		22,300		1,977,118
Xcel Energy, Inc.		66,200		4,274,534
				27,686,327
Electrical Components & Equipment — 0.3%
AMETEK, Inc.		8,000		1,132,480
Electronics — 1.9%
Fortive Corp.		70,400		4,692,864
Keysight Technologies, Inc.*		17,300		2,767,308
				7,460,172
Engineering & Construction — 0.2%
AECOM		9,200		794,512
Environmental Control — 0.6%
Waste Management, Inc.		17,100		2,560,896
Food — 9.5%
Campbell Soup Co.		21,800		1,144,936
ConAgra Foods, Inc.		28,400		1,034,044
Hershey Co., (The)		44,800		10,676,736
Hormel Foods Corp.		75,500		3,350,690
Kellogg Co.		24,400		1,608,936
Kraft Heinz Co., (The)		41,400		1,612,116
Kroger Co., (The)		115,400		4,978,356
Lamb Weston Holdings, Inc.		95,900		9,651,376
Mondelez International, Inc., Class A		50,300		3,278,554
Sysco Corp.		10,700		797,899
				38,133,643
Hand & Machine Tools — 1.2%
Snap-on, Inc.		19,700		4,898,996
Healthcare-Products — 0.2%
Stryker Corp.		3,100		814,928
Healthcare-Services — 0.4%
Humana, Inc.		1,700		841,534
Laboratory Corp. of America Holdings		3,600		861,696
				1,703,230

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

SGI U.S. LARGE CAP EQUITY FUND

Portfolio of Investments (CONtinued)

February 28, 2023 (Unaudited)

	Number of Shares		Value
Household Products/Wares — 0.7%
Kimberly-Clark Corp.		22,100	$	2,763,605
Insurance — 9.3%
American Financial Group, Inc.		6,000		804,660
American International Group, Inc.		13,400		818,874
Aon PLC, Class A		3,900		1,185,795
Arch Capital Group Ltd., (Bermuda)*		163,500		11,445,000
Chubb Ltd., (Switzerland)		6,000		1,266,120
Fidelity National Financial, Inc.		128,600		5,125,996
Progressive Corp., (The)		84,700		12,156,144
Prudential Financial, Inc.		42,900		4,290,000
				37,092,589
Internet — 1.2%
GoDaddy, Inc., Class A*		64,000		4,845,440
Media — 2.4%
FactSet Research Systems, Inc.		14,100		5,845,155
Fox Corp., Class A		111,500		3,904,730
				9,749,885
Miscellaneous Manufacturing — 0.6%
Teledyne Technologies, Inc.*		5,900		2,537,413
Oil & Gas — 6.3%
Chevron Corp.		25,200		4,051,404
Exxon Mobil Corp.		74,200		8,155,322
Marathon Petroleum Corp.		42,300		5,228,280
Valero Energy Corp.		59,300		7,811,589
				25,246,595
Pharmaceuticals — 10.2%
AbbVie, Inc.		35,200		5,417,280
AmerisourceBergen Corp.		5,200		808,912
Bristol-Myers Squibb Co.		134,900		9,302,704
McKesson Corp.		15,700		5,492,017
Merck & Co., Inc.		112,100		11,909,504
Pfizer, Inc.		196,200		7,959,834
				40,890,251
REITS — 2.9%
Camden Property Trust		47,400		5,439,624
Public Storage		12,600		3,766,770
Simon Property Group, Inc.		18,700		2,283,083
				11,489,477
Retail — 4.3%
AutoZone, Inc.*		900	$	2,237,886
Bath & Body Works, Inc.		18,600		760,182
Costco Wholesale Corp.		1,700		823,106
McDonald’s Corp.		17,300		4,565,643
TJX Cos, Inc., (The)		10,300		788,980
Wal-Mart Stores, Inc.		14,100		2,004,033
Yum! Brands, Inc.		47,100		5,989,236
				17,169,066
Semiconductors — 0.9%
Broadcom, Inc.		6,300		3,744,027
Software — 9.2%
Adobe Systems, Inc.*		25,700		8,325,515
ANSYS, Inc.*		3,100		941,191
Electronic Arts, Inc.		58,700		6,512,178
Fiserv, Inc.*		38,100		4,384,929
Intuit, Inc.		10,000		4,071,800
Microsoft Corp.		40,900		10,201,278
Roper Technologies, Inc.		5,700		2,452,140
				36,889,031
Telecommunications — 2.6%
Arista Networks, Inc.*		6,200		859,940
AT&T, Inc.		52,100		985,211
Cisco Systems, Inc.		175,400		8,492,868
				10,338,019
Transportation — 0.2%
Expeditors International of Washington, Inc.		7,300		763,288
Water — 0.9%
American Water Works Co., Inc.		26,100		3,663,918
TOTAL COMMON STOCKS
(Cost $349,950,288)				395,217,678

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

SGI U.S. LARGE CAP EQUITY FUND

Portfolio of Investments (CONCLUDED)

February 28, 2023 (Unaudited)

	Number of Shares		Value
SHORT-TERM INVESTMENTS — 1.2%
U.S. Bank Money Market Deposit Account, 4.25% (a)		4,604,757	$	4,604,757
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,604,757)				4,604,757
TOTAL INVESTMENTS — 100.0%
(Cost $354,556,045)				399,822,435
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%				19,414
NET ASSETS — 100.0%			$	399,841,849

* Non-income producing security.

^(a) The rate shown is as of February 28, 2023.

PLC Public Limited Company

REIT Real Estate Investment Trust

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

SGI U.S. SMALL CAP EQUITY FUND

Portfolio Holdings Summary Table

February 28, 2023 (Unaudited)

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

	% of Net Assets			Value
COMMON STOCKS:
Banks		11.7	%	$	4,328,858
Food		9.9			3,641,233
Pharmaceuticals		8.4			3,113,300
Diversified Financial Services		7.8			2,886,958
Commercial Services		6.5			2,406,801
Transportation		6.2			2,278,027
Retail		4.6			1,715,078
Chemicals		4.3			1,586,908
Water		4.1			1,516,286
Software		3.9			1,449,168
Electric		3.4			1,271,464
REITS		3.1			1,154,270
Packaging & Containers		2.5			935,835
Building Materials		2.4			887,813
Computers		2.3			839,001
Distribution/Wholesale		2.0			728,823
Machinery-Diversified		1.9			710,541
Healthcare-Products		1.8			676,596
Electronics		1.7			640,909
Oil & Gas		1.6			572,775
Insurance		1.5			565,293
Savings & Loans		1.3			463,323
Engineering & Construction		1.2			436,663
Pipelines		1.2			431,720
Environmental Control		0.8			309,428
Real Estate		0.8			300,486
Gas		0.6			231,101
Miscellaneous Manufacturing		0.6			205,674
Auto Parts & Equipment		0.5			193,330
Healthcare-Services		0.5			167,160
Biotechnology		0.3			115,424
SHORT-TERM INVESTMENTS		1.0			356,602
LIABILITIES IN EXCESS OF OTHER ASSETS		(0.4	)		(130,710	)
NET ASSETS		100	%	$	36,986,138

Portfolio holdings are subject to change at any time.

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

SGI U.S. SMALL CAP EQUITY FUND

Portfolio of Investments

February 28, 2023 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 99.4%
Auto Parts & Equipment — 0.5%
Standard Motor Products, Inc.		4,961	$	193,330
Banks — 11.7%
Bank of Marin Bancorp		2,000		58,000
Bankwell Financial Group, Inc.		2,900		87,522
BayCom Corp.		3,500		71,855
BCB Bancorp, Inc.		6,600		114,510
City Holding Co.		2,300		225,860
CrossFirst Bankshares, Inc.*		10,900		154,235
Enterprise Financial Services Corp.		3,400		185,164
Equity Bancshares, Inc., Class A		6,625		199,147
Esquire Financial Holdings, Inc.		4,100		188,559
Farmers National Banc Corp.		8,700		123,975
First Bancshares, Inc., (The)		6,900		216,039
First Financial Corp.		9,504		417,701
Great Southern Bancorp, Inc.		4,500		261,855
HarborOne Bancorp, Inc.		11,000		150,370
Independent Bank Corp.		5,300		116,865
Merchants Bancorp		6,875		207,969
Old Second Bancorp, Inc.		18,600		308,388
Origin Bancorp, Inc.		7,500		284,325
Peapack-Gladstone Financial Corp.		6,135		227,915
Stellar Bancorp, Inc.		200		5,850
Unity Bancorp, Inc.		4,200		110,922
Westamerica BanCorp		11,100		611,832
				4,328,858
Biotechnology — 0.3%
Ligand Pharmaceuticals, Inc.*		1,600		115,424
Building Materials — 2.4%
Apogee Enterprises, Inc.		5,000		228,800
Eagle Materials, Inc.		3,000		420,960
Griffon Corp.		3,800		138,586
Louisiana-Pacific Corp.		1,700		99,467
				887,813
Chemicals — 4.3%
AdvanSix, Inc.		3,400		139,910
American Vanguard Corp.		16,448		343,270
Balchem Corp.		5,450		708,500
Hawkins, Inc.		7,600		309,092
Koppers Holdings, Inc.		2,400		86,136
				1,586,908
Commercial Services — 6.5%
Barrett Business Services Inc.		1,900	$	182,362
CorVel Corp.*		3,275		590,417
Forrester Research, Inc.*		5,400		177,606
Franklin Covey Co.*		7,900		370,273
Grand Canyon Education, Inc.*		2,500		283,225
ICF International, Inc.		5,950		591,965
Insperity, Inc.		1,700		210,953
				2,406,801
Computers — 2.3%
ExlService Holdings, Inc.*		5,100		839,001
Distribution/Wholesale — 2.0%
Titan Machinery, Inc.*		10,625		486,519
Veritiv Corp.		1,600		242,304
				728,823
Diversified Financial Services — 7.8%
AssetMark Financial Holdings, Inc.*		8,600		269,180
First Western Financial, Inc.*		2,600		67,262
Houlihan Lokey, Inc.		7,875		753,638
International Money Express, Inc.*		22,728		580,700
Nelnet, Inc., Class A		2,200		206,514
PJT Partners, Inc., Class A		12,800		1,009,664
				2,886,958
Electric — 3.4%
Avangrid, Inc.		5,400		210,762
Clearway Energy, Inc., Class C		11,700		367,497
Hawaiian Electric Industries, Inc.		8,900		360,005
PNM Resources, Inc.		6,800		333,200
				1,271,464
Electronics — 1.7%
OSI Systems, Inc.*		6,925		640,909
Engineering & Construction — 1.2%
NV5 Global, Inc.*		4,150		436,663
Environmental Control — 0.8%
Heritage-Crystal Clean, Inc.*		8,600		309,428
Food — 9.9%
Ingles Markets, Inc., Class A		4,200		375,480
John B Sanfilippo & Son, Inc.		5,200		466,804
Lancaster Colony Corp.		2,200		422,356
SpartanNash Co.		7,700		206,052
Sprouts Farmers Market, Inc.*		30,300		917,787
Tootsie Roll Industries, Inc.		15,258		671,810
Weis Markets, Inc.		7,600		580,944
				3,641,233
Gas — 0.6%
ONE Gas, Inc.		2,883		231,101

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

SGI U.S. SMALL CAP EQUITY FUND

Portfolio of Investments (CONCLUDED)

February 28, 2023 (Unaudited)

	Number of Shares		Value
Healthcare-Products — 1.8%
Atrion Corp.		300	$	170,400
UFP Technologies, Inc.*		4,300		506,196
				676,596
Healthcare-Services — 0.5%
National HealthCare Corp.		3,000		167,160
Insurance — 1.5%
CNA Financial Corp.		5,000		218,900
Hanover Insurance Group Inc., (The)		1,500		209,220
Safety Insurance Group, Inc.		1,700		137,173
				565,293
Machinery-Diversified — 1.9%
Alamo Group, Inc.		2,925		533,491
Tennant Co.		2,500		177,050
				710,541
Miscellaneous Manufacturing — 0.6%
Chase Corp.		2,100		205,674
Oil & Gas — 1.6%
Chord Energy Corp.		2,375		319,723
Kimbell Royalty Partners LP		16,400		253,052
				572,775
Packaging & Containers — 2.5%
Silgan Holdings, Inc.		17,525		935,835
Pharmaceuticals — 8.4%
Amphastar Pharmaceuticals, Inc.*		14,400		458,784
Anika Therapeutics, Inc.*		2,500		79,250
Collegium Pharmaceutical, Inc.*		30,003		795,980
Ironwood Pharmaceuticals Inc., Class A*		6,400		72,128
Premier, Inc., Class A		13,500		434,565
Prestige Brands Holdings, Inc.*		15,382		926,765
Supernus Pharmaceuticals, Inc.*		9,200		345,828
				3,113,300
Pipelines — 1.2%
DT Midstream, Inc.		8,600		431,720
Real Estate — 0.8%
McGrath RentCorp		1,800		185,112
RMR Group Inc., Class A, (The)		4,100		115,374
				300,486
REITS — 3.1%
CareTrust REIT, Inc.		6,700		131,789
Rexford Industrial Realty, Inc.		9,700		586,462
Ryman Hospitality Properties, Inc.		4,700		436,019
				1,154,270
Retail — 4.6%
AutoNation, Inc.*		1,500	$	204,765
Murphy USA, Inc.		3,700		943,833
PC Connection, Inc.		3,600		157,680
Winmark Corp.		1,400		408,800
				1,715,078
Savings & Loans — 1.3%
Hingham Institution For Savings, (The)		225		64,057
HomeTrust Bancshares, Inc.		7,000		204,890
Southern Missouri Bancorp, Inc.		4,200		194,376
				463,323
Software — 3.9%
CSG Systems International, Inc.		10,700		601,340
SPS Commerce, Inc.*		2,000		301,280
Teradata Corp.*		5,800		236,408
Verra Mobility Corp.*		18,000		310,140
				1,449,168
Transportation — 6.2%
Heartland Express, Inc.		26,440		426,477
Landstar System, Inc.		5,200		940,108
Werner Enterprises, Inc.		19,622		911,442
				2,278,027
Water — 4.1%
American States Water Co.		9,900		884,070
California Water Service Group		11,045		632,216
				1,516,286
TOTAL COMMON STOCKS
(Cost $32,715,568)				36,760,246
SHORT-TERM INVESTMENTS — 1.0%
U.S. Bank Money Market Deposit Account, 4.25% (a)		356,602		356,602
TOTAL SHORT-TERM INVESTMENTS
(Cost $356,602)				356,602
TOTAL INVESTMENTS — 100.4%
(Cost $33,072,170)				37,116,848
LIABILITIES IN EXCESS OF OTHER ASSETS — (0.4)%				(130,710	)
NET ASSETS — 100.0%			$	36,986,138

* Non-income producing security.

^(a) The rate shown is as of February 28, 2023.

REIT Real Estate Investment Trust

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

SGI GLOBAL EQUITY FUND

Portfolio Holdings Summary Table

February 28, 2023 (Unaudited)

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

	% of Net Assets			Value
COMMON STOCKS:
Telecommunications		11.3	%	$	14,713,800
Banks		11.3			14,665,318
Pharmaceuticals		8.8			11,459,150
Food		8.0			10,419,767
Diversified Financial Services		7.0			9,027,678
Biotechnology		6.3			8,183,607
Auto Manufacturers		3.9			5,008,016
Semiconductors		3.7			4,736,608
Electronics		3.6			4,661,175
Insurance		3.6			4,658,581
Software		3.3			4,336,730
Media		3.0			3,937,689
Computers		2.7			3,501,153
Internet		2.6			3,314,010
Oil & Gas		2.3			3,008,904
Electric		2.2			2,896,524
Home Furnishings		2.0			2,567,136
Mining		1.8			2,383,536
REITS		1.8			2,296,174
Healthcare-Products		1.7			2,146,980
Commercial Services		1.4			1,810,125
Machinery-Diversified		1.4			1,801,086
Retail		1.3			1,710,721
Chemicals		1.2			1,504,839
Beverages		1.0			1,255,916
Building Materials		0.5			689,920
Office/Business Equipment		0.4			542,890
Auto Parts & Equipment		0.2			242,675
SHORT-TERM INVESTMENTS		1.7			2,213,673
LIABILITIES IN EXCESS OF OTHER ASSETS		0.0			(17,245	)
NET ASSETS		100	%	$	129,677,136

Portfolio holdings are subject to change at any time.

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

SGI GLOBAL EQUITY FUND

Portfolio of Investments

February 28, 2023 (Unaudited)

	Number of Shares		Value
COMMON STOCKS — 98.3%
Auto Manufacturers — 3.9%
Honda Motor Co., Ltd., (Japan) SP ADR		124,800	$	3,241,056
Toyota Motor Corp., (Japan) SP ADR		13,000		1,766,960
				5,008,016
Auto Parts & Equipment — 0.2%
Gentex Corp.		8,500		242,675
Banks — 11.3%
Bank of Montreal, (Canada)		17,900		1,696,204
Bank of Nova Scotia, (The), (Canada)		30,400		1,504,192
Credicorp Ltd., (Bermuda)		20,700		2,637,594
HSBC Holdings PLC, (United Kingdom) SP ADR		95,900		3,673,929
Royal Bank of Canada, (Canada)		48,100		4,881,188
Shinhan Financial Group Co., Ltd., (South Korea) ADR*		9,300		272,211
				14,665,318
Beverages — 1.0%
Coca-Cola Co., (The)		3,900		232,089
PepsiCo, Inc.		5,900		1,023,827
				1,255,916
Biotechnology — 6.3%
Incyte Corp.*		55,400		4,264,692
Vertex Pharmaceuticals, Inc.*		13,500		3,918,915
				8,183,607
Building Materials — 0.5%
Johnson Controls International PLC, (Ireland)		11,000		689,920
Chemicals — 1.2%
Air Products & Chemicals, Inc.		4,300		1,229,714
Sociedad Quimica y Minera de Chile SA, (Chile) SP ADR		3,100		275,125
				1,504,839
Commercial Services — 1.4%
FTI Consulting, Inc.*		1,500		275,565
H&R Block, Inc.		41,700		1,534,560
				1,810,125
Computers — 2.7%
Check Point Software Technologies Ltd., (Israel)*		17,000		2,103,240
Cognizant Technology Solutions Corp., Class A		14,300		895,609
Pure Storage, Inc., Class A*		17,600		502,304
				3,501,153
Diversified Financial Services — 7.0%
Houlihan Lokey, Inc.		42,700	$	4,086,390
LPL Financial Holdings, Inc.		19,800		4,941,288
				9,027,678
Electric — 2.2%
Fortis, Inc., (Canada)		73,200		2,896,524
Electronics — 3.6%
Garmin Ltd., (Switzerland)		47,500		4,661,175
Food — 8.0%
Campbell Soup Co.		5,100		267,852
ConAgra Foods, Inc.		7,200		262,152
Flowers Foods, Inc.		8,600		239,768
General Mills, Inc.		30,700		2,440,957
Hormel Foods Corp.		32,700		1,451,226
Kellogg Co.		44,100		2,907,954
Kraft Heinz Co., (The)		16,000		623,040
Lamb Weston Holdings, Inc.		10,100		1,016,464
Lancaster Colony Corp.		4,700		902,306
Tyson Foods, Inc., Class A		5,200		308,048
				10,419,767
Healthcare-Products — 1.7%
Medtronic PLC, (Ireland)		23,100		1,912,680
ResMed, Inc.		1,100		234,300
				2,146,980
Home Furnishings — 2.0%
Dolby Laboratories, Inc., Class A		31,200		2,567,136
Insurance — 3.6%
Chubb Ltd., (Switzerland)		4,020		848,300
Erie Indemnity Co., Class A		2,100		494,319
Everest Re Group, Ltd., (Bermuda)		1,200		460,764
Hanover Insurance Group Inc., (The)		1,900		265,012
Kinsale Capital Group, Inc.		900		286,830
Markel Corp.*		200		265,972
Old Republic International Corp.		67,400		1,777,338
Reinsurance Group of America, Inc.		1,800		260,046
				4,658,581
Internet — 2.6%
Alphabet, Inc., Class C*		36,700		3,314,010
Machinery-Diversified — 1.4%
Graco, Inc.		25,900		1,801,086
Media — 3.0%
Comcast Corp., Class A		6,300		234,171
Thomson Reuters Corp., (Canada)		30,600		3,703,518
				3,937,689

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

SGI GLOBAL EQUITY FUND

Portfolio of Investments (CONCLUDED)

February 28, 2023 (Unaudited)

	Number of Shares		Value
Mining — 1.8%
Franco-Nevada Corp., (Canada)		1,900	$	242,383
Newmont Corp.		27,800		1,212,358
Wheaton Precious Metals Corp., (Canada)		22,300		928,795
				2,383,536
Office/Business Equipment — 0.4%
Canon, Inc., (Japan) SP ADR		25,286		542,890
Oil & Gas — 2.3%
Exxon Mobil Corp.		16,700		1,835,497
HF Sinclair Corp.		7,100		353,012
Shell PLC, (United Kingdom) ADR		13,500		820,395
				3,008,904
Pharmaceuticals — 8.8%
Bristol-Myers Squibb Co.		16,300		1,124,048
CVS Health Corp.		5,900		492,886
Dr Reddy’s Laboratories Ltd., (India) ADR		17,200		898,700
Merck & Co., Inc.		14,600		1,551,104
Neurocrine Biosciences, Inc.*		27,000		2,783,700
Novartis AG, (Switzerland) SP ADR		27,300		2,296,476
Novo Nordisk, (Denmark) SP ADR		16,400		2,312,236
				11,459,150
REITS — 1.8%
American Homes 4 Rent, Class A		42,300		1,312,146
Sun Communities, Inc.		1,800		257,652
Welltower, Inc.		9,800		726,376
				2,296,174
Retail — 1.3%
Costco Wholesale Corp.		1,900		919,942
Murphy USA, Inc.		3,100		790,779
				1,710,721
Semiconductors — 3.7%
Taiwan Semiconductor Manufacturing Co., Ltd., (Taiwan) SP ADR		54,400		4,736,608
Software — 3.3%
Electronic Arts, Inc.		2,100		232,974
Microsoft Corp.		15,300		3,816,126
SS&C Technologies Holdings, Inc.		4,900		287,630
				4,336,730
Telecommunications — 11.3%
America Movil SAB de CV, Class L, (Mexico) SP ADR		22,900	$	471,282
AT&T, Inc.		33,300		629,703
Chunghwa Telecom Co., Ltd., (Taiwan) SP ADR		31,000		1,159,710
Cisco Systems, Inc.		8,300		401,886
KT Corp., (South Korea) SP ADR*		95,900		1,109,563
Nice Ltd., (Isreal) SP ADR*		7,000		1,451,870
Orange SA, (France) SP ADR		63,300		726,684
Rogers Communications, Inc., Class B (Canada)		5,500		262,790
T-Mobile US, Inc.*		33,400		4,748,812
Verizon Communications, Inc.		63,600		2,468,316
Vodafone Group PLC, (United Kingdom) SP ADR		107,200		1,283,184
				14,713,800
TOTAL COMMON STOCKS
(Cost $123,774,923)				127,480,708
SHORT-TERM INVESTMENTS — 1.7%
U.S. Bank Money Market Deposit Account, 4.25% (a)		2,213,673		2,213,673
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,213,673)				2,213,673
TOTAL INVESTMENTS — 100.0%
(Cost $125,988,596)				129,694,381
LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%				(17,245	)
NET ASSETS — 100.0%			$	129,677,136

* Non-income producing security.

^(a) The rate shown is as of February 28, 2023.

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 financial statements.
23

SGI PRUDENT GROWTH FUND

Portfolio Holdings Summary Table

February 28, 2023 (Unaudited)

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

	% of Net Assets			Value
EXCHANGE-TRADED FUNDS		46.3	%	$	8,447,228
MUTUAL FUNDS		48.0			8,750,010
SHORT-TERM INVESTMENTS		5.7			1,043,209
OTHER ASSETS IN EXCESS OF LIABILITIES		0.0			45
NET ASSETS		100	%	$	18,240,492

Portfolio holdings are subject to change at any time.

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

SGI PRUDENT GROWTH FUND

Portfolio of Investments

February 28, 2023 (Unaudited)

	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 46.3%
Exchange-Traded Funds — 46.3%
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		11,516	$	163,873
Invesco QQQ Trust Series 1		1,298		381,041
iShares 5-10 Year Investment Grade Corporate Bond ETF		2,094		104,428
iShares Core MSCI EAFE ETF		1,515		98,520
iShares Core S&P Small-Cap ETF		3,752		384,167
iShares Core U.S. Aggregate Bond ETF		33,960		3,304,648
iShares Edge MSCI Min Vol USA ETF		4,562		322,260
iShares MSCI USA Small-Cap Min Vol Factor ETF		5,503		196,732
PGIM Ultra Short Bond ETF		23,360		1,155,619
Schwab US Dividend Equity ETF		1,724		128,524
SPDR Portfolio Long Term Treasury ETF		3,191		94,230
SPDR Portfolio S&P 500 ETF		8,741		407,331
Vanguard S&P 500 ETF		4,685		1,705,855
				8,447,228
TOTAL EXCHANGE-TRADED FUNDS
(Cost $8,622,910)				8,447,228
MUTUAL FUNDS — 48.0%
Mutual Funds — 48.0%
SGI Global Equity Fund, Class I (a)		125,691	$	4,127,698
SGI Small Cap Core Fund, Class I (a)		63,304		1,722,495
SGI US Large Cap Equity Fund, Class I (a)		125,063		2,173,590
SGI US Small Cap Equity Fund, Class I (a)		62,877		726,227
				8,750,010
TOTAL MUTUAL FUNDS
(Cost $9,067,984)				8,750,010
SHORT-TERM INVESTMENTS — 5.7%
U.S. Bank Money Market Deposit Account, 4.25% (b)		1,043,209		1,043,209
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,043,209)				1,043,209
TOTAL INVESTMENTS — 100.0%
(Cost $18,734,103)				18,240,447
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%				45
NET ASSETS — 100.0%			$	18,240,492

^(a) Affiliated company. See Note 7.

^(b) The rate shown is as of February 28, 2023.

ETF Exchange-Traded Funds

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

SGI PEAK GROWTH FUND

Portfolio Holdings Summary Table

February 28, 2023 (Unaudited)

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

	% of Net Assets			Value
EXCHANGE-TRADED FUNDS		22.7	%	$	3,330,438
MUTUAL FUNDS		74.2			10,894,732
SHORT-TERM INVESTMENTS		3.1			455,257
OTHER ASSETS IN EXCESS OF LIABILITIES		0.0			799
NET ASSETS		100	%	$	14,681,226

Portfolio holdings are subject to change at any time.

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

SGI PEAK GROWTH FUND

Portfolio of Investments

February 28, 2023 (Unaudited)

	Number of Shares		Value
EXCHANGE-TRADED FUNDS — 22.7%
Exchange-Traded Funds — 22.7%
Invesco Optimum Yield Diversified Commodity Strategy No K-1 ETF		5,084	$	72,345
Invesco QQQ Trust Series 1		573		168,210
iShares 5-10 Year Investment Grade Corporate Bond ETF		925		46,130
iShares Core MSCI EAFE ETF		7,380		479,921
iShares Core MSCI Emerging Markets ETF		7,440		352,284
iShares Core S&P Small-Cap ETF		1,657		169,660
iShares Core U.S. Aggregate Bond ETF		1,761		171,363
iShares Edge MSCI Min Vol USA ETF		2,014		142,269
iShares MSCI USA Small-Cap Min Vol Factor ETF		2,430		86,872
PGIM Ultra Short Bond ETF		4,517		223,456
Schwab US Dividend Equity ETF		761		56,733
SPDR Portfolio Long Term Treasury ETF		1,409		41,608
SPDR Portfolio S&P 500 ETF		3,861		179,923
Vanguard S&P 500 ETF		3,130		1,139,664
				3,330,438
TOTAL EXCHANGE-TRADED FUNDS
(Cost $3,316,597)				3,330,438
MUTUAL FUNDS — 74.2%
Mutual Funds — 74.2%
SGI Global Equity Fund, Class I (a)		131,798	$	4,328,236
SGI Small Cap Core Fund, Class I (a)		114,222		3,107,987
SGI US Large Cap Equity Fund, Class I (a)		149,167		2,592,524
SGI US Small Cap Equity Fund, Class I (a)		74,977		865,985
				10,894,732
TOTAL MUTUAL FUNDS
(Cost $11,089,673)				10,894,732
SHORT-TERM INVESTMENTS — 3.1%
U.S. Bank Money Market Deposit Account, 4.25% (b)		455,257		455,257
TOTAL SHORT-TERM INVESTMENTS
(Cost $455,257)				455,257
TOTAL INVESTMENTS — 100.0%
(Cost $14,861,527)				14,680,427
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%				799
NET ASSETS — 100.0%			$	14,681,226

^(a) Affiliated company. See Note 7.

^(b) The rate shown is as of February 28, 2023.

ETF Exchange-Traded Funds

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

SGI SMALL CAP CORE FUND

Portfolio Holdings Summary Table

February 28, 2023 (Unaudited)

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

	% of Net Assets			Value
COMMON STOCKS:
Commercial Services		7.2	%	$	7,035,854
Banks		6.7			6,501,603
Retail		6.4			6,172,844
Software		6.0			5,824,568
Building Materials		5.8			5,660,074
Diversified Financial Services		5.7			5,542,206
Transportation		4.7			4,536,944
Home Builders		4.2			4,113,229
Chemicals		3.8			3,703,650
Distribution/Wholesale		3.5			3,408,395
REITS		3.2			3,068,522
Oil & Gas		2.7			2,646,613
Oil & Gas Services		2.6			2,534,109
Insurance		2.4			2,367,038
Engineering & Construction		2.4			2,313,927
Food		2.4			2,300,623
Metal Fabricate/Hardware		2.4			2,297,951
Pharmaceuticals		2.2			2,124,667
Electric		2.2			2,115,816
Semiconductors		2.1			2,063,010
Telecommunications		1.9			1,873,787
Healthcare-Products		1.7			1,643,020
Savings & Loans		1.3			1,290,996
Cosmetics/Personal Care		1.1			1,082,790
Leisure Time		1.1			1,080,640
Healthcare-Services		1.0			955,348
Coal		1.0			939,344
Agriculture		1.0			928,570
Entertainment		0.9			917,320
Electronics		0.9			885,098
Hand/Machine Tools		0.9			841,016
Computers		0.8			769,110
Pipelines		0.8			753,390
Machinery-Construction & Mining		0.7			698,678
Iron/Steel		0.7			686,286
Electrical Components & Equipment		0.7			644,088
Auto Parts & Equipment		0.6			628,646
Apparel		0.6			609,070
Real Estate		0.4			412,440
Biotechnology		0.4			375,128
Miscellaneous Manufacturing		0.4			372,172
Machinery-Diversified		0.4			346,127

The accompanying notes are an integral part of the financial statements.
28

SGI SMALL CAP CORE FUND

Portfolio Holdings Summary Table (CONCLUDED)

February 28, 2023 (Unaudited)

	% of Net Assets			Value
Water		0.3	%	$	285,760
Internet		0.3			265,433
Packaging & Containers		0.3			256,320
SHORT-TERM INVESTMENTS		1.2			1,193,211
LIABILITIES IN EXCESS OF OTHER ASSETS		0.0			(37,506	)
NET ASSETS		100	%	$	97,027,925

Portfolio holdings are subject to change at any time.

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

SGI SMALL CAP CORE FUND

Portfolio of Investments

February 28, 2023 (Unaudited)

	Number of Shares			Value
COMMON STOCKS — 98.8%
Agriculture — 1.0%
Andersons Inc., (The)		20,350		$	928,570
Apparel — 0.6%
Urban Outfitters, Inc.*		22,600			609,070
Auto Parts & Equipment — 0.6%
Allison Transmission Holdings, Inc.		10,100			479,750
Dana, Inc.		9,400			148,896
					628,646
Banks — 6.7%
BCB Bancorp, Inc.		10,100			175,235
Capital Bancorp, Inc.		8,200			166,542
Carter Bankshares, Inc.*		10,800			187,596
Civista Bancshares, Inc.		9,100			194,103
Coastal Financial Corp.*		10,900			503,035
ConnectOne Bancorp, Inc.		15,600			378,300
Customers Bancorp, Inc.*		10,400			320,320
First Bancorp Southern Pines		18,000			746,820
HarborOne Bancorp, Inc.		12,600			172,242
Independent Bank Corp.		5,600			123,480
Merchants Bancorp		17,100			517,275
Metropolitan Bank Holding Corp.*		12,100			675,301
Peapack-Gladstone Financial Corp.		13,300			494,095
Peoples Financial Services Corp.		900			44,595
QCR Holdings, Inc.		6,500			347,685
Red River Bancshares, Inc.		2,800			141,708
SmartFinancial, Inc.		5,800			158,340
South Plains Financial, Inc.		11,800			310,222
Southern First Bancshares, Inc.*		2,400			96,600
TriCo Bancshares		8,700			439,437
Westamerica BanCorp		5,600			308,672
					6,501,603
Biotechnology — 0.4%
Ligand Pharmaceuticals, Inc.*		5,200			375,128
Building Materials — 5.8%
Apogee Enterprises, Inc.		13,000			594,880
Boise Cascade Co.		2,300			158,953
Eagle Materials, Inc.		4,200			589,344
Griffon Corp.		21,500			784,105
Louisiana-Pacific Corp.		15,400			901,054
PGT Innovations, Inc.*		44,250			935,888
Simpson Manufacturing Co., Inc.		7,000			755,020
UFP Industries, Inc.		11,000			940,830
					5,660,074
Chemicals — 3.8%
AdvanSix, Inc.		23,000		$	946,450
Avient Corp.		7,000			305,410
AZZ, Inc.		16,300			662,595
Chemours Co., (The)		3,900			133,302
Ecovyst, Inc.*		30,400			305,216
Ingevity Corp.*		5,600			462,336
Koppers Holdings, Inc.		10,900			391,201
Livent Corp.*		21,200			497,140
					3,703,650
Coal — 1.0%
Alpha Metallurgical Resources, Inc.		5,600			939,344
Commercial Services — 7.2%
ABM Industries, Inc.		1,000			48,410
AMN Healthcare Services, Inc.*		8,100			729,081
ASGN, Inc.*		7,100			630,480
Avis Budget Group, Inc.*		3,500			768,810
CorVel Corp.*		4,900			883,372
Franklin Covey Co.*		10,200			478,074
Grand Canyon Education, Inc.*		1,600			181,264
Herc Holdings, Inc.		6,300			904,617
Information Services Group, Inc.		33,200			174,964
Insperity, Inc.		6,800			843,812
National Research Corp.		10,200			460,632
Triton International Ltd., (Bermuda)		700			48,258
WillScot Mobile Mini Holdings Corp.*		17,200			884,080
					7,035,854
Computers — 0.8%
Mitek Systems, Inc.*		82,700	��		769,110
Cosmetics/Personal Care — 1.1%
Edgewell Personal Care Co.		1,200			51,240
elf Beauty, Inc.*		13,800			1,031,550
					1,082,790
Distribution/Wholesale — 3.5%
H&E Equipment Services, Inc.		19,500			1,082,250
Titan Machinery, Inc.*		22,300			1,021,117
Veritiv Corp.		4,900			742,056
WESCO International, Inc.*		3,400			562,972
					3,408,395

The accompanying notes are an integral part of the financial statements.
30

SGI SMALL CAP CORE FUND

Portfolio of Investments (CONtinued)

February 28, 2023 (Unaudited)

	Number of Shares		Value
Diversified Financial Services — 5.7%
Air Lease Corp.		9,800	$	424,144
Amerant Bancorp, Inc.		10,400		295,360
AssetMark Financial Holdings, Inc.*		31,900		998,470
Brightsphere Investment Group, Inc.		26,800		671,876
Enova International, Inc.*		19,600		955,500
Evercore, Inc., Class A		3,200		419,776
Nelnet, Inc., Class A		3,300		309,771
PJT Partners, Inc., Class A		12,898		1,017,394
Radian Group, Inc.		12,500		266,875
StepStone Group, Inc., Class A		6,400		183,040
				5,542,206
Electric — 2.2%
Clearway Energy, Inc.		30,100		945,441
Hawaiian Electric Industries, Inc.		22,800		922,260
Otter Tail Corp.		3,500		248,115
				2,115,816
Electrical Components & Equipment — 0.7%
Insteel Industries, Inc.		21,650		644,088
Electronics — 0.9%
Avnet, Inc.		3,200		143,072
Knowles Corp.*		43,700		742,026
				885,098
Engineering & Construction — 2.4%
Comfort Systems USA, Inc.		7,700		1,119,888
MYR Group, Inc.*		9,900		1,194,039
				2,313,927
Entertainment — 0.9%
SeaWorld Entertainment, Inc.*		14,200		917,320
Food — 2.4%
Chefs’ Warehouse Inc., (The)*		26,300		856,065
Hostess Brands, Inc.*		8,400		207,480
Ingles Markets, Inc., Class A		7,500		670,500
Tootsie Roll Industries, Inc.		12,868		566,578
				2,300,623
Hand/Machine Tools — 0.9%
Franklin Electric Co., Inc.		8,800		841,016
Healthcare-Products — 1.7%
iRadimed Corp.		7,500		284,700
Merit Medical Systems, Inc.*		6,000		423,480
QuidelOrtho Corp.*		2,000		173,880
Shockwave Medical, Inc.*		4,000		760,960
				1,643,020
Healthcare-Services — 1.0%
National HealthCare Corp.		3,700	$	206,164
Tenet Healthcare Corp.*		12,800		749,184
				955,348
Home Builders — 4.2%
Century Communities, Inc.		11,700		699,777
Hovnanian Enterprises, Inc.*		9,300		633,423
Meritage Homes Corp.		8,900		972,147
Toll Brothers, Inc.		12,900		773,226
Tri Pointe Homes, Inc.*		43,400		1,034,656
				4,113,229
Insurance — 2.4%
CNO Financial Group, Inc.		7,000		179,340
Jackson Financial, Inc., Class A		19,700		893,986
Nmi Holdings, Inc., Class A*		42,700		996,618
Primerica, Inc.		600		115,164
Tiptree, Inc.		11,300		181,930
				2,367,038
Internet — 0.3%
ePlus, Inc.*		4,900		265,433
Iron/Steel — 0.7%
Carpenter Technology Corp.		14,200		686,286
Leisure Time — 1.1%
MasterCraft Boat Holdings, Inc.*		32,000		1,080,640
Machinery-Construction & Mining — 0.7%
Terex Corp.		11,800		698,678
Machinery-Diversified — 0.4%
Lindsay Corp.		2,300		346,127
Metal Fabricate/Hardware — 2.4%
Mueller Industries, Inc.		13,100		969,007
Olympic Steel, Inc.		14,500		761,250
Ryerson Holding Corp.		15,800		567,694
				2,297,951
Miscellaneous Manufacturing — 0.4%
Chase Corp.		3,800		372,172
Oil & Gas — 2.7%
Berry Corp.		37,800		356,454
Delek US Holdings, Inc.		18,900		475,713
Murphy Oil Corp.		22,000		858,440
Northern Oil and Gas, Inc.		18,900		586,656
Ranger Oil Corp., Class A		8,900		369,350
				2,646,613
Oil & Gas Services — 2.6%
Liberty Energy, Inc.		69,400		1,058,350
ProPetro Holding Corp.*		100,300		883,643
Select Energy Services, Inc., Class A		79,800		592,116
				2,534,109

The accompanying notes are an integral part of the financial statements.
31

SGI SMALL CAP CORE FUND

Portfolio of Investments (CONtinued)

February 28, 2023 (Unaudited)

	Number of Shares		Value
Packaging & Containers — 0.3%
Silgan Holdings, Inc.		4,800	$	256,320
Pharmaceuticals — 2.2%
Amphastar Pharmaceuticals, Inc.*		7,400		235,764
Collegium Pharmaceutical, Inc.*		32,700		867,531
PetIQ, Inc.*		34,600		322,472
Prestige Brands Holdings, Inc.*		11,600		698,900
				2,124,667
Pipelines — 0.8%
Golar LNG Ltd., (Bermuda)*		33,000		753,390
Real Estate — 0.4%
Marcus & Millichap, Inc.		12,000		412,440
REITS — 3.2%
Apple Hospitality REIT, Inc.		21,200		350,012
Brandywine Realty Trust		53,300		313,937
CareTrust REIT, Inc.		18,600		365,862
Community Healthcare Trust, Inc.		8,800		340,912
Ryman Hospitality Properties, Inc.		9,600		890,592
Terreno Realty Corp.		4,800		298,608
UMH Properties, Inc.		29,900		508,599
				3,068,522
Retail — 6.4%
Arko Corp.		81,500		653,630
GMS, Inc.*		16,300		989,573
Group 1 Automotive, Inc.		4,400		972,708
Haverty Furniture Cos., Inc.		14,600		551,004
Macy’s, Inc.		26,200		536,052
Noodles & Co.*		27,800		162,352
Patrick Industries, Inc.		9,300		677,505
Sportsman’s Warehouse Holdings, Inc.*		22,500		202,275
Winmark Corp.		3,000		876,000
World Fuel Services Corp.		20,100		551,745
				6,172,844
Savings & Loans — 1.3%
Brookline Bancorp, Inc.		31,900		413,424
Home Bancorp, Inc.		5,700		225,435
HomeTrust Bancshares, Inc.		13,900		406,853
Southern Missouri Bancorp, Inc.		5,300		245,284
				1,290,996
Semiconductors — 2.1%
Allegro MicroSystems, Inc.*		23,300		1,017,744
Diodes, Inc.*		11,400		1,045,266
				2,063,010
Software — 6.0%
CSG Systems International, Inc.		2,900	$	162,980
Digi International, Inc.*		21,690		723,795
DigitalOcean Holdings, Inc.*		25,200		805,896
Doximity, Inc.*		5,100		171,513
eGain Corp.*		33,200		259,292
Evolent Health, Inc., Class A*		16,200		567,162
Smartsheet, Inc.*		2,600		114,452
Teradata Corp.*		25,200		1,027,152
Verint Systems, Inc.*		4,900		183,162
Verra Mobility Corp.*		56,600		975,218
Zeta Global Holdings Corp., Class A*		78,600		833,946
				5,824,568
Telecommunications — 1.9%
Aviat Networks, Inc.*		15,300		543,609
Extreme Networks, Inc.*		44,700		836,784
Viavi Solutions, Inc.*		45,100		493,394
				1,873,787
Transportation — 4.7%
ArcBest Corp.		2,000		192,400
Daseke, Inc.*		38,300		312,145
Hub Group, Inc., Class A*		10,400		953,992
Landstar System, Inc.		4,200		759,318
Radiant Logistics, Inc.*		53,000		301,040
Saia, Inc.*		2,000		541,740
Schneider National, Inc., Class B		34,900		979,294
Werner Enterprises, Inc.		10,700		497,015
				4,536,944
Water — 0.3%
American States Water Co.		3,200		285,760
TOTAL COMMON STOCKS
(Cost $89,376,300)				95,872,220

The accompanying notes are an integral part of the financial statements.
32

SGI SMALL CAP CORE FUND

Portfolio of Investments (CONCLUDED)

February 28, 2023 (Unaudited)

	Number of Shares		Value
SHORT-TERM INVESTMENTS — 1.2%
U.S. Bank Money Market Deposit Account, 4.25% (a)		1,193,211	$	1,193,211
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,193,211)				1,193,211
TOTAL INVESTMENTS — 100.0%
(Cost $90,569,511)				97,065,431
LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%				(37,506	)
NET ASSETS — 100.0%			$	97,027,925

* Non-income producing security.

^(a) The rate shown is as of February 28, 2023.

ETF Exchange-Traded Funds

REIT Real Estate Investment Trust

The accompanying notes are an integral part of the financial statements.
33

SUMMIT GLOBAL INVESTMENTS

Statements of Assets and Liabilities

February 28, 2023 (Unaudited)

	SGI U.S. Large Cap Equity Fund		SGI U.S. Small Cap Equity Fund		SGI Global Equity Fund
ASSETS
Investments, at fair value:
Unaffiliated investments (cost $349,950,288, $32,715,568, and $123,774,923, respectively)	$	395,217,678	$	36,760,246	$	127,480,708
Affiliated mutual funds (cost $0, $0, and $0, respectively)(see Note 7)		—		—		—
Short-term investments, at value (cost $4,604,757, $356,602, and $2,213,673, respectively)		4,604,757		356,602		2,213,673
Receivables for:
Capital shares sold		179,308		26,712		110,207
Dividends		785,651		39,413		174,138
Prepaid expenses and other assets		65,481		40,339		19,438
Total assets	$	400,852,875	$	37,223,312	$	129,998,164
LIABILITIES
Payables for:
Capital shares redeemed	$	503,589	$	167,529	$	187,344
Advisory fees		233,252		20,680		55,950
Due to custodian		2,059		185		873
Other accrued expenses and liabilities		272,126		48,780		76,861
Total liabilities		1,011,026		237,174		321,028
Net assets	$	399,841,849	$	36,986,138	$	129,677,136
NET ASSETS CONSIST OF:
Par value	$	23,007	$	3,208	$	3,949
Paid-in capital		353,207,507		35,538,152		128,187,096
Total distributable earnings/(loss)		46,611,335		1,444,778		1,486,091
Net assets	$	399,841,849	$	36,986,138	$	129,677,136

The accompanying notes are an integral part of the financial statements.
34

SUMMIT GLOBAL INVESTMENTS

Statements of Assets and Liabilities (Continued)

February 28, 2023 (Unaudited)

	SGI U.S. Large Cap Equity Fund		SGI U.S. Small Cap Equity Fund		SGI Global Equity Fund
CLASS I SHARES:
Net assets applicable to Class I Shares	$	367,951,387	$	29,589,925	$	129,677,136
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		21,170,757		2,561,195		3,949,315
Net asset value, offering and redemption price per share	$	17.38	$	11.55	$	32.84
CLASS A SHARES:
Net assets applicable to Class A Shares	$	29,621,319	$	7,157,758	$	—
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		1,700,185		624,799		—
Net asset value and redemption price per share	$	17.42	$	11.46	$	—
Maximum offering price per share (100/94.75 of $17.42 and $11.46, respectively)	$	18.39	$	12.09	$	—
CLASS C SHARES:
Net assets applicable to Class C Shares	$	2,269,143	$	238,455	$	—
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		135,808		21,608		—
Net asset value, offering and redemption price per share	$	16.71	$	11.04	$	—

The accompanying notes are an integral part of the financial statements.
35

SUMMIT GLOBAL INVESTMENTS

Statements of Assets and Liabilities (Concluded)

February 28, 2023 (Unaudited)

	SGI prudent growth Fund			SGI PEAK GROWTH FUND			SGI SMALL CAP core FUND
ASSETS
Investments, at fair value:
Unaffiliated investments (cost $8,622,910, $3,316,597, and $89,376,300, respectively)	$	8,447,228		$	3,330,438		$	95,872,220
Affiliated mutual funds (cost $9,067,984, $11,089,673, and $0, respectively)(see Note 7)		8,750,010			10,894,732			—
Short-term investments, at value (cost $1,043,209, $455,257, and $1,193,211, respectively)		1,043,209			455,257			1,193,211
Receivables for:
Capital shares sold		27,442			32,783			42,938
Dividends		4,482			1,084			90,799
Prepaid expenses and other assets		10,274			11,460			21,331
Total assets	$	18,282,645		$	14,725,754		$	97,220,499
LIABILITIES
Payables for:
Capital shares redeemed	$	—		$	—		$	44,525
Advisory fees		10,668			8,480			71,958
Due to custodian		356			—			353
Other accrued expenses and liabilities		31,129			36,048			75,738
Total liabilities		42,153			44,528			192,574
Net assets	$	18,240,492		$	14,681,226		$	97,027,925
NET ASSETS CONSIST OF:
Par value	$	1,836		$	1,431		$	3,566
Paid-in capital		19,021,581			15,352,364			102,379,130
Total distributable earnings/(loss)		(782,925	)		(672,569	)		(5,354,771	)
Net assets	$	18,240,492		$	14,681,226		$	97,027,925
CLASS I SHARES:
Net assets applicable to Class I Shares	$	18,240,492		$	14,681,226		$	97,027,925
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		1,836,292			1,430,990			3,566,276
Net asset value, offering and redemption price per share	$	9.93		$	10.26		$	27.21

The accompanying notes are an integral part of the financial statements.
36

SUMMIT GLOBAL INVESTMENTS

Statements of Operations

FOR THE SIX MONTHS ENDED February 28, 2023 (Unaudited)

	SGI U.S. Large Cap Equity Fund			SGI U.S. Small Cap Equity Fund			SGI Global Equity Fund
INVESTMENT INCOME
Dividends
Dividends from unaffiliated investments	$	4,395,357		$	288,831		$	1,042,530	(1)
Dividends from affiliated investments (see Note 7)		—			—			—
Interest		92,896			9,396			43,126
Total investment income		4,488,253			298,227			1,085,520
EXPENSES
Advisory fees (Note 2)		1,426,332			170,282			429,545
Transfer agent fees (Note 2)		250,822			21,972			75,712
Administration and accounting fees (Note 2)		95,309			15,861			33,123
Officer fees		55,779			4,112			13,805
Director fees		51,448			3,707			13,829
Legal fees		51,144			3,992			14,131
Distribution fees - Class A Shares		36,011			8,270			—
Distribution fees - Class C Shares		11,588			1,171			—
Registration and filing fees		28,564			21,945			12,328
Printing and shareholder reporting fees		25,136			4,198			9,115
Audit and tax service fees		18,385			17,341			16,122
Custodian fees (Note 2)		2,513			773			2,454
Other expenses		34,683			2,769			9,280
Total expenses before waivers and/or reimbursements		2,087,714			276,393			629,444
(Waivers and/or reimbursements) net of amounts recouped (Note 2)		(31,464	)		(46,479	)		(113,989	)
Net expenses after waivers and/or reimbursements net of amounts recouped		2,056,250			229,914			515,455
Net investment income/(loss)		2,432,003			68,313			570,065
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments
Unaffiliated investments		4,480,347			(2,312,057	)		(1,623,553	)
Affiliated mutual funds (see Note 7)		—			—			—
Distributions from unaffiliated investments		—			—			—
Distributions from affiliated mutual funds (see Note 7)		—			—			—
Net change in unrealized appreciation/ (depreciation) on investments
Unaffiliated investments		2,520,207			3,192,240			4,223,721
Affiliated mutual funds (see Note 7)		—			—			—
Net realized and unrealized gain/(loss) on investments		7,000,554			880,183			2,600,168
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	9,432,557		$	948,496		$	3,170,233

⁽¹⁾ Net of foreign withholding taxes of $62,530.

The accompanying notes are an integral part of the financial statements.
37

SUMMIT GLOBAL INVESTMENTS

Statements of Operations (Concluded)

FOR THE SIX MONTHS ENDED February 28, 2023 (Unaudited)

	SGI prudent growth Fund			SGI PEAK GROWTH FUND			SGI SMALL CAP core FUND
INVESTMENT INCOME
Dividends
Dividends from unaffiliated investments	$	115,077		$	40,371		$	571,122
Dividends from affiliated investments (see Note 7)		58,063			64,759			—
Interest		29,704			6,170			25,769
Total investment income		202,844			111,300			596,891
EXPENSES
Advisory fees (Note 2)		62,736			50,034			428,824
Transfer agent fees (Note 2)		6,824			6,733			27,754
Administration and accounting fees (Note 2)		9,489			9,551			29,612
Officer fees		913			928			10,289
Director fees		1,124			1,141			9,278
Legal fees		1,350			1,378			8,103
Distribution fees - Class A Shares		—			—			—
Distribution fees - Class C Shares		—			—			—
Registration and filing fees		10,821			11,829			14,919
Printing and shareholder reporting fees		1,677			1,936			10,073
Audit and tax service fees		15,966			15,966			14,190
Custodian fees (Note 2)		5			—			2,433
Other expenses		1,970			1,813			8,483
Total expenses before waivers and/or reimbursements		112,875			101,309			563,958
(Waivers and/or reimbursements) net of amounts recouped (Note 2)		17,720			7,713			(8,745	)
Net expenses after waivers and/or reimbursements net of amounts recouped		130,595			109,022			555,213
Net investment income/(loss)		72,249			2,278			41,678
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments
Unaffiliated investments		(190,163	)		(38,776	)		(1,564,502	)
Affiliated mutual funds (see Note 7)		(12,360	)		(14,550	)		—
Distributions from unaffiliated investments		—			—			—
Distributions from affiliated mutual funds (see Note 7)		182,199			211,725			—
Net change in unrealized appreciation/ (depreciation) on investments
Unaffiliated investments		157,599			89,474			8,223,111
Affiliated mutual funds (see Note 7)		56,006			132,967			—
Net realized and unrealized gain/(loss) on investments		193,281			380,840			6,658,609
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	265,530		$	383,118		$	6,700,287

The accompanying notes are an integral part of the financial statements.
38

SGI U.S. LARGE CAP EQUITY FUND

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE Year ENDED AUGUST 31, 2022
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	2,432,003		$	4,060,570
Net realized gain/(loss) from investments
Unaffiliated investments		4,480,347			32,998,168
Affiliated mutual funds (see Note 7)		—			—
Distributions from unaffiliated investments		—			—
Distributions from affiliated mutual funds (see Note 7)		—			—
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		2,520,207			(93,076,221	)
Affiliated mutual funds (see Note 7)		—			—
Net increase/(decrease) in net assets resulting from operations		9,432,557			(56,017,483	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(20,724,250	)		(74,965,550	)
Net decrease in net assets from dividends and distributions to shareholders		(20,724,250	)		(74,965,550	)
INCREASE/(DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		25,588,950			144,457,973
Reinvestment of distributions		19,066,017			69,783,969
Shares redeemed		(57,751,220	)		(206,070,941	)
Total from Class I Shares		(13,096,253	)		8,171,001
Class A Shares
Proceeds from shares sold		2,997,299			7,552,247
Reinvestment of distributions		1,381,238			4,175,944
Shares redeemed		(2,314,152	)		(5,400,063	)
Total from Class A Shares		2,064,385			6,328,128
Class C Shares
Proceeds from shares sold		42,198			509,725
Reinvestment of distributions		96,321			407,056
Shares redeemed		(352,642	)		(552,201	)
Total from Class C Shares		(214,123	)		364,580
Net increase/(decrease) in net assets from capital share transactions		(11,245,991	)		14,863,709
Total increase/(decrease) in net assets		(22,537,684	)		(116,119,324	)
NET ASSETS:
Beginning of period		422,379,533			538,498,857
End of period	$	399,841,849		$	422,379,533

The accompanying notes are an integral part of the financial statements.
39

SGI U.S. LARGE CAP EQUITY FUND

Statements of Changes in Net Assets (Concluded)

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE Year ENDED AUGUST 31, 2022
SHARES TRANSACTIONS:
Class I Shares
Shares sold		1,453,454			7,157,690
Shares reinvested		1,069,285			3,438,245
Shares redeemed		(3,282,340	)		(10,476,212	)
Total Class I Shares		(759,601	)		119,723
Class A Shares
Shares sold		169,778			384,694
Shares reinvested		77,361			205,477
Shares redeemed		(129,339	)		(273,529	)
Total Class A Shares		117,800			316,642
Class C Shares
Shares sold		2,462			27,067
Shares reinvested		5,649			20,811
Shares redeemed		(21,048	)		(28,539	)
Total Class C Shares		(12,937	)		19,339
Net increase/(decrease) in shares outstanding		(654,738	)		455,704

The accompanying notes are an integral part of the financial statements.
40

SGI U.S. SMALL CAP EQUITY FUND

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE Year ENDED AUGUST 31, 2022
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	68,313		$	(48,407	)
Net realized gain/(loss) from investments
Unaffiliated investments		(2,312,057	)		2,417,101
Affiliated mutual funds (see Note 7)		—			—
Distributions from unaffiliated investments		—			—
Distributions from affiliated mutual funds (see Note 7)		—			—
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		3,192,240			(4,546,103	)
Affiliated mutual funds (see Note 7)		—			—
Net increase/(decrease) in net assets resulting from operations		948,496			(2,177,409	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(108,687	)		—
Net decrease in net assets from dividends and distributions to shareholders		(108,687	)		—
INCREASE/(DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		3,885,553			12,569,490
Reinvestment of distributions		87,609			—
Shares redeemed		(4,233,060	)		(9,477,086	)
Total from Class I Shares.		(259,898	)		3,092,404
Class A Shares
Proceeds from shares sold		1,257,774			2,241,080
Reinvestment of distributions		20,340			—
Shares redeemed		(396,757	)		(1,363,685	)
Total from Class A Shares		881,357			877,395
Class C Shares
Proceeds from shares sold		—			165,617
Reinvestment of distributions		737			—
Shares redeemed		(4,970	)		(33,126	)
Total from Class C Shares		(4,233	)		132,491
Net increase/(decrease) in net assets from capital share transactions		617,226			4,102,290
Total increase/(decrease) in net assets		1,457,035			1,924,881
NET ASSETS:
Beginning of period		35,529,103			33,604,222
End of period	$	36,986,138		$	35,529,103

The accompanying notes are an integral part of the financial statements.
41

SGI U.S. SMALL CAP EQUITY FUND

Statements of Changes in Net Assets (Concluded)

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE Year ENDED AUGUST 31, 2022
SHARES TRANSACTIONS:
Class I Shares
Shares sold		341,488			1,059,075
Shares reinvested		7,559			—
Shares redeemed		(375,620	)		(815,874	)
Total Class I Shares		(26,573	)		243,201
Class A Shares
Shares sold		112,156			193,899
Shares reinvested		1,769			—
Shares redeemed		(34,922	)		(118,388	)
Total Class A Shares		79,003			75,511
Class C Shares
Shares sold		—			14,668
Shares reinvested		67			—
Shares redeemed		(476	)		(2,925	)
Total Class C Shares		(409	)		11,743
Net increase/(decrease) in shares outstanding		52,021			330,455

The accompanying notes are an integral part of the financial statements.
42

SGI GLOBAL EQUITY FUND

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE Year ENDED AUGUST 31, 2022
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	570,065		$	1,488,039
Net realized gain/(loss) from investments
Unaffiliated investments		(1,623,553	)		3,693,438
Affiliated mutual funds (see Note 7)		—			—
Distributions from unaffiliated investments		—			—
Distributions from affiliated mutual funds (see Note 7)		—			—
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		4,223,721			(17,031,168	)
Affiliated mutual funds (see Note 7)		—			—
Net increase/(decrease) in net assets resulting from operations		3,170,233			(11,849,691	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(4,229,443	)		(5,564,301	)
Net decrease in net assets from dividends and distributions to shareholders		(4,229,443	)		(5,564,301	)
INCREASE/(DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		16,624,845			44,280,649
Reinvestment of distributions		4,221,767			5,546,851
Shares redeemed		(8,370,321	)		(26,188,347	)
Net increase/(decrease) in net assets from capital share transactions		12,476,291			23,639,153
Total increase/(decrease) in net assets		11,417,081			6,225,161
NET ASSETS:
Beginning of period		118,260,055			112,034,894
End of period	$	129,677,136		$	118,260,055
SHARES TRANSACTIONS:
Class I Shares
Shares sold		511,147			1,230,209
Shares reinvested		128,236			147,482
Shares redeemed		(256,404	)		(734,082	)
Net increase/(decrease) in shares outstanding		382,979			643,609

The accompanying notes are an integral part of the financial statements.
43

SGI PRUDENT GROWTH FUND

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE Year ENDED AUGUST 31, 2022
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	72,249		$	28,331
Net realized gain/(loss) from investments
Unaffiliated investments		(190,163	)		(361,608	)
Affiliated mutual funds (see Note 7)		(12,360	)		(50,151	)
Distributions from unaffiliated investments		—			408
Distributions from affiliated mutual funds (see Note 7)		182,199			586,054
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		157,599			(551,350	)
Affiliated mutual funds (see Note 7)		56,006			(1,160,252	)
Net increase/(decrease) in net assets resulting from operations		265,530			(1,508,568	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(23,212	)		(711,629	)
Net decrease in net assets from dividends and distributions to shareholders		(23,212	)		(711,629	)
INCREASE/(DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		3,090,603			8,772,783
Reinvestment of distributions		23,212			711,630
Shares redeemed		(642,473	)		(2,544,827	)
Net increase/(decrease) in net assets from capital share transactions		2,471,342			6,939,586
Total increase/(decrease) in net assets		2,713,660			4,719,389
NET ASSETS:
Beginning of period		15,526,832			10,807,443
End of period	$	18,240,492		$	15,526,832
SHARES TRANSACTIONS:
Class I Shares
Shares sold		313,543			842,898
Shares reinvested		2,400			63,117
Shares redeemed		(64,598	)		(245,918	)
Net increase/(decrease) in shares outstanding		251,345			660,097

The accompanying notes are an integral part of the financial statements.
44

SGI PEAK GROWTH FUND

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE Year ENDED AUGUST 31, 2022
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	2,278		$	(38,703	)
Net realized gain/(loss) from investments
Unaffiliated investments		(38,776	)		(258,784	)
Affiliated mutual funds (see Note 7)		(14,550	)		(568,114	)
Distributions from unaffiliated investments		—			—
Distributions from affiliated mutual funds (see Note 7)		211,725			1,078,082
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		89,474			(271,683	)
Affiliated mutual funds (see Note 7)		132,967			(1,508,086	)
Net increase/(decrease) in net assets resulting from operations		383,118			(1,567,288	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(1,109	)		(1,403,072	)
Net decrease in net assets from dividends and distributions to shareholders		(1,109	)		(1,403,072	)
INCREASE/(DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		2,026,053			10,556,163
Reinvestment of distributions		1,109			1,403,072
Shares redeemed		(716,183	)		(6,940,249	)
Net increase/(decrease) in net assets from capital share transactions		1,310,979			5,018,986
Total increase/(decrease) in net assets		1,692,988			2,048,626
NET ASSETS:
Beginning of period		12,988,238			10,939,612
End of period	$	14,681,226		$	12,988,238
SHARES TRANSACTIONS:
Class I Shares
Shares sold		202,329			947,764
Shares reinvested		113			119,437
Shares redeemed		(71,100	)		(633,856	)
Net increase/(decrease) in shares outstanding		131,342			433,345

The accompanying notes are an integral part of the financial statements.
45

SGI SMALL CAP CORE FUND

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE Year ENDED AUGUST 31, 2022
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	41,678		$	(317,054	)
Net realized gain/(loss) from investments
Unaffiliated investments		(1,564,502	)		(7,094,288	)
Affiliated mutual funds (see Note 7)		—			—
Distributions from unaffiliated investments		—			—
Distributions from affiliated mutual funds (see Note 7)		—			—
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		8,223,111			(2,150,230	)
Affiliated mutual funds (see Note 7)		—			—
Net increase/(decrease) in net assets resulting from operations		6,700,287			(9,561,572	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(554,990	)		(24,978,857	)
Net decrease in net assets from dividends and distributions to shareholders		(554,990	)		(24,978,857	)
INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		6,972,960			27,264,934
Reinvestment of distributions		548,527			24,457,949
Distributions for shares redeemed		(6,474,681	)		(24,755,295	)
Net increase/(decrease) in net assets from capital share transactions		1,046,806			26,967,588
Total increase/(decrease) in net assets		7,192,103			(7,572,841	)
NET ASSETS:
Beginning of period		89,835,822			97,408,663
End of period	$	97,027,925		$	89,835,822
SHARES TRANSACTIONS:
Shares sold		277,054			990,971
Shares reinvested		21,544			884,875
Shares redeemed		(251,327	)		(877,969	)
Net increase/(decrease) in shares outstanding		47,271			997,877

The accompanying notes are an integral part of the financial statements.
46

SGI U.S. LARGE CAP EQUITY FUND

Financial Highlights

Contained below is per share operating performance data for Class I Shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	Class I Shares
	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018
Per Share Operating Performance
Net asset value, beginning of period	$	17.85		$	23.21		$	19.55		$	18.24		$	17.97		$	15.43
Net investment income/(loss)(1)		0.11			0.17			0.03			0.14			0.18			0.16
Net realized and unrealized gain/(loss) on investments(2)		0.33			(2.27	)		3.76			1.66			0.75			3.52
Net increase/(decrease) in net assets resulting from operations		0.44			(2.10	)		3.79			1.80			0.93			3.68
Dividends and distributions to shareholders from:
Net investment income		(0.20	)		(0.04	)		(0.08	)		(0.18	)		(0.11	)		(0.18	)
Net realized capital gains		(0.71	)		(3.22	)		(0.05	)		(0.31	)		(0.55	)		(0.96	)
Total dividends and distributions to shareholders		(0.91	)		(3.26	)		(0.13	)		(0.49	)		(0.66	)		(1.14	)
Net asset value, end of period	$	17.38		$	17.85		$	23.21		$	19.55		$	18.24		$	17.97
Total investment return/(loss)(3)		2.36	%(4)		(10.71	)%		19.46	%		10.10	%		5.83	%		24.98	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	367,951		$	391,548		$	506,159		$	556,511		$	497,097		$	437,424
Ratio of expenses to average net assets with waivers and/or reimbursements net of amounts recouped		0.98	%(5)		0.92	%		0.87	%		0.85	%		0.93	%		0.98	%
Ratio of expenses to average net assets without waivers and/or reimbursements net of amounts recouped		0.99	%(5)		0.96	%		0.87	%		0.85	%		0.86	%		0.94	%
Ratio of net investment income/(loss) to average net assets		1.22	%(5)		0.85	%		0.15	%		0.76	%		1.07	%		0.87	%
Portfolio turnover rate(6)		29	%(4)		133	%		91	%		129	%		104	%		85	%

(1) The selected per share data is calculated based on average shares outstanding method for the period.

(2) The amount shown may not correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

(3) Total investment return/(loss) is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(4) Not annualized.

(5) Annualized.

(6) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the financial statements.
47

SGI U.S. LARGE CAP EQUITY FUND

Financial Highlights (continued)

Contained below is per share operating performance data for Class A Shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	Class a Shares
	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018
Per Share Operating Performance
Net asset value, beginning of period	$	17.88		$	23.25		$	19.59		$	18.29		$	17.99		$	15.40
Net investment income/(loss)(1)		0.09			0.12			(0.02	)		0.08			0.14			0.10
Net realized and unrealized gain/(loss) on investments(2)		0.31			(2.27	)		3.77			1.67			0.76			3.55
Net increase/(decrease) in net assets resulting from operations		0.40			(2.15	)		3.75			1.75			0.90			3.65
Dividends and distributions to shareholders from:
Net investment income		(0.15	)		—			(0.04	)		(0.14	)		(0.05	)		(0.10	)
Net realized capital gains		(0.71	)		(3.22	)		(0.05	)		(0.31	)		(0.55	)		(0.96	)
Total dividends and distributions to shareholders		(0.86	)		(3.22	)		(0.09	)		(0.45	)		(0.60	)		(1.06	)
Net asset value, end of period	$	17.42		$	17.88		$	23.25		$	19.59		$	18.29		$	17.99
Total investment return/(loss)(3)		2.17	%(4)		(10.89	)%		19.20	%		9.78	%		5.61	%		24.68	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	29,621		$	28,285		$	29,423		$	23,424		$	14,751		$	9,530
Ratio of expenses to average net assets with waivers and/or reimbursements net of amounts recouped		1.23	%(5)		1.17	%		1.12	%		1.10	%		1.18	%		1.23	%
Ratio of expenses to average net assets without waivers and/or reimbursements net of amounts recouped		1.24	%(5)		1.21	%		1.12	%		1.10	%		1.11	%		1.27	%
Ratio of net investment income/(loss) to average net assets		0.97	%(5)		0.64	%		(0.09	)%		0.47	%		0.84	%		0.62	%
Portfolio turnover rate(6)		29	%(4)		133	%		91	%		129	%		104	%		85	%

(1) The selected per share data is calculated based on the average shares outstanding method for the period.

(2) The amount shown may not correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

(3) Total investment return/(loss) is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total investment return does not reflect any applicable sales charge.

(4) Not annualized.

(5) Annualized.

(6) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the financial statements.
48

SGI U.S. LARGE CAP EQUITY FUND

Financial Highlights (CONCLUDED)

Contained below is per share operating performance data for Class C Shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	Class c Shares
	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018
Per Share Operating Performance
Net asset value, beginning of period	$	17.12		$	22.54		$	19.11		$	17.79		$	17.59		$	15.15
Net investment income/(loss)(1)		0.02			(0.03	)		(0.17	)		(0.05	)		0.01			(0.02	)
Net realized and unrealized gain/(loss) on investments(2)		0.30			(2.17	)		3.65			1.71			0.74			3.48
Net increase/(decrease) in net assets resulting from operations		0.32			(2.20	)		3.48			1.66			0.75			3.46
Dividends and distributions to shareholders from:
Net investment income		(0.02	)		—			0.00			(0.03	)		—			(0.06	)
Net realized capital gains		(0.71	)		(3.22	)		(0.05	)		(0.31	)		(0.55	)		(0.96	)
Total dividends and distributions to shareholders		(0.73	)		(3.22	)		(0.05	)		(0.34	)		(0.55	)		(1.02	)
Net asset value, end of period	$	16.71		$	17.12		$	22.54		$	19.11		$	17.79		$	17.59
Total investment return/(loss)(3)		1.83	%(4)		(11.54	)%		18.25	%		9.47	%		4.78	%		23.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,269		$	2,546		$	2,917		$	2,915		$	2,350		$	1,916
Ratio of expenses to average net assets with waivers and/or reimbursements net of amounts recouped		1.98	%(5)		1.92	%		1.87	%		1.85	%		1.93	%		1.98	%
Ratio of expenses to average net assets without waivers and/or reimbursements net of amounts recouped		1.99	%(5)		1.96	%		1.87	%		1.85	%		1.86	%		2.00	%
Ratio of net investment income/(loss) to average net assets		0.22	%(5)		(0.15	)%		(0.84	)%		(0.26	)%		0.07	%		(0.11	)%
Portfolio turnover rate(6)		29	%(4)		133	%		91	%		129	%		104	%		85	%

(1) The selected per share data is calculated based on the average shares outstanding method for the period.

(2) The amount shown may not correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

(3) Total investment return/(loss) is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(4) Not annualized.

(5) Annualized.

(6) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the financial statements.
49

SGI U.S. SMALL CAP EQUITY FUND

Financial Highlights

Contained below is per share operating performance data for Class I Shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	Class i Shares
	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018
Per Share Operating Performance
Net asset value, beginning of period	$	11.28		$	11.91		$	10.03		$	11.49		$	13.82		$	12.39
Net investment income/(loss)(1)		0.02			(0.01	)		(0.02	)		0.07			0.14			(0.01	)
Net realized and unrealized gain/(loss) on investments(2)		0.28			(0.62	)		1.92			(1.40	)		(1.89	)		2.61
Net increase/(decrease) in net assets resulting from operations		0.30			(0.63	)		1.90			(1.33	)		(1.75	)		2.60
Dividends and distributions to shareholders from:
Net investment income		—			—			(0.02	)		(0.13	)		(0.04	)		(0.05	)
Net realized capital gains		(0.03	)		—			—			—			(0.54	)		(1.12	)
Total dividends and distributions to shareholders		(0.03	)		—			(0.02	)		(0.13	)		(0.58	)		(1.17	)
Net asset value, end of period	$	11.55		$	11.28		$	11.91		$	10.03		$	11.49		$	13.82
Total investment return/(loss)(3)		2.70	%(4)		(5.29	)%	��	19.02	%		(11.75	)%		(12.43	)%		22.26	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	29,590		$	29,180		$	27,913		$	42,830		$	33,707		$	31,559
Ratio of expenses to average net assets with waivers and reimbursements		1.23	%(5)		1.23	%		1.23	%		1.23	%		1.23	%		1.23	%
Ratio of expenses to average net assets without waivers and reimbursements		1.49	%(5)		1.46	%		1.40	%		1.36	%		1.40	%		1.60	%
Ratio of net investment income/(loss) to average net assets		0.43	%(5)		(0.09	)%		(0.22	)%		0.68	%		1.19	%		(0.05	)%
Portfolio turnover rate(6)		31	%(4)		123	%		135	%		151	%		145	%		122	%

(1) The selected per share data is calculated based on the average shares outstanding method for the period.

(2) The amount shown may not correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

(3) Total investment return/(loss) is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(4) Not annualized.

(5) Annualized.

(6) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the financial statements.
50

SGI U.S. SMALL CAP EQUITY FUND

Financial Highlights (continued)

Contained below is per share operating performance data for Class A Shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	Class A Shares
	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018
Per Share Operating Performance
Net asset value, beginning of period	$	11.20		$	11.85		$	10.00		$	11.46		$	13.80		$	12.38
Net investment income/(loss)(1)		0.01			(0.04	)		(0.05	)		0.03			0.11			(0.03	)
Net realized and unrealized gain/(loss) on investments(2)		0.28			(0.61	)		1.92			(1.38	)		(1.88	)		2.59
Net increase/(decrease) in net assets resulting from operations		0.29			(0.65	)		1.87			(1.35	)		(1.77	)		2.56
Dividends and distributions to shareholders from:
Net investment income		—			—			(0.02	)		(0.11	)		(0.03	)		(0.02	)
Net realized capital gains		(0.03	)		—			—			—			(0.54	)		(1.12	)
Total dividends and distributions to shareholders		(0.03	)		—			(0.02	)		(0.11	)		(0.57	)		(1.14	)
Net asset value, end of period	$	11.46		$	11.20		$	11.85		$	10.00		$	11.46		$	13.80
Total investment return/(loss)(3)		2.63	%(4)		(5.49	)%		18.69	%		(11.95	)%		(12.61	)%		21.90	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	7,158		$	6,111		$	5,573		$	6,905		$	3,892		$	3,560
Ratio of expenses to average net assets with waivers and reimbursements		1.48	%(5)		1.48	%		1.48	%		1.48	%		1.48	%		1.48	%
Ratio of expenses to average net assets without waivers and reimbursements		1.74	%(5)		1.71	%		1.65	%		1.61	%		1.65	%		1.86	%
Ratio of net investment income/(loss) to average net assets		0.18	%(5)		(0.34	)%		(0.48	)%		0.32	%		0.94	%		(0.23	)%
Portfolio turnover rate(6)		31	%(4)		123	%		135	%		151	%		145	%		122	%

(1) The selected per share data is calculated based on the average shares outstanding method for the period.

(2) The amount shown may not correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

(3) Total investment return/(loss) is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any. Total investment return does not reflect any applicable sales charge.

(4) Not annualized.

(5) Annualized.

(6) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the financial statements.
51

SGI U.S. SMALL CAP EQUITY FUND

Financial Highlights (CONCLUDED)

Contained below is per share operating performance data for Class C Shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	Class C Shares
	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018
Per Share Operating Performance
Net asset value, beginning of period	$	10.83		$	11.48		$	9.75		$	11.22		$	13.59		$	12.27
Net investment income/(loss)(1)		(0.03	)		(0.12	)		(0.14	)		(0.03	)		0.01			(0.12	)
Net realized and unrealized gain/(loss) on investments(2)		0.27			(0.53	)		1.87			(1.37	)		(1.84	)		2.56
Net increase/(decrease) in net assets resulting from operations		0.24			(0.65	)		1.73			(1.40	)		(1.83	)		2.44
Dividends and distributions to shareholders from:
Net realized capital gains		—			—			—			(0.07	)		(0.54	)		(1.12	)
Total dividends and distributions to shareholders		(0.03	)		—			—			(0.07	)		(0.54	)		(1.12	)
Net asset value, end of period	$	11.04		$	10.83		$	11.48		$	9.75		$	11.22		$	13.59
Total investment return/(loss)(3)		2.25	%(4)		(5.66	)%		17.74	%		(12.57	)%		(13.30	)%		21.05	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	238		$	238		$	118		$	102		$	114		$	200
Ratio of expenses to average net assets with waivers and reimbursements		2.23	%(5)		2.23	%		2.23	%		2.23	%		2.23	%		2.23	%
Ratio of expenses to average net assets without waivers and reimbursements		2.49	%(5)		2.46	%		2.40	%		2.36	%		2.40	%		2.61	%
Ratio of net investment income/(loss) to average net assets		(0.57	)%(5)		(1.06	)%		(1.26	)%		(0.29	)%		0.09	%		(0.95	)%
Portfolio turnover rate(6)		31	%(4)		123	%		135	%		151	%		145	%		122	%

(1) The selected per share data is calculated based on the average shares outstanding method for the period.

(2) The amount shown may not correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

(3) Total investment return/(loss) is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(4) Not annualized.

(5) Annualized.

(6) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the financial statements.
52

SGI GLOBAL EQUITY FUND

Financial Highlights

Contained below is per share operating performance data for Class I shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	Class I Shares
	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020			For the Year Ended August 31, 2019			For the Year Ended August 31, 2018
Per Share Operating Performance
Net asset value, beginning of period	$	33.16		$	38.33		$	32.93		$	32.62		$	30.30		$	27.20
Net investment income/(loss)(1)		0.15			0.45			0.38			0.41			0.53			0.35
Net realized and unrealized gain/(loss) on investments(2)		0.65			(3.77	)		5.24			1.06			2.20			2.75
Net increase/(decrease) in net assets resulting from operations		0.80			(3.32	)		5.62			1.47			2.73			3.10
Dividends and distributions to shareholders from:
Net investment income		(0.31	)		(0.58	)		(0.22	)		(0.85	)		(0.41	)		—
Net realized capital gains		(0.81	)		(1.27	)		—			(0.31	)		—			—
Total dividends and distributions to shareholders		(1.12	)		(1.85	)		(0.22	)		(1.16	)		(0.41	)		0.00
Redemption fees added to paid-in capital(1)					—			—			—			—	(3)		—	(3)
Net asset value, end of period	$	32.84		$	33.16		$	38.33		$	32.93		$	32.62		$	30.30
Total investment return/(loss)(4)		2.42	%(5)		(9.20	)%		17.15	%		4.53	%		9.18	%		11.36	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	129,677		$	118,260		$	112,035		$	58,262		$	21,520		$	19,530
Ratio of expenses to average net assets with waivers and reimbursements		0.84	%(6)		0.84	%		0.97	%		0.84	%		0.84	%		0.84	%
Ratio of expenses to average net assets without waivers and reimbursements		1.03	%(6)		1.01	%		1.10	%		0.98	%		1.11	%		1.25	%
Ratio of net investment income/(loss) to average net assets		0.93	%(6)		1.24	%		1.26	%		1.32	%		1.75	%		1.19	%
Portfolio turnover rate(7)		34	%(5)		87	%		88	%		122	%		74	%		44	%

(1) The selected per share data is calculated based on the average shares outstanding method for the period.

(2) The amount shown may not correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

(3) Amount represents less than $0.005 per share.

(4) Total investment return/(loss) is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(5) Not annualized.

(6) Annualized.

(7) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the financial statements.
53

SGI PRUDENT GROWTH FUND

Financial Highlights

Contained below is per share operating performance data for Class I shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	CLASS I SHARES
	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			FOR THE PERIOD ENDED AUGUST 31, 2020(1)
Per Share Operating Performance
Net asset value, beginning of period	$	9.80		$	11.69		$	10.60		$	10.00
Net investment income/(loss)(2)		0.04			0.02			(0.07	)		(0.03	)
Net realized and unrealized gain/(loss) on investments(3)		0.35			(1.26	)		1.16			0.63
Net increase/(decrease) in net assets resulting from operations		0.39			(1.24	)		1.09			0.60
Dividends and distributions to shareholders from:
Net investment income		(0.01	)		(0.40	)		—	(4)		—
Net realized capital gains		(0.25	)		(0.25	)		—	(4)		—
Total dividends and distributions to shareholders		(0.26	)		(0.65	)		—			—
Net asset value, end of period	$	9.93		$	9.80		$	11.69		$	10.60
Total investment return/(loss)(5)		1.47	%(6)		(11.26	)%		10.34	%		6.00	%(6)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	18,240		$	15,527		$	10,807		$	6,408
Ratio of expenses to average net assets with waivers and reimbursements		1.56	%(7)		1.70	%		1.70	%		1.70	%(7)
Ratio of expenses to average net assets without waivers and reimbursements		1.35	%(7)		1.61	%		1.75	%		3.97	%(7)
Ratio of net investment income/(loss) to average net assets		0.86	%(7)		0.23	%		(0.67	)%		(1.08	)%(7)
Portfolio turnover rate(8)		22	%(6)		67	%		170	%		6	%(6)

(1) The Fund commenced investment operations on June 8, 2020.

(2) The selected per share data is calculated based on the average shares outstanding method for the period.

(3) The amount shown may not correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

(4) Amount represents less than $0.005 per share.

(5) Total investment return/(loss) is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(6) Not annualized.

(7) Annualized.

(8) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the financial statements.
54

SGI PEAK GROWTH FUND

Financial Highlights

Contained below is per share operating performance data for Class I shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	CLASS I SHARES
	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			FOR THE PERIOD ENDED AUGUST 31, 2020(1)
Per Share Operating Performance
Net asset value, beginning of period	$	9.99		$	12.63		$	10.94		$	10.00
Net investment income/(loss)(2)		—	(4)		(0.03	)		(0.14	)		(0.04	)
Net realized and unrealized gain/(loss) on investments(3)		0.86			(1.27	)		1.83			0.98
Net increase/(decrease) in net assets resulting from operations		0.86			(1.30	)		1.69			0.94
Dividends and distributions to shareholders from:
Net investment income		—			(0.75	)		—			—
Net realized capital gains		(0.59	)		(0.59	)		—			—
Total dividends and distributions to shareholders		(0.59	)		(1.34	)		—			—
Net asset value, end of period	$	10.26		$	9.99		$	12.63		$	10.94
Total investment return/(loss)(5)		2.71	%(7)		(11.64	)%		15.45	%		9.40	%(7)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	14,681		$	12,988		$	10,940		$	7,327
Ratio of expenses to average net assets with waivers and reimbursements		1.63	%(6)		1.70	%		1.70	%		1.70	%(6)
Ratio of expenses to average net assets without waivers and reimbursements		1.52	%(6)		1.58	%		1.74	%		3.52	%(6)
Ratio of net investment income/(loss) to average net assets		0.03	%(6)		(0.29	)%		(1.17	)%		(1.58	)%(6)
Portfolio turnover rate(8)		6	%(7)		88	%		178	%		5	%(7)

(1) The Fund commenced investment operations on June 8, 2020.

(2) The selected per share data is calculated based on the average shares outstanding method for the period.

(3) The amount shown may not correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

(4) Amount represents less than $0.005 per share.

(5) Total investment return/(loss) is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(6) Annualized.

(7) Not annualized.

(8) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the financial statements.
55

SGI SMALL CAP CORE FUND

Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			For the Year Ended August 31, 2022			FOR THE YEAR ENDED AUGUST 31, 2021(1)			FOR THE YEAR ENDED AUGUST 31, 2020			FOR THE YEAR ENDED AUGUST 31, 2019			FOR THE YEAR ENDED AUGUST 31, 2018
Per Share Operating Performance
Net asset value, beginning of period	$	25.53		$	38.64		$	28.16		$	25.67		$	35.14		$	32.04
Net investment income/(loss)(2)		0.01			(0.10	)		(0.15	)		(0.10	)		(0.15	)		(0.19	)
Net realized and unrealized gain/(loss) from investments(3)		1.82			(2.97	)		12.33			2.68			(5.55	)		6.63
Net increase/(decrease) in net assets resulting from operations		1.83			(3.07	)		12.18			2.58			(5.70	)		6.44
Dividends and distributions to shareholders from:
Net investment income		—			—			(0.07	)		—			—			—
Net realized capital gains		(0.15	)		(10.04	)		(1.63	)		(0.09	)		(3.77	)		(3.34	)
Total dividends and distributions to shareholders		(0.15	)		(10.04	)		(1.70	)		(0.09	)		(3.77	)		(3.34	)
Net asset value, end of period	$	27.21		$	25.53		$	38.64		$	28.16		$	25.67		$	35.14
Total investment return(4)		7.23	%(6)		(9.93	)%		44.61	%		10.04	%		(16.02	)%		21.77	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	97,028		$	89,836		$	97,409		$	57,109		$	69,302		$	96,579
Ratio of expenses to average net assets with waivers and reimbursements		1.23	%(7)		1.23	%		1.07	%		1.25	%		1.25	%		1.25	%
Ratio of expenses to average net assets without waiver and reimbursements(5)		1.25	%(7)		1.33	%		1.12	%		1.38	%		1.37	%		1.29	%
Ratio of net investment income/(loss) to average net assets		0.09	%(7)		(0.34	)%		(0.37	)%		(0.38	)%		(0.53	)%		(0.57	)%
Portfolio turnover rate(6)		46	%(6)		270	%		314	%		302	%		344	%		349	%

(1) Effective as of the close of business on March 15, 2021, the Adviser took over management of the SGI Small Cap Core Fund from its predecessor investment manager.

(2) Calculated based on average shares outstanding for the period.

(3) The amount shown may not correlate with the change in the aggregate gains and losses due to the timing of sales and purchases of the Fund’s shares in relation to fluctuating market values for the Fund’s portfolio.

(4) Total investment return is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

(5) During the current fiscal period, certain fees were waived and/or reimbursed. If such fee waivers and/or reimbursements had not occurred, the ratios would have been as indicated (See Note 2).

(6) Not annualized.

(7) Annualized.

(8) Portfolio turnover rate is calculated for the Fund, as a whole, for the entire period.

The accompanying notes are an integral part of the financial statements.
56

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements

FEBRUARY 28, 2023 (UNAUDITED)

1. Organization and Significant Accounting Policies

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”) as an open-end management investment company. RBB is a “series fund,” which is a mutual fund complex divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has forty-eight separate investment portfolios, including the SGI U.S. Large Cap Equity Fund, the SGI U.S. Small Cap Equity Fund, the SGI Global Equity Fund, the SGI Prudent Growth Fund, the SGI Peak Growth Fund and the SGI Small Cap Core Fund (each, a “Fund” and collectively, the “Funds”). The SGI Small Cap Core Fund, the SGI U.S. Large Cap Equity Fund and the SGI U.S. Small Cap Equity Fund commenced investment operations on October 1, 1999, February 29, 2012 and March 31, 2016, respectively. The SGI Prudent Growth Fund and the SGI Peak Growth Fund commenced investment operations on June 8, 2020.

Effective as of the close of business on March 15, 2021, Summit Global Investments, LLC (“Summit” or the “Adviser”) took over management of the SGI Small Cap Core Fund from its predecessor investment manager.

As of the end of the reporting period, the SGI U.S. Large Cap Equity Fund, the SGI U.S. Small Cap Equity Fund and the SGI Global Equity Fund all offer three classes of shares: Class I Shares, Class A Shares and Class C Shares; the SGI Prudent Growth Fund, the SGI Peak Growth Fund and the SGI Small Cap Core Fund, all offer one class of shares; Class I Shares. As of the end of the reporting period, Class A Shares and Class C Shares of the SGI Global Equity Fund were not yet operational.

RBB has authorized capital of one hundred billion shares of common stock of which 90.623 billion shares are currently classified into two hundred and thirteen classes of common stock. Each class represents an interest in an active or inactive investment portfolio of the Company.

The investment objective of the SGI U.S. Large Cap Equity Fund is to outperform the S&P 500^® Index over a market cycle while reducing overall volatility. The investment objective of the SGI U.S. Small Cap Equity Fund is to outperform the Russell 2000^® Index over a market cycle while reducing overall volatility. The investment objective of each of the SGI Global Equity Fund, the SGI Prudent Growth Fund, the SGI Peak Growth Fund and the SGI Small Cap Core Fund is to seek long-term capital appreciation.

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies.”

The end of the reporting period for the Funds is February 28, 2023, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2023 (the “current fiscal period”).

Portfolio Valuation— Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Investments in Exchange-Traded Funds (“ETFs”) are valued at their last reported sale price. Investments in other open-end investment companies, if any, are valued based on the NAV of those investment companies (which may use fair value pricing as disclosed in their prospectuses). If market quotations are unavailable or deemed unreliable, securities will be valued by the Valuation Designee (as

57

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

defined below) in accordance with procedures adopted by The Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

The Board has adopted a pricing and valuation policy for use by each Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated Summit as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

Fair Value Measurements — The inputs and valuation techniques used to measure the fair value of the Funds’ investments are summarized into three levels as described in the hierarchy below:

● Level 1 — Prices are determined using quoted prices in active markets for identical securities.

● Level 2 — Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 — Prices are determined using significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

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

The following is a summary of the inputs used, as of the end of the reporting period, in valuing each Funds’ investments carried at fair value:

	Total		Level 1		Level 2		Level 3
SGI U.S. Large Cap Equity Fund
Common Stocks	$	395,217,678	$	395,217,678	$	—	$	—
Short-Term Investments		4,604,757		4,604,757		—		—
Total Investments*	$	399,822,435	$	399,822,435	$	—	$	—
SGI U.S. Small Cap Equity Fund
Common Stocks	$	36,760,246	$	36,760,246	$	—	$	—
Short-Term Investments		356,602		356,602		—		—
Total Investments*	$	37,116,848	$	37,116,848	$	—	$	—
SGI Global Equity Fund
Common Stocks	$	127,480,708	$	127,480,708	$	—	$	—
Short-Term Investments		2,213,673		2,213,673		—		—
Total Investments*	$	129,694,381	$	129,694,381	$	—	$	—
SGI PRUDENT GROWTH Fund
Exchange-Traded Funds	$	8,447,228	$	8,447,228	$	—	$	—
Mutual Funds		8,750,010		8,750,010		—		—
Short-Term Investments		1,043,209		1,043,209		—		—
Total Investments*	$	18,240,447	$	18,240,447	$	—	$	—

58

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

	Total		Level 1		Level 2		Level 3
SGI PEAK GROWTH FUND
Exchange-Traded Funds	$	3,330,438	$	3,330,438	$	—	$	—
Mutual Funds		10,894,732		10,894,732		—		—
Short-Term Investments		455,257		455,257		—		—
Total Investments*	$	14,680,427	$	14,680,427	$	—	$	—
SGI SMALL CAP core Fund
Common Stocks	$	95,872,220	$	95,872,220	$	—	$	—
Short-Term Investments		1,193,211		1,193,211		—		—
Total Investments*	$	97,065,431	$	97,065,431	$	—	$	—

* 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 Funds’ investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Funds may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

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

During the current fiscal period, the Funds had no Level 3 purchases, sales, or transfers.

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

Investment Transactions, Investment Income and Expenses — The Funds record security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gain are recorded as a reduction of cost of investments and/or as a realized gain. The Funds’ investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (formerly, PENN Capital Funds Trust) (the “Trust”),

59

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Funds.

Dividends and Distributions to Shareholders — Dividends from net investment income and distributions from net realized capital gains, if any, are declared and paid at least annually to shareholders and recorded on the ex-dividend date. Income dividends and capital gain distributions are determined in accordance with U.S. federal income tax regulations, which may differ from U.S. GAAP.

U.S. tax status — No provision is made for U.S. income taxes as it is each Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

CORONAVIRUS (COVID-19) PANDEMIC — The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. Although vaccines for COVID-19 are available, the ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers are not known. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak and the pace of recovery which may vary from market to market, and such uncertainty may in turn adversely affect the value and liquidity of the Funds’ investments, impair the Funds’ ability to satisfy redemption requests, and negatively impact the Funds’ performance.

UKRAINE-RUSSIA CONFLICT RISK — In February 2022, Russia commenced a military attack on Ukraine. The outbreak of hostilities between the two countries and the threat of wider-spread hostilities could have a severe adverse effect on the region and global economies, including significant negative impacts on the markets for certain securities and commodities, such as oil and natural gas. In addition, sanctions imposed on Russia by the United States and other countries, and any sanctions imposed in the future, could have a significant adverse impact on the Russian economy and related markets. The price and liquidity of investments may fluctuate widely as a result of the conflict and related events. How long the armed conflict and related events will last cannot be predicted. These tensions and any related events could have a significant impact on Fund performance and the value of Fund investments, even beyond any direct exposure the Funds may have to issuers located in these countries.

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

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

2. Investment Adviser and Other Services

Summit Global Investments, LLC serves as the investment adviser to each Fund. Each Fund compensates the Adviser for its services at an annual rate based on each Fund’s average daily net assets (the “Advisory Fee”), payable on a monthly basis in arrears, as shown in the following table.

60

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

The Adviser has contractually agreed to waive advisory fees and/or reimburse expenses to the extent that total annual Fund operating expenses (excluding certain items discussed below) exceed the rates (“Expense Caps”) shown in the following table of each Fund’s average daily net assets. In determining the Adviser’s obligation to waive advisory fees and/or reimburse expenses, the following expenses are not taken into account and could cause total annual Fund operating expenses to exceed the Expense Caps as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary expenses, interest and taxes. This contractual limitation is in effect until December 31, 2023 for each Fund and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after a Funds’ respective contractual limitation expiration date.

FUND	ADVISORY FEE			EXPENSE CAPS
				CLASS I			CLASS A			CLASS C
SGI U.S. Large Cap Equity Fund		0.70	%		0.98	%		1.23	%		1.98	%
SGI U.S. Small Cap Equity Fund		0.95			1.23			1.48			2.23
SGI Global Equity Fund		0.70			0.84			1.09			1.84
SGI Prudent Growth Fund		0.75			1.70			—			—
SGI Peak Growth Fund		0.75			1.70			—			—
SGI Small Cap Core Fund		0.95			1.23			—			—

If at any time a Fund’s total annual Fund operating expenses for a year are less than the relevant share class’s Expense Cap, the Adviser is entitled to recoup from the Fund the advisory fees forgone and other payments remitted by the Adviser to the Fund within three years from the date on which such waiver or reimbursement was made, provided such recoupment does not cause the Fund to exceed the relevant share class’s Expense Cap that was in effect at the time of the waiver or reimbursement.

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

FUND	Gross Advisory Fees		Waivers AND/OR Reimbursements			RECOUPMENTS		Net Advisory Fees
SGI U.S. Large Cap Equity Fund	$	1,426,332	$	(87,307	)		55,843	$	1,394,868
SGI U.S. Small Cap Equity Fund		170,282		(46,479	)		—		123,803
SGI Global Equity Fund		429,545		(113,989	)		—		315,556
SGI Prudent Growth Fund		62,736		—			17,720		80,456
SGI Peak Growth Fund		50,034		—			7,713		57,747
SGI Small Cap Core Fund		428,824		(9,804	)		1,059		420,079

As of the end of the reporting period, the Funds had amounts available for recoupment by the Adviser as follows:

	EXPIRATION
FUND	August 31, 2023		August 31, 2024		August 31, 2025		August 31, 2026		TOTAL
SGI U.S. Large Cap Equity Fund	$	—	$	—	$	127,847	$	87,307	$	215,154
SGI U.S. Small Cap Equity Fund		44,254		75,377		81,169		46,479		247,279
SGI Global Equity Fund		29,454		97,962		209,841		113,989		451,246
SGI Prudent Growth Fund		—		—		—		—		—
SGI Peak Growth Fund		—		—		—		—		—
SGI Small Cap Core Fund		50,295		38,737		88,935		9,804		187,771

61

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (Continued)

FEBRUARY 28, 2023 (UNAUDITED)

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services (“Fund Services”), serves as administrator for the Funds. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Fund Services serves as the Funds’ transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Funds. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Quasar Distributors, LLC (the “Distributor”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Funds’ shares pursuant to a Distribution Agreement with RBB.

For compensation amounts paid to Fund Services and the Custodian, please refer to the Statements of Operations.

The Board has adopted a Plan of Distribution (the “Plan”) for the Class A Shares and Class C Shares of the Funds pursuant to Rule 12b-1 under the 1940 Act. Under the Plan, the Distributor is entitled to receive from each Fund a distribution fee with respect to the Shares, which is accrued daily and paid monthly, of up to 0.25% on an annualized basis of the average daily net assets of the Class A Shares and up to 1.00% on an annualized basis of the average daily net assets of the Class C Shares. The actual amount of such compensation under the Plan is agreed upon by the Board and by the Distributor. Because these fees are paid out of each Fund’s assets on an ongoing basis, over time these fees will increase the cost of your investment and may cost you more than paying other types of sales charges. Amounts paid to the Distributor under the Plan may be used by the Distributor to cover expenses that are related to (i) the sale of the Shares, (ii) ongoing servicing and/or maintenance of the accounts of shareholders, and (iii) sub-transfer agency services, subaccounting services or administrative services related to the sale of the Shares, all as set forth in each Fund’s 12b-1 Plan.

3. DIRECTOR AND OFFICER Compensation

The Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Secretary and Director of Marketing & Business Development of the Company. They are compensated for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Funds or the Company. For Director and Officer compensation amounts, please refer to the Statements of Operations.

4. Purchases and Sales of Investment Securities

During the current fiscal period, aggregate purchases and sales of investment securities (excluding short-term investments) of the Funds were as follows:

FUND	Purchases		Sales
SGI U.S. Large Cap Equity Fund	$	115,920,625	$	147,961,798
SGI U.S. Small Cap Equity Fund		11,632,046		11,214,882
SGI Global Equity Fund		49,247,493		41,537,855
SGI Prudent Growth Fund		7,429,341		3,363,340
SGI Peak Growth Fund		2,450,656		841,917
SGI Small Cap Core Fund		42,856,896		41,712,842

There were no purchases or sales of long-term U.S. Government securities during the current fiscal period.

62

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (continued)

FEBRUARY 28, 2023 (UNAUDITED)

5. Federal Income Tax Information

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Funds have determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired.

As of August 31, 2022, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by each Fund were as follows:

	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
SGI U.S. Large Cap Equity Fund	$	381,363,652	$	55,080,122	$	(14,542,874	)	$	40,537,248
SGI U.S. Small Cap Equity Fund		34,929,540		3,815,905		(3,272,759	)		543,146
SGI Global Equity Fund		118,253,530		7,506,093		(8,457,004	)		(950,911	)
SGI Prudent Growth Fund		16,339,656		254,762		(1,103,039	)		(848,277	)
SGI Peak Growth Fund		13,817,944		403,734		(1,227,087	)		(823,353	)
SGI Small Cap Core Fund		90,611,134		5,439,564		(7,883,203	)		(2,443,639	)

The difference between the book basis and tax basis cost and aggregate gross unrealized appreciation and depreciation of investments is attributable primarily to timing differences related to wash sales and investments in passive foreign investment companies.

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. Any permanent differences resulting from different book and tax treatment are reclassified at year-end and have no impact on net income, NAV or NAV per share of the Funds.

Permanent differences as of August 31, 2022, primarily attributable to Net Operating Losses and Deemed Distributions due to Shareholder Redemptions were reclassified among the following accounts:

	Distributable Earnings/(loss)			Paid-in Capital
SGI U.S. Small Cap Equity Fund	$	68,004		$	(68,004	)
SGI U.S. Large Cap Equity Fund		(15,646,968	)		15,646,968
SGI Global Equity Fund		(465,660	)		465,660
SGI Small Cap Core Fund		(2,855,579	)		2,855,579

63

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (continued)

FEBRUARY 28, 2023 (UNAUDITED)

As of August 31, 2022, the components of distributable earnings on a tax basis were as follows:

FUND	Undistributed Ordinary Income		Undistributed Long-term capital gains		Capital Loss Carry Forward			Qualified Late- Year Loss Deferral			Other Temporary Differences			Net Unrealized Appreciation/ (Depreciation)
SGI U.S. Large Cap Equity Fund	$	2,572,173	$	14,793,607	$	—		$	—		$	—		$	40,537,248
SGI U.S. Small Cap Equity Fund		—		108,667		—			(46,844	)		—			543,146
SGI Global Equity Fund		620,241		2,875,971		—			—			—			(950,911	)
SGI Prudent Growth Fund		—		—		(113,985	)		(52,282	)		(10,699	)		(848,277	)
SGI Peak Growth Fund		—		—		(114,739	)		(103,182	)		(13,304	)		(823,353	)
SGI Small Cap Core Fund		—		554,963		—			(9,611,392	)		—			(2,443,639	)

The differences between the book and tax basis components of distributable earnings relate primarily to wash sales and investments in publicly traded partnerships.

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2022 were as follows:

FUND	Ordinary Income		Long-Term Gains		TOTAL
SGI U.S. Large Cap Equity Fund	$	22,024,821	$	52,940,729	$	74,965,550
SGI U.S. Small Cap Equity Fund		—		—		—
SGI Global Equity Fund		2,759,100		2,805,201		5,564,301
SGI Prudent Growth Fund		661,801		49,828		711,629
SGI Peak Growth Fund		1,309,074		93,998		1,403,072
SGI Small Cap Core Fund		23,796,320		1,182,537		24,978,857

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of August 31, 2022, the SGI Prudent Growth Fund had $113,985 of short-term loss carryovers, and the SGI Peak Growth Fund had $114,739 of short-term loss carryovers. During the fiscal year, the SGI U.S. Small Cap Equity Fund utilized $2,350,826 of carry forward capital losses.

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SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (continued)

FEBRUARY 28, 2023 (UNAUDITED)

Pursuant to federal income tax rules applicable to regulated investment companies, the Fund may elect to treat certain capital losses between November 1 and August 31 and late year ordinary losses ((i) ordinary losses between January 1 and August 31, and (ii) specified ordinary and currency losses between November 1 and August 31) as occurring on the first day of the following tax year. For the fiscal year ended August 31, 2021, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2022.

	Late-year ordinary loss deferral	post-october capital loss deferral
SGI U.S. Large Cap Equity Fund	$ —	$ —
SGI U.S. Small Cap Equity Fund	46,844	—
SGI Global Equity Fund	—	—
SGI Prudent Growth Fund	52,282	—
SGI Peak Growth Fund	103,182	—
SGI Small Cap Core Fund	301,382	9,310,010

6. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

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

7. TRANSACTIONS WITH AFFILIATES

The following issuers are affiliated with the Funds. Fund of Funds are allowed to invest in other investment companies in excess of the limits imposed, if certain requirement, such as being part of the same group of investment companies, are met. As defined in Section (2)(a)(3) of the Investment Company Act of 1940; such issuers are:

	August 31, 2022				Additions				Reductions
Issuer Name	Share Balance		Cost		Share Balance		Cost		Share Balance			Cost
SGI Prudent Growth Fund
SGI Global Equity Fund		102,939	$	3,418,545		22,752	$	786,376		—		$	(41,175	)
SGI Small Cap Core Fund		54,297		1,768,193		10,045		210,505		(1,038	)		—
SGI U.S. Large Cap Equity Fund		101,135		1,861,794		23,928		426,571		—			(2,885	)
SGI U.S. Small Cap Equity Fund		53,102		529,357		10,009		110,703		(234	)		—
		311,473	$	7,577,889		66,734	$	1,534,155		(1,272	)	$	(44,060	)
SGI Peak Growth Fund
SGI Global Equity Fund		117,522	$	3,791,859		14,276	$	468,263		—		$	—
SGI Small Cap Core Fund		105,973		3,222,151		9,530		233,524		(1,281	)		(50,183	)
SGI U.S. Large Cap Equity Fund		131,386		2,378,896		17,781		316,065		—			—
SGI U.S. Small Cap Equity Fund		68,964		660,669		6,013		336,747		—			(268,318	)
		423,845	$	10,053,575		47,600	$	1,354,598		(1,281	)	$	(318,501	)

65

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (CONCLUDED)

FEBRUARY 28, 2023 (UNAUDITED)

	February 28, 2023
Issuer Name	Dividend Income		Capital Gain Distribution		Net Change in Unrealized Appreciation/ (Depreciation)			Realized Gain/(Loss)			Share Balance		Value		Cost
SGI Prudent Growth Fund
SGI Global Equity Fund	$	35,666	$	92,597	$	(30,966	)	$	—			125,691	$	4,127,698	$	4,163,746
SGI Small Cap Core Fund		—		9,198		125,793			(12,285	)		63,304		1,722,495		1,978,698
SGI U.S. Large Cap Equity Fund		22,397		78,450		(55,350	)		—			125,063		2,173,590		2,285,480
SGI U.S. Small Cap Equity Fund		—		1,953		16,529			(75	)		62,877		726,227		640,060
	$	58,063	$	182,198	$	56,006		$	(12,360	)		376,935	$	8,750,010	$	9,067,984
SGI Peak Growth Fund
SGI Global Equity Fund	$	37,773	$	98,067	$	(37,054	)	$	—			131,798	$	4,328,236	$	4,260,122
SGI Small Cap Core Fund		—		16,773		219,155			(14,550	)		114,222		3,107,987		3,405,492
SGI U.S. Large Cap Equity Fund		26,986		94,525		(68,779	)		—			149,167		2,592,524		2,694,961
SGI U.S. Small Cap Equity Fund		—		2,359		19,645			—			74,977		865,985		729,098
	$	64,759	$	211,724	$	132,967		$	(14,550	)		470,164	$	10,894,732	$	11,089,673

8. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there were no significant events requiring recognition or disclosure in the financial statements.

66

SUMMIT GLOBAL INVESTMENTS

Other Information (Unaudited)

Proxy Voting

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling (855) 744-8500 and on the Securities and Exchange Commission’s (“SEC”) website at http://www.sec.gov.

Quarterly Portfolio Schedules

The Company files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Form N-PORT is available on the SEC’s website at http://www.sec.gov.

67

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Investment Adviser

Summit Global Investments, LLC
620 South Main Street
Bountiful, UT 84010

Administrator and Transfer Agent

U.S. Bancorp Fund Services, LLC
P.O. Box 701
Milwaukee, WI 53201

Principal Underwriter

Quasar Distributors, LLC
111 E Kilbourn Ave, Suite 2200
Milwaukee, WI 53202

Custodian

U.S. Bank, N.A.
1555 North Rivercenter Drive, Suite 302
Milwaukee, WI 53212

Independent Registered Public Accounting Firm

Ernst & Young LLP
One Commerce Square
2005 Market Street, Suite 700
Philadelphia, PA 19103

Legal Counsel

Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, PA 19103-6996

SGI-SAR23

Semi-Annual Report
February 28, 2023
(Unaudited)

US Treasury 10 Year Note ETF | (Nasdaq: UTEN)

US Treasury 2 Year Note ETF | (Nasdaq: UTWO)

US Treasury 3 Month Bill ETF | (Nasdaq: TBIL)

US Treasury 12 Month Bill ETF | (Nasdaq: OBIL)

Each a series of The RBB Fund, Inc.

F/m Investments, LLC d/b/a North Slope Capital, LLC

Table of Contents

Letter to Shareholders	1
Performance Data	2
Fund Expense Examples	6
Schedules of Investments	8
Financial Statements	12
Notes to Financial Statements	22
Notice to Shareholders	30

US Benchmark Series

Letter to Shareholders

February 28, 2023 (Unaudited)

F/m Investments LLC
d/b/a North Slope Capital, LLC
3050 K Street NW
Suite 201
Washington, DC 20007

US Treasury 3 Month Bill ETF (TBIL)
US Treasury 12 Month Bill ETF (OBIL)
US Treasury 2 Year Note ETF (UTWO)
US Treasury 10 Year Note ETF (UTEN)
The “Funds”

March 31, 2023

Dear Fellow Shareholder:

Over eight months have passed since we launched the first three Funds. Investor interest in the Funds and owning US Treasury securities has not waned. Indeed, rising rates and a continued higher-rate environment have only made the traditional safe haven even more attractive.

In August 2022, we launched three of the planned ten US Treasury exchange-traded funds (“ETFs”) to gauge investor interest in a simpler experience to owning on-the-run US Treasury securities. Our solution was the Funds -- the first to own only one US Treasury security. Each Fund aims to provide precise exposure to a single point on the yield curve, in a low cost, tax efficient ETF. Over the subsequent months, the remaining seven US Treasury ETFs were launched. With their listed options market, we believe these products offer investors of all measures a comprehensive US Treasuries toolset. Investors have shared with us how they are using the Funds for strategic and tactical access to US Treasuries, long and short-term exposures, responsive laddered portfolios, structured curve trades, and much more.

From the outset, each of the Funds has performed in line with our expectations, delivering monthly income and principal movement in line with its underlying US Treasury security. The high levels of liquidity of the on-the-run US Treasury security each Fund holds has translated into tight spreads and a consistent price experience for investors.

As we move through this interest rate cycle, we continue to expect volatile markets. Higher rates are working through our economy and restricting economic growth. We believe to a significant extent, however, the slowing economic growth may not cool inflation enough, which may cause rates to stay high, perhaps for an extended period.

That trend should be helpful to income-seeking US Treasury investors.

Be well. Do good work. Keep in touch.

Respectfully yours,

Alex Morris	Peter Baden	Marcin Zdunek

1

US Treasury 10 Year Note ETF

Performance Data

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODs ENDED February 28, 2023
	SIX MONTHS†	Since Inception	Inception Date
US Treasury 10 Year Note ETF (at NAV)	-4.97%	-7.82%	8/8/2022
US Treasury 10 Year Note ETF (at Market Price)	-4.62%	-7.78%	8/8/2022
ICE BofA Current 10-Year US Treasury Index*	-4.81%	-7.66%(1)	—
Fund Expense Ratio (2): 0.15%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost. For the most recent month end performance, please call 1-800-617-0004 or visit our website at www.ustreasuryetfs.com. Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The ICE BofA Current 10-Year US Treasury Index is a single security index comprised of the most recently issued 10-year US Treasury note.

2

US Treasury 2 Year Note ETF

Performance Data

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODs ENDED February 28, 2023
	SIX MONTHS†	Since Inception	Inception Date
US Treasury 2 Year Note ETF (at NAV)	-0.97%	-1.17%	8/8/2022
US Treasury 2 Year Note ETF (at Market Price)	-0.93%	-1.12%	8/8/2022
ICE BofA Current 2-Year US Treasury Index*	-0.88%	-1.11%(1)	—
Fund Expense Ratio (2): 0.15%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost. For the most recent month end performance, please call 1-800-617-0004 or visit our website at www.ustreasuryetfs.com. Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The ICE BofA Current 2-Year US Treasury Index is a single security index comprised of the most recently issued 2-year US Treasury note.

3

US Treasury 3 Month Bill ETF

Performance Data

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIODs ENDED February 28, 2023
	SIX MONTHS†	Since Inception	Inception Date
US Treasury 3 Month Bill ETF (at NAV)	1.90%	2.00%	8/8/2022
US Treasury 3 Month Bill ETF (at Market Price)	1.92%	2.04%	8/8/2022
ICE BofA US 3-Month Treasury Bill Index*	1.76%	1.88%(1)	—
Fund Expense Ratio (2): 0.15%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost. For the most recent month end performance, please call 1-800-617-0004 or visit our website at www.ustreasuryetfs.com. Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

^† Not annualized.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The ICE BofA US 3-Month Treasury Bill Index is a single security index comprised of the most recently issued 3-Month Treasury bill .

4

US Treasury 12 Month Bill ETF

Performance Data

(Unaudited)

AVERAGE ANNUAL TOTAL RETURNS FOR THE PERIOD ENDED February 28, 2023
	Since Inception	Inception Date
US Treasury 12 Month Bill ETF (at NAV)	1.01%	11/14/2022
US Treasury 12 Month Bill ETF (at Market Price)	1.06%	11/14/2022
ICE BofA US 1-Year Treasury Bill Index*	0.91%(1)	—
Fund Expense Ratio (2): 0.15%

The performance data quoted represents past performance and does not guarantee future results. Current performance may be lower or higher. The investment return and principal value of an investment will fluctuate so that shares, when redeemed or sold, may be worth more or less than their original cost. For the most recent month end performance, please call 1-800-617-0004 or visit our website at www.ustreasuryetfs.com. Market price is the price at which shares in the ETF can be bought or sold on the exchanges during trading hours, while the net asset value (NAV) represents the value of each share’s portion of the fund’s underlying assets and cash at the end of the trading day.

⁽¹⁾ Benchmark performance is from inception date of the Fund only and is not the inception date of the benchmark itself.

⁽²⁾ The expense ratio of the Fund is set forth according to the Prospectus for the Fund and may differ from the expense ratio disclosed in the Financial Highlights table in this report. See the Financial Highlights for most current expense ratio.

* The ICE BofA US 1-Year Treasury Bill Index is a single security index comprised of the most recently issued 1-Year Treasury bill .

5

US Benchmark Series

Fund Expense Examples

FEBRUARY 28, 2023 (UNAUDITED)

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

These examples are based on an investment of $1,000 invested at the beginning of the six-month period from September 1, 2022 through February 28, 2023, and held for the entire period. For the US Treasury 12 Month Bill ETF, the actual values and expenses are based on the 106-day period from inception on November 14, 2022 through February 28, 2023.

ACTUAL EXPENSES

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

HYPOTHETICAL EXAMPLES FOR COMPARISON PURPOSES

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

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

6

US Benchmark Series

Fund Expense Examples (Concluded)

FEBRUARY 28, 2023 (Unaudited)

	Beginning Account Value September 1, 2022	Ending Account Value February 28, 2023	Expenses Paid During Period*	Annualized Expense Ratio	Actual SIX MONTH/ SINCE INCEPTION Total Investment Returns for the Funds*
US Treasury 10 Year Note ETF
Actual	$ 1,000.00	$ 950.30	$ 0.73	0.15%	-4.97%
Hypothetical (5% return before expenses)	1,000.00	1,024.05	0.75	0.15%	N/A
US Treasury 2 Year Note ETF
Actual	$ 1,000.00	$ 990.30	$ 0.74	0.15%	-0.97%
Hypothetical (5% return before expenses)	1,000.00	1,024.05	0.75	0.15%	N/A
US Treasury 3 Month Bill ETF
Actual	$ 1,000.00	$ 1,019.00	$ 0.75	0.15%	1.90%
Hypothetical (5% return before expenses)	1,000.00	1,024.05	0.75	0.15%	N/A
US Treasury 12 Month Bill ETF
Actual	$ 1,000.00	$ 1,010.10	$ 0.44	0.15%	1.01%
Hypothetical (5% return before expenses)	1,000.00	1,024.05	0.75	0.15%	N/A

* Expenses are equal to each Fund’s annualized expense ratio for the period September 1, 2022 through February 28, 2023, multiplied by the average account value over the period, multiplied by the number of days (181) in the most recent fiscal half-year, then divided by 365 to reflect the one-half year period. For the US Treasury 12 Month Bill ETF, the actual dollar amounts shown are expenses paid by the Fund during the period from the inception of the Fund on November 14, 2022 through February 28, 2023 multiplied by 106 days, which is the number of days from the inception of the Fund through February 28, 2023. Each Fund’s ending account value in the first section in the table is based on the actual six-month total investment return for the Fund (with the exception of the US Treasury 12 Month Bill ETF, for which the ending account value is based on the actual since inception total investment return for the Fund).

7

US Treasury 10 Year Note ETF

Schedule of Investments

FEBRUARY 28, 2023 (UNAUDITED)

	Coupon			Maturity Date		Par (000’s)		Value
U.S. GOVERNMENT NOTES/BONDS — 99.8%
U.S. TREASURY NOTE — 99.8%
United States Treasury Note		3.500	%		02/15/33		9,806	$	9,482,708
TOTAL U.S. GOVERNMENT NOTES/BONDS
(Cost $9,594,414)									9,482,708

	Number of shares (000’s)
SHORT-TERM INVESTMENTS — 0.1%
MONEY MARKET DEPOSIT ACCOUNT — 0.1%
U.S. Bank Money Market Deposit Account, 4.25%(a)		3		3,357
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,357)				3,357
TOTAL INVESTMENTS — 99.9%
(Cost $9,597,771)				9,486,065
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				12,301
NET ASSETS — 100.0%			$	9,498,366

(a) The rate shown is as of February 28, 2023.

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

8

US Treasury 2 Year Note ETF

Schedule of Investments

FEBRUARY 28, 2023 (UNAUDITED)

	Coupon			Maturity Date		Par (000’s)		Value
U.S. GOVERNMENT NOTES/BONDS — 99.7%
U.S. TREASURY NOTE — 99.7%
United States Treasury Note		4.625	%		02/28/25		291,413	$	290,479,569
TOTAL U.S. GOVERNMENT NOTES/BONDS
(Cost $290,546,568)									290,479,569

	Number of shares (000’s)
SHORT-TERM INVESTMENTS — 0.3%
MONEY MARKET DEPOSIT ACCOUNT — 0.3%
U.S. Bank Money Market Deposit Account, 4.25%(a)		986		986,117
TOTAL SHORT-TERM INVESTMENTS
(Cost $986,117)				986,117
TOTAL INVESTMENTS — 100.0%
(Cost $291,532,685)				291,465,686
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.0%				18,344
NET ASSETS — 100.0%			$	291,484,030

(a) The rate shown is as of February 28, 2023.

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

9

US Treasury 3 Month Bill ETF

Schedule of Investments

FEBRUARY 28, 2023 (UNAUDITED)

	Coupon*			Maturity Date		Par (000’s)		Value
SHORT-TERM INVESTMENTS — 100.0%
U.S. TREASURY OBLIGATIONS — 99.6%
United States Treasury Bill		4.534	%		05/25/23		313,767	$	310,333,212
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $310,287,357)									310,333,212

	Number of shares (000’s)
MONEY MARKET DEPOSIT ACCOUNT — 0.4%
U.S. Bank Money Market Deposit Account, 4.25%(a)		1,237		1,236,714
TOTAL MONEY MARKET DEPOSIT ACCOUNT
(Cost $1,236,714)				1,236,714
TOTAL SHORT-TERM INVESTMENTS — 100.0%
(Cost $311,524,071)				311,569,926
TOTAL INVESTMENTS — 100.0%
(Cost $311,524,071)				311,569,926
LIABILITIES IN EXCESS OF OTHER ASSETS — 0.0%				(27,127	)
NET ASSETS — 100.0%			$	311,542,799

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

(a) The rate shown is as of February 28, 2023.

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

10

US Treasury 12 Month Bill ETF

Schedule of Investments

FEBRUARY 28, 2023 (UNAUDITED)

	Coupon*			Maturity Date		Par (000’s)		Value
SHORT-TERM INVESTMENTS — 99.9%
U.S. TREASURY OBLIGATIONS — 99.6%
United States Treasury Bill		5.081	%		02/22/24		33,007	$	31,442,134
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $31,436,206)									31,442,134

	Number of shares (000’s)
MONEY MARKET DEPOSIT ACCOUNT — 0.3%
U.S. Bank Money Market Deposit Account, 4.25%(a)		103		102,584
TOTAL MONEY MARKET DEPOSIT ACCOUNT
(Cost $102,584)				102,584
TOTAL SHORT-TERM INVESTMENTS — 99.9%
(Cost $31,538,791)				31,544,718
TOTAL INVESTMENTS — 99.9%
(Cost $31,538,791)				31,544,718
OTHER ASSETS IN EXCESS OF LIABILITIES — 0.1%				31,806
NET ASSETS — 100.0%			$	31,576,524

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

(a) The rate shown is as of February 28, 2023.

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

11

US Benchmark Series

Statements of Assets and Liabilities

FEBRUARY 28, 2023 (UNAUDITED)

	US Treasury 10 Year Note ETF			US Treasury 2 Year Note ETF			US Treasury 3 Month Bill ETF		US Treasury 12 Month Bill ETF
ASSETS
Investments in securities of unaffiliated issuers, at value (cost $9,594,414 and $290,546,568, respectively)	$	9,482,708		$	290,479,569		$	—	$	—
Short-term investments, at value (cost $3,357 and $986,117 and $311,524,071 and $31,538,791, respectively)		3,357			986,117			311,569,926		31,544,718
Receivables for:
Capital shares sold		—			8,244,966			1,000,138		8,019,328
Interest		13,333			40,396			1,572		684
Investments sold		—			1,288			156		1,253
Total assets		9,499,398			299,752,336			312,571,792		39,565,983
LIABILITIES
Payables for:
Investments purchased		—			8,236,645			999,147		7,987,368
Advisory fees		1,032			31,661			29,846		2,091
Total liabilities		1,032			8,268,306			1,028,993		7,989,459
Net assets	$	9,498,366		$	291,484,030		$	311,542,799	$	31,576,524
NET ASSETS CONSIST OF:
Par value	$	210		$	6,010		$	6,230	$	630
Paid-in capital		11,453,049			294,758,618			310,749,305		31,566,906
Total distributable earnings/(losses)		(1,954,893	)		(3,280,598	)		787,264		8,988
Net assets	$	9,498,366		$	291,484,030		$	311,542,799	$	31,576,524
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		210,000			6,010,000			6,230,000		630,000
Net asset value and redemption price per share	$	45.23		$	48.50		$	50.01	$	50.12

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

12

US Benchmark Series

Statements of Operations

FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)

	US Treasury 10 Year Note ETF			US Treasury 2 Year Note ETF			US Treasury 3 Month Bill ETF			US Treasury 12 Month Bill ETF(1)
INVESTMENT INCOME
Interest income	$	201,760		$	3,206,120		$	3,411,758		$	160,285
Total investment income		201,760			3,206,120			3,411,758			160,285
EXPENSES
Advisory fees (Note 3)		9,009			112,514			118,074			4,974
Total expenses		9,009			112,514			118,074			4,974
Net investment income/(loss)		192,751			3,093,606			3,293,684			155,311
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments		(484,158	)		(4,537,535	)		(168,707	)		(54,533	)
Net realized gain/(loss) from redemption in-kind		(1,245,348	)		778,852			36,425			—
Net change in unrealized appreciation/(depreciation) on investments		390,349			(61,103	)		45,071			5,927
Net realized and unrealized gain/(loss)		(1,339,157	)		(3,819,786	)		(87,211	)		(48,606	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(1,146,406	)	$	(726,180	)	$	3,206,473		$	106,705

⁽¹⁾ Inception date of the Fund was November 14, 2022.

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

13

US Treasury 10 Year Note ETF

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE Period ENDED AUGUST 31, 2022(1)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	192,751		$	33,043
Net realized gain/(loss) from investments		(1,729,506	)		(137,849	)
Net change in unrealized appreciation/(depreciation) on investments		390,349			(502,055	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(1,146,406	)		(606,861	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(201,626	)		—
Net decrease in net assets from dividends and distributions to shareholders		(201,626	)		—
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		5,868,843			20,940,800
Shares redeemed		(15,356,334	)		(50	)
Net increase/(decrease) in net assets from capital share transactions		(9,487,491	)		20,940,750
TOTAL INCREASE/(DECREASE) IN NET ASSETS		(10,835,523	)		20,333,889
NET ASSETS:
Beginning of period	$	20,333,889		$	—
End of period	$	9,498,366		$	20,333,889
SHARE TRANSACTIONS:
Shares sold		130,000			420,001
Shares redeemed		(340,000	)		(1	)
Net increase/(decrease) in shares		(210,000	)		420,000

⁽¹⁾ Inception date of the Fund was August 8, 2022.

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

14

US Treasury 2 Year Note ETF

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE Period ENDED AUGUST 31, 2022(1)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	3,093,606		$	17,647
Net realized gain/(loss) from investments		(3,758,683	)		(41,291	)
Net change in unrealized appreciation/(depreciation) on investments		(61,103	)		(5,896	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(726,180	)		(29,540	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(2,524,878	)		—
Net decrease in net assets from dividends and distributions to shareholders		(2,524,878	)		—
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		528,223,641			17,936,161
Shares redeemed		(251,395,124	)		(50	)
Net increase/(decrease) in net assets from capital share transactions		276,828,517			17,936,111
TOTAL INCREASE/(DECREASE) IN NET ASSETS		273,577,459			17,906,571
NET ASSETS:
Beginning of period	$	17,906,571		$	—
End of period	$	291,484,030		$	17,906,571
SHARE TRANSACTIONS:
Shares sold		10,780,000			360,001
Shares redeemed		(5,130,000	)		(1	)
Net increase/(decrease) in shares		5,650,000			360,000

⁽¹⁾ Inception date of the Fund was August 8, 2022.

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

15

US Treasury 3 Month Bill ETF

Statements of Changes in Net Assets

	FOR THE SIX MONTHS ENDED FEBRUARY 28, 2023 (UNAUDITED)			FOR THE Period ENDED AUGUST 31, 2022(1)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	3,293,684		$	54,238
Net realized gain/(loss) from investments		(132,282	)		(19,200	)
Net change in unrealized appreciation/(depreciation) on investments		45,071			784
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		3,206,473			35,822
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(2,455,031	)		—
Net decrease in net assets from dividends and distributions to shareholders		(2,455,031	)		—
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		358,852,311			38,808,130
Shares redeemed		(86,904,856	)		(50	)
Net increase/(decrease) in net assets from capital share transactions		271,947,455			38,808,080
TOTAL INCREASE/(DECREASE) IN NET ASSETS		272,698,897			38,843,902
NET ASSETS:
Beginning of period	$	38,843,902		$	—
End of period	$	311,542,799		$	38,843,902
SHARE TRANSACTIONS:
Shares sold		7,190,000			780,001
Shares redeemed		(1,740,000	)		(1	)
Net increase/(decrease) in shares		5,450,000			780,000

⁽¹⁾ Inception date of the Fund was August 8, 2022.

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

16

US Treasury 12 Month Bill ETF

Statement of Changes in Net Assets

	FOR THE PERIOD ENDED FEBRUARY 28, 2023 (UNAUDITED)(1)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	155,311
Net realized gain/(loss) from investments		(54,533	)
Net change in unrealized appreciation/(depreciation) on investments		5,927
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		106,705
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(97,717	)
Net decrease in net assets from dividends and distributions to shareholders		(97,717	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		31,567,536
Shares redeemed		—
Net increase/(decrease) in net assets from capital share transactions		31,567,536
TOTAL INCREASE/(DECREASE) IN NET ASSETS		31,576,524
NET ASSETS:
Beginning of period	$	—
End of period	$	31,576,524
SHARE TRANSACTIONS:
Shares sold		630,001
Shares redeemed		(1	)
Net increase/(decrease) in shares		630,000

⁽¹⁾ Inception date of the Fund was November 14, 2022.

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

17

US Treasury 10 Year Note ETF

Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	SIX MONTHS ENDED FEBRUARY 28, 2023			FOR THE PERIOD ENDED AUGUST 31,
		(UNAUDITED)			2022 (1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	48.41		$	49.91
Net investment income/(loss)(2)		0.73			0.09
Net realized and unrealized gain/(loss) from investments		(3.12	)		(1.59	)
Net increase/(decrease) in net assets resulting from operations		(2.39	)		(1.50	)
Dividends and distributions to shareholders from:
Net investment income		(0.79	)		—
Total dividends and distributions to shareholders		(0.79	)		—
Net asset value, end of period	$	45.23		$	48.41
Market value, end of period	$	45.25		$	48.26
Total investment return/(loss) on net asset value(3)		(4.97	)%(5)		(3.00	)%(5)
Total investment return/(loss) on market price(4)		(4.62	)%(5)		(3.31	)%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	9,498		$	20,334
Ratio of expenses to average net assets		0.15	%(6)		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		3.21	%(6)		2.77	%(6)
Portfolio turnover rate		522	%(5)		97	%(5)

⁽¹⁾ Inception date of the Fund was August 8, 2022.

⁽²⁾ Per share data calculated using average shares outstanding method.

⁽³⁾ Total investment return/(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

⁽⁴⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

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

18

US Treasury 2 Year Note ETF

Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	SIX MONTHS ENDED FEBRUARY 28, 2023			FOR THE PERIOD ENDED AUGUST 31,
		(UNAUDITED)			2022 (1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	49.74		$	49.84
Net investment income/(loss)(2)		1.00			0.11
Net realized and unrealized gain/(loss) from investments		(1.48	)		(0.21	)
Net increase/(decrease) in net assets resulting from operations		(0.48	)		(0.10	)
Dividends and distributions to shareholders from:
Net investment income		(0.76	)		—
Total dividends and distributions to shareholders		(0.76	)		—
Net asset value, end of period	$	48.50		$	49.74
Market value, end of period	$	48.52		$	49.74
Total investment return/(loss) on net asset value(3)		(0.97	)%(5)		(0.20	)%(5)
Total investment return/(loss) on market price(4)		(0.93	)%(5)		(0.20	)%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	291,484		$	17,907
Ratio of expenses to average net assets		0.15	%(6)		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		4.12	%(6)		3.54	%(6)
Portfolio turnover rate		144	%(5)		100	%(5)

⁽¹⁾ Inception date of the Fund was August 8, 2022.

⁽²⁾ Per share data calculated using average shares outstanding method.

⁽³⁾ Total investment return/(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

⁽⁴⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

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

19

US Treasury 3 Month Bill ETF

Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the respective periods. This information has been derived from information provided in the financial statements.

	SIX MONTHS ENDED FEBRUARY 28, 2023			FOR THE PERIOD ENDED AUGUST 31,
		(UNAUDITED)			2022(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	49.80		$	49.75
Net investment income/(loss)(2)		1.05			0.09
Net realized and unrealized gain/(loss) from investments		(0.11	)		(0.04	)
Net increase/(decrease) in net assets resulting from operations		0.94			0.05
Dividends and distributions to shareholders from:
Net investment income		(0.73	)		—
Total dividends and distributions to shareholders		(0.73	)		—
Net asset value, end of period	$	50.01		$	49.80
Market value, end of period	$	50.03		$	49.81
Total investment return/(loss) on net asset value(3)		1.90	%(5)		0.10	%(5)
Total investment return/(loss) on market price(4)		1.92	%(5)		0.12	%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	311,543		$	38,844
Ratio of expenses to average net assets		0.15	%(6)		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		4.18	%(6)		2.61	%(6)
Portfolio turnover rate		0	%(5)		0	%(5)

⁽¹⁾ Inception date of the Fund was August 8, 2022.

⁽²⁾ Per share data calculated using average shares outstanding method.

⁽³⁾ Total investment return/(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

⁽⁴⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

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

20

US Treasury 12 Month Bill ETF

Financial Highlights

Contained below is per share operating performance data for shares outstanding, total investment return/(loss), ratios to average net assets and other supplemental data for the period. This information has been derived from information provided in the financial statements.

	FOR THE Period ENDED FEBRUARY 28, 2023 (1)
		(UNAUDITED)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	50.07
Net investment income/(loss)(2)		0.68
Net realized and unrealized gain/(loss) from investments		(0.18	)
Net increase/(decrease) in net assets resulting from operations		0.50
Dividends and distributions to shareholders from:
Net investment income		(0.45	)
Total dividends and distributions to shareholders		(0.45	)
Net asset value, end of period	$	50.12
Market value, end of period	$	50.15
Total investment return/(loss) on net asset value(3)		1.01	%(5)
Total investment return/(loss) on market price(4)		1.06	%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	31,577
Ratio of expenses to average net assets		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		4.68	%(6)
Portfolio turnover rate		0	%(5)

⁽¹⁾ Inception date of the Fund was November 14, 2022.

⁽²⁾ Per share data calculated using average shares outstanding method.

⁽³⁾ Total investment return/(loss) on net asset value is calculated assuming a purchase of shares on the first day and a sale of shares on the last day of each period reported and includes reinvestments of dividends and distributions, if any.

⁽⁴⁾ Total investment return/(loss) on market price is calculated assuming an initial investment made at the market price on the first day of the period, reinvestment of dividends and distributions at market price during the period and redemption at market price on the last day of the period.

⁽⁵⁾ Not annualized.

⁽⁶⁾ Annualized.

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

21

US Benchmark Series

Notes to Financial Statements

FEBRUARY 28, 2023 (UNAUDITED)

1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES

The RBB Fund, Inc. (“RBB” or the “Company”) was incorporated under the laws of the State of Maryland on February 29, 1988 and is registered under the Investment Company Act of 1940, as amended, (the “1940 Act”), as an open-end management investment company. RBB is a “series fund,” which is a mutual fund divided into separate portfolios. Each portfolio is treated as a separate entity for certain matters under the 1940 Act, and for other purposes, and a shareholder of one portfolio is not deemed to be a shareholder of any other portfolio. Currently, RBB has forty-eight separate investment portfolios, including the US Treasury 10 Year Note ETF, the US Treasury 2 Year Note ETF, US Treasury 3 Month Bill ETF, and the US Treasury 12 Month Bill ETF (each a “Fund” and together the “Funds”). The US Treasury 10 Year Note ETF, the US Treasury 2 Year Note ETF and the US Treasury 3 Month Bill ETF commenced investment operations on August 8, 2022. The US Treasury 12 Month Bill ETF commenced investment operations on November 14, 2022.

RBB has authorized capital of one hundred billion shares of common stock of which 90.623 billion shares are currently classified into two hundred and thirteen classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

The investment objective of the US Treasury 10 Year Note ETF, the US Treasury 2 Year Note ETF, the US Treasury 3 Month Bill ETF, and the US Treasury 12 Month Bill ETF is to seek investment results that correspond (before fees and expenses) generally to the price and yield of its corresponding benchmark index (“Underlying Index”): the ICE BofA Current 10-Year US Treasury Index, ICE BofA Current 2-Year US Treasury Index, ICE BofA US 3-Month Treasury Bill Index, and ICE BofA US 1-Year Treasury Bill Index, respectively.

The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 “Financial Services - Investment Companies”.

The end of the reporting period for the Funds is February 28, 2023, and the period covered by these Notes to Financial Statements is the six months ended February 28, 2023 (the “current fiscal period”). For the US Treasury 12 Month Bill ETF, the period covered by these Notes to Financial Statements is the since inception period from November 14, 2022 through February 28, 2023 (the “current fiscal period”).

PORTFOLIO VALUATION — Each Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last sale price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Equity securities traded in the over-the-counter (“OTC”) market are valued at their closing prices. If there were no transactions on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

The Board has adopted a pricing and valuation policy for use by the Fund and its Valuation Designee (as defined below) in calculating the Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Fund has designated F/m Investments, LLC d/b/a North Slope Capital, LLC (the “Adviser”) as its “Valuation Designee” to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

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.

22

US Benchmark Series

Notes to Financial Statements (continued)

FEBRUARY 28, 2023 (UNAUDITED)

● Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

● Level 3 – Prices are determined using significant unobservable inputs (including the Funds’ own assumptions in determining the fair value of investments).

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

The following is a summary of the inputs used, as of the end of the reporting period, in valuing the Funds’ investments carried at fair value:

US TREASURY 10 YEAR NOTE ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
U.S. Government Notes/Bonds	$	9,482,708	$	—	$	9,482,708	$	—
Short-Term Investments		3,357		3,357		—		—
Total Investments*	$	9,486,065	$	3,357	$	9,482,708	$	—

US TREASURY 2 YEAR NOTE ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
U.S. Government Notes/Bonds	$	290,479,569	$	—	$	290,479,569	$	—
Short-Term Investments		986,117		986,117		—		—
Total Investments*	$	291,465,686	$	986,117	$	290,479,569	$	—

US TREASURY 3 MONTH BILL ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Short-Term Investments	$	311,569,926	$	1,236,714	$	310,333,212	$	—
Total Investments*	$	311,569,926	$	1,236,714	$	310,333,212	$	—

US TREASURY 12 MONTH BILL ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Short-Term Investments	$	31,544,718	$	102,584	$	31,442,134	$	—
Total Investments*	$	31,544,718	$	102,584	$	31,442,134	$	—

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

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

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

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires each Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the

23

US Benchmark Series

Notes to Financial Statements (continued)

FEBRUARY 28, 2023 (UNAUDITED)

period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments is presented only if a Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers in and out of each level is disclosed when a Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

The Funds did not have any significant Level 3 transfers during the current fiscal period.

USE OF ESTIMATES — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and those differences could be significant.

INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES — The Funds record security transactions based on trade date for financial reporting purposes. The cost of investments sold is determined by use of the specific identification method for both financial reporting and income tax purposes in determining realized gains and losses on investments. Interest income (including amortization of premiums and accretion of discounts) is accrued when earned. Dividend income is recorded on the ex-dividend date. Distributions received on securities that represent a return of capital or capital gains are recorded as a reduction of cost of investments and/or as a realized gain. The Funds’ investment income, expenses (other than class specific expenses) and unrealized and realized gains and losses are allocated daily to each class of shares based upon the relative proportion of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund Trust (formerly, PENN Capital Funds Trust) (the “Trust”), a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Company or Trust are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all funds (such as director or professional fees) are charged to all funds in proportion to their average net assets of RBB and the Trust, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Funds.

DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS — Each Fund will distribute substantially all of its net investment income and net realized capital gains, if any, to its shareholders. Each Fund expects to declare and pay distributions, if any, monthly, however it may declare and pay distributions more or less frequently. Net realized capital gains (including net short-term capital gains), if any, will be distributed by each Fund at least annually. Brokers may make the DTC book-entry dividend reinvestment service available to their customers who own a Fund’s Shares. If this service is available and used, dividend distributions of both income and capital gains will automatically be reinvested in additional whole Shares of that Fund purchased on the secondary market. Without this service, investors would receive their distributions in cash. In order to achieve the maximum total return on their investments, investors are encouraged to use the dividend reinvestment service. To determine whether the dividend reinvestment service is available and whether there is a commission or other charge for using this service, consult your broker. Brokers may require a Fund’s shareholders to adhere to specific procedures and timetables.

U.S. TAX STATUS — No provision is made for U.S. income taxes as it is each Fund’s intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

CORONAVIRUS (COVID-19) PANDEMIC — The global outbreak of COVID-19 (commonly referred to as “coronavirus”) has disrupted economic markets and the prolonged economic impact is uncertain. Although vaccines for COVID-19 are available, the ultimate economic fallout from the pandemic, and the long-term impact on economies, markets, industries and individual issuers are not known. The operational and financial performance of the issuers of securities in which the Funds invest depends on future developments, including the duration and spread of the outbreak and the pace of recovery which may vary from market to market, and such uncertainty may in turn adversely affect the value and liquidity of the Funds’ investments, impair the Funds’ ability to satisfy redemption requests, and negatively impact the Funds’ performance.

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

24

US Benchmark Series

Notes to Financial Statements (continued)

FEBRUARY 28, 2023 (UNAUDITED)

2. INVESTMENT POLICIES AND PRACTICES

The sections below describe some of the different types of investments that may be made by the Funds and the investment practices in which the Funds may engage.

Cash Equivalents and Short-Term Investments - The Funds may invest in cash, cash equivalents, and a variety of short-term instruments in such proportions as warranted by prevailing market conditions and the Funds’ principal investment strategies. The Funds may temporarily invest without limit in such instruments for liquidity purposes, or in an attempt to respond to adverse market, economic, political or other conditions. During such periods, a Fund may not be able to achieve its investment objective.

Illiquid Investments - Pursuant to Rule 22e-4 under the 1940 Act, a Fund may invest up to 15% of its net assets in illiquid investments. An illiquid investment as defined in Rule 22e-4 is an investment that a Fund reasonably expects cannot be sold or disposed of in current market conditions within 7 calendar days or less without the sale or disposition significantly changing the market value of the investment. These investments may include restricted securities and repurchase agreements maturing in more than 7 days. Restricted securities are securities that may not be sold to the public without an effective registration statement under the Securities Act of 1933, as amended (the “1933 Act”), and thus may be sold only in privately negotiated transactions or pursuant to an exemption from registration. Subject to the adoption of guidelines by the Board of Directors of the Company (“Board”), certain restricted securities that may be sold to institutional investors pursuant to Rule 144A under the 1933 Act and non-exempt commercial paper may be determined to be liquid by the Adviser. Illiquid investments involve the risk that the investments will not be able to be sold at the time the Adviser desires or at prices approximating the value at which a Fund is carrying the investments. To the extent an investment held by a Fund is deemed to be an illiquid investment or a less liquid investment, a Fund will be exposed to a greater liquidity risk.

Inflation Protected Securities - Each Fund may invest in inflation protected securities. Inflation protected securities are fixed income securities designed to provide protection against the negative effects of inflation. Two structures are common. The U.S. Treasury and some other issuers use a structure that accrues inflation into the principal value of the bond. Most other issuers pay out the inflation accruals as part of a semiannual coupon.

Other Investment Companies - Each Fund may invest in other investment companies, including open-end funds, closed-end funds, unit investment trusts, and exchange-traded funds (“ETFs”) registered under the 1940 Act that invest primarily in Fund eligible investments. Under the 1940 Act, a Fund’s investment in such securities is generally limited to 3% of the total voting stock of any one investment company; 5% of such Fund’s total assets with respect to any one investment company; and 10% of such Fund’s total assets in the aggregate. A Fund’s investments in other investment companies may include money market mutual funds. Investments in money market funds are not subject to the percentage limitations set forth above. The SEC has adopted revisions to the rules permitting funds to invest in other investment companies in excess of the limits described above. While Rule 12d1-4 permits more types of fund of fund arrangements without reliance on an exemptive order or no-action letters, it imposes new conditions, including limits on control and voting of acquired funds’ shares, evaluations and findings by investment advisers, fund investment agreements, and limits on most three-tier fund structures. Rule 12d1-4 went into effect on January 19, 2021. The rescission of the applicable exemptive orders and the withdrawal of the applicable no-action letters was effective on January 19, 2022. These regulatory changes may adversely impact a Fund’s investment strategies and operations.

U.S. Government Securities - Each Fund may invest in U.S. government securities, including bills, notes and bonds differing as to maturity and rates of interest, which are either issued or guaranteed by the U.S. Treasury or by U.S. government agencies or instrumentalities. U.S. government agency securities include securities issued by (a) the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration, and the Government National Mortgage Association, whose securities are supported by the full faith and credit of the United States; (b) the Federal Home Loan Banks, Federal Intermediate Credit Banks, and the Tennessee Valley Authority, whose securities are supported by the right of the agency to borrow from the U.S. Treasury; (c) the Federal National Mortgage Association, whose securities are supported by the discretionary authority of the U.S. government to purchase certain obligations of the agency or instrumentality; and (d) the Student Loan Marketing Association, whose securities are supported only by its credit. While the U.S. government provides financial support to such U.S. government-sponsored agencies or instrumentalities, no assurance can be given that it always will do so since it is not so obligated by law. The U.S. government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate.

25

US Benchmark Series

Notes to Financial Statements (continued)

FEBRUARY 28, 2023 (UNAUDITED)

Zero-Coupon and Step Coupon Securities - Each Fund may invest in zero-coupon and step coupon securities. Zero-coupon securities pay no cash income to their holders until they mature. When held to maturity, their entire return comes from the difference between their purchase price and their maturity value. Step coupon securities are debt securities that may not pay interest for a specified period of time and then, after the initial period, may pay interest at a series of different rates. Both zero-coupon and step coupon securities are issued at substantial discounts from their value at maturity. Because interest on these securities is not paid on a current basis, the values of securities of this type are subject to greater fluctuations than are the value of securities that distribute income regularly and may be more speculative than such securities. Accordingly, the values of these securities may be highly volatile as interest rates rise or fall. In addition, while such securities generate income for purposes of generally accepted accounting standards, they do not generate cash flow and thus could cause a Fund to be forced to liquidate securities at an inopportune time in order to distribute cash, as required by the Code.

Temporary Investments - During periods of adverse market or economic conditions, a Fund may temporarily invest all or a substantial portion of its assets in high-quality, fixed-income securities, money market instruments, and shares of money market mutual funds, or it may hold cash. At such times, a Fund would not be pursuing its stated investment objective with its usual investment strategies. A Fund may also hold these investments for liquidity purposes. Fixed-income securities will be deemed to be of high quality if they are rated “A” or better by S&P or Moody’s or, if unrated, are determined to be of comparable quality by the Adviser. Money market instruments are high-quality, short-term fixed-income obligations (which generally have remaining maturities of one year or less) and may include U.S. Government Securities, commercial paper, certificates of deposit and banker’s acceptances issued by domestic branches of U.S. banks that are members of the Federal Deposit Insurance Corporation, and repurchase agreements for U.S. Government Securities.

In lieu of purchasing money market instruments, the Fund may purchase shares of money market mutual funds that invest primarily in U.S. Government Securities and repurchase agreements involving those securities, subject to certain limitations imposed by the 1940 Act. A Fund, as an investor in a money market fund, will indirectly bear that fund’s fees and expenses, which will be in addition to the fees and expenses of the Fund. Repurchase agreements involve certain risks not associated with direct investments in debt securities.

3. INVESTMENT ADVISER AND OTHER SERVICES

Each Fund pays all of its expenses other than those expressly assumed by the Adviser. Expenses of each Fund are deducted from the Fund’s total income before dividends are paid. Subject to the supervision of the Board, the Adviser manages the overall investment operations of each Fund in accordance with the Fund’s respective investment objective and policies and formulates a continuing investment strategy for each Fund pursuant to the terms of the Investment Advisory Agreement between the Adviser and the Company on behalf of each Fund. The Adviser is controlled by Diffractive Managers Group, LLC, a Delaware limited liability company, and EQSF Holdings, LLC, a Delaware limited liability company owned by three officers of the Company. Prior to January 31, 2023, the Adviser was controlled by F/m Acceleration, LLC. Diffractive Managers Group, LLC acquired all of the assets and liabilities of F/m Acceleration, LLC on January 31, 2023. The Funds compensate the Adviser with a unitary management fee for its services at an annual rate of 0.15% of each Fund’s average daily net assets during the month. From the unitary management fee, the Adviser pays most of the expenses of each Fund, including transfer agency, custody, fund administration, legal, audit and other services. However, under the Advisory Agreement, the Adviser is not responsible for interest expenses, brokerage commissions and other trading expenses, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business. The Adviser will not be liable for any error of judgment, mistake of law, or for any loss suffered by a Fund in connection with the performance of the Advisory Agreement, except a loss resulting from a breach of fiduciary duty with respect to the receipt of compensation for services or a loss resulting from willful misfeasance, bad faith or gross negligence on the part of the Adviser in the performance of its duties, or from reckless disregard of its obligations and duties under the Advisory Agreement.

26

US Benchmark Series

Notes to Financial Statements (continued)

FEBRUARY 28, 2023 (UNAUDITED)

During the current fiscal period, investment advisory fees accrued were as follows:

FUND	ADVISORY FEES
US Treasury 10 Year Note ETF	$	9,009
US Treasury 2 Year Note ETF		112,514
US Treasury 3 Month Bill ETF		118,074
US Treasury 12 Month Bill ETF		4,974

U.S. Bancorp Fund Services, LLC (“Fund Services”), doing business as U.S. Bank Global Fund Services, serves as administrator for the Funds. For providing administrative and accounting services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Fund Services serves as the Funds’ transfer and dividend disbursing agent. For providing transfer agent services, Fund Services is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

U.S. Bank, N.A. (the “Custodian”) provides certain custodial services to the Funds. The Custodian is entitled to receive a monthly fee, subject to certain minimum and out of pocket expenses.

Quasar Distributors, LLC (“Quasar”), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Funds’ shares pursuant to a Distribution Agreement with RBB.

Under the Funds’ unitary fee, the Adviser compensates Fund Services and the Custodian for services provided.

DIRECTOR AND OFFICER COMPENSATION — The Directors of the Company receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves as Chief Compliance Officer of the Company. Vigilant Compliance, LLC is compensated for the services provided to the Company. Employees of RBB serve as President, Chief Financial Officer, Chief Operating Officer, Secretary and Director of Marketing & Business Development of the Company. They are compensated by the Company for services provided. Certain employees of Fund Services serve as officers of the Company. They are not compensated by the Funds or the Company. As of the end of the reporting period, there were no director and officer fees charged or paid by the Funds.

4. PURCHASES AND SALES OF INVESTMENT SECURITIES

During the current fiscal period, aggregate purchases and sales and maturities of investment securities (excluding in-kind transactions and short-term investments) of the Funds were as follows:

FUND	U.S. GOVERNMENT PURCHASES		U.S. GOVERNMENT SALES
US Treasury 10 Year Note ETF	$	17,768,194	$	17,825,569
US Treasury 2 Year Note ETF		1,064,155,366		803,789,828
US Treasury 3 Month Bill ETF		—		—
US Treasury 12 Month Bill ETF		—		—

27

US Benchmark Series

Notes to Financial Statements (continued)

FEBRUARY 28, 2023 (UNAUDITED)

During the current fiscal period, aggregate purchases and sales of in-kind transactions (excluding short-term investments) of the Funds were as follows:

FUND	U.S. GOVERNMENT IN-KIND PURCHASES		U.S. GOVERNMENT IN-KIND SALES
US Treasury 10 Year Note ETF	$	5,840,102	$	15,249,878
US Treasury 2 Year Note ETF		267,095,384		251,085,821
US Treasury 3 Month Bill ETF		—		—
US Treasury 12 Month Bill ETF		—		—

5. FEDERAL INCOME TAX INFORMATION

The Funds have followed the authoritative guidance on accounting for and disclosure of uncertainty in tax positions, which requires the Funds to determine whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The Funds have determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, the Funds are subject to examination by federal, state and local jurisdictions, where applicable, for tax years for which applicable statutes of limitations have not expired. Since the Funds did not have a full fiscal year, the tax cost of investments is the same as noted in the Schedule of Investments.

As of August 31, 2022, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by each Fund were as follows:

FUND	FEDERAL TAX COST		UNREALIZED APPRECIATION		UNREALIZED (DEPRECIATION)			NET UNREALIZED APPRECIATION/ (DEPRECIATION)
US Treasury 10 Year Note ETF	$	20,811,076	$	—	$	(502,055	)	$	(502,055	)
US Treasury 2 Year Note ETF		17,911,610		13		(5,909	)		(5,896	)
US Treasury 3 Month Bill ETF		38,846,224		784		—			784

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. To the extent these differences are permanent, such amounts are reclassified within the capital accounts based on the tax treatment; temporary differences do not require such reclassification.

As of August 31, 2022, there were no permanent differences between distributable earnings/(loss) and paid-in capital, respectively.

As of August 31, 2022, the components of distributable earnings on a tax basis were as follows:

FUND	UNDISTRIBUTED ORDINARY INCOME		UNDISTRIBUTED LONG-TERM CAPITAL GAINS		Net UNREALIZED APPRECIATION/ (DEPRECIATION)			CAPITAL LOSS CARRYOVER			QUALIFIED LATE- YEAR LOSS
US Treasury 10 Year Note ETF	$	33,043	$	—	$	(502,055	)	$	(137,849	)	$	—
US Treasury 2 Year Note ETF		17,647		—		(5,896	)		(41,291	)		—
US Treasury 3 Month Bill ETF		54,238		—		784			(19,200	)		—

28

US Benchmark Series

Notes to Financial Statements (concluded)

FEBRUARY 28, 2023 (UNAUDITED)

The differences between the book and tax basis components of distributable earnings relate primarily to the timing of recognition of income and gains for federal income tax purposes.

Under the Regulated Investment Company Modernization Act of 2010, the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses rather than being considered all short-term as under the previous law. As of August 31, 2022, the US Treasury 10 Year Note ETF had unexpiring short-term losses of $137,849, the US Treasury 2 Year Note ETF had unexpiring short-term losses of $41,291 and the US Treasury 3 Month Bill ETF had unexpiring short-term losses of $19,200.

6. SHARE TRANSACTIONS

Shares of the Funds are listed and traded on the NASDAQ, Inc. (the “Exchange”). Market prices for the shares may be different from their NAV. Each Fund issues and redeems shares on a continuous basis at NAV only in blocks of 10,000 shares, called “Creation Units.” Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of each Fund. Creation Units may only be purchased or redeemed by certain financial institutions (“Authorized Participants”). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from each Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

Each Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for each Fund is $300, payable to the custodian. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to the transaction. Variable fees are imposed to compensate each Fund for the transaction costs associated with the cash transactions. Variable fees received by each Fund, if any, are displayed in the capital shares transactions section of the Statements of Changes in Net Assets.

7. NEW ACCOUNTING PRONOUNCEMENTS AND REGULATORY UPDATES

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

8. SUBSEQUENT EVENTS

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there was the following subsequent event:

Special Meeting of Shareholders to consider Approval of New Investment Advisory Agreement

On March 28, 2023, a special meeting of shareholders of the Funds (the “Special Meeting”) was held, at which shareholders were asked to consider the approval of a new investment advisory agreement between the Adviser and the Company on behalf of the Funds (the “New Investment Advisory Agreement”). The Special Meeting was adjourned to April 18, 2023. At the adjourned Special Meeting, shareholders of the US Treasury 10 Year Note ETF and US Treasury 12 Month Bill ETF approved the New Investment Advisory Agreement. As described in the Funds’ definitive proxy statement filed with the SEC on March 9, 2023, the unitary management fees payable to the Adviser under the New Investment Advisory Agreement are the same as the unitary management fees payable under the Funds’ previously existing advisory agreement, and the investment advisory personnel who provided services to the Funds under the previously existing investment advisory agreement are expected to continue to do so under the New Investment Advisory Agreement.

The Special Meeting, for shareholders of the Funds was first adjourned until April 18, 2023, and further adjourned until May 5, 2023.

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US Benchmark Series

Notice to Shareholders

(Unaudited)

INFORMATION ON PROXY VOTING

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available (i) without charge, upon request, by calling (800)-617-0004; and (ii) on the SEC’s website at http://www.sec.gov.

QUARTERLY SCHEDULE OF INVESTMENTS

The Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company’s Forms N-PORT are available on the SEC’s website at http://www.sec.gov.

FREQUENCY DISTRIBUTIONS OF PREMIUMS AND DISCOUNTS

Information regarding how often shares of the Funds trade on an exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds is available, without charge, on the Funds’ website at www.ustreasuryetf.com.

APPROVAL OF INVESTMENT ADVISORY AGREEMENT

As required by the 1940 Act, the Board, including all of the Directors who are not “interested persons” of the Company, as that term is defined in the 1940 Act (the “Independent Directors”), considered the approval of the investment advisory agreement between the Adviser and the Company (the “Investment Advisory Agreement”) on behalf of the US Treasury 12 Month Bill ETF (the “Fund”), at meetings of the Board held on May 11-12, 2022 and July 26, 2022 (collectively, the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement for an initial term. The Board’s decision to approve the Investment Advisory Agreement reflects the exercise of its business judgment. In approving the Investment Advisory Agreement, the Board considered information provided by the Adviser with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the approval of the Investment Advisory Agreement between the Company and the Adviser with respect to the Fund, the Directors took into account all the materials provided prior to and during the Meeting and at other meetings throughout the past year, the presentations made during the Meeting, and the discussions held during the Meeting. The Directors reviewed these materials with management of the Adviser and discussed the Investment Advisory Agreement with counsel in an executive session, at which no representatives of the Adviser were present. Among other things, the Directors considered (i) the nature, extent, and quality of the Adviser’s services to be provided to the Fund; (ii) descriptions of the experience and qualifications of the Adviser’s personnel providing those services; (iii) the Adviser’s investment philosophies and processes; (iv) the Adviser’s assets under management and client descriptions; (v) the Adviser’s advisory fee arrangement with the Company; (vi) the Adviser’s compliance policies and procedures; (vii) the Adviser’s financial information, insurance coverage and profitability analysis related to providing advisory services to the Fund; (viii) the extent to which economies of scale are relevant to the Fund; and (ix) information comparing the Fund’s proposed management fee to those of peer funds. The Directors noted that the Fund had not yet commenced operations, and consequently there was no performance information to review with respect to the Fund.

As part of their review, the Directors considered the nature, extent and quality of the services to be provided by the Adviser. The Directors concluded that the Adviser had substantial resources to provide services to the Fund.

The Board also considered the effect of the unitary management fee payable by the Fund under the Advisory Agreement. In this regard, information on the fees to be paid by the Fund and the Fund’s total operating expense ratio was compared to similar information for ETFs advised by other, unaffiliated investment advisory firms.

After reviewing the information regarding the Adviser’s estimated costs, profitability and economies of scale, and after considering the services to be provided by the Adviser, the Directors concluded that the unitary management fees to be paid by the Fund to the Adviser was fair and reasonable and that the Investment Advisory Agreement should be approved for an initial period ending August 16, 2023.

30

US Benchmark Series

Notice to Shareholders (continued)

(Unaudited)

APPROVAL OF NEW AND INTERIM INVESTMENT ADVISORY AGREEMENTS

As required by the 1940 Act, the Board, including a majority of the Directors who are not “interested persons” of the Company, as that term is defined in the 1940 Act (the “Independent Directors”, considered the approval of an interim advisory agreement between the Company and the Adviser (the “Interim Advisory Agreement”), at a meeting of the Board held on January 27, 2023 and reconvened on January 30, 2023 (the “January Meeting”) and the approval of a new investment advisory agreement between the Company and the Adviser (the “New Advisory Agreement” and, together with the Interim Advisory Agreement, the “Advisory Agreements”) at a meeting of the Board held on February 8-9, 2023 (collectively with the January Meeting, the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Advisory Agreements. The Board’s decision to approve the Advisory Agreements reflects the exercise of its business judgment.

In considering the approval of the Advisory Agreements, the Board, with the assistance of independent counsel, considered its legal responsibilities with regard to all factors deemed to be relevant to the Funds. The Board evaluated the Advisory Agreements in light of all the materials provided prior to and during the Meeting and at other meetings that preceded the Meeting, the presentations made during the Meeting and the discussions held during the Meeting. The Directors reviewed these materials with management of F/m and discussed the Advisory Agreements with counsel in executive sessions at which no representatives of F/m were present. The Directors considered whether approval of the Advisory Agreements would be in the best interests of each Fund and its shareholders and the overall fairness of the Advisory Agreements. Among other things, the Directors considered information concerning: (i) the nature, extent and quality of the services provided by the Adviser to the Funds; (ii) descriptions of the experience and qualifications of the Adviser’s personnel providing those services; (iii) the Adviser’s investment philosophies and processes; (iv) the Adviser’s assets under management and client descriptions; (v) the Adviser’s management fee arrangement with the Company; (vi) the Adviser’s compliance policies and procedures; (vii) the Adviser’s financial information, insurance coverage and profitability analysis related to its provision of advisory services to the Funds; (viii) the extent to which economies of scale are relevant to the Funds; (ix) information regarding each Fund’s fees relative to other funds with similar investments and structure; and (x) information regarding the performance of each Fund relative to its benchmark index.

Nature, Extent and Quality of Services Provided to the Funds. The Directors evaluated the nature, extent and quality of the services that the Adviser would provide under the Advisory Agreements, which are the same services that the Adviser provided under the Funds’ original investment advisory agreement with the Adviser (the “Original Agreement”), on the basis of the functions that the Adviser performs, and the quality and stability of the staff committed to those functions, the Adviser’s compliance record and financial condition and its background and history in providing services to the Funds under the Original Agreement. The Directors also considered the fact that the Adviser had not experienced any significant legal, compliance or regulatory difficulties in connection with the services provided by the Adviser to the Funds. Based on the information provided and the Directors’ prior experience with the Adviser, the Directors concluded that the nature and extent of the services that the Adviser would provide under the Advisory Agreements, as well as the quality of those services, was satisfactory.

In this regard, the Directors considered representations by the Adviser that the acquisition of the Adviser’s parent company by Diffractive Managers Group, LLC (the “Acquisition”) would not lead to a reduction in the quality or scope of services provided to the Funds. The Directors took into account that there would be no change (including change to the unitary management fee structure) that would adversely impact the Adviser’s ability to provide the same quality of services as were provided in the past; that the Adviser would be sufficiently capitalized following the Acquisition to continue its operations; that there are no material litigation, or regulatory or administrative proceedings pending against the Adviser or its principal executive officers related to services that the Adviser provides to the Funds alleging violations of securities or related laws, fraudulent conduct, breach of fiduciary duty, or similar violations; that there are no pending regulatory inquiries by the SEC or other regulators involving the Adviser related to services that the Adviser provides to the Funds; that there are no material compliance issues since the approval of the Original Agreement; that the Funds would not bear any expenses related to the Acquisition, including expenses related to the proxy statement; and that there are no planned fee increases for the Funds over the next two years.

Costs of Services Provided and Profits Realized by the Adviser. The Directors examined fee information for each Fund, including a comparison of such information to other similarly situated funds, and the total expense ratio of each Fund. In this regard, the Directors noted that the unitary management fees and total expenses of each Fund were not expected to change as a result of the Acquisition or approval of the Advisory Agreements. The Directors also reviewed analyses of the Adviser’s estimated profitability

31

US Benchmark Series

Notice to Shareholders (conCLUDED)

(Unaudited)

related to its provision of advisory services to the Funds. Based on the information provided, the Directors concluded that the amount of unitary management fees that the Funds currently pay, and would pay under the Advisory Agreements, to the Adviser are reasonable in light of the nature and quality of the services provided.

Investment Performance of the Funds. The Directors reviewed information concerning each Fund’s investment performance, both absolutely as well as compared to its benchmark index. The Directors also considered the Adviser’s quarterly portfolio reviews explaining the Funds’ performance and the investment strategies it employs for the Funds. After considering all of the information, the Directors concluded that, although past performance is not a guarantee of future results, the Funds and their shareholders were likely to benefit from the Adviser’s continued provision of investment management services.

Economies of Scale and Fee Levels Reflecting Those Economies. In considering the overall fairness of the Advisory Agreements, the Directors assessed the degree to which economies of scale that would be expected to be realized if the Funds’ assets increase, whether the Funds were large enough to generate economies of scale, and the extent to which fee levels would reflect those economies of scale for the benefit of the Funds’ shareholders. The Directors noted that each Fund’s management fee structure did not contain any breakpoint reductions as the Fund’s assets grew in size, but that the feasibility of incorporating breakpoints would continue to be reviewed on a regular basis. The Directors determined that the fee schedules in the Advisory Agreements are reasonable and appropriate.

Other Benefits to the Adviser. In addition to the above factors, the Directors also considered other benefits received by the Adviser from its management of the Funds, including, without limitation, the ability to market its advisory services for similar products in the future.

The Directors also considered that they would be able to, and intended to, monitor on a regular basis the ability of the Adviser and its affiliates to comply with their undertakings to the Board and to monitor on an ongoing basis the quality of services to, and expenses of, the Funds. In addition, the Directors considered that, under the Interim Advisory Agreement, the Board would have the authority, should the need arise in its view, to terminate the Interim Advisory Agreement without penalty upon 10 days’ notice to the Adviser.

No single factor was determinative of the Board’s decision to approve the Advisory Agreements; rather, each Independent Director based their determination on the total mix of information available to them. Based on a consideration of all the factors in their totality, the Independent Directors determined that the Advisory Agreements are fair and reasonable to each Fund. The Board, including all of the Independent Directors, therefore determined that the approval of the Advisory Agreements is in the best interests of each Fund and its shareholders and that (i) the Interim Advisory Agreement should be approved for a term ending upon the earlier of June 30, 2023 or the date upon which shareholder approval of the New Advisory Agreement with respect to a Fund is obtained and (ii) the New Advisory Agreement should be approved, subject to shareholder approval, for an initial term ending August 31, 2024.

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Investment Adviser

F/m Investments, LLC d/b/a North Slope Capital, LLC
3050K Street NW, Suite W-201
Washington, DC 20007

Administrator and Transfer Agent

U.S.Bank Global Fund Services
P.O. Box 701
Milwaukee, Wisconsin 53201-0701

Custodian

U.S. Bank, N.A.
1555 North River Center Drive, Suite 302
Milwaukee, Wisconsin 53212

Independent Registered Public Accounting Firm

Cohen & Company, Ltd.
1350 Euclid Avenue, Suite 800
Cleveland, Ohio 44115

Underwriter

Quasar Distributors, LLC
111 East Kilbourn Avenue, Suite 2200
Milwaukee, Wisconsin 53202

Legal Counsel

Faegre Drinker Biddle & Reath LLP
One Logan Square, Suite 2000
Philadelphia, Pennsylvania 19103-6996

33

(b) Not applicable

Item 2. Code of Ethics.

Not applicable for semi-annual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semi-annual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semi-annual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable to open-end investment companies.

Item 6. Investments.

(a) The Schedule of Investments is included as part of the report to shareholders filed under Item 1 of this Form.

(b) Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 10. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant’s board of directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

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Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers have reviewed the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the “Act”)) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant’s service provider.

(b) There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable to open-end investment companies.

Item 13. Exhibits.

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. Not applicable.

(2) A separate certification for each principal executive officer and principal financial officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

(3) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. Not applicable to open-end investment companies.

(4) Change in the registrant’s independent public accountant. There was no change in the registrant’s independent public accountant for the period covered by this report.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. Furnished herewith.

2

SIGNATURES

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

(Registrant)	The RBB Fund, Inc.
By (Signature and Title)*	/s/ Steven Plump
	Steven Plump, President
	(principal executive officer)
Date	May 3, 2023

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By (Signature and Title)*	/s/ Steven Plump
	Steven Plump, President
	(principal executive officer)
Date	May 3, 2023
By (Signature and Title)*	/s/ James Shaw
	James Shaw, CFO/COO
	(principal financial officer)
Date	5/3/2023

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

3