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

As filed with the Securities and Exchange Commission on 11/12/2024

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. Bank Global Fund Services

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

Date of reporting period: August 31, 2024

Item 1. Reports to Stockholders.

0000831114 rbb:SP500TotalReturnIndex26Member 2023-09-01 2024-08-31 0000831114 rbb:Russell3000ValueTotalReturnIndex10Member 2020-08-31

	Abbey Capital Futures Strategy Fund
	Class I | ABYIX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Abbey Capital Futures Strategy Fund (the “Fund”)  for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/. You can also request this information by contacting us at 1-844-261-6484.  

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$178	1.79%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Fund saw negative performance for the one-year period ended August 31, 2024. The Fund’s Diversified Trendfollowing trading advisers were the primary source of negative performance at the trading style level.

At the market sector level, the Fund saw losses in fixed income and major currencies. Uncertainty about the timing of potential interest rate cuts by central banks was a key factor influencing these markets. This uncertainty contributed to a lack of clear price trends and several price reversals that proved challenging for some of the Fund’s underlying trading advisers. Performance across energy and metals markets was also negative.

The Fund did capture gains in agricultural commodities and equities. Strong price uptrends in cocoa were the primary source of gains within agricultural commodities. Meanwhile, long positions across equity indices also resulted in gains as global stocks reached new record highs during the period.

Top Contributors
↑	Agricultural Commodities
↑	Equity indices

Top Detractors
↓	Currencies
↓	Fixed Income
↓	Energy
↓	Metals

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

Abbey Capital Futures Strategy Fund  PAGE 1  TSR-AR-74925K367

CUMULATIVE PERFORMANCE (Initial Investment of $1,000,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Abbey Capital Futures Strategy Fund Class I	10,00,000	10,46,332	10,55,985	11,15,830	11,45,165	12,21,969	12,21,969	12,46,586	12,09,168	12,21,969	11,85,536	12,18,030	11,84,552	11,97,352	11,77,659	12,23,938	11,92,330	12,20,954	12,42,668	11,97,265	11,73,576	11,58,771	11,91,343	11,90,356	11,64,693	11,45,940	11,23,238	11,31,134	11,46,927	11,24,225	11,51,862	11,29,160	11,19,290	11,17,316	10,84,744	10,92,640	11,06,459	10,89,679	11,34,095	11,37,056	11,45,940	12,05,161	11,22,251	11,06,459	11,11,394	10,98,562	11,04,484	11,02,510	11,21,264	11,18,303	10,76,848	10,65,990	10,75,426	10,56,645	10,58,622	11,01,125	11,26,825	11,17,929	11,50,547	11,82,177	12,40,495	11,96,016	11,66,362	11,84,154	11,70,632	11,67,407	11,80,307	12,30,830	12,30,830	12,17,930	12,05,031	12,22,230	12,23,305	12,01,806	11,94,281	12,23,305	12,63,395	12,57,936	13,08,166	13,23,453	13,46,384	13,67,131	13,42,016	13,27,821	13,17,993	13,34,373	13,55,120	13,01,614	13,05,970	13,24,077	13,44,447	14,24,797	14,94,962	14,93,830	15,36,834	14,96,094	15,51,546	16,25,106	16,17,184	15,47,020	15,29,643	15,29,643	15,47,900	14,80,090	14,98,346	15,07,474	15,29,643	15,19,211	15,08,779	15,55,724	15,66,156	14,91,826	14,79,549	14,88,863	15,35,431	15,74,017	16,17,924	16,03,288	15,70,025	15,44,745	14,88,863
S&P 500 Total Return Index	10,00,000	9,85,976	10,10,059	10,37,224	10,34,611	10,03,553	10,61,229	10,44,446	10,54,466	10,68,025	10,47,350	10,69,294	10,04,779	9,79,917	10,62,577	10,65,737	10,48,929	9,96,876	9,95,531	10,63,066	10,67,188	10,86,352	10,89,167	11,29,323	11,30,909	11,31,123	11,10,490	11,51,617	11,74,380	11,96,654	12,44,168	12,45,619	12,58,411	12,76,121	12,84,086	13,10,490	13,14,502	13,41,617	13,72,925	14,15,032	14,30,765	15,12,682	14,56,929	14,19,904	14,25,352	14,59,677	14,68,661	15,23,316	15,72,953	15,81,907	14,73,783	15,03,816	13,68,035	14,77,664	15,25,109	15,54,745	16,17,696	15,14,894	16,21,658	16,44,965	16,18,908	16,49,199	16,84,920	17,46,081	17,98,781	17,98,076	16,50,059	14,46,256	16,31,657	17,09,370	17,43,364	18,41,664	19,74,044	18,99,037	18,48,534	20,50,882	21,29,735	21,08,233	21,66,368	22,61,245	23,81,925	23,98,561	24,54,555	25,12,863	25,89,268	24,68,842	26,41,813	26,23,508	27,41,084	25,99,241	25,21,416	26,15,035	23,86,999	23,91,378	21,93,985	23,96,280	22,98,555	20,86,861	22,55,816	23,81,881	22,44,650	23,85,690	23,27,482	24,12,933	24,50,595	24,61,247	26,23,875	27,08,167	26,65,049	25,37,985	24,84,620	27,11,528	28,34,715	28,82,350	30,36,255	31,33,945	30,05,941	31,54,989	32,68,197	33,07,979	33,88,219

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Years	10 Years
Class I	-1.32	3.72	4.06
S&P 500 Total Return Index	27.14	15.92	12.98

Visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$2,713,572,669
Number of Holdings	1,015
Net Advisory Fee	$46,899,087
Portfolio Turnover	0%

Visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Market Group	Risk Allocation (% of overall Value at Risk)
Agricultural Products	7.5%
Currency	19.1%
Energy	12.8%
Equity	27.8%
Fixed Income	21.9%
Metals	10.8%

The data shown relates to the positions held by the Fund and its wholly owned and controlled subsidiaries and does not take into account any other assets held by the Fund (primarily cash and cash-equivalents). The Fund is actively managed and percentages may vary over time.
Value at Risk Definition: Value-at-Risk (VaR) expresses market risk as a percentage of a portfolio’s value. The VaR figures quoted are as of August 31, 2024, based on a historic VaR calculation with a 5-year lookback period (1300 days), calculated at the 95th percentile. The historical approach to evaluating a portfolio’s VaR involves applying the current positions to the historical portfolio prices of the corresponding instruments, and then calculating how the current positioning would have performed historically. For any chosen threshold value, the hypothetical returns then provide an estimate of the current VaR figure.

MATERIAL FUND CHANGES:

This is a summary of certain changes to the Fund since September 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024 at https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/ or upon request at 1-844-261-6482.

On April 29, 2024, QMS Capital Management LP began serving as a trading adviser to the Fund.

Abbey Capital Futures Strategy Fund  PAGE 2  TSR-AR-74925K367

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-844-261-6484, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Abbey Capital Futures Strategy Fund  PAGE 3  TSR-AR-74925K367

1000000118455211646931106459112126412404951223305131799315515461508779148886310000001004779113090913145021572953161890819740442589268229855526650493388219

	Abbey Capital Futures Strategy Fund
	Class A | ABYAX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Abbey Capital Futures Strategy Fund (the “Fund”)  for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/. You can also request this information by contacting us at 1-844-261-6484.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$202	2.04%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Fund saw negative performance for the one-year period ended August 31, 2024. The Fund’s Diversified Trendfollowing trading advisers were the primary source of negative performance at the trading style level.

At the market sector level, the Fund saw losses in fixed income and major currencies. Uncertainty about the timing of potential interest rate cuts by central banks was a key factor influencing these markets. This uncertainty contributed to a lack of clear price trends and several price reversals that proved challenging for some of the Fund’s underlying trading advisers. Performance across energy and metals markets was also negative.

The Fund did capture gains in agricultural commodities and equities. Strong price uptrends in cocoa were the primary source of gains within agricultural commodities. Meanwhile, long positions across equity indices also resulted in gains as global stocks reached new record highs during the period.

Top Contributors
↑	Agricultural Commodities
↑	Equity indices

Top Detractors
↓	Currencies
↓	Fixed Income
↓	Energy
↓	Metals

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Abbey Capital Futures Strategy Fund  PAGE 1  TSR-AR-74925K375

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Abbey Capital Futures Strategy Fund Class A	9,427	9,864	9,945	10,519	10,787	11,511	11,501	11,733	11,381	11,492	11,149	11,455	11,140	11,260	11,065	11,501	11,202	11,462	11,675	11,248	11,016	10,877	11,183	11,165	10,924	10,747	10,524	10,608	10,747	10,534	10,794	10,571	10,478	10,459	10,153	10,218	10,357	10,200	10,608	10,636	10,719	11,267	10,487	10,330	10,385	10,265	10,311	10,292	10,469	10,441	10,051	9,940	10,023	9,847	9,865	10,255	10,497	10,413	10,710	11,007	11,555	11,128	10,849	11,016	10,891	10,861	10,972	11,435	11,435	11,314	11,193	11,344	11,365	11,163	11,083	11,355	11,717	11,666	12,126	12,269	12,484	12,678	12,432	12,300	12,208	12,351	12,545	12,054	12,089	12,248	12,428	13,179	13,824	13,803	14,205	13,824	14,331	15,008	14,934	14,289	14,124	14,112	14,283	13,661	13,819	13,904	14,100	14,002	13,904	14,331	14,417	13,734	13,623	13,697	14,116	14,473	14,880	14,744	14,424	14,202	13,673
S&P 500 Total Return Index	10,000	9,860	10,101	10,372	10,346	10,036	10,612	10,444	10,545	10,680	10,474	10,693	10,048	9,799	10,626	10,657	10,489	9,969	9,955	10,631	10,672	10,864	10,892	11,293	11,309	11,311	11,105	11,516	11,744	11,967	12,442	12,456	12,584	12,761	12,841	13,105	13,145	13,416	13,729	14,150	14,308	15,127	14,569	14,199	14,254	14,597	14,687	15,233	15,730	15,819	14,738	15,038	13,680	14,777	15,251	15,547	16,177	15,149	16,217	16,450	16,189	16,492	16,849	17,461	17,988	17,981	16,501	14,463	16,317	17,094	17,434	18,417	19,740	18,990	18,485	20,509	21,297	21,082	21,664	22,612	23,819	23,986	24,546	25,129	25,893	24,688	26,418	26,235	27,411	25,992	25,214	26,150	23,870	23,914	21,940	23,963	22,986	20,869	22,558	23,819	22,446	23,857	23,275	24,129	24,506	24,612	26,239	27,082	26,650	25,380	24,846	27,115	28,347	28,824	30,363	31,339	30,059	31,550	32,682	33,080	33,882

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Years	10 Years
Class A (without sales charge)	-1.67	3.42	3.79
Class A (with sales charge)	-7.36	2.21	3.18
S&P 500 Total Returns Index	27.14	15.92	12.98

Visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$2,713,572,669
Number of Holdings	1,015
Net Advisory Fee	$46,899,087
Portfolio Turnover	0%

Visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Market Group	Risk Allocation (% of overall Value at Risk)
Agricultural Products	7.5%
Currency	19.1%
Energy	12.8%
Equity	27.8%
Fixed Income	21.9%
Metals	10.8%

The data shown relates to the positions held by the Fund and its wholly owned and controlled subsidiaries and does not take into account any other assets held by the Fund (primarily cash and cash-equivalents). The Fund is actively managed and percentages may vary over time.
Value at Risk Definition: Value-at-Risk (VaR) expresses market risk as a percentage of a portfolio’s value. The VaR figures quoted are as of August 31, 2024, based on a historic VaR calculation with a 5-year lookback period (1300 days), calculated at the 95th percentile. The historical approach to evaluating a portfolio’s VaR involves applying the current positions to the historical portfolio prices of the corresponding instruments, and then calculating how the current positioning would have performed historically. For any chosen threshold value, the hypothetical returns then provide an estimate of the current VaR figure.

MATERIAL FUND CHANGES:

This is a summary of certain changes to the Fund since September 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024 at https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/ or upon request at 1-844-261-6482.

Abbey Capital Futures Strategy Fund  PAGE 2  TSR-AR-74925K375

On April 29, 2024, QMS Capital Management LP began serving as a trading adviser to the Fund.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-844-261-6484, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Abbey Capital Futures Strategy Fund  PAGE 3  TSR-AR-74925K375

9427111401092410357104691155511365122081433113904136731000010048113091314515730161891974025893229862665033882

	Abbey Capital Futures Strategy Fund
	Class C | ABYCX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Abbey Capital Futures Strategy Fund (the “Fund”)  for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/. You can also request this information by contacting us at 1-844-261-6484.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$276	2.79%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Fund saw negative performance for the one-year period ended August 31, 2024. The Fund’s Diversified Trendfollowing trading advisers were the primary source of negative performance at the trading style level.

At the market sector level, the Fund saw losses in fixed income and major currencies. Uncertainty about the timing of potential interest rate cuts by central banks was a key factor influencing these markets. This uncertainty contributed to a lack of clear price trends and several price reversals that proved challenging for some of the Fund’s underlying trading advisers. Performance across energy and metals markets was also negative.

The Fund did capture gains in agricultural commodities and equities. Strong price uptrends in cocoa were the primary source of gains within agricultural commodities. Meanwhile, long positions across equity indices also resulted in gains as global stocks reached new record highs during the period.

Top Contributors
↑	Agricultural Commodities
↑	Equity indices

Top Detractors
↓	Currencies
↓	Fixed Income
↓	Energy
↓	Metals

HOW DID THE FUND PERFORM OVER THE PAST TEN YEARS?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Abbey Capital Futures Strategy Fund  PAGE 1  TSR-AR-74925K359

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Abbey Capital Futures Strategy Fund Class C	10,000	10,455	10,542	11,131	11,414	12,170	12,161	12,395	12,013	12,130	11,758	12,070	11,728	11,846	11,639	12,097	11,770	12,043	12,258	11,799	11,546	11,390	11,711	11,682	11,419	11,234	11,000	11,068	11,214	10,980	11,243	11,009	10,902	10,873	10,551	10,619	10,746	10,571	10,990	11,019	11,097	11,653	10,844	10,678	10,717	10,590	10,639	10,610	10,785	10,746	10,337	10,220	10,307	10,112	10,122	10,522	10,766	10,668	10,961	11,263	11,809	11,370	11,078	11,243	11,106	11,064	11,180	11,641	11,631	11,505	11,379	11,526	11,526	11,316	11,243	11,505	11,865	11,802	12,268	12,396	12,608	12,788	12,544	12,396	12,300	12,438	12,629	12,120	12,141	12,305	12,480	13,212	13,857	13,835	14,218	13,835	14,327	14,993	14,906	14,261	14,087	14,075	14,226	13,596	13,759	13,822	14,012	13,898	13,797	14,226	14,301	13,608	13,494	13,558	13,965	14,308	14,703	14,563	14,245	14,003	13,482
S&P 500 Total Return Index	10,000	9,860	10,101	10,372	10,346	10,036	10,612	10,444	10,545	10,680	10,474	10,693	10,048	9,799	10,626	10,657	10,489	9,969	9,955	10,631	10,672	10,864	10,892	11,293	11,309	11,311	11,105	11,516	11,744	11,967	12,442	12,456	12,584	12,761	12,841	13,105	13,145	13,416	13,729	14,150	14,308	15,127	14,569	14,199	14,254	14,597	14,687	15,233	15,730	15,819	14,738	15,038	13,680	14,777	15,251	15,547	16,177	15,149	16,217	16,450	16,189	16,492	16,849	17,461	17,988	17,981	16,501	14,463	16,317	17,094	17,434	18,417	19,740	18,990	18,485	20,509	21,297	21,082	21,664	22,612	23,819	23,986	24,546	25,129	25,893	24,688	26,418	26,235	27,411	25,992	25,214	26,150	23,870	23,914	21,940	23,963	22,986	20,869	22,558	23,819	22,446	23,857	23,275	24,129	24,506	24,612	26,239	27,082	26,650	25,380	24,846	27,115	28,347	28,824	30,363	31,339	30,059	31,550	32,682	33,080	33,882

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Years	10 Years
Class C (without contingent deferred sales charge)1	-2.29	2.68	3.03
Class C (with contingent deferred sales charge)1	-3.26	2.68	3.03
S&P 500 Total Return Index	27.14	15.92	12.98

Visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

1 The inception date of Class C Shares of the Fund was October 6, 2015 and the inception date of the Fund was July 1, 2014. 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.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$2,713,572,669
Number of Holdings	1,015
Net Advisory Fee	$46,899,087
Portfolio Turnover	0%

Visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Market Group	Risk Allocation (% of overall Value at Risk)
Agricultural Products	7.5%
Currency	19.1%
Energy	12.8%
Equity	27.8%
Fixed Income	21.9%
Metals	10.8%

The data shown relates to the positions held by the Fund and its wholly owned and controlled subsidiaries and does not take into account any other assets held by the Fund (primarily cash and cash-equivalents). The Fund is actively managed and percentages may vary over time.
Value at Risk Definition: Value-at-Risk (VaR) expresses market risk as a percentage of a portfolio’s value. The VaR figures quoted are as of August 31, 2024, based on a historic VaR calculation with a 5-year lookback period (1300 days), calculated at the 95th percentile. The historical approach to evaluating a portfolio’s VaR involves applying the current positions to the historical portfolio prices of the corresponding instruments, and then calculating how the current positioning would have performed historically. For any chosen threshold value, the hypothetical returns then provide an estimate of the current VaR figure.

Abbey Capital Futures Strategy Fund  PAGE 2  TSR-AR-74925K359

MATERIAL FUND CHANGES:

This is a summary of certain changes to the Fund since September 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024 at https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/ or upon request at 1-844-261-6482.

On April 29, 2024, QMS Capital Management LP began serving as a trading adviser to the Fund.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.abbeycapital.com/abbey-capital-futures-strategy-fund/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-844-261-6484, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Abbey Capital Futures Strategy Fund  PAGE 3  TSR-AR-74925K359

10000117281141910746107851180911526123001432713797134821000010048113091314515730161891974025893229862665033882

	Abbey Capital Multi Asset Fund
	Class I | MAFIX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Abbey Capital Multi Asset Fund (the “Fund”)  for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.abbeycapital.com/products/mutual-funds/multi-asset-fund/. You can also request this information by contacting us at 1-844-261-6484.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$185	1.79%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Fund saw positive performance for the one-year period ended August 31, 2024. The Fund’s Long US Equity strategy was the driver of positive performance, with partially offsetting losses recorded by the Fund’s Managed Futures strategy.

The Fund’s Long US Equity strategy saw positive returns from its allocation to S&P 500 futures. US stocks rallied strongly over the period, outperforming many other global markets. US stocks were supported by strong momentum in technology and artificial intelligence-related stocks as well as solid corporate earnings data. The prospect of a dovish shift in US monetary policy was another tailwind for stocks at times.

For the Fund’s Managed futures strategy, losses occurred in fixed income and major currencies. Uncertainty about the timing of potential interest rate cuts by central banks was a key factor influencing these markets, contributing to a lack of clear price trends and several price reversals that proved challenging. Performance in energy markets was also negative for the Managed Futures strategy, with partially offsetting gains recorded in equities, agricultural commodities and metals.

Top Contributors
↑	Equity indices
↑	Agricultural Commodities
↑	Metals

Top Detractors
↓	Currencies
↓	Fixed Income
↓	Energy

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

Abbey Capital Multi Asset Fund  PAGE 1  TSR-AR-74933W882

CUMULATIVE PERFORMANCE (Initial Investment of $1,000,000)

	04-10-2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Abbey Capital Multi Asset Fund Class I	10,00,000	9,98,000	9,90,000	10,08,000	10,27,000	10,65,000	10,60,000	9,78,000	9,77,000	9,56,781	9,65,519	9,79,717	10,20,129	10,69,279	10,21,222	10,94,400	11,26,074	11,94,884	11,45,734	11,28,259	11,59,933	11,63,798	11,51,496	11,40,424	11,57,647	12,24,079	12,43,763	12,47,454	13,01,584	13,61,865	13,02,814	12,59,756	13,76,628	14,53,482	14,41,233	15,33,777	15,80,049	16,39,930	16,69,871	16,33,125	16,31,764	16,30,403	16,20,877	16,99,811	16,33,125	16,66,056	16,49,501	16,44,986	17,65,387	17,71,407	17,62,377	17,47,327	17,87,963	17,98,498	18,21,073	18,46,658	18,16,558	17,34,826	18,09,981	17,83,364	17,26,998	17,59,878	17,61,444	18,41,296	18,55,388	18,06,850	18,06,850	17,97,456	17,88,061	18,22,190	18,33,578	19,32,823	20,02,782	20,10,917	20,33,585	20,26,887	19,90,043	19,31,196
S&P 500 Total Return Index	10,00,000	9,97,179	10,21,193	10,27,479	10,65,715	11,00,442	11,06,705	10,31,062	10,52,073	9,57,081	10,33,777	10,66,970	10,87,703	11,31,743	10,59,823	11,34,516	11,50,821	11,32,592	11,53,783	11,78,774	12,21,562	12,58,431	12,57,938	11,54,385	10,11,804	11,41,511	11,95,879	12,19,661	12,88,432	13,81,045	13,28,570	12,93,238	14,34,801	14,89,967	14,74,924	15,15,595	15,81,972	16,66,400	16,78,039	17,17,212	17,58,004	18,11,457	17,27,207	18,48,218	18,35,412	19,17,668	18,18,434	17,63,988	18,29,484	16,69,950	16,73,013	15,34,916	16,76,443	16,08,074	14,59,973	15,78,174	16,66,369	15,70,362	16,69,034	16,28,311	16,88,093	17,14,442	17,21,894	18,35,668	18,94,639	18,64,474	17,75,579	17,38,245	18,96,991	19,83,173	20,16,498	21,24,171	21,92,515	21,02,963	22,07,237	22,86,438	23,14,269	23,70,405

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Years	Since Inception of Class I Shares (04/11/2018)
Class I	6.88	10.08	10.85
S&P 500 Total Return Index	27.14	15.92	14.46

Visit https://www.abbeycapital.com/products/mutual-funds/multi-asset-fund/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$1,021,674,121
Number of Holdings	557
Net Advisory Fee	$12,621,844
Portfolio Turnover	0%

Visit https://www.abbeycapital.com/products/mutual-funds/multi-asset-fund/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Market Group	Risk Allocation (% of overall Value at Risk)
Agricultural Products	4.5%
Currency	16.6%
Energy	7.3%
Equity	50.8%
Fixed Income	13.4%
Metals	7.4%

The data shown relates to the positions held by the Fund and its wholly owned and controlled subsidiaries and does not take into account any other assets held by the Fund (primarily cash and cash-equivalents). The Fund is actively managed and percentages may vary over time.
Value at Risk Definition: Value-at-Risk (VaR) expresses market risk as a percentage of a portfolio’s value. The VaR figures quoted are as of August 31, 2024, based on a historic VaR calculation with a 5-year lookback period (1300 days), calculated at the 95th percentile. The historical approach to evaluating a portfolio’s VaR involves applying the current positions to the historical portfolio prices of the corresponding instruments, and then calculating how the current positioning would have performed historically. For any chosen threshold value, the hypothetical returns then provide an estimate of the current VaR figure.

MATERIAL FUND CHANGES:

This is a summary of certain changes to the Fund since September 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024 at https://www.abbeycapital.com/products/mutual-funds/multi-asset-fund/ or upon request at 1-844-261-6484.

Abbey Capital Multi Asset Fund  PAGE 2  TSR-AR-74933W882

Graham Capital Management L.P. began serving as a trading adviser to the Fund on April 4, 2024 and Winton Capital Management Limited began serving as a trading adviser to the Fund on June 13, 2024. In addition, Systematica Investments Limited (acting as the general partner of Systematica Investments LP) began serving as a trading adviser to the Fund on October 22, 2024 (subsequent to the end of the reporting period).

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.abbeycapital.com/products/mutual-funds/multi-asset-fund/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-844-261-6484, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Abbey Capital Multi Asset Fund  PAGE 3  TSR-AR-74933W882

10650001194884136186516304031798498180685019311961100442113259213810451811457160807418644742370405

	Abbey Capital Multi Asset Fund
	Class A | MAFAX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Abbey Capital Multi Asset Fund (the “Fund”)  for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.abbeycapital.com/products/mutual-funds/multi-asset-fund/. You can also request this information by contacting us at 1-844-261-6484.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$211	2.04%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Fund saw positive performance for the one-year period ended August 31, 2024. The Fund’s Long US Equity strategy was the driver of positive performance, with partially offsetting losses recorded by the Fund’s Managed Futures strategy.

The Fund’s Long US Equity strategy saw positive returns from its allocation to S&P 500 futures. US stocks rallied strongly over the period, outperforming many other global markets. US stocks were supported by strong momentum in technology and artificial intelligence-related stocks as well as solid corporate earnings data. The prospect of a dovish shift in US monetary policy was another tailwind for stocks at times.

For the Fund’s Managed futures strategy, losses occurred in fixed income and major currencies. Uncertainty about the timing of potential interest rate cuts by central banks was a key factor influencing these markets, contributing to a lack of clear price trends and several price reversals that proved challenging. Performance in energy markets was also negative for the Managed Futures strategy, with partially offsetting gains recorded in equities, agricultural commodities and metals.

Top Contributors
↑	Equity indices
↑	Agricultural Commodities
↑	Metals

Top Detractors
↓	Currencies
↓	Fixed Income
↓	Energy

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Abbey Capital Multi Asset Fund  PAGE 1  TSR-AR-74933W700

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	04-10-2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Abbey Capital Multi Asset Fund Class A	9,425	9,405	9,327	9,495	9,672	10,028	9,979	9,205	9,193	9,001	9,081	9,213	9,591	10,051	9,598	10,283	10,579	11,223	10,759	10,593	10,888	10,922	10,804	10,698	10,857	11,478	11,660	11,692	12,197	12,759	12,204	11,798	12,890	13,606	13,489	14,352	14,782	15,339	15,616	15,269	15,253	15,237	15,145	15,879	15,253	15,557	15,399	15,342	16,465	16,521	16,423	16,282	16,661	16,760	16,970	17,195	16,914	16,143	16,844	16,595	16,055	16,362	16,376	17,121	17,252	16,800	16,785	16,698	16,610	16,910	17,032	17,941	18,577	18,653	18,865	18,804	18,456	17,910
S&P 500 Total Return Index	10,000	9,972	10,212	10,275	10,657	11,004	11,067	10,311	10,521	9,571	10,338	10,670	10,877	11,317	10,598	11,345	11,508	11,326	11,538	11,788	12,216	12,584	12,579	11,544	10,118	11,415	11,959	12,197	12,884	13,810	13,286	12,932	14,348	14,900	14,749	15,156	15,820	16,664	16,780	17,172	17,580	18,115	17,272	18,482	18,354	19,177	18,184	17,640	18,295	16,699	16,730	15,349	16,764	16,081	14,600	15,782	16,664	15,704	16,690	16,283	16,881	17,144	17,219	18,357	18,946	18,645	17,756	17,382	18,970	19,832	20,165	21,242	21,925	21,030	22,072	22,864	23,143	23,704

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Years	Since Inception of the Fund (04/11/2018)
Class A (without sales charge)1	6.61	9.80	10.57
Class A (with sales charge)1	0.50	8.51	9.55
S&P 500 Total Return Index	27.14	15.92	14.46

Visit https://www.abbeycapital.com/products/mutual-funds/multi-asset-fund/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

1 The inception date of Class A Shares of the Fund was February 16, 2022 and the inception date of the Fund was April 11, 2018. 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.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$1,021,674,121
Number of Holdings	557
Net Advisory Fee	$12,621,844
Portfolio Turnover	0%

Visit https://www.abbeycapital.com/products/mutual-funds/multi-asset-fund/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Market Group	Risk Allocation (% of overall Value at Risk)
Agricultural Products	4.5%
Currency	16.6%
Energy	7.3%
Equity	50.8%
Fixed Income	13.4%
Metals	7.4%

The data shown relates to the positions held by the Fund and its wholly owned and controlled subsidiaries and does not take into account any other assets held by the Fund (primarily cash and cash-equivalents). The Fund is actively managed and percentages may vary over time.
Value at Risk Definition: Value-at-Risk (VaR) expresses market risk as a percentage of a portfolio’s value. The VaR figures quoted are as of August 31, 2024, based on a historic VaR calculation with a 5-year lookback period (1300 days), calculated at the 95th percentile. The historical approach to evaluating a portfolio’s VaR involves applying the current positions to the historical portfolio prices of the corresponding instruments, and then calculating how the current positioning would have performed historically. For any chosen threshold value, the hypothetical returns then provide an estimate of the current VaR figure.

Abbey Capital Multi Asset Fund  PAGE 2  TSR-AR-74933W700

MATERIAL FUND CHANGES:

This is a summary of certain changes to the Fund since September 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024 at https://www.abbeycapital.com/products/mutual-funds/multi-asset-fund/ or upon request at 1-844-261-6484.

Graham Capital Management L.P. began serving as a trading adviser to the Fund on April 4, 2024 and Winton Capital Management Limited began serving as a trading adviser to the Fund on June 13, 2024. In addition, Systematica Investments Limited (acting as the general partner of Systematica Investments LP) began serving as a trading adviser to the Fund on October 22, 2024 (subsequent to the end of the reporting period).

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.abbeycapital.com/products/mutual-funds/multi-asset-fund/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-844-261-6484, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Abbey Capital Multi Asset Fund  PAGE 3  TSR-AR-74933W700

1002811223127591523716760168001791011004113261381018115160811864523704

	Abbey Capital Multi Asset Fund
	Class C | MAFCX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Abbey Capital Multi Asset Fund (the “Fund”)  for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.abbeycapital.com/products/mutual-funds/multi-asset-fund/. You can also request this information by contacting us at 1-844-261-6484.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$287	2.79%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Fund saw positive performance for the one-year period ended August 31, 2024. The Fund’s Long US Equity strategy was the driver of positive performance, with partially offsetting losses recorded by the Fund’s Managed Futures strategy.

The Fund’s Long US Equity strategy saw positive returns from its allocation to S&P 500 futures. US stocks rallied strongly over the period, outperforming many other global markets. US stocks were supported by strong momentum in technology and artificial intelligence-related stocks as well as solid corporate earnings data. The prospect of a dovish shift in US monetary policy was another tailwind for stocks at times.

For the Fund’s Managed futures strategy, losses occurred in fixed income and major currencies. Uncertainty about the timing of potential interest rate cuts by central banks was a key factor influencing these markets, contributing to a lack of clear price trends and several price reversals that proved challenging. Performance in energy markets was also negative for the Managed Futures strategy, with partially offsetting gains recorded in equities, agricultural commodities and metals.

Top Contributors
↑	Equity indices
↑	Agricultural Commodities
↑	Metals

Top Detractors
↓	Currencies
↓	Fixed Income
↓	Energy

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

Abbey Capital Multi Asset Fund  PAGE 1  TSR-AR-74933W809

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	04-10-2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Abbey Capital Multi Asset Fund Class C	10,000	9,974	9,886	10,057	10,238	10,608	10,549	9,725	9,707	9,498	9,577	9,710	10,102	10,581	10,096	10,811	11,115	11,784	11,290	11,108	11,411	11,439	11,309	11,191	11,350	11,992	12,175	12,201	12,720	13,298	12,711	12,280	13,408	14,145	14,014	14,902	15,339	15,907	16,184	15,815	15,788	15,761	15,656	16,405	15,745	16,046	15,872	15,814	16,962	17,005	16,904	16,744	17,122	17,209	17,412	17,630	17,340	16,541	17,236	16,979	16,420	16,722	16,722	17,478	17,599	17,115	17,100	16,994	16,904	17,208	17,301	18,224	18,866	18,928	19,132	19,054	18,678	18,131
S&P 500 Total Return Index	10,000	9,972	10,212	10,275	10,657	11,004	11,067	10,311	10,521	9,571	10,338	10,670	10,877	11,317	10,598	11,345	11,508	11,326	11,538	11,788	12,216	12,584	12,579	11,544	10,118	11,415	11,959	12,197	12,884	13,810	13,286	12,932	14,348	14,900	14,749	15,156	15,820	16,664	16,780	17,172	17,580	18,115	17,272	18,482	18,354	19,177	18,184	17,640	18,295	16,699	16,730	15,349	16,764	16,081	14,600	15,782	16,664	15,704	16,690	16,283	16,881	17,144	17,219	18,357	18,946	18,645	17,756	17,382	18,970	19,832	20,165	21,242	21,925	21,030	22,072	22,864	23,143	23,704

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Years	Since Inception of the Fund (04/11/2018)
Class C (without contingent deferred sales charge)1	5.93	9.00	9.76
Class C (with contingent deferred sales charge)1	4.93	9.00	9.76
S&P 500 Total Return Index	27.14	15.92	14.46

Visit https://www.abbeycapital.com/products/mutual-funds/multi-asset-fund/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

1 The inception date of Class C Shares of the Fund was November 8, 2021 and the inception date of the Fund was April 11, 2018. 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.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$1,021,674,121
Number of Holdings	557
Net Advisory Fee	$12,621,844
Portfolio Turnover	0%

Visit https://www.abbeycapital.com/products/mutual-funds/multi-asset-fund/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Market Group	Risk Allocation (% of overall Value at Risk)
Agricultural Products	4.5%
Currency	16.6%
Energy	7.3%
Equity	50.8%
Fixed Income	13.4%
Metals	7.4%

The data shown relates to the positions held by the Fund and its wholly owned and controlled subsidiaries and does not take into account any other assets held by the Fund (primarily cash and cash-equivalents). The Fund is actively managed and percentages may vary over time.
Value at Risk Definition: Value-at-Risk (VaR) expresses market risk as a percentage of a portfolio’s value. The VaR figures quoted are as of August 31, 2024, based on a historic VaR calculation with a 5-year lookback period (1300 days), calculated at the 95th percentile. The historical approach to evaluating a portfolio’s VaR involves applying the current positions to the historical portfolio prices of the corresponding instruments, and then calculating how the current positioning would have performed historically. For any chosen threshold value, the hypothetical returns then provide an estimate of the current VaR figure.

Abbey Capital Multi Asset Fund  PAGE 2  TSR-AR-74933W809

MATERIAL FUND CHANGES:

This is a summary of certain changes to the Fund since September 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024 at https://www.abbeycapital.com/products/mutual-funds/multi-asset-fund/ or upon request at 1-844-261-6484.

Graham Capital Management L.P. began serving as a trading adviser to the Fund on April 4, 2024 and Winton Capital Management Limited began serving as a trading adviser to the Fund on June 13, 2024. In addition, Systematica Investments Limited (acting as the general partner of Systematica Investments LP) began serving as a trading adviser to the Fund on October 22, 2024 (subsequent to the end of the reporting period).

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.abbeycapital.com/products/mutual-funds/multi-asset-fund/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-844-261-6484, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Abbey Capital Multi Asset Fund  PAGE 3  TSR-AR-74933W809

1060811784132981576117209171151813111004113261381018115160811864523704

	Adara Smaller Companies Fundtrue
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Adara Smaller Companies Fund (the “Fund”) for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://rbbfund.com/additional-fund-information/. You can also request this information by contacting us at 1-844-261-6482.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Adara Smaller Companies Fund	$87	0.80%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Fund generated a return of 16.72% for the fiscal year ended August 31, 2024, underperforming the benchmark Russell 2000 Total Return Index, which returned 18.47% over the same period. The Fund’s 1.75% underperformance of the benchmark was due in large part to the Fund’s higher quality bias, which caused the Fund to trail the benchmark during the strong market rally.

U.S. equity markets generated strong gains in the fiscal year as markets reacted positively to lower yields, inflation continued trending lower and the Federal Reserve pivoted away from raising interest rates and toward cutting rates in 2024. A recession did not materialize, and markets benefited from excitement around artificial intelligence.

The Fund’s assets were allocated to five underlying sub-advisers during the fiscal year: microcap managers Driehaus Capital Management LLC (“Driehaus”) and Pacific Ridge Capital Partners LLC (“Pacific Ridge”); small-cap managers Pier Capital LLC (“Pier”) and River Road Asset Management LLC (“River Road”); and tax-loss harvesting manager Aperio Group LLC (“Aperio”). Performance of the Fund’s sub-advisers for the fiscal year was led by Driehaus, with a return of +22.00%, followed in order by Aperio at +20.34%, Pacific Ridge at +17.05%, Pier at +15.42% and River Road at +12.99%. As of August 31, 2024, the Fund’s assets were allocated 25% to Driehaus, 23% to Pacific Ridge, 19% to Aperio, 17% to River Road, 14% to Pier and the remaining 2% in a cash sleeve.

Top Contributors
↑	Crinetics Pharmaceuticals Inc
↑	Heritage Insurance Holdings Inc
↑	FTAI Aviation Ltd.

Top Detractors
↓	Red Robin Gourmet Burgers Inc
↓	Aehr Test Systems
↓	Kimball Electronics Inc

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

Adara Smaller Companies Fund  PAGE 1  TSR-AR-74925K342

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	10/21/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Adara Smaller Companies Fund	10000	10170	10230	10560	10150	10750	10970	10740	11060	11310	11180	10590	10020	10380	10690	10220	9420	9370	10020	10130	10320	10380	10990	11200	11440	10890	11920	12210	12240	12330	12490	12710	12640	13020	13040	12940	13730	13960	14300	14304	14646	14220	14470	14667	15779	16090	16194	17409	17056	15186	14968	13414	14806	15766	15466	15970	15106	16198	16222	15466	15346	15742	16366	16786	16288	15168	11896	13576	14795	15641	16151	17085	16699	17035	20146	21984	23509	25488	25589	26156	26358	26912	26358	27063	26446	27845	27089	27809	24825	24715	24715	22669	22575	20794	22638	22481	20685	22716	23153	22039	23889	23481	22353	21883	21773	23560	24641	23920	22792	21538	23184	25364	24812	25932	26957	25253	26484	26137	28093	27919
Russell 3000 Total Return Index **	10000	10401	10654	10653	10357	10957	10845	10894	11045	10860	11042	10375	10073	10868	10929	10704	10100	10097	10808	10875	11070	11092	11533	11562	11580	11330	11837	12068	12295	12752	12761	12896	13028	13145	13393	13419	13746	14046	14473	14618	15388	14821	14523	14579	14990	15088	15589	16136	16163	14973	15273	13851	15040	15569	15797	16427	15364	16443	16688	16348	16635	16993	17639	18148	18128	16644	14355	16256	17126	17517	18512	19853	19130	18717	20994	21939	21841	22524	23331	24534	24646	25253	25680	26413	25228	26934	26524	27568	25946	25293	26113	23770	23738	21752	23793	22905	20781	22485	23659	22273	23807	23251	23873	24127	24221	25875	26802	26285	25033	24369	26642	28055	28366	29901	30866	29507	30902	31858	32450	33157
Russell 2000 Total Return Index	10000	10548	10557	10858	10509	11133	11327	11038	11290	11374	11242	10536	10019	10583	10927	10379	9466	9466	10221	10382	10615	10609	11242	11441	11568	11018	12247	12590	12640	12884	12901	13042	12777	13218	13317	13147	13968	14087	14493	14434	14812	14238	14422	14547	15430	15540	15811	16493	16096	14348	14576	12845	14290	15032	14718	15218	14034	15026	15113	14366	14665	15052	15671	16123	15606	14292	11187	12724	13552	14031	14419	15231	14723	15031	17802	19341	20315	21581	21798	22255	22301	22733	21912	22403	21742	22667	21722	22208	20070	20284	20536	18501	18529	17005	18780	18396	16633	18464	18896	17669	19391	19064	18153	17827	17662	19098	20266	19252	18118	16883	18411	20660	19857	20980	21731	20201	21215	21018	23154	22808

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Years	Since Inception (10/21/2014)
Adara Smaller Companies	16.72	12.54	10.97
Russell 3000 Total Return Index**	26.14	15.19	12.93
Russell 2000 Total Return Index	18.47	9.68	8.72

Visit https://rbbfund.com/additional-fund-information/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** Effective with this report, and pursuant to new regulatory requirements, the Russell 3000 Total Return Index replaced the Russell 2000 Total Return Index as the Fund’s primary benchmark to represent a broad-based securities market index. The Fund continues to use the Russell 2000 Total Return Index as an additional benchmark.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$603,895,805
Number of Holdings	665
Net Advisory Fee	$3,658,869
Portfolio Turnover	58%

Visit https://rbbfund.com/additional-fund-information/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
First American Treasury Obligations Fund	6.8%
Crinetics Pharmaceuticals, Inc.	0.9%
TransMedics Group, Inc.	0.8%
Build-A-Bear Workshop, Inc.	0.7%
Northwest Pipe Co.	0.7%
Talen Energy Corp.	0.7%
White Mountains Insurance Group Ltd.	0.6%
Barrett Business Services, Inc.	0.6%
Hamilton Beach Brands Holding Co.	0.6%
Northeast Bank	0.6%

Top Sectors	(% of Net Assets)
Consumer, Non-cyclical	23.3%
Financial	20.6%
Industrial	16.6%
Consumer, Cyclical	14.1%
Technology	8.8%
Energy	3.9%
Communications	3.0%
Utilities	1.8%
Basic Materials	1.1%
Cash & Other	6.8%

Material Fund Changes:

This is a summary of certain changes to the Fund since September 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024 at https://rbbfund.com/additional-fund-information/ or upon request at 1-844-261-6482.

Adara Smaller Companies Fund  PAGE 2  TSR-AR-74925K342

During the fiscal year, certain changes occured with respect to personnel of the Fund’s sub-advisers who serve as portfolio managers of the Fund (each, a “PM”). At Aperio, Robert Tymoczko retired from the firm and was removed as a PM. Michael Branch at Aperio was added as a PM. At Pacific Ridge, Mark Cooper transitioned his portfolio management responsibilities and was removed as a PM. At River Road, R. James Shircliff retired from the firm and was removed as a PM.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://rbbfund.com/additional-fund-information/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-844-261-6482, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Adara Smaller Companies Fund  PAGE 3  TSR-AR-74925K342

105901120012940174091546617085270632248123920279191037511562134191613616348198532641322905262853315710536114411314716493143661523122403183961925222808

	Aquarius International Fundtrue
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Aquarius International Fund (the “Fund”) for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://rbbfund.com/additional-fund-information/. You can also request this information by contacting us at 1-844-261-6482.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Aquarius International Fund	$76	0.69%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Fund generated a return of 19.53% for the fiscal year ended August 31, 2024, slightly outperforming the 18.79% return of the Fund’s benchmark, the MSCI AC World Index ex USA Gross Index, over the same period.

Developed international equities, as measured by the MSCI EAFE Index, led performance and were up 19.99% for the period. Emerging markets, as measured by the MSCI Emerging Markets Index, were up 15.52% for the period, trailing developed markets. A decline of 1.85% in the U.S. Dollar Index during the period marginally contributed to returns.

The Fund ended the fiscal year with four underlying sub-advisers: international developed markets managers Mawer Investment Management Ltd. (“Mawer”) and Boston Partners Global Investors Inc. (“Boston Partners”); emerging markets manager Driehaus Capital Management LLC (“Driehaus”); and tax-loss harvesting manager Aperio Group, LLC (“Aperio”). Mawer had the strongest performance of the underlying sub-advisers in the 2024 fiscal year with a +22.17% return, followed by Aperio at +20.34%, Boston Partners at +19.11% and Driehaus at +17.82%. The Fund allocated 34% of its assets to each of Mawer and Boston Partners as of the end of the fiscal year, followed by 16% to Driehaus and 13% to Aperio, with the remaining 3% in a cash sleeve.

Top Contributors
↑	Taiwan Semiconductor Manufacturing Co
↑	Rheinmetall
↑	Wolters Kluwer

Top Detractors
↓	PANASONIC HOLDINGS CORP
↓	EDENRED MALAKOFF
↓	RECKITT BENCKISER GROUP PLC

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

Aquarius International Fund  PAGE 1  TSR-AR-74933W502

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	04/17/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Aquarius International Fund	10000	9890	9770	9610	9750	9610	9610	8980	9030	8757	9234	9406	9487	9751	9335	9782	9579	9406	9579	9873	9974	10360	10082	9454	8220	8734	9125	9434	9886	10216	10102	9876	10915	11475	11547	11620	11765	12107	12408	12283	12201	12418	11910	12315	11921	12307	11824	11362	11204	10595	10616	9881	10238	9755	8957	9272	10238	10108	10809	10448	10766	10873	10522	10989	11329	10915	10628	10299	11127	11603	11440	11766	12287	12016	12439	12363	12754	13047
MSCI AC WORLD INDEX ex USA Gross (USD)	10000	9995	9775	9595	9828	9624	9672	8886	8972	8569	9218	9399	9463	9720	9209	9768	9653	9357	9602	9938	10027	10465	10185	9381	8030	8644	8931	9339	9760	10179	9933	9721	11030	11629	11657	11889	12048	12410	12807	12728	12522	12762	12361	12659	12091	12594	12131	11893	11922	11181	11273	10308	10665	10324	9297	9577	10709	10633	11498	11095	11378	11584	11174	11682	12160	11614	11252	10789	11763	12357	12236	12548	12952	12729	13111	13103	13411	13796

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Years	Since Inception (04/17/2018)
Aquarius International Fund	19.53	6.76	4.26
MSCI AC WORLD INDEX ex USA Gross (USD)	18.79	8.08	5.18

Visit https://rbbfund.com/additional-fund-information/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$581,434,302
Number of Holdings	749
Net Advisory Fee	$2,590,499
Portfolio Turnover	59%

Visit https://rbbfund.com/additional-fund-information/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
First American Treasury Obligations Fund	6.0%
Taiwan Semiconductor Manufacturing Co. Ltd.	3.3%
Samsung Electronics Co. Ltd.	2.6%
BAE Systems PLC	1.8%
AstraZeneca PLC	1.8%
Shell PLC	1.7%
Aon PLC	1.4%
Novartis AG	1.4%
Tencent Holdings Ltd.	1.2%
Wolters Kluwer	1.2%

Top Sectors	(% of Net Assets)
Financial	20.6%
Consumer, Non-cyclical	19.0%
Industrial	14.3%
Technology	11.1%
Consumer, Cyclical	10.1%
Communications	5.2%
Basic Materials	5.1%
Energy	5.0%
Utilities	2.7%
Cash & Other	6.9%

Material Fund Changes:

This is a summary of certain changes to the Fund since September 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024 at https://rbbfund.com/additional-fund-information/ or upon request at 1-844-261-6482.

Aquarius International Fund  PAGE 2  TSR-AR-74933W502

During fiscal year, certain changes occured with repect to personnel of one of the Fund’s sub-advisers who serve as portfolio managers of the Fund (each, a “PM”). At Aperio, Robert Tymoczko retired from the firm and was removed as a PM. Michael Branch was added as a PM.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://rbbfund.com/additional-fund-information/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-844-261-6482, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Aquarius International Fund  PAGE 3  TSR-AR-74933W502

96109406102161241897551091513047962493571017912762103241161413796

	Boston Partners All-Cap Value Fund
	Institutional Class | BPAIX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Boston Partners All-Cap Value Fund (the “Fund”) for the period of  September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.bostonpartners.com/fund/bp-all-cap-value-fund-inst/. You can also request this information by contacting us at 1-888-261-4073.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$88	0.80%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the 12 months ended August 31, 2024, the Fund posted a sizable gain, although it did trail the returns of the Russell 3000® Value Index, and the Fund’s broad-based securities market index, the Russell 3000® Index, for the same period.

  
What factors influenced performance?
The U.S. stock market was propelled higher during the past 12 months by a combination of solid economic growth, rapidly declining inflation, and the likelihood of Federal Reserve interest rate cuts. Although stocks experienced periodic bouts of volatility, the overall direction of the U.S. stock market was positive.
  
What were the top contributors and detractors?  
Relative to the Russell 3000® Value Index, the biggest contribution to the Fund’s performance came from its holdings in the Materials sector, even though the Fund’s weight in the sector was less than that of the Russell 3000® Value Index. Stock selection in the Consumer Staples and Information Technology sectors also helped. The biggest detractors from relative performance were the Fund’s overweight position in the Health Care sector and disappointing stock selection within the Communication Services sector.

  
How is the Fund currently positioned?
The Fund’s largest sector overweights at the end of the period were in Information Technology, Health Care, and Financials. The Fund held meaningful underweights in the Real Estate, Utilities, and Consumer Staples sectors at the end of the reporting period.

Top Contributors
↑	JPMorgan Chase & Co.
↑	CRH Public Limited Company
↑	Advanced Micro Devices, Inc.
↑	Howmet Aerospace, Inc.
↑	Check Point Software Technology

Top Detractors
↓	Advanced Micro Devices, Inc.
↓	Bristol-Myers Squibb Company
↓	Pfizer, Inc.
↓	Globe Life, Inc.
↓	SLB

Boston Partners All-Cap Value Fund  PAGE 1  TSR-AR-749255139

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $100,000 chart reflects a hypothetical $100,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $100,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Boston Partners All-Cap Value Fund Institutional Class	100000	97870	99696	102087	102524	98595	105631	104717	105814	107458	105631	106819	100879	97224	105037	106134	103500	96142	95704	102185	104183	107058	105644	110274	112661	112710	109884	117729	118843	120716	124816	124816	124866	126334	128207	130333	129422	133572	135293	138431	140075	147681	142769	139442	140075	140498	139442	145199	147153	147417	135110	138015	123448	134911	138563	137777	144182	134911	144857	146711	140305	144519	147048	153229	157861	151517	137040	112758	125966	131445	130580	136117	141481	137040	135829	156362	164359	163069	173327	183761	191791	198356	195425	194429	197946	191674	201052	193843	206417	204374	203941	206788	195647	202641	185063	196081	190510	176460	199485	209945	201413	211221	206116	200338	201816	195904	209273	216865	213371	208131	200674	213976	226415	228808	235762	246380	232622	239650	237482	248922	254007
Russell 3000® Total Return Index**	100000	97916	100610	103048	103047	100179	105979	104902	105376	106834	105046	106803	100356	97431	105127	105710	103540	97698	97666	104542	105190	107072	107292	111550	111835	112011	109587	114492	116726	118923	123346	123430	124738	126015	127152	129549	129799	132964	135866	139991	141391	148843	143357	140479	141013	144994	145942	150786	156081	156339	144828	147728	133979	145479	150596	152795	158896	148613	159052	161416	158125	160901	164364	170612	175538	175347	160990	138851	157241	165650	169437	179058	192030	185038	181044	203069	212204	211260	217864	225673	237306	238389	244268	248398	255482	244019	260521	256556	266658	250969	244647	252583	229916	229607	210399	230138	221549	201005	217489	228841	215441	230280	224897	230911	233371	234279	250277	259248	254244	242133	235715	257695	271363	274371	289223	298552	285415	298900	308153	313882	320715
Russell 3000® Value Total Return Index	100000	97572	100111	101963	102754	98633	103391	102228	102933	104140	102231	102409	96395	93451	100356	100935	98510	93301	93328	100129	102234	103844	104702	107933	108903	108758	106930	113646	116636	117331	121344	120125	119954	119550	121672	123226	121673	125645	126500	130357	132023	136870	130312	128301	128858	130132	130495	135441	137534	137529	130023	133778	120700	130356	134585	135105	139919	130756	140071	141168	136768	141788	143865	148241	152392	148786	134374	110757	123280	127464	126875	131754	137295	133749	132359	150619	156773	155960	165740	175412	182183	186534	184472	185398	189158	182760	191885	185137	196545	191520	189636	194884	183627	187194	170707	182338	176885	161221	177977	188753	180861	190689	184105	182513	184852	177910	189859	196977	191411	183873	177128	190638	201941	201587	208975	219350	209719	216542	214415	226123	231651

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Institutional Class	19.04	12.60	9.77
Russell 3000® Total Return Index**	26.14	15.19	12.36
Russell 3000® Value Total Return Index	21.02	11.11	8.76

Visit https://www.bostonpartners.com/fund/bp-all-cap-value-fund-inst/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** Effective with this report, and pursuant to new regulatory requirements, the Russell 3000 Total Return Index replaced the Russell 3000 Value Total Return Index as the Fund’s primary benchmark to represent a broad-based securities market index. The Fund continues to use the Russell 3000 Value Total Return Index as an additional benchmark.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$1,492,964,230
Number of Holdings	113
Net Advisory Fee	$9,219,182
Portfolio Turnover	24%

Visit https://www.bostonpartners.com/fund/bp-all-cap-value-fund-inst/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
Alphabet, Inc.	2.4%
JPMorgan Chase & Co.	2.2%
Johnson & Johnson	2.1%
AbbVie, Inc.	2.0%
Corpay, Inc.	2.0%
Oracle Corp.	2.0%
Check Point Software Technologies Ltd.	2.0%
CRH PLC	1.9%
NVR, Inc.	1.9%
Booking Holdings, Inc.	1.8%

Top Sectors†	(% of net assets)
Financials	25.4%
Health Care	20.0%
Information Technology	16.5%
Industrials	14.2%
Consumer Discretionary	7.2%
Communication Services	4.9%
Energy	4.3%
Consumer Staples	3.4%
Materials	2.9%
Cash & Other	1.2%

† The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

Boston Partners All-Cap Value Fund  PAGE 2  TSR-AR-749255139

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/fund/bp-all-cap-value-fund-inst/.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Boston Partners All-Cap Value Fund  PAGE 3  TSR-AR-749255139

10000010087911266112942214715314030514148119794619051021337125400710000010035611183512979915608115812519203025548222154925424432071510000096395108903121673137534136768137295189158176885191411231651

	Boston Partners All-Cap Value Fund
	Investor Class | BPAVX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Boston Partners All-Cap Value Fund (the “Fund”) for the period of  September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.bostonpartners.com/fund/bp-all-cap-value-fund/. You can also request this information by contacting us at 1-888-261-4073.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$115	1.05%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the 12 months ended August 31, 2024, the Fund posted a sizable gain, although it did trail the returns of the Russell 3000® Value Index, and the Fund’s broad-based securities market index, the Russell 3000® Index, for the same period.

  
What factors influenced performance?
The U.S. stock market was propelled higher during the past 12 months by a combination of solid economic growth, rapidly declining inflation, and the likelihood of Federal Reserve interest rate cuts. Although stocks experienced periodic bouts of volatility, the overall direction of the U.S. stock market was positive.
  
What were the top contributors and detractors?  
Relative to the Russell 3000® Value Index, the biggest contribution to the Fund’s performance came from its holdings in the Materials sector, even though the Fund’s weight in the sector was less than that of the Russell 3000® Value Index. Stock selection in the Consumer Staples and Information Technology sectors also helped. The biggest detractors from relative performance were the Fund’s overweight position in the Health Care sector and disappointing stock selection within the Communication Services sector.

  
How is the Fund currently positioned?
The Fund’s largest sector overweights at the end of the period were in Information Technology, Health Care, and Financials. The Fund held meaningful underweights in the Real Estate, Utilities, and Consumer Staples sectors at the end of the reporting period.

Top Contributors
↑	JPMorgan Chase & Co.
↑	CRH Public Limited Company
↑	Advanced Micro Devices, Inc.
↑	Howmet Aerospace, Inc.
↑	Check Point Software Technology

Top Detractors
↓	Advanced Micro Devices, Inc.
↓	Bristol-Myers Squibb Company
↓	Pfizer, Inc.
↓	Globe Life, Inc.
↓	SLB

Boston Partners All-Cap Value Fund  PAGE 1  TSR-AR-749255121

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Boston Partners All-Cap Value Fund Investor Class	10000	9786	9965	10201	10244	9850	10546	10455	10565	10730	10542	10656	10066	9699	10473	10578	10315	9579	9535	10178	10373	10656	10515	10978	11212	11212	10929	11709	11813	11995	12409	12399	12404	12546	12733	12940	12844	13253	13420	13733	13891	14644	14154	13818	13881	13918	13812	14381	14570	14591	13370	13655	12215	13343	13700	13622	14253	13332	14309	14493	13856	14269	14515	15124	15579	14945	13516	11121	12424	12961	12870	13413	13939	13499	13379	15390	16179	16052	17055	18081	18863	19507	19211	19113	19455	18829	19750	19037	20264	20063	20020	20289	19195	19879	18151	19226	18676	17296	19550	20563	19726	20685	20182	19607	19753	19164	20474	21214	20857	20348	19614	20910	22120	22348	23024	24053	22708	23391	23171	24288	24773
Russell 3000® Total Return Index**	10000	9792	10061	10305	10305	10018	10598	10490	10538	10683	10505	10680	10036	9743	10513	10571	10354	9770	9767	10454	10519	10707	10729	11155	11184	11201	10959	11449	11673	11892	12335	12343	12474	12601	12715	12955	12980	13296	13587	13999	14139	14884	14336	14048	14101	14499	14594	15079	15608	15634	14483	14773	13398	14548	15060	15279	15890	14861	15905	16142	15813	16090	16436	17061	17554	17535	16099	13885	15724	16565	16944	17906	19203	18504	18104	20307	21220	21126	21786	22567	23731	23839	24427	24840	25548	24402	26052	25656	26666	25097	24465	25258	22992	22961	21040	23014	22155	20101	21749	22884	21544	23028	22490	23091	23337	2328	25028	25925	25424	24213	23571	25769	27136	27437	28922	29855	28542	29890	30815	31388	32071
Russell 3000® Value Total Return Index	10000	9757	10011	10196	10275	9863	10339	10223	10293	10414	10223	10241	9640	9345	10036	10093	9851	9330	9333	10013	10223	10384	10470	10793	10890	10876	10693	11365	11664	11733	12134	12012	11995	11955	12167	12323	12167	12564	12650	13036	13202	13687	13031	12830	12886	13013	13049	13544	13753	13753	13002	13378	12070	13036	13458	13510	13992	13076	14007	14117	13677	14179	14387	14824	15239	14879	13437	11076	12328	12746	12688	13175	13729	13375	13236	15062	15677	15596	16574	17541	18218	18653	18447	18540	18916	18276	19188	18514	19654	19152	18964	19488	18363	18719	17071	18234	17688	16122	17798	18875	18086	19069	18411	18251	18485	17791	18986	19698	19141	18387	17713	19064	20194	20159	20897	21935	20972	21654	21441	22612	23165

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Investor Class	18.77	12.32	9.50
Russell 3000® Total Return Index**	26.14	15.19	12.36
Russell 3000® Value Total Return Index	21.02	11.11	8.76

Visit https://www.bostonpartners.com/fund/bp-all-cap-value-fund/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** Effective with this report, and pursuant to new regulatory requirements, the Russell 3000 Total Return Index replaced the Russell 3000 Value Total Return Index as the Fund’s primary benchmark to represent a broad-based securities market index. The Fund continues to use the Russell 3000 Value Total Return Index as an additional benchmark.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$1,492,964,230
Number of Holdings	113
Net Advisory Fee	$9,219,182
Portfolio Turnover	24%

Visit https://www.bostonpartners.com/fund/bp-all-cap-value-fund/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
Alphabet, Inc.	2.4%
JPMorgan Chase & Co.	2.2%
Johnson & Johnson	2.1%
AbbVie, Inc.	2.0%
Corpay, Inc.	2.0%
Oracle Corp.	2.0%
Check Point Software Technologies Ltd.	2.0%
CRH PLC	1.9%
NVR, Inc.	1.9%
Booking Holdings, Inc.	1.8%

Top Sectors†	(% of net assets)
Financials	25.4%
Health Care	20.0%
Information Technology	16.5%
Industrials	14.2%
Consumer Discretionary	7.2%
Communication Services	4.9%
Energy	4.3%
Consumer Staples	3.4%
Materials	2.9%
Cash & Other	1.2%

† The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

Boston Partners All-Cap Value Fund  PAGE 2  TSR-AR-749255121

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/fund/bp-all-cap-value-fund/.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Boston Partners All-Cap Value Fund  PAGE 3  TSR-AR-749255121

10000100661121212844145701385613939194551867620857247731000010036111841298015608158131920325548221552542432071100009640108901216713753136771372918916176881914123165

	Boston Partners Small Cap Value Fund II
	Institutional Class | BPSIX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Boston Partners Small Cap Value Fund II (the “Fund”) for the period of  September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.bostonpartners.com/fund/bp-small-cap-value-fund-ii-inst/. You can also request this information by contacting us at 1-888-261-4073.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$108	0.99%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the 12 months ended August 31, 2024, the Fund posted a sizable gain, although it did trail the returns of the broad equity market, as measured by the Russell 3000® Index, and the returns of the Russell 2000® Value Index (the “Index”) for the same period.

  What factors influenced performance?
The U.S. stock market was propelled higher during the past 12 months by a combination of solid economic growth, rapidly declining inflation, and the likelihood of Federal Reserve interest rate cuts. Although stocks experienced periodic bouts of volatility, the overall direction of the U.S. stock market was positive.
  
What were the top contributors and detractors?
Relative to the Index, the biggest contribution to the Fund’s performance came from its holdings in the Industrials sector, where the Fund held a meaningful overweight. Stock selection in the Information Technology and Financials sectors also helped. The biggest detractors from relative performance were the Fund’s holdings in the Communication Services and Materials sectors.
  
How is the Fund currently positioned?
The Fund’s largest sectors overweight at the end of the period were in Industrials, Information Technology, and Consumer Discretionary. The Fund’s largest underweights at the end of the period were in Real Estate and Utilities.

Top Contributors
↑	SLM Corp
↑	Evercore, Inc. Class A
↑	Viper Energy, Inc.
↑	BGC Group, Inc. Class A
↑	Brink’s Company

Top Detractors
↓	Extreme Networks
↓	Piedmont Lithium
↓	Belden, Inc.
↓	Solo Brands, Inc. Class A
↓	Atkore, Inc.

Boston Partners Small Cap Value Fund II  PAGE 1  TSR-AR-749255345

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $100,000 chart reflects a hypothetical $100,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $100,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Boston Partners Small Cap Value II Fund Institutional Class	100000	94437	99029	99029	100625	97158	102426	103956	103371	104226	104722	103371	98554	94232	99094	101255	96265	89721	90338	98020	99632	100628	100106	106319	109069	109022	105323	117605	121266	121654	122720	121411	122090	119327	123689	124513	120975	129069	130523	132947	133128	135207	128870	130796	130137	136423	136119	138806	140631	137235	125321	125169	111370	124298	129436	124460	131384	120728	129544	132411	126678	131979	133926	139010	142572	137086	122403	86995	98188	102233	105724	110046	116695	111487	113758	134593	144856	146917	159954	171153	178563	183187	180346	177337	180179	175944	182463	173939	182205	176714	179758	178087	166628	172119	156482	169970	164181	147650	165136	170627	161270	177179	175768	164991	160885	154663	169417	179745	175960	169353	161527	170828	188164	181278	188309	198167	187947	196934	193818	211576	209546
Russell 3000® Total Return Index**	100000	97916	100610	103048	103047	100179	105979	104902	105376	106834	105046	106803	100356	97431	105127	105710	103540	97698	97666	104542	105190	107072	107292	111550	111835	112011	109587	114492	116726	118923	123346	123430	124738	126015	127152	129549	129799	132964	135866	139991	141391	148843	143357	140479	141013	144994	145942	150786	156081	156339	144828	147728	133979	145479	150596	152795	158896	148613	159052	161416	158125	160901	164364	170612	175538	175347	160990	138851	157241	165650	169437	179058	192030	185038	181044	203069	212204	211260	217864	225673	237306	238389	244268	248398	255482	244019	260521	256556	266658	250969	244647	252583	229916	229607	210399	230138	221549	201005	217489	228841	215441	230280	224897	230911	233371	234279	250277	259248	254244	242133	235715	257695	271363	274371	289223	298552	285415	298900	308153	313882	320715
Russell 2000® Value Total Return Index	100000	93254	99768	99304	102018	97772	102312	104038	101816	102660	102794	99959	95050	91759	96897	99652	94398	88057	88657	96006	98039	99837	100140	105543	108166	109019	105435	119430	124361	123474	125260	124200	124689	120806	125032	125823	122731	131420	131593	135401	134109	135761	128973	130568	132832	140559	141410	143907	147335	143679	130815	132924	116857	129639	134677	130794	135740	124653	132593	132806	125394	131833	135026	138188	143026	135311	122163	92022	103374	106341	109419	111676	117693	112216	116230	138669	149654	157528	172327	181333	185001	190757	189602	182815	187710	183949	190963	184440	191962	180770	183761	187357	172817	176133	158734	174102	168596	151416	170478	175686	164159	179825	175679	163081	159014	155886	168270	180968	172262	163290	153550	167372	188203	179654	185531	193662	181323	189803	186604	209346	205416

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Institutional Class	19.09	10.59	7.68
Russell 3000® Total Return Index**	26.14	15.19	12.36
Russell 2000® Value Total Return Index	19.25	10.38	7.46

Visit https://www.bostonpartners.com/fund/bp-small-cap-value-fund-ii-inst/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** Effective with this report, and pursuant to new regulatory requirements, the Russell 3000 Total Return Index replaced the Russell 2000 Value Total Return Index as the Fund’s primary benchmark to represent a broad-based securities market index. The Fund continues to use the Russell 2000 Value Total Return Index as an additional benchmark.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$600,174,202
Number of Holdings	175
Net Advisory Fee	$4,608,246
Portfolio Turnover	55%

Visit https://www.bostonpartners.com/fund/bp-small-cap-value-fund-ii-inst/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
Federal Agricultural Mortgage Corp.	1.8%
Brink’s Co.	1.8%
SLM Corp.	1.7%
Viper Energy, Inc.	1.3%
InterDigital, Inc.	1.3%
Western Alliance Bancorp	1.2%
FirstCash Holdings, Inc.	1.2%
Preferred Bank	1.2%
Wintrust Financial Corp.	1.1%
Beacon Roofing Supply, Inc.	1.1%

Top Sectors*	(% of net assets)
Financials	30.2%
Industrials	22.2%
Consumer Discretionary	12.6%
Information Technology	8.8%
Energy	6.8%
Health Care	5.5%
Communication Services	3.8%
Materials	2.9%
Consumer Staples	2.3%
Cash & Other	4.9%

* The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and  Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank  Global Fund Services.

Boston Partners Small Cap Value Fund II  PAGE 2  TSR-AR-749255345

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/fund/bp-small-cap-value-fund-ii-inst/.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Boston Partners Small Cap Value Fund II  PAGE 3  TSR-AR-749255345

1000009855410906912097514063112667811669518017916418117596020954610000010035611183512979915608115812519203025548222154925424432071510000095050108166122731147335125394117693187710168596172262205416

	Boston Partners Small Cap Value Fund II
	Investor Class | BPSCX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Boston Partners Small Cap Value Fund II (the “Fund”) for the period of  September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.bostonpartners.com/fund/bp-small-cap-value-fund-ii/. You can also request this information by contacting us at 1-888-261-4073.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$136	1.24%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the 12 months ended August 31, 2024, the Fund posted a sizable gain, although it did trail the returns of the broad equity market, as measured by the Russell 3000® Index, and the returns of the Russell 2000® Value Index (the “Index”) for the same period.

  What factors influenced performance?
The U.S. stock market was propelled higher during the past 12 months by a combination of solid economic growth, rapidly declining inflation, and the likelihood of Federal Reserve interest rate cuts. Although stocks experienced periodic bouts of volatility, the overall direction of the U.S. stock market was positive.
  
What were the top contributors and detractors?
Relative to the Index, the biggest contribution to the Fund’s performance came from its holdings in the Industrials sector, where the Fund held a meaningful overweight. Stock selection in the Information Technology and Financials sectors also helped. The biggest detractors from relative performance were the Fund’s holdings in the Communication Services and Materials sectors.
  
How is the Fund currently positioned?
The Fund’s largest sectors overweight at the end of the period were in Industrials, Information Technology, and Consumer Discretionary. The Fund’s largest underweights at the end of the period were in Real Estate and Utilities.

Top Contributors
↑	SLM Corp
↑	Evercore, Inc. Class A
↑	Viper Energy, Inc.
↑	BGC Group, Inc. Class A
↑	Brink’s Company

Top Detractors
↓	Extreme Networks
↓	Piedmont Lithium
↓	Belden, Inc.
↓	Solo Brands, Inc. Class A
↓	Atkore, Inc.

Boston Partners Small Cap Value Fund II  PAGE 1  TSR-AR-749255337

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Boston Partners Small Cap Value II Fund Investor Class	10000	9440	9899	9899	10052	9706	10229	10384	10318	10402	10449	10313	9832	9398	9884	10094	9593	8939	9003	9760	9923	10016	9967	10582	10852	10847	10474	11698	12057	12092	12197	12067	12127	11851	12282	12363	12011	12810	12950	13186	13202	13407	12772	12966	12898	13517	13480	13748	13926	13585	12404	12383	11016	12293	12797	12305	12988	11929	12803	13077	12506	13027	13217	13722	14069	13525	12070	8581	9681	10076	10420	10844	11497	10981	11199	13250	14252	14459	15735	16838	17557	18011	17729	17430	17706	17287	17919	17080	17891	17349	17639	17479	16345	16881	15341	16659	16092	14466	16179	16715	15798	17349	17203	16143	15745	15128	16567	17575	17203	16554	15785	16693	18383	17706	18390	19346	18345	19218	18910	20640	20437
Russell 3000® Total Return Index**	10000	9792	10061	10305	10305	10018	10598	10490	10538	10683	10505	10680	10036	9743	10513	10571	10354	9770	9767	10454	10519	10707	10729	11155	11184	11201	10959	11449	11673	11892	12335	12343	12474	12601	12715	12955	12980	13296	13587	13999	14139	14884	14336	14048	14101	14499	14594	15079	15608	15634	14483	14773	13398	14548	15060	15279	15890	14861	15905	16142	15813	16090	16436	17061	17554	17535	16099	13885	15724	16565	16944	17906	19203	18504	18104	20307	21220	21126	21786	22567	23731	23839	24427	24840	25548	24402	26052	25656	26666	25097	24465	25258	22992	22961	21040	23014	22155	20101	21749	22884	21544	23028	22490	23091	23337	23428	25028	25925	25424	24213	23571	25769	27136	27437	28922	29855	28542	29890	30815	31388	32071
Russell 2000® Value Total Return Index	10000	9325	9977	9930	10202	9777	10231	10404	10182	10266	10279	9996	9505	9176	9690	9965	9440	8806	8866	9601	9804	9984	10014	10554	10817	10902	10544	11943	12436	12347	12526	12420	12469	12081	12503	12582	12273	13142	13159	13540	13411	13576	12897	13057	13283	14056	14141	14391	14733	14368	13081	13292	11686	12964	13468	13079	13574	12465	13259	13281	12539	13183	13503	13819	14303	13531	12216	9202	10337	10634	10942	11168	11769	11222	11623	13867	14965	15753	17233	18133	18500	19076	18960	18281	18771	18395	19096	18444	19196	18077	18376	18736	17282	17613	15873	17410	16860	15142	17048	17569	16416	17982	17568	16308	15901	15589	16827	18097	17226	16329	15355	16737	18820	17965	18553	19366	18132	18980	18660	20935	20542

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Investor Class	18.80	10.32	7.41
Russell 3000® Total Return Index**	26.14	15.19	12.36
Russell 2000® Value Total Return Index	19.25	10.38	7.46

Visit https://www.bostonpartners.com/fund/bp-small-cap-value-fund-ii/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** Effective with this report, and pursuant to new regulatory requirements, the Russell 3000 Total Return Index replaced the Russell 2000 Value Total Return Index as the Fund’s primary benchmark to represent a broad-based securities market index. The Fund continues to use the Russell 2000 Value Total Return Index as an additional benchmark.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$600,174,202
Number of Holdings	175
Net Advisory Fee	$4,608,246
Portfolio Turnover	55%

Visit https://www.bostonpartners.com/fund/bp-small-cap-value-fund-ii/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
Federal Agricultural Mortgage Corp.	1.8%
Brink’s Co.	1.8%
SLM Corp.	1.7%
Viper Energy, Inc.	1.3%
InterDigital, Inc.	1.3%
Western Alliance Bancorp	1.2%
FirstCash Holdings, Inc.	1.2%
Preferred Bank	1.2%
Wintrust Financial Corp.	1.1%
Beacon Roofing Supply, Inc.	1.1%

Top Sectors*	(% of net assets)
Financials	30.2%
Industrials	22.2%
Consumer Discretionary	12.6%
Information Technology	8.8%
Energy	6.8%
Health Care	5.5%
Communication Services	3.8%
Materials	2.9%
Consumer Staples	2.3%
Cash & Other	4.9%

* The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and  Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank  Global Fund Services.

Boston Partners Small Cap Value Fund II  PAGE 2  TSR-AR-749255337

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/fund/bp-small-cap-value-fund-ii/.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Boston Partners Small Cap Value Fund II  PAGE 3  TSR-AR-749255337

1000098321085212011139261250611497177061609217203204371000010036111841298015608158131920325548221552542432071100009505108171227314733125391176918771168601722620542

	WPG Partners Select Small Cap Value Fund
	Institutional | WPGSX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the WPG Partners Select Small Cap Value Fund (the “Fund”) for the period of  September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.bostonpartners.com/affiliates/wpg-select-small-cap-value-fund/. You can also request this information by contacting us at 1-888-261-4073.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$120	1.10%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the 12 months ended August 31, 2024, the Fund posted a sizable gain, although it did trail the return of the Russell 2000® Value Index (the “Index”), as well as the Funds broad-based securities market index, the Russell 3000® Index, for the same period.

What factors influenced performance?
The U.S. economy generally continued to expand during the past 12 months, as inflation rates dropped significantly, which offered some relief to consumers. While there remained some concern about the timing and pace of Federal Reserve’s pivot to an easing policy, the backdrop for equities was constructive during the period.
  
What were the top contributors and detractors?
Compared to the Index, stock selection within the Materials, Financials, and Health Care sectors were the top contributors to performance. Stock-picking within the Information Technology and Consumer Staples sectors represented the most significant drag on results.
  
How is the Fund currently positioned?
As of the end of the report period, the Fund held large overweight positions in the Information Technology, Materials, and Health Care sectors, and similarly sized underweights in the Real Estate, Utilities, and Energy sectors.

Top Contributors
↑	Tenet Healthcare Corporation
↑	Rayonier Advanced Materials, Inc.
↑	BGC Group, Inc. Class A
↑	Gildan Activewear Inc.
↑↑	Kemper Corp

Top Detractors
↓	Treehouse Foods, Inc.
↓	Kosmos Energy Ltd.
↓	Sight Sciences, Inc.
↓	8X8, Inc.
↓	Enovis Corporation

WPG Partners Select Small Cap Value Fund  PAGE 1  TSR-AR-74933W676

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $100,000 chart reflects a hypothetical $100,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $100,000)

	12/29/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
WPG Partners Select Small Cap Value Fund Institutional	100000	99900	98200	105200	107700	101000	102300	90300	96300	94000	87400	99700	103600	103357	110968	109666	108865	112270	109265	118279	122586	118379	112070	105660	112771	123749	123865	125600	133811	126062	134274	130920	140981	139825
Russell 3000® Total Return Index**	100000	99528	93672	91312	94274	85814	85699	78529	85897	82691	75023	81176	85413	80411	85950	83941	86185	87103	87442	93413	96762	94894	90374	87978	96182	101284	102406	107949	111432	106528	111562	115015	117153	119704
Russell 2000® Value Total Return Index	100000	99881	94057	95614	97485	89919	91645	82592	90588	87723	78784	88702	91412	85415	93566	91408	84854	82738	81110	87553	94160	89631	84963	79894	87086	97925	93477	96535	100766	94345	98757	97093	108926	106881

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (12/29/2021)
Institutional Class	18.12	13.37
Russell 3000® Total Return Index**	26.14	6.96
Russell 2000® Value Total Return Index	19.25	2.52

Visit https://www.bostonpartners.com/affiliates/wpg-select-small-cap-value-fund/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** Effective with this report, and pursuant to new regulatory requirements, the Russell 3000 Total Return Index replaced the Russell 2000 Value Total Return Index as the Fund’s primary benchmark to represent a broad-based securities market index. The Fund continues to use the Russell 2000 Value Total Return Index as an additional benchmark.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$123,629,636
Number of Holdings	42
Net Advisory Fee	$877,619
Portfolio Turnover	160%

Visit https://www.bostonpartners.com/affiliates/wpg-select-small-cap-value-fund/ for more recent performance information.

WPG Partners Select Small Cap Value Fund  PAGE 2  TSR-AR-74933W676

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
Kemper Corp.	4.7%
BGC Group, Inc.	4.7%
Arcosa, Inc.	4.7%
Enovis Corp.	4.6%
Clarivate PLC	4.3%
Nomad Foods Ltd.	3.7%
Gildan Activewear, Inc.	3.6%
Air Lease Corp.	3.5%
Rayonier Advanced Materials, Inc.	3.3%
Tower Semiconductor Ltd.	3.3%

Top Sectors†	(% of net assets)
Financials	26.3%
Industrials	13.4%
Information Technology	12.6%
Health Care	12.4%
Materials	8.7%
Consumer Discretionary	7.0%
Real Estate	6.4%
Consumer Staples	4.9%
Energy	3.0%
Cash & Other	5.3%

† The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/affiliates/wpg-select-small-cap-value-fund/.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

WPG Partners Select Small Cap Value Fund  PAGE 3  TSR-AR-74933W676

9400011837913982582691948941197048772389631106881

	WPG Partners Small Cap Value Diversified Fund
	Institutional | WPGTX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the WPG Partners Small Cap Value Diversified Fund (the “Fund”) for the period of  September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.bostonpartners.com/affiliates/wpg-small-cap-value-diversified-fund/. You can also request this information by contacting us at 1-888-261-4073.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$122	1.10%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the 12 months ended August 31, 2024, the Fund posted a sizable gain, outperforming the return of the Russell 2000®Value Index (the “Index”). However, the Fund’s returns for the period did trail the broad stock market, as represented by the Russell 3000® Index.

  
What factors influenced performance?
The U.S. economy generally continued to expand during the past 12 months, as inflation rates dropped significantly, which offered some relief to consumers. While there remained some concern about the timing and pace of Federal Reserve’s pivot to an easing policy, the backdrop for equities was constructive during the period.
  
What were the top contributors and detractors?
Compared to the Index, stock selection within the Energy, Industrials, and Health Care sectors were the top contributors to Fund performance. Stock-picking within the Consumer Staples sector was the most significant drag on results.
  
How is the Fund currently positioned?
As of the end of the reporting period, the Fund held large overweight positions in the Industrials and Materials sectors, and similarly sized underweights in the Financials and Real Estate sectors.

Top Contributors
↑	Tenet Healthcare Corporation
↑	Kodiak Gas Services, Inc.
↑	Gildan Activewear Inc.
↑	Stelco Holdings, Inc.
↑	Scorpio Tankers Inc.

Top Detractors
↓	Piedmont Lithium, Inc.
↓	Kosmos Energy Ltd.
↓	Treehouse Foods, Inc.
↓	Pacira Biosciences, Inc.
↓	Savers Value Village, Inc.

WPG Partners Small Cap Value Diversified Fund  PAGE 1  TSR-AR-74925K706

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $100,000 chart reflects a hypothetical $100,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $100,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
WPG Partners Small Cap Value Diversified Fund Institutional	100000	92850	93242	92409	94871	89175	94926	96602	95373	93419	92972	89175	85992	80632	84596	86216	81838	75162	74126	82759	84370	86327	85579	89262	89204	89780	85406	94902	97899	98188	98303	96512	95240	92524	95934	94894	93218	99517	100557	103331	103464	102845	97036	95058	98025	104082	103711	106368	108284	105256	94440	94687	80943	91869	96799	92868	97132	88471	93268	93334	87872	92269	93201	95999	99840	93081	83646	63972	72538	74345	75683	76218	80032	75148	77690	91475	98530	103379	116782	124661	129712	134157	130857	126412	130184	131329	136649	130723	138004	134791	144019	148598	140191	145591	129254	139644	136158	123034	139917	145659	140820	152340	151373	145653	145412	140095	151695	157898	151534	144687	138081	148715	160953	159565	164684	176311	167287	175096	171712	183426	183339
Russell 3000® Total Return Index**	100000	97916	100610	103048	103047	100179	105979	104902	105376	106834	105046	106803	100356	97431	105127	105710	103540	97698	97666	104542	105190	107072	107292	111550	111835	112011	109587	114492	116726	118923	123346	123430	124738	126015	127152	129549	129799	132964	135866	139991	141391	148843	143357	140479	141013	144994	145942	150786	156081	156339	144828	147728	133979	145479	150596	152795	158896	148613	159052	161416	158125	160901	164364	170612	175538	175347	160990	138851	157241	165650	169437	179058	192030	185038	181044	203069	212204	211260	217864	225673	237306	238389	244268	248398	255482	244019	260521	256556	266658	250969	244647	252583	229916	229607	210399	230138	221549	201005	217489	228841	215441	230280	224897	230911	233371	234279	250277	259248	254244	242133	235715	257695	271363	274371	289223	298552	285415	298900	308153	313882	320715
Russell 2000® Value Total Return Index	100000	93254	99768	99304	102018	97772	102312	104038	101816	102660	102794	99959	95050	91759	96897	99652	94398	88057	88657	96006	98039	99837	100140	105543	108166	109019	105435	119430	124361	123474	125260	124200	124689	120806	125032	125823	122731	131420	131593	135401	134109	135761	128973	130568	132832	140559	141410	143907	147335	143679	130815	132924	116857	129639	134677	130794	135740	124653	132593	132806	125394	131833	135026	138188	143026	135311	122163	92022	103374	106341	109419	111676	117693	112216	116230	138669	149654	157528	172327	181333	185001	190757	189602	182815	187710	183949	190963	184440	191962	180770	183761	187357	172817	176133	158734	174102	168596	151416	170478	175686	164159	179825	175679	163081	159014	155886	168270	180968	172262	163290	153550	167372	188203	179654	185531	193662	181323	189803	186604	209346	205416

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Institutional Class	20.99	15.85	6.25
Russell 3000® Total Return Index**	26.14	15.19	12.36
Russell 2000® Value Total Return Index	19.25	10.38	7.46

Visit https://www.bostonpartners.com/affiliates/wpg-small-cap-value-diversified-fund/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** Effective with this report, and pursuant to new regulatory requirements, the Russell 3000 Total Return Index replaced the Russell 2000 Value Total Return Index as the Fund’s primary benchmark to represent a broad-based securities market index. The Fund continues to use the Russell 2000 Value Total Return Index as an additional benchmark.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$33,078,153
Number of Holdings	96
Net Advisory Fee	$189,474
Portfolio Turnover	74%

Visit https://www.bostonpartners.com/affiliates/wpg-small-cap-value-diversified-fund/ for more recent performance information.

WPG Partners Small Cap Value Diversified Fund  PAGE 2  TSR-AR-74925K706

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
Tenet Healthcare Corp.	2.9%
Gildan Activewear, Inc.	2.5%
Kemper Corp.	2.3%
Brixmor Property Group, Inc.	2.3%
Arcosa, Inc.	2.2%
Clarivate PLC	2.1%
Enovis Corp.	2.0%
Nomad Foods Ltd.	1.9%
Stelco Holdings, Inc.	1.9%
BGC Group, Inc.	1.9%

Top Sectors†	(% of net assets)
Industrials	20.6%
Financials	19.1%
Materials	10.3%
Energy	8.4%
Consumer Discretionary	8.4%
Health Care	8.1%
Information Technology	7.7%
Real Estate	5.9%
Utilities	4.0%
Cash & Other	7.5%

† The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/affiliates/wpg-small-cap-value-diversified-fund/.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

WPG Partners Small Cap Value Diversified Fund  PAGE 3  TSR-AR-74925K706

100000859928920493218108284878728003213018413615815153418333910000010035611183512979915608115812519203025548222154925424432071510000095050108166122731147335125394117693187710168596172262205416

	Boston Partners Global Sustainability Fund
	Institutional Class | BPGSX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Boston Partners Global Sustainability Fund (the “Fund”) for the period of   September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.bostonpartners.com/fund/global-sus-fund/. You can also request this information by contacting us at 1-888-261-4073.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$100	0.90%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the 12 months ended August 31, 2024, the Fund posted a sizable gain, although it did trail the returns of the MSCI World Index - Net Return (the “Index”) for the same period.

What factors influenced performance?
Global economies generally continued to expand during the past 12 months, as inflation rates dropped significantly, which offered some relief to consumers. While there remained some concern about the timing and pace of central banks’ pivot to easing policies, the backdrop for equities was constructive during the period.

What were the top contributors and detractors?
Relative to the Index, the biggest contribution to Fund performance came from its holdings in the Financial sector, where the Fund also held a meaningful overweight. Stock selection in Industrials also helped. The biggest detractors from relative performance were the Fund’s stock selection and large underweight in the Information Technology sector. Stock selection in the Energy and Communication Services sectors also detracted from performance versus the Index.

How is the Fund currently positioned?
The Fund’s largest sector overweights at the end of the period were in the Industrials, Consumer Staples, and Financials sectors. The Fund’s largest underweights were in the Real Estate and Utilities sectors.

Top Contributors
↑	Dell Technologies, Inc. Class C
↑	Rheinmetall AG
↑	Mitsubishi Heavy Industries Ltd.
↑	JPMorgan Chase & Co.
↑	Hitachi Ltd.

Top Detractors
↓	SLB
↓	Panasonic Holdings Corporation
↓	Halliburton Company
↓	WH Smith PLC
↓	Koninklijke Ahold Delhaize N.V

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $100,000 chart reflects a hypothetical $100,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

Boston Partners Global Sustainability Fund  PAGE 1  TSR-AR-74933W684

CUMULATIVE PERFORMANCE (Initial Investment of $100,000)

	12/29/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Boston Partners Global Sustainability Fund Institutional Class	100000	99600	99100	97200	96800	92100	94800	86000	90100	86200	79600	88400	95800	93453	99237	98324	97613	97918	95280	101063	104716	101469	98831	94366	103296	108801	108595	111583	118280	114158	120649	117043	121680	123122
MSCI World Index - Gross Return (USD)**	100000	99641	94389	92032	94615	86793	86926	79427	85756	82204	74596	79974	85574	81972	87794	85718	88429	90024	89194	94622	97825	95528	91441	88809	97181	101986	103233	107650	111170	107091	111945	114260	116299	119413
MSCI World Index - Net Return (USD)	100000	99636	94364	91978	94502	86651	86717	79205	85494	81920	74304	79640	85178	81561	87331	85232	87866	89406	88513	93867	97020	94702	90617	87988	96237	100961	102173	106505	109927	105844	110570	112820	114808	117843

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (12/29/2021)
Institutional Class	21.34	8.10
MSCI World Index - Gross Return (USD)**	25.00	6.87
MSCI World Index - Net Return (USD)	24.43	6.34

Visit https://www.bostonpartners.com/fund/global-sus-fund/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** Effective with this report, and pursuant to new regulatory requirements, the MSCI World Index - Gross Return replaced the MSCI World Index - Net Return as the Fund’s primary benchmark to represent a broad-based securities market index. The Fund continues to use the MSCI World Index - Net Return as an additional benchmark.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$11,397,468
Number of Holdings	85
Net Advisory Fee	$26,963
Portfolio Turnover	73%

Visit https://www.bostonpartners.com/fund/global-sus-fund/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
SPIE SA	2.4%
JPMorgan Chase & Co.	2.3%
Deutsche Telekom AG	2.2%
Sumitomo Mitsui Financial Group, Inc.	2.0%
Tesco PLC	2.0%
Rheinmetall AG	2.0%
Alphabet, Inc.	1.9%
Cie de Saint-Gobain SA	1.9%
Kansai Paint Co., Ltd.	1.9%
Informa PLC	1.9%

Top Sectors†	(% of net assets)
Financials	22.5%
Industrials	20.5%
Health Care	16.0%
Consumer Staples	11.6%
Communication Services	8.8%
Information Technology	6.8%
Consumer Discretionary	5.3%
Energy	3.8%
Materials	2.9%
Cash & Other	1.8%

† The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/fund/global-sus-fund/.

Boston Partners Global Sustainability Fund  PAGE 2  TSR-AR-74933W684

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Boston Partners Global Sustainability Fund  PAGE 3  TSR-AR-74933W684

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	Boston Partners Global Equity Fund
	Institutional Class | BPGIX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Boston Partners Global Equity Fund (the “Fund”) for the period of  September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.bostonpartners.com/fund/bp-global-equity-fund/. You can also request this information by contacting us at 1-888-261-4073.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$106	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the 12 months ended August 31, 2024, the Fund posted a sizable gain, although it did trail the returns of the MSCI World Index - Net Return (the “Index”) for the same period.

What factors influenced performance?
Global economies generally continued to expand during the past 12 months, as inflation rates dropped significantly, which offered some relief to consumers. While there remained some concern about the timing and pace of central banks’ pivot to easing policies, the backdrop for equities was constructive during the period.

What were the top contributors and detractors?
Compared with the Index, the biggest detractor from relative performance was the Fund’s significant underweight position in the Information Technology sector; disappointing stock selection within the Energy sector also weighed on returns. The biggest contribution to performance was strong stock picking in the Financial sector, where the Fund held an overweight position. Stock selection in the Consumer Staples and Materials sectors also contributed to Fund performance for the period.

How is the Fund currently positioned?

As of the end of the reporting period, the Fund held significant overweight positions in the Financials and Industrials sectors, and meaningful underweights in the Information Technology and Communication Services sectors.

Top Contributors
↑	Rheinmetall AG
↑	CRH Public Limited Company
↑	JPMorgan Chase & Co.
↑	Mitsubishi Heavy Industries Ltd.
↑	US Foods Holding Corp.

Top Detractors
↓	Reckitt Benckiser Group PLC
↓	SLB
↓	STMicroelectronics NV
↓	Cisco Systems, Inc.
↓	Kering SA

Boston Partners Global Equity Fund  PAGE 1  TSR-AR-74925K557

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $100,000 chart reflects a hypothetical $100,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $100,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Boston Partners Global Equity Fund Institutional Class	100000	96087	97370	99230	97911	96571	102938	101463	104814	106087	103943	104345	98246	94359	100056	100994	98694	92500	91356	98626	99569	100983	99098	103272	105022	105695	102868	105291	107080	109618	112362	113185	114831	117301	117575	119633	119290	121828	124366	127384	128895	135336	130085	127424	127424	126654	126024	130155	131135	131485	121683	121963	111951	119845	122122	121742	125917	116960	124019	123108	120755	124171	127055	128952	132968	128349	116030	93701	102402	107175	108869	112257	116646	112719	110178	129966	137304	137854	145866	154742	159063	165582	161969	160712	162911	159220	163933	156863	167185	167265	166545	164786	157350	164706	147916	155272	149435	136562	153753	166385	162050	172193	170002	167811	169272	162131	171869	177874	172274	168947	162456	176251	184910	183503	188881	199554	193597	202780	195748	205511	210475
MSCI World Index - Gross Return (USD)**	100000	97327	97980	99990	98419	96659	102370	100834	103250	103694	101325	103177	96392	92880	100267	99817	98103	92259	91629	97914	99525	100175	99101	103314	103453	104049	102062	103585	106101	108687	111756	113026	114756	117294	117790	120646	120876	123637	126005	128799	130582	137506	131867	129078	130641	131584	131569	135711	137454	138277	128156	129679	119868	129235	133186	135026	139891	131945	140695	141432	138606	141622	145265	149380	153913	153019	140151	121695	135056	141670	145477	152485	162734	157183	152402	171952	179302	177563	182173	188339	197190	200146	203194	206884	212097	203384	214959	210320	219372	207809	202620	208307	191086	191377	174869	188802	180983	164233	176072	188401	180471	193290	188718	194687	198199	196372	208323	215373	210317	201318	195525	213956	224534	227280	237005	244755	235774	246461	251557	256047	262903
MSCI World Index - Net Return (USD)	100000	97286	97915	99878	98267	96486	102139	100541	102899	103253	100852	102662	95869	92333	99650	99154	97411	91583	90902	97070	98606	99160	98049	102191	102276	102820	100830	102280	104727	107255	110230	111404	113054	115445	115890	118663	118830	121497	123793	126476	128186	134954	129364	126544	127998	128800	128739	132760	134402	135151	125227	126649	117019	126124	129916	131623	136290	128426	136889	137567	134753	137621	141123	145053	149398	148489	135938	117948	130833	137153	140781	147516	157372	151943	147282	166114	173157	171436	175829	181679	190134	192873	195748	199254	204213	195734	206821	202289	210934	199774	194721	200065	183445	183584	167681	180995	173428	157306	168603	180326	172668	184885	180441	186016	189277	187387	198720	205396	200490	191841	186274	203738	213740	216305	225476	232722	224077	234083	238846	243055	249479

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Institutional Class	22.17	11.75	7.73
MSCI World Index - Gross Return (USD)**	25.00	13.66	10.15
MSCI World - Net Return (USD)	24.43	13.11	9.57

Visit https://www.bostonpartners.com/fund/bp-global-equity-fund/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** Effective with this report, and pursuant to new regulatory requirements, the MSCI World Index - Gross Return replaced the MSCI World Index - Net Return as the Fund’s primary benchmark to represent a broad-based securities market index. The Fund continues to use the MSCI World Index - Net Return as an additional benchmark.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$244,647,495
Number of Holdings	106
Net Advisory Fee	$1,627,577
Portfolio Turnover	48%

Visit https://www.bostonpartners.com/fund/bp-global-equity-fund/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
CRH PLC	2.4%
JPMorgan Chase & Co.	1.9%
Tesco PLC	1.9%
Siemens AG	1.8%
Samsung Electronics Co., Ltd.	1.7%
ING Groep NV	1.6%
Sony Group Corp.	1.5%
US Foods Holding Corp.	1.5%
Shell PLC	1.5%
Fidelity National Information Services, Inc.	1.5%

Top Sectors†	(% of net assets)
Financials	24.5%
Industrials	17.6%
Health Care	10.7%
Consumer Staples	10.5%
Information Technology	6.8%
Energy	6.6%
Consumer Discretionary	6.4%
Materials	5.5%
Utilities	3.6%
Cash & Other	7.8%

† The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

Boston Partners Global Equity Fund  PAGE 2  TSR-AR-74925K557

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/fund/bp-global-equity-fund/.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Boston Partners Global Equity Fund  PAGE 3  TSR-AR-74925K557

100000982461050221192901311351207551166461629111494351722742104751000009639210345312087613745413860616273421209718098321031726290310000095869102276118830134402134753157372204213173428200490249479

	Boston Partners Long/Short Equity Fund
	Institutional Class | BPLSX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Boston Partners Long/Short Equity Fund (the “Fund”) for the period of  September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.bostonpartners.com/fund/bp-long-short-equity-fund-inst/. You can also request this information by contacting us at 1-888-261-4073.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$228	2.04%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the 12 months ended August 31, 2024, the Fund posted a sizable gain, although it did trail the return of its benchmark, the S&P 500 Index for the same period.

What factors influenced performance?
The U.S. economy generally continued to expand during the past 12 months, as inflation rates dropped significantly, which offered some relief to consumers. While there remained some concern about the timing and pace of Federal Reserve’s pivot to an easing policy, the backdrop for equities was constructive during the period.

What were the top contributors and detractors?
Overall, the Fund’s short positions generally contributed to its returns relative to the benchmark, the S&P 500 Index, while the Funds long positions generally detracted. Regarding specific sectors, security selection within the long portfolio’s Information Technology and Communication Services sector allocations weighed on returns. Within the short portfolio, Consumer Discretionary, Information Technology, and Industrials sector positions all boosted relative results.

How is the Fund currently positioned?
As of the end of reporting period the Funds, largest relative overweight long positions were in the Financials and Health Care sectors, and it had no long exposure to Utilities. The Fund’s largest short positions were in the Consumer Discretionary and Information Technology sectors.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $100,000 chart reflects a hypothetical $100,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $100,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Boston Partners Long/Short Equity Fund Institutional Class	100000	96380	95364	94481	94874	91215	91071	90975	94344	93333	92082	89146	91600	92611	97521	95788	93837	96204	96730	101621	104357	104620	102410	104357	105672	105409	104883	113035	114929	115771	116717	114456	111457	107513	110300	112562	110248	114929	113772	114876	118108	120811	114185	112012	114185	113549	111004	112913	108725	108831	105597	105862	99839	104791	103927	103754	105539	99551	103985	104561	102142	104791	105770	106173	108940	103668	98015	87724	95220	95410	94712	95537	96236	92679	93568	100795	102018	94413	105078	115568	120202	126059	118715	121425	124223	123873	125185	123086	134691	140082	139808	139625	138346	143463	134508	138894	134600	126924	137341	145474	144386	152213	149741	147475	147990	141914	149638	153963	154375	152624	151801	160039	166335	168364	171026	175590	169758	175717	173815	183451	190677
S&P 500 Total Return Index	100000	98598	101006	103722	103461	100355	106123	104445	105447	106803	104735	106929	100478	97992	106258	106574	104893	99688	99553	106307	106719	108635	108917	112932	113091	113112	111049	115162	117438	119665	124417	124562	125841	127612	128409	131049	131450	134162	137292	141503	143077	151268	145693	141990	142535	145968	146866	152332	157295	158191	147378	150382	136804	147766	152511	155474	161770	151489	162166	164496	161891	164920	168492	174608	179878	179808	165006	144626	163166	170937	174336	184166	197404	189904	184853	205088	212973	210823	216637	226125	238192	239856	245456	251286	258927	246884	264181	262351	274108	259924	252142	261503	238700	239138	219398	239628	229856	208686	225582	238188	224465	238569	232748	241293	245060	246125	262387	270817	266505	253798	248462	271153	283471	288235	303626	313395	300594	315499	326820	330798	338822

Boston Partners Long/Short Equity Fund  PAGE 1  TSR-AR-749255261

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Institutional Class	23.51	13.30	6.67
S&P 500 Total Return Index	27.14	15.92	12.98

Visit https://www.bostonpartners.com/fund/bp-long-short-equity-fund-inst/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$62,893,716
Number of Holdings	193
Net Advisory Fee	$965,071
Portfolio Turnover	35%

Visit https://www.bostonpartners.com/fund/bp-long-short-equity-fund-inst/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
BGC Group, Inc.	3.2%
Fairfax Financial Holdings Ltd.	2.9%
Canadian Natural Resources Ltd.	2.7%
Check Point Software Technologies Ltd.	2.1%
Alphabet, Inc.	2.0%
Newmark Group, Inc.	2.0%
Catalyst Pharmaceuticals, Inc.	1.8%
Sterling Infrastructure, Inc.	1.7%
PetIQ, Inc.	1.6%
Lantheus Holdings, Inc.	1.6%

Top Sectors†	(% of net assets)
Financials	18.8%
Health Care	14.5%
Information Technology	11.4%
Industrials	9.7%
Energy	5.2%
Consumer Discretionary	5.0%
Consumer Staples	4.8%
Real Estate	2.9%
Communication Services	2.8%
Materials	2.6%

† The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/fund/bp-long-short-equity-fund-inst/.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Boston Partners Long/Short Equity Fund  PAGE 2  TSR-AR-749255261

1000009160010567211024810872510214296236124223134600154375190677100000100478113091131450157295161891197404258927229856266505338822

	Boston Partners Long/Short Equity Fund
	Investor Class | BPLEX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Boston Partners Long/Short Equity Fund (the “Fund”) for the period of  September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.bostonpartners.com/fund/bp-long-short-equity-fund/. You can also request this information by contacting us at 1-888-261-4073.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$256	2.29%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the 12 months ended August 31, 2024, the Fund posted a sizable gain, although it did trail the return of its benchmark, the S&P 500 Index for the same period.

What factors influenced performance?
The U.S. economy generally continued to expand during the past 12 months, as inflation rates dropped significantly, which offered some relief to consumers. While there remained some concern about the timing and pace of Federal Reserve’s pivot to an easing policy, the backdrop for equities was constructive during the period.

What were the top contributors and detractors?
Overall, the Fund’s short positions generally contributed to its returns relative to the benchmark, the S&P 500 Index, while the Funds long positions generally detracted. Regarding specific sectors, security selection within the long portfolio’s Information Technology and Communication Services sector allocations weighed on returns. Within the short portfolio, Consumer Discretionary, Information Technology, and Industrials sector positions all boosted relative results.

How is the Fund currently positioned?
As of the end of reporting period the Funds, largest relative overweight long positions were in the Financials and Health Care sectors, and it had no long exposure to Utilities. The Fund’s largest short positions were in the Consumer Discretionary and Information Technology sectors.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Boston Partners Long/Short Equity Fund Investor Class	10000	9634	9531	9438	9479	9110	9094	9079	9418	9315	9187	8894	9135	9238	9721	9546	9348	9585	9636	10117	10388	10416	10190	10382	10512	10484	10427	11236	11422	11507	11597	11371	11072	10676	10953	11173	10942	11405	11286	11394	11713	11975	11319	11097	11308	11245	10989	11177	10761	10772	10453	10476	9874	10360	10273	10254	10429	9836	10273	10323	10086	10348	10441	10479	10747	10226	9670	8648	9385	9406	9329	9406	9482	9128	9211	9918	10038	9289	10337	11366	11815	12395	11666	11935	12205	12165	12295	12085	13221	13747	13716	13695	13568	14073	13190	13621	13190	12443	13453	14252	14136	14900	14658	14427	14476	13882	14633	15058	15094	14924	14839	15627	16244	16447	16698	17151	16573	17151	16963	17901	18605
S&P 500 Total Return Index	10000	9860	10101	10372	10346	10036	10612	10444	10545	10680	10474	10693	10048	9799	10626	10657	10489	9969	9955	10631	10672	10864	10892	11293	11309	11311	11105	11516	11744	11967	12442	12456	12584	12761	12841	13105	13145	13416	13729	14150	14308	15127	14569	14199	14254	14597	14687	15233	15730	15819	14738	15038	13680	14777	15251	15547	16177	15149	16217	16450	16189	16492	16849	17461	17988	17981	16501	14463	16317	17094	17434	18417	19740	18990	18485	20509	21297	21082	21664	22612	23819	23986	24546	25129	25893	24688	26418	26235	27411	25992	25214	26150	23870	23914	21940	23963	22986	20869	22558	23819	22446	23857	23275	24129	24506	24612	26239	27082	26650	25380	24846	27115	28347	28824	30363	31339	30059	31550	32682	33080	33882

Boston Partners Long/Short Equity Fund  PAGE 1  TSR-AR-749255253

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Investor Class	23.26	13.01	6.40
S&P 500 Total Return Index	27.14	15.92	12.98

Visit https://www.bostonpartners.com/fund/bp-long-short-equity-fund/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$62,893,716
Number of Holdings	193
Net Advisory Fee	$965,071
Portfolio Turnover	35%

Visit https://www.bostonpartners.com/fund/bp-long-short-equity-fund/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
BGC Group, Inc.	3.2%
Fairfax Financial Holdings Ltd.	2.9%
Canadian Natural Resources Ltd.	2.7%
Check Point Software Technologies Ltd.	2.1%
Alphabet, Inc.	2.0%
Newmark Group, Inc.	2.0%
Catalyst Pharmaceuticals, Inc.	1.8%
Sterling Infrastructure, Inc.	1.7%
PetIQ, Inc.	1.6%
Lantheus Holdings, Inc.	1.6%

Top Sectors†	(% of net assets)
Financials	18.8%
Health Care	14.5%
Information Technology	11.4%
Industrials	9.7%
Energy	5.2%
Consumer Discretionary	5.0%
Consumer Staples	4.8%
Real Estate	2.9%
Communication Services	2.8%
Materials	2.6%

† The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/fund/bp-long-short-equity-fund/.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Boston Partners Long/Short Equity Fund  PAGE 2  TSR-AR-749255253

100009135105121094210761100869482122051319015094186051000010048113091314515730161891974025893229862665033882

	Boston Partners Long/Short Research Fund
	Institutional Class | BPIRX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Boston Partners Long/Short Research Fund (the “Fund”) for the period of  September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.bostonpartners.com/fund/bp-ls-research-fund-inst/. You can also request this information by contacting us at 1-888-261-4073.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$208	1.90%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the 12 months ended August 31, 2024, the Fund posted a sizable gain, although it did trail the return of its benchmark, the S&P 500 Index for the same time period.
  
What factors influenced performance?
The U.S. stock market was propelled higher during the past 12 months by a combination of solid economic growth, rapidly declining inflation, and the likelihood of Federal Reserve interest rate cuts. Although stocks experienced periodic bouts of volatility, the overall direction of the U.S. stock market was positive.
  
What were the top contributors and detractors?
Relative to the Fund’s benchmark, the Fund’s short positions across several sectors made a positive contribution to performance on balance. The Fund’s underweight long positions in certain sectors and stock selection in others contributed to its relative underperformance.
  
How is the Fund currently positioned?
The Fund’s largest short positions by sector at the end of the period were in Financials, Industrials, and Consumer Discretionary. The Fund’s largest long positions by sector at the end of the period were in Financials, Industrials, and Information Technology.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $100,000 chart reflects a hypothetical $100,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $100,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Boston Partners Long/Short Research Fund Institutional Class	100000	98877	99736	101255	102128	99518	103534	102864	103266	105474	103801	104136	101727	100054	104604	104471	103677	99505	98879	103121	103051	104511	102495	104581	105902	105137	104581	107154	107432	108962	110769	110283	109935	110769	111395	113273	113134	113968	114594	116680	118279	122730	119740	117375	116471	115706	114177	116680	115706	116819	111534	111813	105750	110586	110660	109853	112125	107728	111979	113225	111026	113738	114617	116742	119049	115525	108928	97008	99107	98283	97233	98133	99782	97533	97158	105855	109228	105180	111102	116725	121223	125046	124597	123922	126096	126321	130594	128795	135221	138350	139364	139534	137419	142240	134544	136827	135136	130316	139534	144607	143987	144805	141735	140712	140610	136925	142145	143270	144805	143884	142759	147773	150818	154694	157658	164041	159824	164953	164611	169057	172021
S&P 500 Total Return Index	100000	98598	101006	103722	103461	100355	106123	104445	105447	106803	104735	106929	100478	97992	106258	106574	104893	99688	99553	106307	106719	108635	108917	112932	113091	113112	111049	115162	117438	119665	124417	124562	125841	127612	128409	131049	131450	134162	137292	141503	143077	151268	145693	141990	142535	145968	146866	152332	157295	158191	147378	150382	136804	147766	152511	155474	161770	151489	162166	164496	161891	164920	168492	174608	179878	179808	165006	144626	163166	170937	174336	184166	197404	189904	184853	205088	212973	210823	216637	226125	238192	239856	245456	251286	258927	246884	264181	262351	274108	259924	252142	261503	238700	239138	219398	239628	229856	208686	225582	238188	224465	238569	232748	241293	245060	246125	262387	270817	266505	253798	248462	271153	283471	288235	303626	313395	300594	315499	326820	330798	338822

Boston Partners Long/Short Research Fund  PAGE 1  TSR-AR-74925K581

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Institutional Class	18.79	9.14	5.57
S&P 500 Total Return Index	27.14	15.92	12.98

Visit https://www.bostonpartners.com/fund/bp-ls-research-fund-inst/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$591,951,816
Number of Holdings	407
Net Advisory Fee	$7,466,784
Portfolio Turnover	53%

Visit https://www.bostonpartners.com/fund/bp-ls-research-fund-inst/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
JPMorgan Chase & Co.	1.8%
AbbVie, Inc.	1.5%
UnitedHealth Group, Inc.	1.5%
Wells Fargo & Co.	1.4%
Alphabet, Inc.	1.3%
Booking Holdings, Inc.	1.2%
Frontdoor, Inc.	1.1%
Amgen, Inc.	1.1%
Bank of America Corp.	1.0%
Kinross Gold Corp.	0.9%

Top Sectors†	(% of net assets)
Financials	15.6%
Industrials	14.5%
Health Care	11.2%
Information Technology	10.7%
Energy	4.8%
Communication Services	3.7%
Utilities	3.7%
Consumer Discretionary	3.7%
Consumer Staples	3.1%
Materials	2.2%

† The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/fund/bp-ls-research-fund-inst/.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Boston Partners Long/Short Research Fund  PAGE 2  TSR-AR-74925K581

10000010172710590211313411570611102699782126096135136144805172021100000100478113091131450157295161891197404258927229856266505338822

	Boston Partners Long/Short Research Fund
	Investor Class | BPRRX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Boston Partners Long/Short Research Fund (the “Fund”) for the period of  September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.bostonpartners.com/fund/bp-ls-research-fund/. You can also request this information by contacting us at 1-888-261-4073.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$235	2.15%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the 12 months ended August 31, 2024, the Fund posted a sizable gain, although it did trail the return of its benchmark, the S&P 500 Index for the same time period.
  
What factors influenced performance?
The U.S. stock market was propelled higher during the past 12 months by a combination of solid economic growth, rapidly declining inflation, and the likelihood of Federal Reserve interest rate cuts. Although stocks experienced periodic bouts of volatility, the overall direction of the U.S. stock market was positive.
  
What were the top contributors and detractors?
Relative to the Fund’s benchmark, the Fund’s short positions across several sectors made a positive contribution to performance on balance. The Fund’s underweight long positions in certain sectors and stock selection in others contributed to its relative underperformance.
  
How is the Fund currently positioned?
The Fund’s largest short positions by sector at the end of the period were in Financials, Industrials, and Consumer Discretionary. The Fund’s largest long positions by sector at the end of the period were in Financials, Industrials, and Information Technology.

Top Contributors
↑	Andrada Mining Ltd.
↑	JP Morgan Chase & Co.
↑	Dell Technologies Inc.
↑	Broadcom, Inc.
↑	Wells Fargo & Company

Top Detractors
↓	Palantir Technologies, Inc.
↓	Glacier Bancorp, Inc.
↓	Commonwealth Bank of Australia
↓	Freshpet, Inc.
↓	KB Home

Boston Partners Long/Short Research Fund  PAGE 1  TSR-AR-74925K573

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Boston Partners Long/Short Research Fund Investor Class	10000	9880	9967	10120	10201	9945	10343	10269	10310	10526	10357	10384	10141	9972	10431	10411	10331	9916	9853	10267	10267	10408	10197	10408	10534	10457	10401	10654	10682	10829	11005	10956	10913	11005	11061	11244	11229	11307	11370	11574	11728	12164	11869	11630	11538	11461	11307	11553	11454	11560	11033	11061	10461	10935	10942	10861	11076	10646	11068	11187	10965	11224	11313	11520	11746	11398	10740	9569	9773	9690	9576	9667	9833	9607	9569	10415	10748	10347	10929	11481	11919	12290	12244	12176	12396	12403	12826	12645	13269	13586	13671	13689	13475	13954	13192	13406	13244	12773	13663	14168	14097	14170	13879	13775	13754	13401	13900	14014	14160	14056	13941	14440	14727	15110	15400	16015	15597	16096	16050	16491	16769
S&P 500 Total Return Index	10000	9860	10101	10372	10346	10036	10612	10444	10545	10680	10474	10693	10048	9799	10626	10657	10489	9969	9955	10631	10672	10864	10892	11293	11309	11311	11105	11516	11744	11967	12442	12456	12584	12761	12841	13105	13145	13416	13729	14150	14308	15127	14569	14199	14254	14597	14687	15233	15730	15819	14738	15038	13680	14777	15251	15547	16177	15149	16217	16450	16189	16492	16849	17461	17988	17981	16501	14463	16317	17094	17434	18417	19740	18990	18485	20509	21297	21082	21664	22612	23819	23986	24546	25129	25893	24688	26418	26235	27411	25992	25214	26150	23870	23914	21940	23963	22986	20869	22558	23819	22446	23857	23275	24129	24506	24612	26239	27082	26650	25380	24846	27115	28347	28824	30363	31339	30059	31550	32682	33080	33882

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Investor Class	18.43	8.87	5.31
S&P 500 Total Return Index	27.14	15.92	12.98

Visit https://www.bostonpartners.com/fund/bp-ls-research-fund/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$591,951,816
Number of Holdings	407
Net Advisory Fee	$7,466,784
Portfolio Turnover	53%

Visit https://www.bostonpartners.com/fund/bp-ls-research-fund/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
JPMorgan Chase & Co.	1.8%
AbbVie, Inc.	1.5%
UnitedHealth Group, Inc.	1.5%
Wells Fargo & Co.	1.4%
Alphabet, Inc.	1.3%
Booking Holdings, Inc.	1.2%
Frontdoor, Inc.	1.1%
Amgen, Inc.	1.1%
Bank of America Corp.	1.0%
Kinross Gold Corp.	0.9%

Top Sectors†	(% of net assets)
Financials	15.6%
Industrials	14.5%
Health Care	11.2%
Information Technology	10.7%
Energy	4.8%
Communication Services	3.7%
Utilities	3.7%
Consumer Discretionary	3.7%
Consumer Staples	3.1%
Materials	2.2%

† The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/fund/bp-ls-research-fund/.

Boston Partners Long/Short Research Fund  PAGE 2  TSR-AR-74925K573

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Boston Partners Long/Short Research Fund  PAGE 3  TSR-AR-74925K573

1000010141105341122911454109659833123961324414160167691000010048113091314515730161891974025893229862665033882

	Boston Partners Global Long/Short Fund
	Institutional Class | BGLSX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Boston Partners Global Long/Short Fund (the “Fund”) for the period of  September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.bostonpartners.com/fund/bp-global-ls-fund-inst/. You can also request this information by contacting us at 1-888-261-4073.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$193	1.78%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the 12 months ended August 31, 2024, the Fund posted a sizable gain, although it did trail the returns of the MSCI World Index - Net Return (the “Index”) for the same period.

What factors influenced performance?
Global economies generally continued to expand during the past 12 months, as inflation rates dropped significantly, which offered some relief to consumers. While there remained some concern about the timing and pace of central banks’ pivot to easing policies, the backdrop for equities was constructive during the period.

What were the top contributors and detractors?
Overall, the Fund’s short positions generally contributed to returns relative to the Index, while its long positions generally detracted. Regarding specific sectors, security selection within the long portfolio’s Information Technology, Communication Services, and Health Care sector allocations weighed on returns. Within the short portfolio, Consumer Discretionary, Materials, and Consumer Staples sector positions all boosted relative results.

How is the Fund currently positioned?
As of the end of the reporting period, the Fund held relative overweight long positions in the Energy and Materials sectors, and had no long exposure to Real Estate. The Fund’s largest short positions at the end of the reporting period were in the Financials, Information Technology, and Consumer Discretionary sectors.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $100,000 chart reflects a hypothetical $100,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $100,000)

	31-08-2014	30-09-2014	31-10-2014	30-11-2014	31-12-2014	31-01-2015	28-02-2015	31-03-2015	30-04-2015	31-05-2015	30-06-2015	31-07-2015	31-08-2015	30-09-2015	31-10-2015	30-11-2015	31-12-2015	31-01-2016	29-02-2016	31-03-2016	30-04-2016	31-05-2016	30-06-2016	31-07-2016	31-08-2016	30-09-2016	31-10-2016	30-11-2016	31-12-2016	31-01-2017	28-02-2017	31-03-2017	30-04-2017	31-05-2017	30-06-2017	31-07-2017	31-08-2017	30-09-2017	31-10-2017	30-11-2017	31-12-2017	31-01-2018	28-02-2018	31-03-2018	30-04-2018	31-05-2018	30-06-2018	31-07-2018	31-08-2018	30-09-2018	31-10-2018	30-11-2018	31-12-2018	31-01-2019	28-02-2019	31-03-2019	30-04-2019	31-05-2019	30-06-2019	31-07-2019	31-08-2019	30-09-2019	31-10-2019	30-11-2019	31-12-2019	31-01-2020	29-02-2020	31-03-2020	30-04-2020	31-05-2020	30-06-2020	31-07-2020	31-08-2020	30-09-2020	31-10-2020	30-11-2020	31-12-2020	31-01-2021	28-02-2021	31-03-2021	30-04-2021	31-05-2021	30-06-2021	31-07-2021	31-08-2021	30-09-2021	31-10-2021	30-11-2021	31-12-2021	31-01-2022	28-02-2022	31-03-2022	30-04-2022	31-05-2022	30-06-2022	31-07-2022	31-08-2022	30-09-2022	31-10-2022	30-11-2022	31-12-2022	31-01-2023	28-02-2023	31-03-2023	30-04-2023	31-05-2023	30-06-2023	31-07-2023	31-08-2023	30-09-2023	31-10-2023	30-11-2023	31-12-2023	31-01-2024	29-02-2024	31-03-2024	30-04-2024	31-05-2024	30-06-2024	31-07-2024	31-08-2024
Boston Partners Global Long/Short Fund Institutional Class	1,00,000	98,737	98,639	99,417	98,542	97,959	1,01,166	99,514	1,02,818	1,04,665	1,03,596	1,04,665	1,02,527	1,01,458	1,04,568	1,04,956	1,04,999	1,03,145	1,00,803	1,03,633	1,03,828	1,05,584	1,04,901	1,05,682	1,06,365	1,06,560	1,05,877	1,06,170	1,07,472	1,07,961	1,09,624	1,09,526	1,09,526	1,10,504	1,09,917	1,10,895	1,10,895	1,11,873	1,13,340	1,15,002	1,15,589	1,17,936	1,15,491	1,13,144	1,12,949	1,11,384	1,10,504	1,12,851	1,12,655	1,13,633	1,10,504	1,09,233	1,04,932	1,08,320	1,07,523	1,06,925	1,07,722	1,05,131	1,07,523	1,07,523	1,07,024	1,08,718	1,08,818	1,08,121	1,09,753	1,05,916	1,00,262	90,468	96,122	96,930	97,738	99,454	98,141	96,122	94,708	1,04,200	1,09,219	1,07,199	1,13,261	1,20,333	1,22,152	1,26,597	1,22,960	1,23,162	1,23,061	1,23,162	1,24,375	1,21,849	1,28,517	1,35,893	1,37,610	1,36,297	1,38,217	1,44,279	1,39,631	1,38,924	1,37,913	1,35,792	1,46,198	1,48,825	1,49,230	1,49,953	1,47,577	1,48,817	1,48,094	1,48,713	1,53,671	1,53,877	1,52,225	1,55,013	1,53,257	1,59,041	1,61,698	1,62,746	1,63,689	1,71,758	1,70,710	1,75,531	1,74,378	1,76,474	1,78,674
MSCI World Index - Gross Return (USD)**	1,00,000	97,327	97,980	99,990	98,419	96,659	1,02,370	1,00,834	1,03,250	1,03,694	1,01,325	1,03,177	96,392	92,880	1,00,267	99,817	98,103	92,259	91,629	97,914	99,525	1,00,175	99,101	1,03,314	1,03,453	1,04,049	1,02,062	1,03,585	1,06,101	1,08,687	1,11,756	1,13,026	1,14,756	1,17,294	1,17,790	1,20,646	1,20,876	1,23,637	1,26,005	1,28,799	1,30,582	1,37,506	1,31,867	1,29,078	1,30,641	1,31,584	1,31,569	1,35,711	1,37,454	1,38,277	1,28,156	1,29,679	1,19,868	1,29,235	1,33,186	1,35,026	1,39,891	1,31,945	1,40,695	1,41,432	1,38,606	1,41,622	1,45,265	1,49,380	1,53,913	1,53,019	1,40,151	1,21,695	1,35,056	1,41,670	1,45,477	1,52,485	1,62,734	1,57,183	1,52,402	1,71,952	1,79,302	1,77,563	1,82,173	1,88,339	1,97,190	2,00,146	2,03,194	2,06,884	2,12,097	2,03,384	2,14,959	2,10,320	2,19,372	2,07,809	2,02,620	2,08,307	1,91,086	1,91,377	1,74,869	1,88,802	1,80,983	1,64,233	1,76,072	1,88,401	1,80,471	1,93,290	1,88,718	1,94,687	1,98,199	1,96,372	2,08,323	2,15,373	2,10,317	2,01,318	1,95,525	2,13,956	2,24,534	2,27,280	2,37,005	2,44,755	2,35,774	2,46,461	2,51,557	2,56,047	2,62,903
MSCI World - Net Return (USD)	1,00,000	97,286	97,915	99,878	98,267	96,486	1,02,139	1,00,541	1,02,899	1,03,253	1,00,852	1,02,662	95,869	92,333	99,650	99,154	97,411	91,583	90,902	97,070	98,606	99,160	98,049	1,02,191	1,02,276	1,02,820	1,00,830	1,02,280	1,04,727	1,07,255	1,10,230	1,11,404	1,13,054	1,15,445	1,15,890	1,18,663	1,18,830	1,21,497	1,23,793	1,26,476	1,28,186	1,34,954	1,29,364	1,26,544	1,27,998	1,28,800	1,28,739	1,32,760	1,34,402	1,35,151	1,25,227	1,26,649	1,17,019	1,26,124	1,29,916	1,31,623	1,36,290	1,28,426	1,36,889	1,37,567	1,34,753	1,37,621	1,41,123	1,45,053	1,49,398	1,48,489	1,35,938	1,17,948	1,30,833	1,37,153	1,40,781	1,47,516	1,57,372	1,51,943	1,47,282	1,66,114	1,73,157	1,71,436	1,75,829	1,81,679	1,90,134	1,92,873	1,95,748	1,99,254	2,04,213	1,95,734	2,06,821	2,02,289	2,10,934	1,99,774	1,94,721	2,00,065	1,83,445	1,83,584	1,67,681	1,80,995	1,73,428	1,57,306	1,68,603	1,80,326	1,72,668	1,84,885	1,80,441	1,86,016	1,89,277	1,87,387	1,98,720	2,05,396	2,00,490	1,91,841	1,86,274	2,03,738	2,13,740	2,16,305	2,25,476	2,32,722	2,24,077	2,34,083	2,38,846	2,43,055	2,49,479

Boston Partners Global Long/Short Fund  PAGE 1  TSR-AR-74925K466

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Institutional Class	17.38	10.79	5.98
MSCI World Index - Gross Return (USD)**	25.00	13.66	10.15
MSCI World Index - Net Return (USD)	24.43	13.11	9.57

Visit https://www.bostonpartners.com/fund/bp-global-ls-fund-inst/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** Effective with this report, and pursuant to new regulatory requirements, the MSCI World Index - Gross Return replaced the MSCI World Index - Net Return as the Fund’s primary benchmark to represent a broad-based securities market index. The Fund continues to use the MSCI World Index - Net Return as an additional benchmark.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$178,648,373
Number of Holdings	162
Net Advisory Fee	$2,462,427
Portfolio Turnover	198%

Visit https://www.bostonpartners.com/fund/bp-global-ls-fund-inst/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
iShares 1-3 Year Treasury Bond ETF	4.5%
Oracle Corp.	3.4%
Cenovus Energy, Inc.	2.8%
Samsung Electronics Co., Ltd.	2.8%
Everest Group Ltd.	2.5%
Sandoz Group AG	2.3%
Beazley PLC	2.3%
Kinross Gold Corp.	2.0%
Teck Resources Ltd.	1.9%
Enel SpA	1.7%

Top Sectors†	(% of net assets)
Financials	12.5%
Information Technology	12.3%
Health Care	9.9%
Materials	8.7%
Industrials	6.4%
Consumer Discretionary	5.4%
Energy	5.4%
Utilities	3.2%
Consumer Staples	2.6%
Communication Services	2.2%

† The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

Material Fund Changes:

This is a summary of certain changes to the Fund since September 1, 2023.

At a meeting of the Board of Directors of The RBB Fund, Inc. (the “Board”) held on May 15-16, 2024, the Board unanimously voted to approve, subject to shareholder approval, an Agreement and Plan of Reorganization (the “Plan of Reorganization”) whereby the Fund would be reorganized into the John Hancock Disciplined Value Global Long/Short Fund (the “Successor Fund”), a newly-organized series of John Hancock Investment Trust. At a special meeting of shareholders of the Fund held on September 17, 2024, the Plan of Reorganization was approved by the Fund’s shareholders. The reorganization contemplated by the Plan of Reorganization (the “Reorganization”) occurred as of 4:00 p.m. Eastern time on October 18, 2024, at which time the following actions, among others, occurred:

• The Fund transferred all of its assets to the Successor Fund and the Successor Fund assumed all of the Fund’s known liabilities.
• The Successor Fund issued Class I shares to the Fund in an amount equal to the value of the Fund’s net assets attributable to its Institutional Class shares. These shares were distributed to the Fund’s Institutional Class shareholders in proportion to their holdings on the Reorganization date.
• Shareholders of the Fund became shareholders of the Successor Fund.

Boston Partners Global Long/Short Fund  PAGE 2  TSR-AR-74925K466

Following the Reorganization:

•  John Hancock Investment Management LLC serves as the investment adviser of the Successor Fund and Boston Partners Global Investors, Inc. (“Boston Partners”), which served as the investment adviser of the Fund, serves as the Successor Fund’s sub-adviser.
• The Successor Fund is managed by the same portfolio managers from Boston Partners (Christopher K. Hart, CFA and Joshua M. Jones, CFA), plus one additional portfolio manager from Boston Partners (Soyoun Song), as the Fund, using substantially similar investment strategies and portfolio management techniques.
• The total annual operating expenses of Class I shares of the Successor Fund are lower than the total annual operating expenses of the Institutional Class shares of the Fund.

For more complete information, please review the prospectus of the Successor Fund at https://www.jhinvestments.com/resources/all-resources/fund-documents/prospectus/john-hancock-disciplined-value-global-long-short-fund-prospectus/ or upon request at (800) 225-5291.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/fund/bp-global-ls-fund-inst/.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Boston Partners Global Long/Short Fund  PAGE 3  TSR-AR-74925K466

100000102527106365110895112655107024981411230611379131522251786741000009639210345312087613745413860616273421209718098321031726290310000095869102276118830134402134753157372204213173428200490249479

	Boston Partners Global Long/Short Fund
	Investor Class | BGRSX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Boston Partners Global Long/Short Fund (the “Fund”) for the period of  September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.bostonpartners.com/fund/bp-global-ls-fund/. You can also request this information by contacting us at 1-888-261-4073.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$220	2.03%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the 12 months ended August 31, 2024, the Fund posted a sizable gain, although it did trail the returns of the MSCI World Index - Net Return (the “Index”) for the same period.

What factors influenced performance?
Global economies generally continued to expand during the past 12 months, as inflation rates dropped significantly, which offered some relief to consumers. While there remained some concern about the timing and pace of central banks’ pivot to easing policies, the backdrop for equities was constructive during the period.

What were the top contributors and detractors?
Overall, the Fund’s short positions generally contributed to returns relative to the Index, while its long positions generally detracted. Regarding specific sectors, security selection within the long portfolio’s Information Technology, Communication Services, and Health Care sector allocations weighed on returns. Within the short portfolio, Consumer Discretionary, Materials, and Consumer Staples sector positions all boosted relative results.

How is the Fund currently positioned?
As of the end of the reporting period, the Fund held relative overweight long positions in the Energy and Materials sectors, and had no long exposure to Real Estate. The Fund’s largest short positions at the end of the reporting period were in the Financials, Information Technology, and Consumer Discretionary sectors.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	31-08-2014	30-09-2014	31-10-2014	30-11-2014	31-12-2014	31-01-2015	28-02-2015	31-03-2015	30-04-2015	31-05-2015	30-06-2015	31-07-2015	31-08-2015	30-09-2015	31-10-2015	30-11-2015	31-12-2015	31-01-2016	29-02-2016	31-03-2016	30-04-2016	31-05-2016	30-06-2016	31-07-2016	31-08-2016	30-09-2016	31-10-2016	30-11-2016	31-12-2016	31-01-2017	28-02-2017	31-03-2017	30-04-2017	31-05-2017	30-06-2017	31-07-2017	31-08-2017	30-09-2017	31-10-2017	30-11-2017	31-12-2017	31-01-2018	28-02-2018	31-03-2018	30-04-2018	31-05-2018	30-06-2018	31-07-2018	31-08-2018	30-09-2018	31-10-2018	30-11-2018	31-12-2018	31-01-2019	28-02-2019	31-03-2019	30-04-2019	31-05-2019	30-06-2019	31-07-2019	31-08-2019	30-09-2019	31-10-2019	30-11-2019	31-12-2019	31-01-2020	29-02-2020	31-03-2020	30-04-2020	31-05-2020	30-06-2020	31-07-2020	31-08-2020	30-09-2020	31-10-2020	30-11-2020	31-12-2020	31-01-2021	28-02-2021	31-03-2021	30-04-2021	31-05-2021	30-06-2021	31-07-2021	31-08-2021	30-09-2021	31-10-2021	30-11-2021	31-12-2021	31-01-2022	28-02-2022	31-03-2022	30-04-2022	31-05-2022	30-06-2022	31-07-2022	31-08-2022	30-09-2022	31-10-2022	30-11-2022	31-12-2022	31-01-2023	28-02-2023	31-03-2023	30-04-2023	31-05-2023	30-06-2023	31-07-2023	31-08-2023	30-09-2023	31-10-2023	30-11-2023	31-12-2023	31-01-2024	29-02-2024	31-03-2024	30-04-2024	31-05-2024	30-06-2024	31-07-2024	31-08-2024
Boston Partners Global Long/Short Fund Investor Class	10,000	9,864	9,854	9,932	9,845	9,786	10,097	9,942	10,262	10,447	10,340	10,437	10,214	10,107	10,418	10,457	10,461	10,266	10,041	10,324	10,334	10,500	10,432	10,510	10,578	10,588	10,529	10,549	10,680	10,719	10,885	10,875	10,875	10,963	10,905	11,002	10,993	11,100	11,247	11,403	11,452	11,686	11,442	11,208	11,188	11,032	10,944	11,169	11,139	11,237	10,934	10,797	10,377	10,706	10,626	10,567	10,646	10,387	10,626	10,616	10,567	10,726	10,736	10,666	10,820	10,448	9,885	8,910	9,463	9,553	9,624	9,794	9,664	9,463	9,322	10,247	10,740	10,539	11,132	11,826	11,997	12,439	12,077	12,097	12,077	12,087	12,198	11,957	12,610	13,334	13,495	13,364	13,545	14,139	13,686	13,606	13,505	13,304	14,310	14,571	14,599	14,661	14,435	14,548	14,476	14,538	15,020	15,041	14,877	15,144	14,969	15,524	15,784	15,877	15,971	16,762	16,658	17,116	17,002	17,200	17,408
MSCI World Index - Gross Return (USD)**	10,000	9,733	9,798	9,999	9,842	9,666	10,237	10,083	10,325	10,369	10,132	10,318	9,639	9,288	10,027	9,982	9,810	9,226	9,163	9,791	9,953	10,018	9,910	10,331	10,345	10,405	10,206	10,359	10,610	10,869	11,176	11,303	11,476	11,729	11,779	12,065	12,088	12,364	12,600	12,880	13,058	13,751	13,187	12,908	13,064	13,158	13,157	13,571	13,745	13,828	12,816	12,968	11,987	12,923	13,319	13,503	13,989	13,195	14,070	14,143	13,861	14,162	14,527	14,938	15,391	15,302	14,015	12,170	13,506	14,167	14,548	15,249	16,273	15,718	15,240	17,195	17,930	17,756	18,217	18,834	19,719	20,015	20,319	20,688	21,210	20,338	21,496	21,032	21,937	20,781	20,262	20,831	19,109	19,138	17,487	18,880	18,098	16,423	17,607	18,840	18,047	19,329	18,872	19,469	19,820	19,637	20,832	21,537	21,032	20,132	19,552	21,396	22,453	22,728	23,700	24,476	23,577	24,646	25,156	25,605	26,290
MSCI World Index - Net Return (USD)	10,000	9,729	9,792	9,988	9,827	9,649	10,214	10,054	10,290	10,325	10,085	10,266	9,587	9,233	9,965	9,915	9,741	9,158	9,090	9,707	9,861	9,916	9,805	10,219	10,228	10,282	10,083	10,228	10,473	10,725	11,023	11,140	11,305	11,545	11,589	11,866	11,883	12,150	12,379	12,648	12,819	13,495	12,936	12,654	12,800	12,880	12,874	13,276	13,440	13,515	12,523	12,665	11,702	12,612	12,992	13,162	13,629	12,843	13,689	13,757	13,475	13,762	14,112	14,505	14,940	14,849	13,594	11,795	13,083	13,715	14,078	14,752	15,737	15,194	14,728	16,611	17,316	17,144	17,583	18,168	19,013	19,287	19,575	19,925	20,421	19,573	20,682	20,229	21,093	19,977	19,472	20,007	18,344	18,358	16,768	18,099	17,343	15,731	16,860	18,033	17,267	18,488	18,044	18,602	18,928	18,739	19,872	20,540	20,049	19,184	18,627	20,374	21,374	21,631	22,548	23,272	22,408	23,408	23,885	24,306	24,948

Boston Partners Global Long/Short Fund  PAGE 1  TSR-AR-74925K458

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Investor Class	17.02	10.50	5.70
MSCI World Index - Gross Return (USD)**	25.00	13.66	10.15
MSCI World - Net Return (USD)	24.43	13.11	9.57

Visit https://www.bostonpartners.com/fund/bp-global-ls-fund/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** Effective with this report, and pursuant to new regulatory requirements, the MSCI World Index - Gross Return replaced the MSCI World Index - Net Return as the Fund’s primary benchmark to represent a broad-based securities market index. The Fund continues to use the MSCI World Index - Net Return as an additional benchmark.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$178,648,373
Number of Holdings	162
Net Advisory Fee	$2,462,427
Portfolio Turnover	198%

Visit https://www.bostonpartners.com/fund/bp-global-ls-fund/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
iShares 1-3 Year Treasury Bond ETF	4.5%
Oracle Corp.	3.4%
Cenovus Energy, Inc.	2.8%
Samsung Electronics Co., Ltd.	2.8%
Everest Group Ltd.	2.5%
Sandoz Group AG	2.3%
Beazley PLC	2.3%
Kinross Gold Corp.	2.0%
Teck Resources Ltd.	1.9%
Enel SpA	1.7%

Top Sectors†	(% of net assets)
Financials	12.5%
Information Technology	12.3%
Health Care	9.9%
Materials	8.7%
Industrials	6.4%
Consumer Discretionary	5.4%
Energy	5.4%
Utilities	3.2%
Consumer Staples	2.6%
Communication Services	2.2%

† The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

Material Fund Changes:

This is a summary of certain changes to the Fund since September 1, 2023.

At a meeting of the Board of Directors of The RBB Fund, Inc. (the “Board”) held on May 15-16, 2024, the Board unanimously voted to approve, subject to shareholder approval, an Agreement and Plan of Reorganization (the “Plan of Reorganization”) whereby the Fund would be reorganized into the John Hancock Disciplined Value Global Long/Short Fund (the “Successor Fund”), a newly-organized series of John Hancock Investment Trust. At a special meeting of shareholders of the Fund held on September 17, 2024, the Plan of Reorganization was approved by the Fund’s shareholders. The reorganization contemplated by the Plan of Reorganization (the “Reorganization”) occurred as of 4:00 p.m. Eastern time on October 18, 2024, at which time the following actions, among others, occurred:

• The Fund transferred all of its assets to the Successor Fund and the Successor Fund assumed all of the Fund’s known liabilities.
• The Successor Fund issued Class A shares to the Fund in an amount equal to the value of the Fund’s net assets attributable to its Investor Class shares. These shares were distributed to the Fund’s Investor Class shareholders in proportion to their holdings on the Reorganization date.
• Shareholders of the Fund became shareholders of the Successor Fund.

Boston Partners Global Long/Short Fund  PAGE 2  TSR-AR-74925K458

Following the Reorganization:

•  John Hancock Investment Management LLC serves as the investment adviser of the Successor Fund and Boston Partners Global Investors, Inc. (“Boston Partners”), which served as the investment adviser of the Fund, serves as the Successor Fund’s sub-adviser.
• The Successor Fund is managed by the same portfolio managers from Boston Partners (Christopher K. Hart, CFA and Joshua M. Jones, CFA), plus one additional portfolio manager from Boston Partners (Soyoun Song), as the Fund, using substantially similar investment strategies and portfolio management techniques.
• The total annual operating expenses of Class A shares of the Successor Fund are lower than the total annual operating expenses of the Investor Class shares of the Fund.

For more complete information, please review the prospectus of the Successor Fund at https://www.jhinvestments.com/resources/all-resources/fund-documents/prospectus/john-hancock-disciplined-value-global-long-short-fund-prospectus/ or upon request at (800) 225-5291.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/fund/bp-global-ls-fund/.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Boston Partners Global Long/Short Fund  PAGE 3  TSR-AR-74925K458

100001021410578109931113910567966412077135051487717408100009639103451208813745138611627321210180982103226290100009587102281188313440134751573720421173432004924948

	Boston Partners Emerging Markets Dynamic Equity Fund
	Institutional Class | BELSX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Boston Partners Emerging Markets Dynamic Equity Fund (the “Fund”) for the period of  September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.bostonpartners.com/fund/bp-emerging-markets-de-fund/. You can also request this information by contacting us at 1-888-261-4073.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$146	1.45%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the 12 months ended August 31, 2024, the Fund underperformed the MSCI Emerging Market Index - Net Return (the “Index”).

What factors influenced performance?
Global economies generally continued to expand during the past 12 months, as inflation rates dropped significantly, which offered some relief to consumers. While there remained some concern about the timing and pace of central banks’ pivot to easing policies, the backdrop for equities was constructive during the period. The Fund’s allocation to certain sectors and stock selection within sectors both negatively impacted performance.

What were the top contributors and detractors?
Relative to the Index, the Fund’s overweight in the Materials sector and stock selection within that sector were among the biggest detractors during the year. Conversely, the Fund’s short positions within the Materials sector represented one of the strongest positive contributors to performance relative to the Index.

How is the Fund currently positioned?
The Fund’s largest short positions by sector at the end of the period were in Information Technology, Industrials, and Consumer Discretionary. The Fund’s largest long positions by sector at the end of the reporting period were in Information Technology, Consumer Discretionary, and Consumer Services.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $100,000 chart reflects a hypothetical $100,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $100,000)

	01/03/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Boston Partners Emerging Markets Dynamic Equity Fund Institutional Class	100000	99250	104030	102624	100469	100281	98407	94189	95595	94096	94658	94189	93346	97001	97563	98126	99531	103280	104217	104499	105436	100375	102148	105219	107573	111770	113919	116580	117194	121698	124052	123950	124154	124666	127463	133765	128658	127245	124529	121812	118552	118661	113988	114206	105295	107143	104136	111785	111238	113752	117139	109818	115500	116483	114189	113752	116483	117576	122315	119413	116288	108253	114614	115395	119971	125105	125328	123989	125774	131689	136766	136161	142086	139910	140514	140151	140031	139547	138338	134952	133017	129026	128987	132980	131649	127777	125357	123542	117855	121243	123784	126688	125962	124268	123164	121958	121505	122862	127234	125877	128892	132510	129948	127988	126028	131606	131455	130249	134470	138842	143063	143364	140199	135375	131304
MSCI Emerging Market - Gross Return (USD)	100000	98598	106206	101974	99403	92574	84233	81729	87565	84155	82326	76990	76873	87064	87555	84306	87758	92225	94548	95792	96029	91614	91880	96912	99886	102433	104697	107814	108972	115556	118176	117733	121868	122119	126566	137125	130820	128421	127877	123376	118332	121036	117799	117213	107015	111433	108548	118061	118337	119353	121889	113083	120232	118861	113100	115296	120170	120013	129046	123035	116554	98632	107683	108533	116567	127088	129929	127875	130529	142609	153161	157896	159113	156749	160673	164436	164775	153782	157856	151638	153156	146927	149755	146932	142558	139387	131655	132267	123587	123387	123948	109479	106095	121847	120200	129703	121302	125028	123635	121594	126326	134277	126044	122798	118041	127507	132539	126397	132432	135771	136407	137218	142717	143241	145602
MSCI Emerging Market - Net Return (USD)	100000	98578	106160	101909	99262	92381	84026	81498	87311	83906	82035	76713	76588	86722	87194	83941	87296	91689	93968	95176	95403	91011	91212	96204	99149	101652	103877	106948	108025	114464	117017	116552	120638	120880	125219	135656	129399	126993	126431	121952	116885	119452	116222	115606	105538	109888	106977	116343	116605	117583	120059	111347	118296	116850	111153	113275	118051	117889	126684	120778	114409	96788	105651	106462	114288	124501	127253	125212	127792	139611	149875	154469	155651	153300	157117	160761	161038	150200	154132	148006	149466	143375	146065	143300	139017	135877	128319	128884	120319	120024	120525	106395	103092	118382	116719	125935	117769	121336	119961	117946	122424	130045	122034	118843	114226	123367	128190	122238	128053	131226	131813	132557	137786	138196	140427

Boston Partners Emerging Markets Dynamic Equity Fund  PAGE 1  TSR-AR-74925K326

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (03/01/2015)2
Institutional Class	1.04	2.83	2.91
MSCI Emerging Market - Gross Return (USD)1	15.52	5.18	4.03
MSCI Emerging Market - Net Return (USD)	15.07	4.79	3.64

Visit https://www.bostonpartners.com/fund/bp-emerging-markets-de-fund/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

1 Effective with this report, and pursuant to new regulatory requirements, the MSCI Emerging Markets Index - Gross Return replaced the MSCI Emerging Markets Index - Net Return as the Fund’s primary benchmark to represent a broad-based securities market index. The Fund continues to use the MSCI Emerging Markets Index - Net Return as an additional benchmark.

2 The 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.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$59,967,605
Number of Holdings	354
Net Advisory Fee	$662,894
Portfolio Turnover	202%

Visit https://www.bostonpartners.com/fund/bp-emerging-markets-de-fund/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
BlackRock Liquidity Funds Treasury Trust Fund Portfolio	4.4%
Federated Hermes U.S. Treasury Cash Reserves	4.4%
Goldman Sachs Financial Square Funds - Treasury Instruments Fund	4.4%
Fidelity Treasury Portfolio	4.4%
America Movil SAB de CV	2.5%
JD.com, Inc.	2.4%
Wuxi NCE Power Co. Ltd.	2.1%
Taiwan Semiconductor Manufacturing Co. Ltd.	2.0%
Kumho Petrochemical Co. Ltd.	1.9%
COSCO SHIPPING Holdings Co. Ltd.	1.6%

Top Sectors†	(% of net assets)
Materials	9.7%
Information Technology	9.7%
Industrials	9.1%
Consumer Staples	7.5%
Consumer Discretionary	7.0%
Communication Services	6.4%
Financials	5.0%
Health Care	3.2%
Real Estate	2.2%
Energy	0.3%

† The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/fund/bp-emerging-markets-de-fund/.

Boston Partners Emerging Markets Dynamic Equity Fund  PAGE 2  TSR-AR-74925K326

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Boston Partners Emerging Markets Dynamic Equity Fund  PAGE 3  TSR-AR-74925K326

9840710421712405211398811418912532813833812378412994813130484233945481181761177991131001299291578561239481260441456028402693968117017116222111153127253154132120525122034140427

	WPG Partners Select Hedged Fund
	Institutional | WPGHX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the WPG Partners Select Hedged Fund (the “Fund”) for the period of  May 3, 2024, to August 31, 2024 (the “period”). You can find additional information about the Fund at https://www.bostonpartners.com/affiliates/wpg-select-hedged-fund/. You can also request this information by contacting us at 1-888-261-4073.

WHAT WERE THE FUND COSTS FOR THE PERIOD? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional	$86a	2.54%

a Amount shown reflects the expenses of the Fund from inception date through August 31, 2024. Expenses would be higher if the Fund had been in operations for the full year.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the period ended August 31, 2024, the Fund posted a modest gain, although it trailed the returns of the Russell 2000 Value Index the (“Index”), as well as the Fund’s broad-based securities market index, the Russell 3000 Index, for the same period.

What factors influenced performance?
The U.S. economy generally continued to expand during the period, as inflation rates dropped significantly, which offered some relief to consumers. While there remained some concern about the timing and pace of Federal Reserve’s pivot to an easing policy, the backdrop for equities was constructive during the period.
  
What were the top contributors and detractors?
Overall, the Fund’s short positions generally contributed to returns relative to the Index, while its long positions generally detracted. Regarding specific sectors, security selection within the long portfolio’s Information Technology and Financials sector allocations weighed on returns. Within the short portfolio, Industrials, Materials, and Consumer Staples sector positions all boosted relative results.

  
How is the Fund currently positioned?
As of the end of the reporting period, the Fund’s largest relative overweight long positions were in Information Technology and Materials, and it has no long exposure to Utilities. The Fund’s largest short positions were in the Industrials, Consumer Discretionary, and Financials sectors.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $100,000 chart reflects a hypothetical $100,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

WPG Partners Select Hedged Fund  PAGE 1  TSR-AR-74933W247

CUMULATIVE PERFORMANCE (Initial Investment of $100,000)

	03/05/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
WPG Partners Select Hedged Fund Institutional	100000	104000	102400	103600	104100
Russell 3000® Total Return Index	100000	102720	105900	107868	110216
Russell 2000® Value Total Return Index	100000	101020	99318	111422	109330

ANNUAL AVERAGE TOTAL RETURN (%)

	Since Inception (05/03/2024)
Institutional Class	4.10
Russell 3000® Total Return Index	10.22
Russell 2000® Value Total Return Index	9.33

Visit https://www.bostonpartners.com/affiliates/wpg-select-hedged-fund/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$53,925,425
Number of Holdings	109
Net Advisory Fee	$155,515
Portfolio Turnover	36%

Visit https://www.bostonpartners.com/affiliates/wpg-select-hedged-fund/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
Kemper Corp.	4.7%
BGC Group, Inc.	4.7%
Arcosa, Inc.	4.7%
Enovis Corp.	4.6%
Clarivate PLC	4.3%
Nomad Foods Ltd.	3.8%
Gildan Activewear, Inc.	3.6%
Air Lease Corp.	3.5%
Rayonier Advanced Materials, Inc.	3.4%
Tower Semiconductor Ltd.	3.4%

Top Sectors†	(% of net assets)
Financials	17.9%
Health Care	8.1%
Materials	7.0%
Real Estate	5.2%
Information Technology	3.7%
Energy	3.0%
Communication Services	2.1%
Consumer Staples	-1.2%
Consumer Discretionary	-5.3%
Industrials	-9.1%

† The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.bostonpartners.com/affiliates/wpg-select-hedged-fund/.

WPG Partners Select Hedged Fund  PAGE 2  TSR-AR-74933W247

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-888-261-4073, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

WPG Partners Select Hedged Fund  PAGE 3  TSR-AR-74933W247

104100110216109330

	Campbell Systematic Macro Fund
	Class A | EBSAX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Campbell Systematic Macro Fund (the “Fund”) for the period of  September 1, 2023 to August 31, 2024. You can find additional information about the Fund at https://www.campbell.com/systematicmacro. You can also request this information by contacting us at 1-844-261-6488.

This report describes changes to the Fund that occurred during the reporting period.  

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$203	2.00%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Fund produced net gains during the 12-month period ended August 31, 2024, outperforming the SG CTA Index, which returned -0.65% over the same period.

POSITIONING

The exposures affecting performance included gains in equity index derivatives and losses in commodity futures, fixed income futures, and foreign exchange forwards. For the majority of the reporting period, the Fund maintained a net long position in equity index derivatives, a net short position in fixed income futures, and varied positioning in commodity futures and foreign exchange forwards.

WHAT FACTORS INFLUENCED PERFORMANCE?

From a strategy perspective, the Fund trades a variety of systematic models which are grouped into momentum, quant macro, and short-term strategies. Momentum strategies were the most profitable strategies during the period, primarily gaining in equity indices and commodities and experiencing losses in fixed income and foreign exchange. Short-term strategies were also profitable, gaining in equity indices and fixed income markets and experiencing losses in foreign exchange and commodities. Finally, the quant macro strategies were unprofitable during the period, with losses in commodities, equity indices and fixed income more than offsetting gains in foreign exchange.

Top Contributors
↑	S&P 500 Index Futures +1.6%
↑	Nikkei Index Futures +1.4%
↑	Corn Futures +1.4%
↑	Silver Futures +1.3%
↑	New Zealand Dollar Forwards +1.2%

Top Detractors
↓	Long Gilt Futures -1.2%
↓	Australian 10 Year 6% Bond Futures -1.3%
↓	Gold Futures -1.5%
↓	Euro Forwards -1.8%
↓	Canadian Dollar Forwards -2.1%

Campbell Systematic Macro Fund  PAGE 1  TSR-AR-74933W841

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Campbell Systematic Macro Fund Class A	9647	10223	10409	10984	11410	12060	12010	12266	11814	11696	10712	10879	10958	10987	10830	11351	10974	11244	11335	10944	10292	10162	10533	10944	10473	10152	9841	9661	9701	9420	9811	9691	9811	9711	9340	9380	9471	9380	9962	10022	10072	10703	9571	9701	9681	9270	9551	9280	9541	9511	9060	9030	9348	9222	9337	9770	10056	9873	10432	10992	11494	11197	10706	10683	10421	10962	11124	11070	11002	10827	10597	10556	10219	10151	10205	10381	10746	10543	10813	11327	11624	11962	11895	11989	11854	11773	11935	11597	11701	12366	12395	13509	14478	14276	14999	14782	15404	15982	16112	15597	15282	15415	16128	15846	15846	16045	15830	15448	15547	16112	15813	15362	14959	14942	15497	15749	15867	15615	15884	16271	16035
S&P 500 Total Return Index	10000	9860	10101	10372	10346	10036	10612	10444	10545	10680	10474	10693	10048	9799	10626	10657	10489	9969	9955	10631	10672	10864	10892	11293	11309	11311	11105	11516	11744	11967	12442	12456	12584	12761	12841	13105	13145	13416	13729	14150	14308	15127	14569	14199	14254	14597	14687	15233	15730	15819	14738	15038	13680	14777	15251	15547	16177	15149	16217	16450	16189	16492	16849	17461	17988	17981	16501	14463	16317	17094	17434	18417	19740	18990	18485	20509	21297	21082	21664	22612	23819	23986	24546	25129	25893	24688	26418	26235	27411	25992	25214	26150	23870	23914	21940	23963	22986	20869	22558	23819	22446	23857	23275	24129	24506	24612	26239	27082	26650	25380	24846	27115	28347	28824	30363	31339	30059	31550	32682	33080	33882
BarclayHedge BTOP50 Index	10000	10188	10338	10879	11004	11424	11332	11502	11160	11077	10593	10861	10681	10851	10714	11022	10848	11177	11459	11104	10862	10684	10898	11054	10814	10627	10412	10338	10331	10182	10238	10144	10086	10095	9835	9894	10077	9876	10176	10148	10236	10556	9967	9992	10025	9823	9878	9828	9987	9989	9753	9738	9808	9639	9680	9972	10290	10131	10326	10644	11042	10701	10429	10501	10470	10476	10319	10199	10229	10192	10145	10459	10457	10306	10258	10527	10979	10856	11183	11278	11578	11830	11702	11826	11852	11956	12323	12010	12091	12304	12474	13254	13948	14008	14185	13737	13966	14533	14670	13923	13964	13979	14171	13468	13662	13741	13931	13972	13885	14310	14211	13824	13686	13848	14481	14962	15225	14894	14640	14418	14063
SG CTA Index	10000	10193	10360	10942	11113	11593	11558	11755	11382	11336	10857	11192	10981	11109	10976	11268	11116	11580	11924	11566	11309	11077	11578	11723	11357	11224	10931	10733	10797	10676	10914	10804	10790	10795	10424	10503	10723	10499	10955	10988	11065	11498	10769	10755	10763	10491	10548	10474	10750	10682	10384	10272	10420	10224	10267	10621	10912	10657	10919	11307	11689	11315	11046	11142	11072	11164	10997	11012	11037	10931	10775	11051	10910	10699	10685	10818	11422	11285	11609	11712	12064	12296	12166	12201	12166	12237	12550	12083	12127	12386	12698	13680	14478	14461	14690	14241	14706	15293	15365	14583	14570	14453	14761	13815	14097	14383	14572	14417	14342	14832	14681	14177	14061	14204	14899	15420	15731	15399	15081	14741	14249

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Class A (without sales charge)3	3.15	6.89	5.21
Class A (with sales charge)3	-0.47	6.12	4.84
S&P 500 Total Return Index1	27.14	15.92	12.98
BarclayHedge BTOP50 Index	1.28	4.96	3.47
SG CTA Index2	-0.65	4.04	3.60

Visit https://www.campbell.com/systematicmacro for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

1 Effective with this report, and pursuant to new regulatory requirements, the S&P 500 Total Return Index is included as a broad-based securities market index that represents the overall applicable domestic equity markets.

2 The SG CTA Index replaced the BarclayHedge BTOP 50 Index as a more narrowly based index that reflects the market sectors in which the Fund invests.

3 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 performance shown for periods prior to May 29, 2020 represents the performance of the Predecessor Fund.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$1,244,878,883
Number of Holdings	149
Net Advisory Fee	$15,974,611
Portfolio Turnover (excludes derivatives)	0%

Visit https://www.campbell.com/systematicmacro for more recent performance information.

Campbell Systematic Macro Fund  PAGE 2  TSR-AR-74933W841

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings†	(% of net assets)
United States Treasury Bill	73.1%
NZD/USD FWD 20240918	0.6%
IDR/USD FWD 20240918	0.5%
AUD/USD FWD 20240918	0.4%
NOK/USD FWD 20240918	0.4%
GBP/USD FWD 20240918	0.3%
London Metals - Copper	0.3%
US Cocoa	0.2%
Natural Gas	0.2%
USD/ZAR FWD 20240918	0.1%

† AUD   Australian Dollar
GBP   British Pound
IDR      Indonesian Rupiah
NOK   Norwegian Krone
NZD   New Zealand Dollar
USD   United States Dollar
ZAR   South African Rand

Top Sectors	(% of net assets)
U.S. Treasury Bills	73.1%
Cash & Other	26.6%
Futures Contracts	0.2%
Forwards	0.1%

Material Fund Changes:

This is a summary of certain planned changes to the Fund since September 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024 at https://www.campbell.com/systematicmacro or upon request at 1-844-261-6488. The Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) solicited approval from shareholders of the Fund, a series of the Company, for a proposed new investment advisory agreements between Campbell & Company Investment Adviser, LLC (the “Adviser”), the investment adviser of the Fund, and each of the Company, on behalf of the Fund, and the Fund’s subsidiary, Campbell Systematic Macro Offshore Limited (the “Subsidiary”) (collectively, the “New Investment Advisory Agreements”). The New Investment Advisory Agreements are required as a result of the long-planned transition of majority ownership (the “Transition”) of the Adviser’s parent company, Campbell & Company, LP (“Campbell & Company”). The Transition is the result of long-term business continuity and succession planning by Campbell & Company, pursuant to which senior executives and employees will increase their ownership to 80%, by redeeming a portion of the interests held by founder D. Keith Campbell, his family and his related entities, who will continue to own 20% of Campbell & Company. The redemption proceeds will be paid to the Campbell family over a ten-year period based on a percentage of revenues in excess of a threshold designed to protect working capital and reserves, which threshold will be adjusted each year for inflation. As a result, the Transition is expected to further align the interests of Campbell & Company, its executives and employees, and its founder, as they continue to participate in the success of the firm. The new Investment Advisory Agreements are substantially similar to the Adviser’s current agreements on behalf of the Fund and the Subsidiary. There will be no increase in advisory fees. The Adviser’s current portfolio managers will continue to manage the Fund and the Subsidiary according to their current investment objectives and investment strategies. The Adviser does not expect the Transition to have any material impact on the quality of investment advisory services provided to the Fund and the Subsidiary. The Board has unanimously voted to approve the New Investment Advisory Agreements and shareholders of the Fund approved the New Investment Advisory Agreement at a shareholder meeting held on October 25, 2024.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.campbell.com/systematicmacro

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-844-261-6488, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Campbell Systematic Macro Fund  PAGE 3  TSR-AR-74933W841

964710958104739471954111494102191185415404155471603510000100481130913145157301618919740258932298626650338821000010681108141007799871104210457118521396613885140631000010981113571072310750116891091012166147061434214249

	Campbell Systematic Macro Fund
	Class C | EBSCX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Campbell Systematic Macro Fund (the “Fund”) for the period of  September 1, 2023 to August 31, 2024. You can find additional information about the Fund at https://www.campbell.com/systematicmacro. You can also request this information by contacting us at 1-844-261-6488.

This report describes changes to the Fund that occurred during the reporting period.  

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$278	2.75%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Fund produced net gains during the 12-month period ended August 31, 2024, outperforming the SG CTA Index, which returned -0.65% over the same period.

POSITIONING

The exposures affecting performance included gains in equity index derivatives and losses in commodity futures, fixed income futures, and foreign exchange forwards. For the majority of the reporting period, the Fund maintained a net long position in equity index derivatives, a net short position in fixed income futures, and varied positioning in commodity futures and foreign exchange forwards.

WHAT FACTORS INFLUENCED PERFORMANCE?

From a strategy perspective, the Fund trades a variety of systematic models which are grouped into momentum, quant macro, and short-term strategies. Momentum strategies were the most profitable strategies during the period, primarily gaining in equity indices and commodities and experiencing losses in fixed income and foreign exchange. Short-term strategies were also profitable, gaining in equity indices and fixed income markets and experiencing losses in foreign exchange and commodities. Finally, the quant macro strategies were unprofitable during the period, with losses in commodities, equity indices and fixed income more than offsetting gains in foreign exchange.

Top Contributors
↑	S&P 500 Index Futures +1.6%
↑	Nikkei Index Futures +1.4%
↑	Corn Futures +1.4%
↑	Silver Futures +1.3%
↑	New Zealand Dollar Forwards +1.2%

Top Detractors
↓	Long Gilt Futures -1.2%
↓	Australian 10 Year 6% Bond Futures -1.3%
↓	Gold Futures -1.5%
↓	Euro Forwards -1.8%
↓	Canadian Dollar Forwards -2.1%

Campbell Systematic Macro Fund  PAGE 1  TSR-AR-74933W817

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Campbell Systematic Macro Fund Class C	10,000	10,579	10,763	11,361	11,792	12,457	12,396	12,652	12,181	12,048	11,035	11,188	11,270	11,290	11,127	11,649	11,263	11,533	11,626	11,211	10,535	10,400	10,774	11,179	10,691	10,369	10,037	9,850	9,881	9,590	9,985	9,860	9,964	9,870	9,486	9,517	9,600	9,507	10,078	10,140	10,182	10,816	9,663	9,798	9,766	9,351	9,621	9,351	9,600	9,559	9,101	9,060	9,386	9,245	9,363	9,786	10,068	9,868	10,432	10,972	11,466	11,172	10,667	10,655	10,376	10,918	11,056	11,001	10,918	10,751	10,515	10,459	10,112	10,029	10,070	10,237	10,584	10,390	10,654	11,154	11,445	11,779	11,709	11,793	11,668	11,570	11,723	11,390	11,475	12,120	12,150	13,230	14,175	13,965	14,671	14,431	15,046	15,601	15,706	15,202	14,873	14,994	15,685	15,409	15,392	15,582	15,357	14,977	15,063	15,599	15,305	14,849	14,450	14,432	14,953	15,197	15,283	15,040	15,301	15,648	15,422
S&P 500 Total Return Index	10,000	9,860	10,101	10,372	10,346	10,036	10,612	10,444	10,545	10,680	10,474	10,693	10,048	9,799	10,626	10,657	10,489	9,969	9,955	10,631	10,672	10,864	10,892	11,293	11,309	11,311	11,105	11,516	11,744	11,967	12,442	12,456	12,584	12,761	12,841	13,105	13,145	13,416	13,729	14,150	14,308	15,127	14,569	14,199	14,254	14,597	14,687	15,233	15,730	15,819	14,738	15,038	13,680	14,777	15,251	15,547	16,177	15,149	16,217	16,450	16,189	16,492	16,849	17,461	17,988	17,981	16,501	14,463	16,317	17,094	17,434	18,417	19,740	18,990	18,485	20,509	21,297	21,082	21,664	22,612	23,819	23,986	24,546	25,129	25,893	24,688	26,418	26,235	27,411	25,992	25,214	26,150	23,870	23,914	21,940	23,963	22,986	20,869	22,558	23,819	22,446	23,857	23,275	24,129	24,506	24,612	26,239	27,082	26,650	25,380	24,846	27,115	28,347	28,824	30,363	31,339	30,059	31,550	32,682	33,080	33,882
BarclayHedge BTOP50 Index	10,000	10,188	10,338	10,879	11,004	11,424	11,332	11,502	11,160	11,077	10,593	10,861	10,681	10,851	10,714	11,022	10,848	11,177	11,459	11,104	10,862	10,684	10,898	11,054	10,814	10,627	10,412	10,338	10,331	10,182	10,238	10,144	10,086	10,095	9,835	9,894	10,077	9,876	10,176	10,148	10,236	10,556	9,967	9,992	10,025	9,823	9,878	9,828	9,987	9,989	9,753	9,738	9,808	9,639	9,680	9,972	10,290	10,131	10,326	10,644	11,042	10,701	10,429	10,501	10,470	10,476	10,319	10,199	10,229	10,192	10,145	10,459	10,457	10,306	10,258	10,527	10,979	10,856	11,183	11,278	11,578	11,830	11,702	11,826	11,852	11,956	12,323	12,010	12,091	12,304	12,474	13,254	13,948	14,008	14,185	13,737	13,966	14,533	14,670	13,923	13,964	13,979	14,171	13,468	13,662	13,741	13,931	13,972	13,885	14,310	14,211	13,824	13,686	13,848	14,481	14,962	15,225	14,894	14,640	14,418	14,063
SG CTA Index	10,000	10,193	10,360	10,942	11,113	11,593	11,558	11,755	11,382	11,336	10,857	11,192	10,981	11,109	10,976	11,268	11,116	11,580	11,924	11,566	11,309	11,077	11,578	11,723	11,357	11,224	10,931	10,733	10,797	10,676	10,914	10,804	10,790	10,795	10,424	10,503	10,723	10,499	10,955	10,988	11,065	11,498	10,769	10,755	10,763	10,491	10,548	10,474	10,750	10,682	10,384	10,272	10,420	10,224	10,267	10,621	10,912	10,657	10,919	11,307	11,689	11,315	11,046	11,142	11,072	11,164	10,997	11,012	11,037	10,931	10,775	11,051	10,910	10,699	10,685	10,818	11,422	11,285	11,609	11,712	12,064	12,296	12,166	12,201	12,166	12,237	12,550	12,083	12,127	12,386	12,698	13,680	14,478	14,461	14,690	14,241	14,706	15,293	15,365	14,583	14,570	14,453	14,761	13,815	14,097	14,383	14,572	14,417	14,342	14,832	14,681	14,177	14,061	14,204	14,899	15,420	15,731	15,399	15,081	14,741	14,249

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Class C (without sales charge)3	2.38	6.11	4.43
Class C (with sales charge)3	1.38	6.11	4.43
S&P 500 Total Return Index1	27.14	15.92	12.98
BarclayHedge BTOP50 Index	1.28	4.96	3.47
SG CTA Index2	-0.65	4.04	3.60

Visit https://www.campbell.com/systematicmacro for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

1 Effective with this report, and pursuant to new regulatory requirements, the S&P 500 Total Return Index is included as a broad-based securities market index that represents the overall applicable domestic equity markets.

2 The SG CTA Index replaced the BarclayHedge BTOP 50 Index as a more narrowly based index that reflects the market sectors in which the Fund invests.

3 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 performance shown for periods prior to May 29, 2020 represents the performance of the Predecessor Fund.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$1,244,878,883
Number of Holdings	149
Net Advisory Fee	$15,974,611
Portfolio Turnover (excludes derivatives)	0%

Visit https://www.campbell.com/systematicmacro for more recent performance information.

Campbell Systematic Macro Fund  PAGE 2  TSR-AR-74933W817

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings†	(% of net assets)
United States Treasury Bill	73.1%
NZD/USD FWD 20240918	0.6%
IDR/USD FWD 20240918	0.5%
AUD/USD FWD 20240918	0.4%
NOK/USD FWD 20240918	0.4%
GBP/USD FWD 20240918	0.3%
London Metals - Copper	0.3%
US Cocoa	0.2%
Natural Gas	0.2%
USD/ZAR FWD 20240918	0.1%

† AUD   Australian Dollar
GBP   British Pound
IDR      Indonesian Rupiah
NOK   Norwegian Krone
NZD   New Zealand Dollar
USD   United States Dollar
ZAR   South African Rand

Top Sectors	(% of net assets)
U.S. Treasury Bills	73.1%
Cash & Other	26.6%
Futures Contracts	0.2%
Forwards	0.1%

Material Fund Changes:

This is a summary of certain planned changes to the Fund since September 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024 at https://www.campbell.com/systematicmacro or upon request at 1-844-261-6488. The Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) solicited approval from shareholders of the Fund, a series of the Company, for a proposed new investment advisory agreements between Campbell & Company Investment Adviser, LLC (the “Adviser”), the investment adviser of the Fund, and each of the Company, on behalf of the Fund, and the Fund’s subsidiary, Campbell Systematic Macro Offshore Limited (the “Subsidiary”) (collectively, the “New Investment Advisory Agreements”). The New Investment Advisory Agreements are required as a result of the long-planned transition of majority ownership (the “Transition”) of the Adviser’s parent company, Campbell & Company, LP (“Campbell & Company”). The Transition is the result of long-term business continuity and succession planning by Campbell & Company, pursuant to which senior executives and employees will increase their ownership to 80%, by redeeming a portion of the interests held by founder D. Keith Campbell, his family and his related entities, who will continue to own 20% of Campbell & Company. The redemption proceeds will be paid to the Campbell family over a ten-year period based on a percentage of revenues in excess of a threshold designed to protect working capital and reserves, which threshold will be adjusted each year for inflation. As a result, the Transition is expected to further align the interests of Campbell & Company, its executives and employees, and its founder, as they continue to participate in the success of the firm. The new Investment Advisory Agreements are substantially similar to the Adviser’s current agreements on behalf of the Fund and the Subsidiary. There will be no increase in advisory fees. The Adviser’s current portfolio managers will continue to manage the Fund and the Subsidiary according to their current investment objectives and investment strategies. The Adviser does not expect the Transition to have any material impact on the quality of investment advisory services provided to the Fund and the Subsidiary. The Board has unanimously voted to approve the New Investment Advisory Agreements and shareholders of the Fund approved the New Investment Advisory Agreement at a shareholder meeting held on October 25, 2024.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.campbell.com/systematicmacro

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-844-261-6488, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Campbell Systematic Macro Fund  PAGE 3  TSR-AR-74933W817

1000011270106919600960011466101121166815046150631542210000100481130913145157301618919740258932298626650338821000010681108141007799871104210457118521396613885140631000010981113571072310750116891091012166147061434214249

	Campbell Systematic Macro Fund
	Class I | EBSIX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Campbell Systematic Macro Fund (the “Fund”) for the period of  September 1, 2023 to August 31, 2024. You can find additional information about the Fund at https://www.campbell.com/systematicmacro. You can also request this information by contacting us at 1-844-261-6488.

This report describes changes to the Fund that occurred during the reporting period.  

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$178	1.75%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Fund produced net gains during the 12-month period ended August 31, 2024, outperforming the SG CTA Index, which returned -0.65% over the same period.

POSITIONING

The exposures affecting performance included gains in equity index derivatives and losses in commodity futures, fixed income futures, and foreign exchange forwards. For the majority of the reporting period, the Fund maintained a net long position in equity index derivatives, a net short position in fixed income futures, and varied positioning in commodity futures and foreign exchange forwards.

WHAT FACTORS INFLUENCED PERFORMANCE?

From a strategy perspective, the Fund trades a variety of systematic models which are grouped into momentum, quant macro, and short-term strategies. Momentum strategies were the most profitable strategies during the period, primarily gaining in equity indices and commodities and experiencing losses in fixed income and foreign exchange. Short-term strategies were also profitable, gaining in equity indices and fixed income markets and experiencing losses in foreign exchange and commodities. Finally, the quant macro strategies were unprofitable during the period, with losses in commodities, equity indices and fixed income more than offsetting gains in foreign exchange.

Top Contributors
↑	S&P 500 Index Futures +1.6%
↑	Nikkei Index Futures +1.4%
↑	Corn Futures +1.4%
↑	Silver Futures +1.3%
↑	New Zealand Dollar Forwards +1.2%

Top Detractors
↓	Long Gilt Futures -1.2%
↓	Australian 10 Year 6% Bond Futures -1.3%
↓	Gold Futures -1.5%
↓	Euro Forwards -1.8%
↓	Canadian Dollar Forwards -2.1%

Campbell Systematic Macro Fund  PAGE 1  TSR-AR-74933W833

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Campbell Systematic Macro Fund Class I	10,000	10,594	10,786	11,390	11,839	12,521	12,460	12,734	12,266	12,144	11,127	11,300	11,392	11,412	11,259	11,799	11,421	11,701	11,805	11,400	10,715	10,580	10,974	11,400	10,912	10,590	10,258	10,082	10,123	9,832	10,237	10,113	10,237	10,144	9,760	9,801	9,895	9,801	10,403	10,476	10,538	11,193	10,009	10,154	10,123	9,708	9,999	9,718	9,988	9,957	9,490	9,459	9,799	9,669	9,799	10,250	10,558	10,356	10,949	11,529	12,063	11,755	11,245	11,233	10,947	11,523	11,691	11,635	11,565	11,382	11,158	11,116	10,765	10,709	10,765	10,947	11,326	11,116	11,396	11,944	12,253	12,603	12,547	12,646	12,519	12,435	12,603	12,253	12,351	13,062	13,092	14,286	15,299	15,103	15,874	15,632	16,297	16,917	17,053	16,503	16,173	16,312	17,075	16,797	16,797	17,005	16,780	16,381	16,485	17,092	16,780	16,300	15,877	15,859	16,459	16,723	16,847	16,600	16,882	17,288	17,041
S&P 500 Total Return Index	10,000	9,860	10,101	10,372	10,346	10,036	10,612	10,444	10,545	10,680	10,474	10,693	10,048	9,799	10,626	10,657	10,489	9,969	9,955	10,631	10,672	10,864	10,892	11,293	11,309	11,311	11,105	11,516	11,744	11,967	12,442	12,456	12,584	12,761	12,841	13,105	13,145	13,416	13,729	14,150	14,308	15,127	14,569	14,199	14,254	14,597	14,687	15,233	15,730	15,819	14,738	15,038	13,680	14,777	15,251	15,547	16,177	15,149	16,217	16,450	16,189	16,492	16,849	17,461	17,988	17,981	16,501	14,463	16,317	17,094	17,434	18,417	19,740	18,990	18,485	20,509	21,297	21,082	21,664	22,612	23,819	23,986	24,546	25,129	25,893	24,688	26,418	26,235	27,411	25,992	25,214	26,150	23,870	23,914	21,940	23,963	22,986	20,869	22,558	23,819	22,446	23,857	23,275	24,129	24,506	24,612	26,239	27,082	26,650	25,380	24,846	27,115	28,347	28,824	30,363	31,339	30,059	31,550	32,682	33,080	33,882
BarclayHedge BTOP50 Index	10,000	10,188	10,338	10,879	11,004	11,424	11,332	11,502	11,160	11,077	10,593	10,861	10,681	10,851	10,714	11,022	10,848	11,177	11,459	11,104	10,862	10,684	10,898	11,054	10,814	10,627	10,412	10,338	10,331	10,182	10,238	10,144	10,086	10,095	9,835	9,894	10,077	9,876	10,176	10,148	10,236	10,556	9,967	9,992	10,025	9,823	9,878	9,828	9,987	9,989	9,753	9,738	9,808	9,639	9,680	9,972	10,290	10,131	10,326	10,644	11,042	10,701	10,429	10,501	10,470	10,476	10,319	10,199	10,229	10,192	10,145	10,459	10,457	10,306	10,258	10,527	10,979	10,856	11,183	11,278	11,578	11,830	11,702	11,826	11,852	11,956	12,323	12,010	12,091	12,304	12,474	13,254	13,948	14,008	14,185	13,737	13,966	14,533	14,670	13,923	13,964	13,979	14,171	13,468	13,662	13,741	13,931	13,972	13,885	14,310	14,211	13,824	13,686	13,848	14,481	14,962	15,225	14,894	14,640	14,418	14,063
SG CTA Index	10,000	10,193	10,360	10,942	11,113	11,593	11,558	11,755	11,382	11,336	10,857	11,192	10,981	11,109	10,976	11,268	11,116	11,580	11,924	11,566	11,309	11,077	11,578	11,723	11,357	11,224	10,931	10,733	10,797	10,676	10,914	10,804	10,790	10,795	10,424	10,503	10,723	10,499	10,955	10,988	11,065	11,498	10,769	10,755	10,763	10,491	10,548	10,474	10,750	10,682	10,384	10,272	10,420	10,224	10,267	10,621	10,912	10,657	10,919	11,307	11,689	11,315	11,046	11,142	11,072	11,164	10,997	11,012	11,037	10,931	10,775	11,051	10,910	10,699	10,685	10,818	11,422	11,285	11,609	11,712	12,064	12,296	12,166	12,201	12,166	12,237	12,550	12,083	12,127	12,386	12,698	13,680	14,478	14,461	14,690	14,241	14,706	15,293	15,365	14,583	14,570	14,453	14,761	13,815	14,097	14,383	14,572	14,417	14,342	14,832	14,681	14,177	14,061	14,204	14,899	15,420	15,731	15,399	15,081	14,741	14,249

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Class I3	3.42	7.15	5.47
S&P 500 Total Return Index1	27.14	15.92	12.98
BarclayHedge BTOP50 Index	1.28	4.96	3.47
SG CTA Index2	-0.65	4.04	3.60

Visit https://www.campbell.com/systematicmacro for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

1 Effective with this report, and pursuant to new regulatory requirements, the S&P 500 Total Return Index is included as a broad-based securities market index that represents the overall applicable domestic equity markets.

2 The SG CTA Index replaced the BarclayHedge BTOP 50 Index as a more narrowly based index that reflects the market sectors in which the Fund invests.

3 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 performance shown for periods prior to May 29, 2020 represents the performance of the Predecessor Fund.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$1,244,878,883
Number of Holdings	149
Net Advisory Fee	$15,974,611
Portfolio Turnover (excludes derivatives)	0%

Visit https://www.campbell.com/systematicmacro for more recent performance information.

Campbell Systematic Macro Fund  PAGE 2  TSR-AR-74933W833

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings†	(% of net assets)
United States Treasury Bill	73.1%
NZD/USD FWD 20240918	0.6%
IDR/USD FWD 20240918	0.5%
AUD/USD FWD 20240918	0.4%
NOK/USD FWD 20240918	0.4%
GBP/USD FWD 20240918	0.3%
London Metals - Copper	0.3%
US Cocoa	0.2%
Natural Gas	0.2%
USD/ZAR FWD 20240918	0.1%

† AUD   Australian Dollar
GBP   British Pound
IDR      Indonesian Rupiah
NOK   Norwegian Krone
NZD   New Zealand Dollar
USD   United States Dollar
ZAR   South African Rand

Top Sectors	(% of net assets)
U.S. Treasury Bills	73.1%
Cash & Other	26.6%
Futures Contracts	0.2%
Forwards	0.1%

Material Fund Changes:

This is a summary of certain planned changes to the Fund since September 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024 at https://www.campbell.com/systematicmacro or upon request at 1-844-261-6488. The Board of Directors (the “Board”) of The RBB Fund, Inc. (the “Company”) solicited approval from shareholders of the Fund, a series of the Company, for a proposed new investment advisory agreements between Campbell & Company Investment Adviser, LLC (the “Adviser”), the investment adviser of the Fund, and each of the Company, on behalf of the Fund, and the Fund’s subsidiary, Campbell Systematic Macro Offshore Limited (the “Subsidiary”) (collectively, the “New Investment Advisory Agreements”). The New Investment Advisory Agreements are required as a result of the long-planned transition of majority ownership (the “Transition”) of the Adviser’s parent company, Campbell & Company, LP (“Campbell & Company”). The Transition is the result of long-term business continuity and succession planning by Campbell & Company, pursuant to which senior executives and employees will increase their ownership to 80%, by redeeming a portion of the interests held by founder D. Keith Campbell, his family and his related entities, who will continue to own 20% of Campbell & Company. The redemption proceeds will be paid to the Campbell family over a ten-year period based on a percentage of revenues in excess of a threshold designed to protect working capital and reserves, which threshold will be adjusted each year for inflation. As a result, the Transition is expected to further align the interests of Campbell & Company, its executives and employees, and its founder, as they continue to participate in the success of the firm. The new Investment Advisory Agreements are substantially similar to the Adviser’s current agreements on behalf of the Fund and the Subsidiary. There will be no increase in advisory fees. The Adviser’s current portfolio managers will continue to manage the Fund and the Subsidiary according to their current investment objectives and investment strategies. The Adviser does not expect the Transition to have any material impact on the quality of investment advisory services provided to the Fund and the Subsidiary. The Board has unanimously voted to approve the New Investment Advisory Agreements and shareholders of the Fund approved the New Investment Advisory Agreement at a shareholder meeting held on October 25, 2024.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.campbell.com/systematicmacro

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-844-261-6488, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Campbell Systematic Macro Fund  PAGE 3  TSR-AR-74933W833

1000011392109129895998812063107651251916297164851704110000100481130913145157301618919740258932298626650338821000010681108141007799871104210457118521396613885140631000010981113571072310750116891091012166147061434214249

	Free Market U.S. Equity Fund
	Class L | FMUEX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Free Market U.S. Equity Fund (the “Fund”)  for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at http://funddocs.filepoint.com/matsonmoney/. You can also request this information by contacting us at 1-866-780-0357 Ext. 3863.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class L	$59	0.54%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2024 (the “period”) the Fund provided a total return of 20.30% at net asset value. This compares with a return of 26.14% over the same period for the Fund’s benchmark, the Russell 3000® Index.

As a result of the Fund’s diversified investment approach, performance principally was determined by broad structural trends in equity markets rather than the behavior of a limited number of stocks. Among the most important factors explaining differences in the performance of diversified equity funds, like the Fund, are the size and value/growth characteristics of the underlying fund holdings. Size is measured by market capitalization and “value” classification is a function of stock price relative to one or more fundamental characteristics.

U.S. large cap stocks performed better than U.S. small cap stocks during the period. The S&P 500® Index returned 27.14%, the Russell 2500® Index returned 17.37%, and the Russell 2000® Index returned 18.47%. Furthermore, for the same time period, the Russell 1000® Value Index returned 21.15% while the Russell 2000® Value returned 19.25% for the twelve months ended August 31, 2024.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Free Market U.S. Equity Fund Class L	10,000	9,562	9,896	9,954	10,089	9,621	10,233	10,251	10,221	10,353	10,311	10,173	9,645	9,286	9,915	10,083	9,658	9,021	9,073	9,756	9,912	10,023	9,977	10,400	10,524	10,589	10,302	11,376	11,708	11,742	11,960	11,885	11,980	11,796	12,048	12,185	11,994	12,675	12,839	13,207	13,281	13,727	13,097	13,034	13,119	13,621	13,649	14,024	14,406	14,194	13,013	13,197	11,705	12,859	13,301	13,062	13,549	12,342	13,279	13,384	12,664	13,174	13,436	13,893	14,335	13,702	12,310	9,683	11,052	11,503	11,669	12,096	12,705	12,207	12,349	14,272	15,148	15,566	16,901	17,857	18,388	18,927	18,726	18,565	18,967	18,493	19,313	18,927	19,958	19,135	19,169	19,404	18,086	18,581	16,794	18,237	17,683	16,047	18,036	18,934	17,892	19,248	18,884	18,283	18,129	17,637	19,084	20,039	19,439	18,620	17,810	19,275	20,952	20,649	21,406	22,419	21,208	22,154	21,956	23,489	23,385
Russell 3000 Total Return1	10,000	9,792	10,061	10,305	10,305	10,018	10,598	10,490	10,538	10,683	10,505	10,680	10,036	9,743	10,513	10,571	10,354	9,770	9,767	10,454	10,519	10,707	10,729	11,155	11,184	11,201	10,959	11,449	11,673	11,892	12,335	12,343	12,474	12,601	12,715	12,955	12,980	13,296	13,587	13,999	14,139	14,884	14,336	14,048	14,101	14,499	14,594	15,079	15,608	15,634	14,483	14,773	13,398	14,548	15,060	15,279	15,890	14,861	15,905	16,142	15,813	16,090	16,436	17,061	17,554	17,535	16,099	13,885	15,724	16,565	16,944	17,906	19,203	18,504	18,104	20,307	21,220	21,126	21,786	22,567	23,731	23,839	24,427	24,840	25,548	24,402	26,052	25,656	26,666	25,097	24,465	25,258	22,992	22,961	21,040	23,014	22,155	20,101	21,749	22,884	21,544	23,028	22,490	23,091	23,337	23,428	25,028	25,925	25,424	24,213	23,571	25,769	27,136	27,437	28,922	29,855	28,542	29,890	30,815	31,388	32,071
Russell 2500 Total Return	10,000	9,486	9,906	9,992	10,128	9,921	10,512	10,652	10,465	10,690	10,615	10,596	9,968	9,522	10,055	10,252	9,835	9,050	9,114	9,873	10,019	10,230	10,226	10,759	10,845	10,897	10,455	11,344	11,564	11,725	12,007	11,999	12,091	11,956	12,255	12,382	12,279	12,836	13,035	13,463	13,508	13,920	13,348	13,476	13,508	14,143	14,245	14,521	15,144	14,914	13,400	13,653	12,157	13,557	14,197	14,080	14,574	13,537	14,497	14,648	14,062	14,311	14,585	15,211	15,533	15,217	13,941	10,916	12,505	13,428	13,816	14,367	15,017	14,629	14,894	17,320	18,638	19,095	20,341	20,675	21,501	21,546	21,801	21,419	21,905	21,216	22,256	21,328	22,027	20,194	20,421	20,746	18,978	19,042	17,223	19,005	18,500	16,738	18,344	19,118	17,981	19,779	19,315	18,591	18,348	18,026	19,562	20,535	19,728	18,626	17,495	19,070	21,114	20,562	21,680	22,575	21,063	21,939	21,610	23,215	23,156
Composite Index2	10,000	9,593	10,032	10,141	10,292	9,922	10,447	10,459	10,386	10,532	10,451	10,415	9,812	9,472	10,116	10,287	9,927	9,290	9,302	10,006	10,161	10,349	10,385	10,851	10,991	11,038	10,723	11,630	11,962	12,030	12,360	12,310	12,381	12,262	12,545	12,694	12,549	13,124	13,257	13,651	13,693	14,153	13,539	13,479	13,591	14,097	14,174	14,570	14,987	14,832	13,652	13,933	12,449	13,631	14,159	14,074	14,594	13,546	14,483	14,592	14,043	14,487	14,799	15,287	15,751	15,326	13,945	11,301	12,717	13,276	13,533	14,021	14,805	14,277	14,338	16,565	17,569	17,937	19,032	19,817	20,484	20,809	20,940	20,730	21,245	20,550	21,585	20,949	21,844	20,590	20,517	21,016	19,333	19,536	17,822	19,425	18,829	17,052	18,840	19,652	18,529	19,954	19,457	19,032	18,974	18,674	20,043	21,065	20,322	19,320	18,431	20,031	21,771	21,409	22,370	23,275	22,009	22,989	22,991	24,640	24,747

Free Market U.S. Equity Fund  PAGE 1  TSR-AR-74925K839

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Free Market U.S. Equity Fund	20.30	13.05	8.87
Russell 3000 Total Return1	26.14	15.19	12.36
Russell 2500 Total Return	17.37	10.49	8.76
Composite Index2	21.77	12.00	9.48

1 Effective with this report, and pursuant to new regulatory requirements, the Russell 3000 Total Return Index replaced the Russell 2500 Total Return Index as the Fund’s primary benchmark to represent a broad-based securities market index.

2 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.

Visit http://funddocs.filepoint.com/matsonmoney/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$4,301,185,599
Number of Holdings	9
Net Advisory Fee	$19,003,981
Portfolio Turnover	4%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
U.S. Small Cap Value Portfolio	25.1%
U.S. Micro Cap Portfolio	15.1%
U.S. Small Cap Portfolio	15.1%
U.S. Large Cap Value Portfolio III	15.0%
iShares MSCI USA Value Factor ETF	9.3%
iShares Core S&P 500 ETF	8.2%
U.S. Large Company Portfolio	6.7%
U.S. Large Cap Value Series	5.6%
Invesco Government & Agency Portfolio	0.1%

Top Sectors	(% of Net Assets)
Finance and Insurance	94.4%
Cash & Other	5.6%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit http://funddocs.filepoint.com/matsonmoney/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-780-0357 Ext. 3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Free Market U.S. Equity Fund  PAGE 2  TSR-AR-74925K839

1000096451052411994144061266412705189671768319439233851000010036111841298015608158131920325548221552542432071100009968108451227915144140621501721905185001972823156100009812109911254914987140431480521245188292032224747

	Free Market International Equity Fund
	Class L | FMNEX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Free Market International Equity Fund (the “Fund”)  for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at http://funddocs.filepoint.com/matsonmoney/. You can also request this information by contacting us at 1-866-780-0357 Ext. 3863.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class L	$60	0.55%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2024 (the “period”) the Fund provided a total return of 17.86% at net asset value. This compares with a return of 19.45% over the same period for the Fund’s benchmark, the MSCI World (ex USA) Index (Net Dividends), which captures large and mid-cap representation across 22 of 23 Developed Markets (DM) countries excluding the U.S.

As a result of the Fund’s diversified investment approach, performance principally was determined by broad structural trends in global equity markets rather than the behavior of a limited number of stocks. Among the most important factors explaining differences in the behavior of diversified international equity funds, like the Fund, are company size and company value/growth characteristics of the underlying fund holdings and broad exposure to emerging market equities.

International value stocks fared better than international growth stocks during the fiscal year. The MSCI EAFE Value Index increased by 20.38%, while the MSCI EAFE Small Cap Value Index returned 16.86% and the MSCI Emerging Markets Index returned 15.07%. Furthermore, the MSCI EAFE Small Cap Index returned 15.08% for the twelve months ended August 31, 2024, while the MSCI EAFE Index returned 19.40% for the same period.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Free Market International Equity Fund Class L	10,000	9,441	9,286	9,231	8,990	8,942	9,516	9,324	9,850	9,860	9,640	9,458	8,875	8,464	8,980	8,865	8,727	8,113	7,984	8,677	8,984	8,826	8,559	9,054	9,153	9,331	9,301	9,192	9,434	9,853	9,965	10,190	10,394	10,589	10,721	11,161	11,212	11,498	11,662	11,723	12,050	12,684	12,040	11,892	12,093	11,734	11,406	11,660	11,322	11,374	10,329	10,276	9,682	10,419	10,606	10,507	10,815	10,045	10,595	10,342	10,001	10,375	10,771	10,881	11,397	10,787	9,885	7,797	8,553	8,948	9,253	9,478	10,031	9,772	9,501	10,991	11,707	11,614	12,265	12,695	13,055	13,578	13,299	13,276	13,485	13,183	13,520	12,741	13,404	13,345	13,145	13,121	12,403	12,697	11,413	11,826	11,378	10,236	10,754	12,073	11,995	12,983	12,666	12,702	13,007	12,385	12,983	13,629	13,178	12,873	12,373	13,251	13,932	13,669	13,969	14,606	14,419	15,144	14,719	15,306	15,531
MSCI WORLD ex USA Index (Net Dividends)	10,000	9,590	9,437	9,553	9,235	9,203	9,753	9,590	10,005	9,918	9,636	9,789	9,076	8,618	9,266	9,118	8,955	8,338	8,222	8,780	9,063	8,960	8,688	9,115	9,124	9,235	9,055	8,910	9,201	9,475	9,584	9,827	10,036	10,371	10,381	10,690	10,687	10,964	11,114	11,227	11,428	11,961	11,393	11,195	11,452	11,235	11,112	11,385	11,170	11,257	10,363	10,353	9,818	10,519	10,789	10,844	11,151	10,624	11,255	11,119	10,846	11,150	11,511	11,655	12,026	11,793	10,747	9,229	9,872	10,292	10,645	10,928	11,492	11,168	10,729	12,376	12,939	12,801	13,127	13,462	13,885	14,368	14,222	14,316	14,546	14,128	14,548	13,868	14,572	13,929	13,712	13,871	12,960	13,068	11,838	12,427	11,846	10,750	11,342	12,550	12,490	13,513	13,198	13,491	13,874	13,269	13,900	14,350	13,795	13,329	12,767	13,967	14,730	14,794	15,046	15,554	15,142	15,721	15,460	15,945	16,477
Composite Index1	10,000	9,480	9,378	9,405	9,121	9,144	9,642	9,499	9,993	9,882	9,640	9,586	8,907	8,513	9,115	8,935	8,829	8,173	8,090	8,785	8,997	8,869	8,656	9,121	9,203	9,351	9,248	9,016	9,266	9,599	9,777	10,023	10,302	10,627	10,657	11,078	11,144	11,368	11,581	11,689	11,963	12,677	12,125	11,906	12,093	11,758	11,506	11,741	11,475	11,523	10,574	10,646	10,145	10,908	11,090	11,121	11,406	10,747	11,331	11,176	10,784	11,119	11,562	11,666	12,212	11,808	10,816	9,093	9,807	10,182	10,581	10,973	11,540	11,265	10,999	12,578	13,309	13,338	13,685	13,902	14,299	14,694	14,513	14,349	14,651	14,201	14,435	13,701	14,295	13,830	13,575	13,541	12,730	12,823	11,642	12,033	11,667	10,456	10,794	12,063	12,093	13,036	12,640	12,799	13,021	12,517	13,045	13,646	13,091	12,721	12,142	13,212	13,919	13,717	13,963	14,446	14,226	14,678	14,549	15,045	15,398

Free Market International Equity Fund  PAGE 1  TSR-AR-74925K821

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Free Market International Equity Fund	17.86	9.20	4.50
MSCI WORLD ex USA Index (Net Dividends)	19.45	8.72	5.12
Composite Index1	17.63	7.38	4.41

1 The Composite Index is comprised 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.

Visit http://funddocs.filepoint.com/matsonmoney/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$3,283,448,219
Number of Holdings	11
Net Advisory Fee	$14,615,451
Portfolio Turnover	13%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
DFA International Small Cap Value Portfolio	40.2%
DFA International Value Portfolio III	15.2%
DFA International Value Series	14.9%
Dimensional International Small Cap ETF	8.6%
iShares Core MSCI Emerging Markets ETF	5.1%
iShares Core MSCI EAFE ETF	5.0%
Emerging Markets Small Cap Portfolio	4.8%
Emerging Markets Value Portfolio	4.8%
Canadian Small Company Series	1.3%
Invesco Government & Agency Portfolio	0.1%

Top Sectors	(% of Net Assets)
Finance and Insurance	83.8%
Cash & Other	16.2%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit http://funddocs.filepoint.com/matsonmoney/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-780-0357 Ext. 3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Free Market International Equity Fund  PAGE 2  TSR-AR-74925K821

100008875915311212113221000110031134851137813178155311000090769124106871117010846114921454611846137951647710000890792031114411475107841154014651116671309115398

	Free Market Fixed Income Fund
	Class L | FMFIX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Free Market Fixed Income Fund (the “Fund”)  for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at http://funddocs.filepoint.com/matsonmoney/. You can also request this information by contacting us at 1-866-780-0357 Ext. 3863.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class L	$57	0.55%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2024 (the “period”) the Fund returned 6.30%. This compares with a return of 7.30% over the same period for the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index.

The Fund focuses on assets that invest in high quality and shorter-term government and corporate fixed income assets, both in the U.S. as well as international.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Free Market Fixed Income Fund Class L	10,000	9,968	9,998	10,036	9,998	10,106	10,057	10,076	10,076	10,066	10,037	10,057	10,037	10,086	10,066	10,047	10,017	10,106	10,135	10,185	10,194	10,185	10,273	10,293	10,263	10,267	10,247	10,139	10,147	10,167	10,187	10,197	10,227	10,256	10,233	10,273	10,303	10,275	10,275	10,255	10,254	10,194	10,174	10,194	10,184	10,214	10,216	10,226	10,266	10,242	10,232	10,252	10,321	10,403	10,424	10,527	10,547	10,619	10,688	10,709	10,792	10,779	10,800	10,800	10,815	10,909	10,971	10,800	10,957	11,020	11,061	11,124	11,114	11,108	11,108	11,150	11,169	11,148	11,085	11,053	11,074	11,095	11,106	11,159	11,148	11,090	11,058	11,069	11,051	10,935	10,871	10,680	10,532	10,564	10,443	10,592	10,422	10,209	10,219	10,368	10,331	10,470	10,373	10,524	10,567	10,545	10,536	10,569	10,590	10,535	10,525	10,719	10,892	10,914	10,892	10,954	10,899	10,976	11,036	11,169	11,258
Bloomberg U.S. Aggregate Bond Index1	10,000	9,932	10,030	10,101	10,110	10,322	10,225	10,273	10,236	10,211	10,100	10,170	10,156	10,224	10,226	10,199	10,166	10,306	10,379	10,474	10,514	10,517	10,706	10,774	10,761	10,755	10,673	10,420	10,435	10,456	10,526	10,520	10,601	10,683	10,672	10,718	10,814	10,763	10,769	10,755	10,805	10,680	10,579	10,647	10,568	10,643	10,630	10,633	10,701	10,632	10,548	10,611	10,806	10,921	10,914	11,124	11,127	11,324	11,466	11,492	11,789	11,727	11,762	11,756	11,748	11,974	12,189	12,118	12,333	12,391	12,469	12,655	12,553	12,546	12,490	12,612	12,630	12,539	12,358	12,204	12,300	12,340	12,427	12,566	12,542	12,433	12,430	12,467	12,435	12,167	12,031	11,697	11,253	11,326	11,148	11,420	11,098	10,618	10,481	10,866	10,817	11,150	10,862	11,138	11,205	11,083	11,044	11,036	10,965	10,687	10,518	10,994	11,415	11,384	11,223	11,327	11,041	11,228	11,334	11,599	11,765
FTSE World Government Bond Index 1-5 Yr Currency-Hedged USD	10,000	9,998	10,022	10,047	10,045	10,101	10,086	10,107	10,106	10,112	10,096	10,123	10,121	10,155	10,157	10,154	10,146	10,222	10,251	10,262	10,262	10,267	10,335	10,338	10,327	10,346	10,326	10,276	10,297	10,300	10,325	10,327	10,357	10,379	10,364	10,390	10,425	10,408	10,421	10,415	10,414	10,383	10,392	10,430	10,423	10,432	10,457	10,457	10,477	10,474	10,496	10,544	10,635	10,674	10,683	10,758	10,777	10,853	10,921	10,937	11,035	11,026	11,041	11,033	11,045	11,124	11,207	11,294	11,320	11,335	11,354	11,374	11,367	11,381	11,385	11,390	11,400	11,397	11,356	11,358	11,365	11,378	11,366	11,404	11,396	11,368	11,311	11,339	11,308	11,237	11,195	11,040	10,956	10,986	10,935	11,032	10,884	10,739	10,746	10,834	10,800	10,912	10,816	10,995	11,037	11,025	10,965	11,013	11,055	11,027	11,064	11,204	11,368	11,400	11,343	11,394	11,345	11,419	11,497	11,644	11,739
Composite Index2	10,000	9,973	10,021	10,056	10,045	10,150	10,101	10,132	10,122	10,120	10,082	10,111	10,107	10,151	10,142	10,122	10,107	10,195	10,229	10,267	10,281	10,276	10,375	10,394	10,377	10,384	10,351	10,236	10,242	10,258	10,288	10,289	10,329	10,364	10,356	10,385	10,431	10,403	10,403	10,389	10,405	10,347	10,315	10,353	10,320	10,368	10,369	10,371	10,416	10,389	10,377	10,423	10,534	10,589	10,595	10,701	10,714	10,825	10,903	10,908	11,055	11,031	11,063	11,058	11,066	11,177	11,300	11,356	11,433	11,461	11,489	11,547	11,520	11,521	11,499	11,534	11,542	11,515	11,449	11,394	11,430	11,451	11,465	11,524	11,514	11,470	11,444	11,459	11,438	11,321	11,263	11,075	10,911	10,964	10,884	11,000	10,853	10,644	10,599	10,771	10,769	10,924	10,796	10,980	11,030	10,982	10,949	10,973	10,980	10,896	10,865	11,091	11,300	11,323	11,255	11,318	11,213	11,325	11,403	11,568	11,682

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Free Market Fixed Income Fund	6.30	0.85	1.19
Bloomberg U.S. Aggregate Bond Index1	7.30	-0.04	1.64
FTSE World Government Bond Index 1-5 Yr Currency-Hedged USD	6.19	1.25	1.62
Composite Index2	6.39	1.11	1.57

1 Effective with this report, and pursuant to new regulatory requirements, the Bloomberg U.S. Aggregate Bond Index replaced the FTSE World Government Bond Index 1-5 Years as the Fund’s primary benchmark to represent a broad-based securities market index.

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.

Free Market Fixed Income Fund  PAGE 1  TSR-AR-74925K813

Visit http://funddocs.filepoint.com/matsonmoney/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$2,890,938,074
Number of Holdings	10
Net Advisory Fee	$13,737,559
Portfolio Turnover	8%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
DFA Two-Year Global Fixed Income Portfolio	25.0%
iShares 1-5 Year Investment Grade Corporate Bond ETF	24.0%
iShares Core International Aggregate Bond ETF	15.1%
DFA One-Year Fixed Income Portfolio	14.4%
iShares 5-10 Year Investment Grade Corporate Bond ETF	6.1%
iShares 3-7 Year Treasury Bond ETF	6.0%
Dimensional Inflation-Protected Securities ETF	5.0%
iShares 1-3 Year Treasury Bond ETF	4.0%
Invesco Government & Agency Portfolio	0.5%

Top Sectors	(% of Net Assets)
Finance and Insurance	99.5%
Cash & Other	0.5%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit http://funddocs.filepoint.com/matsonmoney/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-780-0357 Ext. 3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Free Market Fixed Income Fund  PAGE 2  TSR-AR-74925K813

1000010037102631030310266107921111411148104221059011258100001015610761108141070111789125531254211098109651176510000101211032710425104771103511367113961088411055117391000010107103771043110416110551152011514108531098011682

	Matson Money U.S. Equity VI Portfolio
	Class L | FMVUX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Matson Money U.S. Equity VI Portfolio (the “Fund”)  for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at http://funddocs.filepoint.com/matsonmoney/. You can also request this information by contacting us at 1-866-780-0357 Ext. 3863.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class L	$84	0.76%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2024 (the “period”) the Fund provided a total return of 19.90% at net asset value. This compares with a return of 26.14% over the same period for the Fund’s benchmark, the Russell 3000® Index.

As a result of the Funds’s diversified investment approach, performance principally was determined by broad structural trends in equity markets rather than the behavior of a limited number of stocks. Among the most important factors explaining differences in the performance of diversified equity funds, like the Fund, are the size and value/growth characteristics of the underlying fund holdings. Size is measured by market capitalization and “value” classification is a function of stock price relative to one or more fundamental characteristics.

U.S. large cap stocks performed better than U.S. small cap stocks during the period. The S&P 500® Index returned 27.14%, the Russell 2500® Index returned 17.37%, and the Russell 2000® Index returned 18.47%. Furthermore, for the same time period, the Russell 1000® Value Index returned 21.15% while the Russell 2000® Value returned 19.25% for the twelve months ended August 31, 2024.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Matson Money U.S. Equity VI Portfolio Class L	10,000	9,567	9,866	9,910	10,028	9,578	10,189	10,204	10,178	10,298	10,249	10,125	9,608	9,241	9,867	10,024	9,597	8,966	9,024	9,687	9,839	9,936	9,889	10,314	10,443	10,497	10,221	11,257	11,572	11,617	11,828	11,755	11,828	11,642	11,902	12,040	11,845	12,515	12,657	13,035	13,114	13,551	12,935	12,866	12,939	13,397	13,422	13,799	14,162	13,961	12,785	12,969	11,501	12,630	13,077	12,842	13,331	12,160	13,073	13,179	12,478	12,985	13,238	13,681	14,111	13,493	12,120	9,524	10,858	11,302	11,472	11,876	12,475	12,003	12,149	14,048	14,901	15,267	16,581	17,495	18,048	18,571	18,373	18,215	18,626	18,160	18,987	18,586	19,560	18,764	18,835	19,080	17,793	18,273	16,523	17,935	17,390	15,820	17,739	18,622	17,649	18,989	18,620	18,013	17,874	17,376	18,795	19,748	19,153	18,341	17,516	18,923	20,544	20,256	21,022	22,010	20,858	21,768	21,519	23,031	22,965
Russell 3000 Total Return1	10,000	9,792	10,061	10,305	10,305	10,018	10,598	10,490	10,538	10,683	10,505	10,680	10,036	9,743	10,513	10,571	10,354	9,770	9,767	10,454	10,519	10,707	10,729	11,155	11,184	11,201	10,959	11,449	11,673	11,892	12,335	12,343	12,474	12,601	12,715	12,955	12,980	13,296	13,587	13,999	14,139	14,884	14,336	14,048	14,101	14,499	14,594	15,079	15,608	15,634	14,483	14,773	13,398	14,548	15,060	15,279	15,890	14,861	15,905	16,142	15,813	16,090	16,436	17,061	17,554	17,535	16,099	13,885	15,724	16,565	16,944	17,906	19,203	18,504	18,104	20,307	21,220	21,126	21,786	22,567	23,731	23,839	24,427	24,840	25,548	24,402	26,052	25,656	26,666	25,097	24,465	25,258	22,992	22,961	21,040	23,014	22,155	20,101	21,749	22,884	21,544	23,028	22,490	23,091	23,337	23,428	25,028	25,925	25,424	24,213	23,571	25,769	27,136	27,437	28,922	29,855	28,542	29,890	30,815	31,388	32,071
Russell 2500 Total Return	10,000	9,486	9,906	9,992	10,128	9,921	10,512	10,652	10,465	10,690	10,615	10,596	9,968	9,522	10,055	10,252	9,835	9,050	9,114	9,873	10,019	10,230	10,226	10,759	10,845	10,897	10,455	11,344	11,564	11,725	12,007	11,999	12,091	11,956	12,255	12,382	12,279	12,836	13,035	13,463	13,508	13,920	13,348	13,476	13,508	14,143	14,245	14,521	15,144	14,914	13,400	13,653	12,157	13,557	14,197	14,080	14,574	13,537	14,497	14,648	14,062	14,311	14,585	15,211	15,533	15,217	13,941	10,916	12,505	13,428	13,816	14,367	15,017	14,629	14,894	17,320	18,638	19,095	20,341	20,675	21,501	21,546	21,801	21,419	21,905	21,216	22,256	21,328	22,027	20,194	20,421	20,746	18,978	19,042	17,223	19,005	18,500	16,738	18,344	19,118	17,981	19,779	19,315	18,591	18,348	18,026	19,562	20,535	19,728	18,626	17,495	19,070	21,114	20,562	21,680	22,575	21,063	21,939	21,610	23,215	23,156
Composite Index2	10,000	9,593	10,032	10,141	10,292	9,922	10,447	10,459	10,386	10,532	10,451	10,415	9,812	9,472	10,116	10,287	9,927	9,290	9,302	10,006	10,161	10,349	10,385	10,851	10,991	11,038	10,723	11,630	11,962	12,030	12,360	12,310	12,381	12,262	12,545	12,694	12,549	13,124	13,257	13,651	13,693	14,153	13,539	13,479	13,591	14,097	14,174	14,570	14,987	14,832	13,652	13,933	12,449	13,631	14,159	14,074	14,594	13,546	14,483	14,592	14,043	14,487	14,799	15,287	15,751	15,326	13,945	11,301	12,717	13,276	13,533	14,021	14,805	14,277	14,338	16,565	17,569	17,937	19,032	19,817	20,484	20,809	20,940	20,730	21,245	20,550	21,585	20,949	21,844	20,590	20,517	21,016	19,333	19,536	17,822	19,425	18,829	17,052	18,840	19,652	18,529	19,954	19,457	19,032	18,974	18,674	20,043	21,065	20,322	19,320	18,431	20,031	21,771	21,409	22,370	23,275	22,009	22,989	22,991	24,640	24,747

Matson Money U.S. Equity VI Portfolio  PAGE 1  TSR-AR-74925K441

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Matson Money U.S. Equity VI Portfolio	19.90	12.98	8.67
Russell 3000 Total Return1	26.14	15.19	12.36
Russell 2500 Total Return	17.37	10.49	8.76
Composite Index2	21.77	12.00	9.48

1 Effective with this report, and pursuant to new regulatory requirements, the Russell 3000 Total Return Index replaced the Russell 2500 Total Return Index as the Fund’s primary benchmark to represent a broad-based securities market index.

2 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.

Visit http://funddocs.filepoint.com/matsonmoney/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$28,304,674
Number of Holdings	8
Net Advisory Fee	$138,890
Portfolio Turnover	8%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
U.S. Large Cap Value Portfolio III	26.1%
U.S. Small Cap Portfolio	15.1%
U.S. Micro Cap Portfolio	15.1%
VA U.S. Targeted Value Portfolio	15.1%
U.S. Large Company Portfolio	13.7%
U.S. Small Cap Value Portfolio	10.1%
VA U.S. Large Value Portfolio	4.0%
STIT-Government & Agency Portfolio	0.9%

Top Sectors	(% of Net Assets)
Finance and Insurance	99.2%
Cash & Other	0.8%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit http://funddocs.filepoint.com/matsonmoney/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-780-0357 Ext. 3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Matson Money U.S. Equity VI Portfolio  PAGE 2  TSR-AR-74925K441

1000096081044311845141621247812475186261739019153229651000010036111841298015608158131920325548221552542432071100009968108451227915144140621501721905185001972823156100009812109911254914987140431480521245188292032224747

	Matson Money International Equity VI Portfolio
	Class L | FMVIX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Matson Money International Equity VI Portfolio (the “Fund”)  for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at http://funddocs.filepoint.com/matsonmoney/. You can also request this information by contacting us at 1-866-780-0357 Ext. 3863.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class L	$90	0.83%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2024 (the “period”) the Fund provided a total return of 17.23% at net asset value. This compares with a return of 19.45% over the same period for the Fund’s benchmark, the MSCI World (ex USA) Index, which captures large and mid-cap representation across 22 of 23 Developed Markets (DM) countries excluding the U.S.

As a result of the Fund’s diversified investment approach, performance principally was determined by broad structural trends in global equity markets rather than the behavior of a limited number of stocks. Among the most important factors explaining differences in the behavior of diversified international equity funds, like the Fund, are company size and company value/growth characteristics of the underlying fund holdings and broad exposure to emerging market equities.

International value stocks fared better than international growth stocks during the fiscal year. The MSCI EAFE Value Index increased by 20.38%, while the MSCI EAFE Small Cap Value Index returned 16.86% and the MSCI Emerging Markets Index returned 15.07%. Furthermore, the MSCI EAFE Small Cap Index returned 15.08% for the twelve months ended August 31, 2024, while the MSCI EAFE Index returned 19.40% for the same period.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Matson Money International Equity VI Portfolio Class L	10,000	9,450	9,292	9,233	8,977	8,930	9,491	9,302	9,816	9,820	9,593	9,412	8,820	8,404	8,910	8,796	8,641	8,035	7,895	8,565	8,857	8,709	8,452	8,929	9,038	9,206	9,178	9,070	9,306	9,712	9,803	10,023	10,226	10,420	10,536	10,967	11,017	11,290	11,460	11,526	11,836	12,471	11,836	11,695	11,874	11,534	11,214	11,465	11,142	11,189	10,175	10,137	9,550	10,271	10,443	10,351	10,651	9,913	10,452	10,191	9,847	10,209	10,594	10,722	11,208	10,626	9,739	7,706	8,422	8,810	9,106	9,309	9,864	9,600	9,337	10,806	11,496	11,406	12,034	12,458	12,798	13,308	13,058	13,015	13,213	12,930	13,256	12,496	13,140	13,085	12,880	12,834	12,137	12,423	11,184	11,581	11,144	10,031	10,532	11,816	11,736	12,699	12,383	12,420	12,710	12,109	12,689	13,305	12,860	12,554	12,052	12,917	13,575	13,318	13,612	14,221	14,029	14,717	14,301	14,856	15,075
MSCI WORLD ex USA Index (Net Dividends)	10,000	9,590	9,437	9,553	9,235	9,203	9,753	9,590	10,005	9,918	9,636	9,789	9,076	8,618	9,266	9,118	8,955	8,338	8,222	8,780	9,063	8,960	8,688	9,115	9,124	9,235	9,055	8,910	9,201	9,475	9,584	9,827	10,036	10,371	10,381	10,690	10,687	10,964	11,114	11,227	11,428	11,961	11,393	11,195	11,452	11,235	11,112	11,385	11,170	11,257	10,363	10,353	9,818	10,519	10,789	10,844	11,151	10,624	11,255	11,119	10,846	11,150	11,511	11,655	12,026	11,793	10,747	9,229	9,872	10,292	10,645	10,928	11,492	11,168	10,729	12,376	12,939	12,801	13,127	13,462	13,885	14,368	14,222	14,316	14,546	14,128	14,548	13,868	14,572	13,929	13,712	13,871	12,960	13,068	11,838	12,427	11,846	10,750	11,342	12,550	12,490	13,513	13,198	13,491	13,874	13,269	13,900	14,350	13,795	13,329	12,767	13,967	14,730	14,794	15,046	15,554	15,142	15,721	15,460	15,945	16,477
Composite Index1	10,000	9,480	9,378	9,405	9,121	9,144	9,642	9,499	9,993	9,882	9,640	9,586	8,907	8,513	9,115	8,935	8,829	8,173	8,090	8,785	8,997	8,869	8,656	9,121	9,203	9,351	9,248	9,016	9,266	9,599	9,777	10,023	10,302	10,627	10,657	11,078	11,144	11,368	11,581	11,689	11,963	12,677	12,125	11,906	12,093	11,758	11,506	11,741	11,475	11,523	10,574	10,646	10,145	10,908	11,090	11,121	11,406	10,747	11,331	11,176	10,784	11,119	11,562	11,666	12,212	11,808	10,816	9,093	9,807	10,182	10,581	10,973	11,540	11,265	10,999	12,578	13,309	13,338	13,685	13,902	14,299	14,694	14,513	14,349	14,651	14,201	14,435	13,701	14,295	13,830	13,575	13,541	12,730	12,823	11,642	12,033	11,667	10,456	10,794	12,063	12,093	13,036	12,640	12,799	13,021	12,517	13,045	13,646	13,091	12,721	12,142	13,212	13,919	13,717	13,963	14,446	14,226	14,678	14,549	15,045	15,398

Matson Money International Equity VI Portfolio  PAGE 1  TSR-AR-74925K433

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Matson Money International Equity VI Portfolio	17.23	8.89	4.19
MSCI WORLD ex USA Index (Net Dividends)	19.45	8.72	5.12
Composite Index1	17.63	7.38	4.41

1 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.

Visit http://funddocs.filepoint.com/matsonmoney/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$20,957,033
Number of Holdings	10
Net Advisory Fee	$103,360
Portfolio Turnover	6%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
DFA International Value Portfolio III	30.2%
DFA International Small Cap Value Portfolio	28.1%
VA International Small Portfolio	17.1%
iShares Core MSCI Emerging Markets ETF	5.2%
VA International Value Portfolio	5.0%
Emerging Markets Value Portfolio	4.8%
Emerging Markets Small Cap Portfolio	4.8%
iShares Core MSCI EAFE ETF	4.0%
STIT-Government & Agency Portfolio	0.9%

Top Sectors	(% of Net Assets)
Finance and Insurance	99.4%
Cash & Other	0.6%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit http://funddocs.filepoint.com/matsonmoney/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-780-0357 Ext. 3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Matson Money International Equity VI Portfolio  PAGE 2  TSR-AR-74925K433

1000088209038110171114298479864132131114412860150751000090769124106871117010846114921454611846137951647710000890792031114411475107841154014651116671309115398

	Matson Money Fixed Income VI Portfolio
	Class L | FMVFX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Matson Money Fixed Income VI Portfolio (the “Fund”)  for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at http://funddocs.filepoint.com/matsonmoney/. You can also request this information by contacting us at 1-866-780-0357 Ext. 3863.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class L	$78	0.76%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the twelve months ended August 31, 2024 (the “period”) the Fund returned 6.12%. This compares with a return of 7.30% over the same period for the Fund’s benchmark, the Bloomberg U.S. Aggregate Bond Index.

The Fund focuses on assets that invest in high quality and shorter-term government and corporate fixed income assets, both in the U.S. as well as international.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Matson Money Fixed Income VI Portfolio Class L	10,000	9,964	9,996	10,028	9,986	10,091	10,031	10,047	10,043	10,035	9,999	10,015	9,995	10,035	10,019	9,991	9,960	10,044	10,064	10,100	10,100	10,080	10,168	10,184	10,160	10,168	10,140	10,032	10,033	10,054	10,078	10,082	10,115	10,135	10,119	10,147	10,179	10,147	10,147	10,123	10,120	10,067	10,038	10,059	10,042	10,079	10,083	10,087	10,128	10,100	10,087	10,112	10,180	10,260	10,277	10,373	10,390	10,457	10,524	10,540	10,633	10,612	10,628	10,628	10,641	10,730	10,790	10,611	10,773	10,837	10,884	10,939	10,930	10,926	10,926	10,960	10,984	10,963	10,894	10,864	10,886	10,898	10,911	10,971	10,954	10,894	10,847	10,860	10,837	10,712	10,644	10,446	10,291	10,325	10,196	10,351	10,179	9,964	9,973	10,123	10,074	10,213	10,113	10,265	10,300	10,274	10,274	10,304	10,318	10,261	10,252	10,439	10,605	10,627	10,600	10,658	10,605	10,681	10,734	10,873	10,949
Bloomberg U.S. Aggregate Bond Index1	10,000	9,932	10,030	10,101	10,110	10,322	10,225	10,273	10,236	10,211	10,100	10,170	10,156	10,224	10,226	10,199	10,166	10,306	10,379	10,474	10,514	10,517	10,706	10,774	10,761	10,755	10,673	10,420	10,435	10,456	10,526	10,520	10,601	10,683	10,672	10,718	10,814	10,763	10,769	10,755	10,805	10,680	10,579	10,647	10,568	10,643	10,630	10,633	10,701	10,632	10,548	10,611	10,806	10,921	10,914	11,124	11,127	11,324	11,466	11,492	11,789	11,727	11,762	11,756	11,748	11,974	12,189	12,118	12,333	12,391	12,469	12,655	12,553	12,546	12,490	12,612	12,630	12,539	12,358	12,204	12,300	12,340	12,427	12,566	12,542	12,433	12,430	12,467	12,435	12,167	12,031	11,697	11,253	11,326	11,148	11,420	11,098	10,618	10,481	10,866	10,817	11,150	10,862	11,138	11,205	11,083	11,044	11,036	10,965	10,687	10,518	10,994	11,415	11,384	11,223	11,327	11,041	11,228	11,334	11,599	11,765
FTSE World Government Bond Index 1-5 Yr Currency-Hedged USD	10,000	9,998	10,022	10,047	10,045	10,101	10,086	10,107	10,106	10,112	10,096	10,123	10,121	10,155	10,157	10,154	10,146	10,222	10,251	10,262	10,262	10,267	10,335	10,338	10,327	10,346	10,326	10,276	10,297	10,300	10,325	10,327	10,357	10,379	10,364	10,390	10,425	10,408	10,421	10,415	10,414	10,383	10,392	10,430	10,423	10,432	10,457	10,457	10,477	10,474	10,496	10,544	10,635	10,674	10,683	10,758	10,777	10,853	10,921	10,937	11,035	11,026	11,041	11,033	11,045	11,124	11,207	11,294	11,320	11,335	11,354	11,374	11,367	11,381	11,385	11,390	11,400	11,397	11,356	11,358	11,365	11,378	11,366	11,404	11,396	11,368	11,311	11,339	11,308	11,237	11,195	11,040	10,956	10,986	10,935	11,032	10,884	10,739	10,746	10,834	10,800	10,912	10,816	10,995	11,037	11,025	10,965	11,013	11,055	11,027	11,064	11,204	11,368	11,400	11,343	11,394	11,345	11,419	11,497	11,644	11,739
Composite Index2	10,000	9,973	10,021	10,056	10,045	10,150	10,101	10,132	10,122	10,120	10,082	10,111	10,107	10,151	10,142	10,122	10,107	10,195	10,229	10,267	10,281	10,276	10,375	10,394	10,377	10,384	10,351	10,236	10,242	10,258	10,288	10,289	10,329	10,364	10,356	10,385	10,431	10,403	10,403	10,389	10,405	10,347	10,315	10,353	10,320	10,368	10,369	10,371	10,416	10,389	10,377	10,423	10,534	10,589	10,595	10,701	10,714	10,825	10,903	10,908	11,055	11,031	11,063	11,058	11,066	11,177	11,300	11,356	11,433	11,461	11,489	11,547	11,520	11,521	11,499	11,534	11,542	11,515	11,449	11,394	11,430	11,451	11,465	11,524	11,514	11,470	11,444	11,459	11,438	11,321	11,263	11,075	10,911	10,964	10,884	11,000	10,853	10,644	10,599	10,771	10,769	10,924	10,796	10,980	11,030	10,982	10,949	10,973	10,980	10,896	10,865	11,091	11,300	11,323	11,255	11,318	11,213	11,325	11,403	11,568	11,682

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Matson Money Fixed Income VI Portfolio	6.12	0.59	0.91
Bloomberg U.S. Aggregate Bond Index1	7.30	-0.04	1.64
FTSE World Government Bond Index 1-5 Yr Currency-Hedged USD	6.19	1.25	1.62
Composite Index2	6.39	1.11	1.57

1 Effective with this report, and pursuant to new regulatory requirements, the Bloomberg U.S. Aggregate Bond Index replaced the FTSE World Government Bond Index 1-5 Years as the Fund’s primary benchmark to represent a broad-based securities market index.

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.

Matson Money Fixed Income VI Portfolio  PAGE 1  TSR-AR-74925K425

Visit http://funddocs.filepoint.com/matsonmoney/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$25,753,004
Number of Holdings	11
Net Advisory Fee	$134,682
Portfolio Turnover	15%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
iShares 1-5 Year Investment Grade Corporate Bond ETF	24.1%
DFA Two-Year Global Fixed Income Portfolio	15.0%
iShares Core International Aggregate Bond ETF	15.0%
DFA One-Year Fixed Income Portfolio	11.5%
VA Global Bond Portfolio	10.0%
iShares 3-7 Year Treasury Bond ETF	6.0%
iShares 5-10 Year Investment Grade Corporate Bond ETF	6.0%
Dimensional Inflation-Protected Securities ETF	5.0%
iShares 1-3 Year Treasury Bond ETF	4.0%
VA Short-Term Fixed Income Portfolio	2.0%

Top Sectors	(% of Net Assets)
Finance and Insurance	98.7%
Cash & Other	1.3%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit http://funddocs.filepoint.com/matsonmoney/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-866-780-0357 Ext. 3863, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Matson Money Fixed Income VI Portfolio  PAGE 2  TSR-AR-74925K425

100009995101601017910128106331093010954101791031810949100001015610761108141070111789125531254211098109651176510000101211032710425104771103511367113961088411055117391000010107103771043110416110551152011514108531098011682

	Motley Fool Global Opportunities ETF
	TMFG (Principal U.S. Listing Exchange: CBOE)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Motley Fool Global Opportunities ETF (the “Fund”) for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://fooletfs.com/our-funds. You can also request this information by contacting us at 1-703-302-1100.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Motley Fool Global Opportunities ETF	$94	0.85%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the 12-month period ended August 31, 2024, the Fund underperformed its benchmark, the FTSE Global All Cap Net Tax Index. Nevertheless, to us it was a strong year towards the Fund’s investment objective of capital appreciation.

WHAT FACTORS INFLUENCED PERFORMANCE?
The Fund enjoys a global investing universe to pursue ownership of high quality businesses. But during the period, what seemed to us to matter most was geographic exposure. US stocks performed remarkably well and far outpaced non-US stocks, even though both developed international and emerging market stocks turned in healthy positive returns.

The Fund’s relative positioning worked against it, as our portfolio had a lower US weighting and higher international weighting than the benchmark. With fewer than 40 holdings, the Fund’s sector and security exposures were significantly different than the benchmark index.   Notably, the lower exposure to the Information Technology sector, stock selection in the Health Care sector contributed negatively to Fund performance, while stock selection in the Consumer Staples sector positively contributed to performance.

A FUN FACT ABOUT THE PORTFOLIO!
As of August 31, 2024, the Fund’s top five holdings (Axon Enterprise, Inc., Amazon.com, Inc., Waste Connections, Inc., ICON PLC, and Watsco, Inc.) have been held in the portfolio an average of more than six years (we think demonstrating our long-term orientation, but you can decide!).

Top Contributors
↑	Axon Enterprise, Inc. (NasdaqGS:AXON)
↑	International Container Terminal Services, Inc. (PSE:ICT)
↑	Taiwan Semiconductor Manufacturing Company Ltd. (NYSE:TSM)

Top Detractors
↓	Yum China Holdings, Inc. (NYSE:YUMC)
↓	Paycom Software, Inc. (NYSE:PAYC)
↓	Atlassian Corp. (NasdaqGS:TEAM)

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Motley Fool Global Opportunities ETF  PAGE 1  TSR-AR-74933W635

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	06/17/2014	06/30/2014	07/31/2014	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Motley Fool Global Opportunities ETF ** (at Net Asset Value)	10,000	10,117	10,081	10,406	10,050	10,317	10,400	10,145	10,147	10,570	10,378	10,583	10,614	10,649	10,807	9,999	9,651	10,219	10,246	10,004	9,292	9,227	9,940	9,940	9,907	9,974	10,284	10,456	10,533	10,267	10,213	10,293	10,705	10,881	11,156	11,695	12,209	12,192	12,477	12,524	12,579	13,100	13,517	13,442	14,829	14,581	14,434	14,109	14,298	14,286	14,516	15,337	15,231	13,459	13,879	12,926	13,965	14,735	15,216	16,133	15,434	16,281	16,512	16,095	15,767	15,902	16,730	16,984	17,185	16,307	14,068	15,871	17,359	18,110	19,377	20,221	19,544	19,759	22,199	23,103	22,981	23,739	23,002	24,403	23,917	24,810	25,461	26,461	25,482	26,240	24,453	24,979	22,862	21,831	22,554	20,060	19,348	17,867	19,628	19,155	17,266	17,790	19,106	17,885	20,023	19,291	20,001	20,075	19,784	20,835	21,466	21,307	20,411	19,697	21,549	22,907	22,865	24,227	24,951	23,661	24,098	24,251	24,873	25,782
Motley Fool Global Opportunities ETF (at Market Price)	10,000	10,117	10,081	10,406	10,050	10,317	10,400	10,145	10,147	10,570	10,378	10,583	10,614	10,649	10,807	9,999	9,651	10,219	10,246	10,004	9,292	9,227	9,940	9,940	9,907	9,974	10,284	10,456	10,533	10,267	10,213	10,293	10,705	10,881	11,156	11,695	12,209	12,192	12,477	12,524	12,579	13,100	13,517	13,442	14,829	14,581	14,434	14,109	14,298	14,286	14,516	15,337	15,231	13,459	13,879	12,926	13,965	14,735	15,216	16,133	15,434	16,281	16,512	16,095	15,767	15,902	16,730	16,984	17,185	16,307	14,068	15,871	17,359	18,110	19,377	20,221	19,544	19,759	22,199	23,103	22,981	23,739	23,002	24,403	23,917	24,810	25,461	26,461	25,482	26,240	24,453	24,824	22,835	21,512	22,550	19,941	19,307	17,829	19,539	19,145	17,217	17,744	19,015	17,835	19,968	19,269	19,977	20,062	19,752	20,812	21,458	21,287	20,383	19,658	21,521	22,870	22,845	24,201	24,917	23,659	24,077	24,185	24,810	25,726
FTSE Global All Cap (Fair Value 16.00) Net Tax (US RIC) Index	10,000	10,096	9,922	10,180	9,821	9,925	10,044	9,863	9,732	10,282	10,148	10,427	10,455	10,222	10,267	9,594	9,264	9,927	9,890	9,690	9,146	9,049	9,737	9,872	9,919	9,890	10,300	10,347	10,428	10,220	10,345	10,547	10,854	11,145	11,297	11,478	11,706	11,778	12,099	12,152	12,404	12,663	12,911	13,122	13,826	13,221	13,042	13,115	13,181	13,098	13,486	13,595	13,625	12,566	12,776	11,849	12,815	13,160	13,314	13,773	12,944	13,782	13,777	13,485	13,775	14,154	14,513	15,027	14,801	13,686	11,672	12,952	13,619	14,045	14,753	15,634	15,173	14,839	16,693	17,538	17,468	17,949	18,434	19,217	19,522	19,759	19,869	20,344	19,509	20,503	19,955	20,737	19,782	19,261	19,597	18,045	18,127	16,611	17,785	17,094	15,455	16,425	17,803	17,031	18,307	17,744	18,233	18,480	18,272	19,335	20,048	19,479	18,668	18,110	19,748	20,770	20,774	21,715	22,396	21,611	22,565	22,942	23,429	23,984

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Years	10 Years
Motley Fool Global Opportunities ETF (at Net Asset Value)**	21.00	9.88	9.50
Motley Fool Global Opportunities ETF (at Market Price)	20.86	9.83	9.47
FTSE Global All Cap (Fair Value 16.00) Net Tax (US RIC) Index	23.13	12.21	8.95

Visit https://fooletfs.com/our-funds for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** The Fund 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.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$440,462,472
Number of Holdings	40
Net Advisory Fee	$3,631,316
Portfolio Turnover	38%
30-Day SEC Yield	0.61%
30-Day SEC Yield Unsubsidized	0.61%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
Axon Enterprise, Inc.	5.5%
Amazon.com, Inc.	4.6%
Waste Connections, Inc.	4.3%
ICON PLC	3.9%
Watsco, Inc.	3.7%
Alphabet, Inc.	3.5%
Mastercard, Inc.	3.5%
Nintendo Co. Ltd.	3.4%
Costco Wholesale Corp.	3.3%
Rentokil Initial PLC	3.3%

Top Sectors	(% of Net Assets)
Industrials	24.5%
Communication Services	18.0%
Consumer Discretionary	12.7%
Financials	10.9%
Health Care	10.2%
Real Estate	7.2%
Information Technology	5.7%
Consumer Staples	5.4%
Materials	2.2%
Cash & Other	3.2%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fooletfs.com/our-funds

Motley Fool Global Opportunities ETF  PAGE 2  TSR-AR-74933W635

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-703-302-1100, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Motley Fool Global Opportunities ETF  PAGE 3  TSR-AR-74933W635

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	Motley Fool Mid-Cap Growth ETF
	TMFM (Principal U.S. Listing Exchange: CBOE)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Motley Fool Mid-Cap Growth ETF (the “Fund”) for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://fooletfs.com/our-funds. You can also request this information by contacting us at 1-703-302-1100.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Motley Fool Mid-Cap Growth ETF	$93	0.85%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the 12-month period ended August 31, 2024 (the “period”), the Fund outperformed its benchmark, the Russell Midcap Growth Total Return Index. Importantly, it was a strong year towards the Fund’s investment objective of capital appreciation.

WHAT FACTORS INFLUENCED PERFORMANCE?
A primary driver of US stock returns for the period was size: generally speaking, the bigger the company, the better the returns. In absolute, the return of middle-sized stocks (mid-caps) was strong. Although mid-caps did not keep pace with large- or mega-cap stocks, they outpaced small-caps.

On balance, both sector weightings and stock selection contributed to the Fund’s outperformance. The most notable drivers of portfolio returns came from the Health Care and Real Estate sectors. While the Fund was marginally underweight its benchmark in Health Care, our average returns within the sector were nearly triple that of the benchmarks. The opposite played out in Real Estate, where the Fund is considerably overweight relative to the benchmark and our holdings performed dramatically worse than the benchmarks. With only 30 holdings, these types of deviations don’t surprise us.

A FUN FACT ABOUT THE PORTFOLIO!
At August 31, 2024, the Fund held the stock of 30 companies. 27 of 30 generated positive operating profits over their most recently reported twelve months and 29 of 30 generated positive operating cash flows.

Top Contributors
↑	Axon Enterprise, Inc. (NasdaqGS:AXON)
↑	Brown & Brown, Inc. (NYSE:BRO)
↑	Tyler Technologies, Inc. (NYSE:TYL)

Top Detractors
↓	Paycom Software, Inc. (NYSE:PAYC)
↓	Jones Lang LaSalle Inc. (NYSE:JLL)
↓	Payloity Holding Corp. (NasdaqGS:PCTY)

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Motley Fool Mid-Cap Growth ETF  PAGE 1  TSR-AR-74933W627

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	06/17/2014	06/30/2014	07/31/2014	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Motley Fool Mid-Cap Growth ETF (at Net Asset Value) †	10,000	10,116	9,932	10,267	9,905	10,371	10,628	10,697	10,509	11,153	11,215	10,968	11,058	11,054	11,154	10,494	9,969	10,483	10,684	10,407	9,569	9,672	10,381	10,230	10,325	10,251	10,743	10,763	10,663	10,286	11,202	11,196	11,268	11,599	11,481	11,751	11,738	12,276	12,303	12,412	12,962	13,620	14,441	14,488	15,287	15,009	15,003	14,707	15,080	15,038	15,257	16,275	16,080	13,890	14,311	12,865	14,128	14,703	14,810	15,591	14,691	15,591	15,879	15,304	15,153	15,404	16,591	16,776	17,530	16,544	14,136	15,790	17,688	18,436	19,600	19,706	19,044	19,203	21,307	22,258	22,265	22,479	21,793	23,033	22,265	23,136	23,838	24,510	23,653	25,122	23,122	23,403	20,944	20,460	21,104	18,657	17,972	16,852	18,496	17,975	16,612	17,201	17,844	16,915	18,523	17,970	17,841	18,060	17,524	18,915	19,686	19,516	18,824	18,042	19,131	20,598	20,190	21,395	22,037	20,774	21,324	21,395	23,015	23,213
Motley Fool Mid-Cap Growth ETF (at Market Price) †	10,000	10,116	9,932	10,267	9,905	10,371	10,628	10,697	10,509	11,153	11,215	10,968	11,058	11,054	11,154	10,494	9,969	10,483	10,684	10,407	9,569	9,672	10,381	10,230	10,325	10,251	10,743	10,763	10,663	10,286	11,202	11,196	11,268	11,599	11,481	11,751	11,738	12,276	12,303	12,412	12,962	13,620	14,441	14,488	15,287	15,009	15,003	14,707	15,080	15,038	15,257	16,275	16,080	13,890	14,311	12,865	14,128	14,703	14,810	15,591	14,691	15,591	15,879	15,304	15,153	15,404	16,591	16,776	17,530	16,544	14,136	15,790	17,688	18,436	19,600	19,706	19,044	19,203	21,307	22,258	22,265	22,479	21,793	23,033	22,265	23,136	23,838	24,510	23,653	25,122	23,122	23,277	20,916	20,434	21,024	18,744	17,959	16,786	18,419	17,930	16,578	17,179	17,714	16,909	18,459	17,951	17,832	18,055	17,518	18,932	19,671	19,481	18,818	18,030	19,132	20,582	20,149	21,406	22,038	20,771	21,278	21,361	23,005	23,194
Russell 3000 Total Return Index **	10,000	10,110	9,911	10,327	10,111	10,389	10,641	10,641	10,345	10,944	10,833	10,882	11,032	10,848	11,029	10,363	10,061	10,856	10,916	10,692	10,089	10,086	10,796	10,862	11,057	11,080	11,519	11,549	11,567	11,317	11,823	12,054	12,281	12,737	12,746	12,881	13,013	13,130	13,378	13,404	13,731	14,030	14,456	14,601	15,370	14,804	14,507	14,562	14,973	15,071	15,571	16,118	16,144	14,956	15,255	13,835	15,023	15,551	15,778	16,408	15,347	16,424	16,669	16,329	16,615	16,973	17,618	18,127	18,107	16,625	14,338	16,237	17,106	17,497	18,490	19,830	19,108	18,696	20,970	21,913	21,816	22,498	23,304	24,505	24,617	25,224	25,651	26,382	25,199	26,903	26,493	27,537	25,916	25,264	26,083	23,742	23,710	21,727	23,765	22,878	20,757	22,459	23,631	22,248	23,780	23,224	23,845	24,099	24,193	25,845	26,771	26,255	25,004	24,341	26,611	28,022	28,333	29,867	30,830	29,473	30,866	31,822	32,413	33,119
Russell Midcap Growth Total Return Index	10,000	10,131	9,829	10,358	10,058	10,335	10,675	10,645	10,465	11,186	11,217	11,138	11,271	11,089	11,269	10,613	10,203	10,845	10,869	10,623	9,819	9,973	10,685	10,678	10,854	10,852	11,389	11,356	11,350	10,889	11,362	11,402	11,782	12,121	12,188	12,369	12,664	12,702	12,914	13,005	13,373	13,747	14,206	14,283	15,091	14,617	14,594	14,456	14,996	15,054	15,378	16,264	16,195	14,591	14,962	13,604	15,168	16,057	16,274	17,006	16,027	17,153	17,553	17,234	17,037	17,353	18,217	18,430	18,602	17,320	14,737	17,044	18,756	19,196	20,730	21,294	20,995	21,021	23,845	24,988	24,905	25,330	24,847	26,243	25,842	27,598	27,883	28,783	27,389	29,309	28,071	28,169	24,534	24,236	24,625	21,853	21,007	19,436	21,815	21,100	19,309	20,827	21,960	20,642	22,443	22,222	22,528	22,202	22,215	23,932	24,656	23,844	22,682	21,525	24,151	25,981	25,842	27,784	28,449	26,797	27,082	27,535	27,702	28,390

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Years	10 Years
Motley Fool Mid Cap Growth ETF (at Net Asset Value)†	18.95	8.69	8.50
Motley Fool Mid Cap Growth ETF (at Market Price)†	19.06	8.67	8.49
Russell 3000 Total Return Index**	26.14	15.19	12.36
Russell Midcap Growth Total Return Index	19.07	10.50	10.61

Visit https://fooletfs.com/our-funds for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** Effective with this report, and pursuant to new regulatory requirements, the Russell 3000 Index replaced the Russell Midcap Growth Total Return Index as the Fund’s primary benchmark to represent a broad-based securities market index.

† The Fund 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.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$203,138,972
Number of Holdings	31
Net Advisory Fee	$1,633,412
Portfolio Turnover	31%
30-Day SEC Yield	-0.01%
30-Day SEC Yield Unsubsidized	-0.01%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
Brown & Brown, Inc.	6.3%
Axon Enterprise, Inc.	6.0%
Tyler Technologies, Inc.	5.9%
Broadridge Financial Solutions, Inc.	4.8%
Goosehead Insurance, Inc.	4.5%
StoneX Group, Inc.	3.8%
Globus Medical, Inc.	3.7%
Cooper Cos., Inc.	3.7%
RXO, Inc.	3.7%
SBA Communications Corp.	3.6%

Top Sectors	(% of Net Assets)
Industrials	30.3%
Health Care	21.4%
Financials	20.3%
Information Technology	11.1%
Real Estate	7.7%
Consumer Discretionary	5.1%
Materials	2.5%
Cash & Other	1.6%

Motley Fool Mid-Cap Growth ETF  PAGE 2  TSR-AR-74933W627

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fooletfs.com/our-funds

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-703-302-1100, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Motley Fool Mid-Cap Growth ETF  PAGE 3  TSR-AR-74933W627

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	Motley Fool 100 Index ETF
	TMFC (Principal U.S. Listing Exchange: CBOE)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Motley Fool 100 Index ETF (the “Fund”) for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://fooletfs.com/our-funds. You can also request this information by contacting us at 1-703-302-1100.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Motley Fool 100 Index ETF	$58	0.50%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the 12-month period ended August 31, 2024, the Fund outperformed its benchmark, the S&P 500 Total Return Index (the “S&P 500”), and closely tracked its underlying index, the Motley Fool 100 Index.

WHAT FACTORS INFLUENCED PERFORMANCE?
The Fund invests in US stocks, which had a very strong twelve months. Looking more closely at US stocks, performance of the largest companies -- often referred to as “mega caps” -- was even better. The Fund follows the Motley Fool 100 Index that is market cap weighted, which resulted in a high exposure to mega caps which helped returns. It was a good year for mega caps and the Fund was largely invested in mega caps.

Another factor that contributed to performance was the Fund’s sector exposures. The Fund had, on average, more than 40% of assets invested in the Information Technology sector, compared to roughly 30% for the S&P 500. This hefty weighting helped returns, as did the sector’s strong performance in general. Tech was the strongest performing sector in the S&P 500. The worst performing sector in the S&P 500 was Energy, and the Fund had, on average, less than a 1% weighting during the year in the energy sector.

A FUN FACT ABOUT THE PORTFOLIO!
Six of the top ten holdings, as of August 31, 2024, were top ten holdings when the Fund’s inception more than six years ago, in January 2018 (Apple, Microsoft, Alphabet, Amazon, Meta Platforms, and Berkshire Hathaway).

Top Contributors
↑	NVDIA Corp. (NasdaqGS:NVDA)
↑	Microsoft Corp. (NasdaqGS:MSFT)
↑	Meta Platforms, Inc. (NasdaqGS:META)

Top Detractors
↓	Tesla, Inc. (NasdaqGS:TSLA)
↓	Oracle Corp. (NYSE:ORCL)
↓	Johnson & Johnson (NYSE:JNJ)

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Motley Fool 100 Index ETF  PAGE 1  TSR-AR-74933W601

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	01/29/2018	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Motley Fool 100 Index ETF (at Net Asset Value)	10,000	9,942	9,745	9,393	9,539	9,940	10,056	10,420	11,049	11,077	10,211	10,310	9,405	10,196	10,444	10,733	11,291	10,517	11,225	11,472	11,300	11,301	11,712	12,251	12,624	13,030	12,197	11,165	12,781	13,556	14,161	15,225	17,026	16,110	15,505	17,095	17,878	17,787	17,808	18,077	19,276	19,025	20,075	20,661	21,409	20,209	21,904	21,985	22,399	20,723	19,787	20,757	18,143	17,694	16,248	18,222	17,303	15,616	16,283	16,977	15,577	17,005	16,801	18,068	18,414	19,473	20,784	21,528	21,233	20,098	19,869	22,019	22,855	23,429	24,940	25,372	24,320	25,849	27,518	27,400	28,158
Motley Fool 100 Index ETF (at Market Price)	10,000	9,960	9,770	9,410	9,560	9,950	10,070	10,425	11,065	11,070	10,230	10,280	9,377	10,197	10,438	10,710	11,319	10,509	11,188	11,475	11,279	11,299	11,716	12,265	12,630	13,019	12,180	11,133	12,777	13,520	14,157	15,178	17,019	16,123	15,552	17,130	17,934	17,792	17,868	18,076	19,275	19,077	20,097	20,696	21,428	20,244	21,930	21,991	22,471	20,703	19,799	20,804	18,175	17,656	16,216	18,215	17,305	15,633	16,297	16,908	15,540	16,999	16,785	18,081	18,372	19,495	20,791	21,521	21,222	20,082	19,863	22,024	22,848	23,415	24,960	25,385	24,346	25,871	27,539	27,411	28,128
S&P 500 Total Return Index	10,000	9,897	9,532	9,290	9,325	9,550	9,609	9,966	10,291	10,350	9,642	9,839	8,950	9,668	9,978	10,172	10,584	9,911	10,610	10,762	10,592	10,790	11,024	11,424	11,769	11,764	10,796	9,462	10,675	11,184	11,406	12,049	12,915	12,425	12,094	13,418	13,934	13,793	14,174	14,794	15,584	15,693	16,059	16,441	16,940	16,153	17,284	17,164	17,934	17,006	16,497	17,109	15,617	15,646	14,354	15,678	15,038	13,653	14,759	15,584	14,686	15,609	15,228	15,787	16,033	16,103	17,167	17,718	17,436	16,605	16,256	17,740	18,546	18,858	19,865	20,504	19,667	20,642	21,382	21,643	22,168
Motley Fool 100 Index	10,000	9,941	9,738	9,391	9,541	9,948	10,067	10,436	11,072	11,104	10,242	10,346	9,441	10,243	10,495	10,791	11,357	10,582	11,300	11,555	11,386	11,391	11,812	12,362	12,743	13,160	12,321	11,278	12,917	13,707	14,325	15,411	17,241	16,319	15,714	17,335	18,138	18,053	18,083	18,363	19,591	19,344	20,421	21,028	21,798	20,584	22,321	22,411	22,848	21,148	20,199	21,198	18,532	18,084	16,609	18,636	17,703	15,981	16,672	17,394	15,968	17,440	17,237	18,545	18,908	20,004	21,360	22,135	21,841	20,680	20,447	22,650	23,523	24,124	25,692	26,151	25,076	26,664	28,400	28,277	29,102

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Years	Since Inception (01/29/2018)
Motley Fool 100 Index ETF (at Net Asset Value)	32.61	20.03	17.02
Motley Fool 100 Index ETF (at Market Price)	32.54	20.05	17.00
S&P 500 Total Return Index	27.14	15.92	12.85
Motley Fool 100 Index	33.25	20.64	17.61

Visit https://fooletfs.com/our-funds for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$969,884,838
Number of Holdings	102
Net Advisory Fee	$3,573,161
Portfolio Turnover	24%
30-Day SEC Yield	0.22%
30-Day SEC Yield Unsubsidized	0.22%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
Apple, Inc.	9.7%
Microsoft Corp.	8.5%
NVIDIA Corp.	7.9%
Alphabet, Inc.	5.6%
Amazon.com, Inc.	5.1%
Meta Platforms, Inc.	4.7%
Berkshire Hathaway, Inc.	4.7%
Eli Lilly & Co.	3.5%
Broadcom, Inc.	3.1%
Tesla, Inc.	2.9%

Top Sectors	(% of Net Assets)
Information Technology	38.3%
Financials	15.0%
Communication Services	13.9%
Consumer Discretionary	12.7%
Health Care	11.8%
Industrials	3.7%
Consumer Staples	1.9%
Real Estate	1.4%
Materials	0.8%
Cash & Other	0.5%

Material Fund Changes

This is a summary of certain changes to the Fund since February 29, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024 at https://fooletfs.com/our-funds or upon request at 1-703-302-1100.

Motley Fool 100 Index ETF  PAGE 2  TSR-AR-74933W601

The Fund seeks investment results that correspond (before fees and expenses) generally to the total return performance of the Motley Fool 100 Index (“Index”). The Motley Fool, LLC, the sponsor of the Index, has announced an index methodology revision for the Index to address certain diversification requirements under Section 851 of the Internal Revenue Code of 1986, as amended. The revised index methodology was implemented with respect to the Index effective June 1, 2024. For more information, please see the Fund’s Prospectus and Summary Prospectus.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fooletfs.com/our-funds

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-703-302-1100, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Motley Fool 100 Index ETF  PAGE 3  TSR-AR-74933W601

11049113001702621409173032123328158110651127917019214281730521222281281029110592129151694015038174362216811072113861724121798177032184129102

	Motley Fool Small-Cap Growth ETF
	TMFS (Principal U.S. Listing Exchange: CBOE)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Motley Fool Small-Cap Growth ETF (the “Fund”) for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://fooletfs.com/our-funds. You can also request this information by contacting us at 1-703-302-1100.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Motley Fool Small-Cap Growth ETF	$90	0.85%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the 12-month period ended August 31, 2024 (the “period”), the Fund underperformed its benchmark, the Russell 2000 Growth Total Return Index. Importantly, the Fund made proress towards its investment objective of capital appreciation.

WHAT FACTORS INFLUENCED PERFORMANCE?

While small cap stocks failed to keep up with the blistering performance of their larger brethren, and while there were three 10% peak-to-trough declines in the Russell 2000 Growth Total Return Index, it was still a healthy 12-month showing for smaller companies. Nine of 11 sectors increased in value (Utilities and Energy were the laggards) with six up more than 15%.

The Fund benefitted from this rising tide. The Fund’s performance was acutely impacted by the poor performance of a few individual holdings, notably in the Consumer Discretionary and Information Technology sectors. In a portfolio of only 35 or so holdings, a few negative performers can have a big impact. While concentration works both ways, it was a detractor during this period, and the Fund’s stronger performance in the Financials and Industrials sectors were not enough to overcome it.

A FUN FACT ABOUT THE PORTFOLIO!

Of the 34 stocks that the Fund holds at period end, insiders at the company own an average of 4.7% of the outstanding shares. Over 70% of the Fund’s holdings have insider ownership greater than 1%.

Top Contributors
↑	Q2 Holdings, Inc. (NYSE:QTWO)
↑	Axon Enterprise, Inc. (NasdaqGS:AXON)
↑	Leonardo DRS, Inc. (NasdaqGS:DRS)

Top Detractors
↓	Fox Factory Holding Corp. (NasdaqGS:FOXF)
↓	Inari Medical (NasdaqGS:NARI)
↓	Wolfspeed, Inc. (NYSE:WOLF)

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Motley Fool Small-Cap Growth ETF  PAGE 1  TSR-AR-74933W874

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	10/29/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Motley Fool Small-Cap Growth ETF (at Net Asset Value)	10,000	10,371	10,496	9,413	10,628	11,834	11,600	11,916	11,116	12,034	12,288	11,665	11,239	11,560	12,996	13,021	13,510	12,990	10,718	12,457	14,047	14,577	15,284	16,515	15,553	16,323	18,924	20,560	21,103	21,953	20,086	20,987	20,045	21,362	21,200	21,799	20,937	21,309	19,514	20,090	17,473	16,991	17,040	15,228	14,084	12,880	13,724	13,808	12,747	13,305	13,751	13,463	14,997	14,602	14,737	14,996	14,697	15,802	16,601	16,036	15,340	14,273	15,059	16,847	16,100	16,966	17,530	16,190	17,035	17,127	18,565	17,940
Motley Fool Small-Cap Growth ETF (at Market Price)	10,000	10,395	10,525	9,405	10,625	11,860	11,585	11,917	11,135	12,050	12,290	11,669	11,250	11,540	13,012	13,006	13,515	12,996	10,559	12,433	13,986	14,500	15,232	16,556	15,562	16,309	19,045	20,598	21,122	21,982	20,047	20,983	20,058	21,378	21,223	21,777	20,916	21,341	19,484	20,104	17,433	16,956	17,073	15,205	14,076	12,772	13,698	13,799	12,742	13,301	13,651	13,442	14,952	14,585	14,674	14,951	14,684	15,796	16,575	16,037	15,324	14,259	15,043	16,856	16,114	16,969	17,524	16,183	17,012	17,104	18,549	17,925
Russell 3000 Total Return Index **	10,000	10,271	10,477	9,502	10,318	10,681	10,836	11,269	10,540	11,280	11,448	11,215	11,411	11,657	12,100	12,450	12,436	11,418	9,848	11,152	11,748	12,017	12,699	13,619	13,123	12,840	14,402	15,050	14,983	15,451	16,005	16,830	16,907	17,324	17,617	18,119	17,306	18,477	18,195	18,912	17,799	17,351	17,914	16,306	16,284	14,922	16,322	15,713	14,256	15,425	16,230	15,280	16,332	15,950	16,377	16,551	16,616	17,750	18,386	18,031	17,173	16,717	18,276	19,246	19,459	20,512	21,174	20,242	21,199	21,855	22,261	22,746
Russell 2000 Growth Total Return Index	10,000	10,313	10,474	9,250	10,318	10,985	10,836	11,166	10,338	11,134	11,243	10,758	10,669	10,973	11,619	11,885	11,754	10,905	8,823	10,137	11,095	11,521	11,917	12,616	12,346	12,440	14,633	16,001	16,772	17,326	16,781	17,147	16,657	17,438	16,803	17,109	16,453	17,223	16,382	16,455	14,249	14,311	14,377	12,613	12,375	11,609	12,908	12,787	11,637	12,741	12,949	12,118	13,323	13,179	12,853	12,704	12,706	13,760	14,403	13,653	12,753	11,769	12,841	14,378	13,917	15,048	15,469	14,278	15,042	15,017	16,246	16,066

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Years	Since Inception (10/29/2018)
Motley Fool Small-Cap Growth ETF (at Net Asset Value)	11.87	8.99	10.53
Motley Fool Small-Cap Growth ETF (at Market Price)	11.77	8.96	10.51
Russell 3000 Total Return Index**	26.14	15.19	15.11
Russell 2000 Growth Total Return Index	17.67	8.35	8.46

Visit https://fooletfs.com/our-funds for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** Effective with this report and pursuant to new regulatory requirements, the Russell 3000 Index replaced the Russell 2000 Growth Total Return Index as the Fund’s primary benchmark to represent a broad-based securities market index.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$78,248,680
Number of Holdings	35
Net Advisory Fee	$665,835
Portfolio Turnover	30%
30-Day SEC Yield	-0.32%
30-Day SEC Yield Unsubsidized	-0.32%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
Globus Medical, Inc.	4.8%
Axon Enterprise, Inc.	4.4%
Leonardo DRS, Inc.	4.3%
Alarm.com Holdings, Inc.	4.3%
Goosehead Insurance, Inc.	4.2%
RXO, Inc.	4.2%
Ultragenyx Pharmaceutical, Inc.	3.8%
Smartsheet, Inc.	3.7%
Watsco, Inc.	3.6%
GXO Logistics, Inc.	3.6%

Top Sectors	(% of Net Assets)
Industrials	26.8%
Health Care	22.1%
Information Technology	21.0%
Financials	14.2%
Consumer Discretionary	7.3%
Energy	3.3%
Real Estate	2.6%
Consumer Staples	2.1%
Cash & Other	0.6%

Motley Fool Small-Cap Growth ETF  PAGE 2  TSR-AR-74933W874

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fooletfs.com/our-funds

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-703-302-1100, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Motley Fool Small-Cap Growth ETF  PAGE 3  TSR-AR-74933W874

116651651521799138081603617940116691655621777137991603717925112151361918119157131803122746107581261617109127871365316066

	Motley Fool Capital Efficiency 100 Index ETF
	TMFE (Principal U.S. Listing Exchange: NYSE)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Motley Fool Capital Efficiency 100 Index ETF (the “Fund”) for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://fooletfs.com/our-funds. You can also request this information by contacting us at 1-703-302-1100.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Motley Fool Capital Efficiency 100 Index ETF	$59	0.50%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the 12-month period ended August 31, 2024, the Fund outperformed its benchmark, the S&P 500 Total Return Index (the “S&P 500”), and closely tracked its underlying index, The Motley Fool Capital Efficiency 100 Index.

WHAT FACTORS INFLUENCED PERFORMANCE?
The Fund invests in US stocks, which had a very strong twelve months. Looking more closely at US stocks, performance of the largest companies -- often referred to as “mega caps” -- was even better. As it was, the Fund benefitted from considerable exposure to mega caps, as more than 75% of assets were invested in stocks with a market cap greater than $100 billion.

Both sector exposures and individual position weightings contributed positively to performance. This means that, in aggregate, the sector over- and underweights, and position over- and underweights boosted returns. More specifically, investments in the Information Technology and Communication Services sectors provided the strongest tailwinds, while investments in the Financials and Health Care sectors created headwinds, at least when compared to the S&P 500.

A FUN FACT ABOUT THE PORTFOLIO!
The Fund aims to track the Motley Fool Capital Efficiency Index that borrows from the academic research on the gross profitability premium published by Robert Novy-Marx at the University of Rochester.

Top Contributors
↑	NVIDIA Corp. (NasdaqGS:NVDA)
↑	Meta Platforms, Inc. (NasdaqGS:META)
↑	Broadcom Inc. (NasdaqGS:AVGO)

Top Detractors
↓	Oracle Corp. NYSE:ORCL)
↓	Johnson & Johnson (NYSE:JNJ)
↓	VMware LLC (NYSE:VMW)

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Motley Fool Capital Efficiency 100 Index ETF  PAGE 1  TSR-AR-74933W643

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	12/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Motley Fool Capital Efficiency 100 Index ETF (at Net Asset Value)	10,000	9,947	9,183	8,739	9,007	8,039	7,970	7,335	8,144	7,687	6,926	7,307	7,817	7,396	7,954	7,723	8,266	8,470	8,772	9,367	9,674	9,594	9,128	9,094	10,000	10,434	10,845	11,532	11,708	11,132	11,719	12,431	12,434	12,898
Motley Fool Capital Efficiency 100 Index ETF (at Market Price)	10,000	9,964	9,207	8,748	9,190	8,049	8,050	7,296	8,114	7,691	6,944	7,303	7,750	7,390	7,931	7,720	8,265	8,465	8,772	9,380	9,664	9,613	9,126	9,096	10,001	10,428	10,867	11,578	11,764	11,145	11,706	12,435	12,516	12,914
S&P 500 Total Return Index	10,000	9,974	9,458	9,175	9,516	8,686	8,702	7,983	8,720	8,364	7,594	8,208	8,667	8,168	8,681	8,469	8,780	8,917	8,956	9,548	9,854	9,698	9,235	9,041	9,867	10,315	10,488	11,048	11,404	10,938	11,480	11,892	12,037	12,329
Motley Fool Capital Efficiency 100 - Total Return Index	10,000	9,949	9,184	8,738	9,011	8,039	7,979	7,334	8,148	7,693	6,933	7,319	7,835	7,416	7,980	7,751	8,300	8,508	8,816	9,419	9,732	9,656	9,188	9,152	10,049	10,494	10,914	11,615	11,798	11,220	11,818	12,541	12,550	13,025

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (12/30/2021)
Motley Fool Capital Efficiency 100 Index ETF (at Net Asset Value)	34.44	10.01
Motley Fool Capital Efficiency 100 Index ETF (at Market Price)	34.34	10.06
S&P 500 Total Return Index	27.14	8.16
Motley Fool Capital Efficiency 100 - Total Return Index	34.89	10.41

Visit https://fooletfs.com/our-funds for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$47,326,338
Number of Holdings	100
Net Advisory Fee	$170,046
Portfolio Turnover	35%
30-Day SEC Yield	0.24%
30-Day SEC Yield Unsubsidized	0.24%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
UnitedHealth Group, Inc.	5.6%
Eli Lilly & Co.	5.0%
Mastercard, Inc.	5.0%
Apple, Inc.	4.9%
Meta Platforms, Inc.	4.8%
Costco Wholesale Corp.	4.8%
Visa, Inc.	4.7%
Home Depot, Inc.	4.7%
Amazon.com, Inc.	4.5%
Microsoft Corp.	4.3%

Top Sectors	(% of Net Assets)
Information Technology	32.7%
Health Care	19.3%
Communication Services	13.4%
Consumer Discretionary	11.6%
Financials	10.5%
Consumer Staples	5.6%
Industrials	4.5%
Materials	2.2%
Cash & Other	0.2%

Material Fund Changes

This is a summary of certain changes to the Fund since February 29, 2024. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024 at https://fooletfs.com/our-funds or upon request at 1-703-302-1100.

Motley Fool Capital Efficiency 100 Index ETF  PAGE 2  TSR-AR-74933W643

The Fund seeks investment results that correspond (before fees and expenses) generally to the total return performance of the Motley Fool Capital Efficiency 100 Index (“Index”). The Motley Fool, LLC, the sponsor of the Index, has announced an index methodology revision for the Index to address certain diversification requirements under Section 851 of the Internal Revenue Code of 1986, as amended. The revised index methodology was implemented with respect to the Index effective June 1, 2024. For more information, please see the Fund’s Prospectus and Summary Prospectus.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fooletfs.com/our-funds

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-703-302-1100, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Motley Fool Capital Efficiency 100 Index ETF  PAGE 3  TSR-AR-74933W643

7687959412898769196131291483649698123297693965613025

	Motley Fool Next Index ETF
	TMFX (Principal U.S. Listing Exchange: NYSE)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Motley Fool Next Index ETF (the “Fund”) for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://fooletfs.com/our-funds. You can also request this information by contacting us at 1-703-302-1100.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Motley Fool Next Index ETF	$54	0.50%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the 12-month period ended August 31, 2024 (the “period”), the Fund underperformed its benchmark, the Russell Midcap Growth Total Return Index, and closely tracked its underlying index, the Motley Fool Next Index (the “Index”).

WHAT FACTORS INFLUENCED PERFORMANCE?
A primary driver of US stock returns for the period was size: generally speaking, the bigger the company, the better the returns. In absolute, the return of middle sized stocks (mid-caps) was strong. Although mid-caps did not keep pace with large- or mega-cap stocks, they outpaced small-caps. The Fund’s holdings, as measured by median market cap, are about half as large as the Russell Midcap Growth Index, which turned out to hurt the relative comparison for the year.

The index that underlies the Fund, the Motley Fool Next Index, consists of stocks that are actively recommended or are high conviction picks from the research team at The Motley Fool, LLC, the sponsor of the Index. Therefore, security selection will often be an important explanatory factor in performance, and it was so this period. On average, the securities selected underperformed the index constituents, most notably in the Communication Services sector. Security selection in the Health Care sector did positively contribute to relative returns, but not enough to overcome shortcomings in other sectors.

A FUN FACT ABOUT THE PORTFOLIO!
At August 31, 2024, the Fund held the stock of 197 companies headquartered across 35 US states and Washington, DC. It probably isn’t surprising that the highest concentration resides in California (51 companies), but it might be surprising that Massachusetts is next in line (18 companies).

Top Contributors
↑	Fair Isaac Corp. (NYSE:FICO)
↑	GoDaddy Inc. (NYSE:GDDY)
↑	Axon Enterprise, Inc. (NasdaqGS:AXON)

Top Detractors
↓	Paycom Software, Inc. (NYSE:PAYC)
↓	Unity Software Inc. (NYSE:U)
↓	Celsius Holdings, Inc. (NasdaqGS:CELH)

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

Motley Fool Next Index ETF  PAGE 1  TSR-AR-74933W650

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	12/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Motley Fool Next Index ETF (at Net Asset Value)	10,000	9,947	8,838	8,756	8,720	7,683	7,412	6,869	7,619	7,512	6,795	7,308	7,611	7,173	7,916	7,643	7,637	7,437	7,433	8,025	8,295	7,904	7,401	6,867	7,659	8,459	8,204	8,644	8,813	8,299	8,577	8,684	8,933	9,114
Motley Fool Next Index ETF (at Market Price)	10,000	9,975	8,860	8,766	8,735	7,675	7,420	6,855	7,615	7,503	6,760	7,307	7,591	7,166	7,897	7,641	7,617	7,433	7,431	8,030	8,287	7,907	7,401	6,870	7,662	8,452	8,191	8,633	8,814	8,303	8,563	8,628	8,931	9,107
Russell 3000 Total Return Index **	10,000	9,973	9,386	9,149	9,446	8,599	8,587	7,869	8,607	8,286	7,517	8,134	8,558	8,057	8,612	8,411	8,636	8,728	8,762	9,360	9,696	9,508	9,055	8,815	9,637	10,149	10,261	10,817	11,165	10,674	11,178	11,525	11,739	11,994
Russell Midcap Growth Total Return Index	10,000	9,957	8,672	8,567	8,704	7,724	7,425	6,870	7,711	7,458	6,825	7,362	7,762	7,296	7,933	7,855	7,963	7,848	7,853	8,460	8,716	8,428	8,018	7,608	8,537	9,184	9,134	9,821	10,056	9,472	9,573	9,733	9,792	10,035
Motley Fool Next - Total Return Index	10,000	9,957	8,834	8,755	8,723	7,685	7,417	6,871	7,632	7,528	6,811	7,330	7,638	7,195	7,947	7,675	7,672	7,476	7,477	8,075	8,351	7,961	7,458	6,923	7,727	8,540	8,285	8,735	8,913	8,396	8,682	8,795	9,053	9,240

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (12/30/2021)
Motley Fool Next Index ETF (at Net Asset Value)	15.31	-3.42
Motley Fool Next Index ETF (at Market Price)	15.18	-3.44
Russell 3000 Total Return Index**	26.14	7.05
Russell Midcap Growth Total Return Index	19.07	0.13
Motley Fool Next - Total Return Index	16.06	-2.92

Visit https://fooletfs.com/our-funds for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** Effective with this report, and pursuant to new regulatory requirements, the Russell 3000 Index replaced the Russell MidCap Growth Total Return Index as the Fund’s primary benchmark to represent a broad-based securities market index.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$24,514,571
Number of Holdings	197
Net Advisory Fee	$129,230
Portfolio Turnover	18%
30-Day SEC Yield	0.07%
30-Day SEC Yield Unsubsidized	0.07%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
Alnylam Pharmaceuticals, Inc.	1.9%
HEICO Corp.	1.8%
Westinghouse Air Brake Technologies Corp.	1.7%
NVR, Inc.	1.7%
Tractor Supply Co.	1.7%
Take-Two Interactive Software, Inc.	1.6%
Cloudflare, Inc.	1.6%
Axon Enterprise, Inc.	1.6%
HubSpot, Inc.	1.5%
Broadridge Financial Solutions, Inc.	1.5%

Top Sectors	(% of Net Assets)
Information Technology	26.2%
Industrials	18.9%
Consumer Discretionary	17.6%
Health Care	12.4%
Financials	10.8%
Communication Services	6.0%
Consumer Staples	4.2%
Real Estate	1.3%
Materials	1.2%
Cash & Other	1.4%

Motley Fool Next Index ETF  PAGE 2  TSR-AR-74933W650

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://fooletfs.com/our-funds

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-703-302-1100, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Motley Fool Next Index ETF  PAGE 3  TSR-AR-74933W650

75127904911475037907910782869508119947458842810035752879619240

	Optima Strategic Credit Fund
	Founders Class Shares | OPTCX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Optima Strategic Credit Fund (the “Fund”) for the period of  September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://rbbfund.com/additional-fund-information/. You can also request this information by contacting us at 1-866-239-2026.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Founders Class Shares	$212	2.06%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

Throughout the latter half of 2023 the Fund was mostly positioned in a “risk-off” posture due to, what we believed to be, unfavorable trends in credit markets by allocating to short-duration U.S. treasury bills. The environment dramatically changed towards the end of 2023. The Fund’s systematic model favored a “risk-on” environment throughout 1Q 2024 and much of 2Q 2024 and tactically allocated to higher-yielding credit instruments. At 8/31/2024, the Fund continues to be invested in higher-yielding credit as the Fund’s systematic model continues to favor “risk-on”.  

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted.  The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	12/29/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Optima Strategic Credit Fund Founders Class Shares	10000	10000	9990	9990	9970	9950	9950	9910	9900	9890	9882	9882	9922	9906	9936	9886	9826	9816	9846	9872	9912	9902	9937	9970	10001	10089	10134	10252	10412	10362	10468	10491	10480	10491
Bloomberg U.S. Universal Total Return Index	10000	10032	9813	9679	9419	9068	9118	8935	9160	8922	8538	8444	8759	8729	9000	8779	8985	9039	8946	8932	8941	8887	8675	8545	8929	9268	9246	9135	9225	9009	9158	9242	9452	9591
Markit CDX.NA.HY 5Y Long Total Return Index	10000	10002	9816	9728	9802	9474	9520	9107	9536	9370	9290	9675	10004	9947	10246	10180	10196	10261	10314	10582	10757	10773	10689	10632	11106	11412	11481	11663	11840	11783	11995	12028	12202	12345

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (12/29/2021)
Founders Class Shares	5.95	1.81
Bloomberg U.S. Universal Total Return Index	7.92	-1.55
Markit CDX.NA.HY 5Y Long Total Return Index	14.59	8.21

Visit https://rbbfund.com/additional-fund-information/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Optima Strategic Credit Fund  PAGE 1  TSR-AR-74933W718

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$21,385,816
Number of Holdings	2
Net Advisory Fee	$96,075
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
First American Treasury Obligations Fund	76.9%
CDX North American High Yield Index Series 42	6.9%

Top Sectors	(% of Net Assets)
Cash & Other	100.0%

This annual shareholder report contains important information about the Optima Strategic Credit Fund (the “Fund”) for the period of  September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://rbbfund.com/additional-fund-information/. You can also request this information by contacting us at 1-866-239-2026.

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Optima Asset Management LLC documents not be householded, please contact Optima Asset Management LLC at 1-866-239-2026, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Optima Asset Management LLC or your financial intermediary.

Optima Strategic Credit Fund  PAGE 2  TSR-AR-74933W718

989099021049189228887959193701077312345

	SGI US Large Cap Core ETF
	SGLC (Principal U.S. Listing Exchange: NYSE)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the SGI US Large Cap Core ETF (the “Fund”)  for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at 1-855-744-8500.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SGI US Large Cap Core ETF	$97	0.85%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the fiscal year ending August 31, 2024, net of fees, the Fund returned 27.67% outperforming its benchmark, the S&P 500 TR Index, which returned 27.14%. The Fund also outperformed its secondary benchmark, the Russell 1000 Total Return Index, which returned 26.60%. Active management meaningfully contributed to outperformance with strong stock selection as the primary reason, but allocation decisions partially offset these gains.

WHAT FACTORS INFLUENCED PERFORMANCE?

To crush skyrocketing inflation, the Federal Reserve raised the fed funds rate a significant 5.25% during a 16-month period from March 2022 through July 2023. This approach was effective and all key U.S. inflation indicators fell during the fiscal year. As a result, the Federal Reserve signaled no further rate increases and the possibility of upcoming rate cuts. This sparked a strong rally in equities and risk assets in general. Growth stocks, particularly semiconductor and AI related stocks, had tremendous performance. Broad market indices of international stocks also performed well, however, U.S market indices performed even better with many reaching all-time highs.

WHAT WERE THE TOP CONTRIBUTORS AND DETRACTORS?

The most contributing sectors to performance were Information Technology and Financials. Strong stock selection in the Consumer Discretionary sector also benefited relative performance. The most detracting sector was Industrials, which was hurt by both an average underweight allocation and underperforming stock selection. The second worst contributing sector was Energy, but stock selection helped cushion the impact of underperformance from underweight allocation.

Top Contributors
↑	Meta Platforms Inc.
↑	Applied Materials Inc.
↑	United Therapeutics Corp.
↑	American International Group
↑	Qualcomm Inc.

Top Detractors
↓	Broadcom Inc.
↓	Apple Inc.
↓	Micron Technology Inc.
↓	Nvidia Corp.
↓	Eli Lilly & Co.

SGI US Large Cap Core ETF  PAGE 1  TSR-AR-74933W593

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	03/30/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
SGI US Large Cap Core ETF NAV	10,000	10,131	10,332	10,333	10,933	11,452	11,203	10,795	10,557	11,515	12,049	12,380	13,046	13,563	12,955	13,730	14,149	13,989	14,302
SGI US Large Cap Core ETF Market	10,000	10,127	10,364	10,336	10,947	11,450	11,200	10,812	10,564	11,512	12,041	12,362	13,054	13,515	12,963	13,759	14,169	14,068	14,305
S&P 500 Total Return Index	10,000	10,145	10,303	10,348	11,032	11,386	11,205	10,671	10,446	11,400	11,918	12,118	12,765	13,176	12,638	13,265	13,741	13,908	14,245
Russell 1000 Total Return Index	10,000	10,151	10,277	10,325	11,022	11,401	11,202	10,676	10,417	11,390	11,953	12,119	12,774	13,183	12,622	13,217	13,654	13,853	14,181

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (03/30/2023)
SGI US Large Cap Core ETF NAV	27.67	28.61
SGI US Large Cap Core ETF Market	27.72	28.63
S&P 500 Total Return Index	27.14	28.25
Russell 1000 Total Return Index	26.60	27.85

Visit https://sgiam.com/literature/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$92,291,570
Number of Holdings	117
Net Advisory Fee	$795,489
Portfolio Turnover	225%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
Microsoft Corp.	6.2%
NVIDIA Corp.	5.5%
Amazon.com, Inc.	4.7%
Alphabet, Inc.	4.7%
Apple, Inc.	4.2%
Meta Platforms, Inc.	4.1%
Mastercard, Inc.	3.5%
Allstate Corp., (The)	3.4%
QUALCOMM, Inc.	3.3%
Veeva Systems, Inc.	2.9%

Top Sectors	(% of net assets)
Technology	30.1%
Financial	18.4%
Consumer, Non-cyclical	18.5%
Communications	15.6%
Consumer, Cyclical	7.3%
Industrial	4.4%
Energy	1.2%
Utilities	1.1%
Basic Materials	0.9%
Cash & Other	2.5%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/

SGI US Large Cap Core ETF  PAGE 2  TSR-AR-74933W593

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-855-744-8500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

SGI US Large Cap Core ETF  PAGE 3  TSR-AR-74933W593

1120314302112001430511205142451120214181

	SGI Dynamic Tactical ETF
	DYTA (Principal U.S. Listing Exchange: NASDAQ)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the SGI Dynamic Tactical ETF (the “Fund”)  for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at 1-855-744-8500.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SGI Dynamic Tactical ETF	$104	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the fiscal year ending August 31, 2024, the Fund delivered a net return of 18.75%, underperforming its benchmark, the S&P 500 Total Return index, which returned 27.14%. On an absolute basis, strategic allocations to the US Large Cap Core, Invesco QQQ Trust, MSCI US Minimum Volatility, and Schwab Dividend Equity Funds contributed 17.67% to the Fund’s performance. Our timing in US Small Cap was mixed—negative in the early part of the year but positive later, resulting in a net contribution of 0.43%. The remaining gains were achieved by effectively managing fixed income duration risk, capitalizing on the reversal in interest rates over the year.

WHAT FACTORS INFLUENCED PERFORMANCE?

To crush skyrocketing inflation, the Federal Reserve raised the fed funds rate a significant 5.25% during a 16-month period from March 2022 through July 2023. This approach was effective and all key U.S. inflation indicators fell during the fiscal year. As a result, the Federal Reserve signaled no further rate increases and the possibility of upcoming rate cuts. This sparked a strong rally in equities and risk assets in general. Growth stocks, particularly semiconductor and AI related stocks, had tremendous performance. Broad market indices of international stocks also performed well, however, U.S market indices performed even better with many reaching all-time highs. The fixed income market saw significant volatility, with the benchmark US 10-Year Treasury rate reaching a peak of 5% before settling below 4%.

The broad-based index may not necessarily reflect an accurate description of the underlying holdings found in the Fund.

Top Contributors
↑	SGI US Large Cap Core
↑	Invesco QQQ Trust
↑	iShares MSCI US Min Vol
↑	Vanguard US Small Cap
↑	Schwab Dividend Equity

Top Detractors
↓	iShares Core S&P Small Cap
↓	SPDR S&P 500 ETF
↓	iShares MSCI US Small Cap
↓	Invesco Opt Yield Divers
↓	SPDR Long Term Treasury

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

SGI Dynamic Tactical ETF  PAGE 1  TSR-AR-74933W577

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	03/29/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
SGI Dynamic Tactical ETF NAV	10,000	10,138	10,154	10,069	10,379	10,621	10,390	9,972	9,777	10,380	10,920	11,003	11,444	11,756	11,270	11,813	12,137	12,249	12,338
SGI Dynamic Tactical ETF Market	10,000	10,141	10,176	10,074	10,390	10,652	10,420	9,956	9,782	10,376	10,914	10,990	11,422	11,753	11,249	11,801	12,120	12,262	12,322
S&P 500 Total Return Index**	10,000	10,204	10,363	10,408	11,096	11,453	11,270	10,733	10,507	11,467	11,988	12,189	12,840	13,253	12,712	13,342	13,821	13,989	14,329
Composite Index	10,000	10,169	10,304	10,309	10,811	11,070	10,920	10,460	10,254	11,072	11,555	11,693	12,120	12,441	11,981	12,477	12,843	13,035	13,319

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (03/29/2023)
SGI Dynamic Tactical ETF NAV	18.75	15.89
SGI Dynamic Tactical ETF Market	18.25	15.79
S&P 500 Total Return Index**	27.14	28.72
Composite Index	21.97	22.28

Visit https://sgiam.com/literature/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** Effective with this report, and pursuant to new regulatory requirements, the S&P 500 Total Return Index replaced the Composite Index as the Fund’s primary benchmark to represent a broad-based securities market index.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$59,608,737
Number of Holdings	8
Net Advisory Fee	$797,772
Portfolio Turnover	167%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
SGI U.S. Large Cap Core ETF	35.4%
iShares Core U.S. Aggregate Bond ETF	20.3%
iShares MSCI USA Min Vol Factor ETF	10.1%
SGI Enhanced Nasdaq-100 ETF	8.8%
Schwab US Dividend Equity ETF	8.1%
Vanguard Small-Cap ETF	7.1%
iShares Core MSCI EAFE ETF	5.1%
PGIM Ultra Short Bond ETF	4.8%

Top Sectors	(% of net assets)
Cash & Other	100.0%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/

SGI Dynamic Tactical ETF  PAGE 2  TSR-AR-74933W577

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-855-744-8500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

SGI Dynamic Tactical ETF  PAGE 3  TSR-AR-74933W577

1039012338104201232211270143291092013319

	SGI U.S. Large Cap Equity Fund
	Class I | SILVX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the SGI U.S. Large Cap Equity Fund (the “Fund”)  for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at 1-855-744-8500.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$111	0.98%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the fiscal year ending August 31, 2024, net of fees, the Fund returned 26.51% underperforming its benchmark, the S&P 500 Total Return Index, which returned 27.14%. The Fund significantly outperformed its secondary benchmark, the S&P 500 Low Volatility Index, which returned 19.14%.

WHAT FACTORS INFLUENCED PERFORMANCE?

To crush skyrocketing inflation, the Federal Reserve raised the fed funds rate a significant 5.25% during a 16-month period from March 2022 through July 2023. This approach was effective and all key U.S. inflation indicators fell during the fiscal year. As a result, the Federal Reserve signaled no further rate increases and the possibility of upcoming rate cuts. This sparked a strong rally in equities and risk assets in general. Growth stocks, particularly semiconductor and AI related stocks, had tremendous performance. Broad market indices of international stocks also performed well, however, U.S market indices performed even better with many reaching all-time highs.

WHAT WERE THE TOP CONTRIBUTORS AND DETRACTORS?

Active management meaningfully contributed to outperformance with strong stock selection as the primary reason. The most contributing sectors to performance were Health Care and Information Technology. Strong stock selection in the Financials and Consumer Discretionary sectors also benefited relative performance. The most detracting sector was Industrials, which was hurt by both an average underweight allocation and underperforming stock selection. The second worst contributing sector was Energy, which was hurt by both an average overweight allocation and underperforming stock selection.

Top Contributors
↑	United Therapeutics Corp.
↑	Progressive Corp.
↑	DR Horton Inc.
↑	GoDaddy Inc. - Class A
↑	Regeneron Pharmaceuticals

Top Detractors
↓	Republic Services Inc.
↓	United Airlines Holdings Inc.
↓	Kellanova
↓	Waste Management Inc.
↓	Berkshire Hathaway Inc.

SGI U.S. Large Cap Equity Fund  PAGE 1  TSR-AR-74925K524

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $1,000,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
SGI U.S. Large Cap Equity Fund Class I	1,000,000	991,254	1,023,324	1,065,598	1,065,636	1,052,705	1,083,891	1,077,045	1,061,832	1,072,481	1,051,944	1,100,624	1,048,141	1,051,944	1,112,794	1,106,709	1,103,647	1,075,995	1,097,141	1,163,018	1,146,752	1,168,711	1,199,617	1,216,696	1,194,737	1,178,471	1,151,632	1,184,164	1,201,185	1,202,853	1,248,732	1,242,892	1,251,234	1,267,917	1,268,751	1,287,103	1,287,103	1,303,786	1,312,962	1,378,026	1,398,270	1,466,304	1,422,440	1,409,907	1,428,706	1,460,932	1,488,683	1,542,394	1,608,637	1,612,218	1,493,159	1,516,434	1,400,933	1,500,800	1,565,200	1,589,466	1,645,466	1,564,266	1,653,866	1,688,400	1,702,400	1,718,266	1,711,733	1,745,333	1,779,370	1,809,090	1,670,076	1,467,788	1,591,462	1,679,663	1,688,292	1,791,833	1,874,282	1,823,470	1,786,081	1,911,672	1,983,457	1,921,715	1,924,609	1,969,951	2,063,528	2,064,493	2,131,058	2,190,871	2,239,107	2,106,940	2,279,625	2,240,071	2,329,668	2,162,783	2,072,061	2,172,864	2,093,341	2,103,422	1,963,418	2,051,900	1,999,259	1,843,574	2,036,220	2,135,903	2,050,067	2,106,588	2,046,535	2,070,085	2,092,458	2,032,405	2,132,494	2,166,642	2,119,541	2,068,908	2,046,535	2,187,838	2,264,513	2,322,483	2,376,752	2,455,689	2,354,551	2,439,655	2,486,524	2,554,361	2,681,401
S&P 500 Total Return Index**	1,000,000	985,976	1,010,059	1,037,224	1,034,611	1,003,553	1,061,229	1,044,446	1,054,466	1,068,025	1,047,350	1,069,294	1,004,779	979,917	1,062,577	1,065,737	1,048,929	996,876	995,531	1,063,066	1,067,188	1,086,352	1,089,167	1,129,323	1,130,909	1,131,123	1,110,490	1,151,617	1,174,380	1,196,654	1,244,168	1,245,619	1,258,411	1,276,121	1,284,086	1,310,490	1,314,502	1,341,617	1,372,925	1,415,032	1,430,765	1,512,682	1,456,929	1,419,904	1,425,352	1,459,677	1,468,661	1,523,316	1,572,953	1,581,907	1,473,783	1,503,816	1,368,035	1,477,664	1,525,109	1,554,745	1,617,696	1,514,894	1,621,658	1,644,965	1,618,908	1,649,199	1,684,920	1,746,081	1,798,781	1,798,076	1,650,059	1,446,256	1,631,657	1,709,370	1,743,364	1,841,664	1,974,044	1,899,037	1,848,534	2,050,882	2,129,735	2,108,233	2,166,368	2,261,245	2,381,925	2,398,561	2,454,555	2,512,863	2,589,268	2,468,842	2,641,813	2,623,508	2,741,084	2,599,241	2,521,416	2,615,035	2,386,999	2,391,378	2,193,985	2,396,280	2,298,555	2,086,861	2,255,816	2,381,881	2,244,650	2,385,690	2,327,482	2,412,933	2,450,595	2,461,247	2,623,875	2,708,167	2,665,049	2,537,985	2,484,620	2,711,528	2,834,715	2,882,350	3,036,255	3,133,945	3,005,941	3,154,989	3,268,197	3,307,979	3,388,219
S&P 500 Low Volatility Index	1,000,000	991,397	1,040,380	1,070,079	1,083,051	1,078,254	1,094,659	1,090,844	1,069,261	1,079,318	1,060,181	1,106,174	1,051,916	1,047,644	1,119,004	1,131,241	1,130,030	1,110,574	1,122,024	1,188,960	1,180,595	1,200,247	1,269,203	1,273,452	1,249,476	1,237,319	1,209,527	1,216,002	1,247,239	1,256,467	1,312,945	1,312,277	1,326,546	1,362,311	1,357,916	1,376,638	1,388,362	1,399,302	1,425,951	1,480,948	1,464,365	1,503,190	1,439,459	1,451,709	1,443,480	1,453,988	1,474,827	1,526,828	1,554,643	1,549,131	1,504,627	1,577,594	1,468,319	1,565,773	1,630,290	1,668,244	1,707,442	1,691,509	1,755,056	1,773,624	1,816,808	1,856,857	1,849,835	1,850,676	1,883,247	1,941,062	1,756,108	1,525,980	1,628,250	1,634,632	1,628,354	1,749,505	1,799,906	1,768,490	1,717,668	1,823,550	1,862,334	1,829,191	1,809,020	1,932,203	2,013,153	2,036,480	2,037,062	2,112,782	2,149,644	2,044,808	2,141,372	2,112,743	2,317,096	2,211,927	2,160,948	2,277,263	2,224,800	2,212,703	2,118,179	2,207,823	2,167,774	1,986,964	2,125,724	2,249,620	2,210,854	2,211,622	2,138,997	2,172,346	2,230,105	2,113,268	2,200,807	2,221,707	2,155,465	2,073,906	2,065,369	2,175,605	2,226,676	2,248,769	2,286,023	2,356,690	2,284,952	2,341,572	2,337,778	2,440,690	2,567,914

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Class I	26.51	9.51	10.37
S&P 500 Total Return Index**	27.14	15.92	12.98
S&P 500 Low Volatility Index	19.14	7.17	9.89

Visit https://sgiam.com/literature/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** Effective with this report, and pursuant to new regulatory requirements, the S&P 500 Total Return Index replaced the S&P 500 Low Volatility Index as the Fund’s primary benchmark to represent a broad-based securities market index.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$232,958,382
Number of Holdings	93
Net Advisory Fee	$1,852,151
Portfolio Turnover	194%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
United Therapeutics Corp.	3.9%
Progressive Corp.	3.9%
Everest Group Ltd.	3.6%
Automatic Data Processing, Inc.	3.3%
Colgate-Palmolive Co.	3.3%
Owens Corning	3.2%
Elevance Health, Inc.	3.1%
Regeneron Pharmaceuticals, Inc.	3.1%
Alphabet, Inc.	3.1%
Cardinal Health, Inc.	2.7%

Top Sectors	(% of net assets)
Consumer, Non-cyclical	33.4%
Financial	17.4%
Industrial	11.6%
Communications	11.5%
Consumer, Cyclical	8.1%
Technology	7.7%
Utilities	3.9%
Energy	3.0%
Basic Materials	1.6%
Cash & Other	1.8%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/

SGI U.S. Large Cap Equity Fund  PAGE 2  TSR-AR-74925K524

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-855-744-8500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

SGI U.S. Large Cap Equity Fund  PAGE 3  TSR-AR-74925K524

100000010481411194737128710316086371702400187428222391071999259211954126814011000000100477911309091314502157295316189081974044258926822985552665049338821910000001051916124947613883621554643181680817999062149644216777421554652567914

	SGI U.S. Large Cap Equity Fund
	Class A | LVOLX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the SGI U.S. Large Cap Equity Fund (the “Fund”)  for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at 1-855-744-8500.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class A	$138	1.22%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the fiscal year ended August 31, 2024, net of fees, the Fund returned 26.19% underperforming its benchmark, the S&P 500 Total Return Index, which returned 27.14%. The Fund significantly outperformed its secondary benchmark, the S&P 500 Low Volatility Index, which returned 19.14%.  

WHAT FACTORS INFLUENCED PERFORMANCE?

To crush skyrocketing inflation, the Federal Reserve raised the fed funds rate a significant 5.25% during a 16-month period from March 2022 through July 2023. This approach was effective and all key U.S. inflation indicators fell during the fiscal year. As a result, the Federal Reserve signaled no further rate increases and the possibility of upcoming rate cuts. This sparked a strong rally in equities and risk assets in general. Growth stocks, particularly semiconductor and AI related stocks, had tremendous performance. Broad market indices of international stocks also performed well, however, U.S market indices performed even better with many reaching all-time highs.

WHAT WERE THE TOP CONTRIBUTORS AND DETRACTORS?

Active management meaningfully contributed to outperformance with strong stock selection as the primary reason. The most contributing sectors to performance were Health Care and Information Technology. Strong stock selection in the Financials and Consumer Discretionary sectors also benefited relative performance. The most detracting sector was Industrials, which was hurt by both an average underweight allocation and underperforming stock selection. The second worst contributing sector was Energy, which was hurt by both an average overweight allocation and underperforming stock selection.

Top Contributors
↑	United Therapeutics Corp.
↑	Progressive Corp.
↑	DR Horton Inc.
↑	GoDaddy Inc. - Class A
↑	Regeneron Pharmaceuticals

Top Detractors
↓	Republic Services Inc.
↓	United Airlines Holdings Inc.
↓	Kellanova
↓	Waste Management Inc.
↓	Berkshire Hathaway Inc.

SGI U.S. Large Cap Equity Fund  PAGE 1  TSR-AR-74925K516

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted and assumes the maximum sales charge. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	10/29/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
SGI U.S. Large Cap Equity Fund Class A	9477	9439	9387	9365	9123	9303	9861	9716	9903	10165	10309	10116	9978	9744	10020	10167	10174	10562	10506	10576	10711	10718	10873	10873	11014	11085	11636	11801	12373	12004	11891	12049	12320	12554	13006	13556	13579	12577	12773	11796	12633	13181	13377	13839	13158	13909	14199	14316	14441	14387	14661	14947	15195	14024	12323	13366	14096	14160	15035	15717	15292	14971	16030	16623	16099	16123	16494	17276	17284	17840	18339	18734	17630	19064	18734	19475	18075	17309	18159	17487	17571	16394	17123	16693	15377	16983	17814	17095	17565	17056	17252	17428	16939	17761	18045	17644	17223	17027	18202	18839	19309	19770	20424	19575	20281	20670	21212	22265
S&P 500 Total Return Index**	10000	9952	9982	9824	9337	9324	9956	9995	10175	10201	10577	10592	10594	10401	10786	10999	11208	11653	11666	11786	11952	12027	12274	12311	12565	12859	13253	13400	14168	13645	13299	13350	13671	13755	14267	14732	14816	13803	14084	12813	13840	14284	14561	15151	14188	15188	15406	15162	15446	15781	16353	16847	16840	15454	13545	15282	16010	16328	17249	18489	17786	17313	19208	19947	19745	20290	21178	22309	22464	22989	23535	24251	23123	24743	24571	25673	24344	23615	24492	22356	22397	20548	22443	21528	19545	21128	22308	21023	22344	21799	22599	22952	23052	24575	25364	24960	23770	23271	25396	26549	26996	28437	29352	28153	29549	30609	30982	31733
S&P 500 Low Volatility Index	10000	9929	10037	10027	9854	9956	10549	10475	10650	11261	11299	11086	10979	10732	10789	11067	11148	11650	11644	11770	12088	12049	12215	12319	12416	12652	13140	12993	13338	12772	12881	12808	12901	13086	13547	13794	13745	13350	13998	13028	13893	14465	14802	15150	15009	15572	15737	16120	16476	16413	16421	16710	17223	15582	13540	14447	14504	14448	15523	15970	15692	15241	16180	16524	16230	16051	17144	17862	18069	18075	18746	19073	18143	19000	18746	20559	19626	19174	20206	19740	19633	18794	19590	19234	17630	18861	19961	19617	19623	18979	19275	19787	18751	19527	19713	19125	18401	18326	19304	19757	19953	20284	20911	20274	20776	20743	21656	22785

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (10/29/2015)
Class A (without sales charge)	26.19	9.23	10.14
Class A (with sales charge)	19.56	8.07	9.48
S&P 500 Total Return Index**	27.14	15.92	13.95
S&P 500 Low Volatility Index	19.14	7.17	9.76

Visit https://sgiam.com/literature/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** Effective with this report, and pursuant to new regulatory requirements, the S&P 500 Total Return Index replaced the S&P 500 Low Volatility Index as the Fund’s primary benchmark to represent a broad-based securities market index.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$232,958,382
Number of Holdings	93
Net Advisory Fee	$1,852,151
Portfolio Turnover	194%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
United Therapeutics Corp.	3.9%
Progressive Corp.	3.9%
Everest Group Ltd.	3.6%
Automatic Data Processing, Inc.	3.3%
Colgate-Palmolive Co.	3.3%
Owens Corning	3.2%
Elevance Health, Inc.	3.1%
Regeneron Pharmaceuticals, Inc.	3.1%
Alphabet, Inc.	3.1%
Cardinal Health, Inc.	2.7%

Top Sectors	(% of net assets)
Consumer, Non-cyclical	33.4%
Financial	17.4%
Industrial	11.6%
Communications	11.5%
Consumer, Cyclical	8.1%
Technology	7.7%
Utilities	3.9%
Energy	3.0%
Basic Materials	1.6%
Cash & Other	1.8%

SGI U.S. Large Cap Equity Fund  PAGE 2  TSR-AR-74925K516

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-855-744-8500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

SGI U.S. Large Cap Equity Fund  PAGE 3  TSR-AR-74925K516

101161087313556143161571718734166931764422265105921231114732151621848924251215282496031733110861231913794161201597019073192341912522785

	SGI U.S. Large Cap Equity Fund
	Class C | SGICX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the SGI U.S. Large Cap Equity Fund (the “Fund”)  for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at 1-855-744-8500.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class C	$222	1.97%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the fiscal year ended August 31, 2024, net of fees, the Fund returned 25.23% underperforming its benchmark, the S&P 500 Total Return Index, which returned 27.14%. The Fund significantly outperformed its secondary benchmark, the S&P 500 Low Volatility Index, which returned 19.14%.

WHAT FACTORS INFLUENCED PERFORMANCE?

To crush skyrocketing inflation, the Federal Reserve raised the fed funds rate a significant 5.25% during a 16-month period from March 2022 through July 2023. This approach was effective and all key U.S. inflation indicators fell during the fiscal year. As a result, the Federal Reserve signaled no further rate increases and the possibility of upcoming rate cuts. This sparked a strong rally in equities and risk assets in general. Growth stocks, particularly semiconductor and AI related stocks, had tremendous performance. Broad market indices of international stocks also performed well, however, U.S market indices performed even better with many reaching all-time highs.

WHAT WERE THE TOP CONTRIBUTORS AND DETRACTORS?

Active management meaningfully contributed to outperformance with strong stock selection as the primary reason. The most contributing sectors to performance were Health Care and Information Technology. Strong stock selection in the Financials and Consumer Discretionary sectors also benefited relative performance. The most detracting sector was Industrials, which was hurt by both an average underweight allocation and underperforming stock selection. The second worst contributing sector was Energy, which was hurt by both an average overweight allocation and underperforming stock selection.

Top Contributors
↑	United Therapeutics Corp.
↑	Progressive Corp.
↑	DR Horton Inc.
↑	GoDaddy Inc. - Class A
↑	Regeneron Pharmaceuticals

Top Detractors
↓	Republic Services Inc.
↓	United Airlines Holdings Inc.
↓	Kellanova
↓	Waste Management Inc.
↓	Berkshire Hathaway Inc.

SGI U.S. Large Cap Equity Fund  PAGE 1  TSR-AR-74925K284

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
SGI U.S. Large Cap Equity Fund Class C	10,000	9,742	9,919	10,457	10,295	10,486	10,752	10,899	10,693	10,538	10,287	10,567	10,713	10,720	11,119	11,059	11,127	11,270	11,270	11,421	11,413	11,556	11,624	12,197	12,363	12,949	12,555	12,427	12,588	12,869	13,094	13,560	14,130	14,146	13,086	13,286	12,267	13,125	13,682	13,882	14,356	13,641	14,406	14,698	14,806	14,931	14,864	15,139	15,420	15,666	14,453	12,748	13,808	14,555	14,622	15,513	16,208	15,759	15,420	16,488	17,100	16,547	16,564	16,938	17,721	17,721	18,273	18,775	19,166	18,027	19,481	19,132	19,876	18,440	17,648	18,500	17,806	17,876	16,677	17,410	16,955	15,618	17,232	18,054	17,316	17,781	17,264	17,450	17,615	17,109	17,925	18,204	17,791	17,347	17,150	18,308	18,949	19,411	19,851	20,496	19,637	20,335	20,700	21,237	22,279
S&P 500 Total Return Index**	10,000	9,504	9,491	10,135	10,174	10,357	10,384	10,766	10,782	10,784	10,587	10,979	11,196	11,408	11,861	11,875	11,997	12,166	12,242	12,494	12,532	12,790	13,089	13,490	13,640	14,421	13,890	13,537	13,589	13,916	14,002	14,523	14,996	15,081	14,050	14,337	13,042	14,087	14,540	14,822	15,422	14,442	15,460	15,682	15,434	15,723	16,063	16,646	17,149	17,142	15,731	13,788	15,555	16,296	16,620	17,558	18,820	18,105	17,623	19,552	20,304	20,099	20,653	21,558	22,708	22,867	23,401	23,956	24,685	23,537	25,186	25,011	26,132	24,780	24,038	24,931	22,757	22,798	20,916	22,845	21,913	19,895	21,506	22,708	21,399	22,744	22,189	23,004	23,363	23,464	25,015	25,818	25,407	24,196	23,687	25,850	27,025	27,479	28,946	29,878	28,657	30,078	31,157	31,537	32,302
S&P 500 Low Volatility Index	10,000	9,828	9,929	10,521	10,447	10,621	11,232	11,269	11,057	10,949	10,703	10,761	11,037	11,119	11,619	11,613	11,739	12,056	12,017	12,182	12,286	12,383	12,619	13,105	12,959	13,302	12,738	12,847	12,774	12,867	13,051	13,511	13,758	13,709	13,315	13,961	12,994	13,856	14,427	14,763	15,110	14,969	15,531	15,695	16,078	16,432	16,370	16,377	16,665	17,177	15,540	13,504	14,409	14,465	14,410	15,482	15,928	15,650	15,200	16,137	16,480	16,187	16,009	17,099	17,815	18,021	18,027	18,697	19,023	18,095	18,950	18,696	20,505	19,574	19,123	20,152	19,688	19,581	18,744	19,538	19,183	17,583	18,811	19,908	19,565	19,571	18,929	19,224	19,735	18,701	19,476	19,661	19,074	18,353	18,277	19,253	19,705	19,900	20,230	20,855	20,220	20,721	20,688	21,598	22,724

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (12/31/2015)
Class C (without sales charge)	25.23	8.52	9.68
S&P 500 Total Return Index**	27.14	15.92	14.48
S&P 500 Low Volatility Index	19.14	7.17	9.93

Visit https://sgiam.com/literature/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** Effective with this report, and pursuant to new regulatory requirements, the S&P 500 Total Return Index replaced the S&P 500 Low Volatility Index as the Fund’s primary benchmark to represent a broad-based securities market index.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$232,958,382
Number of Holdings	93
Net Advisory Fee	$1,852,151
Portfolio Turnover	194%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
United Therapeutics Corp.	3.9%
Progressive Corp.	3.9%
Everest Group Ltd.	3.6%
Automatic Data Processing, Inc.	3.3%
Colgate-Palmolive Co.	3.3%
Owens Corning	3.2%
Elevance Health, Inc.	3.1%
Regeneron Pharmaceuticals, Inc.	3.1%
Alphabet, Inc.	3.1%
Cardinal Health, Inc.	2.7%

Top Sectors	(% of net assets)
Consumer, Non-cyclical	33.4%
Financial	17.4%
Industrial	11.6%
Communications	11.5%
Consumer, Cyclical	8.1%
Technology	7.7%
Utilities	3.9%
Energy	3.0%
Basic Materials	1.6%
Cash & Other	1.8%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/

SGI U.S. Large Cap Equity Fund  PAGE 2  TSR-AR-74925K284

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-855-744-8500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

SGI U.S. Large Cap Equity Fund  PAGE 3  TSR-AR-74925K284

106931141314130148061620819166169551779122279107821253214996154341882024685219132540732302110571228613758160781592819023191831907422724

	SGI Global Equity Fund
	Class I | SGLIX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the SGI Global Equity Fund (the “Fund”)  for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at 1-855-744-8500.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$92	0.84%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the fiscal year ending August 31, 2024, net of fees, the Fund returned 19.84% underperforming its benchmark, the S&P 500 Broad Market Index, which returned 22.97%.

WHAT FACTORS INFLUENCED PERFORMANCE?

To crush skyrocketing inflation, the Federal Reserve raised the fed funds rate a significant 5.25% during a 16-month period from March 2022 through July 2023. This approach was effective and all key U.S. inflation indicators fell during the fiscal year. As a result, the Federal Reserve signaled no further rate increases and the possibility of upcoming rate cuts. This sparked a strong rally in equities and risk assets in general. Growth stocks, particularly semiconductor and AI related stocks, had tremendous performance. Broad market indices of international stocks also performed well, however, U.S market indices performed even better with many reaching all-time highs.

WHAT WERE THE TOP CONTRIBUTORS AND DETRACTORS?

Active management meaningfully contributed to performance with strong stock selection as the primary reason. The most contributing sectors to performance were Consumer Staples and Financials. Strong stock selection in the Health Care and Industrials sectors also benefited relative performance. The most detracting sector was Consumer Discretionary, which was hurt by both an average overweight allocation and underperforming stock selection. The second worst contributing sector was Energy, which was hurt by both an average underweight allocation and underperforming stock selection.

Top Contributors
↑	Commvault Systems Inc.
↑	Enova International Inc.
↑	M/I Homes Inc.
↑	Eagle Materials Inc.
↑	Matson Inc.

Top Detractors
↓	Incyte Corp.
↓	Waste Management Inc.
↓	Motorola Solutions Inc.
↓	Republic Services Inc.
↓	Eli Lilly & Co.

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

SGI Global Equity Fund  PAGE 1  TSR-AR-74925K417

CUMULATIVE PERFORMANCE (Initial Investment of $1,000,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
SGI Global Equity Fund Class I	1,000,000	977,190	1,018,465	1,028,602	1,000,594	1,016,370	1,096,039	1,089,335	1,076,319	1,106,688	1,126,803	1,176,103	1,115,759	1,081,052	1,112,999	1,117,731	1,091,484	972,136	917,964	976,368	980,177	1,000,491	997,529	1,060,589	1,055,087	1,086,405	1,015,304	1,008,109	978,907	1,026,731	1,064,398	1,080,480	1,091,060	1,121,109	1,117,723	1,129,997	1,151,581	1,166,393	1,182,053	1,210,408	1,219,719	1,268,389	1,220,989	1,215,910	1,204,906	1,220,142	1,219,296	1,263,734	1,282,356	1,300,554	1,225,644	1,272,622	1,185,073	1,250,744	1,299,675	1,322,423	1,360,624	1,334,871	1,394,103	1,393,244	1,400,112	1,419,427	1,416,422	1,439,171	1,469,755	1,483,977	1,375,979	1,184,426	1,279,980	1,327,091	1,334,646	1,394,645	1,463,533	1,424,867	1,379,979	1,487,088	1,532,458	1,501,594	1,503,831	1,542,746	1,606,263	1,624,155	1,651,888	1,673,806	1,714,510	1,649,651	1,746,716	1,710,932	1,777,456	1,735,672	1,684,029	1,727,691	1,622,996	1,638,959	1,544,593	1,624,405	1,556,800	1,435,204	1,533,325	1,628,161	1,545,501	1,647,466	1,594,541	1,624,645	1,648,923	1,603,767	1,673,200	1,691,166	1,656,206	1,617,848	1,596,484	1,691,166	1,752,692	1,768,920	1,816,623	1,872,685	1,823,016	1,863,341	1,868,259	1,914,978	1,984,810
S&P Global Broad Market Index**	1,000,000	964,882	972,501	987,149	971,020	956,937	1,009,476	997,687	1,026,007	1,027,395	1,005,362	1,010,387	943,219	909,124	978,433	973,005	955,688	895,136	890,970	958,936	975,097	977,365	970,762	1,014,468	1,018,542	1,026,486	1,007,085	1,017,885	1,040,153	1,068,707	1,098,571	1,112,395	1,130,786	1,154,794	1,162,353	1,194,485	1,199,320	1,225,356	1,250,607	1,275,688	1,296,982	1,367,011	1,310,806	1,287,375	1,299,685	1,305,695	1,297,517	1,333,334	1,345,664	1,348,535	1,242,496	1,262,204	1,171,527	1,266,149	1,301,387	1,315,475	1,359,172	1,280,003	1,362,254	1,365,794	1,332,420	1,360,676	1,398,909	1,433,727	1,484,981	1,465,231	1,346,115	1,153,346	1,279,844	1,340,145	1,383,481	1,453,886	1,542,929	1,495,819	1,464,263	1,651,479	1,734,088	1,731,668	1,779,573	1,824,696	1,903,590	1,933,370	1,956,450	1,965,117	2,014,541	1,936,247	2,027,979	1,971,707	2,049,269	1,941,630	1,897,948	1,935,594	1,782,007	1,784,102	1,631,709	1,746,828	1,686,981	1,524,363	1,616,149	1,740,260	1,675,584	1,798,617	1,749,041	1,791,856	1,815,115	1,794,457	1,899,510	1,972,918	1,916,158	1,837,515	1,775,801	1,940,142	2,042,953	2,047,131	2,134,391	2,202,094	2,128,991	2,215,178	2,255,024	2,303,024	2,356,236
MSCI ACWI Net Total Return Index  (USD)	1,000,000	967,572	974,384	990,682	971,565	956,375	1,009,618	993,974	1,022,814	1,021,479	997,432	1,006,093	937,125	903,173	974,059	966,016	948,594	891,384	885,252	950,856	964,892	966,108	960,260	1,001,641	1,005,011	1,011,169	994,005	1,001,559	1,023,195	1,051,174	1,080,663	1,093,880	1,110,930	1,135,462	1,140,625	1,172,499	1,176,992	1,199,731	1,224,645	1,248,352	1,268,478	1,340,039	1,283,761	1,256,282	1,268,278	1,269,859	1,262,986	1,301,074	1,311,292	1,317,001	1,218,307	1,236,125	1,149,049	1,239,788	1,272,951	1,288,955	1,332,480	1,253,438	1,335,515	1,339,426	1,307,654	1,335,165	1,371,707	1,405,195	1,454,676	1,438,610	1,322,412	1,143,881	1,266,423	1,321,500	1,363,726	1,435,848	1,523,732	1,474,601	1,438,754	1,616,099	1,691,133	1,683,445	1,722,435	1,768,444	1,845,765	1,874,486	1,899,189	1,912,276	1,960,139	1,879,165	1,975,087	1,927,524	2,004,628	1,906,175	1,856,941	1,897,163	1,745,308	1,747,354	1,600,059	1,711,795	1,648,773	1,490,935	1,580,912	1,703,530	1,636,499	1,753,795	1,703,530	1,756,057	1,781,295	1,762,214	1,864,531	1,932,789	1,878,778	1,801,091	1,746,936	1,908,174	1,999,830	2,011,553	2,097,876	2,163,743	2,092,352	2,177,330	2,225,827	2,261,721	2,319,163

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Class I	19.84	7.23	7.10
S&P Global Broad Market Index**	22.97	12.08	8.95
MSCI ACWI Net Total Return Index    (USD)	23.44	12.14	8.78

Visit https://sgiam.com/literature/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** Effective with this report, and pursuant to new regulatory requirements, the S&P Global Broad Market Index replaced the MSCI ACWI Index as the Fund’s primary benchmark to represent a broad-based securities market index.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$108,187,210
Number of Holdings	94
Net Advisory Fee	$646,296
Portfolio Turnover	102%
30-Day SEC Yield	1.23%
30-Day SEC Yield Unsubsidized	0.90%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
Progressive Corp.	3.9%
Colgate-Palmolive Co.	3.7%
Takeda Pharmaceutical Co. Ltd.	3.3%
Rio Tinto PLC	2.8%
Coca-Cola Co.	2.7%
United Therapeutics Corp.	2.7%
Microsoft Corp.	2.6%
Kroger Co., (The)	2.6%
Lockheed Martin Corp.	2.3%
McKesson Corp.	2.2%

Top Sectors	(% of net assets)
Consumer, Non-cyclical	36.4%
Financial	19.3%
Communications	9.7%
Industrial	9.2%
Technology	7.7%
Consumer, Cyclical	7.2%
Basic Materials	3.2%
Utilities	2.5%
Energy	1.8%
Cash & Other	3.0%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/

SGI Global Equity Fund  PAGE 2  TSR-AR-74925K417

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-855-744-8500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

SGI Global Equity Fund  PAGE 3  TSR-AR-74925K417

1000000111575910550871151581128235614001121463533171451015568001656206198481010000009432191018542119932013456641332420154292920145411686981191615823562361000000937125100501111769921311292130765415237321960139164877318787782319163

	SGI Small Cap Core Fund
	Class I | BOGIX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the SGI Small Cap Core Fund (the “Fund”)  for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at 1-855-744-8500.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$134	1.23%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the fiscal year ending August 31, 2024, net of fees, the Fund returned 17.38% underperforming its benchmark, Russell 3000 Index, which returned 26.14%. The Fund also slightly underperformed its secondary benchmark, Russell 2000 Index, which returned 18.47%.

WHAT FACTORS INFLUENCED PERFORMANCE?

To crush skyrocketing inflation, the Federal Reserve raised the fed funds rate a significant 5.25% during a 16-month period from March 2022 through July 2023. This approach was effective and all key U.S. inflation indicators fell during the fiscal year. As a result, the Federal Reserve signaled no further rate increases and the possibility of upcoming rate cuts. This sparked a strong rally in equities and risk assets in general. Growth stocks, particularly semiconductor and AI related stocks, had tremendous performance. Broad market indices of international stocks also performed well, however, U.S market indices performed even better with many reaching all-time highs.

WHAT WERE THE TOP CONTRIBUTORS AND DETRACTORS?

The sector contributing the most to performance was Consumer Discretionary sector, with strong stock selection benefiting relative performance. However, the biggest detractor was the Information Technology sector, where both an average underweight allocation and underperforming stock selection negatively impacted performance. The second largest detractor was the Materials sector, which also suffered from an average overweight allocation and underperforming stock selection.

The broad-based index may not necessarily reflect an accurate description of the underlying holdings found in the Fund.

Top Contributors
↑	Commvault Systems Inc.
↑	Enova International Inc.
↑	M/I Homes Inc.
↑	Eagle Materials Inc.
↑	Matson Inc.

Top Detractors
↓	Super Micro Computer Inc.
↓	Par Pacific Holdings Inc.
↓	Omnicell Inc.
↓	Titan Machinery Inc.
↓	Allegiant Travel Co.

SGI Small Cap Core Fund  PAGE 1  TSR-AR-749255188

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $1,000,000 chart reflects a hypothetical $1,000,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $1,000,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
SGI Small Cap Core Fund Class I	1,000,000	939,585	945,626	943,525	942,569	922,243	988,075	1,001,423	992,322	996,266	978,063	963,805	910,109	827,895	892,817	918,603	870,052	780,338	799,336	878,496	902,419	906,993	885,884	949,563	949,915	985,801	929,510	1,031,889	1,042,092	1,064,960	1,078,330	1,069,534	1,084,662	1,041,388	1,071,645	1,124,770	1,127,233	1,176,487	1,209,910	1,196,893	1,219,930	1,261,337	1,215,242	1,189,461	1,196,102	1,288,680	1,281,649	1,287,118	1,372,665	1,362,900	1,205,086	1,170,711	1,024,743	1,154,519	1,202,119	1,179,217	1,212,897	1,110,512	1,194,036	1,219,183	1,152,723	1,160,357	1,194,485	1,253,312	1,271,179	1,218,926	1,140,097	880,185	1,006,312	1,086,042	1,138,745	1,227,935	1,268,476	1,232,890	1,255,863	1,440,999	1,545,245	1,650,160	1,748,904	1,786,407	1,830,083	1,858,092	1,878,030	1,841,001	1,834,355	1,785,933	1,840,052	1,758,873	1,849,628	1,719,546	1,733,136	1,734,431	1,626,352	1,674,243	1,533,159	1,697,542	1,652,239	1,496,270	1,660,653	1,711,780	1,604,977	1,750,174	1,771,661	1,684,412	1,657,717	1,619,302	1,795,101	1,874,535	1,790,543	1,701,341	1,593,909	1,729,339	1,944,204	1,912,951	1,971,550	2,051,636	1,908,393	1,999,548	1,950,064	2,142,140	2,101,772
Russell 3000 Index**	1,000,000	979,155	1,006,095	1,030,477	1,030,465	1,001,786	1,059,790	1,049,016	1,053,761	1,068,336	1,050,462	1,068,032	1,003,555	974,312	1,051,268	1,057,096	1,035,398	976,976	976,661	1,045,424	1,051,903	1,070,722	1,072,924	1,115,505	1,118,350	1,120,108	1,095,874	1,144,917	1,167,258	1,189,228	1,233,457	1,234,296	1,247,379	1,260,145	1,271,517	1,295,492	1,297,988	1,329,643	1,358,658	1,399,914	1,413,906	1,488,434	1,433,571	1,404,793	1,410,133	1,449,941	1,459,423	1,507,856	1,560,808	1,563,392	1,448,275	1,477,282	1,339,792	1,454,792	1,505,956	1,527,945	1,588,959	1,486,135	1,590,516	1,614,159	1,581,254	1,609,006	1,643,643	1,706,121	1,755,383	1,753,466	1,609,904	1,388,513	1,572,408	1,656,498	1,694,369	1,790,581	1,920,298	1,850,378	1,810,441	2,030,687	2,122,044	2,112,605	2,178,639	2,256,728	2,373,060	2,383,893	2,442,678	2,483,985	2,554,823	2,440,193	2,605,210	2,565,555	2,666,583	2,509,692	2,446,475	2,525,829	2,299,155	2,296,073	2,103,986	2,301,378	2,215,492	2,010,052	2,174,888	2,288,409	2,154,415	2,302,795	2,248,972	2,309,108	2,333,710	2,342,790	2,502,768	2,592,485	2,542,440	2,421,333	2,357,146	2,576,946	2,713,632	2,743,707	2,892,225	2,985,521	2,854,153	2,989,003	3,081,535	3,138,817	3,207,145
Russell 2000 Index	1,000,000	939,506	1,001,437	1,002,335	1,030,901	997,741	1,056,973	1,075,387	1,047,962	1,071,887	1,079,914	1,067,363	1,000,289	951,212	1,004,803	1,037,488	985,396	898,746	898,706	970,433	985,664	1,007,865	1,007,230	1,067,368	1,086,244	1,098,343	1,046,128	1,162,784	1,195,364	1,200,079	1,223,239	1,224,840	1,238,272	1,213,081	1,255,015	1,264,339	1,248,254	1,326,157	1,337,461	1,376,006	1,370,452	1,406,268	1,351,815	1,369,299	1,381,137	1,464,973	1,475,470	1,501,186	1,565,902	1,528,238	1,362,246	1,383,899	1,219,511	1,356,704	1,427,237	1,397,365	1,444,835	1,332,466	1,426,641	1,434,855	1,364,010	1,392,390	1,429,061	1,487,888	1,530,790	1,481,696	1,356,963	1,062,143	1,208,033	1,286,645	1,332,125	1,368,996	1,446,130	1,397,824	1,427,100	1,690,150	1,836,349	1,928,758	2,048,968	2,069,547	2,113,005	2,117,362	2,158,385	2,080,448	2,126,984	2,064,270	2,152,083	2,062,406	2,108,477	1,905,486	1,925,827	1,949,796	1,756,553	1,759,208	1,614,525	1,783,086	1,746,599	1,579,213	1,753,067	1,794,015	1,677,579	1,841,086	1,809,988	1,723,508	1,692,522	1,676,887	1,813,221	1,924,106	1,827,846	1,720,237	1,602,919	1,747,998	1,961,575	1,885,282	1,991,879	2,063,187	1,917,974	2,014,194	1,995,562	2,198,309	2,165,471

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Class I	17.38	12.76	7.71
Russell 3000 Index**	26.14	15.19	12.36
Russell 2000 Index	18.47	9.68	8.03

Visit https://sgiam.com/literature/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** Effective with this report, and pursuant to new regulatory requirements, the Russell 3000 Index replaced the Russell 2000 Index as the Fund’s primary benchmark to represent a broad-based securities market index.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$124,720,143
Number of Holdings	190
Net Advisory Fee	$1,092,436
Portfolio Turnover	211%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
OFG Bancorp	1.2%
Catalyst Pharmaceuticals Partners, Inc.	1.2%
Sylvamo Corp.	1.2%
NMI Holdings, Inc.	1.2%
Hancock Whitney Corp.	1.2%
Pilgrim’s Pride Corp.	1.2%
Mueller Water Products, Inc.	1.2%
Korn/Ferry International	1.2%
Taylor Morrison Home Corp.	1.2%
Essent Group Ltd.	1.2%

Top Sectors	(% of net assets)
Financial	21.9%
Industrial	21.5%
Consumer, Non-cyclical	20.3%
Consumer, Cyclical	18.1%
Technology	7.3%
Energy	2.7%
Utilities	2.7%
Basic Materials	2.2%
Communications	1.1%
Cash & Other	2.2%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/

SGI Small Cap Core Fund  PAGE 2  TSR-AR-749255188

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-855-744-8500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

SGI Small Cap Core Fund  PAGE 3  TSR-AR-749255188

1000000910109949915112723313726651152723126847618343551652239179054321017721000000100355511183501297988156080815812541920298255482322154922542440320714510000001000289108624412482541565902136401014461302126984174659918278462165471

	SGI Peak Growth Fund
	Class I | SGPKX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the SGI Peak Growth Fund (the “Fund”)  for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at 1-855-744-8500.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$143	1.30%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the fiscal year ending August 31, 2024, net of fees, the Fund returned 19.25% underperforming its benchmark, the S&P 500 Total Return Index, which returned 27.14%. On an absolute basis, strategic allocations to SGI US Large Cap Equity Fund, SGI Global Equity Fund, SGI Small Cap Core Fund, and SGI US Large Cap Core ETF contributed 17.19% to the Fund’s performance.

WHAT FACTORS INFLUENCED PERFORMANCE?  

To crush skyrocketing inflation, the Federal Reserve raised the fed funds rate a significant 5.25% during a 16-month period from March 2022 through July 2023. This approach was effective and all key U.S. inflation indicators fell during the fiscal year. As a result, the Federal Reserve signaled no further rate increases and the possibility of upcoming rate cuts. This sparked a strong rally in equities and risk assets in general. Growth stocks, particularly semiconductor and AI related stocks, had tremendous performance. Broad market indices of international stocks also performed well, however, U.S market indices performed even better with many reaching all-time highs.

WHAT WERE THE TOP CONTRIBUTORS AND DETRACTORS?

Overweight exposure to equities and underweight exposure to fixed income benefited performance the most. Factors that contributed least to relative performance were exposure to non-US, emerging markets, and small cap stocks.

Top Contributors
↑	SGI US Large Cap Equity
↑	SGI Global Equity Fund
↑	SGI Small Cap Core Fund
↑	SGI US Large Cap Core ETF
↑	SGI Dynamic Tactical ETF

Top Detractors
↓	US Dollar Cash Holdings
↓	SGI Enhanced Core ETF
↓	iShares Core MSCI Emerging
↓	iShares Core MSCI EAFE ETF
↓	SGI Small Cap Equity Fund

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

SGI Peak Growth Fund  PAGE 1  TSR-AR-74933W783

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	8/6/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
SGI Peak Growth Fund Class I	10,000	10,120	10,600	10,940	10,630	10,470	11,170	11,610	11,490	11,520	11,750	12,130	12,200	12,400	12,440	12,630	12,130	12,760	12,420	12,903	12,210	11,964	12,165	11,506	11,685	10,937	11,562	11,160	10,266	11,082	11,629	11,060	11,708	11,463	11,474	11,530	11,250	11,898	12,200	11,854	11,451	11,150	11,909	12,619	12,664	13,035	13,428	12,844	13,349	13,450	13,866	14,136
S&P 500 Total Return Index	10,000	9,601	10,143	10,872	10,459	10,181	11,295	11,729	11,611	11,931	12,453	13,118	13,210	13,518	13,839	14,260	13,597	14,549	14,449	15,096	14,315	13,886	14,402	13,146	13,170	12,083	13,197	12,659	11,493	12,424	13,118	12,362	13,139	12,818	13,289	13,496	13,555	14,451	14,915	14,677	13,978	13,684	14,933	15,612	15,874	16,722	17,260	16,555	17,376	17,999	18,218	18,660

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (06/08/2020)
Class I (without sales charge)	19.25	8.53
S&P 500 Total Return Index	27.14	15.89

Visit https://sgiam.com/literature/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$28,007,183
Number of Holdings	7
Net Advisory Fee	$175,697
Portfolio Turnover	44%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
SGI U.S. Large Cap Equity Fund	29.5%
SGI Small Cap Core Fund	17.3%
SGI Enhanced Global Income ETF	14.8%
SGI Global Equity Fund	14.1%
SGI U.S. Large Cap Core ETF	12.9%
SGI Dynamic Tactical ETF	9.7%
SGI Enhanced Core ETF	1.0%

Top Sectors	(% of net assets)
Cash & Other	100.0%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-855-744-8500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

SGI Peak Growth Fund  PAGE 2  TSR-AR-74933W783

10940126301116011854141361087214260126591467718660

	SGI Prudent Growth Fund
	Class I | SGPGX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the SGI Prudent Growth Fund (the “Fund”)  for the period of September 1, 2023 to August 31, 2024. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at 1-855-744-8500.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Class I	$142	1.31%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the fiscal year ending August 31, 2024, net of fees, the Fund returned 16.62% underperforming its benchmark, the S&P 500 Total Return Index, which returned 27.14%. On an absolute basis, strategic allocations to SGI US Large Cap Equity Fund, SGI Global Equity Fund, SGI Large Cap Core ETF, and SGI Dynamic Tactical ETF contributed 13.47% to the fund’s performance.

WHAT FACTORS INFLUENCED PERFORMANCE?

To crush skyrocketing inflation, the Federal Reserve raised the fed funds rate a significant 5.25% during a 16-month period from March 2022 through July 2023. This approach was effective and all key U.S. inflation indicators fell during the fiscal year. As a result, the Federal Reserve signaled no further rate increases and the possibility of upcoming rate cuts. This sparked a strong rally in equities and risk assets in general. Growth stocks, particularly semiconductor and AI related stocks, had tremendous performance. Broad market indices of international stocks also performed well, however, U.S market indices performed even better with many reaching all-time highs.

WHAT WERE THE TOP CONTRIBUTORS AND DETRACTORS?

Overweight exposure to equities and underweight exposure to fixed income benefited performance the most. Factors that contributed least to relative performance were exposure to bond funds, and small cap stocks.
The broad-based index may not necessarily reflect an accurate description of the underlying holdings found in the Fund.

Top Contributors
↑	SGI US Large Cap Equity Fund
↑	SGI Global Equity Fund
↑	SGI US Large Cap Core ETF
↑	SGI Dynamic Tactical ETF
↑	SGI Small Cap Core Fund

Top Detractors
↓	US Dollar Cash Holdings
↓	PGIM Ultra Short Bond ETF
↓	iShares IBOXX High Yield ETF
↓	iShares 20+ Year Treasury
↓	SGI US Small Cap Equity Fund

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

SGI Prudent Growth Fund  PAGE 1  TSR-AR-74933W775

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	8/6/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
SGI Prudent Growth Fund Class I	10,000	10,050	10,390	10,600	10,400	10,250	10,750	11,016	10,886	10,816	10,966	11,266	11,306	11,476	11,556	11,697	11,326	11,757	11,556	11,841	11,343	11,142	11,195	10,676	10,803	10,273	10,697	10,379	9,744	10,273	10,697	10,319	10,775	10,531	10,659	10,712	10,521	10,924	11,125	10,903	10,563	10,362	10,977	11,488	11,563	11,819	12,085	11,638	12,000	12,128	12,426	12,714
S&P 500 Total Return Index	10,000	9,601	10,143	10,872	10,459	10,181	11,295	11,729	11,611	11,931	12,453	13,118	13,210	13,518	13,839	14,260	13,597	14,549	14,449	15,096	14,315	13,886	14,402	13,146	13,170	12,083	13,197	12,659	11,493	12,424	13,118	12,362	13,139	12,818	13,289	13,496	13,555	14,451	14,915	14,677	13,978	13,684	14,933	15,612	15,874	16,722	17,260	16,555	17,376	17,999	18,218	18,660

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (06/08/2020)
Class I (without sales charge)	16.62	5.84
S&P 500 Total Return Index	27.14	15.89

Visit https://sgiam.com/literature/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$26,929,138
Number of Holdings	10
Net Advisory Fee	$179,498
Portfolio Turnover	61%
30-Day SEC Yield	0.48%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
SGI U.S. Large Cap Equity Fund	30.3%
iShares Core U.S. Aggregate Bond ETF	9.4%
SGI Enhanced Global Income ETF	9.0%
SGI Global Equity Fund	8.9%
SGI U.S. Large Cap Core ETF	8.9%
SGI Enhanced Core ETF	8.5%
SGI Small Cap Core Fund	8.0%
SGI Dynamic Tactical ETF	4.9%
iShares iBoxx $ High Yield Corporate Bond ETF	4.8%
iShares 20+ Year Treasury Bond ETF	4.7%

Top Sectors	(% of net assets)
Cash & Other	100.0%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/

SGI Prudent Growth Fund  PAGE 2  TSR-AR-74933W775

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-855-744-8500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

SGI Prudent Growth Fund  PAGE 3  TSR-AR-74933W775

10600116971037910903127141087214260126591467718660

	SGI Enhanced Core ETF
	USDX (Principal U.S. Listing Exchange: NASDAQ)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the SGI Enhanced Core ETF (the “Fund”)  for the period of February 28, 2024 to August 31, 2024. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at 1-855-744-8500.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SGI Enhanced Core ETF	$51*	0.99%

* Amount shown reflects the expense of the Fund from inception date through August 31, 2024. Expenses would be higher if the fund had been in operations for the entire period of this report.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

From inception, February 28, 2024, to the end of the fiscal year, August 31, 2024, net of fees, the Fund returned 4.10% slightly underperforming its benchmark, the S&P U.S. Aggregate Bond Index, which returned 4.84%. The Fund’s total gross return was 4.59%, which is composed of money market yield and options return. Of the 4.59% gross return, 2.03% can be attributed to the options yield, and the remaining 2.56% can be attributed to the money market yield.

WHAT FACTORS INFLUENCED PERFORMANCE?

To crush skyrocketing inflation, the Federal Reserve raised the fed funds rate a significant 5.25% during a 16-month period from March 2022 through July 2023. This approach was effective and all key U.S. inflation indicators fell during the fiscal year. As a result, the Federal Reserve signaled no further rate increases and the possibility of upcoming rate cuts. This sparked a strong rally in equities and risk assets in general. Growth stocks, particularly semiconductor and AI related stocks, had tremendous performance. Broad market indices of international stocks also performed well, however, U.S market indices performed even better with many reaching all-time highs.

The broad-based index may not necessarily reflect an accurate description of the underlying holdings found in the Fund.

Top Contributors
↑	Money Market Yield
↑	Options Yield

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	02/28/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
SGI Enhanced Core ETF NAV	10,000	10,000	10,040	10,095	10,174	10,241	10,327	10,411
SGI Enhanced Core ETF Market	10,000	10,012	10,044	10,104	10,178	10,236	10,329	10,411
S&P U.S. Aggregate Bond Index**	10,000	10,013	10,095	9,881	10,032	10,129	10,337	10,484
S&P 500 Total Return Index	10,000	10,054	10,378	9,954	10,448	10,823	10,954	11,220

SGI Enhanced Core ETF  PAGE 1  TSR-AR-74933W254

ANNUAL AVERAGE TOTAL RETURN (%)

	Since Inception (02/28/2024)
SGI Enhanced Core ETF NAV	4.10
SGI Enhanced Core ETF Market	4.11
S&P U.S. Aggregate Bond Index**	4.84
S&P 500 Total Return Index	12.20

Visit https://sgiam.com/literature/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** Effective with this report, and pursuant to new regulatory requirements, the S&P U.S. Aggregate Bond Index replaced the S&P 500 Total Return Index as the Fund’s primary benchmark to represent a broad-based securities market index.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$129,257,035
Number of Holdings	14
Net Advisory Fee	$405,684
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
Vanguard Treasury Money Market Fund	18.9%
Vanguard Federal Money Market Fund	18.9%
PIMCO Government Money Market Fund	16.6%
Fidelity Government Cash Reserves	16.6%
First American Government Obligations Fund	2.0%
T Rowe Price US Treasury Money Fund, Inc.	0.0%
JPMorgan Liquid Assets Money Market Fund	0.0%
S&P 500 Index	0.0%

Top Sectors	(% of net assets)
Cash & Other	100.0%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-855-744-8500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

SGI Enhanced Core ETF  PAGE 2  TSR-AR-74933W254

10411104111048411220

	SGI Enhanced Global Income ETF
	GINX (Principal U.S. Listing Exchange: NASDAQ)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the SGI Enhanced Global Income ETF (the “Fund”)  for the period of February 28, 2024 to August 31, 2024. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at 1-855-744-8500.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SGI Enhanced Global Income ETF	$601	1.14%

1 Amount shown reflects the expense of the Fund from inception date through August 31, 2024. Expenses would be higher if the fund had been in operations for the entire period of this report.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

From inception, February 28, 2024, to the end of the fiscal year, August 31, 2024, net of fees, the Fund returned 8.01% underperforming its benchmark, the S&P Global Broad Market Index, which returned 10.89%. The Fund’s total gross return was 8.32%, which is composed of equities return and options return. Of the 8.32% gross return, 1.11% can be attributed to the options yield, and the remaining 7.21% can be attributed to the equities return.

WHAT FACTORS INFLUENCED PERFORMANCE?

To crush skyrocketing inflation, the Federal Reserve raised the fed funds rate a significant 5.25% during a 16-month period from March 2022 through July 2023. This approach was effective and all key U.S. inflation indicators fell during the fiscal year. As a result, the Federal Reserve signaled no further rate increases and the possibility of upcoming rate cuts. This sparked a strong rally in equities and risk assets in general. Growth stocks, particularly semiconductor and AI related stocks, had tremendous performance. Broad market indices of international stocks also performed well, however, U.S market indices performed even better with many reaching all-time highs.

WHAT WERE THE TOP CONTRIBUTORS AND DETRACTORS?

Stock selection and sector allocations both detracted from relative performance during the period. Strong stock selection in the Consumer Discretionary and Financials sectors contributed the most to relative returns. Communication Services was the largest detracting sector affected by weak stock selection. A significant underweight exposure to the Information Technology sector further impacted performance negatively. A significant overweight exposure to the Energy sector also hurt relative performance.

Top Contributors
↑	Shinhan Financial Group - ADR
↑	Unitedhealth Group Inc.
↑	Infosys Ltd-SP ADR
↑	Novo-Nordisk A/S-Spons ADR
↑	TJX Companies Inc.

Top Detractors
↓	Nvidia Corp.
↓	Telkom Indonesia Persero - ADR
↓	TIM SA-ADR
↓	Coca-Cola Femsa SAB-SP ADR
↓	Micron Technology Inc.

SGI Enhanced Global Income ETF  PAGE 1  TSR-AR-74933W262

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	02/28/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
SGI Enhanced Global Income ETF NAV	10,000	10,016	10,349	10,000	10,358	10,428	10,614	10,803
SGI Enhanced Global Income ETF Market	10,000	10,039	10,365	10,007	10,366	10,430	10,636	10,769
S&P Global Broad Market Index**	10,000	10,045	10,364	10,020	10,425	10,613	10,839	11,089
S&P 500 Total Return Index	10,000	10,054	10,378	9,954	10,448	10,823	10,954	11,220

ANNUAL AVERAGE TOTAL RETURN (%)

	Since Inception (02/28/2024)
SGI Enhanced Global Income ETF NAV	8.01
SGI Enhanced Global Income ETF Market	7.69
S&P Global Broad Market Index**	10.89
S&P 500 Total Return Index	12.20

Visit https://sgiam.com/literature/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** Effective with this report, and pursuant to new regulatory requirements, the S&P Global Broad Market Index replaced the S&P 500 Total Return Index as the Fund’s primary benchmark to represent a broad-based securities market index.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$68,238,628
Number of Holdings	85
Net Advisory Fee	$261,368
Portfolio Turnover	158%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
Eli Lilly & Co.	3.9%
Meta Platforms, Inc.	3.9%
Apple, Inc.	3.7%
Rio Tinto PLC	3.3%
Novo Nordisk AS	3.2%
Alphabet, Inc.	3.1%
Equinor ASA	2.9%
Microsoft Corp.	2.8%
Bancolombia SA	2.6%
Shinhan Financial Group Co. Ltd.	2.4%

Top Sectors	(% of net assets)
Financial	19.7%
Technology	19.0%
Consumer, Non-cyclical	15.8%
Communications	15.0%
Industrial	9.2%
Energy	7.8%
Consumer, Cyclical	4.8%
Utilities	3.4%
Basic Materials	3.3%
Cash & Other	2.0%

SGI Enhanced Global Income ETF  PAGE 2  TSR-AR-74933W262

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-855-744-8500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

SGI Enhanced Global Income ETF  PAGE 3  TSR-AR-74933W262

10803107691108911220

	SGI Enhanced Nasdaq-100 ETF
	QXQ (Principal U.S. Listing Exchange: NASDAQ)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the SGI Enhanced Nasdaq-100 ETF (the “Fund”)  for the period of June 13, 2024 to August 31, 2024. You can find additional information about the Fund at https://sgiam.com/literature/. You can also request this information by contacting us at 1-855-744-8500.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
SGI Enhanced Nasdaq-100 ETF	$26*	1.18%

* Amount shown reflects the expense of the Fund from inception date through August 31, 2024. Expenses would be higher if the fund had been in operations for the entire period of this report.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

From inception, June 13, 2024, to the end of the fiscal year, August 31, 2024, net of fees, the Fund returned 1.70% underperforming its benchmark, the S&P 500 Total Return Index. The Fund outperformed its secondary benchmark, the Nasdaq-100 Index, which returned 0.15%. The Fund’s total gross return was 1.88%, which is composed of futures return and options return. Of the 1.88% gross return, 0.81% can be attributed to the options yield, and the remaining 1.07% can be attributed to the futures return.

WHAT FACTORS INFLUENCED PERFORMANCE?

To crush skyrocketing inflation, the Federal Reserve raised the fed funds rate a significant 5.25% during a 16-month period from March 2022 through July 2023. This approach was effective and all key U.S. inflation indicators fell during the fiscal year. As a result, the Federal Reserve signaled no further rate increases and the possibility of upcoming rate cuts. This sparked a strong rally in equities and risk assets in general. Growth stocks, particularly semiconductor and AI related stocks, had tremendous performance. Broad market indices of international stocks also performed well, however, U.S market indices performed even better with many reaching all-time highs.

The broad-based index may not necessarily reflect an accurate description of the underlying holdings found in the Fund.

Top Contributors
↑	Futures Returns
↑	Options Yield

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

SGI Enhanced Nasdaq-100 ETF  PAGE 1  TSR-AR-74933W239

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	06/13/2024	06/30/2024	07/31/2024	08/31/2024
SGI Enhanced Nasdaq-100 ETF NAV	10,000	10,073	10,111	10,172
SGI Enhanced Nasdaq-100 ETF Market	10,000	10,117	10,121	10,176
S&P 500 Total Return Index	10,000	10,056	10,178	10,425
NASDAQ 100 Index	10,000	10,058	9,898	10,015

ANNUAL AVERAGE TOTAL RETURN (%)

	Since Inception (06/13/2024)
SGI Enhanced Nasdaq-100 ETF NAV	1.70
SGI Enhanced Nasdaq-100 ETF Market	1.76
S&P 500 Total Return Index	4.25
NASDAQ 100 Index	0.15

Visit https://sgiam.com/literature/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$10,553,512
Number of Holdings	5
Net Advisory Fee	$15,052
Portfolio Turnover	0%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of net assets)
First American Government Obligations Fund	4.7%
S&P 500 Index	0.0%
Micro E-Mini Nasdaq 100 Future Sept 2024	0.0%
Nasdaq 100 Index	-0.9%

Top Sectors	(% of net assets)
Cash & Other	100.0%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://sgiam.com/literature/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-855-744-8500, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

SGI Enhanced Nasdaq-100 ETF  PAGE 2  TSR-AR-74933W239

10172101761042510015

	US Treasury 3 Month Bill ETF
	TBIL (Principal U.S. Listing Exchange: NASDAQ)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the US Treasury 3 Month Bill ETF (the “Fund”) for the period from September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.ustreasuryetf.com/etf/tbil/. You can also request this information by contacting us at 1-800-617-0004.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
US Treasury 3 Month Bill ETF	$15	0.15%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The investment objective of the Fund is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the ICE BofA US 3-Month Treasury Bill Index (the “Index”). The Fund delivered competitive returns for the year, with 5.37% compared to the Index’s 5.51%. Dividends represented the majority of the returns, with the price only improving by 0.28% for the year.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	44781	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
US Treasury 3 Month Bill ETF NAV	10000	10010	10042	10059	10094	10130	10164	10200	10250	10284	10326	10373	10414	10460	10508	10554	10600	10648	10693	10736	10783	10828	10879	10923	10971	11022
US Treasury 3 Month Bill ETF Market	10000	10012	10044	10061	10099	10133	10166	10204	10253	10288	10331	10379	10415	10469	10509	10557	10602	10651	10692	10739	10782	10827	10881	10922	10970	11020
ICE US Treasury Core Bond Index	10000	9813	9459	9325	9575	9528	9764	9536	9812	9865	9749	9676	9643	9593	9381	9267	9587	9897	9884	9754	9809	9589	9728	9826	10041	10170
ICE BofA 3 Month Treasury Bill	10000	10012	10037	10053	10086	10122	10154	10188	10232	10264	10305	10352	10394	10441	10489	10536	10583	10633	10679	10723	10771	10818	10870	10914	10964	11016

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (08/08/2022)
US Treasury 3 Month Bill ETF NAV	5.37	4.83
US Treasury 3 Month Bill ETF Market	5.27	4.82
ICE US Treasury Core Bond Index	6.01	0.82
ICE BofA 3 Month Treasury Bill	5.51	4.80

Visit https://www.ustreasuryetf.com/etf/tbil/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

US Treasury 3 Month Bill ETF  PAGE 1  TSR-AR-74933W452

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$4,104,507,086
Number of Holdings	2
Net Advisory Fee	$4,625,006
Portfolio Turnover	0%
30-Day SEC Yield	4.77%
30-Day SEC Yield Unsubsidized	4.77%

Visit https://www.ustreasuryetf.com/etf/tbil/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
United States Treasury Bill	100.0%

Top Sectors	(% of Net Assets)
Cash & Other	100.0%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ustreasuryetf.com/etf/tbil/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by F/m Investments or your financial intermediary.

US Treasury 3 Month Bill ETF  PAGE 2  TSR-AR-74933W452

1001010460110221001210469110209813959310170100121044111016

	US Treasury 6 Month Bill ETF
	XBIL (Principal U.S. Listing Exchange: NASDAQ)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the US Treasury 6 Month Bill ETF (the “Fund”) for the period from September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.ustreasuryetf.com/etf/xbil/. You can also request this information by contacting us at 1-800-617-0004.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
US Treasury 6 Month Bill ETF	$15	0.15%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The investment objective of the Fund is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the ICE BofA US 6-Month Treasury Bill Index (the “Index”). The Fund delivered competitive returns for the year, with 5.48% compared to the Index’s 5.66%. Dividends represented the majority of the return, with the price only improving by 0.44% for the year.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	45080	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
US Treasury 6 Month Bill ETF NAV	10000	10046	10076	10099	10147	10189	10235	10282	10324	10377	10429	10470	10505	10550	10591	10640	10685	10740	10795
US Treasury 6 Month Bill ETF Market	10000	10052	10080	10104	10153	10191	10242	10284	10330	10382	10432	10470	10508	10551	10592	10640	10682	10738	10796
ICE US Treasury Core Bond Index	10000	10323	10378	10256	10179	10144	10093	9869	9749	10086	10412	10399	10261	10320	10088	10234	10337	10563	10700
ICE BofA 6-Month US Treasury Bill Total Return Index	10000	10048	10082	10107	10155	10198	10243	10290	10335	10389	10443	10488	10525	10572	10615	10665	10710	10767	10823

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (03/07/2023)
US Treasury 6 Month Bill ETF NAV	5.48	5.28
US Treasury 6 Month Bill ETF Market	5.41	5.28
ICE US Treasury Core Bond Index	6.01	4.65
ICE BofA 6-Month US Treasury Bill Total Return Index	5.66	5.46

Visit https://www.ustreasuryetf.com/etf/xbil/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

US Treasury 6 Month Bill ETF  PAGE 1  TSR-AR-74933W460

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$598,493,825
Number of Holdings	2
Net Advisory Fee	$800,012
Portfolio Turnover	0%
30-Day SEC Yield	4.54%
30-Day SEC Yield Unsubsidized	4.54%

Visit https://www.ustreasuryetf.com/etf/xbil/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
United States Treasury Bill	100.0%

Top Sectors	(% of Net Assets)
Cash & Other	100.0%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ustreasuryetf.com/etf/xbil/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by F/m Investments or your financial intermediary.

US Treasury 6 Month Bill ETF  PAGE 2  TSR-AR-74933W460

1023510795102421079610093107001024310823

	US Treasury 12 Month Bill ETF
	OBIL (Principal U.S. Listing Exchange: NASDAQ)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the US Treasury 12 Month Bill ETF (the “Fund”) for the period from September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.ustreasuryetf.com/etf/obil/. You can also request this information by contacting us at 1-800-617-0004.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
US Treasury 12 Month Bill ETF	$15	0.15%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The investment objective of the Fund is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the ICE BofA US 1-Year Treasury Bill Index (the “Index”). The Fund delivered competitive returns for the year, with 5.58% compared to the Index’s 5.61%. Dividends represented the majority of the returns, with the price only improving by 0.79% for the year.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	11/14/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
US Treasury 12 Month Bill ETF NAV	10000	10012	10055	10094	10101	10178	10193	10191	10214	10256	10301	10338	10380	10449	10528	10568	10580	10618	10638	10687	10731	10806	10876
US Treasury 12 Month Bill ETF Market	10000	10011	10059	10096	10106	10180	10197	10196	10218	10261	10308	10343	10384	10457	10530	10570	10586	10619	10638	10688	10730	10804	10878
ICE US Treasury Core Bond Index	10000	10154	10104	10354	10112	10405	10462	10338	10261	10226	10173	9948	9827	10166	10496	10482	10343	10402	10168	10316	10420	10648	10785
ICE BofA US 1-Year Treasury Bill Total Return Index	10000	10010	10051	10093	10105	10182	10196	10200	10224	10270	10315	10353	10399	10474	10545	10584	10594	10634	10654	10705	10750	10822	10894

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (11/15/2022)
US Treasury 12 Month Bill ETF NAV	5.58	4.79
US Treasury 12 Month Bill ETF Market	5.54	4.80
ICE US Treasury Core Bond Index	6.01	4.30
ICE BofA US 1-Year Treasury Bill Total Return Index	5.61	4.89

Visit https://www.ustreasuryetf.com/etf/obil/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

US Treasury 12 Month Bill ETF  PAGE 1  TSR-AR-74933W478

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$237,097,582
Number of Holdings	2
Net Advisory Fee	$310,472
Portfolio Turnover	0%
30-Day SEC Yield	4.29%
30-Day SEC Yield Unsubsidized	4.29%

Visit https://www.ustreasuryetf.com/etf/obil/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
United States Treasury Bill	100.0%

Top Sectors	(% of Net Assets)
Cash & Other	100.0%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ustreasuryetf.com/etf/obil/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by F/m Investments or your financial intermediary.

US Treasury 12 Month Bill ETF  PAGE 2  TSR-AR-74933W478

1030110876103081087810173107851031510894

	US Treasury 2 Year Note ETF
	UTWO (Principal U.S. Listing Exchange: NASDAQ)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the US Treasury 2 Year Note ETF (the “Fund”) for the period from September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.ustreasuryetf.com/etf/utwo/. You can also request this information by contacting us at 1-800-617-0004.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
US Treasury 2 Year Note ETF	$15	0.15%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The investment objective of the Fund is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the ICE BofA Current 2-Year US Treasury Index (the “Index”). The Fund delivered competitive returns for the year, with 5.54% compared to the Index’s 5.56%. Dividends represented the majority of the return, with the price only improving by 1.20% for the year.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	44781	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
US Treasury 2 Year Note ETF NAV	10000	9980	9868	9845	9899	9907	9975	9883	10048	10068	10020	9955	9983	10018	10009	10041	10137	10251	10289	10243	10274	10233	10301	10360	10480	10573
US Treasury 2 Year Note ETF Market	10000	9980	9876	9853	9899	9916	9974	9888	10051	10072	10020	9962	9982	10024	10012	10043	10141	10257	10295	10247	10275	10233	10306	10361	10479	10576
ICE US Treasury Core Bond Index	10000	9813	9459	9325	9575	9528	9764	9536	9812	9865	9749	9676	9643	9593	9381	9267	9587	9897	9884	9754	9809	9589	9728	9826	10041	10170
ICE BofA U.S. Treasury Current 2 Yr TR	10000	9977	9860	9839	9892	9904	9968	9880	10046	10066	10017	9953	9981	10015	10007	10040	10138	10251	10289	10241	10273	10232	10300	10360	10479	10573

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (08/09/2022)
US Treasury 2 Year Note ETF NAV	5.54	2.74
US Treasury 2 Year Note ETF Market	5.51	2.75
ICE US Treasury Core Bond Index	6.01	0.82
ICE BofA U.S. Treasury Current 2 Yr TR	5.56	2.74

Visit https://www.ustreasuryetf.com/etf/utwo/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

US Treasury 2 Year Note ETF  PAGE 1  TSR-AR-74933W486

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$452,474,166
Number of Holdings	1
Net Advisory Fee	$545,743
Portfolio Turnover	1091%
30-Day SEC Yield	3.86%
30-Day SEC Yield Unsubsidized	3.86%

Visit https://www.ustreasuryetf.com/etf/utwo/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
United States Treasury Note/Bond	99.6%

Top Sectors	(% of Net Assets)
Government	99.6%
Cash & Other	0.4%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ustreasuryetf.com/etf/utwo/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by F/m Investments or your financial intermediary.

US Treasury 2 Year Note ETF  PAGE 2  TSR-AR-74933W486

9980100181057399801002410576981395931017099771001510573

	US Treasury 3 Year Note ETF
	UTRE (Principal U.S. Listing Exchange: NASDAQ)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the US Treasury 3 Year Note ETF (the “Fund”) for the period from September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.ustreasuryetf.com/etf/utre/. You can also request this information by contacting us at 1-800-617-0004.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
US Treasury 3 Year Note ETF	$15	0.15%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The investment objective of the Fund is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the ICE BofA Current 3-Year US Treasury Index (the “Index”). The Fund delivered competitive returns for the year, with 5.82% compared to the Index’s 5.93%. Dividends represented the majority of the return, with the price only improving by 1.81% for the year.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	03/27/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
US Treasury 3 Year Note ETF NAV	10000	10003	10048	9983	9882	9911	9934	9888	9899	10047	10196	10228	10143	10175	10084	10176	10245	10406	10513
US Treasury 3 Year Note ETF Market	10000	10005	10049	9989	9885	9909	9938	9891	9902	10052	10203	10227	10146	10177	10083	10177	10245	10403	10512
ICE US Treasury Core Bond Index	10000	10039	10094	9975	9900	9866	9816	9598	9482	9809	10127	10113	9980	10036	9811	9953	10054	10274	10406
ICE BofA Current 3-Year US Treasury Total Return Index	10000	10001	10047	9987	9886	9913	9935	9891	9904	10052	10204	10236	10150	10182	10091	10182	10253	10416	10524

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (03/28/2023)
US Treasury 3 Year Note ETF NAV	5.82	3.56
US Treasury 3 Year Note ETF Market	5.78	3.56
ICE US Treasury Core Bond Index	6.01	2.82
ICE BofA Current 3-Year US Treasury Total Return Index	5.93	3.64

Visit https://www.ustreasuryetf.com/etf/utre/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

US Treasury 3 Year Note ETF  PAGE 1  TSR-AR-74933W494

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$7,454,545
Number of Holdings	1
Net Advisory Fee	$8,651
Portfolio Turnover	905%
30-Day SEC Yield	3.55%
30-Day SEC Yield Unsubsidized	3.55%

Visit https://www.ustreasuryetf.com/etf/utre/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
United States Treasury Note/Bond	99.8%

Top Sectors	(% of Net Assets)
Government	99.8%
Cash & Other	0.2%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ustreasuryetf.com/etf/utre/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by F/m Investments or your financial intermediary.

US Treasury 3 Year Note ETF  PAGE 2  TSR-AR-74933W494

993410513993810512981610406993510524

	US Treasury 5 Year Note ETF
	UFIV (Principal U.S. Listing Exchange: NASDAQ)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the US Treasury 5 Year Note ETF (the “Fund”) for the period from September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.ustreasuryetf.com/etf/ufiv/. You can also request this information by contacting us at 1-800-617-0004.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
US Treasury 5 Year Note ETF	$15	0.15%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The investment objective of the Fund is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the ICE BofA Current 5-Year US Treasury Index (the “Index”). The Fund delivered competitive returns for the year, with 6.06% compared to the Index’s 6.20%. Dividends represented the majority of the return, with the price only improving by 2.21% for the year.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	03/27/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
US Treasury 5 Year Note ETF NAV	10000	10008	10073	9965	9832	9838	9831	9708	9649	9902	10130	10150	10007	10053	9866	9989	10091	10310	10427
US Treasury 5 Year Note ETF Market	10000	10008	10072	9980	9839	9845	9838	9713	9654	9907	10139	10147	10011	10058	9864	9991	10093	10306	10425
ICE US Treasury Core Bond Index	10000	10039	10094	9975	9900	9866	9816	9598	9482	9809	10127	10113	9980	10036	9811	9953	10054	10274	10406
ICE BofA Current 5-Year US Treasury Total Return Index	10000	10004	10070	9970	9836	9843	9835	9712	9659	9913	10141	10164	10017	10064	9881	10004	10106	10325	10445

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (03/28/2023)
US Treasury 5 Year Note ETF NAV	6.06	2.97
US Treasury 5 Year Note ETF Market	5.97	2.95
ICE US Treasury Core Bond Index	6.01	2.82
ICE BofA Current 5-Year US Treasury Total Return Index	6.20	3.09

Visit https://www.ustreasuryetf.com/etf/ufiv/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

US Treasury 5 Year Note ETF  PAGE 1  TSR-AR-74933W510

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$24,208,442
Number of Holdings	1
Net Advisory Fee	$21,494
Portfolio Turnover	1036%
30-Day SEC Yield	3.35%
30-Day SEC Yield Unsubsidized	3.35%

Visit https://www.ustreasuryetf.com/etf/ufiv/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
United States Treasury Note/Bond	99.6%

Top Sectors	(% of Net Assets)
Government	99.6%
Cash & Other	0.4%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ustreasuryetf.com/etf/ufiv/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by F/m Investments or your financial intermediary.

US Treasury 5 Year Note ETF  PAGE 2  TSR-AR-74933W510

983110427983810425981610406983510445

	US Treasury 7 Year Note ETF
	USVN (Principal U.S. Listing Exchange: NASDAQ)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the US Treasury 7 Year Note ETF (the “Fund”) for the period from September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.ustreasuryetf.com/etf/usvn/. You can also request this information by contacting us at 1-800-617-0004.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
US Treasury 7 Year Note ETF	$15	0.15%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The investment objective of the Fund is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the ICE BofA Current 7-Year US Treasury Index (the “Index”). The Fund performed well for the year, returning 6.15% versus the Index at 6.06%. Dividends represented the majority of the returns, with the price only improving by 2.52% for the year.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	03/27/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
US Treasury 7 Year Note ETF NAV	10000	10011	10085	9964	9821	9789	9742	9528	9401	9740	10044	10054	9870	9933	9680	9835	9954	10218	10341
US Treasury 7 Year Note ETF Market	10000	10015	10087	9974	9823	9789	9745	9530	9406	9741	10052	10048	9877	9938	9679	9836	9957	10216	10341
ICE US Treasury Core Bond Index	10000	10039	10094	9975	9900	9866	9816	9598	9482	9809	10127	10113	9980	10036	9811	9953	10054	10274	10406
ICE BofA Current 7-Year US Treasury Total Return Index	10000	10010	10085	9969	9827	9798	9753	9538	9406	9742	10042	10057	9871	9937	9688	9842	9964	10220	10344

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (03/28/2023)
US Treasury 7 Year Note ETF NAV	6.15	2.37
US Treasury 7 Year Note ETF Market	6.11	2.37
ICE US Treasury Core Bond Index	6.01	2.82
ICE BofA Current 7-Year US Treasury Total Return Index	6.06	2.39

Visit https://www.ustreasuryetf.com/etf/usvn/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

US Treasury 7 Year Note ETF  PAGE 1  TSR-AR-74933W528

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$5,391,694
Number of Holdings	1
Net Advisory Fee	$6,540
Portfolio Turnover	1064%
30-Day SEC Yield	3.42%
30-Day SEC Yield Unsubsidized	3.42%

Visit https://www.ustreasuryetf.com/etf/usvn/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
United States Treasury Note/Bond	99.5%

Top Sectors	(% of Net Assets)
Government	99.5%
Cash & Other	0.5%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ustreasuryetf.com/etf/usvn/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by F/m Investments or your financial intermediary.

US Treasury 7 Year Note ETF  PAGE 2  TSR-AR-74933W528

974210341974510341981610406975310344

	US Treasury 10 Year Note ETF
	UTEN (Principal U.S. Listing Exchange: NASDAQ)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the US Treasury 10 Year Note ETF (the “Fund”) for the period from September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.ustreasuryetf.com/etf/uten/. You can also request this information by contacting us at 1-800-617-0004.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
US Treasury 10 Year Note ETF	$15	0.15%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The investment objective of the Fund is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the ICE BofA Current 10-Year US Treasury Index (the “Index”). The Fund delivered competitive returns for the year, with 5.15% compared to the Index’s 5.26%. Dividends represented the majority of the return, with the price only improving by 2.02% for the year.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	44781	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
US Treasury 10 Year Note ETF NAV	10000	9700	9185	9017	9342	9206	9519	9218	9574	9642	9500	9388	9313	9228	8907	8708	9122	9492	9475	9281	9340	9024	9191	9308	9575	9704
US Treasury 10 Year Note ETF Market	10000	9669	9189	9025	9333	9203	9519	9222	9580	9645	9503	9385	9308	9235	8913	8716	9137	9496	9479	9288	9345	9027	9198	9308	9582	9708
ICE US Treasury Core Bond Index	10000	9813	9459	9325	9575	9528	9764	9536	9812	9865	9749	9676	9643	9593	9381	9267	9587	9897	9884	9754	9809	9589	9728	9826	10041	10170
ICE BofA Current 10-Year US Treasury Total Return Index	10000	9701	9188	9016	9353	9248	9530	9234	9591	9660	9519	9406	9332	9244	8922	8723	9140	9510	9494	9298	9357	9042	9212	9329	9598	9731

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (08/09/2022)
US Treasury 10 Year Note ETF NAV	5.15	-1.45
US Treasury 10 Year Note ETF Market	5.12	-1.43
ICE US Treasury Core Bond Index	6.01	0.82
ICE BofA Current 10-Year US Treasury Total Return Index	5.26	-1.31

Visit https://www.ustreasuryetf.com/etf/uten/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

US Treasury 10 Year Note ETF  PAGE 1  TSR-AR-74933W536

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$156,974,726
Number of Holdings	1
Net Advisory Fee	$168,751
Portfolio Turnover	317%
30-Day SEC Yield	3.64%
30-Day SEC Yield Unsubsidized	3.64%

Visit https://www.ustreasuryetf.com/etf/uten/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
United States Treasury Note/Bond	99.8%

Top Sectors	(% of Net Assets)
Government	99.8%
Cash & Other	0.2%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ustreasuryetf.com/etf/uten/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by F/m Investments or your financial intermediary.

US Treasury 10 Year Note ETF  PAGE 2  TSR-AR-74933W536

9700922897049669923597089813959310170970192449731

	US Treasury 20 Year Bond ETF
	UTWY (Principal U.S. Listing Exchange: NASDAQ)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the US Treasury 20 Year Bond ETF (the “Fund”) for the period from September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.ustreasuryetf.com/etf/utwy/. You can also request this information by contacting us at 1-800-617-0004.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
US Treasury 20 Year Bond ETF	$15	0.15%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The investment objective of the Fund is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the ICE BofA Current 20-Year US Treasury Index (the “Index”). The Fund delivered competitive returns for the year, with 4.47% compared to the Index’s 4.53%. Dividends represented the majority of the return, with the price only improving by 1.38% for the year.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	03/27/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
US Treasury 20 Year Bond ETF NAV	10000	10127	10175	9919	9888	9720	9490	8912	8556	9193	9822	9730	9494	9584	9086	9322	9442	9750	9914
US Treasury 20 Year Bond ETF Market	10000	10146	10191	9925	9880	9716	9496	8921	8562	9205	9828	9748	9497	9595	9097	9323	9453	9755	9913
ICE US Treasury Core Bond Index	10000	10039	10094	9975	9900	9866	9816	9598	9482	9809	10127	10113	9980	10036	9811	9953	10054	10274	10406
ICE BofA Current 20-Year US Treasury Total Return Index	10000	10128	10177	9920	9885	9718	9491	8911	8556	9196	9822	9731	9497	9584	9087	9323	9441	9749	9921

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (03/28/2023)
US Treasury 20 Year Bond ETF NAV	4.47	-0.60
US Treasury 20 Year Bond ETF Market	4.39	-0.61
ICE US Treasury Core Bond Index	6.01	2.82
ICE BofA Current 20-Year US Treasury Total Return Index	4.53	-0.55

Visit https://www.ustreasuryetf.com/etf/utwy/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

US Treasury 20 Year Bond ETF  PAGE 1  TSR-AR-74933W544

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$26,249,570
Number of Holdings	2
Net Advisory Fee	$20,746
Portfolio Turnover	344%
30-Day SEC Yield	3.88%
30-Day SEC Yield Unsubsidized	3.88%

Visit https://www.ustreasuryetf.com/etf/utwy/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
United States Treasury Note/Bond	99.7%
United States Treasury Bill	0.3%

Top Sectors	(% of Net Assets)
Government	99.7%
Cash & Other	0.3%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ustreasuryetf.com/etf/utwy/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by F/m Investments or your financial intermediary.

US Treasury 20 Year Bond ETF  PAGE 2  TSR-AR-74933W544

949099149496991398161040694919921

	US Treasury 30 Year Bond ETF
	UTHY (Principal U.S. Listing Exchange: NASDAQ)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the US Treasury 30 Year Bond ETF (the “Fund”) for the period from September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.ustreasuryetf.com/etf/uthy/. You can also request this information by contacting us at 1-800-617-0004.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
US Treasury 30 Year Bond ETF	$15	0.15%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The investment objective of the Fund is to seek investment results that correspond (before fees and expenses) generally to the price and yield performance of the ICE BofA Current 30-Year US Treasury Index (the “Index”). The Fund performed well for the year, returning 3.59% versus the Index at 3.53%. Dividends represented the majority of the return, with the price only improving by 1.18% for the year.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	03/27/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
US Treasury 30 Year Bond ETF NAV	10000	10187	10204	9925	9942	9696	9383	8667	8202	8991	9731	9509	9310	9363	8752	8994	9163	9496	9720
US Treasury 30 Year Bond ETF Market	10000	10200	10228	9920	9939	9691	9388	8668	8204	8973	9746	9484	9315	9365	8755	8994	9163	9504	9727
ICE US Treasury Core Bond Index	10000	10039	10094	9975	9900	9866	9816	9598	9482	9809	10127	10113	9980	10036	9811	9953	10054	10274	10406
ICE BofA Current 30-Year US Treasury Total Return Index	10000	10188	10206	9920	9934	9689	9388	8667	8203	8992	9731	9511	9302	9353	8743	8990	9157	9491	9720

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	Since Inception (03/28/2023)
US Treasury 30 Year Bond ETF NAV	3.59	-1.97
US Treasury 30 Year Bond ETF Market	3.61	-1.92
ICE US Treasury Core Bond Index	6.01	2.82
ICE BofA Current 30-Year US Treasury Total Return Index	3.53	-1.97

Visit https://www.ustreasuryetf.com/etf/uthy/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

US Treasury 30 Year Bond ETF  PAGE 1  TSR-AR-74933W551

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$17,954,668
Number of Holdings	2
Net Advisory Fee	$20,561
Portfolio Turnover	286%
30-Day SEC Yield	3.95%
30-Day SEC Yield Unsubsidized	3.95%

Visit https://www.ustreasuryetf.com/etf/uthy/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
United States Treasury Note/Bond	99.4%
United States Treasury Bill	0.4%

Top Sectors	(% of Net Assets)
Government	99.4%
Cash & Other	0.6%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.ustreasuryetf.com/etf/uthy/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by F/m Investments or your financial intermediary.

US Treasury 30 Year Bond ETF  PAGE 2  TSR-AR-74933W551

938397209388972798161040693889720

	F/m 2-Year Investment Grade Corporate Bond ETF
	ZTWO (Principal U.S. Listing Exchange: NYSE)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the F/m 2-Year Investment Grade Corporate Bond ETF (the “Fund”) for the period from January 10, 2024, to August 31, 2024. You can find additional information about the Fund at https://www.fminvest.com/etfs/us-credit-series/ztwo/. You can also request this information by contacting us at 1-800-617-0004.

WHAT WERE THE FUND COSTS FOR THE PAST PERIOD? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
F/m 2-Year Investment Grade Corporate Bond ETF	$10*	0.15%
* Amount shown reflects the expenses of the Fund from inception date through 8/31/24. Expenses would be higher if the Fund had been in operations for the full year.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

From the Fund inception date (January 10, 2024) to August 31, 2024, returns for the Fund closely tracked its expense-free target index.

The Fund seeks to track the investments of an index composed of U.S. dollar denominated, investment-grade corporate bonds, as represented by the ICE 2-Year US Target Maturity Corporate Index (the “2-Year Corporate Index”). The Fund invests in a representative sampling of securities included in the 2-Year Corporate Index that collectively has an investment profile similar to that of the 2-Year Corporate Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the 2-Year Corporate Index.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	10/01/2024	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
F/m 2-Year Investment Grade Corporate Bond ETF NAV	10,000	10,045	10,016	10,067	10,047	10,122	10,174	10,303	10,396
F/m 2-Year Investment Grade Corporate Bond ETF Market	10,000	10,048	10,024	10,083	10,055	10,133	10,178	10,308	10,409
ICE BofA US Corporate Index	10,000	10,090	9,949	10,067	9,833	10,015	10,079	10,317	10,476
ICE 2-Year US Target Maturity Corporate Index	10,000	10,056	10,031	10,084	10,066	10,142	10,196	10,326	10,422

F/m 2-Year Investment Grade Corporate Bond ETF  PAGE 1  TSR-AR-74933W429

ANNUAL AVERAGE TOTAL RETURN (%)

	Since Inception (01/10/2024)
F/m 2-Year Investment Grade Corporate Bond ETF NAV	3.96
F/m 2-Year Investment Grade Corporate Bond ETF Market	4.09
ICE BofA US Corporate Index	4.76
ICE 2-Year US Target Maturity Corporate Index	4.22

Visit https://www.fminvest.com/etfs/us-credit-series/ztwo/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$10,125,460
Number of Holdings	395
Net Advisory Fee	$9,200
Portfolio Turnover	110%
30-Day SEC Yield	4.67%
30-Day SEC Yield Unsubsidized	4.67%

Visit https://www.fminvest.com/etfs/us-credit-series/ztwo/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
Howmet Aerospace, Inc.	0.3%
Cisco Systems, Inc.	0.3%
BHP Billiton Finance USA Ltd.	0.3%
National Rural Utilities Cooperative Finance Corp.	0.3%
Texas Instruments, Inc.	0.3%
Vistra Operations Co. LLC	0.3%
Crown Castle, Inc.	0.3%
Starbucks Corp.	0.3%
Philip Morris International, Inc.	0.3%
John Deere Capital Corp.	0.3%

Top Sectors	(% of Net Assets)
Financials	32.1%
Industrials	9.5%
Technology	8.8%
Utilities	8.5%
Consumer Discretionary	7.9%
Consumer Staples	7.3%
Energy	7.2%
Health Care	6.7%
Materials	6.5%
Cash & Other	5.5%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/etfs/us-credit-series/ztwo/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by F/m Investments or your financial intermediary.

F/m 2-Year Investment Grade Corporate Bond ETF  PAGE 2  TSR-AR-74933W429

10396104091047610422

	F/m 3-Year Investment Grade Corporate Bond ETF
	ZTRE (Principal U.S. Listing Exchange: NYSE)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the F/m 3-Year Investment Grade Corporate Bond ETF (the “Fund”) for the period from January 10, 2024, to August 31, 2024. You can find additional information about the Fund at https://www.fminvest.com/etfs/us-credit-series/ztre/. You can also request this information by contacting us at 1-800-617-0004.

WHAT WERE THE FUND COSTS FOR THE PAST PERIOD? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
F/m 3-Year Investment Grade Corporate Bond ETF	$10*	0.15%
* Amount shown reflects the expenses of the Fund from inception date through 8/31/24. Expenses would be higher if the Fund had been in operations for the full year.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

From the Fund inception date (January 10, 2024) to August 31, 2024, returns for the Fund closely tracked its expense-free target index.

The Fund seeks to track the investments of an index composed of U.S. dollar denominated, investment-grade corporate bonds, as represented by the ICE 3-Year US Target Maturity Corporate Index (the “3-Year Corporate Index”). The Fund invests in a representative sampling of securities included in the 3-Year Corporate Index that collectively has an investment profile similar to that of the 3-Year Corporate Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the 3-Year Corporate Index.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	10/01/2024	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
F/m 3-Year Investment Grade Corporate Bond ETF NAV	10,000	10,060	10,000	10,065	10,001	10,108	10,165	10,326	10,441
F/m 3-Year Investment Grade Corporate Bond ETF Market	10,000	10,064	10,005	10,079	10,008	10,116	10,167	10,320	10,455
ICE BofA US Corporate Index	10,000	10,090	9,949	10,067	9,833	10,015	10,079	10,317	10,476
ICE 3-Year US Target Maturity Corporate Index	10,000	10,068	10,014	10,078	10,015	10,122	10,181	10,340	10,458

F/m 3-Year Investment Grade Corporate Bond ETF  PAGE 1  TSR-AR-74933W395

ANNUAL AVERAGE TOTAL RETURN (%)

	Since Inception (01/10/2024)
F/m 3-Year Investment Grade Corporate Bond ETF NAV	4.41
F/m 3-Year Investment Grade Corporate Bond ETF Market	4.55
ICE BofA US Corporate Index	4.76
ICE 3-Year US Target Maturity Corporate Index	4.58

Visit https://www.fminvest.com/etfs/us-credit-series/ztre/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$22,377,312
Number of Holdings	401
Net Advisory Fee	$16,566
Portfolio Turnover	86%
30-Day SEC Yield	4.50%
30-Day SEC Yield Unsubsidized	4.50%

Visit https://www.fminvest.com/etfs/us-credit-series/ztre/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
Mount Vernon Liquid Assets Portfolio, LLC	0.4%
APA Infrastructure Ltd.	0.3%
Goldman Sachs BDC, Inc.	0.3%
Tapestry, Inc.	0.3%
Jefferies Financial Group, Inc.	0.3%
JPMorgan Chase & Co.	0.3%
Jabil, Inc.	0.3%
Nokia Oyj	0.3%
Santander Holdings USA, Inc.	0.3%
ONEOK, Inc.	0.3%

Top Sectors	(% of Net Assets)
Financials	28.9%
Industrials	9.7%
Energy	9.4%
Consumer Discretionary	8.8%
Utilities	8.5%
Health Care	8.4%
Consumer Staples	8.0%
Technology	7.4%
Materials	6.7%
Cash & Other	4.2%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/etfs/us-credit-series/ztre/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by F/m Investments or your financial intermediary.

F/m 3-Year Investment Grade Corporate Bond ETF  PAGE 2  TSR-AR-74933W395

10441104551047610458

	F/m 10-Year Investment Grade Corporate Bond ETF
	ZTEN (Principal U.S. Listing Exchange: NYSE)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the F/m 10-Year Investment Grade Corporate Bond ETF (the “Fund”) for the period from January 10, 2024, to August 31, 2024. You can find additional information about the Fund at https://www.fminvest.com/etfs/us-credit-series/zten/. You can also request this information by contacting us at 1-800-617-0004.

WHAT WERE THE FUND COSTS FOR THE PAST PERIOD? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
F/m 10-Year Investment Grade Corporate Bond ETF	$10*	0.15%
* Amount shown reflects the expenses of the Fund from inception date through 8/31/24. Expenses would be higher if the Fund had been in operations for the full year.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

From the Fund inception date (January 10, 2024) to August 31, 2024, returns for the Fund closely tracked its expense-free target index.

The Fund seeks to track the investments of an index composed of U.S. dollar denominated, investment-grade corporate bonds, as represented by the ICE 10-Year US Target Maturity Corporate Index (the “10-Year Corporate Index”). The Fund invests in a representative sampling of securities included in the 10-Year Corporate Index that collectively has an investment profile similar to that of the 10-Year Corporate Index. Due to the use of representative sampling, the Fund may or may not hold all of the securities that are included in the 10-Year Corporate Index.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	01-10-2024	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
F/m 10-Year Investment Grade Corporate Bond ETF NAV	10,000	10,104	9,919	10,071	9,787	10,000	10,085	10,371	10,532
F/m 10-Year Investment Grade Corporate Bond ETF Market	10,000	10,087	9,938	10,076	9,793	10,017	10,093	10,370	10,568
ICE BofA US Corporate Index	10,000	10,090	9,949	10,067	9,833	10,015	10,079	10,317	10,476
ICE 10-Year US Target Maturity Corporate Index	10,000	10,104	9,936	10,087	9,808	10,024	10,103	10,388	10,553

F/m 10-Year Investment Grade Corporate Bond ETF  PAGE 1  TSR-AR-74933W411

ANNUAL AVERAGE TOTAL RETURN (%)

	Since Inception (01/10/2024)
F/m 10-Year Investment Grade Corporate Bond ETF NAV	5.32
F/m 10-Year Investment Grade Corporate Bond ETF Market	5.68
ICE BofA US Corporate Index	4.76
ICE 10-Year US Target Maturity Corporate Index	5.53

Visit https://www.fminvest.com/etfs/us-credit-series/zten/ for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$16,395,014
Number of Holdings	242
Net Advisory Fee	$13,424
Portfolio Turnover	131%
30-Day SEC Yield	5.12%
30-Day SEC Yield Unsubsidized	5.12%

Visit https://www.fminvest.com/etfs/us-credit-series/zten/ for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(% of Net Assets)
Mount Vernon Liquid Assets Portfolio, LLC	2.4%
Bank of New York Mellon Corp.	0.4%
Procter & Gamble Co.	0.4%
Brookfield Finance, Inc.	0.4%
UnitedHealth Group, Inc.	0.4%
Capital One Financial Corp.	0.4%
AutoZone, Inc.	0.4%
PNC Financial Services Group, Inc.	0.4%
Choice Hotels International, Inc.	0.4%
American Express Co.	0.4%

Top Sectors	(% of Net Assets)
Financials	28.4%
Utilities	12.6%
Health Care	10.2%
Energy	10.2%
Industrials	9.4%
Consumer Discretionary	6.6%
Technology	6.5%
Consumer Staples	5.7%
Materials	5.3%
Cash & Other	5.1%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/etfs/us-credit-series/zten/

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by F/m Investments or your financial intermediary.

F/m 10-Year Investment Grade Corporate Bond ETF  PAGE 2  TSR-AR-74933W411

10532105681047610553

	Oakhurst Fixed Income Fund
	Institutional Class | OHFIX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Oakhurst Fixed Income Fund (the “Fund”) for the period from September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.fminvest.com/mutual-funds/ohfix. You can also request this information by contacting us at 1-800-292-6775.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$60	0.58%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Fund comfortably outperformed its index during the past fiscal year as duration and sector strategies both proved beneficial. Expecting benchmark yields to rise, Fund duration had started the year well below that of the index in an effort to minimize the impact of higher rates. As inflation fell and valuations improved, the duration of the Fund was extended closer to improve performance during a declining rate environment. Overweight allocations to mortgage-backed securities and corporate bonds also aided relative Fund performance due to the additional income and strong performance from these sectors. With elevated recession risk, a reduction in corporate bonds and an increased focus on higher quality securities was warranted.

Top Contributors
	United States Treasury Note/Bond 4.13%, 11/15/2032
	United States Treasury Note/Bond 3.88%, 08/15/2033
	United States Treasury Note/Bond 3.50%, 02/15/2033
	United States Treasury Note/Bond 3.00%, 02/15/2042

Top Detractors
↓	New York Community Bancorp, Inc., 8.27% (3 mo. Term SOFR + 3.04%), 11/06/2028
	United States Treasury Note/Bond 4.88%, 05/31/2026
	91282CDY4  United States Treasury Note/Bond 1.88%, 02/15/2032
	31620RAJ4   Fidelity National Financial Inc 3.40% 06/15/2032

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	08/31/2014	09/30/2014	10/32/014	11/30/2014	12./31/2014	01/31/2015	02/28/2.015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12./31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/3122016	01/31/2017	02/28/2017	03/31/2017	04/3.022017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02 / 28 / 2019	03 / 31 2019	04/ 30 / 2019	05 / 31 2019	06 / 30 / 2019	07 / 31 2019	08 31 2019	09 / 30 2019	10 / 31 / 2019	11 30 / 2019	12 / 31 2019	10/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/0222	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/21/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Oakhurst Fixed Income Fund Institutional Class	10,000	9,953	10,005	10,059	10,046	10,181	10,152	10,196	10,197	10,200	10,129	10,172	10,174	10,227	10,250	10,241	10,226	10,313	10,326	10,415	10,461	10,486	1 0,620	10,687	10,708	10,724	10,697	10,527	10,547	10,604	10,669	10,673	10,742	10,834	10,825	10,894	10,977	1 0,948	10,975	10,955	10,982	10,910	10,858	10,883	10,830	10,895	10,898	10,905	10,978	10,948	10,911	10,951	11,064	11,161	1 1 , 187	1 1 , 354	11 ,396	11 , 564	1 1 , 673	1 1 ,689	11,903	1 1 , 866	1 1 , 908	11 , 884	11 ,877	12067	12246	11961	12188	12257	13422	12579	12552	12564	12525	12632	12674	12654	12538	12438	12520	12577	12625	12744	12730	12652	12597	12610	12597	12390	12249	11906	11583	11569	11406	11621	11382	10947	10807	11090	11051	11351	11160	11383	11454	11356	11309	11340	11311	11095	10965	11373	11790	11791	11651	11767	11496	11671	11815	12049	12240
Bloomberg U.S. Aggregate Bond Index	10,000	9,932	10,030	10,101	10,110	10,322	10,225	10,273	10,236	10,211	10,100	10,170	10,156	10,224	10,226	10,199	10,166	10,306	10,379	10,474	10,514	10,517	10,706	10,774	10,761	10,755	10,673	10,420	10,435	10,456	10,526	10,520	1 0,601	10,683	10,672	10,718	10,814	10,763	10,769	10,755	10,805	10,680	10,579	10,647	10,568	10,643	10,630	10,633	10,701	10,632	10,548	10,611	10806	10921	10 , 914	11 , 124	11 , 127	1 1 , 324	11 ,466	11 , 492	11,789	1 1 ,727	11762	11 ,755	11 ,748	11974	12189	12118	12333	12391	12469	12655	12553	12546	12490	12612	12630	12539	12358	12204	12300	12340	12427	12566	12542	12433	12430	12467	12435	12167	12031	11697	11253	11326	11148	11420	11098	10618	10481	10866	10817	11150	10862	11138	11205	11083	11044	11036	10965	10687	10518	10994	11415	11384	11223	11327	11041	11228	11334	11599	11765

Oakhurst Fixed Income Fund  PAGE 1  TSR-AR-74933W320

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Institutional Class	8.21	0.56	2.04
Bloomberg U.S. Aggregate Bond Index	7.30	-0.04	1.64

Visit https://www.fminvest.com/mutual-funds/ohfix for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$124,797,712
Number of Holdings	180
Net Advisory Fee	$345,974
Portfolio Turnover	41%

Visit https://www.fminvest.com/mutual-funds/ohfix for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(%) of net assets
United States Treasury Note/Bond	30.2%
Federal Home Loan Mortgage Corp.	8.5%
Federal National Mortgage Association	8.4%
Government National Mortgage Association	5.6%
United States of America	2.9%
Sequoia Mortgage Trust	2.0%
Invesco Treasury Portfolio	1.5%
Alaska Airlines, Inc.	1.0%
WaMu Mortgage Pass Through Certificates	0.9%
RCKT Mortgage Trust	0.9%

Top Sectors	(%) of net assets
Government	33.0%
Mortgage Securities	31.6%
Financials	11.4%
Asset Backed Securities	4.7%
Consumer Discretionary	3.9%
Technology	3.1%
Energy	2.8%
Health Care	2.8%
Utilities	2.5%
Cash & Other	4.2%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/mutual-funds/ohfix

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-292-6775, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by F/m Investments or your financial intermediary.

Oakhurst Fixed Income Fund  PAGE 2  TSR-AR-74933W320

10000101741070810977109781190312552127301138211311122401000010156107611081410701117891255312542110981096511765

	Oakhurst Short Duration Bond Fund
	Institutional Class | OHSDX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Oakhurst Short Duration Bond Fund (the “Fund”) for the period from September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.fminvest.com/mutual-funds/ohsdx. You can also request this information by contacting us at 1-800-292-6775.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$62	0.60%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The Fund performance easily outdistanced that of the ICE BofA 1-3 Year US Corporate & Government Total Return Index (the “Index”) during the fiscal year. Meaningful overweight allocations to both corporate bonds, mortgage-backed securities, and asset-backed securities generated substantial income advantages and turned in strong performance. Fund duration began the year slightly longer than that of the Index and was extended further as expectations for Federal Reserve interest rate cuts grew closer. The longer maturities and higher interest rate sensitivity (duration) was timely as shorter maturity Treasury yields fell considerably during the year. With an increased concern over future economic conditions, Fund duration has been lengthened further and the quality improved.

Top Contributors
↑	Federal Home Loan Mortgage Corp. Series 4938, Class BL, 2.25%, 07/25/2049
	Federal National Mortgage Association Series 2018-45, Class AB, 3.00%, 06/25/2048
	Elwood Energy LLC, 8.16%, 07/05/2026
	Mastr Adjustable Rate Mortgages Trust Series 2004-2, Class M1, 6.22% (1 mo. Term SOFR + 0.94%), 12/25/2034

Top Detractors
↓	Countrywide Asset-Backed Certificates, Series 2004-6, Class 2A3, 6.59% (1 mo. Term SOFR + 1.31%), 11/25/2034
	Mastr Adjustable Rate Mortgages Trust Series 2004-5, Class 4A1, 4.04%, 04/25/2035
	Series 2004-4, Class 2A, 6.02% (1 mo. Term SOFR + 0.67%), 06/19/2034
	Series 2003-13, Class 1A1, 6.30%, 10/25/2033

HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	08/31/2014	09/30/2014	10/31/2014	11/30/2014	12/31/2014	01/31/2015	02/28/2015	03/31/2015	04/30/2015	05/31/2015	06/30/2015	07/31/2015	08/31/2015	09/30/2015	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Oakhurst Short Duration Bond Fund Institutional Class	10000	9977	10006	10023	10004	10052	10059	10087	10106	10124	10112	10130	10139	10157	10165	10163	10153	10180	10177	10239	10278	10288	10349	10379	10377	10397	10406	10365	10386	10427	10455	10466	10498	10539	10537	10567	10600	10598	10609	10586	10595	10586	10575	10584	10584	10619	10629	10642	10676	10676	10680	10702	10763	10807	10832	10911	10946	11016	11065	11077	11136	11148	11190	11180	11187	11245	11313	11064	11200	11276	11364	11434	11465	11476	11489	11545	11580	11633	11652	11646	11667	11697	11695	11716	11724	11721	11693	11669	11654	11606	11547	11364	11287	11294	11176	11272	11179	11002	10934	11027	11048	11237	11170	11250	11324	11301	11311	11400	11429	11419	11417	11568	11750	11814	11786	11861	11826	11915	12015	12165	12306
Bloomberg U.S. Aggregate Bond Index	10000	9932	10030	10101	10110	10322	10225	10273	10236	10211	10100	10170	10156	10224	10226	10199	10166	10306	10379	10474	10514	10517	10706	10774	10761	10755	10673	10420	10435	10456	10526	10520	10601	10683	10672	10718	10814	10763	10769	10755	10805	10680	10579	10647	10568	10643	10630	10633	10701	10632	10548	10611	10806	10921	10914	11124	11127	11324	11466	11492	11789	11727	11762	11756	11748	11974	12189	12118	12333	12391	12469	12655	12553	12546	12490	12612	12630	12539	12358	12204	12300	12340	12427	12566	12542	12433	12430	12467	12435	12167	12031	11697	11253	11326	11148	11420	11098	10618	10481	10866	10817	11150	10862	11138	11205	11083	11044	11036	10965	10687	10518	10994	11415	11384	11223	11327	11041	11228	11334	11599	11765
ICE BofA 1-3 Year US Corporate & Government Total Retun Index	10000	9993	10019	10035	10007	10057	10044	10066	10074	10082	10081	10087	10080	10109	10107	10087	10074	10127	10137	10173	10186	10180	10240	10242	10231	10243	10239	10197	10203	10221	10238	10243	10261	10278	10274	10301	10321	10309	10308	10287	10291	10265	10256	10272	10262	10300	10302	10309	10344	10338	10350	10379	10459	10499	10517	10586	10611	10683	10743	10739	10824	10819	10857	10857	10884	10944	11030	11058	11128	11166	11192	11215	11220	11223	11224	11238	11248	11251	11245	11245	11255	11267	11252	11271	11272	11262	11227	11225	11202	11126	11071	10913	10854	10914	10845	10892	10816	10682	10668	10753	10778	10861	10785	10938	10976	10943	10901	10948	10989	10986	11020	11145	11276	11324	11285	11328	11295	11376	11440	11574	11679

Oakhurst Short Duration Bond Fund  PAGE 1  TSR-AR-74933W312

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	10 Year
Institutional Class	7.68	2.00	2.09
Bloomberg U.S. Aggregate Bond Index**	7.30	-0.04	1.64
ICE BofA 1-3 Year US Corporate & Government Total Retun Index	6.28	1.53	1.56

Visit https://www.fminvest.com/mutual-funds/ohsdx for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** Effective with this report, and pursuant to new regulatory requirements, the Bloomberg U.S. Aggregate Bond Index replaced the ICE BofA 1-3 Year US Corporate & Government Total Return Index as the Fund’s primary benchmark to represent a broad-based securities market index. The Fund continues to use the ICE BofA 1-3 Year US Corporate & Government Total Return Index as an additional benchmark.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$15,456,246
Number of Holdings	96
Net Advisory Fee	$(68,380)
Portfolio Turnover	48%

Visit https://www.fminvest.com/mutual-funds/ohsdx for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(%) of net assets
Federal National Mortgage Association	9.7%
United States Treasury Note/Bond	9.2%
Federal Home Loan Mortgage Corp.	6.8%
MortgageIT Trust	4.1%
Government National Mortgage Association	3.6%
Carvana Auto Receivables Trust	2.9%
Mastr Seasoned Securities Trust	1.9%
Leidos, Inc.	1.9%
Phillips 66 Partners LP	1.9%
Goldman Sachs BDC, Inc.	1.9%

Top Sectors	(%) of net assets
Mortgage Securities	38.3%
Financials	13.4%
Asset Backed Securities	11.7%
Government	9.2%
Consumer Discretionary	5.1%
Energy	4.8%
Communications	4.0%
Technology	3.0%
Utilities	3.0%
Cash & Other	7.5%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/mutual-funds/ohsdx

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-292-6775, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by F/m Investments or your financial intermediary.

Oakhurst Short Duration Bond Fund  PAGE 2  TSR-AR-74933W312

100001013910377106001067611136114651172411179114291230610000101561076110814107011178912553125421109810965117651000010080102311032110344108241122011272108161098911679

	Oakhurst Short Duration High Yield Credit Fund
	Institutional Class | OHSHX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the Oakhurst Short Duration High Yield Credit Fund (the “Fund”) for the period from September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.fminvest.com/mutual-funds/ohshx. You can also request this information by contacting us at 1-800-292-6775.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$100	0.95%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

For the 12-month period ended August 31, 2024, the Fund underperformed its benchmark, the ICE BofA 1-5 Year US Cash Pay High Yield Constrained Index, primarily due to security selection. The Fund’s overweight allocation to BB-rated credits while reducing CCCs and lower-rated single-Bs was a detractor from relative performance, as CCCs as a group meaningfully outperformed higher rating categories in the recent credit rally. Among the primary contributors to relative performance was the Fund’s underweight positions in several higher beta issuers that underperformed, primarily within the Media and Telecom sector, which continued to struggle managing highly levered capital structures in a higher rate environment.

We believe a quality-tilted investment style adds value by avoiding losers, and as such, we remain vigilant on changes in market conditions and focus on prudent credit selection, with emphasis on downside protection.

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	42014	10/31/2015	11/30/2015	12/31/2015	01/31/2016	02/29/2016	03/31/2016	04/30/2016	05/31/2016	06/30/2016	07/31/2016	08/31/2016	09/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
Oakhurst Short Duration High Yield Credit Fund Institutional Class	10000	10082	9939	9743	9537	9505	9774	9973	10024	10122	10352	10540	10628	10705	10684	10867	11028	11131	11133	11271	11358	11371	11463	11450	11510	11582	11539	11609	11722	11632	11597	11624	11642	11653	11729	11803	11860	11724	11673	11469	11865	12021	12117	12248	12118	12320	12394	12378	12460	12449	12447	12608	12619	12426	11068	11546	11973	12104	12443	12659	12696	12748	13118	13300	13390	13465	13551	13639	13680	13784	13804	13855	13893	13862	13793	13960	13766	13676	13619	13337	13098	12395	12782	12731	12428	12616	12638	12559	12930	12784	12804	12891	12813	12999	13158	13248	13193	13174	13541	13901	13970	13992	14143	14063	14224	14344	14496	14659
Bloomberg U.S. Aggregate Bond Index	10000	9995	9969	9937	10073	10145	10238	10277	10280	10465	10531	10519	10513	10432	10185	10200	10220	10288	10283	10362	10442	10432	10477	10570	10520	10526	10513	10561	10439	10340	10407	10329	10403	10390	10393	10460	10392	10310	10372	10562	10674	10668	10873	10876	11069	11208	11232	11524	11462	11497	11491	11483	11704	11914	11844	12055	12111	12187	12369	12270	12263	12208	12328	12345	12256	12079	11928	12023	12062	12147	12283	12259	12153	12150	12186	12154	11893	11760	11433	10999	11070	10897	11163	10847	10379	10244	10621	10573	10898	10617	10886	10952	10833	10794	10787	10718	10446	10281	10746	11158	11127	10970	11071	10792	10974	11078	11337	11500
ICE BofA 1-5 Year US Cash Pay High Yield Constrained Index	10000	10204	9998	9759	9573	9578	9968	10342	10465	10585	10802	11015	11117	11180	11189	11399	11531	11694	11688	11796	11894	11910	12013	12016	12109	12147	12106	12144	12254	12209	12186	12275	12319	12367	12492	12566	12646	12489	12401	12141	12596	12772	12850	12970	12841	13048	13086	13089	13118	13120	13112	13358	13362	13171	11572	11910	12374	12540	12978	13146	13076	13127	13602	13854	13951	14065	14166	14297	14358	14497	14497	14567	14606	14619	14495	14695	14491	14438	14371	14084	14069	13330	13942	13755	13389	13726	13936	13860	14292	14208	14291	14413	14322	14534	14719	14799	14718	14564	15076	15532	15541	15627	15770	15664	15812	15952	16232	16464

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Year	Since Inception (10/01/2015)
Institutional Class	10.66	3.44	4.38
Bloomberg U.S. Aggregate Bond Index**	7.30	-0.04	1.58
ICE BofA 1-5 Year US Cash Pay High Yield Constrained Index	11.25	4.70	5.75

Visit https://www.fminvest.com/mutual-funds/ohshx for more recent performance information.

Oakhurst Short Duration High Yield Credit Fund  PAGE 1  TSR-AR-74933W296

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** Effective with this report, and pursuant to new regulatory requirements, the Bloomberg U.S. Aggregate Bond Index replaced the ICE BofA 1-5 Year US Cash Pay High Yield Constrained Index as the Fund’s primary benchmark to represent a broad-based securities market index. The Fund continues to use the ICE BofA 1-5 Year US Cash Pay High Yield Constrained Index as an additional benchmark.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$36,451,432
Number of Holdings	86
Net Advisory Fee	$162,025
Portfolio Turnover	49%

Visit https://www.fminvest.com/mutual-funds/ohshx for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(%) of net assets
Fly Leasing Ltd.	3.7%
Invesco Treasury Portfolio	3.5%
PennyMac Corp.	2.3%
White Cap Parent LLC	2.1%
Burford Capital Global Finance LLC	2.0%
Brundage-Bone Concrete Pumping Holdings, Inc.	2.0%
Midcap Financial Issuer Trust	2.0%
Sabre GLBL, Inc.	2.0%
Energizer Holdings, Inc.	2.0%
HUB International Ltd.	2.0%

Top Sectors	(%) of net assets
Financials	26.2%
Consumer Discretionary	24.3%
Technology	8.8%
Energy	8.7%
Materials	6.1%
Consumer Staples	6.0%
Communications	5.8%
Industrials	4.4%
Utilities	3.0%
Cash & Other	6.7%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/mutual-funds/ohshx

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-292-6775, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by F/m Investments or your financial intermediary.

Oakhurst Short Duration High Yield Credit Fund  PAGE 2  TSR-AR-74933W296

105401145011803123781265913855127311324814659105191057010460115241227012259108471071811500110151201612566130891314614567137551479916464

	F/m Opportunistic Income ETF
	XFIX (Principal U.S. Listing Exchange: NASDAQ)
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the F/m Opportunistic Income ETF (the “Fund”) for the period from September 5, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.fminvest.com/etfs/xfix. You can also request this information by contacting us at 1-800-617-0004.

WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (based on a hypothetical $10,000 investment)

Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
F/m Opportunistic Income ETF	$41	0.39%

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

The F/m Opportunistic Income Fund (XFIX) performed well for the fiscal period, returning 10.93% versus the U.S. Aggregate Bond Index’s return of 8.37%. For most of the period, the Fund’s duration was shorter than the duration of the index, mitigating the negative effect of higher interest rates. Also, the Fund concentrated on the BBB Corporate bond category and higher yielding, but improving credits that were rated BBB. The Fund’s investments in Energy, Technology and Consumer Discretionary led the way for the period. As the Fund closed out the period and the risk of recession rose, investments were added to increase liquidity and safety (the US Treasury 10 Year Note ETF) and diversification (the F/m 3-Year Investment Grade Corporate Bond ETF).  

HOW DID THE FUND PERFORM SINCE INCEPTION?*

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	09-05-2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
F/m Opportunistic Income ETF NAV	10,000	9,870	9,682	10,130	10,547	10,585	10,440	10,616	10,414	10,630	10,703	10,911	11,093
F/m Opportunistic Income ETF Market	10,000	9,886	9,709	10,156	10,599	10,587	10,490	10,658	10,435	10,663	10,715	10,944	11,115
Bloomberg U.S. Aggregate Bond Index	10,000	9,843	9,688	10,126	10,514	10,485	10,337	10,432	10,169	10,341	10,439	10,683	10,837

ANNUAL AVERAGE TOTAL RETURN (%)

	Since Inception (09/05/2023)
F/m Opportunistic Income ETF NAV	10.93
F/m Opportunistic Income ETF Market	11.15
Bloomberg U.S. Aggregate Bond Index	8.37

Visit https://www.fminvest.com/etfs/xfix for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

F/m Opportunistic Income ETF  PAGE 1  TSR-AR-74933W445

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$35,343,097
Number of Holdings	28
Net Advisory Fee	$108,078
Portfolio Turnover	92%
30-Day SEC Yield	5.16%
30-Day SEC Yield Unsubsidized	5.16%

Visit https://www.fminvest.com/etfs/xfix for more recent performance information.

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)

Top 10 Holdings	(%) of net assets
US Treasury 10 Year Note ETF	8.2%
Mount Vernon Liquid Assets Portfolio, LLC	8.1%
F/m 3-Year Investment Grade Corporate Bond ETF	5.9%
Viatris, Inc.	4.8%
Kyndryl Holdings, Inc.	4.8%
Kinder Morgan, Inc.	4.7%
Concentrix Corp.	4.7%
JPMorgan Chase & Co.	4.6%
Celanese US Holdings LLC	4.6%
VF Corp.	4.6%

Top Sectors	(%) of net assets
Financials	13.7%
Energy	11.7%
Technology	11.5%
Information Technology	10.9%
Consumer Discretionary	9.0%
Materials	8.6%
Health Care	4.8%
Industrials	4.7%
Utilities	4.5%
Cash & Other	20.6%

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/etfs/xfix

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by F/m Investments or your financial intermediary.

F/m Opportunistic Income ETF  PAGE 2  TSR-AR-74933W445

110931111510837

	F/m Investments Large Cap Focused Fund
	Institutional Class | IAFLX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the F/m Investments Large Cap Focused Fund (the “Fund”) for the period from July 1, 2024, to August 31, 2024. You can find additional information about the Fund at https://www.fminvest.com/mutual-funds/iafmx-iaflx. You can also request this information by contacting us at 1-800-292-6775.

WHAT WERE THE FUND COSTS FOR THE PERIOD?  (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Institutional Class	$15*	0.90%

* Expenses paid in the above example are for the Fund’s current fiscal period from July 1, 2024 through August 31, 2024.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

Over the last 12-months ended 08/31/2024, the Fund underperformed its benchmark. This short-term relative underperformance was driven by our quantActive investment process which has long-term capital appreciation as a goal. We expect that some short-term periods will reflect on this long-term objective. In terms of the drivers for the relative underperformance, we would like to state that our investment process led us to be overexposed to information technology stocks that were not the best performers over the forestated period. These information technology stocks corrected over the Spring of 2024. Furthermore, we were underexposed to investments in utilities, financials and healthcare sectors. These are traditionally more defensive sectors and we did not have overexposures to those sectors.

HOW DID THE FUND PERFORM SINCE INCEPTION? *

The $100,000 chart reflects a hypothetical $100,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $100,000)

	10/30/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
F/m Investments Large Cap Focused Fund Institutional Class	100000	97300	101700	102030	105034	108138	109639	111041	114746	112143	114646	115747	117750	124659	128063	128366	137434	135577	133392	134921	142350	142241	143006	154477	156771	143880	143443	130247	142404	148771	150855	157107	146688	155950	160117	155950	153287	156181	165327	169533	173042	164330	148236	169654	181513	193130	212249	232821	223503	216243	236451	241825	248008	251306	247321	261611	260786	276175	281671	286068	271641	291701	302419	305381	279177	277635	282945	248005	243038	217860	245093	232076	201076	213407	227452	209384	227217	227016	246252	241042	262281	281717	286926	278110	257673	255669	287327	295342	309368	328803	328202	311772	330206	350643	343831	350844
S&P 500 Total Return Index	100000	98485	102132	104151	106126	110340	110469	111603	113174	113880	116222	116578	118983	121759	125494	126889	134154	129209	125926	126409	129453	130250	135097	139499	140293	130704	133367	121326	131048	135256	137884	143467	134350	143818	145885	143574	146261	149429	154853	159527	159464	146337	128263	144705	151597	154612	163330	175070	168418	163939	181885	188878	186971	192126	200541	211243	212719	217685	222856	229632	218952	234292	232668	243096	230516	223614	231917	211693	212082	194576	212516	203850	185075	200059	211239	199069	211577	206415	213993	217334	218278	232701	240176	236353	225084	220351	240475	251400	255624	269273	277937	266585	279803	289843	293371	300488
Russell 1000 Growth Total Return Index	100000	97902	100032	101270	104683	109031	110292	112814	115748	115443	118511	120684	122253	126990	130848	131866	141206	137503	133733	134200	140082	141431	145583	153542	154401	140593	142086	129870	141544	146608	150781	157593	147638	157777	161340	160104	160124	164638	171942	177129	181089	168757	152155	174670	186396	194513	209478	231095	220222	212743	234526	245312	243497	243440	247623	264471	260813	277176	286310	297015	280381	304666	306529	313009	286145	273992	284710	250328	244508	225140	252162	240415	217043	229729	240197	221808	240295	237442	253672	256175	267851	286168	295809	293153	277210	273263	303052	316472	324365	346496	352595	337640	357853	381983	375486	383306

F/m Investments Large Cap Focused Fund  PAGE 1  TSR_AR_74933W288

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Years	Since Inception (10/03/2016)
Institutional Class**	26.15	17.61	17.20
S&P 500 Total Return Index	27.14	15.92	14.92
Russell 1000 Growth Total Return Index	30.75	19.08	18.52

Visit https://www.fminvest.com/mutual-funds/iafmx-iaflx for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** The Fund commenced operations on October 3, 2016 as a separate series (the “Predecessor Fund”) of F/m Funds Trust. Effective as of the close of business on October 27, 2023, the Predecessor Fund was reorganized as a new series of The RBB Fund, Inc. The performance shown for periods prior to October 30, 2023 represents the performance of the Predecessor Fund.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$65,543,939
Number of Holdings	24
Net Advisory Fee	$66,788
Portfolio Turnover	19%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)*

Top 10 Holdings	(%) of net assets
Apple, Inc.	11.0%
NVIDIA Corp.	10.0%
First American Treasury Obligations Fund	8.0%
Microsoft Corp.	7.3%
Amazon.com, Inc.	6.8%
Meta Platforms, Inc.	6.5%
Netflix, Inc.	5.3%
Alphabet, Inc.	4.5%
Advanced Micro Devices, Inc.	4.3%
Adobe, Inc.	3.2%

Top Sectors	(%) of net assets
Information Technology	54.6%
Communication Services	16.3%
Consumer Discretionary	12.0%
Industrials	4.4%
Health Care	2.4%
Consumer Staples	2.4%
Cash & Other	7.9%

* The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and  Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank  Global Fund Services.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/mutual-funds/iafmx-iaflx

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund, LLC at 1-800-292-6775 or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by F/m Investments, LLC or your financial intermediary.

F/m Investments Large Cap Focused Fund  PAGE 2  TSR_AR_74933W288

	F/m Investments Large Cap Focused Fund
	Investor Class | IAFMX
	Annual Shareholder Report | August 31, 2024

This annual shareholder report contains important information about the F/m Investments Large Cap Focused Fund (the “Fund”) for the period from July 1, 2024, to August 31, 2024. You can find additional information about the Fund at https://www.fminvest.com/mutual-funds/iafmx-iaflx. You can also request this information by contacting us at 1-800-292-6775.

WHAT WERE THE FUND COSTS FOR THE PERIOD?  (based on a hypothetical $10,000 investment)

Class Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Investor Class	$19*	1.15%

* Expenses paid in the above example are for the Fund’s fiscal period from July 1, 2024 through August 31, 2024.

HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?

Over the last 12-months ended 08/31/2024, the Fund underperformed its benchmark. This short-term relative underperformance was driven by our quantActive investment process which has long-term capital appreciation as a goal. We expect that some short-term periods will reflect on this long-term objective. In terms of the drivers for the relative underperformance, we would like to state that our investment process led us to be overexposed to information technology stocks that were not the best performers over the forestated period. These information technology stocks corrected over the Spring of 2024. Furthermore, we were underexposed to investments in utilities, financials and healthcare sectors. These are traditionally more defensive sectors and we did not have overexposures to those sectors.

HOW DID THE FUND PERFORM SINCE INCEPTION? *

The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including 12b-1 fees, management fees and other expenses, were deducted.

CUMULATIVE PERFORMANCE (Initial Investment of $10,000)

	3/10/2016	10/31/2016	11/30/2016	12/31/2016	01/31/2017	02/28/2017	03/31/2017	04/30/2017	05/31/2017	06/30/2017	07/31/2017	08/31/2017	09/30/2017	10/31/2017	11/30/2017	12/31/2017	01/31/2018	02/28/2018	03/31/2018	04/30/2018	05/31/2018	06/30/2018	07/31/2018	08/31/2018	09/30/2018	10/31/2018	11/30/2018	12/31/2018	01/31/2019	02/28/2019	03/31/2019	04/30/2019	05/31/2019	06/30/2019	07/31/2019	08/31/2019	09/30/2019	10/31/2019	11/30/2019	12/31/2019	01/31/2020	02/29/2020	03/31/2020	04/30/2020	05/31/2020	06/30/2020	07/31/2020	08/31/2020	09/30/2020	10/31/2020	11/30/2020	12/31/2020	01/31/2021	02/28/2021	03/31/2021	04/30/2021	05/31/2021	06/30/2021	07/31/2021	08/31/2021	09/30/2021	10/31/2021	11/30/2021	12/31/2021	01/31/2022	02/28/2022	03/31/2022	04/30/2022	05/31/2022	06/30/2022	07/31/2022	08/31/2022	09/30/2022	10/31/2022	11/30/2022	12/31/2022	01/31/2023	02/28/2023	03/31/2023	04/30/2023	05/31/2023	06/30/2023	07/31/2023	08/31/2023	09/30/2023	10/31/2023	11/30/2023	12/31/2023	01/31/2024	02/29/2024	03/31/2024	04/30/2024	05/31/2024	06/30/2024	07/31/2024	08/31/2024
F/m Investments Large Cap Focused Fund Investor Class	10000	9730	10170	10197	10497	10808	10948	11098	11468	11198	11448	11548	11748	12439	12779	12801	13707	13511	13292	13434	14176	14165	14242	15377	15606	14318	14264	12958	14171	14795	15003	15626	14575	15499	15904	15499	15222	15511	16412	16838	17175	16296	14706	16826	17994	19151	21041	23077	22150	21415	23414	23949	24551	24880	24483	25879	25796	27315	27849	28273	26836	28821	29875	30155	27574	27420	27933	24479	23967	21488	24172	22890	19813	21026	22411	20625	22389	22349	24233	23732	25816	27700	28221	27359	25335	25135	28241	29023	30386	32290	32230	30607	32410	34415	33733	34415
S&P 500 Total Return Index	10000	9848	10213	10415	10613	11034	11047	11160	11317	11388	11622	11658	11898	12176	12549	12689	13415	12921	12593	12641	12945	13025	13510	13950	14029	13070	13337	12133	13105	13526	13788	14347	13435	14382	14589	14357	14626	14943	15485	15953	15946	14634	12826	14471	15160	15461	16333	17507	16842	16394	18188	18888	18697	19213	20054	21124	21272	21768	22286	22963	21895	23429	23267	24310	23052	22361	23192	21169	21208	19458	21252	20385	18508	20006	21124	19907	21158	20642	21399	21733	21828	23270	24018	23635	22508	22035	24047	25140	25562	26927	27794	26658	27980	28984	29337	30049
Russell 1000 Growth Total Return Index	10000	9790	10003	10127	10468	10903	11029	11281	11575	11544	11851	12068	12225	12699	13085	13187	14121	13750	13373	13420	14008	14143	14558	15354	15440	14059	14209	12987	14154	14661	15078	15759	14764	15778	16134	16010	16012	16464	17194	17713	18109	16876	15216	17467	18640	19451	20948	23109	22022	21274	23453	24531	24350	24344	24762	26447	26081	27718	28631	29702	28038	30467	30653	31301	28615	27399	28471	25033	24451	22514	25216	24042	21704	22973	24020	22181	24030	23744	25367	25617	26785	28617	29581	29315	27721	27326	30305	31647	32437	34650	35260	33764	35785	38198	37549	38331

F/m Investments Large Cap Focused Fund  PAGE 1  TSR_AR_74933W270

ANNUAL AVERAGE TOTAL RETURN (%)

	1 Year	5 Years	Since Inception (10/03/2016)
Investor Class**	25.79	17.30	16.91
S&P 500 Total Return Index	27.14	15.92	14.92
Russell 1000 Growth Total Return Index	30.75	19.08	18.52

Visit https://www.fminvest.com/mutual-funds/iafmx-iaflx for more recent performance information.

* The Fund’s past performance is not a good predictor of how the Fund will perform in the future. The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

** The Fund commenced operations on October 3, 2016 as a separate series (the “Predecessor Fund”) of F/m Funds Trust. Effective as of the close of business on October 27, 2023, the Predecessor Fund was reorganized as a new series of The RBB Fund, Inc. The performance shown for periods prior to October 30, 2023 represents the performance of the Predecessor Fund.

KEY FUND STATISTICS (as of August 31, 2024)

Net Assets	$65,543,939
Number of Holdings	24
Net Advisory Fee	$66,788
Portfolio Turnover	19%

WHAT DID THE FUND INVEST IN? (as of August 31, 2024)*

Top 10 Holdings	(%) of net assets
Apple, Inc.	11.0%
NVIDIA Corp.	10.0%
First American Treasury Obligations Fund	8.0%
Microsoft Corp.	7.3%
Amazon.com, Inc.	6.8%
Meta Platforms, Inc.	6.5%
Netflix, Inc.	5.3%
Alphabet, Inc.	4.5%
Advanced Micro Devices, Inc.	4.3%
Adobe, Inc.	3.2%

Top Sectors	(%) of net assets
Information Technology	54.6%
Communication Services	16.3%
Consumer Discretionary	12.0%
Industrials	4.4%
Health Care	2.4%
Consumer Staples	2.4%
Cash & Other	7.9%

* The Global Industry Classification Standard (“GICS®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and  Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank  Global Fund Services.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.fminvest.com/mutual-funds/iafmx-iaflx

HOUSEHOLDING

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your Fund documents not be householded, please contact the Fund at 1-800-292-6775, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by F/m Investments or your financial intermediary.

F/m Investments Large Cap Focused Fund  PAGE 2  TSR_AR_74933W270

Item 2. Code of Ethics.

The registrant has adopted a code of ethics that applies to the registrant’s Principal Executive Officer and Principal Financial Officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report. A copy of the registrant’s Code of Ethics is filed herewith.

Item 3. Audit Committee Financial Expert.

The registrant’s board of directors has determined that the registrant has at least one audit committee financial expert serving on its audit committee. Gregory P. Chandler, Nicholas A. Giordano and Martha A. Tirinnanzi are the registrant’s audit committee financial experts and each of them is “independent” as defined in Item 3 of Form N-CSR.

Item 4. Principal Accountant Fees and Services.

Audit Fees

(a) The aggregate fees billed for each of the last two fiscal years for professional services rendered by the principal accountant for the audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years were:

	Fiscal Year 2024		Fiscal Year 2023
Ernst & Young LLP	$	789,050	$	727,675
PricewaterhouseCoopers LLP	$	240,805	$	233,791
Tait, Weller & Baker	$	104,000	$	101,500
Cohen & Co	$	228,750	$	116,000

Audit-Related Fees

(b) The aggregate fees billed in each of the last two fiscal years for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant's financial statements and are not reported under paragraph (a) of this Item were related to review of the semi-annual reports and N-1A filings for Ernst & Young LLP and review of semi-annual reports for Tait, Weller & Baker and Cohen & Co. and PricewaterhouseCoopers LLP, were as follows:

1

	Fiscal Year 2024		Fiscal Year 2023
Ernst & Young LLP	$	24,700	$	11,500
PricewaterhouseCoopers LLP	$	0	$	0
Tait, Weller & Baker	$	3,000	$	2,800
Cohen & Co	$	5,700	$	1,500

Tax Fees

(c) The aggregate fees billed in each of the last two fiscal years for professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning were related to federal and state tax return review and excise distribution review and were as follows:

	Fiscal Year 2024		Fiscal Year 2023
Ernst & Young LLP	$	218,480	$	201,550
PricewaterhouseCoopers LLP	$	43,072	$	41,817
Tait, Weller & Baker	$	21,400	$	20,900
Cohen & Co	$	66,500	$	38,500

All Other Fees

(d) The aggregate fees billed in each of the last two fiscal years for products and services provided by the principal accountant, other than the services reported in paragraphs (a) through (c) of this Item were:

	Fiscal Year 2024		Fiscal Year 2023
Ernst & Young LLP	$	0	$	0
PricewaterhouseCoopers LLP	$	0	$	0
Tait, Weller & Baker	$	0	$	0
Cohen & Co	$	0	$	0

(e)(1) Pre-Approval of Audit and Permitted Non-Audit Services

1. Pre-Approval Requirements of the Company. The Committee shall pre-approve all auditing services and permissible non-audit services (e.g., tax services) to be provided to the Company by the Auditor, including the fees associated with those services.

2

2. Pre-Approval Requirements of Affiliates. Additionally, the Committee shall pre-approve any engagement of the Auditor to provide non-audit services to an investment adviser of a Portfolio or to any affiliate of such investment adviser that provides ongoing services to the Company, if the engagement relates directly to the operations and financial reporting of the Company.

3. Delegation. The Committee may delegate to the Chairman of the Committee, or if the Chairman is not available, one or more of its members, the authority to grant pre-approvals. The decisions of any member to whom authority is delegated shall be presented to the full Committee at its next scheduled meeting.

4. Prohibited Services. The Committee shall confirm with the Auditor that the Auditor is not performing contemporaneously with the Company’s audit any prohibited non-audit services for the Company, any investment adviser of a Portfolio, or any affiliates of the Company or such investment advisers. The Auditor is responsible for informing the Committee of whether it believes that a particular service is permissible or prohibited pursuant to applicable regulations and standards.

(e)(2) The percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X are as follows:

(b) Not applicable.

(c) Not applicable.

(d) Not applicable.

(f) The percentage of hours expended on the principal accountant’s engagement to audit the registrant’s financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant’s full-time, permanent employees was less than 50%.

(g) The aggregate non-audit fees billed by the registrant’s accountant for services rendered to the registrant, and rendered to the registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant for each of the last two fiscal years of the registrant were:

	Fiscal Year 2024		Fiscal Year 2023
Ernst & Young LLP	$	243,180	$	213,050
PricewaterhouseCoopers LLP	$	43,072	$	41,817
Tait, Weller & Baker	$	24,400	$	23,700
Cohen & Co	$	72,200	$	40,000

(h) Not applicable.

(i) Not applicable.

(j) Not applicable.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments.

(a) The registrant’s Schedule of Investments is included as part of the report to shareholders filed under Item 7 of this Form.

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Abbey Capital Futures Strategy Fund

of

THE RBB FUND, INC.

Financial Statements

August 31, 2024

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments

August 31, 2024

	Par		Value
SHORT-TERM INVESTMENTS — 78.5%
U.S. Treasury Bills — 78.5%
5.21%, 09/05/2024(a)	$	8,659,000	$	8,656,491
5.25%, 09/12/2024(a)		56,778,000		56,704,028
5.21%, 09/19/2024(a)		105,249,000		105,004,589
5.22%, 09/26/2024(a)		100,462,000		100,128,885
5.21%, 10/03/2024(a)		95,348,000		94,939,593
5.26%, 10/10/2024(a)		159,182,000		158,342,304
5.26%, 10/17/2024(a)		244,195,000		242,673,970
5.28%, 10/24/2024(a)		32,489,000		32,253,864
5.25%, 10/31/2024(a)		79,986,000		79,327,922
5.26%, 11/07/2024(a)		25,223,000		24,994,473
5.26%, 11/14/2024(a)		24,738,000		24,490,944
5.28%, 11/21/2024(a)		145,687,000		144,091,686
5.26%, 11/29/2024(a)		69,407,000		68,573,616
5.25%, 12/05/2024(a)		51,085,000		50,440,725
5.24%, 12/12/2024(a)		45,669,000		45,054,593
5.21%, 12/19/2024(a)		110,416,000		108,824,733
5.11%, 01/09/2025(a)		23,576,000		23,178,268
5.08%, 01/16/2025(a)		89,603,000		88,008,375
5.04%, 01/23/2025(a)		37,555,000		36,853,032
4.81%, 01/30/2025(a)		78,275,000		76,743,830
4.88%, 02/06/2025(a)		73,591,000		72,085,699
4.91%, 02/13/2025(a)		192,104,000		188,010,485
4.82%, 02/20/2025(a)		194,044,000		189,744,173
4.77%, 02/27/2025(a)		114,930,000		112,285,366
TOTAL SHORT-TERM INVESTMENTS (Cost $2,130,402,199)				2,131,411,644
TOTAL INVESTMENTS — 78.5% (Cost $2,130,402,199)				2,131,411,644
Other Assets in Excess of Liabilities — 21.5%				582,161,025
TOTAL NET ASSETS — 100.0%			$	2,713,572,669

Percentages are stated as a percent of net assets.

^(a) The rate shown is the effective yield as of August 31, 2024.

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

1

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Futures contracts outstanding as of August 31, 2024 were as follows:

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
10 Year Japanese Government Bonds		2		09/11/2024	$	198,030	$	(376	)
10 Year U.S. Ultra Treasury Notes		154		12/19/2024		18,085,375		(125,460	)
3 Month Canadian Overnight Repo Rate Average		377		03/18/2025		67,369,885		162,718
3 Month Canadian Overnight Repo Rate Average		153		06/17/2025		27,437,595		(2,810	)
3 Month Canadian Overnight Repo Rate Average		79		09/16/2025		14,199,366		6,048
3 Month Canadian Overnight Repo Rate Average		69		12/16/2025		12,419,898		15,128
3 Month Canadian Overnight Repo Rate Average		49		03/17/2026		8,829,472		10,388
3 Month Canadian Overnight Repo Rate Average		31		06/16/2026		5,590,593		3,478
3 Month Euribor		24		12/16/2024		6,431,438		(1,865	)
3 Month Euribor		6		03/17/2025		1,614,741		(69	)
3 Month Euribor		1,564		06/16/2025		421,989,554		1,123,570
3 Month Euribor		373		09/15/2025		100,769,579		(2,252	)
3 Month Euribor		1,095		12/15/2025		296,021,597		353,203
3 Month Euribor		164		03/16/2026		44,344,719		13,140
3 Month Euribor		304		06/15/2026		82,199,967		29,100
3 Month Euribor		308		09/14/2026		83,268,778		66,531
3 Month Euribor		169		12/14/2026		45,680,346		13,693
3 Month Euribor		389		03/15/2027		105,119,010		(30,288	)
3 Month Euribor		626		06/14/2027		169,119,991		80,307
3 Month Euribor		68		09/13/2027		18,366,164		12,311
3 Month New Zealand Treasury Bill		56		12/11/2024		34,613,999		6,883
3 Month New Zealand Treasury Bill		35		03/12/2025		21,659,096		(605	)
3 Month Swiss Average Overnight Rate		10		03/18/2025		2,921,299		456
3 Month Swiss Average Overnight Rate		39		06/17/2025		11,403,962		43,203
3MO EURO EURIBOR Dec27		1		12/13/2027		270,035		(14	)
3-Month Secured Overnight Financing Rate		162		03/18/2025		38,776,725		(10,100	)
3-Month Secured Overnight Financing Rate		363		06/17/2025		87,342,338		(146,838	)
3-Month Secured Overnight Financing Rate		204		09/16/2025		49,240,500		24,300
3-Month Secured Overnight Financing Rate		173		12/16/2025		41,833,563		9,613
3-Month Secured Overnight Financing Rate		972		03/17/2026		235,284,750		(75,388	)
3-Month Secured Overnight Financing Rate		482		06/16/2026		116,740,400		(25,125	)
3-Month Secured Overnight Financing Rate		191		09/15/2026		46,272,138		22,075
3-Month Secured Overnight Financing Rate		185		12/15/2026		44,818,563		25,038
3-Month Secured Overnight Financing Rate		172		03/16/2027		41,662,700		22,375
3-Month Secured Overnight Financing Rate		710		06/15/2027		171,935,375		114,450
3-Month Secured Overnight Financing Rate		134		09/14/2027		32,436,150		8,263
3-Month Secured Overnight Financing Rate		106		12/14/2027		25,650,713		6,988
3-Month Secured Overnight Financing Rate		55		03/14/2028		13,308,625		16,988
3-Month Secured Overnight Financing Rate		55		06/20/2028		13,304,500		16,213
3-Month Secured Overnight Financing Rate		57		09/19/2028		13,784,025		18,675
3-Month Secured Overnight Financing Rate		57		12/19/2028		13,780,800		(9,513	)
Arabica Coffee		392		12/18/2024		35,875,350		724,789
Arabica Coffee		58		03/19/2025		5,265,675		94,556
Arabica Coffee		20		05/19/2025		1,798,875		81,244
ASX SPI 200 Index		685		09/19/2024		93,296,552		1,977,186
AUD/USD Cross Currency Rate		767		09/16/2024		51,922,065		(33,959	)
Australian Government 10 Year Bonds		1,693		09/16/2024		133,585,245		(132,371	)
Australian Government 3 Year Bonds		2,849		09/16/2024		206,224,467		(63,879	)
Australian 90 Day Bank Bills		13		09/12/2024		8,705,473		(1,209	)

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

2

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
Australian 90 Day Bank Bills		793		12/12/2024	$	531,267,168	$	25,356
Australian 90 Day Bank Bills		927		03/13/2025		621,510,153		133,636
Australian 90 Day Bank Bills		171		06/12/2025		114,714,749		(3,412	)
Australian 90 Day Bank Bills		138		09/11/2025		92,606,236		5,262
Australian 90 Day Bank Bills		36		12/11/2025		24,163,465		48
Australian 90 Day Bank Bills		26		03/12/2026		17,454,379		935
Brent Crude Oil		163		09/30/2024		12,539,590		(290,100	)
British Pound/US Dollar Cross Currency Rate		2,490		09/16/2024		204,257,813		1,059,730
CAC40 10 Euro Index		135		09/20/2024		11,414,525		66,087
Canadian 10 Year Government Bonds		1,232		12/18/2024		112,499,477		(891,582	)
Canadian 5 Year Bonds		662		12/18/2024		56,009,528		(266,419	)
Canadian Dollar/US Dollar Cross Currency Rate		1,252		09/17/2024		92,879,620		(5,685	)
Class III Milk		20		10/29/2024		914,800		1,900
Consumer Discretionary Select Sector Index		2		09/20/2024		378,500		4,930
Copper		52		12/27/2024		5,474,950		(54,332	)
Copper		2		03/27/2025		212,875		(562	)
Corn No. 2 Yellow		19		12/13/2024		380,950		6,106
Cotton No.2		105		12/06/2024		3,674,475		(247,785	)
Crude Oil		232		09/20/2024		17,063,600		(831,710	)
Crude Oil		1		10/22/2024		72,650		(1,300	)
Crude Palm Oil		12		10/15/2024		278,658		2,152
Crude Palm Oil		60		11/15/2024		1,380,104		6,645
Crude Palm Oil		2		12/13/2024		45,633		150
Crude Soybean Oil		4		12/13/2024		100,824		(220	)
DAX Index		3		09/20/2024		314,226		6,306
Dollar Index		49		09/16/2024		4,979,576		(107,059	)
Dow Jones Industrial Average Index		633		09/20/2024		131,831,745		2,604,839
Dow Jones U.S. Micro-Cap Total Stock Index		5		09/20/2024		104,132		3,370
E-mini Consumer Staples Select Sector		10		09/20/2024		834,000		47,160
E-mini Materials Sector		4		09/20/2024		400,600		20,060
Emini S&P 500 ESG Index		20		09/20/2024		5,026,000		51,515
Euro BUXL 30 Year Bonds		92		09/06/2024		13,680,252		(264,749	)
Euro Half Dollars		4		09/16/2024		276,500		1,500
Euro STOXX 50 Dividend Index		19		12/19/2025		341,292		3,935
EURO STOXX 50 Index		5		09/20/2024		252,086		8,843
Euro STOXX 50 Quanto Index		1,157		09/20/2024		63,576,488		237,101
Euro STOXX Banks Index		109		09/20/2024		863,602		13,110
Euro/Japanese Yen Cross Currency Rate		38		09/16/2024		5,238,354		(176,953	)
Euro/US Dollar Cross Currency Rate		12		09/16/2024		165,892		(1,114	)
Euro/US Dollar Cross Currency Rate		1,676		09/16/2024		231,696,525		(1,256,873	)
Euro-BOBL		1,064		09/06/2024		138,397,038		(791,714	)
Euro-BOBL		2		12/06/2024		262,997		(111	)
Euro-BTP Future Dec24		1		12/06/2024		131,344		(243	)
Euro-BTP Italian Government Bonds		758		09/06/2024		99,600,354		712,740
Euro-Bund		892		09/06/2024		132,037,495		(675,466	)
Euro-Bund		235		12/06/2024		34,653,181		(696	)
Euro-Schatz		846		09/06/2024		99,342,928		(32,770	)
EURO-SCHATZ FUT Dec24		1,125		12/06/2024		132,627,259		(1,194	)
Financial Select Sector Index		9		09/20/2024		1,269,112		90,575
French Government Bonds		1,672		09/06/2024		233,006,179		1,121,030
Frozen Concentrated Orange Juice		38		11/08/2024		2,623,710		46,905

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

3

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
FTSE 100 Index		1,742		09/20/2024	$	191,886,754	$	2,078,330
FTSE Bursa Malaysia KLCI Index		89		09/30/2024		1,720,804		10,648
FTSE China A50 Index		1,477		09/27/2024		17,354,750		(140,092	)
FTSE MIB Index		30		09/20/2024		1,142,630		34,407
FTSE/JSE Top 40 Index		618		09/19/2024		26,394,922		769,714
FTSE/MIB Index		75		09/20/2024		14,282,872		289,676
German Stock Index		286		09/20/2024		149,781,296		3,046,362
Gold		614		12/27/2024		155,194,640		2,389,695
Gold		21		02/26/2025		5,354,580		240,180
Hang Seng China Enterprises Index		191		09/27/2024		7,734,008		63,094
Hang Seng China Enterprises Index		22		09/27/2024		178,166		1,649
Hang Seng Index		198		09/27/2024		22,789,120		271,198
Hang Seng Index		62		09/27/2024		1,427,197		13,923
IBEX 35 Composite Index		11		09/20/2024		139,020		7,426
IBEX 35 Index		25		09/20/2024		3,159,537		167,885
ICE 3 Month SONIA Rate		485		03/18/2025		152,111,870		(11,196	)
ICE 3 Month SONIA Rate		497		06/17/2025		156,405,790		246,441
ICE 3 Month SONIA Rate		688		09/16/2025		217,044,284		(175,883	)
ICE 3 Month SONIA Rate		118		12/16/2025		37,279,858		(36,559	)
ICE 3 Month SONIA Rate		449		03/17/2026		142,000,437		(160,173	)
ICE 3 Month SONIA Rate		260		06/16/2026		82,278,643		(137,913	)
ICE 3 Month SONIA Rate		121		09/15/2026		38,307,106		(34,852	)
ICE 3 Month SONIA Rate		118		12/15/2026		37,367,028		(37,462	)
ICE 3 Month SONIA Rate		115		03/16/2027		36,424,571		(39,990	)
ICE 3 Month SONIA Rate		371		06/15/2027		117,533,194		55,553
ICE 3 Month SONIA Rate		17		09/14/2027		5,386,176		(9,013	)
ICE 3 Month SONIA Rate		10		12/14/2027		3,168,667		(5,040	)
ICE European Climate Exchange Emissions		26		12/16/2024		2,020,450		(64,412	)
ICE European Climate Exchange Emissions		7		12/15/2025		562,925		(15,641	)
ICE RTD MONTH COA Dec24		2		12/27/2024		248,200		(300	)
ICE RTD MONTH COA Nov24		2		11/29/2024		245,700		(2,800	)
ICE RTD MONTH COA Oct24		2		10/25/2024		243,300		(5,200	)
Industrial Select Sector Index		6		09/20/2024		796,320		50,740
Japanese 10 Year Government Bonds		123		09/12/2024		121,763,185		(255,831	)
Japanese Yen/US Dollar Cross Currency Rate		168		09/16/2024		14,406,000		(171,944	)
Lean Hogs		70		10/14/2024		2,302,300		38,940
Lean Hogs		8		12/13/2024		232,880		690
Live Cattle		103		10/31/2024		7,358,320		(228,230	)
Live Cattle		70		12/31/2024		4,971,400		(152,870	)
LME Aluminum Forward		1		09/02/2024		60,611		(1,567	)
LME Aluminum Forward		1		09/03/2024		60,591		(1,561	)
LME Aluminum Forward		3		09/06/2024		182,182		7,785
LME Aluminum Forward		2		09/09/2024		121,493		9,363
LME Aluminum Forward		2		09/10/2024		121,532		9,373
LME Aluminum Forward		8		09/11/2024		486,238		12,569
LME Aluminum Forward		3		09/13/2024		182,502		(4,574	)
LME Aluminum Forward		142		09/16/2024		8,640,345		(271,741	)
LME Aluminum Forward		4		09/17/2024		243,390		(5,895	)
LME Aluminum Forward		5		09/18/2024		304,305		(7,301	)
LME Aluminum Forward		18		09/23/2024		1,096,717		(32,575	)
LME Aluminum Forward		1		09/25/2024		60,956		4,181

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

4

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
LME Aluminum Forward		2		10/02/2024	$	122,125	$	8,233
LME Aluminum Forward		245		10/14/2024		15,004,596		(99,641	)
LME Aluminum Forward		6		10/15/2024		366,859		14,225
LME Aluminum Forward		10		10/16/2024		610,432		34,944
LME Aluminum Forward		3		10/18/2024		183,012		11,534
LME Aluminum Forward		3		10/21/2024		182,953		(3,666	)
LME Aluminum Forward		4		10/22/2024		243,994		(525	)
LME Aluminum Forward		19		10/23/2024		1,159,242		(18,145	)
LME Aluminum Forward		4		10/25/2024		244,280		(4,895	)
LME Aluminum Forward		5		10/28/2024		305,421		(5,954	)
LME Aluminum Forward		4		10/29/2024		244,417		86
LME Aluminum Forward		4		10/30/2024		244,497		(4,903	)
LME Aluminum Forward		5		11/01/2024		305,611		(6,139	)
LME Aluminum Forward		2		11/04/2024		122,242		(2,382	)
LME Aluminum Forward		2		11/06/2024		122,165		(2,385	)
LME Aluminum Forward		1		11/08/2024		61,106		3,032
LME Aluminum Forward		1		11/11/2024		61,112		3,400
LME Aluminum Forward		2		11/15/2024		122,262		250
LME Aluminum Forward		110		11/18/2024		6,724,437		(133,867	)
LME Aluminum Forward		6		11/19/2024		366,607		(4,005	)
LME Aluminum Forward		10		11/20/2024		611,012		(14,738	)
LME Aluminum Forward		5		11/25/2024		305,787		(9,988	)
LME Aluminum Forward		14		11/27/2024		856,450		(12,425	)
LME Copper Forward		1		09/02/2024		227,998		(12,821	)
LME Copper Forward		1		09/03/2024		227,953		(12,838	)
LME Copper Forward		1		09/04/2024		228,087		(20,913	)
LME Copper Forward		4		09/09/2024		913,236		(53,001	)
LME Copper Forward		3		09/10/2024		685,060		(38,585	)
LME Copper Forward		9		09/11/2024		2,055,505		(115,828	)
LME Copper Forward		3		09/13/2024		685,600		(38,708	)
LME Copper Forward		35		09/16/2024		7,999,923		(585,974	)
LME Copper Forward		1		09/18/2024		228,569		(16,756	)
LME Copper Forward		1		09/23/2024		228,782		1,611
LME Copper Forward		1		10/02/2024		229,170		(18,255	)
LME Copper Forward		1		10/04/2024		229,370		(20,043	)
LME Copper Forward		1		10/08/2024		229,451		1,783
LME Copper Forward		1		10/11/2024		229,632		(15,768	)
LME Copper Forward		43		10/14/2024		9,875,272		(419,028	)
LME Copper Forward		1		10/15/2024		229,657		2,108
LME Copper Forward		3		10/16/2024		688,972		6,325
LME Copper Forward		1		10/23/2024		230,067		2,018
LME Copper Forward		2		11/04/2024		460,996		(1,195	)
LME Copper Forward		1		11/05/2024		230,514		(614	)
LME Copper Forward		2		11/06/2024		461,060		(1,260	)
LME Copper Forward		3		11/13/2024		691,796		12,559
LME Copper Forward		5		11/18/2024		1,153,710		(17,670	)
LME Copper Forward		1		11/19/2024		230,642		(1,121	)
LME Copper Forward		2		11/20/2024		461,284		1,734
LME Copper Forward		1		11/25/2024		230,808		(4,454	)
LME Copper Forward		3		11/27/2024		692,625		(5,913	)
LME Lead Forward		2		09/02/2024		101,090		(12,060	)

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

5

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
LME Lead Forward		1		09/03/2024	$	50,558	$	(5,105	)
LME Lead Forward		2		09/03/2024		101,065		(13,560	)
LME Lead Forward		1		09/04/2024		50,570		(5,355	)
LME Lead Forward		3		09/06/2024		151,861		1,085
LME Lead Forward		3		09/09/2024		151,898		1,085
LME Lead Forward		3		09/10/2024		151,936		(3,838	)
LME Lead Forward		13		09/11/2024		658,551		(45,400	)
LME Lead Forward		5		09/13/2024		253,386		(22,833	)
LME Lead Forward		46		09/16/2024		2,331,383		(181,584	)
LME Lead Forward		7		09/17/2024		354,688		(32,237	)
LME Lead Forward		3		09/18/2024		151,972		(13,816	)
LME Lead Forward		3		09/20/2024		152,059		(13,691	)
LME Lead Forward		1		09/23/2024		50,694		(3,889	)
LME Lead Forward		1		09/25/2024		50,727		221
LME Lead Forward		77		10/14/2024		3,928,251		(104,549	)
LME Lead Forward		1		10/16/2024		51,035		(664	)
LME Lead Forward		3		10/18/2024		153,202		(2,180	)
LME Lead Forward		3		10/21/2024		153,224		(2,195	)
LME Lead Forward		3		10/22/2024		153,246		(2,210	)
LME Lead Forward		20		10/23/2024		1,021,790		(8,311	)
LME Lead Forward		7		10/25/2024		357,833		1,971
LME Lead Forward		5		10/28/2024		255,632		1,258
LME Lead Forward		3		10/29/2024		153,401		(2,106	)
LME Lead Forward		6		10/30/2024		306,848		(4,211	)
LME Lead Forward		4		11/12/2024		204,949		4,699
LME Lead Forward		2		11/13/2024		102,490		927
LME Lead Forward		4		11/18/2024		205,127		(6,598	)
LME Lead Forward		1		11/20/2024		51,257		(768	)
LME Lead Forward		3		11/25/2024		153,917		(5,134	)
LME Lead Forward		3		11/27/2024		153,975		(2,275	)
LME Nickel Forward		2		09/02/2024		198,507		(5,337	)
LME Nickel Forward		1		09/03/2024		99,232		(17,300	)
LME Nickel Forward		2		09/03/2024		198,549		2,887
LME Nickel Forward		3		09/04/2024		297,883		8,439
LME Nickel Forward		1		09/06/2024		99,373		5,554
LME Nickel Forward		2		09/09/2024		198,790		2,880
LME Nickel Forward		1		09/10/2024		99,416		(2,679	)
LME Nickel Forward		4		09/11/2024		397,746		(2,454	)
LME Nickel Forward		3		09/13/2024		298,561		225
LME Nickel Forward		34		09/16/2024		3,384,307		(23,366	)
LME Nickel Forward		1		09/17/2024		99,538		5,556
LME Nickel Forward		3		09/18/2024		298,615		181
LME Nickel Forward		1		09/20/2024		99,603		(2,695	)
LME Nickel Forward		1		09/24/2024		99,635		(2,701	)
LME Nickel Forward		1		09/27/2024		99,716		(1,555	)
LME Nickel Forward		41		10/14/2024		4,098,308		(43,060	)
LME Nickel Forward		1		10/16/2024		99,986		(1,585	)
LME Nickel Forward		2		10/21/2024		200,109		(3,180	)
LME Nickel Forward		1		10/22/2024		100,068		(1,591	)
LME Nickel Forward		14		10/23/2024		1,401,144		(22,278	)
LME Nickel Forward		2		10/25/2024		200,229		(3,165	)

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

6

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
LME Nickel Forward		1		10/28/2024	$	100,136	$	(1,582	)
LME Nickel Forward		3		10/29/2024		300,457		245
LME Nickel Forward		1		11/04/2024		100,259		2,519
LME Nickel Forward		2		11/08/2024		200,751		4,191
LME Nickel Forward		3		11/11/2024		301,173		7,293
LME Nickel Forward		1		11/15/2024		100,484		1,094
LME Nickel Forward		4		11/27/2024		402,384		(5,136	)
LME Tin Forward		1		09/03/2024		162,549		(4,213	)
LME Tin Forward		2		09/23/2024		325,348		(2,724	)
LME Tin Forward		1		10/08/2024		162,714		(12,411	)
LME Tin Forward		2		10/09/2024		325,433		9,051
LME Tin Forward		1		10/18/2024		162,567		(738	)
LME Tin Forward		1		10/22/2024		162,486		(783	)
LME Tin Forward		2		10/23/2024		324,890		15,296
LME Tin Forward		1		11/13/2024		162,420		4,245
LME Tin Forward		1		11/20/2024		162,230		(1,595	)
LME Tin Forward		2		11/27/2024		323,460		(2,015	)
LME Zinc Forward		1		09/02/2024		71,192		(1,437	)
LME Zinc Forward		1		09/03/2024		71,168		(3,320	)
LME Zinc Forward		1		09/03/2024		71,214		(686	)
LME Zinc Forward		7		09/04/2024		498,652		8,820
LME Zinc Forward		2		09/06/2024		142,649		5,766
LME Zinc Forward		1		09/09/2024		71,342		4,867
LME Zinc Forward		2		09/10/2024		142,721		9,734
LME Zinc Forward		5		09/11/2024		356,891		(7,745	)
LME Zinc Forward		3		09/13/2024		214,350		(4,359	)
LME Zinc Forward		66		09/16/2024		4,716,888		(31,866	)
LME Zinc Forward		11		09/23/2024		787,155		3,284
LME Zinc Forward		3		09/25/2024		214,757		(6,819	)
LME Zinc Forward		2		09/27/2024		143,351		(3,949	)
LME Zinc Forward		1		09/30/2024		71,698		(1,777	)
LME Zinc Forward		7		10/02/2024		502,105		(4,358	)
LME Zinc Forward		3		10/04/2024		215,369		(8,581	)
LME Zinc Forward		2		10/08/2024		143,640		12,670
LME Zinc Forward		96		10/14/2024		6,903,432		(29,597	)
LME Zinc Forward		2		10/15/2024		143,674		12,573
LME Zinc Forward		1		10/18/2024		71,877		464
LME Zinc Forward		1		10/21/2024		71,887		6,256
LME Zinc Forward		9		10/23/2024		647,159		19,157
LME Zinc Forward		8		10/25/2024		575,722		50,020
LME Zinc Forward		6		10/28/2024		431,880		31,739
LME Zinc Forward		3		10/29/2024		215,984		1,391
LME Zinc Forward		1		10/30/2024		72,009		464
LME Zinc Forward		4		11/01/2024		288,272		1,854
LME Zinc Forward		3		11/04/2024		216,259		1,391
LME Zinc Forward		2		11/05/2024		144,209		927
LME Zinc Forward		2		11/06/2024		144,246		8,383
LME Zinc Forward		2		11/08/2024		144,392		6,054
LME Zinc Forward		2		11/11/2024		144,428		9,653
LME Zinc Forward		2		11/12/2024		144,465		7,727
LME Zinc Forward		2		11/13/2024		144,501		7,276

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

7

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
LME Zinc Forward		1		11/15/2024	$	72,324	$	2,299
LME Zinc Forward		36		11/18/2024		2,604,303		(820	)
LME Zinc Forward		4		11/19/2024		289,367		3,630
LME Zinc Forward		7		11/20/2024		506,392		2,255
LME Zinc Forward		3		11/25/2024		217,204		(2,246	)
LME Zinc Forward		12		11/27/2024		869,100		4,313
London Cocoa		60		12/12/2024		4,201,513		(95,359	)
London Cocoa		19		03/14/2025		1,160,052		(44,350	)
London Cocoa		2		05/14/2025		116,516		(2,981	)
London Metals - Aluminum		2,991		09/16/2024		181,994,873		(4,714,230	)
London Metals - Aluminum		2		10/14/2024		122,486		(871	)
London Metals - Aluminum		1,130		12/16/2024		69,436,240		1,954,620
London Metals - Copper		1,072		09/16/2024		245,026,223		(20,388,613	)
London Metals - Copper		1		10/14/2024		229,658		7,489
London Metals - Copper		384		12/16/2024		88,920,187		597,295
London Metals - Lead		648		09/16/2024		32,842,098		(1,963,558	)
London Metals - Lead		25		12/16/2024		1,288,256		(7,017	)
London Metals - Nickel		240		09/16/2024		23,889,226		(1,170,699	)
London Metals - Nickel		43		12/16/2024		4,339,421		(51,601	)
London Metals - Tin		1		09/16/2024		162,655		2,555
London Metals - Tin		1		12/16/2024		161,780		5,685
London Metals - Zinc		628		09/16/2024		44,881,904		(1,072,675	)
London Metals - Zinc		14		10/14/2024		1,006,751		45,238
London Metals - Zinc		209		12/16/2024		15,173,400		402,590
Long Gilt		1,601		12/27/2024		207,526,135		(464,646	)
Low Sulphur Gas Oil		24		10/10/2024		1,681,800		(70,400	)
Mexican Peso/US Dollar Cross Currency Rate		3		09/16/2024		76,020		(845	)
Micro Gold		26		12/27/2024		657,176		27,483
MSCI EAFE Index		110		09/20/2024		13,521,750		463,205
MSCI Emerging Markets ESG Index		2		09/20/2024		33,220		(135	)
MSCI Emerging Markets Index		389		09/20/2024		21,395,000		23,735
MSCI Singapore Index		758		09/27/2024		18,671,911		121,155
Nasdaq 100 Index		168		09/20/2024		65,933,280		(590,362	)
NASDAQ 100 Micro Index		4		09/20/2024		156,984		2,531
Natural Gas		5		09/27/2024		163,976		9,483
New Zealand Dollar/US Dollar Cross Currency Rate		292		09/16/2024		18,251,460		11,215
Nifty 50 Index		787		09/26/2024		39,967,008		338,947
Nikkei 225 Index		6		09/12/2024		1,170,450		31,475
Nikkei 225 Index		6		09/12/2024		158,875		1,084
Nikkei 225 Index		220		09/12/2024		29,112,114		98,738
Nikkei 225 Index		9		09/12/2024		1,200,185		12,259
Nikkei 225 Index		2		09/12/2024		529,585		2,668
NY Harbor ULSD		49		09/30/2024		4,688,741		(42,101	)
NYSE FANG+ Index		3		09/20/2024		166,923		(9,187	)
OMXS30 ESG Index		7		09/20/2024		172,305		3,579
OMXS30 Index		768		09/20/2024		19,444,577		568,343
Platinum		244		10/29/2024		11,372,840		(413,825	)
Reformulated Gasoline Blendstock		2		09/30/2024		175,829		(1,218	)
Robusta Coffee		315		11/25/2024		15,586,200		2,242,760
Robusta Coffee		79		01/27/2025		3,735,910		517,340
Russell 2000 Index		2		09/20/2024		22,231		637

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

8

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
Russell 2000 Index		421		09/20/2024	$	46,796,255	$	310,388
S&P 500 Index		5		09/20/2024		141,525		6,999
S&P 500 Index		642		09/20/2024		181,718,100		2,633,081
S&P Mid Cap 400 Index		53		09/20/2024		16,419,930		304,785
S&P Real Estate Select Sector Stock Index		9		09/20/2024		479,925		20,125
S&P/Toronto Stock Exchange 60 Index		429		09/19/2024		89,253,901		2,393,457
SGX FTSE Taiwan Index		172		09/27/2024		12,853,560		11,306
SGX Technically Specified Rubber 20		2		09/30/2024		18,230		775
Short Euro-BTP Fu Dec24		3		12/06/2024		354,402		(88	)
Short-term Euro-BTP		1,973		09/06/2024		231,486,453		506,970
Silver		183		12/27/2024		26,665,845		(819,066	)
Silver		6		03/27/2025		885,990		(27,075	)
South African Rand/US Dollar Cross Currency Rate		4		09/16/2024		112,050		3,263
Soybean Meal		1,213		12/13/2024		37,966,900		111,456
STOXX 600 Bank Spread Index		15		09/20/2024		167,344		6,428
STOXX 600 Utilities Index		16		09/20/2024		352,844		22,268
STOXX Euro ESG-X Index		57		09/20/2024		1,234,323		13,541
STOXX Europe 600 Index		186		09/20/2024		5,406,367		95,235
Sugar #11		228		09/30/2024		4,948,877		(31,695	)
Swiss Franc/US Dollar Cross Currency Rate		482		09/16/2024		70,977,513		224,509
Swiss Government Bonds		2		09/06/2024		353,532		(1,882	)
Technology Select Sector Index		1		09/20/2024		222,500		(2,020	)
Tokyo Price Index		13		09/12/2024		241,477		2,952
TOPIX Index		39		09/12/2024		7,244,305		117,518
Two Year Canadian Government Bonds		752		12/18/2024		58,350,937		(101,877	)
U.S. Treasury 10 Year Notes		2,247		12/19/2024		255,174,937		(1,242,728	)
U.S. Treasury 2 Year Notes		1,679		12/31/2024		348,471,205		(404,819	)
U.S. Treasury 5 Year Note		2,263		12/31/2024		247,568,665		(687,155	)
U.S. Treasury Long Bonds		823		12/19/2024		101,331,875		(1,053,570	)
U.S. Treasury Ultra Bonds		150		12/19/2024		19,790,625		(293,648	)
UK Natural Gas		15		09/27/2024		587,174		2,809
UK Natural Gas		15		10/30/2024		617,225		19,148
US 3 Year Notes		3		12/31/2024		637,430		(1,453	)
US Cocoa		176		12/13/2024		13,500,960		843,595
US Cocoa		43		03/14/2025		2,773,070		60,450
US Dollar/Chinese Renminbi Cross Currency Rate		6		09/16/2024		598,455		(9,192	)
US Dollar/Norwegian Krone Cross Currency Rate		9		09/16/2024		900,853		(2,911	)
US Dollar/Swedish Krona Cross Currency Rate		4		09/16/2024		399,848		(6,065	)
Utilities Select Sector Index		10		09/20/2024		770,700		59,980
Wheat		382		12/13/2024		10,533,650		326,619
XAV Health Care Select Sector Index		5		09/20/2024		795,050		46,920
							$	(9,610,529	)

Description	Contracts Sold		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
1 Month Secured Overnight Financing Rate		(12)		01/31/2025	$	4,782,383	$	2,125
10 Year Japanese Government Bonds		(9)		09/11/2024		891,135		(1,908	)
3 Month Canadian Overnight Repo Rate Average		(158)		06/17/2025		28,334,249		4,350

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

9

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Description	Contracts Sold		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
3 Month Euribor		(191)		03/17/2025	$	51,402,573	$	(105,801	)
3 Month Euribor		(511)		12/15/2025		138,143,412		(467,377	)
3-Month Secured Overnight Financing Rate		(335)		09/16/2025		80,860,625		(471,613	)
Arabica Coffee		(40)		12/18/2024		3,660,750		(84,900	)
ASX SPI 200 Index		(50)		09/19/2024		6,809,967		(51,204	)
AUD/USD Cross Currency Rate		(1,896)		09/16/2024		128,349,720		(1,874,290	)
Australian 90 Day Bank Bills		(2)		03/13/2025		1,340,906		1
BIST 30 Index		(550)		10/31/2024		1,855,596		(48,673	)
Brazilian Real/US Dollar Cross Currency Rate		(4)		09/30/2024		70,580		1,300
Brent Crude Oil		(3)		09/30/2024		230,790		1,840
Brent Crude Oil		(105)		09/30/2024		8,077,650		133,378
Brent Crude Oil		(45)		10/31/2024		3,430,800		30,020
Brent Crude Oil		(33)		11/29/2024		2,498,760		24,390
British Pound/US Dollar Cross Currency Rate		(139)		09/16/2024		11,402,344		(310,739	)
CAC40 10 Euro Index		(159)		09/20/2024		13,443,774		(570,892	)
Canadian 10 Year Government Bonds		(1,238)		12/18/2024		113,047,364		820,495
Canadian Canola Oil		(491)		11/14/2024		4,479,170		(98,487	)
Canadian Canola Oil		(54)		01/14/2025		499,910		(14,832	)
Canadian Dollar/US Dollar Cross Currency Rate		(1,655)		09/17/2024		122,776,175		(1,449,455	)
Copper		(538)		12/27/2024		56,644,675		54,613
Corn No. 2 Yellow		(2,406)		12/13/2024		48,240,300		2,878,675
Corn No. 2 Yellow		(1,419)		03/14/2025		29,728,050		616,538
Corn No. 2 Yellow		(82)		05/14/2025		1,755,825		96,288
Cotton No.2		(862)		12/06/2024		30,165,690		1,326,745
Cotton No.2		(98)		03/07/2025		3,510,850		46,625
Crude Oil		(124)		09/20/2024		9,120,200		201,550
Crude Oil		(13)		10/22/2024		944,450		6,820
Crude Oil		(99)		11/20/2024		7,117,110		76,890
Crude Oil		(13)		12/19/2024		927,680		24,110
Crude Oil		(6)		01/21/2025		425,820		5,250
Crude Palm Oil		(7)		12/13/2024		159,717		(11,243	)
Crude Soybean Oil		(1,267)		12/13/2024		31,936,002		680,646
Crude Soybean Oil		(162)		01/14/2025		4,088,232		140,634
Crude Soybean Oil		(11)		03/14/2025		278,520		13,500
Dollar Index		(420)		09/16/2024		42,682,080		(83,140	)
Euro STOXX 50 Quanto Index		(197)		09/20/2024		10,825,037		(572,675	)
Euro/Pound Sterling Cross Currency Rate		(2)		09/16/2024		276,663		1,642
Euro/US Dollar Cross Currency Rate		(912)		09/16/2024		126,078,300		(2,907,247	)
Euro-BOBL		(88)		09/06/2024		11,446,372		12,767
Euro-BOBL		(676)		12/06/2024		88,892,898		28,530
Euro-BTP Italian Government Bonds		(1)		09/06/2024		131,399		107
Euro-Bund		(251)		09/06/2024		37,154,049		(373,526	)
Euro-Bund		(182)		12/06/2024		26,837,783		17,498
Euro-Schatz		(655)		09/06/2024		76,914,442		(479,698	)
European Rapeseed		(126)		10/31/2024		3,274,830		(110,692	)
European Rapeseed		(20)		01/31/2025		521,472		(12,532	)
Feeder Cattle		(74)		10/31/2024		8,796,750		(3,450	)
Feeder Cattle		(15)		11/21/2024		1,764,375		475
Feeder Cattle		(1)		01/30/2025		116,125		938
French Government Bonds		(5)		09/06/2024		696,789		(671	)
FTSE 100 Index		(407)		09/20/2024		44,832,324		93,323

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

10

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Description	Contracts Sold		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
FTSE China A50 Index		(1,821)		09/27/2024	$	21,396,750	$	(100,940	)
German Stock Index		(60)		09/20/2024		31,422,650		(1,144,255	)
Gold		(99)		12/27/2024		25,023,240		(237,190	)
Hang Seng Index		(115)		09/27/2024		13,236,105		(143,726	)
Hang Seng TECH Index		(102)		09/27/2024		2,336,851		(81,510	)
Hard Red Winter Wheat		(552)		12/13/2024		15,600,900		119,184
Hard Red Winter Wheat		(89)		03/14/2025		2,570,987		28,225
ICE 3 Month SONIA Rate		(56)		03/17/2026		17,710,522		(18,485	)
ICE European Climate Exchange Emissions		(20)		12/16/2024		1,554,192		(89,803	)
Indian Rupee/US Dollar Cross Currency Rate		(8)		09/26/2024		190,688		(128	)
Indian Rupee/US Dollar Cross Currency Rate		(2)		09/26/2024		119,120		(40	)
Japanese 10 Year Government Bonds		(62)		09/12/2024		61,376,565		(426,226	)
Japanese Yen/US Dollar Cross Currency Rate		(438)		09/16/2024		37,558,500		(13,089	)
Lean Hogs		(15)		10/14/2024		493,350		(49,590	)
Lean Hogs		(168)		12/13/2024		4,890,480		(229,710	)
Lean Hogs		(197)		02/14/2025		5,939,550		(223,190	)
Light Sweet Crude Oil		(8)		09/19/2024		294,200		8,838
Live Cattle		(5)		10/31/2024		357,200		(2,090	)
Live Cattle		(18)		12/31/2024		1,278,360		(2,290	)
Live Cattle		(99)		02/28/2025		7,066,620		(250	)
Live Cattle		(14)		04/30/2025		1,008,980		3,660
LME Aluminum Forward		(1)		09/02/2024		60,611		5,589
LME Aluminum Forward		(1)		09/03/2024		60,591		(4,239	)
LME Aluminum Forward		(3)		09/06/2024		182,182		10,831
LME Aluminum Forward		(2)		09/09/2024		121,493		5,657
LME Aluminum Forward		(2)		09/10/2024		121,532		5,218
LME Aluminum Forward		(8)		09/11/2024		486,238		11,594
LME Aluminum Forward		(3)		09/13/2024		182,502		3,561
LME Aluminum Forward		(142)		09/16/2024		8,640,345		138,823
LME Aluminum Forward		(4)		09/17/2024		243,390		6,623
LME Aluminum Forward		(5)		09/18/2024		304,305		9,133
LME Aluminum Forward		(18)		09/23/2024		1,096,717		(75,672	)
LME Aluminum Forward		(1)		09/25/2024		60,956		1,782
LME Aluminum Forward		(2)		10/02/2024		122,125		4,325
LME Aluminum Forward		(245)		10/14/2024		15,004,596		(815,370	)
LME Aluminum Forward		(6)		10/15/2024		366,859		7,428
LME Aluminum Forward		(10)		10/16/2024		610,432		9,361
LME Aluminum Forward		(3)		10/18/2024		183,012		(9,637	)
LME Aluminum Forward		(3)		10/21/2024		182,953		(9,153	)
LME Aluminum Forward		(4)		10/22/2024		243,994		(13,626	)
LME Aluminum Forward		(19)		10/23/2024		1,159,242		(78,755	)
LME Aluminum Forward		(4)		10/25/2024		244,280		(17,967	)
LME Aluminum Forward		(5)		10/28/2024		305,421		(27,796	)
LME Aluminum Forward		(4)		10/29/2024		244,417		(14,629	)
LME Aluminum Forward		(4)		10/30/2024		244,497		(15,172	)
LME Aluminum Forward		(5)		11/01/2024		305,611		(23,311	)
LME Aluminum Forward		(2)		11/04/2024		122,242		(8,492	)
LME Aluminum Forward		(2)		11/06/2024		122,165		(6,428	)
LME Aluminum Forward		(3)		11/08/2024		183,319		(632	)
LME Aluminum Forward		(1)		11/11/2024		61,112		1,200
LME Aluminum Forward		(6)		11/13/2024		366,675		(113	)

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

11

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Description	Contracts Sold		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
LME Aluminum Forward		(2)		11/15/2024	$	122,262	$	2,438
LME Aluminum Forward		(157)		11/18/2024		9,597,606		78,642
LME Aluminum Forward		(1)		11/20/2024		61,101		1,961
LME Aluminum Forward		(5)		11/25/2024		305,787		6,213
LME Aluminum Forward		(15)		11/27/2024		917,625		18,738
LME Copper Forward		(1)		09/02/2024		227,998		21,627
LME Copper Forward		(1)		09/03/2024		227,953		24,984
LME Copper Forward		(1)		09/04/2024		228,087		(1,610	)
LME Copper Forward		(4)		09/09/2024		913,236		46,041
LME Copper Forward		(3)		09/10/2024		685,060		53,177
LME Copper Forward		(9)		09/11/2024		2,055,505		131,029
LME Copper Forward		(3)		09/13/2024		685,600		35,250
LME Copper Forward		(35)		09/16/2024		7,999,923		521,492
LME Copper Forward		(1)		09/18/2024		228,569		(1,672	)
LME Copper Forward		(1)		09/23/2024		228,782		12,782
LME Copper Forward		(1)		10/02/2024		229,170		(1,693	)
LME Copper Forward		(1)		10/04/2024		229,370		(1,766	)
LME Copper Forward		(1)		10/08/2024		229,451		15,674
LME Copper Forward		(1)		10/11/2024		229,632		(1,914	)
LME Copper Forward		(43)		10/14/2024		9,875,272		(60,421	)
LME Copper Forward		(1)		10/15/2024		229,657		11,618
LME Copper Forward		(3)		10/16/2024		688,972		15,090
LME Copper Forward		(1)		10/23/2024		230,067		568
LME Copper Forward		(2)		11/04/2024		460,996		(18,208	)
LME Copper Forward		(1)		11/05/2024		230,514		(10,114	)
LME Copper Forward		(2)		11/06/2024		461,060		(18,010	)
LME Copper Forward		(1)		11/08/2024		230,580		(6,443	)
LME Copper Forward		(4)		11/13/2024		922,395		(7,926	)
LME Copper Forward		(1)		11/15/2024		230,742		(143	)
LME Copper Forward		(18)		11/18/2024		4,153,356		23,454
LME Copper Forward		(2)		11/20/2024		461,284		1,305
LME Copper Forward		(1)		11/25/2024		230,808		629
LME Copper Forward		(2)		11/27/2024		461,750		4,375
LME Lead Forward		(2)		09/02/2024		101,090		4,293
LME Lead Forward		(1)		09/03/2024		50,558		(362	)
LME Lead Forward		(2)		09/03/2024		101,065		4,212
LME Lead Forward		(1)		09/04/2024		50,570		(362	)
LME Lead Forward		(3)		09/06/2024		151,861		14,127
LME Lead Forward		(3)		09/09/2024		151,898		11,427
LME Lead Forward		(3)		09/10/2024		151,936		11,427
LME Lead Forward		(13)		09/11/2024		658,551		40,799
LME Lead Forward		(5)		09/13/2024		253,386		13,386
LME Lead Forward		(46)		09/16/2024		2,331,383		149,011
LME Lead Forward		(7)		09/17/2024		354,688		18,650
LME Lead Forward		(3)		09/18/2024		151,972		(971	)
LME Lead Forward		(3)		09/20/2024		152,060		(947	)
LME Lead Forward		(1)		09/23/2024		50,694		(285	)
LME Lead Forward		(1)		09/25/2024		50,727		4,348
LME Lead Forward		(77)		10/14/2024		3,928,251		30,658
LME Lead Forward		(1)		10/16/2024		51,035		2,565
LME Lead Forward		(3)		10/18/2024		153,202		4,011

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

12

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Description	Contracts Sold		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
LME Lead Forward		(3)		10/21/2024	$	153,224	$	1,051
LME Lead Forward		(3)		10/22/2024		153,246		1,129
LME Lead Forward		(20)		10/23/2024		1,021,790		(2,215	)
LME Lead Forward		(7)		10/25/2024		357,833		4,655
LME Lead Forward		(5)		10/28/2024		255,633		(683	)
LME Lead Forward		(3)		10/29/2024		153,401		1,536
LME Lead Forward		(7)		10/30/2024		357,989		4,786
LME Lead Forward		(1)		11/04/2024		51,178		(2,178	)
LME Lead Forward		(1)		11/05/2024		51,186		(1,911	)
LME Lead Forward		(2)		11/06/2024		102,386		(2,461	)
LME Lead Forward		(5)		11/08/2024		256,113		3,029
LME Lead Forward		(2)		11/11/2024		102,460		1,526
LME Lead Forward		(6)		11/12/2024		307,424		2,754
LME Lead Forward		(6)		11/13/2024		307,469		4,640
LME Lead Forward		(61)		11/18/2024		3,128,187		40,269
LME Lead Forward		(1)		11/20/2024		51,257		550
LME Lead Forward		(15)		11/27/2024		769,875		11,438
LME Nickel Forward		(2)		09/02/2024		198,507		31,293
LME Nickel Forward		(2)		09/03/2024		198,549		25,041
LME Nickel Forward		(1)		09/03/2024		99,232		18,068
LME Nickel Forward		(3)		09/04/2024		297,883		31,337
LME Nickel Forward		(1)		09/06/2024		99,373		8,477
LME Nickel Forward		(2)		09/09/2024		198,790		15,380
LME Nickel Forward		(1)		09/10/2024		99,416		8,524
LME Nickel Forward		(4)		09/11/2024		397,746		25,644
LME Nickel Forward		(3)		09/13/2024		298,561		13,589
LME Nickel Forward		(34)		09/16/2024		3,384,307		131,914
LME Nickel Forward		(1)		09/17/2024		99,538		4,022
LME Nickel Forward		(3)		09/18/2024		298,615		13,235
LME Nickel Forward		(1)		09/20/2024		99,603		4,137
LME Nickel Forward		(1)		09/24/2024		99,635		3,655
LME Nickel Forward		(1)		09/27/2024		99,716		4,804
LME Nickel Forward		(41)		10/14/2024		4,098,308		(1,243	)
LME Nickel Forward		(1)		10/16/2024		99,986		(1,106	)
LME Nickel Forward		(2)		10/21/2024		200,109		(6,849	)
LME Nickel Forward		(1)		10/22/2024		100,068		(4,368	)
LME Nickel Forward		(14)		10/23/2024		1,401,144		(75,144	)
LME Nickel Forward		(2)		10/25/2024		200,229		(9,579	)
LME Nickel Forward		(1)		10/28/2024		100,136		(4,736	)
LME Nickel Forward		(3)		10/29/2024		300,457		4,589
LME Nickel Forward		(1)		10/30/2024		100,169		(2,159	)
LME Nickel Forward		(1)		11/04/2024		100,259		1,576
LME Nickel Forward		(2)		11/05/2024		200,556		(954	)
LME Nickel Forward		(3)		11/06/2024		300,893		(26	)
LME Nickel Forward		(4)		11/08/2024		401,503		1,687
LME Nickel Forward		(5)		11/11/2024		501,956		3,388
LME Nickel Forward		(2)		11/13/2024		200,844		(2,003	)
LME Nickel Forward		(2)		11/15/2024		200,967		(56	)
LME Nickel Forward		(47)		11/18/2024		4,722,594		41,973
LME Nickel Forward		(1)		11/19/2024		100,475		1,548
LME Nickel Forward		(1)		11/20/2024		100,475		1,548

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

13

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Description	Contracts Sold		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
LME Nickel Forward		(6)		11/27/2024	$	603,576	$	8,244
LME Tin Forward		(1)		09/02/2024		162,540		(2,365	)
LME Tin Forward		(1)		09/03/2024		162,549		(3,549	)
LME Tin Forward		(2)		09/23/2024		325,348		(33,138	)
LME Tin Forward		(1)		10/08/2024		162,714		561
LME Tin Forward		(2)		10/09/2024		325,433		14,167
LME Tin Forward		(1)		10/18/2024		162,567		(11,292	)
LME Tin Forward		(1)		10/22/2024		162,486		(12,186	)
LME Tin Forward		(2)		10/23/2024		324,890		(30,865	)
LME Tin Forward		(1)		11/20/2024		162,230		785
LME Tin Forward		(1)		11/27/2024		161,730		1,295
LME Zinc Forward		(1)		09/02/2024		71,192		1,758
LME Zinc Forward		(1)		09/03/2024		71,214		736
LME Zinc Forward		(1)		09/03/2024		71,168		1,444
LME Zinc Forward		(7)		09/04/2024		498,652		(2,902	)
LME Zinc Forward		(2)		09/06/2024		142,649		(4,864	)
LME Zinc Forward		(1)		09/09/2024		71,342		(1,705	)
LME Zinc Forward		(2)		09/10/2024		142,721		(33	)
LME Zinc Forward		(5)		09/11/2024		356,891		(9,770	)
LME Zinc Forward		(3)		09/13/2024		214,350		(4,413	)
LME Zinc Forward		(66)		09/16/2024		4,716,888		88,984
LME Zinc Forward		(11)		09/23/2024		787,155		(58,874	)
LME Zinc Forward		(3)		09/25/2024		214,757		(10,392	)
LME Zinc Forward		(2)		09/27/2024		143,351		(3,717	)
LME Zinc Forward		(1)		09/30/2024		71,698		(463	)
LME Zinc Forward		(7)		10/02/2024		502,105		(38,414	)
LME Zinc Forward		(3)		10/04/2024		215,369		(19,007	)
LME Zinc Forward		(2)		10/08/2024		143,640		3,098
LME Zinc Forward		(96)		10/14/2024		6,903,432		(513,385	)
LME Zinc Forward		(2)		10/15/2024		143,674		(886	)
LME Zinc Forward		(1)		10/18/2024		71,877		(3,252	)
LME Zinc Forward		(1)		10/21/2024		71,887		(4,749	)
LME Zinc Forward		(9)		10/23/2024		647,159		(25,396	)
LME Zinc Forward		(8)		10/25/2024		575,722		(32,485	)
LME Zinc Forward		(6)		10/28/2024		431,880		(38,443	)
LME Zinc Forward		(3)		10/29/2024		215,984		(13,534	)
LME Zinc Forward		(1)		10/30/2024		72,009		(5,109	)
LME Zinc Forward		(4)		11/01/2024		288,272		(29,360	)
LME Zinc Forward		(3)		11/04/2024		216,259		(20,846	)
LME Zinc Forward		(2)		11/05/2024		144,209		(16,659	)
LME Zinc Forward		(3)		11/06/2024		216,368		(13,809	)
LME Zinc Forward		(4)		11/08/2024		288,783		(4,685	)
LME Zinc Forward		(1)		11/11/2024		72,214		(463	)
LME Zinc Forward		(1)		11/12/2024		72,232		(463	)
LME Zinc Forward		(1)		11/13/2024		72,251		(463	)
LME Zinc Forward		(1)		11/15/2024		72,324		(462	)
LME Zinc Forward		(33)		11/18/2024		2,387,278		(64,199	)
LME Zinc Forward		(4)		11/19/2024		289,367		(1,849	)
LME Zinc Forward		(3)		11/20/2024		217,025		(1,387	)
LME Zinc Forward		(4)		11/27/2024		289,700		(1,150	)
London Cocoa		(3)		03/14/2025		183,166		946

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

14

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Description	Contracts Sold		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
London Metals - Aluminum		(2,991)		09/16/2024	$	181,994,873	$	3,041,123
London Metals - Aluminum		(5)		10/14/2024		306,216		(17,591	)
London Metals - Aluminum		(1,197)		12/16/2024		73,553,256		(4,277,813	)
London Metals - Copper		(1,072)		09/16/2024		245,026,223		16,649,814
London Metals - Copper		(386)		12/16/2024		89,383,313		(1,840,434	)
London Metals - Lead		(648)		09/16/2024		32,842,098		1,842,321
London Metals - Lead		(3)		10/14/2024		153,049		(1,530	)
London Metals - Lead		(296)		12/16/2024		15,252,954		(184,481	)
London Metals - Nickel		(240)		09/16/2024		23,889,226		1,335,738
London Metals - Nickel		(4)		10/14/2024		399,835		(8,551	)
London Metals - Nickel		(161)		12/16/2024		16,247,599		(235,940	)
London Metals - Tin		(1)		09/16/2024		162,655		(6,655	)
London Metals - Zinc		(628)		09/16/2024		44,881,904		(1,999,651	)
London Metals - Zinc		(10)		10/14/2024		719,108		27,913
London Metals - Zinc		(10)		11/18/2024		723,418		(33,030	)
London Metals - Zinc		(192)		12/16/2024		13,939,200		(751,351	)
Long Gilt		(157)		12/27/2024		20,350,783		194,080
Low Sulphur Gas Oil		(175)		10/10/2024		12,263,125		336,396
Low Sulphur Gas Oil		(70)		11/12/2024		4,894,750		156,525
Low Sulphur Gas Oil		(55)		12/12/2024		3,830,750		143,150
Low Sulphur Gas Oil		(20)		01/10/2025		1,392,000		54,225
Lumber		(4)		11/15/2024		56,925		(434	)
Maize		(9)		11/05/2024		99,113		(1,271	)
Mexican Peso/US Dollar Cross Currency Rate		(497)		09/16/2024		12,593,980		330,368
Milling Wheat No. 2		(10)		09/10/2024		113,718		(525	)
Milling Wheat No. 2		(581)		12/10/2024		6,952,219		103,023
Milling Wheat No. 2		(661)		03/10/2025		8,165,230		135,149
Milling Wheat No. 2		(32)		05/12/2025		402,808		4,836
MSCI China A 50 Index		(4)		09/20/2024		186,540		(4,240	)
Natural Gas		(15)		09/25/2024		79,762		3,850
Natural Gas		(813)		09/26/2024		17,292,510		1,351,877
Natural Gas		(750)		10/29/2024		18,735,000		2,084,530
Natural Gas		(287)		11/26/2024		8,716,190		612,750
Natural Gas		(185)		12/27/2024		6,158,650		378,570
New Zealand Dollar/US Dollar Cross Currency Rate		(73)		09/16/2024		4,562,865		(162,722	)
Nikkei 225 Index		(7)		09/12/2024		1,853,547		(35,912	)
NY Harbor ULSD		(575)		09/30/2024		55,020,945		1,598,446
NY Harbor ULSD		(70)		10/31/2024		6,743,478		205,195
NY Harbor ULSD		(71)		11/29/2024		6,862,775		252,773
NY Harbor ULSD		(34)		12/31/2024		3,296,395		92,434
Oats		(5)		12/13/2024		84,500		(4,588	)
OMXS30 Index		(59)		09/20/2024		1,493,789		(39,555	)
Palladium		(59)		12/27/2024		5,680,520		(141,770	)
Phelix DE Baseload Quarterly		(1)		09/26/2024		237,712		7,081
Platinum		(169)		10/29/2024		7,877,090		29,080
Red Spring Wheat		(187)		12/13/2024		5,614,675		34,675
Red Spring Wheat		(55)		03/14/2025		1,709,813		(33,813	)
Reformulated Gasoline Blendstock		(233)		09/30/2024		20,484,055		399,616
Reformulated Gasoline Blendstock		(60)		10/31/2024		5,177,592		18,803
Reformulated Gasoline Blendstock		(32)		11/29/2024		2,717,030		20,630
Reformulated Gasoline Blendstock		(25)		12/31/2024		2,108,190		34,784

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

15

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Description	Contracts Sold		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
Rough Rice		(17)		11/14/2024	$	502,690	$	5,950
Russell 2000 Index		(1)		09/20/2024		111,155		(1,390	)
S&P 500 Index		(34)		09/20/2024		9,623,700		(198,950	)
SGX TSI Iron Ore		(214)		09/30/2024		2,158,832		(143,407	)
SGX TSI Iron Ore		(300)		10/30/2024		3,030,900		(46,500	)
SGX TSI Iron Ore		(104)		11/29/2024		1,051,232		(23,580	)
SGX TSI Iron Ore		(64)		12/31/2024		646,848		(20,865	)
Silver		(16)		12/27/2024		2,331,440		36,810
Soybean Meal		(841)		12/13/2024		26,323,300		554,540
Soybean Meal		(200)		01/14/2025		6,278,000		313,800
Soybeans		(1,198)		11/14/2024		59,900,000		3,859,674
Soybeans		(115)		01/14/2025		5,847,750		611,438
Soybeans		(486)		03/14/2025		25,071,525		919,250
Sugar #11		(1,000)		09/30/2024		21,705,600		(748,669	)
Sugar #11		(448)		02/28/2025		9,864,602		(426,440	)
Sugar #11		(123)		04/30/2025		2,598,154		(132,765	)
Sugar #11		(12)		06/30/2025		246,758		(8,366	)
Swiss Franc/US Dollar Cross Currency Rate		(18)		09/16/2024		2,650,613		(124,975	)
TOPIX Index		(3)		09/12/2024		557,254		(33,792	)
Turkish Dollar		(161)		09/30/2024		166,708		201
U.S. Treasury 10 Year Notes		(1,645)		12/19/2024		186,810,312		644,609
U.S. Treasury 2 Year Notes		(75)		12/31/2024		15,566,016		23,539
U.S. Treasury 5 Year Note		(66)		12/31/2024		7,220,297		16,406
U.S. Treasury Ultra Bonds		(9)		12/19/2024		1,187,438		6,561
UK Natural Gas		(5)		09/27/2024		195,725		(4,804	)
Wheat		(1,296)		12/13/2024		35,737,200		1,913,663
Wheat		(161)		03/14/2025		4,606,613		53,075
Wheat		(23)		05/14/2025		671,313		(450	)
White Sugar		(26)		09/13/2024		710,840		(21,675	)
White Sugar		(221)		11/15/2024		5,889,650		(221,745	)
White Sugar		(74)		02/13/2025		1,954,710		(69,705	)
WTI Light Sweet Crude Oil		(7)		10/21/2024		508,550		6,310
WTI Light Sweet Crude Oil		(5)		11/19/2024		359,450		490
WTI Light Sweet Crude Oil		(5)		12/18/2024		356,800		(1,270	)
WTI Light Sweet Crude Oil		(6)		01/17/2025		425,820		5,410
							$	22,814,132
Total Futures Contracts							$	13,203,603

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

16

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Forward foreign currency contracts outstanding as of August 31, 2024 were as follows:

Settlement Date	Currency Purchased		Currency Sold			Counterparty	Value/ Unrealized Appreciation (Depreciation)
09/25/2024	AUD	30,600,000	CAD	28,042,115	Bank of America		$	(100,270	)
09/25/2024	AUD	4,129,862	EUR	2,500,000	Bank of America			30,340
09/03/2024	AUD	1,450,756	GBP	750,000	Bank of America			(2,970	)
09/25/2024	AUD	3,648,508	GBP	1,875,000	Bank of America			8,069
09/25/2024	AUD	9,000,000	JPY	880,896,270	Bank of America			47,131
09/25/2024	AUD	34,200,000	NZD	37,565,796	Bank of America			(322,777	)
09/03/2024	AUD	89,673,991	USD	60,923,626	Bank of America			(220,768	)
09/18/2024	AUD	134,105,000	USD	90,206,152	Bank of America			607,065
09/25/2024	AUD	25,200,000	USD	17,119,042	Bank of America			(51,259	)
10/17/2024	AUD	100,089,000	USD	65,083,658	Bank of America			2,738,299
09/04/2024	BRL	123,585,561	USD	22,082,960	Bank of America			(165,020	)
10/02/2024	BRL	68,828,011	USD	12,500,000	Bank of America			(334,523	)
09/25/2024	CAD	731,715	AUD	800,000	Bank of America			1,573
09/03/2024	CAD	2,303,057	EUR	1,542,335	Bank of America			3,966
09/25/2024	CAD	3,944,210	EUR	2,625,000	Bank of America			24,036
09/25/2024	CAD	4,800,000	JPY	515,832,338	Bank of America			22,849
09/03/2024	CAD	178,511,938	USD	132,327,638	Bank of America			151,984
09/18/2024	CAD	163,621,297	USD	120,171,489	Bank of America			1,315,100
09/18/2024	CHF	9,140,910	EUR	9,700,000	Bank of America			45,762
09/25/2024	CHF	15,948,714	EUR	16,750,000	Bank of America			282,118
09/25/2024	CHF	1,254,740	GBP	1,125,000	Bank of America			2,777
09/25/2024	CHF	10,250,000	JPY	1,746,442,750	Bank of America			103,454
09/03/2024	CHF	47,307,653	USD	56,202,492	Bank of America			(523,391	)
09/18/2024	CHF	64,006,654	USD	74,676,471	Bank of America			789,667
09/25/2024	CHF	11,750,000	USD	13,685,032	Bank of America			180,047
10/17/2024	CHF	10,064,000	USD	11,940,044	Bank of America			(31,493	)
09/03/2024	CLP	191,196,000	USD	202,892	Bank of America			6,343
09/05/2024	CLP	188,113,299	USD	200,000	Bank of America			5,855
09/06/2024	CLP	285,011,490	USD	300,000	Bank of America			11,887
09/09/2024	CLP	286,827,690	USD	300,000	Bank of America			13,860
09/12/2024	CLP	184,002,820	USD	200,000	Bank of America			1,335
09/13/2024	CLP	366,741,880	USD	400,000	Bank of America			1,281
09/16/2024	CLP	182,923,660	USD	200,000	Bank of America			142
09/23/2024	CLP	6,048,581,684	USD	6,550,000	Bank of America			67,223
09/27/2024	CLP	274,172,000	USD	300,000	Bank of America			(71	)
09/03/2024	CNH	39,940,360	USD	5,633,748	Bank of America			3,082
09/19/2024	CNH	242,228,901	USD	33,994,031	Bank of America			258,056
09/25/2024	CNH	70,386,846	USD	9,900,000	Bank of America			60,316
09/03/2024	COP	820,394,632	USD	200,000	Bank of America			(3,930	)
09/06/2024	COP	1,648,000,800	USD	400,000	Bank of America			(6,361	)
09/18/2024	COP	18,199,005,645	USD	4,450,000	Bank of America			(109,948	)
09/20/2024	COP	403,272,316	USD	100,000	Bank of America			(3,854	)
09/23/2024	COP	1,209,162,000	USD	300,000	Bank of America			(11,834	)
09/27/2024	COP	832,662,000	USD	200,000	Bank of America			(1,666	)
09/18/2024	CZK	110,384,088	EUR	4,400,000	Bank of America			8,141
09/03/2024	CZK	4,514,672	USD	200,000	Bank of America			(638	)
09/25/2024	CZK	2,241,657	USD	100,000	Bank of America			(961	)
09/25/2024	EUR	14,125,000	AUD	23,277,390	Bank of America			(133,268	)
09/03/2024	EUR	542,335	CAD	809,791	Bank of America			(1,366	)

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

17

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Settlement Date	Currency Purchased		Currency Sold				Counterparty	Value/ Unrealized Appreciation (Depreciation)
09/25/2024	EUR	24,000,000		CAD	36,246,802	Bank of America		$	(357,480	)
09/18/2024	EUR	10,650,000		CHF	10,078,026	Bank of America			(99,612	)
09/18/2024	EUR	5,750,000		CZK	145,067,457	Bank of America			(46,664	)
09/03/2024	EUR	2,744,593		GBP	2,308,569	Bank of America			2,422
09/18/2024	EUR	650,000		GBP	556,402	Bank of America			(11,726	)
09/25/2024	EUR	8,200,000		GBP	6,970,712	Bank of America			(81,816	)
09/18/2024	EUR	1,300,000		HUF	515,323,473	Bank of America			(10,267	)
09/25/2024	EUR	1,700,000		HUF	673,125,798	Bank of America			(10,242	)
09/18/2024	EUR	9,150,000		JPY	1,473,877,774	Bank of America			13,386
09/25/2024	EUR	9,200,000		JPY	1,492,956,588	Bank of America			(69,325	)
09/03/2024	EUR	772,863		NOK	9,000,000	Bank of America			5,786
09/18/2024	EUR	60,271,326		NOK	720,463,129	Bank of America			(1,278,879	)
09/25/2024	EUR	14,375,000		NOK	168,285,207	Bank of America			32,593
09/03/2024	EUR	649,573		PLN	2,783,793	Bank of America			(402	)
09/18/2024	EUR	4,207,433		PLN	18,238,239	Bank of America			(51,772	)
09/03/2024	EUR	1,586,411		SEK	18,000,000	Bank of America			569
09/18/2024	EUR	25,822,688		SEK	298,325,587	Bank of America			(513,425	)
09/25/2024	EUR	13,625,000		SEK	155,647,436	Bank of America			(100,007	)
09/03/2024	EUR	62,616,464		USD	69,666,282	Bank of America			(437,369	)
09/18/2024	EUR	136,878,000		USD	151,112,115	Bank of America			324,327
09/25/2024	EUR	17,875,000		USD	19,849,331	Bank of America			(66,805	)
10/17/2024	EUR	129,983,000		USD	143,218,864	Bank of America			789,707
09/25/2024	GBP	14,875,000		AUD	28,707,634	Bank of America			96,638
09/03/2024	GBP	709,246		EUR	841,906	Bank of America			689
09/18/2024	GBP	39,008,834		EUR	45,750,000	Bank of America			623,967
09/25/2024	GBP	31,166,036		EUR	36,500,000	Bank of America			545,284
09/25/2024	GBP	5,625,000		JPY	1,069,016,119	Bank of America			48,926
09/03/2024	GBP	78,055,314		USD	103,166,708	Bank of America			(651,191	)
09/18/2024	GBP	148,008,000		USD	190,678,149	Bank of America			3,737,444
09/25/2024	GBP	17,062,500		USD	22,171,401	Bank of America			242,265
10/17/2024	GBP	780,000		USD	990,465	Bank of America			34,294
09/18/2024	HUF	2,801,197,898		EUR	7,100,000	Bank of America			18,797
09/25/2024	HUF	78,849,868		EUR	200,000	Bank of America			246
09/03/2024	HUF	637,197,023		USD	1,800,000	Bank of America			(7,979	)
09/25/2024	HUF	1,059,925,000		USD	3,000,000	Bank of America			(21,337	)
10/17/2024	HUF	2,737,500,000		USD	7,494,087	Bank of America			193,092
09/18/2024	IDR	73,212,914,177		USD	4,700,000	Bank of America			33,515
09/27/2024	IDR	62,049,872,000		USD	4,000,000	Bank of America			10,383
09/03/2024	ILS	2,541,274		USD	700,000	Bank of America			(1,102	)
09/18/2024	ILS	17,618,036		USD	4,750,000	Bank of America			98,257
09/06/2024	INR	1,672,493,008		USD	19,936,904	Bank of America			726
09/09/2024	INR	1,001,074		USD	11,914	Bank of America			19
09/18/2024	INR	386,249,238		USD	4,600,000	Bank of America			2,651
09/03/2024	JPY	85,591,264		CHF	500,000	Bank of America			(2,658	)
09/25/2024	JPY	169,635,710		CHF	1,000,000	Bank of America			(15,236	)
09/18/2024	JPY	917,239,146		EUR	5,700,000	Bank of America			(14,610	)
09/25/2024	JPY	23,834,409		GBP	125,000	Bank of America			(548	)
09/03/2024	JPY	354,086,003		USD	2,430,196	Bank of America			(6,689	)
09/18/2024	JPY	12,765,676,584		USD	86,894,758	Bank of America			669,240
10/17/2024	JPY	14,900,700,000		USD	103,809,801	Bank of America			(1,153,731	)
09/05/2024	KRW	6,813,641,595		USD	5,000,000	Bank of America			102,699

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

18

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Settlement Date	Currency Purchased		Currency Sold			Counterparty	Value/ Unrealized Appreciation (Depreciation)
09/09/2024	KRW	25,366,131,890	USD	18,600,000	Bank of America		$	401,683
09/19/2024	KRW	31,715,181,268	USD	23,750,000	Bank of America			23,685
09/23/2024	KRW	7,858,464,185	USD	5,900,000	Bank of America			(7,717	)
09/27/2024	KRW	2,399,004,000	USD	1,800,000	Bank of America			(741	)
09/30/2024	KRW	3,201,295,090	USD	2,400,000	Bank of America			1,452
10/04/2024	KRW	4,796,802,724	USD	3,600,000	Bank of America			(778	)
09/18/2024	MXN	328,720,654	USD	17,701,398	Bank of America			(1,059,840	)
10/17/2024	MXN	430,000	USD	21,855	Bank of America			(184	)
09/03/2024	NOK	20,645,554	EUR	1,773,138	Bank of America			(13,527	)
09/18/2024	NOK	534,319,737	EUR	45,607,484	Bank of America			(56,379	)
09/03/2024	NOK	5,500,000	SEK	5,351,029	Bank of America			(2,595	)
09/03/2024	NOK	99,867,446	USD	9,509,851	Bank of America			(92,432	)
09/18/2024	NOK	405,108,987	USD	38,208,790	Bank of America			4,814
09/25/2024	NOK	56,783,471	USD	5,400,000	Bank of America			(42,911	)
09/25/2024	NZD	3,000,000	JPY	267,584,414	Bank of America			38,288
09/03/2024	NZD	20,700,000	USD	12,956,599	Bank of America			(15,702	)
09/18/2024	NZD	129,186,000	USD	79,325,337	Bank of America			1,440,736
09/25/2024	NZD	20,300,000	USD	12,634,785	Bank of America			56,808
09/18/2024	PEN	7,660,176	USD	2,050,000	Bank of America			(6,303	)
09/18/2024	PHP	333,586,271	USD	5,900,000	Bank of America			40,336
09/27/2024	PHP	28,126,400	USD	500,000	Bank of America			840
09/03/2024	PLN	1,500,000	EUR	349,702	Bank of America			559
09/18/2024	PLN	123,877,580	EUR	28,658,621	Bank of America			262,102
09/25/2024	PLN	9,406,259	EUR	2,200,000	Bank of America			(7,592	)
09/25/2024	PLN	57,401,919	USD	14,900,000	Bank of America			(88,073	)
10/17/2024	PLN	54,640,000	USD	13,827,949	Bank of America			265,142
09/03/2024	SEK	107,448,812	EUR	9,475,056	Bank of America			(9,114	)
09/18/2024	SEK	348,793,387	EUR	30,668,921	Bank of America			71,658
09/25/2024	SEK	63,776,486	EUR	5,612,221	Bank of America			8,461
09/25/2024	SEK	130,292,663	NOK	133,500,000	Bank of America			111,644
09/03/2024	SEK	36,022,305	USD	3,522,947	Bank of America			(14,034	)
09/18/2024	SEK	276,686,417	USD	26,935,638	Bank of America			37,474
09/25/2024	SEK	68,999,335	USD	6,700,000	Bank of America			28,929
10/17/2024	SEK	37,770,000	USD	3,578,917	Bank of America			109,250
09/18/2024	SGD	19,978,016	USD	15,200,000	Bank of America			127,254
09/25/2024	SGD	49,091,700	USD	37,600,000	Bank of America			79,284
09/18/2024	THB	214,000,024	USD	6,200,000	Bank of America			132,932
09/18/2024	TRY	36,500,000	USD	1,021,565	Bank of America			24,037
09/18/2024	TWD	224,797,376	USD	7,050,000	Bank of America			(7,974	)
09/27/2024	TWD	12,735,050	USD	400,000	Bank of America			(669	)
09/18/2024	USD	63,767,743	AUD	96,638,000	Bank of America			(1,673,571	)
09/25/2024	USD	10,436,497	AUD	15,500,000	Bank of America			(61,544	)
10/17/2024	USD	66,384,176	AUD	100,089,000	Bank of America			(1,437,781	)
09/04/2024	USD	21,872,176	BRL	123,603,626	Bank of America			(48,968	)
10/02/2024	USD	25,400,000	BRL	143,582,345	Bank of America			21,558
09/18/2024	USD	159,728,941	CAD	218,804,163	Bank of America			(2,730,177	)
09/25/2024	USD	25,955,750	CAD	35,300,000	Bank of America			(259,742	)
09/03/2024	USD	5,465,678	CHF	4,599,697	Bank of America			52,030
09/18/2024	USD	71,483,320	CHF	62,623,283	Bank of America			(2,351,773	)
09/25/2024	USD	2,952,156	CHF	2,500,000	Bank of America			2,139
09/03/2024	USD	200,000	CLP	191,196,000	Bank of America			(9,236	)

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

19

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Settlement Date	Currency Purchased		Currency Sold			Counterparty	Value/ Unrealized Appreciation (Depreciation)
09/05/2024	USD	200,000	CLP	187,260,000	Bank of America		$	(4,921	)
09/06/2024	USD	300,000	CLP	279,901,815	Bank of America			(6,295	)
09/09/2024	USD	300,000	CLP	280,915,694	Bank of America			(7,391	)
09/12/2024	USD	200,000	CLP	187,887,520	Bank of America			(5,586	)
09/13/2024	USD	400,000	CLP	373,252,340	Bank of America			(8,405	)
09/16/2024	USD	200,000	CLP	186,442,340	Bank of America			(3,992	)
09/23/2024	USD	4,500,000	CLP	4,204,381,950	Bank of America			(99,645	)
09/27/2024	USD	300,000	CLP	277,359,000	Bank of America			(3,416	)
10/03/2024	USD	200,000	CLP	184,050,020	Bank of America			(1,325	)
10/04/2024	USD	600,000	CLP	549,808,000	Bank of America			(1,405	)
09/03/2024	USD	1,834,138	CNH	13,000,000	Bank of America			(567	)
09/19/2024	USD	38,380,642	CNH	276,369,627	Bank of America			(699,074	)
09/25/2024	USD	9,100,000	CNH	64,681,626	Bank of America			(52,981	)
09/03/2024	USD	204,238	COP	820,394,632	Bank of America			8,168
09/06/2024	USD	400,000	COP	1,655,894,736	Bank of America			4,475
10/03/2024	USD	200,000	COP	832,755,368	Bank of America			1,802
09/25/2024	USD	300,000	CZK	6,808,992	Bank of America			(830	)
09/03/2024	USD	1,415,174	EUR	1,274,260	Bank of America			6,349
09/18/2024	USD	67,429,296	EUR	62,100,000	Bank of America			(1,275,704	)
09/25/2024	USD	278,848	EUR	250,000	Bank of America			2,170
10/17/2024	USD	347,033,514	EUR	315,688,000	Bank of America			(2,718,205	)
09/03/2024	USD	10,946,490	GBP	8,296,337	Bank of America			50,329
09/18/2024	USD	39,883,183	GBP	31,146,000	Bank of America			(1,028,579	)
09/25/2024	USD	247,200	GBP	187,500	Bank of America			896
09/25/2024	USD	1,200,000	HUF	432,441,600	Bank of America			(15,273	)
09/18/2024	USD	3,800,000	IDR	61,484,000,000	Bank of America			(175,193	)
09/27/2024	USD	1,400,000	IDR	21,819,644,000	Bank of America			(10,239	)
09/18/2024	USD	3,800,000	ILS	14,470,439	Bank of America			(182,078	)
09/25/2024	USD	4,800,000	ILS	17,705,021	Bank of America			(73,680	)
09/06/2024	USD	19,936,904	INR	1,671,057,464	Bank of America			16,387
09/09/2024	USD	11,914	INR	1,001,056	Bank of America			(18	)
09/17/2024	USD	8,743,522	INR	734,814,332	Bank of America			(13,009	)
09/18/2024	USD	1,850,000	INR	155,495,023	Bank of America			(2,921	)
09/20/2024	USD	10,600,000	INR	890,696,800	Bank of America			(13,099	)
09/23/2024	USD	10,765,709	INR	904,260,345	Bank of America			(7,959	)
09/27/2024	USD	24,136,904	INR	2,026,323,598	Bank of America			(2,286	)
09/03/2024	USD	105,542	JPY	15,354,556	Bank of America			449
09/18/2024	USD	58,686,440	JPY	8,917,947,830	Bank of America			(2,484,714	)
09/25/2024	USD	12,466,294	JPY	1,825,000,000	Bank of America			(64,719	)
10/17/2024	USD	58,025,946	JPY	8,478,600,000	Bank of America			(386,059	)
09/05/2024	USD	5,000,000	KRW	6,846,211,742	Bank of America			(127,091	)
09/09/2024	USD	18,600,000	KRW	25,512,720,083	Bank of America			(511,492	)
09/19/2024	USD	24,200,000	KRW	33,053,835,100	Bank of America			(577,139	)
09/23/2024	USD	13,600,000	KRW	18,110,440,000	Bank of America			20,776
09/27/2024	USD	6,200,000	KRW	8,327,276,000	Bank of America			(45,477	)
09/18/2024	USD	31,923,233	MXN	604,804,813	Bank of America			1,304,852
09/25/2024	USD	2,162,327	MXN	41,000,000	Bank of America			88,930
09/18/2024	USD	33,122,494	NOK	357,974,969	Bank of America			(644,997	)
09/25/2024	USD	10,900,000	NOK	115,001,910	Bank of America			50,443
09/18/2024	USD	66,198,900	NZD	110,495,000	Bank of America			(2,881,707	)
09/25/2024	USD	9,864,744	NZD	16,100,000	Bank of America			(201,003	)

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

20

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Settlement Date	Currency Purchased		Currency Sold			Counterparty	Value/ Unrealized Appreciation (Depreciation)
09/18/2024	USD	1,050,000	PEN	3,918,705	Bank of America		$	4,509
09/18/2024	USD	3,700,000	PHP	213,987,876	Bank of America			(110,588	)
09/27/2024	USD	600,000	PHP	34,015,800	Bank of America			(5,711	)
09/25/2024	USD	100,000	PLN	385,745	Bank of America			463
09/18/2024	USD	9,145,438	SEK	95,939,470	Bank of America			(207,338	)
10/17/2024	USD	3,608,715	SEK	37,770,000	Bank of America			(79,452	)
09/18/2024	USD	1,600,000	SGD	2,100,289	Bank of America			(11,354	)
09/18/2024	USD	3,150,000	THB	110,780,460	Bank of America			(128,341	)
09/18/2024	USD	213,873	TRY	7,500,000	Bank of America			(977	)
09/25/2024	USD	9,400,000	TRY	330,268,803	Bank of America			15,920
09/16/2024	USD	7,300,000	TWD	234,784,520	Bank of America			(53,281	)
09/18/2024	USD	8,400,000	TWD	273,253,235	Bank of America			(159,959	)
09/27/2024	USD	3,700,000	TWD	117,856,200	Bank of America			4,401
09/03/2024	USD	282,814	ZAR	5,000,000	Bank of America			2,460
09/18/2024	USD	1,675,617	ZAR	30,810,110	Bank of America			(49,798	)
09/03/2024	ZAR	5,000,000	USD	282,953	Bank of America			(2,598	)
09/18/2024	ZAR	239,630,086	USD	13,117,727	Bank of America			301,935
09/25/2024	ZAR	202,147,236	USD	11,300,000	Bank of America			14,020
10/17/2024	ZAR	20,000	USD	1,074	Bank of America			43
09/03/2024	AUD	2,957,003	USD	2,007,934	UBS AG			(6,255	)
09/18/2024	AUD	32,545,031	USD	21,438,095	UBS AG			600,747
09/18/2024	CAD	15,749,561	USD	11,518,444	UBS AG			175,391
09/03/2024	EUR	2,231,278	USD	2,478,587	UBS AG			(11,680	)
09/18/2024	EUR	30,376,016	USD	33,069,246	UBS AG			537,584
09/03/2024	GBP	389,578	USD	513,494	UBS AG			(1,834	)
09/18/2024	GBP	8,619,183	USD	11,053,898	UBS AG			267,812
09/03/2024	JPY	250,967,611	USD	1,734,085	UBS AG			(16,361	)
09/18/2024	JPY	3,905,560,794	USD	25,490,498	UBS AG			1,299,035
09/03/2024	NOK	524,868	USD	50,000	UBS AG			(505	)
09/18/2024	NOK	232,822,629	USD	21,787,905	UBS AG			174,066
09/03/2024	NZD	289,662	USD	181,349	UBS AG			(262	)
09/18/2024	NZD	21,279,561	USD	12,831,546	UBS AG			472,268
09/03/2024	SEK	838,762	USD	82,393	UBS AG			(690	)
09/18/2024	SEK	59,686,991	USD	5,677,136	UBS AG			141,523
09/03/2024	USD	2,007,365	AUD	2,957,003	UBS AG			5,686
09/18/2024	USD	40,104,376	AUD	60,202,891	UBS AG			(663,814	)
09/18/2024	USD	9,639,951	CAD	13,120,965	UBS AG			(102,188	)
09/03/2024	USD	2,477,699	EUR	2,231,278	UBS AG			10,792
09/18/2024	USD	16,194,814	EUR	14,844,691	UBS AG			(228,769	)
09/03/2024	USD	513,410	GBP	389,578	UBS AG			1,750
09/18/2024	USD	13,067,527	GBP	10,104,229	UBS AG			(204,861	)
09/03/2024	USD	1,734,372	JPY	250,967,611	UBS AG			16,648
09/18/2024	USD	21,717,335	JPY	3,252,151,880	UBS AG			(590,250	)
09/03/2024	USD	50,033	NOK	524,868	UBS AG			539
09/18/2024	USD	10,802,510	NOK	117,629,913	UBS AG			(293,425	)
09/03/2024	USD	181,253	NZD	289,662	UBS AG			167
09/18/2024	USD	16,949,330	NZD	27,899,850	UBS AG			(493,437	)
09/03/2024	USD	82,316	SEK	838,762	UBS AG			613
09/18/2024	USD	3,254,179	SEK	33,694,169	UBS AG			(30,538	)
Total Forward Foreign Currency Contracts							$	(11,462,164	)

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

21

Abbey Capital Futures Strategy Fund

Consolidated Portfolio of Investments (Concluded)

August 31, 2024

AUD	Australian Dollar	KRW	South Korean Won
BRL	Brazilian Real	MXN	Mexican Peso
CAD	Canadian Dollar	NOK	Norwegian Krone
CHF	Swiss Franc	NZD	New Zealand Dollar
CLP	Chilean Peso	PEN	Peruvian Sol
CNH	Chinese Offshore Renminbi	PHP	Philippine Peso
COP	Colombian Peso	PLN	Polish Zloty
CZK	Czech Republic Koruna	SEK	Swedish Krona
EUR	Euro	SGD	Singapore Dollar
GBP	British Pound	THB	Thai Baht
HUF	Hungarian Forint	TRY	Turkish Lira
IDR	Indonesian Rupiah	TWD	New Taiwan Dollar
ILS	Israeli Shekel	USD	United States Dollar
INR	Indian Rupee	ZAR	South African Rand
JPY	Japanese Yen

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

22

Abbey Capital Futures Strategy Fund

Consolidated Statement of Assets And Liabilities

August 31, 2024

ASSETS
Investments, at value (cost $2,130,402,199)	$	2,131,411,644
Cash equivalents		133,867,939
Foreign currency deposits with broker for futures contracts (cost $21,440,473)		21,388,021
Deposit with brokers:
Forward foreign currency contracts:		48,514,764
Futures contracts		377,429,260
Receivables for:
Capital shares sold		4,703,783
Interest receivable		421,191
Unrealized appreciation on forward foreign currency contracts		23,367,173
Unrealized appreciation on futures contracts		87,354,442
Prepaid expenses and other assets		67,020
Total assets		2,828,525,237
LIABILITIES
Payables for:
Advisory fees		3,913,690
Capital shares redeemed		1,612,268
Unrealized depreciation on forward foreign currency contracts		34,829,337
Unrealized depreciation on futures contracts		74,150,839
Other accrued expenses and liabilities		446,434
Total liabilities		114,952,568
Net assets	$	2,713,572,669
NET ASSETS CONSIST OF:
Par value	$	242,598
Paid-in capital		3,169,880,365
Total distributable earnings/(losses)		(456,550,294	)
Net assets	$	2,713,572,669
CLASS A SHARES:
Net assets	$	22,031,252
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		1,984,342
Net asset value and redemption price per share	$	11.10
Maximum offering price per share (100/94.25 of $11.10)	$	11.78
CLASS I SHARES:
Net assets	$	2,682,704,829
Shares outstanding ($0.001 par value, 500,000,000 shares authorized)		239,780,130
Net asset value, offering and redemption price per share	$	11.19
CLASS C SHARES:
Net assets	$	8,836,588
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		833,803
Net asset value, offering and redemption price per share	$	10.60

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

23

Abbey Capital Futures Strategy Fund

Consolidated Statement of Operations

For the Year Ended August 31, 2024

INVESTMENT INCOME
Interest	$	134,203,971
Total investment income		134,203,971
EXPENSES
Advisory fees (Note 2)		48,481,345
Administration and accounting services fees (Note 2)		514,692
Directors fees		354,525
Transfer agent fees (Note 2)		293,932
Officers fees		247,602
Distribution fees (Class A Shares) (Note 2)		88,043
Distribution fees (Class C Shares) (Note 2)		71,314
Legal fees		149,690
Printing and shareholder reporting fees		136,077
Registration and filing fees		127,348
Custodian fees (Note 2)		95,768
Audit and tax service fees		81,702
Other expenses		170,885
Total expenses before waivers and/or reimbursements		50,812,923
Less: waivers and/or reimbursements (Note 2)		(1,582,258	)
Net expenses after waivers and/or reimbursements		49,230,665
Net investment income/(loss)		84,973,306
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		(1,034,200	)
Futures contracts		(61,194,067	)
Foreign currency transactions		(7,067,009	)
Forward foreign currency contracts		(37,971,946	)
Net change in unrealized appreciation/(depreciation) on:
Investments		1,852,217
Futures contracts		(673,549	)
Foreign currency translations		44,679
Forward foreign currency contracts		(13,260,049	)
Net realized and unrealized gain/(loss) from investments		(119,303,924	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(34,330,618	)

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

24

Abbey Capital Futures Strategy Fund

Consolidated Statements of Changes in Net Assets

	For the Year Ended August 31, 2024			For the Year Ended August 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	84,973,306		$	55,955,657
Net realized gain/(loss) from investments, futures contracts, foreign currency transactions, forward foreign currency contracts		(107,267,222	)		(106,116,882	)
Net change in unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translations, forward foreign currency contracts		(12,036,702	)		(34,763,504	)
Net increase/(decrease) in net assets resulting from operations		(34,330,618	)		(84,924,729	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class A		(304,919	)		(17,240,224	)
Class I		(49,555,318	)		(350,326,206	)
Class C		(82,852	)		(1,390,657	)
Net decrease in net assets from dividends and distributions to shareholders		(49,943,089	)		(368,957,087	)
CAPITAL SHARE TRANSACTIONS:
Class A Shares
Proceeds from shares sold		16,588,082			72,909,552
Proceeds from reinvestment of distributions		244,603			15,458,188
Shares redeemed		(79,497,741	)		(96,518,703	)
Total from Class A Shares		(62,665,056	)		(8,150,963	)
Class I Shares
Proceeds from shares sold		1,078,371,905			1,519,244,144
Proceeds from reinvestment of distributions		31,007,633			220,037,703
Shares redeemed		(992,150,907	)		(1,223,121,986	)
Total from Class I Shares		117,228,631			516,159,861
Class C Shares
Proceeds from shares sold		2,171,689			3,837,664
Proceeds from reinvestment of distributions		55,448			882,158
Shares redeemed		(2,545,271	)		(2,504,539	)
Total from Class C Shares		(318,134	)		2,215,283
Net increase/(decrease) in net assets from capital share transactions		54,245,441			510,224,181
Total increase/(decrease) in net assets		(30,028,266	)		56,342,365
NET ASSETS:
Beginning of period		2,743,600,935			2,687,258,570
End of period	$	2,713,572,669		$	2,743,600,935

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

25

Abbey Capital Futures Strategy Fund

Consolidated Statements of Changes in Net Assets (Concluded)

	For the Year Ended August 31, 2024			For the Year Ended August 31, 2023
SHARE TRANSACTIONS:
Class A Shares
Shares sold		1,436,355			5,947,542
Shares reinvested		22,196			1,333,752
Shares redeemed		(6,823,094	)		(8,301,217	)
Total Class A Shares		(5,364,543	)		(1,019,923	)
Class I Shares
Shares sold		93,772,671			123,436,456
Shares reinvested		2,795,999			18,742,564
Shares redeemed		(85,795,101	)		(100,137,539	)
Total Class I Shares		10,773,569			42,041,481
Class C Shares
Shares sold		196,858			305,269
Shares reinvested		5,241			78,764
Shares redeemed		(232,682	)		(211,397	)
Total Class C Shares		(30,583	)		172,636
Net increase in shares outstanding		5,378,443			41,194,194

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

26

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 Year Ended August 31, 2024			For the Year Ended August 31, 2023			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020
Per Share Operating Performance
Net asset value, beginning of period	$	11.40		$	13.56		$	11.95		$	11.28		$	12.45
Net investment income/(loss)(1)		0.33			0.22			(0.19	)		(0.24	)		(0.11	)
Net realized and unrealized gain/(loss) from investments		(0.52	)		(0.60	)		2.20			1.07			(0.14	)
Net increase/(decrease) in net assets resulting from operations		(0.19	)		(0.38	)		2.01			0.83			(0.25	)
Dividends and distributions to shareholders from:
Net investment income		(0.11	)		(1.11	)		(0.27	)		(0.16	)		(0.64	)
Net realized capital gains		—			(0.67	)		(0.13	)		—			(0.28	)
Total dividends and distributions to shareholders		(0.11	)		(1.78	)		(0.40	)		(0.16	)		(0.92	)
Net asset value, end of period	$	11.10		$	11.40		$	13.56		$	11.95		$	11.28
Total investment return/(loss)(2)		(1.67	)%		(3.05	)%		17.40	%		7.42	%		(1.64	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	22,031		$	83,783		$	113,480		$	21,395		$	14,469
Ratio of expenses to average net assets with waivers and/or reimbursements (including interest expense)(3)		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	%		2.04	%		2.04	%		2.04	%		2.04	%
Ratio of expenses to average net assets without waivers and/or reimbursements (including interest expense)(3)		2.10	%		2.11	%		2.10	%		2.14	%		2.15	%
Ratio of net investment income/(loss) to average net assets		2.85	%		1.80	%		(1.47	)%		(2.03	)%		(0.98	)%
Portfolio turnover rate(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) Portfolio turnover rate excludes all securities, including options, whose maturities or expiration dates at the time of acquisition were one year or less and is calculated for the Fund, as a whole, for the entire period.

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

27

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 Year Ended August 31, 2024			For the Year Ended August 31, 2023			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020
Per Share Operating Performance
Net asset value, beginning of period	$	11.57		$	13.72		$	12.07		$	11.38		$	12.55
Net investment income/(loss)(1)		0.36			0.25			(0.15	)		(0.21	)		(0.09	)
Net realized and unrealized gain/(loss) from investments		(0.51	)		(0.61	)		2.22			1.08			(0.14	)
Net increase/(decrease) in net assets resulting from operations		(0.15	)		(0.36	)		2.07			0.87			(0.23	)
Dividends and distributions to shareholders from:
Net investment income		(0.23	)		(1.12	)		(0.29	)		(0.18	)		(0.66	)
Net realized capital gains		—			(0.67	)		(0.13	)		—			(0.28	)
Total dividends and distributions to shareholders		(0.23	)		(1.79	)		(0.42	)		(0.18	)		(0.94	)
Net asset value, end of period	$	11.19		$	11.57		$	13.72		$	12.07		$	11.38
Total investment return/(loss)(2)		(1.32	)%		(2.83	)%		17.72	%		7.74	%		(1.39	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,682,705		$	2,650,349		$	2,564,701		$	1,132,714		$	883,997
Ratio of expenses to average net assets with waivers and/or reimbursements (including interest expense)(3)		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	%		1.79	%		1.79	%		1.79	%		1.79	%
Ratio of expenses to average net assets without waivers and/or reimbursements (including interest expense)(3)		1.85	%		1.86	%		1.85	%		1.89	%		1.90	%
Ratio of net investment income/(loss) to average net assets		3.10	%		2.05	%		(1.22	)%		(1.78	)%		(0.73	)%
Portfolio turnover rate(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) Portfolio turnover rate excludes all securities, including options, whose maturities or expiration dates at the time of acquisition were one year or less and 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 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 Year Ended August 31, 2024			For the Year Ended August 31, 2023			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020
Per Share Operating Performance
Net asset value, beginning of period	$	10.95		$	13.12		$	11.60		$	10.98		$	12.11
Net investment income/(loss)(1)		0.23			0.12			(0.27	)		(0.32	)		(0.19	)
Net realized and unrealized gain/(loss) from investments		(0.48	)		(0.57	)		2.13			1.05			(0.14	)
Net increase/(decrease) in net assets resulting from operations		(0.25	)		(0.45	)		1.86			0.73			(0.33	)
Dividends and distributions to shareholders from:
Net investment income		(0.10	)		(1.05	)		(0.21	)		(0.11	)		(0.52	)
Net realized capital gains		—			(0.67	)		(0.13	)		—			(0.28	)
Total dividends and distributions to shareholders		(0.10	)		(1.72	)		(0.34	)		(0.11	)		(0.80	)
Net asset value, end of period	$	10.60		$	10.95		$	13.12		$	11.60		$	10.98
Total investment return/(loss)(2)		(2.29	)%		(3.77	)%		16.48	%		6.72	%		(2.40	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	8,837		$	9,469		$	9,078		$	5,524		$	5,151
Ratio of expenses to average net assets with waivers and/or reimbursements (including interest expense)(3)		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	%		2.79	%		2.79	%		2.79	%		2.79	%
Ratio of expenses to average net assets without waivers and/or reimbursements (including interest expense)(3)		2.85	%		2.86	%		2.85	%		2.89	%		2.90	%
Ratio of net investment income/(loss) to average net assets		2.10	%		1.05	%		(2.22	)%		(2.78	)%		(1.73	)%
Portfolio turnover rate(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) Portfolio turnover rate excludes all securities, including options, whose maturities or expiration dates at the time of acquisition were one year or less and 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 Futures Strategy Fund

Notes To Consolidated Financial Statements

August 31, 2024

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 an investment company 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 sixty-five 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 92.923 billion shares are currently classified into two hundred and thirty-six 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 August 31, 2024, and the period covered by these Notes to Consolidated Financial Statements is the fiscal year ended August 31, 2024 (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 current fiscal period, the net assets of the Cayman Subsidiary and SPC were $588,829,238, which represented 21.70% of the Fund’s net assets. As of the end of the current fiscal period, the net assets of the Onshore Subsidiary were $720,139,202, which represented 26.54% 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

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Abbey Capital Futures Strategy Fund

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August 31, 2024

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.

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” or “Abbey Capital”) 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 current fiscal period, in valuing the Fund’s investments carried at fair value:

	Total		Level 1		Level 2		Level 3
Short-Term Investments	$	2,131,411,644	$	2,131,411,644	$	—	$	—
Commodity Contracts
Futures Contracts		59,169,810		59,169,810		—		—
Equity Contracts
Futures Contracts		19,746,731		19,746,731		—		—
Foreign Currency Contracts
Forward Foreign Currency Contracts		23,367,173		—		23,367,173		—
Futures Contracts		1,633,728		1,633,728		—		—
Interest Rate Contracts
Futures Contracts		6,804,173		6,804,173		—		—
Total Assets	$	2,242,133,259	$	2,218,766,086	$	23,367,173	$	—

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August 31, 2024

	TOTAL			LEVEL 1			LEVEL 2			LEVEL 3
Commodity Contracts
Futures Contracts	$	(50,625,303	)	$	(50,625,303	)	$	—		$	—
Equity Contracts
Futures Contracts		(3,769,510	)		(3,769,510	)		—			—
Foreign Currency Contracts
Forward Foreign Currency Contracts		(34,829,337	)		—			(34,829,337	)		—
Futures Contracts		(8,698,425	)		(8,698,425	)		—			—
Interest Rate Contracts
Futures Contracts		(11,057,601	)		(11,057,601	)		—			—
Total Liabilities	$	(108,980,176	)	$	(74,150,839	)	$	(34,829,337	)	$	—

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 current fiscal 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.

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August 31, 2024

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 current fiscal 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	$	—		$	—		$	23,367,173		$	—		$	23,367,173
Futures Contracts (a)		Unrealized appreciation on futures contracts		19,746,731			6,804,173			1,633,728			59,169,810			87,354,442
Total Value- Assets			$	19,746,731		$	6,804,173		$	25,000,901		$	59,169,810		$	110,721,615
Liability Derivatives
Forward Contracts (a)		Unrealized depreciation on forward foreign currency contracts	$	—		$	—		$	(34,829,337	)	$	—		$	(34,829,337	)
Futures Contracts (a)		Unrealized depreciation on futures contracts		(3,769,510	)		(11,057,601	)		(8,698,425	)		(50,625,303	)		(74,150,839	)
Total Value- Liabilities			$	(3,769,510	)	$	(11,057,601	)	$	(43,527,762	)	$	(50,625,303	)	$	(108,980,176	)

(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	$	45,178,116	$	(93,414,890	)	$	(41,778,238	)	$	28,820,945	$	(61,194,067	)
Forward Contracts		Net realized gain/(loss) from forward foreign currency contracts		—		—			(37,971,946	)		—		(37,971,946	)
Total Realized Gain/(Loss)			$	45,178,116	$	(93,414,890	)	$	(79,750,184	)	$	28,820,945	$	(99,166,013	)

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Abbey Capital Futures Strategy Fund

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August 31, 2024

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	$	12,395,156	$	8,307,958	$	(20,973,511	)	$	(403,152	)	$	(673,549	)
Forward Contracts		Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts		—		—		(13,260,049	)		—			(13,260,049	)
Total Change in Unrealized Appreciation/(Depreciation)			$	12,395,156	$	8,307,958	$	(34,233,560	)	$	(403,152	)	$	(13,933,598	)

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)
$5,969,970,116	$(7,519,862,289)	$(4,929,064,104)	$4,925,433,527

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.

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Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

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	$	23,367,173	$	(23,367,173	)	$	—	$	—	$	34,829,337	$	(23,367,173	)	$	(11,462,164	)	$	—

(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 (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.

35

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

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

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Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

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 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.

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. As of the end of the current fiscal period, the Fund has no options.

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 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

37

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

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 current fiscal 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. The Fund considers investments in the U.S Bank Money Market Deposit Account, a U.S. dollar-denominated deposit account offered through U.S. Bank, N.A., to be a cash equivalent. The Fund is exposed to the credit risk of U.S. Bank, N.A. through the holding of this cash equivalent. This cash equivalent is presented on the Consolidated Statement of Assets and Liabilities as “Cash equivalents” and was classified as Level 1 assets as of August 31, 2024. As of August 31, 2024, this balance was $133,867,939.

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 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

38

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

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, 2024 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2024.

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
$48,481,345	$(1,582,258)	$46,899,087

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 current fiscal period, the Fund had amounts available for recoupment as follows:

Expiration
August 31, 2025	August 31, 2026	August 31, 2027	Total
$1,164,300	$1,932,271	$1,582,258	$4,678,829

Aspect Capital Limited, Crabel Capital Management, LLC, Eclipse Capital Management, Inc., Episteme Capital Partners (UK), LLP, Graham Capital Management, LP, P/E Global LLC, QMS Capital Management LP, Revolution Capital Management, LLC, R.G. Niederhoffer Capital Management, Inc., 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.

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.

39

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

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.

40

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

As of August 31, 2024, 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)
$2,922,564,836	$881,722	$(473,955,846)	$(473,074,124)

(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, 2024, primarily attributable to disallowed book income from the Cayman Subsidiary, were reclassified to the following accounts:

Distributable Earnings/(Loss)	Paid-In Capital
$66,500,806	$(66,500,806)

As of August 31, 2024, 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
$39,501,995	$—	$(393,727,591)	$(102,324,698)	$—	$—

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 years ended August 31, 2023 and August 31, 2024 was as follows:

	Ordinary Income	Long-Term Gains	Total
2024	$49,943,089	$—	$49,943,089

	Ordinary Income	Long-Term Gains	Total
2023	$301,432,418	$67,524,669	$368,957,087

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, 2024, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2024.

41

Abbey Capital Futures Strategy Fund

Notes To Consolidated Financial Statements (Concluded)

August 31, 2024

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, 2024, the Fund had $36,927,094 of unlimited short-term and $65,397,604 of unlimited long-term capital loss carryovers to offset future capital gains.

6. 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 consolidated financial statements.

42

Abbey Capital Futures Strategy Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of Abbey Capital Futures Strategy Fund
and Board of Directors of The RBB Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities of Abbey Capital Futures Strategy Fund (the “Fund”) (one of the portfolios constituting The RBB Fund, Inc. (the “Company”)), including the consolidated portfolio of investments, as of August 31, 2024, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the portfolios constituting The RBB Fund, Inc.) at August 31, 2024, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended and its consolidated financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Abbey Capital investment companies since 2014.

Philadelphia, Pennsylvania
October 30, 2024

43

Abbey Capital Futures Strategy Fund

Shareholder Tax Information

(Unaudited)

Certain tax information regarding the Fund is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended August 31, 2024. The information and distribution reported herein may differ from information and distributions taxable to the shareholders for the calendar year ended December 31, 2024. During the fiscal year ended August 31, 2024, the Fund paid no ordinary income dividends that are designated as “qualified dividend income” to its shareholders. Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the Fund is 0%.

Because the Fund’s fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2024. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2025.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Fund, if any.

In general, dividends received by tax exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.

44

Abbey Capital Futures Strategy Fund

Other Information

(Unaudited)

Approval of Investment Advisory Agreements and Trading Advisory Agreements

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 renewal of (1) the investment advisory agreement between Abbey Capital and the Company on behalf of the Fund (the “Investment Advisory Agreement”), (2) each of the separate advisory agreements between the Onshore Subsidiary, the Cayman Subsidiary and the SPC (the “Subsidiaries”) and Abbey Capital (collectively, the “Subsidiary Investment Advisory Agreements”), and (3) the trading advisory agreements between Abbey Capital and each of Aspect Capital Limited, Crabel Capital Management, LLC, Eclipse Capital Management, Inc., Episteme Capital Partners (UK), LLP, Graham Capital Management, LP, P/E Global LLC, Revolution Capital Management, LLC, R.G. Niederhoffer Capital Management, Inc., 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, a “Trading Adviser”) (the “Trading Advisory Agreements”), at a meeting of the Board held on May 15-16, 2024 (the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement, the Subsidiary Investment Advisory Agreements, and the Trading Advisory Agreements for an additional one-year term ending August 16, 2025. The Board’s decision to approve the Investment Advisory Agreement, the Subsidiary Investment Advisory Agreements, and the Trading Advisory Agreements reflects the exercise of its business judgment to continue the existing arrangement. In approving the Investment Advisory Agreement, Subsidiary Investment Advisory Agreements, and the Trading Advisory Agreements, the Board considered information provided by Abbey Capital and each of the Trading Advisers with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the renewal and approval of the Investment Advisory Agreement, each of the Subsidiary Investment Advisory Agreements, and the Trading Advisory Agreements with respect to the Fund, the Directors took into account all 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 Abbey Capital, and discussed the aforementioned Agreements with counsel in executive sessions, at which no representatives of Abbey Capital, the Subsidiaries, or Trading Advisers were present. Among other things, the Directors considered (i) the nature, extent, and quality of services provided to the Fund by Abbey Capital and each Trading Adviser; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) Abbey Capital’s and the Trading Advisers’ investment philosophies and processes; (iv) Abbey Capital’s and the Trading Advisers’ assets under management and client descriptions; (v) Abbey Capital’s and the Trading Advisers’ soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) Abbey Capital’s and the Trading Advisers’ advisory fee arrangements with the Company and other similarly managed clients, as applicable; (vii) Abbey Capital’s and the Trading Advisers’ compliance procedures; (viii) Abbey Capital’s and the Trading Advisers’ financial information and insurance coverage, as applicable, and Abbey Capital’s profitability analysis; (ix) the extent to which economies of scale are relevant to the Fund; (x) a report prepared by Fuse Research Network, LLC comparing the Fund’s management fees and total expense ratios to a group of mutual funds deemed comparable to the Fund based primarily on investment strategy similarity (“Peer Group”) and comparing the performance of the Fund to the performance of its Peer Group; and (xi) a report comparing the performance of the Fund to the performance of its benchmark.

As part of their review, the Directors considered the nature, extent and quality of the services provided by Abbey Capital and each Trading Adviser. The Directors concluded that Abbey Capital and each Trading Adviser had substantial resources to provide services to the Fund and the Subsidiaries, as applicable.

The Directors also considered the investment performance of the Fund, noting that the Fund had underperformed its benchmark, the S&P 500 Total Return Index, for the three-month, one-year, three-year, five-year, and since-inception periods ended December 31, 2023. The Directors considered the Fund’s investment performance in light of its investment objective and investment strategies. The Board noted that the Fund’s total return outperformed the median of its Peer Group for the one-year, five-year, and since-inception periods ended December 31, 2023, and underperformed the median of its Peer Group for the three-month and three-year periods ended December 31, 2023.

45

Abbey Capital Futures Strategy Fund

Other Information

(Unaudited)

The Board also considered the advisory fee rate payable by the Fund under the Investment Advisory Agreement. In this regard, information on the fees paid by the Fund and the Fund’s total operating expense ratios (before and after fee waivers and expense reimbursements) were compared to similar information for mutual funds advised by other, unaffiliated investment advisory firms. The Directors noted that both the Fund’s net advisory fee and total net expenses were above the median and in the 4th quartile (most expensive) of its Peer Group. The Directors also considered the fees payable to each Trading Adviser under the Trading Advisory Agreements and the information provided by Abbey Capital on the services provided by the different Trading Advisers. In this regard, the Directors noted that the fees for each Trading Adviser were paid directly by Abbey Capital and not by the Fund. The Directors noted that Abbey Capital had contractually agreed to waive management fees and reimburse expenses through at least December 31, 2024, to limit total annual operating expenses to agreed upon levels for the Fund.

After reviewing the information regarding Abbey Capital’s and the Trading Advisers’ costs, profitability and economies of scale, and after considering the services to be provided by Abbey Capital and each Trading Adviser, the Directors concluded that the investment advisory fees to be paid by the Fund to Abbey Capital and the trading advisory fees to be paid by Abbey Capital to each Trading Adviser were fair and reasonable and that the Investment Advisory Agreement, Subsidiary Investment Advisory Agreements, and Trading Advisory Agreements should be approved and continued for an additional one-year period ending August 16, 2025.

QMS TRADING ADVISORY AGREEMENT

As required by the 1940 Act, the Board, including all of the Independent Directors, considered the approval of a new trading advisory agreement (the “QMS Trading Advisory Agreement”) by and among Abbey Capital, the Onshore Subsidiary, the SPC and QMS Capital Management LP (“QMS Capital”) at a meeting of the Board held on November 15-16, 2023 (the “November Meeting”). At the November Meeting, the Board, including all of the Independent Directors, approved the QMS Trading Advisory Agreement for an initial period ending August 16, 2025. The Board’s decision to approve the QMS Trading Advisory Agreement reflects the exercise of its business judgment. In approving the QMS Trading Advisory Agreement, the Board considered information provided by Abbey Capital and QMS Capital, with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the approval of the QMS Trading Advisory Agreement, the Board took into account all materials provided prior to and during the November Meeting and at other meetings throughout the past year, the presentations made during the November Meeting, and the discussions held during the November Meeting. The Directors reviewed these materials with management of Abbey Capital, and discussed the QMS Trading Advisory Agreement with counsel in executive sessions, at which no representatives of Abbey Capital or QMS Capital were present. The Directors considered whether approval of the QMS Trading Advisory Agreement would be in the best interests of the Fund and its shareholders and the overall fairness of the QMS Trading Advisory Agreement. Among other things, the Board considered (i) the nature, extent, and quality of services to be provided to the Fund by QMS Capital; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) QMS Capital’s investment philosophies and processes; (iv) QMS Capital’s assets under management and client descriptions; (v) QMS Capital’s trade execution and trade allocation policies; (vi) QMS Capital’s advisory fee arrangements with the Company and other similarly managed clients, as applicable; and (vii) QMS Capital’s compliance procedures.

The Board also considered the fees payable to QMS Capital under the proposed QMS Trading Advisory Agreement and the services to be provided by QMS Capital. In this regard, the Board noted that the fees for QMS Capital were payable by Abbey Capital.

After reviewing the information regarding Abbey Capital’s and QMS Capital’s costs, profitability and economies of scale, and after considering the services to be provided by QMS Capital, the Board concluded that the trading advisory fees to be paid by Abbey Capital to QMS Capital were fair and reasonable, that the QMS Trading Advisory Agreement was in the best interests of the Fund and its shareholders and did not involve a conflict of interest from which Abbey Capital would derive an inappropriate advantage, and that the QMS Trading Advisory Agreement should be approved for an initial period ending August 16, 2025.

46

Investment Adviser
Abbey Capital Limited
8 St. Stephen’s Green
Dublin 2, Ireland

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

Principal Underwriter
Quasar Distributors, LLC
3 Canal Plaza, Suite 100
Portland, ME 04101

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

Abbey Capital Multi Asset Fund

of

THE RBB FUND, INC.

Financial Statements

August 31, 2024

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments

August 31, 2024

	Par		Value
SHORT-TERM INVESTMENTS — 77.3%
U.S. Treasury Bills — 77.3%
5.24%, 09/05/2024(a)	$	38,457,000	$	38,445,857
5.25%, 09/12/2024(a)		31,111,000		31,070,468
5.21%, 09/19/2024(a)		21,927,000		21,876,081
5.22%, 09/26/2024(a)		27,335,000		27,244,362
5.22%, 10/03/2024(a)		7,142,000		7,111,408
5.25%, 10/10/2024(a)		51,321,000		51,050,278
5.26%, 10/17/2024(a)		105,248,000		104,592,436
5.28%, 10/24/2024(a)		29,587,000		29,372,867
5.24%, 10/31/2024(a)		25,031,000		24,825,060
5.26%, 11/07/2024(a)		40,331,000		39,965,590
5.26%, 11/14/2024(a)		35,154,000		34,802,921
5.28%, 11/21/2024(a)		25,659,000		25,378,027
5.25%, 11/29/2024(a)		42,616,000		42,104,301
5.26%, 12/05/2024(a)		11,333,000		11,190,070
5.24%, 12/12/2024(a)		25,736,000		25,389,761
5.21%, 12/19/2024(a)		75,193,000		74,109,352
5.10%, 01/09/2025(a)		26,473,000		26,026,395
5.08%, 01/16/2025(a)		13,503,000		13,262,693
5.04%, 01/23/2025(a)		12,269,000		12,039,671
4.79%, 01/30/2025(a)		31,542,000		30,924,994
4.88%, 02/06/2025(a)		38,469,000		37,682,118
4.88%, 02/13/2025(a)		27,185,000		26,605,719
4.82%, 02/20/2025(a)		47,467,000		46,415,177
4.77%, 02/27/2025(a)		8,857,000		8,653,193
TOTAL SHORT-TERM INVESTMENTS (Cost $789,745,235)				790,138,799
TOTAL INVESTMENTS — 77.3% (Cost $789,745,235)				790,138,799
Other Assets in Excess of Liabilities — 22.7%				231,535,322
TOTAL NET ASSETS — 100.0%			$	1,021,674,121

Percentages are stated as a percent of net assets.

(a) The rate shown is the effective yield as of August 31, 2024.

The accompanying notes are an integral part of the consolidated financial statements.
1

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Futures contracts outstanding as of August 31, 2024 were as follows:

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
10 Year Japanese Government Bonds		3		09/11/2024	$	297,045	$	(493	)
10 Year U.S. Ultra Treasury Notes		19		12/19/2024		2,231,312		(16,891	)
3 Month Canadian Overnight Repo Rate Average		103		03/18/2025		18,406,096		23,615
3 Month Canadian Overnight Repo Rate Average		77		06/17/2025		13,808,463		(1,660	)
3 Month Canadian Overnight Repo Rate Average		40		09/16/2025		7,189,552		2,263
3 Month Canadian Overnight Repo Rate Average		35		12/16/2025		6,299,948		6,678
3 Month Canadian Overnight Repo Rate Average		25		03/17/2026		4,504,833		4,397
3 Month Canadian Overnight Repo Rate Average		15		06/16/2026		2,705,126		872
3 Month Euribor		12		12/16/2024		3,215,719		(746	)
3 Month Euribor		3		03/17/2025		807,370		(14	)
3 Month Euribor		470		06/16/2025		126,812,718		224,501
3 Month Euribor		187		09/15/2025		50,519,870		(691	)
3 Month Euribor		533		12/15/2025		144,090,878		171,600
3 Month Euribor		82		03/16/2026		22,172,359		6,549
3 Month Euribor		150		06/15/2026		40,559,194		15,310
3 Month Euribor		153		09/14/2026		41,364,036		33,590
3 Month Euribor		84		12/14/2026		22,705,024		6,259
3 Month Euribor		30		03/15/2027		8,106,865		(1,713	)
3 Month Euribor		308		06/14/2027		83,209,197		41,646
3 Month Euribor		32		09/13/2027		8,642,901		5,831
3 Month New Zealand Treasury Bill		28		12/11/2024		17,307,000		3,329
3 Month New Zealand Treasury Bill		17		03/12/2025		10,520,132		(46	)
3 Month Swiss Average Overnight Rate		5		03/18/2025		1,460,649		662
3 Month Swiss Average Overnight Rate		4		06/17/2025		1,169,637		162
3-Month Secured Overnight Financing Rate		106		03/18/2025		25,372,425		(6,525	)
3-Month Secured Overnight Financing Rate		145		06/17/2025		34,888,812		(136,112	)
3-Month Secured Overnight Financing Rate		103		09/16/2025		24,861,625		10,850
3-Month Secured Overnight Financing Rate		87		12/16/2025		21,037,687		5,325
3-Month Secured Overnight Financing Rate		443		03/17/2026		107,233,687		(34,163	)
3-Month Secured Overnight Financing Rate		239		06/16/2026		57,885,800		(13,725	)
3-Month Secured Overnight Financing Rate		95		09/15/2026		23,014,937		10,638
3-Month Secured Overnight Financing Rate		92		12/15/2026		22,288,150		11,000
3-Month Secured Overnight Financing Rate		86		03/16/2027		20,831,350		10,275
3-Month Secured Overnight Financing Rate		226		06/15/2027		54,728,725		68,338
3-Month Secured Overnight Financing Rate		42		09/14/2027		10,168,200		(625	)
3-Month Secured Overnight Financing Rate		26		12/14/2027		6,292,975		(1,475	)
Arabica Coffee		124		12/18/2024		11,348,325		141,338
Arabica Coffee		29		03/19/2025		2,631,431		42,919
Arabica Coffee		10		05/19/2025		899,437		30,919

The accompanying notes are an integral part of the consolidated financial statements.
2

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
ASX SPI 200 Index		126		09/19/2024	$	17,161,118	$	341,295
AUD/USD Cross Currency Rate		406		09/16/2024		27,484,170		32,995
Australian Government 10 Year Bonds		561		09/16/2024		44,265,401		(39,658	)
Australian Government 3 Year Bonds		1,010		09/16/2024		73,108,707		(14,679	)
Australian 90 Day Bank Bills		7		09/12/2024		4,687,563		(670	)
Australian 90 Day Bank Bills		59		12/12/2024		39,526,813		(7,687	)
Australian 90 Day Bank Bills		299		03/13/2025		200,465,519		2,091
Australian 90 Day Bank Bills		33		06/12/2025		22,137,934		147
Australian 90 Day Bank Bills		64		09/11/2025		42,947,820		2,377
Australian 90 Day Bank Bills		18		12/11/2025		12,081,732		246
Australian 90 Day Bank Bills		13		03/12/2026		8,727,189		426
Brent Crude Oil		8		09/30/2024		615,440		(1,520	)
British Pound/US Dollar Cross Currency Rate		1,369		09/16/2024		112,300,781		409,366
CAC40 10 Euro Index		87		09/20/2024		7,356,027		34,916
Canadian 10 Year Government Bonds		383		12/18/2024		34,973,457		(297,043	)
Canadian 5 Year Bonds		92		12/18/2024		7,783,801		(37,510	)
Canadian Dollar/US Dollar Cross Currency Rate		833		09/17/2024		61,796,105		59,135
Class III Milk		10		10/29/2024		457,400		2,140
Consumer Discretionary Select Sector Index		2		09/20/2024		378,500		4,870
Copper		23		12/27/2024		2,421,612		(24,587	)
Copper		2		03/27/2025		212,875		(2,425	)
Corn No. 2 Yellow		3		12/13/2024		60,150		300
Crude Oil		16		09/20/2024		1,176,800		(28,950	)
Crude Palm Oil		5		10/15/2024		116,108		1,053
Crude Palm Oil		28		11/15/2024		644,049		3,528
Crude Palm Oil		1		12/13/2024		22,817		278
Crude Soybean Oil		1		12/13/2024		25,206		(84	)
Dollar Index		21		09/16/2024		2,134,104		(39,681	)
Dow Jones Industrial Average Index		304		09/20/2024		63,312,560		1,087,244
Dow Jones U.S. Micro-Cap Total Stock Index		1		09/20/2024		20,826		1,210
E-mini Consumer Staples Select Sector		6		09/20/2024		500,400		26,340
E-mini Materials Sector		2		09/20/2024		200,300		5,360
Emini S&P 500 ESG Index		4		09/20/2024		1,005,200		9,990
Euro BUXL 30 Year Bonds		36		09/06/2024		5,353,142		(108,174	)
Euro STOXX 50 Dividend Index		9		12/19/2025		161,665		2,067
EURO STOXX 50 Index		3		09/20/2024		151,252		4,112
Euro STOXX 50 Quanto Index		602		09/20/2024		33,079,556		141,967
Euro STOXX Banks Index		59		09/20/2024		467,454		8,030
Euro/Japanese Yen Cross Currency Rate		19		09/16/2024		2,619,177		(87,634	)
Euro/US Dollar Cross Currency Rate		5		09/16/2024		69,122		(712	)

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
Euro/US Dollar Cross Currency Rate		829		09/16/2024	$	114,604,069	$	(647,250	)
Euro-BOBL		463		09/06/2024		60,223,523		(348,676	)
Euro-BTP Italian Government Bonds		288		09/06/2024		37,842,878		314,508
Euro-Bund		329		09/06/2024		48,699,928		(295,526	)
Euro-Bund		101		12/06/2024		14,893,495		807
Euro-Schatz		278		09/06/2024		32,644,603		(26,902	)
EURO-SCHATZ FUT Dec24		487		12/06/2024		57,412,867		(40,452	)
Financial Select Sector Index		2		09/20/2024		282,025		29,050
French Government Bonds		86		09/06/2024		11,984,768		(27,613	)
Frozen Concentrated Orange Juice		16		11/08/2024		1,104,720		10,905
FTSE 100 Index		889		09/20/2024		97,926,133		964,961
FTSE Bursa Malaysia KLCI Index		50		09/30/2024		966,744		5,830
FTSE China A50 Index		916		09/27/2024		10,763,000		(68,295	)
FTSE MIB Index		16		09/20/2024		609,403		18,073
FTSE/JSE Top 40 Index		110		09/19/2024		4,698,125		85,608
FTSE/MIB Index		24		09/20/2024		4,570,519		101,570
German Stock Index		138		09/20/2024		72,272,094		1,372,105
Gold		250		12/27/2024		63,183,280		996,197
Gold		12		02/26/2025		3,059,760		133,460
Hang Seng China Enterprises Index		66		09/27/2024		2,672,485		32,419
Hang Seng China Enterprises Index		13		09/27/2024		105,280		869
Hang Seng Index		33		09/27/2024		759,637		7,530
Hang Seng Index		84		09/27/2024		9,668,112		148,555
IBEX 35 Composite Index		8		09/20/2024		101,105		5,539
IBEX 35 Index		17		09/20/2024		2,148,485		119,678
ICE 3 Month SONIA Rate		307		03/18/2025		96,285,246		(7,289	)
ICE 3 Month SONIA Rate		108		06/17/2025		33,987,576		(31,109	)
ICE 3 Month SONIA Rate		185		09/16/2025		58,362,199		(110,043	)
ICE 3 Month SONIA Rate		59		12/16/2025		18,639,929		(19,749	)
ICE 3 Month SONIA Rate		219		03/17/2026		69,260,792		(76,713	)
ICE 3 Month SONIA Rate		130		06/16/2026		41,139,322		(70,935	)
ICE 3 Month SONIA Rate		61		09/15/2026		19,311,847		(18,222	)
ICE 3 Month SONIA Rate		59		12/15/2026		18,683,514		(19,470	)
ICE 3 Month SONIA Rate		57		03/16/2027		18,053,918		(21,374	)
ICE 3 Month SONIA Rate		126		06/15/2027		39,916,934		29,631
ICE 3 Month SONIA Rate		8		09/14/2027		2,534,671		(4,120	)
ICE 3 Month SONIA Rate		5		12/14/2027		1,584,334		(2,200	)
ICE European Climate Exchange Emissions		15		12/16/2024		1,165,644		(39,960	)
ICE European Climate Exchange Emissions		2		12/15/2025		160,836		(7,108	)
Industrial Select Sector Index		1		09/20/2024		132,720		9,300
Japanese 10 Year Government Bonds		44		09/12/2024		43,557,562		(87,420	)

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
Japanese Yen/US Dollar Cross Currency Rate		85		09/16/2024	$	7,288,750	$	(83,081	)
JPNK400 Index		2		09/12/2024		34,099		557
Lean Hogs		47		10/14/2024		1,545,830		33,640
Lean Hogs		3		12/13/2024		87,330		330
Live Cattle		38		10/31/2024		2,714,720		(77,650	)
Live Cattle		35		12/31/2024		2,487,200		(74,980	)
London Cocoa		25		12/12/2024		1,754,846		(41,618	)
London Cocoa		10		03/14/2025		610,554		(22,799	)
London Cocoa		1		05/14/2025		58,258		(1,038	)
London Metals - Aluminum		1,834		09/16/2024		111,594,315		(2,919,906	)
London Metals - Aluminum		696		12/16/2024		42,767,808		1,366,293
London Metals - Copper		661		09/16/2024		151,084,266		(12,206,057	)
London Metals - Copper		242		12/16/2024		56,038,243		383,082
London Metals - Lead		277		09/16/2024		14,038,983		(622,396	)
London Metals - Lead		14		12/16/2024		721,423		(4,241	)
London Metals - Nickel		106		09/16/2024		10,551,075		(333,425	)
London Metals - Nickel		21		12/16/2024		2,119,252		(27,124	)
London Metals - Tin		3		09/16/2024		487,965		20,879
London Metals - Tin		1		12/16/2024		161,780		3,601
London Metals - Zinc		286		09/16/2024		20,439,848		(356,682	)
London Metals - Zinc		102		12/16/2024		7,405,200		184,491
Long Gilt		296		12/27/2024		38,368,355		(213,451	)
Low Sulphur Gas Oil		9		10/10/2024		630,675		(28,350	)
Micro Gold		15		12/27/2024		379,140		15,812
MSCI EAFE Index		53		09/20/2024		6,515,025		218,700
MSCI Emerging Markets Index		200		09/20/2024		11,000,000		14,150
MSCI Singapore Index		278		09/27/2024		6,848,009		36,352
Nasdaq 100 Index		50		09/20/2024		19,623,000		(321,660	)
NASDAQ 100 Micro Index		2		09/20/2024		78,492		2,419
New Zealand Dollar/US Dollar Cross Currency Rate		169		09/16/2024		10,563,345		7,885
Nifty 50 Index		253		09/26/2024		12,848,352		121,947
Nikkei 225 Index		2		09/12/2024		390,150		10,275
Nikkei 225 Index		1		09/12/2024		26,479		109
Nikkei 225 Index		120		09/12/2024		15,879,335		61,447
Nikkei 225 Index		3		09/12/2024		794,377		15,459
NY Harbor ULSD		33		09/30/2024		3,157,724		(21,533	)
NYSE FANG+ Index		1		09/20/2024		55,641		(5,793	)
OMXS30 ESG Index		4		09/20/2024		98,460		1,913
OMXS30 Index		316		09/20/2024		8,000,633		272,670
Palladium		3		12/27/2024		288,840		(1,060	)
Robusta Coffee		114		11/25/2024		5,618,490		794,520

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
Robusta Coffee		40		01/27/2025	$	1,881,420	$	245,600
Russell 2000 Index		1		09/20/2024		11,115		(176	)
Russell 2000 Index		156		09/20/2024		17,340,180		132,725
S&P 500 Index		3		09/20/2024		84,915		2,068
S&P 500 Index		2,110		09/20/2024		597,235,500		11,256,210
S&P Mid Cap 400 Index		15		09/20/2024		4,647,150		57,050
S&P/Toronto Stock Exchange 60 Index		73		09/19/2024		15,187,727		716,502
SET50 Index		16		09/27/2024		80,697		(399	)
SGX FTSE Taiwan Index		70		09/27/2024		5,231,100		7,955
SGX Technically Specified Rubber 20		1		09/30/2024		9,115		500
Short Euro-BTP Fu Dec24		1		12/06/2024		118,134		(33	)
Short-term Euro-BTP		591		09/06/2024		69,340,342		176,742
Silver		45		12/27/2024		6,553,645		(192,740	)
Silver		3		03/27/2025		442,995		(13,315	)
South African Rand/US Dollar Cross Currency Rate		1		09/16/2024		28,012		488
Soybean Meal		7		12/13/2024		219,100		(1,490	)
STOXX 600 Bank Spread Index		3		09/20/2024		33,469		1,338
STOXX 600 Utilities Index		7		09/20/2024		154,369		9,744
STOXX Euro ESG-X Index		16		09/20/2024		346,477		4,698
STOXX Europe 600 Index		2		09/20/2024		43,608		1,813
STOXX Europe 600 Index		105		09/20/2024		3,051,981		56,858
Sugar #11		86		09/30/2024		1,866,682		(14,177	)
Swiss Franc/US Dollar Cross Currency Rate		280		09/16/2024		41,231,750		156,350
Technology Select Sector Index		1		09/20/2024		222,500		(5,610	)
Tokyo Price Index		7		09/12/2024		130,026		1,614
TOPIX Index		15		09/12/2024		2,786,271		(8,995	)
Two Year Canadian Government Bonds		71		12/18/2024		5,509,197		(10,351	)
U.S. Treasury 10 Year Notes		997		12/19/2024		113,221,812		(541,977	)
U.S. Treasury 2 Year Notes		645		12/31/2024		133,867,735		(154,851	)
U.S. Treasury 5 Year Note		921		12/31/2024		100,755,961		(271,507	)
U.S. Treasury Long Bonds		307		12/19/2024		37,799,375		(410,602	)
U.S. Treasury Ultra Bonds		55		12/19/2024		7,256,562		(104,141	)
UK Natural Gas		10		09/27/2024		391,449		2,504
UK Natural Gas		5		10/30/2024		205,742		6,619
US 3 Year Notes		1		12/31/2024		212,477		(484	)
US Cocoa		28		12/13/2024		2,142,360		115,240
US Cocoa		20		03/14/2025		1,289,800		29,290
US Dollar/Chinese Renminbi Cross Currency Rate		2		09/16/2024		199,485		(3,208	)
Utilities Select Sector Index		3		09/20/2024		231,210		18,470
White Maize		8		12/20/2024		245,446		10,568

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Description	Contracts Purchased		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
XAV Health Care Select Sector Index		3		09/20/2024	$	477,030	$	23,720
Yellow Maize		1		12/20/2024		22,694		(768	)
							$	2,074,154

Description	Contracts Sold		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
1 Month Secured Overnight Financing Rate		(7)		01/31/2025	$	2,789,723	$	1,292
10 Year Japanese Government Bonds		(20)		09/11/2024		1,980,300		(8,845	)
3 Month Euribor		(94)		03/17/2025		25,297,601		(74,863	)
3 Month Euribor		(221)		12/15/2025		59,744,998		(226,607	)
AUD/USD Cross Currency Rate		(373)		09/16/2024		25,250,235		(3,145	)
Australian 90 Day Bank Bills		(1)		03/13/2025		670,453		(16	)
Brazilian Real/US Dollar Cross Currency Rate		(2)		09/30/2024		35,290		650
Brent Crude Oil		(2)		09/30/2024		153,860		1,650
Brent Crude Oil		(35)		09/30/2024		2,692,550		46,100
Brent Crude Oil		(12)		10/31/2024		914,880		20,010
Brent Crude Oil		(7)		11/29/2024		530,040		260
CAC40 10 Euro Index		(28)		09/20/2024		2,367,457		(93,583	)
Canadian Canola Oil		(141)		11/14/2024		1,286,560		(38,589	)
Canadian Canola Oil		(29)		01/14/2025		268,567		(8,971	)
Canadian Dollar/US Dollar Cross Currency Rate		(991)		09/17/2024		73,517,335		(771,695	)
Copper		(77)		12/27/2024		8,107,137		34,263
Corn No. 2 Yellow		(840)		12/13/2024		16,858,887		653,287
Corn No. 2 Yellow		(700)		03/14/2025		14,665,700		302,037
Corn No. 2 Yellow		(38)		05/14/2025		813,675		41,400
Cotton No.2		(355)		12/06/2024		12,428,675		483,610
Cotton No.2		(45)		03/07/2025		1,613,805		5,735
Crude Oil		(35)		09/20/2024		2,574,250		78,340
Crude Oil		(5)		10/22/2024		363,250		2,480
Crude Oil		(43)		11/20/2024		3,091,270		30,910
Crude Oil		(6)		12/19/2024		428,160		21,210
Crude Palm Oil		(4)		12/13/2024		91,267		(6,640	)
Crude Palm Oil		(1)		01/15/2025		22,695		(1,469	)
Crude Soybean Oil		(347)		12/13/2024		8,751,588		(6,816	)
Crude Soybean Oil		(82)		01/14/2025		2,071,998		55,926
Crude Soybean Oil		(7)		03/14/2025		177,240		8,592
Dollar Index		(205)		09/16/2024		20,832,920		(42,265	)
Euro/Pound Sterling Cross Currency Rate		(4)		09/16/2024		553,327		9,029
Euro-BOBL		(390)		12/06/2024		51,284,364		18,814
Euro-Bund		(125)		12/06/2024		18,432,543		11,905
Euro-Schatz		(265)		09/06/2024		31,118,057		(234,461	)
European Rapeseed		(18)		10/31/2024		467,833		(13,721	)
European Rapeseed		(5)		01/31/2025		130,368		(4,366	)
Feeder Cattle		(19)		10/31/2024		2,258,625		(17,200	)
Feeder Cattle		(7)		11/21/2024		823,375		1,438
FTSE China A50 Index		(283)		09/27/2024		3,325,250		267

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Description	Contracts Sold		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
Gold		(42)		12/27/2024	$	10,615,920	$	45,020
Hang Seng Index		(50)		09/27/2024		5,754,828		(61,806	)
Hang Seng TECH Index		(4)		09/27/2024		91,641		(2,411	)
Hard Red Winter Wheat		(192)		12/13/2024		5,430,650		32,688
Hard Red Winter Wheat		(45)		03/14/2025		1,300,112		12,425
ICE 3 Month SONIA Rate		(24)		03/17/2026		7,590,224		(17,730	)
ICE European Climate Exchange Emissions		(10)		12/16/2024		777,096		(43,884	)
Indian Rupee/US Dollar Cross Currency Rate		(6)		09/26/2024		143,016		(100	)
Japanese 10 Year Government Bonds		(25)		09/12/2024		24,748,615		(201,587	)
Japanese Yen/US Dollar Cross Currency Rate		(168)		09/16/2024		14,406,000		(10,469	)
Lean Hogs		(83)		12/13/2024		2,400,120		(105,580	)
Lean Hogs		(95)		02/14/2025		2,852,660		(90,090	)
Light Sweet Crude Oil		(4)		09/19/2024		147,100		3,775
Live Cattle		(9)		12/31/2024		639,180		(1,740	)
Live Cattle		(53)		02/28/2025		3,783,460		(260	)
Live Cattle		(9)		04/30/2025		648,630		2,250
London Metals - Aluminum		(1,834)		09/16/2024		111,594,315		2,222,445
London Metals - Aluminum		(724)		12/16/2024		44,488,352		(2,637,655	)
London Metals - Copper		(661)		09/16/2024		151,084,266		10,666,000
London Metals - Copper		(242)		12/16/2024		56,038,243		(1,112,375	)
London Metals - Lead		(277)		09/16/2024		14,038,983		730,964
London Metals - Lead		(148)		12/16/2024		7,626,477		(94,665	)
London Metals - Nickel		(106)		09/16/2024		10,551,075		577,892
London Metals - Nickel		(80)		12/16/2024		8,073,341		(118,079	)
London Metals - Tin		(3)		09/16/2024		487,965		(17,276	)
London Metals - Zinc		(286)		09/16/2024		20,439,848		(967,583	)
London Metals - Zinc		(94)		12/16/2024		6,824,400		(371,794	)
Long Gilt		(107)		12/27/2024		13,869,642		131,461
Low Sulphur Gas Oil		(71)		10/10/2024		4,975,325		118,550
Low Sulphur Gas Oil		(20)		11/12/2024		1,398,500		44,325
Low Sulphur Gas Oil		(10)		12/12/2024		696,500		29,250
Low Sulphur Gas Oil		(10)		01/10/2025		696,000		29,000
Lumber		(4)		11/15/2024		56,925		(380	)
Maize		(3)		11/05/2024		33,038		(788	)
Mexican Peso/US Dollar Cross Currency Rate		(148)		09/16/2024		3,750,320		184,900
Mexican Stock Exchange Price & Quotation Index		(7)		09/20/2024		185,444		6,538
Milling Wheat No. 2		(5)		09/10/2024		56,472		1
Milling Wheat No. 2		(291)		12/10/2024		3,492,442		32,333
Milling Wheat No. 2		(101)		03/10/2025		1,247,637		(5,941	)
Milling Wheat No. 2		(19)		05/12/2025		239,167		2,625
MSCI China A 50 Index		(2)		09/20/2024		93,270		(2,080	)
Natural Gas		(9)		09/25/2024		47,857		2,692
Natural Gas		(288)		09/26/2024		6,125,760		373,960
Natural Gas		(302)		10/29/2024		7,549,470		776,430
Natural Gas		(76)		11/26/2024		2,308,120		141,030
Nikkei 225 Index		(3)		09/12/2024		794,377		(17,717	)
NY Harbor ULSD		(188)		09/30/2024		17,989,457		578,714
NY Harbor ULSD		(24)		10/31/2024		2,312,050		75,970
NY Harbor ULSD		(21)		11/29/2024		2,029,835		70,753
NY Harbor ULSD		(7)		12/31/2024		678,670		12,176

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Description	Contracts Sold		Expiration Date		Notional		Value/ Unrealized Appreciation (Depreciation)
Oats		(1)		12/13/2024	$	16,900	$	(588	)
Palladium		(12)		12/27/2024		1,155,360		(24,240	)
Phelix DE Baseload Quarterly		(1)		09/26/2024		237,712		(3,907	)
Platinum		(43)		10/29/2024		2,004,230		10,675
Platinum		(1)		06/25/2025		15,066		219
Red Spring Wheat		(66)		12/13/2024		1,984,962		9,938
Red Spring Wheat		(27)		03/14/2025		839,825		(16,863	)
Reformulated Gasoline Blendstock		(105)		09/30/2024		9,231,012		156,702
Reformulated Gasoline Blendstock		(22)		10/31/2024		1,898,450		1,621
Reformulated Gasoline Blendstock		(9)		11/29/2024		764,165		6,140
Reformulated Gasoline Blendstock		(9)		12/31/2024		758,948		12,411
Rough Rice		(10)		11/14/2024		295,700		4,200
SGX TSI Iron Ore		(108)		09/30/2024		1,089,504		(72,294	)
SGX TSI Iron Ore		(154)		10/30/2024		1,555,294		(19,212	)
SGX TSI Iron Ore		(52)		11/29/2024		525,349		(9,641	)
SGX TSI Iron Ore		(32)		12/31/2024		322,040		(8,719	)
Silver		(10)		12/27/2024		1,457,150		15,250
Soybean Meal		(279)		12/13/2024		8,737,590		(750	)
Soybean Meal		(99)		01/14/2025		3,116,430		129,790
Soybeans		(479)		11/14/2024		23,968,750		1,384,713
Soybeans		(54)		01/14/2025		2,752,088		228,325
Soybeans		(237)		03/14/2025		12,226,238		430,200
Sugar #11		(136)		09/30/2024		2,951,962		(118,563	)
Sugar #11		(218)		02/28/2025		4,793,286		(199,998	)
Sugar #11		(58)		04/30/2025		1,218,672		(56,168	)
Sugar #11		(4)		06/30/2025		82,253		(1,534	)
TOPIX Index		(1)		09/12/2024		185,751		(9,884	)
U.S. Treasury 10 Year Notes		(24)		12/19/2024		2,725,500		2,000
U.S. Treasury 2 Year Notes		(37)		12/31/2024		7,679,234		11,578
U.S. Treasury 5 Year Note		(46)		12/31/2024		5,032,328		8,141
Wheat		(534)		12/13/2024		14,731,525		892,300
Wheat		(84)		03/14/2025		2,406,463		26,100
Wheat		(13)		05/14/2025		379,438		650
White Sugar		(10)		09/13/2024		273,400		(8,510	)
White Sugar		(106)		11/15/2024		2,816,510		(97,960	)
White Sugar		(37)		02/13/2025		975,735		(31,715	)
WTI Light Sweet Crude Oil		(1)		09/19/2024		73,550		410
WTI Light Sweet Crude Oil		(3)		10/21/2024		217,950		6,380
WTI Light Sweet Crude Oil		(2)		11/19/2024		143,780		850
WTI Light Sweet Crude Oil		(2)		12/18/2024		142,720		7,310
								13,963,486
Total Futures Contracts							$	16,037,640

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Forward foreign currency contracts outstanding as of August 31, 2024 were as follows:

Settlement Date		Currency Purchased			Currency Sold		Counterparty		Unrealized Appreciation (Depreciation)
09/25/2024	AUD		15,400,000	CAD		14,105,722		SG Americas Securities LLC	$	(45,282	)
09/25/2024	AUD		2,064,370	EUR		1,250,000		SG Americas Securities LLC		14,790
09/03/2024	AUD		725,339	GBP		375,000		SG Americas Securities LLC		(1,511	)
09/25/2024	AUD		1,701,430	GBP		875,000		SG Americas Securities LLC		2,948
09/25/2024	AUD		5,400,000	JPY		528,630,386		SG Americas Securities LLC		27,643
09/25/2024	AUD		17,000,000	NZD		18,650,374		SG Americas Securities LLC		(146,264	)
09/03/2024	AUD		40,132,740	USD		27,265,302		SG Americas Securities LLC		(98,317	)
09/18/2024	AUD		37,517,000	USD		25,228,286		SG Americas Securities LLC		177,475
09/25/2024	AUD		12,800,000	USD		8,695,527		SG Americas Securities LLC		(26,177	)
09/04/2024	BRL		62,616,574	USD		11,187,876		SG Americas Securities LLC		(82,806	)
10/02/2024	BRL		33,339,643	USD		6,050,000		SG Americas Securities LLC		(157,157	)
09/25/2024	CAD		731,901	AUD		800,000		SG Americas Securities LLC		1,711
09/03/2024	CAD		1,306,555	EUR		875,000		SG Americas Securities LLC		2,235
09/25/2024	CAD		938,346	EUR		625,000		SG Americas Securities LLC		5,164
09/25/2024	CAD		2,200,000	JPY		235,810,714		SG Americas Securities LLC		14,678
09/03/2024	CAD		84,891,038	USD		62,927,406		SG Americas Securities LLC		73,045
09/18/2024	CAD		40,383,109	USD		29,537,531		SG Americas Securities LLC		446,379
09/18/2024	CHF		4,523,334	EUR		4,800,000		SG Americas Securities LLC		22,641
09/25/2024	CHF		7,960,030	EUR		8,375,000		SG Americas Securities LLC		124,153
09/25/2024	CHF		557,023	GBP		500,000		SG Americas Securities LLC		480
09/25/2024	CHF		4,750,000	JPY		808,328,685		SG Americas Securities LLC		54,798
09/03/2024	CHF		22,906,907	USD		27,213,890		SG Americas Securities LLC		(253,432	)
09/18/2024	CHF		29,548,041	USD		34,387,222		SG Americas Securities LLC		450,978
09/25/2024	CHF		6,000,000	USD		7,003,489		SG Americas Securities LLC		76,551
09/03/2024	CLP		95,529,000	USD		101,389		SG Americas Securities LLC		3,153
09/05/2024	CLP		94,050,640	USD		100,000		SG Americas Securities LLC		2,921
09/06/2024	CLP		94,995,830	USD		100,000		SG Americas Securities LLC		3,954
09/09/2024	CLP		186,214,640	USD		200,000		SG Americas Securities LLC		3,765
09/13/2024	CLP		91,589,480	USD		100,000		SG Americas Securities LLC		215
09/16/2024	CLP		182,793,660	USD		200,000		SG Americas Securities LLC		1
09/23/2024	CLP		2,954,733,725	USD		3,200,000		SG Americas Securities LLC		32,515
09/27/2024	CLP		183,116,260	USD		200,000		SG Americas Securities LLC		319
09/03/2024	CNH		21,388,440	USD		3,016,874		SG Americas Securities LLC		1,702
09/19/2024	CNH		120,007,946	USD		16,842,745		SG Americas Securities LLC		126,835
09/25/2024	CNH		36,260,262	USD		5,100,000		SG Americas Securities LLC		31,124
09/03/2024	COP		410,197,316	USD		100,000		SG Americas Securities LLC		(1,965	)
09/06/2024	COP		412,209,900	USD		100,000		SG Americas Securities LLC		(1,540	)
09/13/2024	COP		408,500,000	USD		100,000		SG Americas Securities LLC		(2,517	)
09/16/2024	COP		409,043,000	USD		100,000		SG Americas Securities LLC		(2,427	)
09/18/2024	COP		9,198,030,680	USD		2,250,000		SG Americas Securities LLC		(56,477	)
09/23/2024	COP		1,614,663,000	USD		400,000		SG Americas Securities LLC		(15,195	)
10/03/2024	COP		837,759,000	USD		200,000		SG Americas Securities LLC		(611	)
09/18/2024	CZK		56,444,593	EUR		2,250,000		SG Americas Securities LLC		4,083
09/25/2024	EUR		6,750,000	AUD		11,121,579		SG Americas Securities LLC		(62,244	)
09/03/2024	EUR		500,000	CAD		746,581		SG Americas Securities LLC		(1,261	)
09/25/2024	EUR		11,250,000	CAD		16,980,776		SG Americas Securities LLC		(160,207	)
09/18/2024	EUR		5,300,000	CHF		5,016,149		SG Americas Securities LLC		(50,507	)

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Settlement Date		Currency Purchased			Currency Sold		Counterparty		Unrealized Appreciation (Depreciation)
09/18/2024	EUR		2,900,000	CZK		73,162,057		SG Americas Securities LLC	$	(23,429	)
09/03/2024	EUR		1,299,488	GBP		1,093,021		SG Americas Securities LLC		1,175
09/18/2024	EUR		300,000	GBP		256,769		SG Americas Securities LLC		(5,370	)
09/25/2024	EUR		4,500,000	GBP		3,820,700		SG Americas Securities LLC		(38,738	)
09/18/2024	EUR		600,000	HUF		237,884,540		SG Americas Securities LLC		(4,859	)
09/25/2024	EUR		900,000	HUF		356,407,417		SG Americas Securities LLC		(5,554	)
09/18/2024	EUR		4,600,000	JPY		741,110,931		SG Americas Securities LLC		5,734
09/25/2024	EUR		4,400,000	JPY		711,928,448		SG Americas Securities LLC		(18,776	)
09/03/2024	EUR		1,304,498	NOK		15,179,861		SG Americas Securities LLC		10,808
09/18/2024	EUR		29,186,019	NOK		349,001,309		SG Americas Securities LLC		(630,748	)
09/25/2024	EUR		6,875,000	NOK		80,476,481		SG Americas Securities LLC		16,319
09/03/2024	EUR		216,524	PLN		927,816		SG Americas Securities LLC		(104	)
09/18/2024	EUR		1,784,902	PLN		7,726,968		SG Americas Securities LLC		(19,340	)
09/03/2024	EUR		793,205	SEK		9,000,000		SG Americas Securities LLC		285
09/18/2024	EUR		11,997,718	SEK		138,802,628		SG Americas Securities LLC		(257,540	)
09/25/2024	EUR		6,625,000	SEK		75,504,533		SG Americas Securities LLC		(31,342	)
09/03/2024	EUR		28,963,076	USD		32,230,690		SG Americas Securities LLC		(209,044	)
09/18/2024	EUR		46,401,000	USD		51,176,803		SG Americas Securities LLC		159,441
09/25/2024	EUR		8,750,000	USD		9,721,664		SG Americas Securities LLC		(37,910	)
09/25/2024	GBP		7,625,000	AUD		14,722,289		SG Americas Securities LLC		45,060
09/03/2024	GBP		348,726	EUR		413,976		SG Americas Securities LLC		313
09/18/2024	GBP		19,610,900	EUR		23,000,000		SG Americas Securities LLC		313,559
09/25/2024	GBP		16,384,180	EUR		19,200,000		SG Americas Securities LLC		273,686
09/25/2024	GBP		2,750,000	JPY		521,314,765		SG Americas Securities LLC		32,951
09/03/2024	GBP		37,165,782	USD		49,125,731		SG Americas Securities LLC		(313,304	)
09/18/2024	GBP		51,278,000	USD		66,141,543		SG Americas Securities LLC		1,214,565
09/25/2024	GBP		8,500,000	USD		11,060,078		SG Americas Securities LLC		105,704
09/18/2024	HUF		1,380,838,613	EUR		3,500,000		SG Americas Securities LLC		9,172
09/25/2024	HUF		78,827,270	EUR		200,000		SG Americas Securities LLC		182
09/03/2024	HUF		353,883,399	USD		1,000,000		SG Americas Securities LLC		(4,756	)
09/25/2024	HUF		496,072,438	USD		1,400,000		SG Americas Securities LLC		(5,908	)
09/18/2024	IDR		36,604,843,901	USD		2,350,000		SG Americas Securities LLC		16,653
09/27/2024	IDR		31,031,082,000	USD		2,000,000		SG Americas Securities LLC		5,589
09/03/2024	ILS		1,451,609	USD		400,000		SG Americas Securities LLC		(780	)
09/18/2024	ILS		8,342,731	USD		2,250,000		SG Americas Securities LLC		45,812
09/06/2024	INR		368,022,780	USD		4,387,078		SG Americas Securities LLC		87
09/09/2024	INR		459,953	USD		5,474		SG Americas Securities LLC		9
09/12/2024	INR		33,102,749	USD		394,526		SG Americas Securities LLC		12
09/18/2024	INR		193,114,620	USD		2,300,000		SG Americas Securities LLC		1,206
09/25/2024	JPY		42,458,780	CHF		250,000		SG Americas Securities LLC		(3,467	)
09/18/2024	JPY		458,646,347	EUR		2,850,000		SG Americas Securities LLC		(7,121	)
09/03/2024	JPY		112,500,000	USD		770,747		SG Americas Securities LLC		(751	)
09/18/2024	JPY		5,121,233,520	USD		34,731,545		SG Americas Securities LLC		396,689
09/05/2024	KRW		3,677,856,478	USD		2,700,000		SG Americas Securities LLC		54,327
09/09/2024	KRW		13,087,494,141	USD		9,600,000		SG Americas Securities LLC		203,797
09/19/2024	KRW		15,896,495,589	USD		11,900,000		SG Americas Securities LLC		16,006
09/23/2024	KRW		3,732,067,349	USD		2,800,000		SG Americas Securities LLC		(1,693	)
09/27/2024	KRW		1,199,869,000	USD		900,000		SG Americas Securities LLC		(95	)
09/30/2024	KRW		1,866,380,972	USD		1,400,000		SG Americas Securities LLC		66

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Settlement Date		Currency Purchased			Currency Sold		Counterparty		Unrealized Appreciation (Depreciation)
10/04/2024	KRW		2,530,639,625	USD		1,900,000		SG Americas Securities LLC	$	(1,166	)
09/18/2024	MXN		155,625,999	USD		8,372,104		SG Americas Securities LLC		(493,502	)
09/03/2024	NOK		18,091,991	EUR		1,554,680		SG Americas Securities LLC		(12,798	)
09/18/2024	NOK		256,322,660	EUR		21,864,596		SG Americas Securities LLC		(11,421	)
09/03/2024	NOK		2,500,000	SEK		2,431,650		SG Americas Securities LLC		(1,118	)
09/03/2024	NOK		30,474,419	USD		2,900,000		SG Americas Securities LLC		(26,287	)
09/25/2024	NOK		30,518,796	USD		2,900,000		SG Americas Securities LLC		(20,783	)
09/25/2024	NZD		1,600,000	JPY		142,934,074		SG Americas Securities LLC		18,893
09/03/2024	NZD		5,200,000	USD		3,251,218		SG Americas Securities LLC		(365	)
09/18/2024	NZD		31,750,000	USD		19,445,964		SG Americas Securities LLC		403,885
09/25/2024	NZD		9,900,000	USD		6,162,345		SG Americas Securities LLC		27,152
09/18/2024	PEN		3,924,135	USD		1,050,000		SG Americas Securities LLC		(3,060	)
09/18/2024	PHP		166,773,318	USD		2,950,000		SG Americas Securities LLC		19,815
09/27/2024	PHP		16,866,800	USD		300,000		SG Americas Securities LLC		343
09/03/2024	PLN		500,000	EUR		116,567		SG Americas Securities LLC		186
09/18/2024	PLN		60,395,335	EUR		13,976,660		SG Americas Securities LLC		122,893
09/25/2024	PLN		3,847,771	EUR		900,000		SG Americas Securities LLC		(3,169	)
09/03/2024	PLN		385,828	USD		100,000		SG Americas Securities LLC		(407	)
09/25/2024	PLN		29,659,380	USD		7,700,000		SG Americas Securities LLC		(46,727	)
09/03/2024	SEK		46,587,241	EUR		4,107,687		SG Americas Securities LLC		(3,430	)
09/18/2024	SEK		163,748,270	EUR		14,382,143		SG Americas Securities LLC		51,361
09/25/2024	SEK		36,179,298	EUR		3,185,952		SG Americas Securities LLC		2,325
09/25/2024	SEK		69,182,492	NOK		71,000,000		SG Americas Securities LLC		48,480
09/25/2024	SEK		34,912,168	USD		3,400,000		SG Americas Securities LLC		4,692
09/18/2024	SGD		10,053,268	USD		7,650,000		SG Americas Securities LLC		62,928
09/25/2024	SGD		25,070,782	USD		19,200,000		SG Americas Securities LLC		42,542
09/18/2024	THB		105,230,981	USD		3,050,000		SG Americas Securities LLC		64,115
09/18/2024	TRY		17,500,000	USD		491,733		SG Americas Securities LLC		9,583
09/18/2024	TWD		106,788,856	USD		3,350,000		SG Americas Securities LLC		(4,721	)
09/27/2024	TWD		6,370,000	USD		200,000		SG Americas Securities LLC		(257	)
09/18/2024	USD		20,796,179	AUD		31,453,000		SG Americas Securities LLC		(503,161	)
09/25/2024	USD		5,252,794	AUD		7,800,000		SG Americas Securities LLC		(30,092	)
09/04/2024	USD		11,086,265	BRL		62,639,847		SG Americas Securities LLC		(22,933	)
10/02/2024	USD		12,350,000	BRL		69,796,995		SG Americas Securities LLC		13,253
09/18/2024	USD		50,716,907	CAD		69,340,656		SG Americas Securities LLC		(767,588	)
09/25/2024	USD		13,170,357	CAD		17,900,000		SG Americas Securities LLC		(123,052	)
09/03/2024	USD		2,646,544	CHF		2,227,226		SG Americas Securities LLC		25,194
09/18/2024	USD		32,203,811	CHF		28,312,220		SG Americas Securities LLC		(1,177,310	)
09/25/2024	USD		1,624,988	CHF		1,375,000		SG Americas Securities LLC		2,478
09/03/2024	USD		100,000	CLP		95,529,000		SG Americas Securities LLC		(4,542	)
09/05/2024	USD		100,000	CLP		95,399,000		SG Americas Securities LLC		(4,396	)
09/06/2024	USD		100,000	CLP		93,631,000		SG Americas Securities LLC		(2,460	)
09/09/2024	USD		200,000	CLP		187,586,832		SG Americas Securities LLC		(5,266	)
09/13/2024	USD		100,000	CLP		93,342,170		SG Americas Securities LLC		(2,133	)
09/16/2024	USD		200,000	CLP		186,444,483		SG Americas Securities LLC		(3,994	)
09/23/2024	USD		2,150,000	CLP		2,008,760,265		SG Americas Securities LLC		(47,608	)
09/27/2024	USD		200,000	CLP		184,906,000		SG Americas Securities LLC		(2,277	)
09/30/2024	USD		100,000	CLP		90,691,000		SG Americas Securities LLC		793
10/04/2024	USD		300,000	CLP		274,453,500		SG Americas Securities LLC		(209	)

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Settlement Date		Currency Purchased			Currency Sold		Counterparty		Unrealized Appreciation (Depreciation)
09/03/2024	USD		917,069	CNH		6,500,000		SG Americas Securities LLC	$	(284	)
09/19/2024	USD		18,990,603	CNH		136,818,645		SG Americas Securities LLC		(356,074	)
09/25/2024	USD		4,600,000	CNH		32,700,853		SG Americas Securities LLC		(27,439	)
09/03/2024	USD		102,095	COP		410,197,316		SG Americas Securities LLC		4,060
09/06/2024	USD		100,000	COP		413,006,060		SG Americas Securities LLC		1,350
09/13/2024	USD		100,000	COP		416,689,684		SG Americas Securities LLC		563
09/16/2024	USD		100,000	COP		418,803,684		SG Americas Securities LLC		98
10/03/2024	USD		200,000	COP		832,669,368		SG Americas Securities LLC		1,823
09/03/2024	USD		524,151	EUR		471,748		SG Americas Securities LLC		2,585
09/18/2024	USD		30,420,871	EUR		28,025,000		SG Americas Securities LLC		(584,888	)
09/03/2024	USD		4,533,862	GBP		3,436,128		SG Americas Securities LLC		20,954
09/18/2024	USD		17,432,980	GBP		13,624,000		SG Americas Securities LLC		(462,796	)
09/25/2024	USD		164,123	GBP		125,000		SG Americas Securities LLC		(80	)
09/25/2024	USD		400,000	HUF		144,183,240		SG Americas Securities LLC		(5,192	)
09/18/2024	USD		1,900,000	IDR		30,717,223,124		SG Americas Securities LLC		(85,994	)
09/27/2024	USD		700,000	IDR		10,909,822,000		SG Americas Securities LLC		(5,119	)
09/18/2024	USD		1,800,000	ILS		6,855,015		SG Americas Securities LLC		(86,412	)
09/25/2024	USD		2,400,000	ILS		8,847,638		SG Americas Securities LLC		(35,499	)
09/06/2024	USD		4,387,078	INR		367,738,039		SG Americas Securities LLC		3,308
09/09/2024	USD		5,474	INR		459,898		SG Americas Securities LLC		(8	)
09/12/2024	USD		394,526	INR		33,149,534		SG Americas Securities LLC		(570	)
09/17/2024	USD		7,389,055	INR		621,005,738		SG Americas Securities LLC		(11,258	)
09/18/2024	USD		900,000	INR		75,646,007		SG Americas Securities LLC		(1,418	)
09/20/2024	USD		5,400,000	INR		453,768,372		SG Americas Securities LLC		(6,877	)
09/23/2024	USD		5,422,565	INR		455,460,756		SG Americas Securities LLC		(3,951	)
09/27/2024	USD		6,487,078	INR		544,647,708		SG Americas Securities LLC		(1,202	)
10/03/2024	USD		394,526	INR		33,125,078		SG Americas Securities LLC		1
09/18/2024	USD		26,208,260	JPY		4,006,259,925		SG Americas Securities LLC		(1,272,002	)
09/25/2024	USD		5,575,895	JPY		812,500,000		SG Americas Securities LLC		(2,981	)
09/05/2024	USD		2,700,000	KRW		3,696,546,640		SG Americas Securities LLC		(68,324	)
09/09/2024	USD		9,600,000	KRW		13,171,760,626		SG Americas Securities LLC		(266,921	)
09/19/2024	USD		12,150,000	KRW		16,587,448,825		SG Americas Securities LLC		(283,944	)
09/27/2024	USD		3,100,000	KRW		4,162,146,000		SG Americas Securities LLC		(21,619	)
09/30/2024	USD		6,900,000	KRW		9,192,756,081		SG Americas Securities LLC		4,054
09/18/2024	USD		14,624,747	MXN		277,031,875		SG Americas Securities LLC		599,946
09/25/2024	USD		1,026,665	MXN		19,500,000		SG Americas Securities LLC		40,537
09/25/2024	USD		5,400,000	NOK		56,960,647		SG Americas Securities LLC		26,195
09/18/2024	USD		18,359,539	NZD		30,663,000		SG Americas Securities LLC		(810,728	)
09/25/2024	USD		4,726,145	NZD		7,700,000		SG Americas Securities LLC		(87,908	)
09/18/2024	USD		550,000	PEN		2,052,760		SG Americas Securities LLC		2,334
09/18/2024	USD		1,850,000	PHP		106,952,623		SG Americas Securities LLC		(54,558	)
09/27/2024	USD		300,000	PHP		17,007,900		SG Americas Securities LLC		(2,855	)
09/18/2024	USD		800,000	SGD		1,049,690		SG Americas Securities LLC		(5,328	)
09/18/2024	USD		1,500,000	THB		52,752,600		SG Americas Securities LLC		(61,115	)
09/18/2024	USD		85,737	TRY		3,000,000		SG Americas Securities LLC		(203	)
09/25/2024	USD		4,300,000	TRY		150,935,415		SG Americas Securities LLC		11,402
09/18/2024	USD		4,050,000	TWD		131,747,095		SG Americas Securities LLC		(77,123	)
09/19/2024	USD		3,500,000	TWD		112,579,950		SG Americas Securities LLC		(27,075	)
09/27/2024	USD		1,800,000	TWD		57,309,100		SG Americas Securities LLC		2,967

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

Abbey Capital Multi Asset Fund

Consolidated Portfolio of Investments (Concluded)

August 31, 2024

Settlement Date		Currency Purchased			Currency Sold		Counterparty		Unrealized Appreciation (Depreciation)
09/03/2024	USD		113,101	ZAR		2,000,000		SG Americas Securities LLC	$	959
09/18/2024	USD		733,268	ZAR		13,500,324		SG Americas Securities LLC		(22,771	)
09/25/2024	USD		100,000	ZAR		1,783,981		SG Americas Securities LLC		152
09/03/2024	ZAR		2,000,000	USD		113,150		SG Americas Securities LLC		(1,008	)
09/18/2024	ZAR		117,825,904	USD		6,462,099		SG Americas Securities LLC		136,337
09/25/2024	ZAR		101,960,808	USD		5,700,000		SG Americas Securities LLC		6,665
Total Forward Foreign Currency Contracts									$	(4,431,618	)

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	SEK	Swedish Krona
EUR	Euro	SGD	Singapore Dollar
FTSE	Financial Times Stock Exchange	THB	Thai Baht
GBP	British Pound	TRY	Turkish Lira
HUF	Hungarian Forint	TWD	Taiwan Dollar
IDR	Indonesian Rupiah	USD	United States Dollar
ILS	Israeli New Shekel	WTI	West Texas Intermediate
INR	Indian Rupee	ZAR	South African Rand
JPY	Japanese Yen
KRW	Korean Won

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

Abbey Capital Multi Asset Fund

Consolidated Statement of Assets And Liabilities

August 31, 2024

ASSETS
Investments, at value (cost $789,745,235)	$	790,138,799
Cash equivalents		66,138,528
Foreign currency deposits with broker for futures contracts (cost $4,952,987)		4,938,998
Deposit with brokers:
Forward foreign currency contracts		17,749,657
Futures contracts		125,542,494
Receivables for:
Capital shares sold		7,686,103
Interest receivable		223,196
Unrealized appreciation on forward foreign currency contracts		6,422,664
Unrealized appreciation on futures contracts		46,127,418
Prepaid expenses and other assets		77,894
Total assets	$	1,065,045,751
LIABILITIES
Payables for:
Advisory fees		1,425,848
Capital shares redeemed		766,490
Unrealized depreciation on forward foreign currency contracts		10,854,282
Unrealized depreciation on futures contracts		30,089,778
Other accrued expenses and liabilities		235,232
Total liabilities		43,371,630
Net assets	$	1,021,674,121
NET ASSETS CONSIST OF:
Par value	$	86,100
Paid-in capital		998,808,849
Total distributable earnings/(losses)		22,779,172
Net assets	$	1,021,674,121
CLASS A SHARES:
Net assets	$	6,671,652
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		564,631
Net asset value and redemption price per share	$	11.82
Maximum offering price per share (100/94.25 of 11.82)	$	12.54
CLASS I SHARES:
Net assets	$	1,000,318,558
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		84,267,130
Net asset value, offering and redemption price per share	$	11.87
CLASS C SHARES:
Net assets	$	14,683,911
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		1,267,819
Net asset value, offering and redemption price per share	$	11.59

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

Abbey Capital Multi Asset Fund

Consolidated Statement of Operations

For the Year Ended August 31, 2024

INVESTMENT INCOME
Interest	$	37,758,392
Total investment income		37,758,392
EXPENSES
Advisory fees (Note 2)		13,269,062
Administration and accounting services fees (Note 2)		181,367
Transfer agent fees (Note 2)		106,601
Director fees		103,952
Registration and filing fees		93,149
Audit and tax service fees		73,181
Printing and shareholder reporting fees		65,922
Other expenses		63,412
Distribution fees (Class A Shares) (Note 2)		8,910
Distribution fees (Class C Shares) (Note 2)		61,316
Officer fees		53,355
Legal fees		46,802
Custodian fees (Note 2)		39,772
Total expenses before waivers and/or reimbursements		14,166,801
Less: waivers and/or reimbursements (Note 2)		(647,218	)
Net expenses after waivers and/or reimbursements		13,519,583
Net investment income/(loss)		24,238,809
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		17,178
Futures contracts		18,577,595
Foreign currency transactions		(2,444,167	)
Forward foreign currency contracts		(18,235,878	)
Net change in unrealized appreciation/(depreciation) on:
Investments		546,766
Futures contracts		9,972,094
Foreign currency translations		(20,936	)
Forward foreign currency contracts		(4,699,559	)
Net realized and unrealized gain/(loss) from investments		3,713,093
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	27,951,902

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

Abbey Capital Multi Asset Fund

Consolidated Statements of Changes in Net Assets

	For the Year Ended August 31, 2024			For the Year Ended August 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	24,238,809		$	9,783,631
Net realized gain/(loss) from investments, futures contracts, foreign currency transactions and forward foreign currency contracts		(2,085,272	)		(5,805,613	)
Net change in unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translations and forward foreign currency contracts		5,798,365			(2,284,465	)
Net increase/(decrease) in net assets resulting from operations		27,951,902			1,693,553
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class A	$	(80,502	)	$	(56,337	)
Class I		(21,476,557	)		(15,883,994	)
Class C		(194,878	)		(167,553	)
Net decrease in net assets from dividends and distributions to shareholders		(21,751,937	)		(16,107,884	)
CAPITAL SHARE TRANSACTIONS:
Class A Shares
Proceeds from shares sold		8,280,971			3,555,040
Proceeds from reinvestment of distributions		58,480			35,007
Shares redeemed		(3,272,101	)		(2,652,964	)
Total from Class A Shares		5,067,350			937,083
Class I Shares
Proceeds from shares sold		732,653,887			379,787,638
Proceeds from reinvestment of distributions		12,529,698			10,506,767
Shares redeemed		(248,071,786	)		(221,232,417	)
Total from Class I Shares		497,111,799			169,061,988
Class C Shares
Proceeds from shares sold		10,903,723			5,762,438
Proceeds from reinvestment of distributions		122,506			108,350
Shares redeemed		(1,745,933	)		(688,103	)
Total from Class C Shares		9,280,296			5,182,685
Net increase/(decrease) in net assets from capital share transactions		511,459,445			175,181,756
Total increase/(decrease) in net assets		517,659,410			160,767,425
NET ASSETS:
Beginning of period		504,014,711			343,247,286
End of period	$	1,021,674,121		$	504,014,711

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

Abbey Capital Multi Asset Fund

Consolidated Statements of Changes in Net Assets (Concluded)

	For the Year Ended August 31, 2024			For the Year Ended August 31, 2023
SHARE TRANSACTIONS:
Class A Shares
Shares sold		691,208			304,780
Shares reinvested		5,390			3,095
Shares redeemed		(276,345	)		(231,142	)
Total Class A Shares		420,253			76,733
Class I Shares
Shares sold		61,322,625			32,917,512
Shares reinvested		1,151,627			927,341
Shares redeemed		(21,252,768	)		(19,386,275	)
Total Class I Shares		41,221,484			14,458,578
Class C Shares
Shares sold		914,951			491,570
Shares reinvested		11,460			9,673
Shares redeemed		(151,257	)		(61,266	)
Total Class C Shares		775,154			439,977
Net increase/(decrease) in shares outstanding		42,416,891			14,975,288

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

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 Year Ended August 31, 2024			For the Year Ended August 31, 2023			For The Period February 16, 2022 to august 31, 2022(1)
Per Share Operating Performance
Net asset value, beginning of period	$	11.51		$	11.94		$	11.21
Net investment income/(loss)(2)		0.34			0.23			(0.06	)
Net realized and unrealized gain/(loss) from investments		0.38			(0.21	)		0.79
Net increase/(decrease) in net assets resulting from operations		0.72			0.02			0.73
Dividends and distributions to shareholders from:
Net investment income		(0.10	)		(0.42	)		—
Net realized capital gains		(0.31	)		(0.03	)		—
Total dividends and distributions to shareholders		(0.41	)		(0.45	)		—
Net asset value, end of period	$	11.82		$	11.51		$	11.94
Total investment return/(loss)(3)		6.61	%		0.24	%		6.51	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	6,672		$	1,661		$	808
Ratio of expenses to average net assets with waivers and/or reimbursements (including interest expense)(6)		2.04	%		2.04	%		2.04	%(5)
Ratio of expenses to average net assets with waivers and/or reimbursements (excluding interest expense)(6)		2.04	%		2.04	%		2.04	%(5)
Ratio of expenses to average net assets without waivers and/or reimbursements (including interest expense)(6)		2.12	%		2.16	%		2.23	%(5)
Ratio of net investment income/(loss) to average net assets		2.88	%		1.99	%		(0.87	)%(5)
Portfolio turnover rate(7)		0	%		0	%		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 excludes all securities, including options, whose maturities or expiration dates at the time of acquisition were one year or less and is calculated for the Fund, as a whole, for the entire period.

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

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/(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 Year Ended August 31, 2024			For the Year Ended August 31, 2023			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020
Per Share Operating Performance
Net asset value, beginning of period	$	11.54		$	11.96		$	11.98		$	11.07		$	10.94
Net investment income/(loss)(1)		0.38			0.26			(0.13	)		(0.21	)		(0.08	)
Net realized and unrealized gain/(loss) from investments		0.37			(0.23	)		1.29			2.21			1.38
Net increase/(decrease) in net assets resulting from operations		0.75			0.03			1.16			2.00			1.30
Dividends and distributions to shareholders from:
Net investment income		(0.11	)		(0.42	)		(0.34	)		(0.17	)		(0.96	)
Net realized capital gains		(0.31	)		(0.03	)		(0.84	)		(0.92	)		(0.21	)
Total dividends and distributions to shareholders		(0.42	)		(0.45	)		(1.18	)		(1.09	)		(1.17	)
Net asset value, end of period	$	11.87		$	11.54		$	11.96		$	11.98		$	11.07
Total investment return/(loss)(2)		6.88	%		0.38	%		10.40	%		19.72	%		13.97	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,000,319		$	496,775		$	341,815		$	94,948		$	37,572
Ratio of expenses to average net assets with waivers and/or reimbursements (including interest expense)(3)		1.79	%		1.79	%		1.79	%		1.84	%		1.79	%
Ratio of expenses to average net assets with waivers and/or reimbursements (excluding interest expense)(3)		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)		1.87	%		1.91	%		1.98	%		2.28	%		2.45	%
Ratio of net investment income/(loss) to average net assets		3.13	%		2.24	%		(1.12	)%		(1.80	)%		(0.76	)%
Portfolio turnover rate(4)		0	%		0	%		0	%		0	%		0	%

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

(2) 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.

(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 A Shares.

(4) Portfolio turnover rate excludes all securities, including options, whose maturities or expiration dates at the time of acquisition were one year or less and is calculated for the Fund, as a whole, for the entire period.

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

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 Year Ended August 31, 2024			For the Year Ended August 31, 2023			For The Period November 8, 2021 To August 31, 2022(1)
Per Share Operating Performance
Net asset value, beginning of period	$	11.32		$	11.85		$	12.51
Net investment income/(loss)(2)		0.26			0.14			(0.18	)
Net realized and unrealized gain/(loss) from investments		0.38			(0.22	)		0.70
Net increase/(decrease) in net assets resulting from operations		0.64			(0.08	)		0.52
Dividends and distributions to shareholders from:
Net investment income		(0.06	)		(0.42	)		(0.34	)
Net realized capital gains		(0.31	)		(0.03	)		(0.84	)
Total dividends and distributions to shareholders		(0.37	)		(0.45	)		(1.18	)
Net asset value, end of period	$	11.59		$	11.32		$	11.85
Total investment return/(loss)(3)		5.93	%		(0.63	)%		4.84	%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	14,684		$	5,578		$	624
Ratio of expenses to average net assets with waivers and/or reimbursements (including interest expense)(6)		2.79	%		2.79	%		2.79	%(5)
Ratio of expenses to average net assets with waivers and/or reimbursements (excluding interest expense)(6)		2.79	%		2.79	%		2.79	%(5)
Ratio of expenses to average net assets without waivers and/or reimbursements (including interest expense)(6)		2.87	%		2.91	%		2.98	%(5)
Ratio of net investment income/(loss) to average net assets		2.13	%		1.24	%		(1.88	)%(5)
Portfolio turnover rate(7)		0	%		0	%		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 each 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 excludes all securities, including options, whose maturities or expiration dates at the time of acquisition were one year or less and is calculated for the Fund, as a whole, for the entire period.

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

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements

August 31, 2024

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 an investment company 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 sixty-five 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 92.923 billion shares are currently classified into two hundred and thirty-six 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 August 31, 2024, and the period covered by these Notes to Consolidated Financial Statements is the fiscal year ended August 31, 2024 (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 current fiscal period, the net assets of the Cayman Subsidiary and SPC were $225,321,920, which represented 22.05% of the Fund’s net assets. As of the end of the current fiscal period, the net assets of the Onshore Subsidiary were $175,004,414, which represented 17.13% 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

22

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

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. 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” or “Abbey Capital”) 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 current fiscal period, in valuing the Fund’s investments carried at fair value:

	Total		Level 1		Level 2		Level 3
Short-Term Investments	$	790,138,799	$	790,138,799			$	—
Commodity Contracts
Futures Contracts		26,268,708		26,268,708		—		—
Equity Contracts
Futures Contracts		17,622,056		17,622,056		—		—
Foreign Currency Contracts
Forward Foreign Currency Contracts		6,422,664		—		6,422,664		—
Futures Contracts		860,798		860,798		—		—
Interest Rate Contracts
Futures Contracts		1,375,856		1,375,856		—		—
Total Assets	$	842,688,881	$	836,266,217	$	6,422,664	$	—

23

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

	Total			Level 1			Level 2			Level 3
Commodity Contracts
Futures Contracts	$	(23,402,508	)	$	(23,402,508	)	$	—		$	—
Equity Contracts
Futures Contracts		(598,409	)		(598,409	)		—			—
Foreign Currency Contracts
Forward Foreign Currency Contracts		(10,854,282	)		—			(10,854,282	)		—
Futures Contracts		(1,689,240	)		(1,689,240	)		—			—
Interest Rate Contracts
Futures Contracts		(4,399,621	)		(4,399,621	)		—			—
Total Liabilities	$	(40,944,060	)	$	(30,089,778	)	$	(10,854,282	)	$	—

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 current fiscal 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.

24

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

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 current fiscal 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	$	—		$	—		$	6,422,664		$	—		$	6,422,664
Futures Contracts (a)		Unrealized appreciation on futures contracts		17,622,056			1,375,856			860,798			26,268,708			46,127,418
Total Value- Assets			$	17,622,056		$	1,375,856		$	7,283,462		$	26,268,708		$	52,550,082
Liability Derivatives
Forward Contracts (a)		Unrealized depreciation on forward foreign currency contracts	$	—		$	—		$	(10,854,282	)	$	—		$	(10,854,282	)
Futures Contracts (a)		Unrealized depreciation on futures contracts		(598,409	)		(4,399,621	)		(1,689,240	)		(23,402,508	)		(30,089,778	)
Total Value- Liabilities			$	(598,409	)	$	(4,399,621	)	$	(12,543,522	)	$	(23,402,508	)	$	(40,944,060	)

(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	$	62,625,668	$	(26,243,028	)	$	(19,606,166	)	$	1,801,121	$	18,577,595
Forward Contracts		Net realized gain/(loss) from Forward Foreign Currency Contracts		—		—			(18,235,878	)		—		(18,235,878	)
Total Realized Gain/(Loss)			$	62,625,668	$	(26,243,028	)	$	(37,842,044	)	$	1,801,121	$	341,717

25

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

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	$	11,196,800	$	261,274	$	(3,327,814	)	$	1,841,834	$	9,972,094
Forward Contracts		Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts		—		—		(4,699,559	)		—		(4,699,559	)
Total Change in Unrealized Appreciation/(Depreciation)			$	11,196,800	$	261,274	$	(8,027,373	)	$	1,841,834	$	5,272,535

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)
$2,115,698,162	$(2,101,714,085)	$(1,271,316,173)	$1,270,103,403

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

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

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	$	6,422,664	$	(10,854,282	)	$	—	$	(4,431,618	)	$	10,854,282	$	(10,854,282	)	$	—	$	—

(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 (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

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

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

28

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

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.

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. The Fund considers investments in the U.S Bank Money Market Deposit Account, a U.S. dollar-denominated deposit account offered through U.S. Bank, N.A. to be a cash equivalent. The Fund is exposed to

29

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

the credit risk of U.S. Bank, N.A. through the holding of this cash equivalent. This cash equivalent is presented on the Consolidated Statement of Assets and Liabilities as “Cash equivalents” and was classified as Level 1 assets as of August 31, 2024. As of August 31, 2024, this balance was $66,138,528.

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 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, 2024 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2024.

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

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
$13,269,062	$(647,218)	$12,621,844

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.

30

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

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

Expiration
August 31, 2025	August 31, 2026	August 31, 2027	Total
$312,567	$495,671	$647,218	$1,455,456

Aspect Capital Limited, Crabel Capital Management, LLC, Eclipse Capital Management, Inc., Graham Capital Management L.P., Revolution Capital Management, LLC, 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.

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.

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.

31

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

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, 2024, 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)
$946,169,111	$1,028,765	$(49,994,982)	$(48,966,217)

^(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, 2024, primarily attributable to disallowed book income from the Cayman Subsidiary, were reclassified to the following accounts:

Distributable Earnings/(Loss)	Paid-In Capital
$21,656,471	$(21,656,471)

As of August 31, 2024, 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
$31,857,582	$16,271,710	$(25,350,120)	$—	$—	$—

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.

32

Abbey Capital Multi Asset Fund

Notes To Consolidated Financial Statements (Concluded)

August 31, 2024

The tax character of dividends and distributions paid during the fiscal years ended August 31, 2023 and August 31, 2024 was as follows:

	Ordinary Income	Long-Term Gains	Total
2024	$13,460,205	$8,291,732	$21,751,937

	Ordinary Income	Long-Term Gains	Total
2023	$16,071,575	$36,309	$16,107,884

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, 2024, the Fund had no unlimited short-term or long-term capital loss carryovers to offset future capital gains.

6. 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 was the following subsequent event:

Effective October 22, 2024 (subsequent to the end of the current fiscal period), Systematica Investments Limited (acting as the general partner of Systematica Investments LP) serves as a Trading Adviser to the Fund.

33

Abbey Capital Multi Asset Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of Abbey Capital Multi Asset Fund
and Board of Directors of The RBB Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities of Abbey Capital Multi Asset Fund (the “Fund”) (one of the portfolios constituting The RBB Fund, Inc. (the “Company”)), including the consolidated portfolio of investments, as of August 31, 2024, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the five years in the period then ended and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the portfolios constituting The RBB Fund, Inc.) at August 31, 2024, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended and its consolidated financial highlights for each of the five years in the period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Abbey Capital investment companies since 2014.

Philadelphia, Pennsylvania
October 30, 2024

34

Abbey Capital Multi Asset Fund

Shareholder Tax Information

(Unaudited)

Certain tax information regarding the Fund is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended August 31, 2024. The information and distribution reported herein may differ from information and distributions taxable to the shareholders for the calendar year ended December 31, 2024. During the fiscal year ended August 31, 2024, the Fund paid no ordinary income dividends that are designated as “qualified dividend income” to its shareholders. Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the Fund is 58.02%.

Because the Fund’s fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2024. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2025.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Fund, if any.

In general, dividends received by tax exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.

35

Abbey Capital Multi Asset Fund

Other Information

(Unaudited)

APPROVAL OF INVESTMENT ADVISORY AGREEMENTS AND TRADING ADVISORY AGREEMENTS

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 renewals of (1) the investment advisory agreement between Abbey Capital and the Company on behalf of the Fund (the “Investment Advisory Agreement”), (2) each of the separate advisory agreements between the Onshore Subsidiary, the Cayman Subsidiary and the SPC (the “Subsidiaries”) and Abbey Capital (collectively, the “Subsidiary Investment Advisory Agreements”), and (3) the trading advisory agreements between Abbey Capital and each of Aspect Capital Limited, Crabel Capital Management, LLC, Eclipse Capital Management, Inc., Revolution Capital Management, LLC, Tudor Investment Corporation and Welton Investment Partners LLC (each, a “Trading Adviser”) (the “Trading Advisory Agreements”), at a meeting of the Board held on May 15-16, 2024 (the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement, the Subsidiary Investment Advisory Agreements, and the Trading Advisory Agreements for an additional one-year term ending August 16, 2025. The Board’s decision to approve the Investment Advisory Agreement, the Subsidiary Investment Advisory Agreements, and the Trading Advisory Agreements reflects the exercise of its business judgment to continue the existing arrangement. In approving the Investment Advisory Agreement, Subsidiary Investment Advisory Agreements, and the Trading Advisory Agreements, the Board considered information provided by Abbey Capital and each of the Trading Advisers with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the renewal and approval of the Investment Advisory Agreement, each of the Subsidiary Investment Advisory Agreements and the Trading Advisory Agreements with respect to the Fund, the Directors took into account all 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 Abbey Capital, and discussed the aforementioned Agreements with counsel in executive sessions, at which no representatives of Abbey Capital, the Subsidiaries, or Trading Advisers were present. Among other things, the Directors considered (i) the nature, extent, and quality of services provided to the Fund by Abbey Capital and each Trading Adviser; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) Abbey Capital’s and the Trading Advisers’ investment philosophies and processes; (iv) Abbey Capital’s and the Trading Advisers’ assets under management and client descriptions; (v) Abbey Capital’s and the Trading Advisers’ soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) Abbey Capital’s and the Trading Advisers’ advisory fee arrangements with the Company and other similarly managed clients, as applicable; (vii) Abbey Capital’s and the Trading Advisers’ compliance procedures; (viii) Abbey Capital’s and the Trading Advisers’ financial information and insurance coverage, as applicable, and Abbey Capital’s profitability analysis; (ix) the extent to which economies of scale are relevant to the Fund; (x) a report prepared by Fuse Research Network, LLC comparing the Fund’s management fees and total expense ratios to a group of mutual funds deemed comparable to the Fund based primarily on investment strategy similarity (“Peer Group”) and comparing the performance of the Fund to the performance of its Peer Group; and (xi) a report comparing the performance of the Fund to the performance of its benchmark.

As part of their review, the Directors considered the nature, extent and quality of the services provided by Abbey Capital and each Trading Adviser. The Directors concluded that Abbey Capital and each Trading Adviser had substantial resources to provide services to the Fund and the Subsidiaries, as applicable.

The Directors also considered the investment performance of the Fund, noting that the Fund had underperformed its benchmark, the S&P 500 Total Return Index, for the three-month, one-year, three-year, five-year and since-inception periods ended December 31, 2023. The Directors considered the Fund’s investment performance in light of its investment objective and investment strategies. The Board noted that the Fund’s total return outperformed the median of its Peer Group for the three-month, one-year, three-year, five-year and since-inception periods ended December 31, 2023.

The Board also considered the advisory fee rate payable by the Fund under the Investment Advisory Agreement. In this regard, information on the fees paid by the Fund and the Fund’s total operating expense ratios (before and after fee waivers and expense reimbursements) were compared to similar information for mutual funds advised by other,

36

Abbey Capital Multi Asset Fund

Other Information (Continued)

(Unaudited)

unaffiliated investment advisory firms. The Directors noted that the Fund’s net advisory fee was above the median and in the 4th quartile (most expensive) of its Peer Group, and the Fund’s total net expenses were above the median and in the 3rd quartile (second most expensive) of its Peer Group. The Directors also considered the fees payable to each Trading Adviser under the Trading Advisory Agreements and the information provided by Abbey Capital on the services provided by the different Trading Advisers. In this regard, the Directors noted that the fees for each Trading Adviser were payable by Abbey Capital. The Directors noted that Abbey Capital had contractually agreed to waive management fees and reimburse expenses through at least December 31, 2024 to limit total annual operating expenses to agreed upon levels for the Fund.

After reviewing the information regarding Abbey Capital’s and the Trading Advisers’ costs, profitability and economies of scale, and after considering the services to be provided by Abbey Capital and each Trading Adviser, the Directors concluded that the investment advisory fees to be paid by the Fund to Abbey Capital and the trading advisory fees to be paid by Abbey Capital to each Trading Adviser were fair and reasonable and that the Investment Advisory Agreement, the Subsidiary Investment Advisory Agreements, and Trading Advisory Agreements should be approved and continued for an additional one-year period ending August 16, 2025.

SYSTEMATICA TRADING ADVISORY AGREEMENT

As required by the 1940 Act, the Board, including a majority of the Independent Directors, considered the approval of a new trading advisory agreement (the “Systematica Trading Advisory Agreement”) by and among Abbey Capital, the Onshore Subsidiary, the SPC and Systematica Investments Limited (acting as the general partner of Systematica Investments LP) (“Systematica”) at a meeting of the Board held on September 11-12, 2024 (the “September Meeting”). At the September Meeting, the Board, including a majority of the Independent Directors, approved the Systematica Trading Advisory Agreement for an initial period ending August 16, 2025. The Board’s decision to approve the Systematica Trading Advisory Agreement reflects the exercise of its business judgment. In approving the Systematica Trading Advisory Agreement, the Board considered information provided by Abbey Capital and Systematica, with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the approval of the Systematica Trading Advisory Agreement, the Board took into account all materials provided prior to and during the September Meeting and at other meetings throughout the past year, the presentations made during the September Meeting, and the discussions held during the September Meeting. The Directors reviewed these materials with management of Abbey Capital, and discussed the Systematica Trading Advisory Agreement with counsel in executive sessions, at which no representatives of Abbey Capital or Systematica were present. The Directors considered whether approval of the Systematica Trading Advisory Agreement would be in the best interests of the Fund and its shareholders and the overall fairness of the Systematica Trading Advisory Agreement. The Directors noted their familiarity with Systematica given Systematica’s current service as a Trading Adviser of the Abbey Capital Futures Strategy Fund, another series of the Company. Among other things, the Board considered (i) the nature, extent, and quality of services to be provided to the Fund by Systematica; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) Systematica’s investment philosophies and processes; (iv) Systematica’s assets under management and client descriptions; (v) Systematica’s trade execution and trade allocation policies; (vi) Systematica’s advisory fee arrangements with the Company and other similarly managed clients, as applicable; (vii) Systematica’s compliance procedures; and (viii) Systematica’s financial information and insurance coverage.

The Board also considered the fees payable to Systematica under the proposed Systematica Trading Advisory Agreement and the services to be provided by Systematica. In this regard, the Board noted that the fees for Systematica were payable by Abbey Capital.

After reviewing the information regarding Abbey Capital’s and Systematica’s costs, profitability and economies of scale, and after considering the services to be provided by Systematica, the Board concluded that the trading advisory fees to be paid by Abbey Capital to Systematica were fair and reasonable, that the Systematica Trading Advisory

37

Abbey Capital Multi Asset Fund

Other Information (Concluded)

(Unaudited)

Agreement was in the best interests of the Fund and its shareholders and did not involve a conflict of interest from which Abbey Capital would derive an inappropriate advantage, and that the Systematica Trading Advisory Agreement should be approved for an initial period ending August 16, 2025.

WINTON TRADING ADVISORY AGREEMENT

As required by the 1940 Act, the Board, including a majority of the Independent Directors, considered the approval of a new trading advisory agreement (the “Winton Trading Advisory Agreement”) by and among Abbey Capital, the Onshore Subsidiary, the SPC and Winton Capital Management Limited (“Winton”) at a meeting of the Board held on February 12-13, 2024 (the “February Meeting”). At the February Meeting, the Board, including a majority of the Independent Directors, approved the Winton Trading Advisory Agreement for an initial period ending August 16, 2025. The Board’s decision to approve the Winton Trading Advisory Agreement reflects the exercise of its business judgment. In approving the Winton Trading Advisory Agreement, the Board considered information provided by Abbey Capital and Winton, with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the approval of the Winton Trading Advisory Agreement, the Board took into account all materials provided prior to and during the February Meeting and at other meetings throughout the past year, the presentations made during the February Meeting, and the discussions held during the February Meeting. The Directors reviewed these materials with management of Abbey Capital, and discussed the Winton Trading Advisory Agreement with counsel in executive sessions, at which no representatives of Abbey Capital or Winton were present. The Directors considered whether approval of the Winton Trading Advisory Agreement would be in the best interests of the Fund and its shareholders and the overall fairness of the Winton Trading Advisory Agreement. The Directors noted their familiarity with Winton given Winton’s current service as a Trading Adviser of the Abbey Capital Futures Strategy Fund, another series of the Company. Among other things, the Board considered (i) the nature, extent, and quality of services to be provided to the Fund by Winton; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) Winton’s investment philosophies and processes; (iv) Winton’s assets under management and client descriptions; (v) Winton’s trade execution and trade allocation policies; (vi) Winton’s advisory fee arrangements with the Company and other similarly managed clients, as applicable; (vii) Winton’s compliance procedures; and (viii) Winton’s financial information and insurance coverage.

The Board also considered the fees payable to Winton under the proposed Winton Trading Advisory Agreement and the services to be provided by Winton. In this regard, the Board noted that the fees for Winton were payable by Abbey Capital.

After reviewing the information regarding Abbey Capital’s and Winton’s costs, profitability and economies of scale, and after considering the services to be provided by Winton, the Board concluded that the trading advisory fees to be paid by Abbey Capital to Winton were fair and reasonable, that the Winton Trading Advisory Agreement was in the best interests of the Fund and its shareholders and did not involve a conflict of interest from which Abbey Capital would derive an inappropriate advantage, and that the Winton Trading Advisory Agreement should be approved for an initial period ending August 16, 2025.

38

Investment Adviser
Abbey Capital Limited
8 St. Stephen’s Green
Dublin 2, Ireland

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

Principal Underwriter
Quasar Distributors, LLC
3 Canal Plaza, Suite 100
Portland, ME 04101

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

ADARA SMALLER COMPANIES FUND

of

The RBB Fund, Inc.

FINANCIAL STATEMENTS

August 31, 2024

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

Schedule of Investments

as of August 31, 2024

	Shares		Value
COMMON STOCKS — 93.2%
Aerospace/Defense — 1.1%
AAR Corp. (a)		11,755	$	773,244
Aerovironment, Inc. (a)		7,224		1,471,962
Curtiss-Wright Corp.		2,004		632,984
Hexcel Corp.		15,634		989,476
Kratos Defense & Security Solutions, Inc. (a)		91,060		2,088,916
Mercury Systems, Inc. (a)		2,290		86,791
Moog, Inc. - Class A		1,762		347,819
National Presto Industries, Inc.		615		48,148
				6,439,340
Agriculture — 1.1%
Alico, Inc.		73,180		2,144,174
Darling Ingredients, Inc. (a)		8,943		373,191
Dole PLC		123,066		1,982,593
Fresh Del Monte Produce, Inc.		5,120		149,709
Vector Group Ltd.		9,371		140,378
Vital Farms, Inc. (a)		62,452		1,964,115
				6,754,160
Airlines — 0.1%
SkyWest, Inc. (a)		8,137		630,943
Apparel — 0.9%
Capri Holdings, Ltd. (a)		5,836		208,462
Crocs, Inc. (a)		8,621		1,260,132
Hanesbrands, Inc. (a)		26,344		167,284
Kontoor Brands, Inc.		4,168		311,975
Lakeland Industries, Inc.		110,440		2,661,604
Levi Strauss & Co. - Class A		37,813		728,656
Skechers USA, Inc. - Class A (a)		3,666		251,048
VF Corp.		7,775		141,583
				5,730,744
Auto Manufacturers — 0.7%
Blue Bird Corp. (a)		43,396		2,221,008
REV Group, Inc.		61,805		1,967,871
Wabash National Corp.		9,020		175,529
				4,364,408
Auto Parts & Equipment — 1.3%
Cooper-Standard Holdings, Inc. (a)		98,370		1,519,817
Dorman Products, Inc. (a)		1,368		155,159
Douglas Dynamics, Inc.		11,675		325,032
Gentherm, Inc. (a)		4,376		221,163
Miller Industries, Inc.		37,210		2,259,019
Motorcar Parts of America, Inc. (a)		158,610		1,051,584
Shyft Group, Inc.		29,704		421,500
Standard Motor Products, Inc.		1,956		63,198
Strattec Security Corp. (a)		44,660		1,584,090
				7,600,562
Banks — 9.0%
Ameris Bancorp		2,245		138,359
Bankwell Financial Group, Inc.		49,840		1,519,123

	Shares		Value
Banks — (Continued)
Banner Corp.		1,733	$	103,235
Cadence Bank		22,282		719,263
Capital Bancorp, Inc.		91,230		2,333,663
Central Pacific Financial Corp.		3,784		104,098
City Holding Co.		4,208		499,658
Civista Bancshares, Inc.		76,800		1,303,296
Colony Bankcorp, Inc.		164,697		2,472,102
Community Financial System, Inc.		1,997		122,137
ConnectOne Bancorp, Inc.		5,049		126,225
Customers Bancorp, Inc. (a)		27,027		1,400,539
Dime Community Bancshares, Inc.		1,047		27,232
Eastern Bankshares, Inc.		5,441		92,334
Esquire Financial Holdings, Inc.		35,005		2,153,858
Farmers National Bancorp		93,820		1,458,901
First BanCorp		38,999		833,799
First Business Financial Services, Inc.		57,829		2,623,702
First Commonwealth Financial Corp.		18,699		321,997
First Financial Bancorp		24,036		636,233
First Financial Bankshares, Inc.		13,162		481,334
First Hawaiian, Inc.		13,502		328,504
First Interstate BancSystem, Inc. - Class A		7,996		248,276
First Merchants Corp.		2,329		90,831
First Northwest Bancorp		83,950		970,462
Five Star Bancorp		88,850		2,589,977
Glacier Bancorp, Inc.		25,249		1,194,278
Heartland Financial USA, Inc.		3,173		176,926
Heritage Commerce Corp.		7,938		80,809
Hope Bancorp, Inc.		27,648		353,618
Horizon Bancorp, Inc.		160,487		2,571,002
Independent Bank Corp.		1,193		75,529
Kearny Financial Corp.		10,015		68,202
Metropolitan Bank Holding Corp. (a)		68,426		3,538,308
Midland States Bancorp, Inc.		2,458		55,969
NBT Bancorp, Inc.		1,326		64,921
Northeast Bank		53,520		3,800,455
OFG Bancorp		7,960		366,080
Old National Bancorp		10,450		207,432
Orrstown Financial Services, Inc.		63,766		2,282,823
Park National Corp.		737		129,557
Parke Bancorp, Inc.		126,461		2,592,450
Peapack-Gladstone Financial Corp.		2,621		74,856
Pinnacle Financial Partners, Inc.		14,447		1,438,488
Preferred Bank		1,314		108,865
Premier Financial Corp.		6,412		160,685
S&T Bancorp, Inc.		8,702		373,925
Sandy Spring Bancorp, Inc.		21,902		685,533
Seacoast Banking Corp. of Florida		52,039		1,423,787

The accompanying notes are an integral part of the financial statements.
1

ADARA SMALLER COMPANIES FUND

Schedule of Investments (Continued)

as of August 31, 2024

	Shares		Value
Banks — (Continued)
Southside Bancshares, Inc.		4,513	$	154,480
Stellar Bancorp, Inc.		2,051		55,931
Stock Yards Bancorp, Inc.		1,084		65,690
TriCo Bancshares		3,184		144,745
Triumph Bancorp, Inc. (a)		8,009		672,596
UMB Financial Corp.		3,164		327,759
United Community Banks, Inc.		12,730		387,883
Unity Bancorp, Inc.		72,830		2,471,122
USCB Financial Holdings, Inc.		147,860		2,207,550
Veritex Holdings, Inc.		11,815		297,620
Walker & Dunlop, Inc.		1,925		206,090
Washington Trust Bancorp, Inc.		7,081		232,257
WesBanco, Inc.		6,869		221,250
West Bancorporation, Inc.		68,770		1,371,961
				54,340,570
Beverages — 0.4%
Coca-Cola Consolidated, Inc.		279		374,530
Duckhorn Portfolio, Inc. (a)		131,702		833,674
MGP Ingredients, Inc.		931		83,408
Vita Coco Co., Inc. (a)		41,395		1,081,237
				2,372,849
Biotechnology — 6.0%
4D Molecular Therapeutics, Inc. (a)		3,970		59,590
ADMA Biologics, Inc. (a)		177,092		3,065,462
ANI Pharmaceuticals, Inc. (a)		5,276		336,345
Apogee Therapeutics, Inc. (a)		40,582		2,076,581
Astria Therapeutics, Inc. (a)		104,011		1,272,055
Biohaven Ltd. (a)		14,121		556,367
CG oncology, Inc. (a)		7,728		285,009
Crinetics Pharmaceuticals, Inc. (a)		105,243		5,584,194
Cytokinetics, Inc. (a)		5,803		331,235
Day One Biopharmaceuticals, Inc. (a)		51,462		712,234
Denali Therapeutics, Inc. (a)		19,751		482,714
Edgewise Therapeutics, Inc. (a)		63,419		1,189,106
Guardant Health, Inc. (a)		18,768		480,085
Halozyme Therapeutics, Inc. (a)		16,935		1,081,300
Ideaya Biosciences, Inc. (a)		20,374		804,773
Immunocore Holdings PLC - ADR (a)		10,217		366,586
Intra-Cellular Therapies, Inc. (a)		7,938		581,697
Keros Therapeutics, Inc. (a)		1,506		68,297
Kiniksa Pharmaceuticals International PLC (a)		52,597		1,406,444
Larimar Therapeutics, Inc. (a)		66,450		525,619
Ligand Pharmaceuticals, Inc. (a)		7,862		831,800
Maravai LifeSciences Holdings, Inc. - Class A (a)		48,288		437,006
Mind Medicine MindMed, Inc. (a)		124,213		752,731
Myriad Genetics, Inc. (a)		2,914		82,554

	Shares		Value
Biotechnology — (Continued)
NeoGenomics, Inc. (a)		27,749	$	458,413
Nurix Therapeutics, Inc. (a)		63,632		1,603,526
Nuvalent, Inc. - Class A (a)		16,605		1,413,584
OmniAb Operations, Inc. (a)(b)		370		0
OmniAb Operations, Inc. (a)(b)		370		0
Praxis Precision Medicines, Inc. (a)		11,973		636,365
Roivant Sciences Ltd. (a)		85,529		1,046,020
Soleno Therapeutics, Inc. (a)		10,481		513,045
Structure Therapeutics, Inc. - ADR (a)		57,306		2,185,078
Vera Therapeutics, Inc. (a)		26,373		997,427
Veracyte, Inc. (a)		25,913		817,555
Vericel Corp. (a)		1,632		84,293
Viking Therapeutics, Inc. (a)		10,699		686,020
Xenon Pharmaceuticals, Inc. (a)		63,492		2,561,267
				36,372,377
Building Materials — 2.8%
AAON, Inc.		6,180		590,252
American Woodmark Corp. (a)		1,043		93,463
Apogee Enterprises, Inc.		7,722		515,675
Armstrong World Industries, Inc.		10,255		1,299,924
Aspen Aerogels, Inc. (a)		87,654		2,514,793
AZEK Co., Inc. (a)		11,831		504,356
Boise Cascade Co.		3,571		484,299
Gauzy Ltd. (a)		19,459		206,849
Gibraltar Industries, Inc. (a)		4,141		288,503
Knife River Corp. (a)		16,553		1,305,535
MDU Resources Group, Inc.		40,242		1,033,817
Modine Manufacturing Co. (a)		28,797		3,500,275
Simpson Manufacturing Co., Inc.		2,069		378,751
SPX Technologies, Inc. (a)		4,521		737,556
Summit Materials, Inc. - Class A (a)		62,991		2,551,136
UFP Industries, Inc.		8,103		985,892
				16,991,076
Chemicals — 0.3%
AdvanSix, Inc.		3,917		115,786
Balchem Corp.		1,142		202,168
Chemours Co.		9,276		180,325
Innospec, Inc.		1,121		129,206
Koppers Holdings, Inc.		7,974		315,611
Perimeter Solutions SA (a)		31,536		369,287
Quaker Chemical Corp.		568		96,145
Rogers Corp. (a)		1,868		200,362
Sensient Technologies Corp.		1,928		150,076
Stepan Co.		2,701		209,679
				1,968,645
Coal — 0.3%
Warrior Met Coal, Inc.		26,206		1,606,690

The accompanying notes are an integral part of the financial statements.
2

ADARA SMALLER COMPANIES FUND

Schedule of Investments (Continued)

as of August 31, 2024

	Shares		Value
Commercial Services — 6.6%
Acacia Research Corp. (a)		320,940	$	1,543,721
Adtalem Global Education, Inc. (a)		3,449		261,124
Alight, Inc. - Class A (a)		199,372		1,487,315
AMN Healthcare Services, Inc. (a)		3,294		174,681
ARC Document Solutions, Inc.		449,990		1,502,967
Arlo Technologies, Inc. (a)		198,056		2,325,177
Barrett Business Services, Inc.		105,876		3,865,533
BrightView Holdings, Inc. (a)		134,423		2,146,735
Brink’s Co.		4,054		449,710
CompoSecure, Inc.		142,210		1,668,123
CoreCivic, Inc. (a)		231,877		3,195,265
Cross Country Healthcare, Inc. (a)		6,965		103,918
Deluxe Corp.		4,893		100,747
EVERTEC, Inc.		46,427		1,590,125
FTI Consulting, Inc. (a)		2,819		643,606
GEO Group, Inc. (a)		187,003		2,593,732
Heidrick & Struggles International, Inc.		2,031		78,397
Herc Holdings, Inc.		5,765		843,823
ICF International, Inc.		4,121		683,097
Insperity, Inc.		2,292		215,425
Kelly Services, Inc. - Class A		29,276		618,016
Lincoln Educational Services Corp. (a)		130,970		1,630,576
MarketAxess Holdings, Inc.		1,203		291,595
Matthews International Corp. - Class A		5,499		139,290
Moneylion, Inc. (a)		10,277		477,058
Perdoceo Education Corp.		10,039		225,275
Rent-A-Center, Inc.		3,409		113,520
Repay Holdings Corp. (a)		112,981		955,819
Sezzle, Inc. (a)		4,382		596,960
Shift4 Payments, Inc. - Class A (a)		13,838		1,149,938
Strategic Education, Inc.		1,789		172,638
Stride, Inc. (a)		29,446		2,424,584
Universal Technical Institute, Inc. (a)		136,507		2,382,047
Vestis Corp.		6,823		96,000
Viad Corp. (a)		56,607		1,947,847
WillScot Holdings Corp. (a)		27,801		1,071,451
				39,765,835
Computers — 1.4%
ASGN, Inc. (a)		2,386		229,438
CACI International, Inc. - Class A (a)		1,145		558,897
Cantaloupe, Inc. (a)		9,881		68,376
DXC Technology Co. (a)		15,728		325,098
ExlService Holdings, Inc. (a)		34,087		1,245,539
Globant S.A. (a)		4,704		951,337
Insight Enterprises, Inc. (a)		2,176		472,344
MAXIMUS, Inc.		6,315		582,622
NCR Voyix Corp. (a)		49,502		667,782
One Stop Systems, Inc. (a)		185,588		463,970

	Shares		Value
Computers — (Continued)
Rapid7, Inc. (a)		22,242	$	840,970
Rimini Street, Inc. (a)		394,110		693,634
Science Applications International Corp.		1,681		219,522
Varonis Systems, Inc. (a)		21,504		1,217,126
				8,536,655
Cosmetics/Personal Care — 0.4%
elf Beauty, Inc. (a)		4,323		647,542
Inter Parfums, Inc.		10,168		1,310,045
Prestige Brands Holdings, Inc. (a)		3,474		259,300
				2,216,887
Distribution/Wholesale — 0.9%
A-Mark Precious Metals, Inc.		12,720		495,698
G-III Apparel Group Ltd. (a)		19,012		503,248
Manitex International, Inc. (a)		325,050		1,358,709
MRC Global, Inc. (a)		7,000		92,120
OPENLANE, Inc. (a)		113,393		1,965,101
Pool Corp.		2,106		740,512
SiteOne Landscape Supply, Inc. (a)		3,217		456,363
WESCO International, Inc.		371		61,356
				5,673,107
Diversified Financial Services — 2.0%
Encore Capital Group, Inc. (a)		3,458		173,177
Enova International, Inc. (a)		3,612		309,657
Evercore, Inc. - Class A		4,027		989,595
FTAI Aviation Ltd.		17,871		2,284,092
Houlihan Lokey, Inc.		9,196		1,440,277
Interactive Brokers Group, Inc. - Class A		3,063		394,790
LendingClub Corp. (a)		78,017		947,906
Moelis & Co., Class A - Class A		14,572		973,264
Navient Corp.		14,452		244,672
Perella Weinberg Partners		46,596		910,952
PRA Group, Inc. (a)		2,655		61,915
Radian Group, Inc.		35,274		1,275,155
Silvercrest Asset Management Group, Inc. - Class A		89,226		1,445,461
Virtus Investment Partners, Inc.		807		170,810
World Acceptance Corp. (a)		2,155		253,967
				11,875,690
Electric — 1.4%
Hawaiian Electric Industries, Inc.		39,161		420,198
Northwestern Energy Group, Inc.		38,213		2,078,405
Talen Energy Corp. (a)		26,343		3,941,176
TXNM Energy, Inc.		39,284		1,609,858
Unitil Corp.		2,272		137,002
				8,186,639
Electrical Components & Equipment — 0.4%
American Superconductor Corp. (a)		57,211		1,156,806

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

ADARA SMALLER COMPANIES FUND

Schedule of Investments (Continued)

as of August 31, 2024

	Shares		Value
Electrical Components & Equipment — (Continued)
Littelfuse, Inc.		1,079	$	293,704
Powell Industries, Inc.		4,109		688,011
				2,138,521
Electronics — 2.8%
Applied Optoelectronics, Inc. (a)		102,678		1,165,395
Atkore International Group, Inc.		21,166		1,975,423
Atmus Filtration Technologies, Inc.		36,789		1,318,886
Badger Meter, Inc.		2,217		458,786
Benchmark Electronics, Inc.		4,446		188,999
Brady Corp. - Class A		12,340		913,654
Camtek Ltd.		19,200		1,747,584
Celestica, Inc. (a)		9,228		469,890
Coherent Corp. (a)		3,416		266,277
Enovix Corp. (a)		99,832		950,401
ESCO Technologies, Inc.		1,920		230,227
Itron, Inc. (a)		4,655		475,834
Ituran Location and Control Ltd.		21,933		619,607
Kimball Electronics, Inc. (a)		119,020		2,195,919
Knowles Corp. (a)		7,352		135,644
NEXTracker, Inc. - Class A (a)		21,504		874,568
OSI Systems, Inc. (a)		1,136		170,252
Plexus Corp. (a)		2,641		338,338
Sanmina Corp. (a)		6,648		461,238
SYNNEX Corp.		830		100,779
TTM Technologies, Inc. (a)		8,548		166,259
Vontier Corp.		46,541		1,630,331
				16,854,291
Energy-Alternate Sources — 0.0%(c)
REX American Resources Corp. (a)		2,520		114,282
Engineering & Construction — 2.4%
Bowman Consulting Group Ltd. (a)		97,470		2,339,280
Comfort Systems USA, Inc.		4,006		1,416,201
Construction Partners, Inc. - Class A (a)		26,693		1,761,204
EMCOR Group, Inc.		4,741		1,863,497
Exponent, Inc.		12,554		1,359,222
Mistras Group, Inc. (a)		109,200		1,306,032
MYR Group, Inc. (a)		9,249		932,299
Shimmick Corp. (a)		130,980		421,756
Sterling Construction Co., Inc. (a)		15,151		1,810,999
TopBuild Corp. (a)		2,707		1,063,905
				14,274,395
Entertainment — 0.5%
Atlanta Braves Holdings, Inc. - Class A (a)		1,183		53,945
Bally’s Corp. (a)		4,405		75,766
Cinemark Holdings, Inc. (a)		7,468		204,474
Genius Sports Ltd. (a)		80,367		612,396
Monarch Casino & Resort, Inc.		3,215		244,083
Rush Street Interactive, Inc. (a)		101,024		946,595

	Shares		Value
Entertainment — (Continued)
Scientific Games Corp. - Class A (a)		6,167	$	677,260
United Parks & Resorts, Inc. (a)		10,819		532,511
				3,347,030
Environmental Control — 0.6%
CECO Environmental Corp. (a)		42,316		1,225,048
Energy Recovery, Inc. (a)		33,444		543,131
Montrose Environmental Group, Inc. (a)		29,896		983,578
PureCycle Technologies, Inc. (a)		15,408		93,989
Tetra Tech, Inc.		3,198		760,292
				3,606,038
Food — 0.9%
B&G Foods, Inc.		6,569		55,639
Hain Celestial Group, Inc. (a)		41,732		333,856
Ingles Markets, Inc. - Class A		26,982		1,996,668
J&J Snack Foods Corp.		578		98,370
John B Sanfilippo & Son, Inc.		1,789		169,722
Nomad Foods Ltd.		90,610		1,703,468
SpartanNash Co.		7,613		168,171
Sprouts Farmers Market, Inc. (a)		5,410		562,911
United Natural Foods, Inc. (a)		19,944		301,753
Weis Markets, Inc.		1,995		134,822
				5,525,380
Gas — 0.4%
Northwest Natural Holding, Co.		10,869		437,151
Southwest Gas Holdings, Inc.		24,526		1,783,531
				2,220,682
Hand/Machine Tools — 0.4%
Cadre Holdings, Inc.		34,266		1,242,142
Franklin Electric Co., Inc.		1,896		196,919
MSA Safety, Inc.		5,199		949,493
				2,388,554
Healthcare-Products — 4.6%
ABIOMED Inc. (a)(b)		1,453		0
Adaptive Biotechnologies Corp. (a)		133,159		625,847
Albireo Pharma Inc. (a)(b)		1,908		0
Avanos Medical, Inc. (a)		2,367		57,329
AxoGen, Inc. (a)		10,011		131,645
Bioventus, Inc. - Class A (a)		45,903		461,325
Brooks Automation, Inc. (a)		2,595		128,504
CareDx, Inc. (a)		52,167		1,603,092
CryoLife, Inc. (a)		3,328		90,322
Embecta Corp.		91,863		1,501,041
Enovis Corp. (a)		34,807		1,622,006
Envista Holdings Corp. (a)		20,054		366,186
Exact Sciences Corp. (a)		9,826		606,166
Glaukos Corp. (a)		2,161		289,336
Haemonetics Corp. (a)		3,260		246,391
ICU Medical, Inc. (a)		1,637		270,645

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

ADARA SMALLER COMPANIES FUND

Schedule of Investments (Continued)

as of August 31, 2024

	Shares		Value
Healthcare-Products — (Continued)
Lantheus Holdings, Inc. (a)		7,694	$	819,180
LeMaitre Vascular, Inc.		20,021		1,807,696
Masimo Corp. (a)		2,530		297,326
Merit Medical Systems, Inc. (a)		3,088		298,548
Omnicell, Inc. (a)		26,926		1,197,668
OrthoPediatrics Corp. (a)		1,874		59,874
Patterson Cos., Inc.		42,763		961,740
PROCEPT BioRobotics Corp. (a)		25,235		1,993,565
Quanterix Corp. (a)		55,901		728,390
QuidelOrtho Corp. (a)		1,265		53,446
Repligen Corp. (a)		9,406		1,419,648
RxSight, Inc. (a)		16,602		936,187
SI-BONE, Inc. (a)		55,882		928,759
Stevanato Group SpA		32,936		720,640
Surmodics, Inc. (a)		2,311		91,585
Tandem Diabetes Care, Inc. (a)		25,674		1,116,819
TransMedics Group, Inc. (a)		28,131		4,727,696
Twist Bioscience Corp. (a)		22,009		951,669
West Pharmaceutical Services, Inc.		2,836		889,455
				27,999,726
Healthcare-Services — 1.0%
Amedisys, Inc. (a)		2,182		213,858
Chemed Corp.		621		364,012
CorVel Corp. (a)		432		138,555
Ensign Group, Inc.		2,982		451,355
GeneDx Holdings Corp. (a)		33,844		1,080,977
HealthEquity, Inc. (a)		1,801		143,288
MEDNAX, Inc. (a)		54,613		593,097
National HealthCare Corp.		3,006		412,213
RadNet, Inc. (a)		17,713		1,174,195
Surgery Partners, Inc. (a)		45,509		1,454,013
US Physical Therapy, Inc.		2,284		195,510
				6,221,073
Home Builders — 1.4%
Cavco Industries, Inc. (a)		624		257,912
Century Communities, Inc.		26,904		2,692,283
Champion Homes, Inc. (a)		7,793		727,944
Installed Building Products, Inc.		7,526		1,673,105
LCI Industries		2,012		237,094
LGI Homes, Inc. (a)		17,409		1,878,083
M/I Homes, Inc. (a)		5,874		936,139
Winnebago Industries, Inc.		5,231		312,082
				8,714,642
Home Furnishings — 1.1%
Ethan Allen Interiors, Inc.		3,342		105,206
Hamilton Beach Brands Holding Co. - Class A		130,070		3,809,750
Leggett & Platt, Inc.		19,427		245,557
Sleep Number Corp. (a)		151,370		2,302,338
Universal Electronics, Inc. (a)		12,430		115,848
				6,578,699

	Shares		Value
Household Products/Wares — 0.1%
Central Garden & Pet Co. (a)		1,215	$	47,956
Central Garden & Pet Co. - Class A (a)		303		10,363
Quanex Building Products Corp.		1,957		54,072
WD-40 Co.		1,574		413,710
				526,101
Housewares — 0.2%
Lifetime Brands, Inc.		204,693		1,463,555
Insurance — 4.0%
Axis Capital Holdings Ltd.		32,809		2,620,783
Bowhead Specialty Holdings, Inc. (a)		22,415		694,417
Employers Holdings, Inc.		3,627		173,915
Genworth Financial, Inc. - Class A (a)		386,192		2,695,620
HCI Group, Inc.		19,822		1,899,542
Heritage Insurance Holdings, Inc. (a)		218,145		3,518,679
Mercury General Corp.		29,514		1,954,712
NMI Holdings, Inc. - Class A (a)		20,517		842,633
Palomar Holdings, Inc. (a)		21,706		2,153,669
RLI Corp.		1,478		227,760
Root, Inc./OH (a)		13,259		574,910
Safety Insurance Group, Inc.		2,323		205,702
Selective Insurance Group, Inc.		3,866		351,729
Skyward Specialty Insurance Group, Inc. (a)		36,869		1,506,836
Stewart Information Services Corp.		2,200		162,602
TWFG, Inc. (a)		27,578		790,661
White Mountains Insurance Group Ltd.		2,104		3,880,281
				24,254,451
Internet — 1.9%
Bandwidth, Inc. - Class A (a)		3,584		61,502
Bumble, Inc. - Class A (a)		19,547		131,160
ePlus, Inc. (a)		16,707		1,603,204
EverQuote, Inc. - Class A (a)		36,362		898,141
HealthStream, Inc.		2,700		78,408
Magnite, Inc. (a)		130,299		1,796,823
Maplebear, Inc. (a)		18,454		662,314
MediaAlpha, Inc. - Class A (a)		69,663		1,240,001
Q2 Holdings, Inc. (a)		15,808		1,173,112
QuinStreet, Inc. (a)		83,054		1,587,162
TripAdvisor, Inc. (a)		77,819		1,129,154
Yelp, Inc. (a)		27,842		972,521
				11,333,502
Investment Companies — 0.9%
Cannae Holdings, Inc.		115,910		2,320,518
Core Scientific, Inc. (a)		101,881		1,051,412

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

ADARA SMALLER COMPANIES FUND

Schedule of Investments (Continued)

as of August 31, 2024

	Shares		Value
Investment Companies — (Continued)
HA Sustainable Infrastructure Capital, Inc.		2,522	$	81,663
Terawulf, Inc. (a)		409,223		1,784,212
				5,237,805
Iron/Steel — 0.4%
ATI, Inc. (a)		7,199		459,872
Carpenter Technology Corp.		11,908		1,723,921
				2,183,793
Leisure Time — 0.8%
Callaway Golf Co. (a)		4,678		47,061
Lindblad Expeditions Holdings, Inc. (a)		110,663		1,097,777
OneSpaWorld Holdings Ltd.		192,698		3,058,117
Vista Outdoor, Inc. (a)		14,337		574,053
				4,777,008
Lodging — 0.1%
Boyd Gaming Corp.		4,776		286,656
Marcus Corp.		4,068		57,562
				344,218
Machinery-Construction & Mining — 0.6%
Argan, Inc.		17,226		1,366,194
Bloom Energy Corp. - Class A (a)		56,664		674,868
BWX Technologies, Inc.		13,301		1,370,003
				3,411,065
Machinery-Diversified — 1.7%
Albany International Corp. - Class A		1,126		106,024
Applied Industrial Technologies, Inc.		9,309		1,909,462
Chart Industries, Inc. (a)		10,418		1,275,163
Flowserve Corp.		18,736		934,552
Kornit Digital Ltd. (a)		22,417		416,508
Lindsay Corp.		8,905		1,104,665
Mueller Water Products, Inc. - Class A		68,820		1,477,566
Tennant Co.		2,414		235,775
Toro Co.		5,348		495,225
Twin Disc, Inc.		185,495		2,441,114
				10,396,054
Media — 0.2%
Cable One, Inc.		2,021		712,847
Scholastic Corp.		3,196		101,889
Sinclair, Inc.		17,962		250,031
				1,064,767
Metal Fabricate/Hardware — 1.0%
AZZ, Inc.		1,964		163,346
Mueller Industries, Inc.		11,950		868,885
NN, Inc. (a)		179,350		706,639
Northwest Pipe Co. (a)		90,440		3,977,551
Standex International Corp.		1,485		265,295
				5,981,716

	Shares		Value
Mining — 0.4%
Century Aluminum Co. (a)		18,637	$	267,627
Hudbay Minerals, Inc.		117,450		958,392
Uranium Energy Corp. (a)		186,285		974,271
				2,200,290
Miscellaneous Manufacturing — 1.3%
Axon Enterprise, Inc. (a)		5,340		1,948,940
Enpro, Inc.		4,961		797,878
Fabrinet (a)		6,565		1,599,562
Federal Signal Corp.		19,386		1,831,783
John Bean Technologies Corp.		2,493		223,971
Materion Corp.		2,877		333,847
Myers Industries, Inc.		2,441		37,323
Park Aerospace Corp.		92,759		1,253,174
				8,026,478
Office Furnishings — 0.0%(c)
Interface, Inc.		11,644		219,839
Office-Business Equipment — 0.0%(c)
Pitney Bowes, Inc.		13,705		96,894
Xerox Holdings Corp.		5,285		59,879
				156,773
Oil & Gas — 1.4%
Delek US Holdings, Inc.		74,046		1,512,019
Evolution Petroleum Corp.		97,583		502,552
Gulfport Energy Corp. (a)		4,653		674,964
Helmerich & Payne, Inc.		4,567		149,021
Patterson-UTI Energy, Inc.		112,890		1,039,717
PBF Energy, Inc. - Class A		5,245		178,645
Range Resources Corp.		29,237		873,602
SM Energy Co.		50,967		2,325,624
Southwestern Energy Co. (a)		112,602		718,401
Talos Energy, Inc. (a)		23,929		274,466
				8,249,011
Oil & Gas Services — 2.1%
Atlas Energy Solutions, Inc.		46,686		984,608
Bristow Group, Inc. (a)		14,268		568,009
DMC Global, Inc. (a)		141,490		1,750,231
DNOW, Inc. (a)		49,547		645,102
Dril-Quip, Inc. (a)		3,691		60,200
Helix Energy Solutions Group, Inc. (a)		41,891		470,017
Kodiak Gas Services, Inc.		38,328		1,063,602
Natural Gas Services Group, Inc. (a)		172,070		3,773,495
Oceaneering International, Inc. (a)		35,309		952,990
Oil States International, Inc. (a)		10,966		58,010
Profire Energy, Inc. (a)		616,440		1,146,578
Tidewater, Inc. (a)		11,945		1,059,522
				12,532,364

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

ADARA SMALLER COMPANIES FUND

Schedule of Investments (Continued)

as of August 31, 2024

	Shares		Value
Packaging & Containers — 0.3%
Clearwater Paper Corp. (a)		2,737	$	91,060
Ranpak Holdings Corp. (a)		61,877		438,708
TriMas Corp.		49,490		1,262,490
				1,792,258
Pharmaceuticals — 2.2%
Amphastar Pharmaceuticals, Inc. (a)		6,771		330,019
Avadel Pharmaceuticals PLC (a)		34,030		516,235
Centessa Pharmaceuticals PLC - ADR (a)		84,356		1,138,806
Collegium Pharmaceutical, Inc. (a)		2,619		100,727
Corcept Therapeutics, Inc. (a)		3,332		117,620
GoodRx Holdings, Inc. - Class A (a)		26,236		207,264
KalVista Pharmaceuticals Inc. (a)		39,035		522,679
Longboard Pharmaceuticals, Inc. (a)		38,635		1,393,951
Madrigal Pharmaceuticals, Inc. (a)		334		82,541
MERUS NV (a)		25,656		1,308,199
Option Care Health, Inc. (a)		27,715		887,434
Organon & Co.		24,924		557,051
Owens & Minor, Inc. (a)		3,772		58,617
Premier, Inc. - Class A		15,550		316,754
Protagonist Therapeutics, Inc. (a)		24,673		1,058,225
Rhythm Pharmaceuticals, Inc. (a)		46,170		2,183,379
Vaxcyte, Inc. (a)		30,021		2,424,496
				13,203,997
Pipelines — 0.1%
Golar LNG Ltd.		24,280		808,281
Private Equity — 0.3%
P10, Inc. - Class A		202,622		2,036,351
Real Estate — 0.7%
Marcus & Millichap, Inc.		2,121		84,140
McGrath RentCorp		31,732		3,431,816
Newmark Group, Inc. - Class A		50,432		697,474
				4,213,430
REITS — 2.4%
Agree Realty Corp.		1,641		119,809
Alexander & Baldwin, Inc.		4,543		89,906
Alpine Income Property Trust, Inc.		106,224		2,022,505
American Assets Trust, Inc.		14,803		403,382
Apollo Commercial Real Estate Finance, Inc.		44,054		466,532
Ares Commercial Real Estate Corp.		9,618		67,903

	Shares		Value
REITS — (Continued)
Blackstone Mortgage Trust, Inc. - Class A		6,106	$	112,717
CareTrust REIT, Inc.		7,113		212,536
Centerspace		2,329		174,209
Chatham Lodging Trust		17,141		146,727
DiamondRock Hospitality Co.		13,130		115,413
EastGroup Properties, Inc.		2,590		482,776
Getty Realty Corp.		5,173		164,398
Gladstone Commercial Corp.		10,245		156,646
Global Medical REIT, Inc.		179,420		1,670,400
Global Net Lease, Inc.		24,433		210,613
Great Ajax Corp.		1		3
Highwoods Properties, Inc.		6,502		209,494
Hudson Pacific Properties, Inc.		40,168		206,865
Kite Realty Group Trust		7,450		194,296
KKR Real Estate Finance Trust, Inc.		8,788		104,841
Lexington Realty Trust		12,112		125,480
New York Mortgage Trust, Inc.		54,936		366,423
NexPoint Residential Trust, Inc.		2,074		98,100
Office Properties Income Trust		471,600		1,037,520
Outfront Media, Inc.		50,443		860,053
PennyMac Mortgage Investment Trust		24,404		346,781
Piedmont Office Realty Trust, Inc. - Class A		69,495		678,271
PotlatchDeltic Corp.		1,462		63,539
Ready Capital Corp.		6,588		54,615
Redwood Trust, Inc.		77,920		589,854
Regency Centers Corp.		2,758		200,479
Retail Opportunity Investments Corp.		28,261		432,111
Saul Centers, Inc.		3,903		159,321
Tanger, Inc.		33,410		1,017,000
TPG RE Finance Trust, Inc.		8,617		78,070
Two Harbors Investment Corp.		32,432		459,237
Uniti Group, Inc.		49,540		215,994
Universal Health Realty Income Trust		1,240		55,676
Whitestone REIT		14,111		189,370
				14,359,865
Retail — 5.2%
Abercrombie & Fitch Co. - Class A (a)		6,754		996,688
Advance Auto Parts, Inc.		37,906		1,717,521
Asbury Automotive Group, Inc. (a)		5,805		1,425,940
Beacon Roofing Supply, Inc. (a)		2,386		216,172
BJ’s Restaurants, Inc. (a)		7,047		215,850
BJ’s Wholesale Club Holdings, Inc. (a)		16,361		1,308,226
Bloomin’ Brands, Inc.		20,453		357,927
Boot Barn Holdings, Inc. (a)		12,397		1,663,305
Buckle, Inc.		2,951		123,647

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

ADARA SMALLER COMPANIES FUND

Schedule of Investments (Continued)

as of August 31, 2024

	Shares		Value
Retail — (Continued)
Build-A-Bear Workshop, Inc.		123,830	$	4,133,445
Casey’s General Stores, Inc.		1,888		684,041
Chuy’s Holdings, Inc. (a)		3,285		122,202
Dine Brands Global, Inc.		1,749		55,303
Dutch Bros, Inc. - Class A (a)		20,138		624,278
FirstCash Holdings, Inc.		2,930		351,864
Five Below, Inc. (a)		3,696		278,789
Foot Locker, Inc.		10,261		319,527
Freshpet, Inc. (a)		7,016		954,176
Group 1 Automotive, Inc.		2,270		855,245
Guess?, Inc.		12,246		253,737
Lithia Motors, Inc.		382		115,013
MSC Industrial Direct Co., Inc. - Class A		9,537		784,323
Murphy USA, Inc.		5,937		3,085,043
Nu Skin Enterprises, Inc. - Class A		15,436		137,843
Ollie’s Bargain Outlet Holdings, Inc. (a)		11,755		1,052,778
Papa John’s International, Inc.		35,361		1,675,051
PriceSmart, Inc.		1,079		96,657
Red Robin Gourmet Burgers, Inc. (a)		374,550		1,310,925
RH (a)		2,399		608,626
Shoe Carnival, Inc.		6,304		254,934
Signet Jewelers Ltd.		5,100		428,910
Sweetgreen, Inc. - Class A (a)		72,355		2,287,142
Texas Roadhouse, Inc.		10,485		1,769,344
Warby Parker, Inc. - Class A (a)		58,227		868,747
Zumiez, Inc. (a)		3,290		91,265
				31,224,484
Savings & Loans — 1.3%
Axos Financial, Inc. (a)		3,461		240,297
Banc of California, Inc.		1,873		26,634
Berkshire Hills Bancorp, Inc.		17,583		484,236
Eagle Bancorp Montana, Inc.		63,570		953,550
Flushing Financial Corp.		4,361		63,671
FS Bancorp, Inc.		86,404		3,787,087
Home Bancorp, Inc.		9,600		428,736
Northfield Bancorp, Inc.		9,880		119,746
Northwest Bancshares, Inc.		5,826		80,690
OceanFirst Financial Corp.		11,427		204,201
Pacific Premier Bancorp, Inc.		8,033		206,448
Provident Financial Services, Inc.		15,571		296,939
Riverview Bancorp, Inc.		242,220		1,119,056
				8,011,291
Semiconductors — 3.3%
Advanced Energy Industries, Inc.		2,466		261,618
Aehr Test Systems (a)		50,293		764,957
Allegro MicroSystems, Inc. (a)		33,952		832,843
Amtech Systems, Inc. (a)		251,750		1,601,130
Astera Labs, Inc. (a)		10,085		434,260

	Shares		Value
Semiconductors — (Continued)
Axcelis Technologies, Inc. (a)		4,011	$	438,523
AXT, Inc. (a)		445,790		1,181,344
CEVA, Inc. (a)		2,534		60,664
Cirrus Logic, Inc. (a)		3,525		513,557
FormFactor, Inc. (a)		27,224		1,327,715
inTEST Corp. (a)		191,070		1,368,061
Kulicke & Soffa Industries, Inc.		6,419		281,216
Lattice Semiconductor Corp. (a)		7,687		364,056
MKS Instruments, Inc.		1,371		163,464
Monolithic Power Systems, Inc.		1,952		1,824,495
Onto Innovation, Inc. (a)		3,032		646,483
Photronics, Inc. (a)		7,595		196,407
Power Integrations, Inc.		22,307		1,496,800
Semtech Corp. (a)		38,142		1,671,382
SiTime Corp. (a)		15,324		2,216,770
SkyWater Technology, Inc. (a)		50,552		453,451
Veeco Instruments, Inc. (a)		45,943		1,630,517
				19,729,713
Software — 4.1%
ACI Worldwide, Inc. (a)		33,768		1,700,557
ACV Auctions, Inc. - Class A (a)		88,968		1,664,591
Agilysys, Inc. (a)		15,762		1,782,682
Alkami Technology, Inc. (a)		78,783		2,626,625
Appfolio, Inc. - Class A (a)		2,368		549,352
Asure Software, Inc. (a)		238,760		2,050,949
AvePoint, Inc. (a)		134,796		1,556,894
BILL Holdings, Inc. (a)		12,279		669,942
Blackbaud, Inc. (a)		799		66,796
BlackLine, Inc. (a)		18,735		928,319
Blend Labs, Inc. - Class A (a)		183,975		675,188
BM Technologies, Inc. (a)		215,920		654,367
Cogent Communications Holdings, Inc.		1,297		90,764
Concentrix Corp.		830		62,441
Confluent, Inc. - Class A (a)		18,205		386,310
CSG Systems International, Inc.		2,939		142,600
DoubleVerify Holdings, Inc. (a)		28,360		558,692
Five9, Inc. (a)		14,318		461,756
Genasys, Inc. (a)		350,770		1,094,402
Gitlab, Inc. - Class A (a)		10,369		491,491
Global-e Online Ltd. (a)		16,785		577,740
JFrog Ltd. (a)		30,890		857,506
LiveRamp Holdings, Inc. (a)		5,117		132,633
PDF Solutions, Inc. (a)		1,842		58,115
Privia Health Group, Inc. (a)		48,904		984,927
Procore Technologies, Inc. (a)		8,529		505,514
Progress Software Corp.		5,306		308,544
Smartsheet, Inc. - Class A (a)		19,548		953,942
SPS Commerce, Inc. (a)		800		159,792
Take-Two Interactive Software, Inc. (a)		3,504		566,632
Vertex, Inc. - Class A (a)		30,793		1,191,381
				24,511,444

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

ADARA SMALLER COMPANIES FUND

Schedule of Investments (Concluded)

as of August 31, 2024

	Shares		Value
Telecommunications — 0.9%
Calix, Inc. (a)		43,743	$	1,628,989
Credo Technology Group Holding Ltd. (a)		57,629		2,011,828
IDT Corp. - Class B		3,111		119,338
InterDigital, Inc.		869		120,409
Iridium Communications, Inc.		9,628		248,403
Lumen Technologies, Inc. (a)		73,749		387,182
NetGear, Inc. (a)		7,443		120,800
Telephone & Data Systems, Inc.		10,347		244,396
United States Cellular Corp. (a)		8,331		463,370
Viavi Solutions, Inc. (a)		23,640		203,541
				5,548,256
Textiles — 0.5%
UniFirst Corp.		17,613		3,341,010
Toys/Games/Hobbies — 0.4%
Funko, Inc. - Class A (a)		7,565		79,205
JAKKS Pacific, Inc. (a)		87,670		2,160,189
				2,239,394
Transportation — 1.2%
Air Transport Services Group, Inc. (a)		144,919		2,443,334
ArcBest Corp.		7,779		826,908
Knight-Swift Transportation Holdings, Inc.		1,873		98,108
Marten Transport Ltd.		7,327		127,856
PAM Transportation Services, Inc. (a)		41,286		748,928
RXO, Inc. (a)		28,489		810,797
Saia, Inc. (a)		4,008		1,506,327
Scorpio Tankers, Inc.		4,242		303,473
World Kinect Corp.		22,898		659,233
				7,524,964
Water — 0.0%(c)
American States Water Co.		1,758		143,137
California Water Service Group		1,969		108,946
				252,083
TOTAL COMMON STOCKS (Cost $372,531,459)				562,566,101

	Shares		Value
SHORT-TERM INVESTMENTS — 6.8%
Money Market Funds — 6.8%
First American Treasury Obligations Fund - Class X, 5.18% (d)		41,234,687	$	41,234,687
TOTAL SHORT-TERM INVESTMENTS (Cost $41,234,687)				41,234,687
TOTAL INVESTMENTS — 100.0% (Cost $413,766,146)				603,800,788
Other Assets in Excess of Liabilities — 0.0% (c)				95,017
TOTAL NET ASSETS — 100.0%			$	603,895,805

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

NV Naamloze Vennootschap

PLC Public Limited Company

REIT Real Estate Investment Trust

SA Sociedad Anónima

(a) Non-income producing security.

(b) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of August 31, 2024.

(c) Represents less than 0.05% of net assets.

(d) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

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

ADARA SMALLER COMPANIES FUND

STATEMENT of Assets and Liabilities

August 31, 2024

ASSETS
Investments, at value (cost $372,531,459)	$	562,566,101
Short-term investments, at value (cost $41,234,687)		41,234,687
Receivables for:
Investments sold		1,138,778
Dividends and interest		410,753
Capital shares sold		144,940
Prepaid expenses and other assets		24,727
Total assets		605,519,986
LIABILITIES
Payables for:
Investments purchased		1,089,480
Capital shares redeemed		40,020
Sub-advisory fees		321,947
Other accrued expenses and liabilities		172,734
Total liabilities		1,624,181
Net assets	$	603,895,805
NET ASSETS CONSIST OF:
Par value	$	34,110
Paid-in capital		405,659,342
Total distributable earnings/(loss)		198,202,353
Net assets	$	603,895,805
CAPITAL SHARES:
Net Assets		603,895,805
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		34,109,721
Net asset value, offering and redemption price per share	$	17.70

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

ADARA SMALLER COMPANIES FUND

Statement of Operations

FOR THE year ENDED August 31, 2024

INVESTMENT INCOME
Dividends (net of foreign taxes withheld of $23,927)	$	5,064,875
Interest income		1,338,131
Total investment income		6,403,006
EXPENSES
Sub-advisory fees (Note 2)		3,593,122
Administration and accounting services fees (Note 2)		162,187
Director fees		67,884
Investment management fees (Note 2)		65,747
Officer fees		49,455
Legal fees		41,542
Custodian fees (Note 2)		40,672
Transfer agent fees (Note 2)		38,362
Audit fees and tax services		36,648
Registration and filing fees		26,911
Printing and shareholder reporting fees		7,983
Other expenses		50,538
Total expenses		4,181,051
Net investment income/(loss)		2,221,955
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments		16,525,110
Net change in unrealized appreciation/(depreciation) on investments		64,759,495
Net realized and unrealized gain/(loss) on investments		81,284,605
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	83,506,560

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

ADARA SMALLER COMPANIES FUND

Statements of Changes in Net Assets

	For the Year Ended August 31, 2024			For the Year Ended August 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income/(loss)	$	2,221,955		$	2,272,289
Net realized gain/(loss) from investments		16,525,110			(1,023,542	)
Net change in unrealized appreciation/(depreciation) on investments		64,759,495			27,357,651
Net increase/(decrease) in net assets resulting from operations		83,506,560			28,606,398
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(3,000,495	)		(1,462,252	)
Net decrease in net assets from dividends and distributions to shareholders		(3,000,495	)		(1,462,252	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		59,868,759			48,697,828
Reinvestment of distributions		2,676,590			1,335,449
Shares redeemed		(21,595,709	)		(36,215,013	)
Net increase/(decrease) in net assets resulting from capital share transactions		40,949,640			13,818,264
Total increase/(decrease) in net assets		121,455,705			40,962,410
NET ASSETS:
Beginning of period	$	482,440,100		$	441,477,690
End of period	$	603,895,805		$	482,440,100
SHARE TRANSACTIONS:
Shares sold		3,700,174			3,378,762
Shares reinvested		178,202			93,193
Shares redeemed		(1,393,206	)		(2,526,832	)
Net increase/(decrease) in shares		2,485,170			945,123

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

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 Year Ended August 31, 2024			For the Year Ended August 31, 2023			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020
Per Share Operating Performance
Net asset value, beginning of period	$	15.26		$	14.39		$	21.47		$	13.73		$	12.89
Net investment income/(loss)(1)		0.07			0.07			0.02			(0.03	)		(0.01	)
Net realized and unrealized gain/(loss) from investments		2.46			0.85			(2.88	)		7.99			1.33
Net increase/(decrease) in net assets resulting from operations		2.53			0.92			(2.86	)		7.96			1.32
Dividends and distributions to shareholders from:
Net investment income		(0.09	)		(0.05	)		—			—			—
Net realized capital gains		—			—			(4.22	)		(0.22	)		(0.48	)
Total dividends and distributions to shareholders		(0.09	)		(0.05	)		(4.22	)		(0.22	)		(0.48	)
Net asset value, end of period	$	17.70		$	15.26		$	14.39		$	21.47		$	13.73
Total investment return/(loss)(2)		16.72	%		6.40	%		(16.93	)%		58.41	%		10.47	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	603,896		$	482,440		$	441,478		$	536,177		$	361,442
Ratio of expenses to average net assets		0.80	%		0.82	%		0.84	%		0.84	%		0.90	%
Ratio of net investment income/(loss) to average net assets		0.43	%		0.50	%		0.10	%		(0.18	)%		(0.08	)%
Portfolio turnover rate		58	%		56	%		56	%		75	%		101	%

(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.

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

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS

August 31, 2024

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 an investment company 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 sixty-five 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 92.923 billion shares are currently classified into two hundred and thirty-six 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 August 31, 2024, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2024 (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 Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.    

FAIR VALUE MEASUREMENTS – The inputs and valuation techniques used to measure 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.

14

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

August 31, 2024

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:

	Level 1		Level 2		Level 3			Total
Investments:
Common Stocks	$	562,566,101	$	—	$	—	(a)	$	562,566,101
Money Market Funds		41,234,687		—		—			41,234,687
Total Investments	$	603,800,788	$	—	$	—	(a)	$	603,800,788

(a) Amount is less than $0.50.

Refer to the Schedule of Investments for further disaggregation of investment categories.

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.

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

15

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

August 31, 2024

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 (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.

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 serve 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 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 $3,593,122, or the rate of 0.69%.

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 Fund paid the Adviser $65,747. This amount is included in Investment management fees on the Statement of Operations.

16

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

August 31, 2024

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
$318,051,378	$281,438,473

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 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, 2024, 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)
$419,504,658	$208,035,895	$(22,223,468)	$185,812,427

17

ADARA SMALLER COMPANIES FUND

NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

August 31, 2024

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, 2024, 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
$4,347,162	$8,042,764	$—	$185,812,427	$—

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, 2024 and August 31, 2023 was as follows:

	ORDINARY INCOME		LONG-TERM GAINS		TOTAL
2024	$	3,000,495	$	—	$	3,000,495
2023	$	1,462,252	$	—	$	1,462,252

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, 2024, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2024.

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, 2024, the Fund had short-term capital loss carryforwards of $0.

6. 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.

18

ADARA SMALLER COMPANIES FUND

Report of Independent Registered Public Accounting Firm

To the Board of Directors of The RBB Fund, Inc. and Shareholders of Adara Smaller Companies Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Adara Smaller Companies Fund (one of the funds constituting The RBB Fund, Inc., hereafter referred to as the “Fund”) as of August 31, 2024, the related statement of operations for the year ended August 31, 2024, the statement of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2024 and the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania
October 29, 2024

We have served as the auditor of one or more Altair Advisers, LLC investment companies since 2015.

19

ADARA SMALLER COMPANIES FUND

SHAREHOLDER TAX INFORMATION (UNAUDITED)

Certain tax information regarding the Fund is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable period ended August 31, 2024. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ending December 31, 2024. During the fiscal year ended August 31, 2024, the following dividends and distributions were paid by the Fund:

Ordinary income	long-term gains
$3,000,495	$—

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Under the Jobs and Growth Tax relief Reconciliation Act of 2003 the following percentages of ordinary dividends paid during the fiscal year ended August 31, 2024 are designated as “qualified dividend income,” as defined in the Act, and are subject to reduced tax rates:

Adara Smaller Companies Fund 78.62%

The percentage of total ordinary income dividends paid qualifying for the corporate dividends received deduction for the Fund is as follows:

Adara Smaller Companies Fund 77.47%

The percentage of ordinary income distributions designated as qualified short-term gains pursuant to the American Job Creation Act of 2004 is as follows:

Adara Smaller Companies Fund 0%

Because the Fund’s fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2024. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2025.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Fund, if any.

In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.

20

ADARA SMALLER COMPANIES FUND

Other Information (Unaudited)

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

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 (1) the renewal of the investment advisory agreement between Altair and the Company (the “Investment Advisory Agreement”) on behalf of the Fund, and (2) the renewal of the sub-advisory agreements among Altair, the Company and each of Aperio Group, LLC, Driehaus Capital Management, LLC, Pacific Ridge Capital Partners, LLC, Pier Capital, LLC, and River Road Asset Management, LLC (collectively, the “Sub-Advisers”) (together, the “Sub-Advisory Agreements”), at a meeting of the Board held on May 15-16, 2024 (the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement and the Sub-Advisory Agreements for an additional one-year term ending August 16, 2025. The Board’s decision to approve the Investment Advisory Agreement and the Sub-Advisory Agreements reflects the exercise of its business judgment to continue the existing arrangements. In approving the Investment Advisory Agreement and the Sub-Advisory Agreements, the Board considered information provided by Altair and each of the Sub-Advisers with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the renewal and approval of the Investment Advisory Agreement between the Company and Altair with respect to the Fund, and the renewal and approval of the Sub-Advisory Agreements among the Company, Altair and each of the Sub-Advisers with respect to the Fund, the Directors took into account all 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 Altair, and discussed the aforementioned Agreements with counsel in executive sessions, at which no representatives of Altair or the Sub-Advisers were present. Among other things, the Directors considered (i) the nature, extent, and quality of services provided to the Fund by Altair and each Sub-Adviser; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) Altair’s and the Sub-Advisers’ investment philosophies and processes; (iv) Altair’s and the Sub-Advisers’ assets under management and client descriptions; (v) Altair’s and the Sub-Advisers’ soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) Altair’s and the Sub-Advisers’ advisory fee arrangements and other similarly managed clients, as applicable; (vii) Altair’s and the Sub-Advisers’ compliance procedures; (viii) Altair’s and the Sub-Advisers’ financial information and insurance coverage, as applicable; (ix) the extent to which economies of scale are relevant to the Fund; (x) a report prepared by Fuse Research Network, LLC comparing the Fund’s management fees and total expense ratios to a group of mutual funds deemed comparable to the Fund based primarily on investment strategy similarity (“Peer Group”) and comparing the performance of the Fund to the performance of its Peer Group; and (xi) a report comparing the performance of the Fund to the performance of its benchmark.

As part of their review, the Directors considered the nature, extent and quality of the services provided by Altair and each Sub-Adviser. The Directors concluded that Altair and each Sub-Adviser had substantial resources to provide services to the Fund, and that Altair’s and the Sub-Advisers’ services had been acceptable.

The Directors also considered the investment performance of the Fund, noting that the Fund had outperformed its benchmark, the Russell 2000 Index, for the three-year, five-year, and since-inception periods ended December 31, 2023, and underperformed the benchmark for the three-month and one-year periods ended December 31, 2023. The Directors considered the Fund’s investment performance in light of its investment objective and investment strategies. The Board noted that the Fund’s total return outperformed the median of its Peer Group for the three-year, five-year, and since-inception periods ended December 31, 2023, and underperformed the median of its Peer Group for the three-month and one-year periods ended December 31, 2023.

The Board also considered the advisory fee rate payable by the Fund under the Investment Advisory Agreement and Sub-Advisory Agreements. In this regard, information on the fees paid by the Fund and the Fund’s total operating expense ratios were compared to similar information for mutual funds advised by other, unaffiliated investment advisory firms. The Directors noted that the Fund’s net advisory fee was below the median and in the 2nd quartile of its Peer Group and the Fund’s total net expenses were below the median and in the 1st quartile (least expensive) of its Peer Group. The Directors considered that the Fund does not pay a contractual management fee to Altair, but instead

21

ADARA SMALLER COMPANIES FUND

Other Information (Unaudited) (CONCLUDED)

reimburses for out-of-pocket expenses in connection with its compliance monitoring of the Fund’s trading, up to 0.01% of the Fund’s average daily net assets. The Directors also considered the fees payable to each Sub-Adviser under the Sub-Advisory Agreement.

After reviewing the information regarding Altair’s and the Sub-Advisers’ costs, profitability and economies of scale, and after considering the services to be provided by Altair and the Sub-Advisers, the Directors concluded that the reimbursement to be made by the Fund to Altair and the sub-advisory fees to be paid to each Sub-Adviser were fair and reasonable and that the Investment Advisory Agreement and Sub-Advisory Agreements should be approved and continued for an additional one-year period ending August 16, 2025.

22

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
3 Canal Plaza, Suite 100
Portland, ME 04101

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

AQUARIUS INTERNATIONAL FUND

of

The RBB Fund, Inc.

FINANCIAL STATEMENTS

August 31, 2024

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

SCHEDULE HOLDINGS SUMMARY TABLE

AUGUST 31, 2024

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

Country	% of Net Assets			Value
COMMON STOCKS
Argentina		0.1	%	$	579,324
Australia		0.6			3,612,454
Austria		0.3			1,727,788
Belgium		0.5			3,137,548
Bermuda		1.1			6,622,692
Brazil		1.5			8,477,658
Canada		3.4			19,890,807
Cayman Islands		0.1			542,609
Chile		0.0			261,291
China		3.2			18,800,522
Colombia		0.0			46,789
Denmark		2.2			12,758,164
Finland		1.6			9,492,991
France		7.0			40,504,802
Germany		4.7			27,300,484
Greece		0.3			1,583,432
Hong Kong		0.4			2,143,989
Hungary		0.1			714,688
India		4.4			25,780,331
Indonesia		0.4			2,232,978
Ireland		2.4			13,856,161
Israel		0.3			1,471,978
Italy		2.6			15,285,549
Japan		11.6			67,305,144
Jordan		0.2			1,285,982
Kazakhstan		0.3			1,548,247
Luxembourg		0.2			1,059,244
Malaysia		0.1			600,645
Mexico		0.7			3,844,342
Netherlands		5.4			31,630,490
New Zealand		0.0			206,522
Norway		0.9			5,054,958
Peru		0.2			1,034,430
Philippines		0.2			1,172,593
Poland		0.2			978,596
Portugal		0.1			635,973
Russia		0.0			20
Saudi Arabia		0.3			1,767,660
Singapore		0.7			4,323,842
South Africa		0.5			2,773,586
South Korea		5.1			29,524,910
Spain		0.5			2,734,041
Sweden		0.4			2,223,238
Switzerland		3.7			21,586,783
Taiwan		4.1			23,575,469
Turkey		0.3			2,018,508
United Arab Emirates		0.4			2,277,575
United Kingdom		17.6			102,186,076
United States		2.0			11,573,554
Uruguay		0.4			2,168,320
PREFERRED STOCKS
Germany		0.0			36,584
RIGHTS
South Korea		0.0			1,733
SHORT-TERM INVESTMENTS
United States		6.0			35,103,660
OTHERS ASSETS IN EXCESS OF LIABILITIES		0.8			4,376,548
		100.0	%	$	581,434,302

Schedule holdings are subject to change at any time.

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

1

AQUARIUS INTERNATIONAL FUND

Schedule of Investments

as of AUGUST 31, 2024

	Shares		Value
COMMON STOCKS — 93.2%
Advertising — 0.1%
Dentsu Group, Inc.		1,800	$	55,357
Publicis Groupe SA		2,188		241,322
WPP PLC		3,536		33,871
				330,550
Aerospace/Defense — 4.0%
Airbus Group SE		9,103		1,398,353
BAE Systems PLC		589,333		10,596,093
BAE Systems PLC - ADR		1,742		124,588
CAE, Inc.(a)		1,578		28,214
Dassault Aviation SA		263		56,664
Elbit Systems Ltd.		666		136,104
Embraer SA, SP ADR - ADR(a)		8,603		285,878
Hanwha Aerospace Co. Ltd.		1,699		369,711
Hindustan Aeronautics Ltd.		7,981		445,761
MTU Aero Engines AG - ADR		562		83,772
Rheinmetall AG		9,546		5,734,763
Rolls-Royce Holdings PLC(a)		6,406		42,000
Safran SA		580		127,099
Thales SA		22,874		3,843,084
				23,272,084
Agriculture — 0.1%
British American Tobacco PLC - ADR		7,782		292,370
Imperial Brands PLC - ADR		3,146		90,290
Japan Tobacco, Inc.		6,900		199,205
RLX Technology, Inc. - ADR		23,295		39,368
Wilmar International Ltd.		16,500		39,686
				660,919
Airlines — 0.1%
ANA Holdings, Inc.		1,800		36,385
InterGlobe Aviation Ltd.(a)(b)		6,327		363,950
Japan Airlines Co. Ltd.		3,000		50,370
				450,705
Apparel — 0.8%
Adidas AG		273		70,042
Gildan Activewear, Inc.		5,757		262,692
Hermes International SCA		80		191,477
Kering SA		127		36,418
LVMH Moet Hennessy Louis Vuitton SE - ADR		2,000		298,140
LVMH Moet Hennessy Louis Vuitton SE		4,940		3,676,924
				4,535,693
Auto Manufacturers — 1.7%
Bayerische Motoren Werke AG - ADR		3,309		102,215
Bayerische Motoren Werke AG		369		34,245
BYD Co. Ltd. - Class H		4,000		122,508
Daimler AG		3,623		249,716

	Shares		Value
Auto Manufacturers — (Continued)
Daimler Truck Holding AG		1,811	$	69,619
Ferrari NV		642		318,939
Ferrari NV		141		70,064
Geely Automobile Holdings, Ltd.		31,000		34,693
Honda Motor Co. Ltd.		197,800		2,182,773
Honda Motor Co. Ltd. - ADR		1,291		42,538
Hyundai Motor Co.		529		101,473
Isuzu Motors Ltd.		2,700		40,993
Iveco Group NV		132,017		1,398,170
Kia Corp.		11,801		937,576
Li Auto, Inc. - ADR(a)		3,672		71,457
Mahindra & Mahindra Ltd.		15,330		513,514
Stellantis NV		58,765		986,377
Stellantis NV		2,278		38,225
Subaru Corp.		1,800		34,525
Suzuki Motor Corp.		178,900		2,103,437
Toyota Motor Corp. - ADR		1,862		353,408
Toyota Motor Corp.		7,100		135,560
Volvo AB - Class B		3,636		96,683
XPeng, Inc. - ADR(a)		2,396		19,288
				10,057,996
Auto Parts & Equipment — 0.2%
Aisin Corp.		1,100		38,656
Bridgestone Corp.		900		35,181
Cie Generale des Etablissements Michelin SCA		1,852		72,718
Continental AG		570		38,541
Denso Corp.		3,600		55,886
Fuyao Glass Industry Group Co. Ltd. - Class A		28,900		195,257
Hankook Tire & Technology Co. Ltd.		17,270		562,169
Hyundai Mobis Co. Ltd.		302		49,278
Magna International, Inc.		3,010		126,510
Vitesco Technologies Group AG		88		5,093
Weichai Power Co. Ltd. - Class H		24,000		36,709
				1,215,998
Banks — 10.8%
AIB Group PLC		376,315		2,266,130
Al Rajhi Bank		29,670		698,691
ANZ Group Holdings Ltd.		5,980		122,742
Axis Bank Ltd.		38,764		543,647
Banco do Brasil SA		442,300		2,203,672
Banco do Brasil SA - ADR		22,592		113,638
Banco Santander SA		37,238		185,167
Bancolombia SA - ADR		1,414		46,789
Bank Central Asia Tbk PT		1,226,000		819,052
Bank Mandiri Persero Tbk PT - ADR		5,112		91,965
Bank Mandiri Persero Tbk PT		2,759,400		1,275,108

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

2

AQUARIUS INTERNATIONAL FUND

Schedule of Investments (Continued)

As of AUGUST 31, 2024

	Shares		Value
Banks — (Continued)
Bank Montreal		1,282	$	107,201
Bank of Nova Scotia		2,673		133,329
Bank Rakyat Indonesia Persero Tbk PT - ADR		1,382		22,741
Barclays PLC		126,063		381,162
BDO Unibank, Inc.		181,150		493,325
Bendigo & Adelaide Bank Ltd.		12,614		102,708
BNP Paribas SA		76,770		5,309,997
CaixaBank SA		65,952		397,240
Canadian Imperial Bank of Commerce		1,139		66,563
Chiba Bank Ltd.		4,900		41,505
China Merchants Bank Co. Ltd. - Class H		176,563		724,562
Commerzbank AG		157,150		2,330,029
Commonwealth Bank Of Australia		4,512		424,951
Computershare Ltd.		2,023		38,893
Concordia Financial Group Ltd.		11,723		66,524
Credicorp Ltd.		5,800		1,034,430
DBS Group Holdings Ltd. - ADR		2,449		272,182
DBS Group Holdings Ltd.		116,510		3,253,460
Deutsche Bank AG		8,776		143,926
DNB Bank ASA		128,214		2,708,429
Emirates NBD Bank PJSC		92,932		498,458
Erste Group Bank AG		8,036		439,849
FinecoBank Banca Fineco SpA		319,325		5,478,498
FirstRand Ltd.		273,142		1,313,371
Fukuoka Financial Group, Inc.		3,000		79,480
Grupo Financiero Banorte SAB de CV		76,985		533,775
Grupo Financiero Galicia SA - ADR		14,790		579,324
Hana Financial Group, Inc.		3,344		155,244
Hang Seng Bank, Ltd.		3,000		36,124
HDFC Bank Ltd.		218,828		4,279,159
HDFC Bank Ltd. - ADR		12,962		792,108
HSBC Holdings PLC - ADR		9,910		440,599
ICICI Bank Ltd. - ADR		90,133		2,641,798
Industrial & Commercial Bank of China Ltd. - Class H		1,597,000		913,354
ING Groep NV		193,935		3,526,152
Intesa Sanpaolo		14,336		59,916
Itau Unibanco Holdings, SP ADR - ADR		170,642		1,112,586
Japan Post Bank Co. Ltd.		3,700		34,774
KBC Group NV		799		62,216
Macquarie Group Ltd.		1,021		148,610
Macquarie Group, Ltd. - ADR		1,203		175,434
Mediobanca Banca di Credito Finanziario SpA		3,974		67,312

	Shares		Value
Banks — (Continued)
Mitsubishi UFJ Financial Group, Inc. - ADR		53,334	$	561,607
National Australia Bank Ltd.		7,689		198,162
National Australia Bank Ltd. - ADR		11,208		145,368
National Bank of Greece SA		138,971		1,207,979
NatWest Group PLC		544,658		2,481,294
Nedbank Group Ltd. - ADR		2,666		44,536
Nordea Bank Abp		11,504		135,850
Nordea Bank Abp		93		1,099
NU Holdings Ltd. - Class A(a)		35,017		524,204
OTP Bank, PLC		13,881		714,688
Oversea-Chinese Banking Corp. Ltd.		9,000		100,318
Royal Bank Canada		3,116		376,350
Saudi National Bank		72,743		682,126
Shinhan Financial Group Co. Ltd. - ADR		9,162		388,927
Shizuoka Financial Group, Inc.		3,900		34,815
Societe Generale SA		2,392		57,822
Standard Bank Group Ltd.		9,099		122,217
Sumitomo Mitsui Financial Group, Inc.		19,100		1,260,471
Sumitomo Mitsui Financial Group, Inc. - ADR		56,610		748,950
Sumitomo Mitsui Trust Holdings, Inc.		1,600		39,872
Svenska Handelsbanken AB - Class A		112,598		1,161,567
TCS Group Holding PLC - GDR(a)(c)		3,732		0
Toronto-Dominion Bank		4,118		246,751
UBS Group AG		13,717		422,697
UniCredit SpA		2,917		121,245
United Overseas Bank Ltd.		6,000		144,234
Woori Financial Group, Inc. - ADR		4,696		170,136
Yapi ve Kredi Bankasi AS		926,035		848,454
				62,729,638
Beverages — 1.3%
Anheuser-Busch InBev SA/NV - ADR		3,181		195,441
Arca Continental SAB de CV		60,200		542,845
Asahi Group Holdings Ltd.		148,400		5,539,129
Carlsberg A/S - Class B		499		58,621
Cia Cervecerias Unidas SA - ADR		4,167		46,671
Coca-Cola Europacific Partners PLC		476		38,313
Coca-Cola HBC AG		1,058		39,284
Davide Campari-Milano NV		5,538		51,203

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

3

AQUARIUS INTERNATIONAL FUND

Schedule of Investments (Continued)

as of AUGUST 31, 2024

	Shares		Value
Beverages — (Continued)
Diageo PLC - ADR		1,459	$	190,779
Endeavour Group Ltd.		2,137		7,705
Fomento Economico Mexicano SAB de CV - ADR		461		47,382
Heineken Holding NV		434		32,730
Heineken NV - ADR		2,666		120,050
Pernod Ricard SA - ADR		2,755		78,600
Remy Cointreau SA		453		36,927
United Spirits Ltd.		38,758		681,297
				7,706,977
Biotechnology — 0.5%
Argenx SE - ADR(a)		238		123,122
BeiGene Ltd.(a)		10,100		149,475
CSL Ltd. - ADR		3,938		410,655
CSL Ltd.		628		130,420
Genmab AS(a)		6,810		1,893,947
				2,707,619
Building Materials — 1.0%
Ambuja Cements Ltd.		70,612		519,637
Cie de Saint-Gobain SA		519		45,353
CRH PLC		44,963		4,013,800
CRH PLC		1,441		130,799
Daikin Industries Ltd.		149		19,036
Geberit AG		202		129,214
James Hardie Industries PLC(a)		2,896		108,030
Kingspan Group PLC		554		48,238
LafargeHolcim Ltd.		2,013		195,005
Sika AG		437		140,685
Svenska Cellulosa AB SCA - Class B		4,527		62,847
UltraTech Cement Ltd.		3,463		466,908
West Fraser Timber Co. Ltd.		446		39,480
				5,919,032
Chemicals — 2.8%
Air Liquide SA		17,844		3,330,548
Air Liquide SA - ADR		2,142		79,854
Akzo Nobel NV		7,468		476,321
Asahi Kasei Corp.		6,000		42,492
BASF SE		1,905		96,829
Croda International PLC		565		30,611
EMS-Chemie Holding AG		143		120,016
Evonik Industries AG		150,511		3,339,774
Givaudan SA		27		138,682
Givaudan SA - ADR		600		61,452
ICL Group Ltd.		12,592		57,797
Kansai Paint Co. Ltd.		140,200		2,510,051
Kumho Petrochemical Co. Ltd.		11,091		1,137,394
LG Chem Ltd.		164		39,565
Mitsubishi Chemical Group Corp.		273,100		1,596,056
Nippon Sanso Holdings Corp.		64,500		2,222,563

	Shares		Value
Chemicals — (Continued)
Nissan Chemical Corp.		1,100	$	37,811
Novonesis (Novozymes) B		673		46,712
OCI NV		1,417		44,969
Shin-Etsu Chemical Co. Ltd. - ADR		6,860		150,920
Shin-Etsu Chemical Co. Ltd.		3,270		144,757
Supreme Industries Ltd.		2,993		188,680
Syensqo SA		373		30,714
Symrise AG		500		65,979
				15,990,547
Coal — 0.6%
China Shenhua Energy Co. Ltd. - Class H		39,000		167,610
Teck Resources Ltd. - Class B		8,215		393,498
Teck Resources Ltd. - Class B		62,140		2,975,472
				3,536,580
Commercial Services — 4.9%
Abu Dhabi Ports Co. PJSC(a)		44,586		58,147
Adani Ports & Special Economic Zone Ltd.		47,921		847,053
Adyen NV(a)(b)		1,369		2,020,375
Amadeus IT Holdings SA		20,727		1,398,575
Ashtead Group PLC		68,356		4,867,233
Bidvest Group Ltd.		3,146		51,191
Bureau Veritas SA		43,870		1,444,239
China Merchants Port Holdings Co. Ltd.		60,000		89,821
Edenred SE		52,463		2,208,133
Experian PLC		2,543		123,560
International Container Terminal Services, Inc.		76,047		536,595
Intertek Group PLC		1,279		83,571
Localiza Rent a Car SA - ADR		4,006		31,407
New Oriental Education & Technology Group, Inc. - ADR(a)		2,260		138,945
RB Global, Inc.		1,064		91,642
Recruit Holdings Co. Ltd.		3,292		205,296
RELX PLC		146,091		6,819,561
Rentokil Initial PLC		7,414		47,335
Santos Brasil Participacoes SA		131,000		306,119
Secom Co. Ltd.		500		36,484
TAL Education Group - ADR(a)		7,594		61,056
Wolters Kluwer		41,238		7,051,996
Wolters Kluwer NV - ADR		667		113,150
				28,631,484
Computers — 2.3%
AutoStore Holdings Ltd.(a)(b)		33,295		35,279
BayCurrent, Inc.		108,500		3,458,950
Capgemini SE		13,246		2,744,090

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

4

AQUARIUS INTERNATIONAL FUND

Schedule of Investments (Continued)

as of AUGUST 31, 2024

	Shares		Value
Computers — (Continued)
CGI, Inc.(a)		1,307	$	147,207
Check Point Software Technologies Ltd.(a)		499		96,058
CyberArk Software Ltd.(a)		576		165,162
Globant S.A.(a)		3,290		665,370
Infosys Ltd. - ADR		28,588		665,529
Lenovo Group Ltd.		32,000		39,074
Logitech International SA		444		40,408
Nomura Research Institute Ltd.		72,700		2,445,428
NTT Data Group Corp.		3,100		47,276
Quanta Computer, Inc.		50,000		420,049
Tata Consultancy Services Ltd.		12,476		677,784
Teleperformance SE		9,184		1,000,725
Wipro Ltd. - ADR		106,432		684,358
				13,332,747
Cosmetics/Personal Care — 0.4%
Beiersdorf AG		432		62,467
Colgate-Palmolive India Ltd.		10,032		435,413
Essity AB - Class B		5,178		157,246
Godrej Consumer Products Ltd.		42,469		749,495
Haleon PLC - ADR		9,632		98,054
Kao Corp.		800		35,849
L’Oreal SA - ADR		3,400		297,772
L’Oreal SA		148		64,936
Unicharm Corp.		1,487		51,593
Unilever PLC - ADR		9,303		602,742
				2,555,567
Distribution/Wholesale — 2.2%
Azelis Group NV		123,217		2,574,945
Bunzl PLC		144,642		6,752,749
IMCD NV		12,250		2,006,028
ITOCHU Corp.		3,700		197,003
ITOCHU Corp. - ADR		426		45,062
Mitsubishi Corp.		2,300		47,882
Mitsui & Co. Ltd.		6,318		136,559
Rexel SA		46,159		1,164,697
Sendas Distribuidora S/A - ADR(a)		2,775		23,255
				12,948,180
Diversified Financial Services — 2.7%
Deutsche Boerse AG		25,090		5,640,770
Deutsche Boerse AG - ADR		2,810		62,944
Euronext NV(b)		25,139		2,684,705
Futu Holdings Ltd. - ADR(a)		852		54,153
Hong Kong Exchanges & Clearing Ltd.		38,780		1,183,303
Japan Exchange Group, Inc.		72,400		1,680,048
KB Financial Group, Inc. - ADR		6,431		417,243
KB Financial Group, Inc.		40,670		2,622,605

	Shares		Value
Diversified Financial Services — (Continued)
London Stock Exchange Group PLC		791	$	106,771
London Stock Exchange Group PLC - ADR		2,464		83,702
Power Finance Corp. Ltd.		128,712		843,684
Sanlam Ltd. - ADR		5,156		52,282
SBI Holdings, Inc.		2,600		63,987
Singapore Exchange Ltd.		6,000		49,776
				15,545,973
Electric — 2.6%
Adani Energy Solutions Ltd.(a)		31,499		378,349
Centrais Eletricas Brasileiras SA - ADR		12,310		91,463
China Resources Power Holdings Co. Ltd.		14,000		37,958
CLP Holdings Ltd.		13,500		120,452
Dubai Electricity & Water Authority PJSC		728,813		474,254
E.ON SE		4,732		67,082
Enel SpA		555,541		4,222,502
Engie SA - ADR		8,968		157,568
Fortis, Inc.		5,886		258,984
Fortum Oyj		179,063		2,855,166
Iberdrola SA - ADR		1,618		92,032
Iberdrola SA		11,895		168,774
JSW Energy Ltd.		98,497		835,058
Mercury NZ Ltd.		7,755		30,377
Meridian Energy Ltd.		15,956		63,241
National Grid PLC - ADR		2,605		173,493
National Grid PLC		5,579		73,488
NTPC Ltd.		110,388		547,405
Orsted A/S(a)(b)		622		35,946
Power Assets Holdings Ltd.		11,000		76,559
RWE AG		719		25,936
SSE PLC - ADR		5,415		136,296
SSE PLC		176,597		4,392,372
Tokyo Electric Power Co. Holdings, Inc.(a)		7,500		35,773
				15,350,528
Electrical Components & Equipment — 0.3%
Delta Electronics, Inc.		36,000		448,804
KEI Industries Ltd.		8,594		472,160
Legrand SA		942		105,507
Schneider Electric SE - ADR		4,025		204,309
Schneider Electric SE		698		178,060
				1,408,840
Electronics — 0.6%
AAC Technologies Holdings, Inc.		126,500		537,407
ABB Ltd.		4,533		260,678

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

5

AQUARIUS INTERNATIONAL FUND

Schedule of Investments (Continued)

as of AUGUST 31, 2024

	Shares		Value
Electronics — (Continued)
BYD Electronic International Co. Ltd.		23,500	$	86,093
Hirose Electric Co. Ltd.		327		43,155
Hon Hai Precision Industry Co. Ltd.		87,353		504,266
Hoya Corp.		670		95,091
Hoya Corp. - ADR		487		69,193
Lotes Co. Ltd.		6,000		287,641
Luxshare Precision Industry Co. Ltd. - Class A		175,600		977,022
Murata Manufacturing Co. Ltd.		4,857		101,805
Murata Manufacturing Co. Ltd. - ADR		7,572		78,976
NIDEC CORP		1,000		40,774
TDK Corp.		800		54,529
Yageo Corp.		17,676		363,850
				3,500,480
Energy-Alternate Sources — 0.0%(d)
Vestas Wind Systems AS(a)		2,480		56,663
Engineering & Construction — 1.2%
Acciona SA		580		78,203
Auckland International Airport Ltd.		13,450		63,777
Eiffage SA		14,358		1,507,090
Ferrovial SE		3,085		128,994
GMR Airports Infrastructure Ltd.(a)		418,735		472,365
Grupo Aeroportuario del Pacifico SAB de CV - ADR		392		69,651
Grupo Aeroportuario del Sureste SAB de CV - ADR		471		126,883
Samsung C&T Corp.		10,473		1,158,981
SPIE SA		78,542		3,170,665
Stantec, Inc.		424		34,764
Taisei Corp.		900		40,893
Vinci SA		905		108,161
Vinci SA - ADR		1,124		33,495
				6,993,922
Entertainment — 0.1%
Evolution AB - ADR		336		35,001
Flutter Entertainment PLC(a)		244		52,121
Lottery Corp. Ltd.		8,950		30,142
OPAP SA		21,717		375,453
Oriental Land Co., Ltd.		3,065		83,820
Toho Co. Ltd./Tokyo		1,100		42,286
				618,823
Environmental Control — 0.0%(d)
China Conch Environment Protection Holdings Ltd.		21,500		1,955

	Shares		Value
Environmental Control — (Continued)
GFL Environmental, Inc.		1,083	$	46,905
				48,860
Food — 2.0%
Aeon Co. Ltd.		5,200		130,260
Ajinomoto Co., Inc.		1,500		57,739
Barry Callebaut AG		49		79,318
BIM Birlesik Magazalar AS		67,192		1,064,177
Chocoladefabriken Lindt & Spruengli AG		6		79,289
Coles Group Ltd.		4,059		51,533
Danone SA		3,030		210,546
Gruma SAB de CV - Class B		18,750		345,082
Kerry Group PLC - ADR		451		45,172
Koninklijke Ahold Delhaize NV - ADR		4,031		138,142
Koninklijke Ahold Delhaize NV		118,982		4,085,095
MEIJI Holdings Co. Ltd.		1,500		37,250
Nestle SA - ADR		5,773		617,249
Nisshin Seifun Group, Inc.		2,700		34,961
Nomad Foods Ltd.		79,873		1,501,612
Seven & i Holdings Co. Ltd. - ADR		2,700		39,042
Tesco PLC		615,426		2,869,334
Woolworths Group Ltd.		3,247		78,328
Yakult Honsha Co. Ltd.		1,800		38,029
				11,502,158
Food Service — 1.1%
Compass Group PLC		200,566		6,338,954
Compass Group PLC - ADR		7,353		234,928
				6,573,882
Forest Products & Paper — 0.0%(d)
Suzano Papel e Celulose SA - ADR		6,573		64,021
UPM-Kymmene Corp.		1,590		53,594
				117,615
Gas — 0.0%(d)
ENN Energy Holdings Ltd.		4,400		28,329
Hand/Machine Tools — 0.3%
Alleima AB		657		4,925
Fuji Electric Co. Ltd.		24,900		1,502,982
Schindler Holding AG		651		176,090
Techtronic Industries Co. Ltd.		4,500		60,295
				1,744,292
Healthcare-Products — 0.6%
Alcon, Inc.		1,673		163,419
Asahi Intecc Co. Ltd.		1,900		34,907
Carl Zeiss Meditec AG		533		39,128
Cochlear Ltd.		376		76,337
Coloplast AS - Class B		327		44,523

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

6

AQUARIUS INTERNATIONAL FUND

Schedule of Investments (Continued)

as of AUGUST 31, 2024

	Shares		Value
Healthcare-Products — (Continued)
Essilor International Cie Generale d’Opitque SA		608	$	144,177
EssilorLuxottica SA - ADR		144		17,061
Fisher & Paykel Healthcare Corp. Ltd.		2,201		49,128
FUJIFILM Holdings Corp.		5,400		145,636
Getinge AB - Class B		1,494		31,094
Olympus Corp.		1,400		25,603
Sartorius Stedim Biotech		191		38,807
Smith & Nephew PLC		135,139		2,081,049
Sonova Holding AG		143		49,998
Terumo Corp.		324		6,024
Thermo Fisher Scientific, Inc.		900		553,563
				3,500,454
Healthcare-Services — 0.7%
BioMerieux		307		35,528
Dr Sulaiman Al Habib Medical Services Group Co.		4,744		386,842
Fresenius Medical Care AG		918		35,438
ICON PLC(a)		8,600		2,769,716
Lonza Group AG		182		119,720
Lonza Group AG - ADR		370		24,183
Max Healthcare Institute Ltd.		35,580		366,006
Ramsay Health Care Ltd.		1,132		31,777
Sonic Healthcare Ltd. - ADR		1,106		20,663
				3,789,873
Holding Companies-Diversified — 0.1%
Jardine Matheson Holdings, Ltd.		3,800		136,952
YTL Corp. Bhd		891,600		600,645
				737,597
Home Builders — 0.5%
Barratt Developments PLC		431,546		2,887,640
Sekisui House Ltd.		4,000		103,388
				2,991,028
Home Furnishings — 0.7%
Electrolux AB - Class B(a)		972		9,356
Hoshizaki Corp.		800		25,876
Sharp Corp.(a)		6,400		44,027
Sony Group Corp. - ADR		4,806		468,873
Sony Group Corp.		36,400		3,545,148
				4,093,280
Household Products/Wares — 0.0%(d)
Henkel AG & Co. KGaA		889		73,924
Reckitt Benckiser Group PLC - ADR		12,375		143,055
				216,979
Insurance — 5.9%
Admiral Group PLC		63,297		2,431,035

	Shares		Value
Insurance — (Continued)
Aegon Ltd.		14,288	$	87,506
Ageas SA NV		2,481		127,530
AIA Group Ltd. - ADR		4,702		133,490
Allianz SE - ADR		4,740		146,940
Allianz SE		132		41,007
Aon PLC - Class A		23,749		8,163,006
AXA SA		38,009		1,446,589
Baloise Holding AG		522		100,968
Beazley PLC		501,387		4,964,574
Cathay Financial Holding Co. Ltd.		24,000		47,712
China Pacific Insurance Group Co. Ltd. - Class H		40,400		104,709
Dai-ichi Life Holdings, Inc.		6,692		193,244
Everest Group Ltd.		9,304		3,649,401
Hannover Rueck SE		421		119,444
Hiscox Ltd.		192,352		2,973,291
ICICI Lombard General Insurance Co. Ltd.(b)		39,019		998,034
Legal & General Group PLC		36,815		108,728
M&G PLC		12,144		34,319
Mandatum Oyj		2,616		12,379
Manulife Financial Corp.		6,860		189,405
MS&AD Insurance Group Holdings, Inc.		2,700		62,237
Muenchener Rueckversicherungs-Gesellschaft AG		295		159,608
New China Life Insurance Co. Ltd. - Class H		45,800		99,130
NN Group NV		3,039		149,052
PICC Property & Casualty Co. Ltd. - Class H		48,000		62,165
Ping An Insurance Group Co. of China Ltd. - Class H		24,500		115,989
Powszechny Zaklad Ubezpieczen SA		81,270		978,596
Sampo Oyj		61,296		2,732,657
Samsung Fire & Marine Insurance Co. Ltd.		1,360		353,289
Samsung Life Insurance Co. Ltd.		11,151		814,498
Sompo Holdings, Inc.		1,800		42,502
Sun Life Financial, Inc.		2,753		150,094
Suncorp Group Ltd.		18,597		222,097
Swiss Re AG		544		74,324
T&D Holdings, Inc.		5,200		88,104
Tokio Marine Holdings, Inc.		4,200		159,829
Topdanmark AS		33,242		1,839,416
Zurich Insurance Group AG - ADR		7,180		208,794

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

7

AQUARIUS INTERNATIONAL FUND

Schedule of Investments (Continued)

as of AUGUST 31, 2024

	Shares		Value
Insurance — (Continued)
Zurich Insurance Group AG		270	$	156,729
				34,542,421
Internet — 3.0%
Alibaba Group Holding Ltd. - ADR		4,499		374,947
Alibaba Group Holding Ltd.		217,400		2,253,258
Auto Trader Group PLC(b)		5,141		57,743
Bilibili, Inc. - ADR(a)		4,363		62,740
Delivery Hero SE(a)(b)		1,653		52,058
iQIYI, Inc. - ADR(a)		12,194		26,217
JD.com, Inc. - ADR		5,286		142,722
JOYY, Inc. - ADR		2,046		70,362
LY Corp.		14,900		40,834
Meituan - ADR(a)		4,650		140,942
Meituan - Class B(a)(b)		32,800		496,310
MercadoLibre, Inc.(a)		729		1,502,950
MonotaRO Co. Ltd.		116,900		1,849,031
Naspers Ltd. - ADR		4,780		196,458
Naspers Ltd.		3,798		783,459
NAVER Corp.		688		87,280
Ocado Group PLC(a)		7,857		35,536
PDD Holdings, Inc. - ADR(a)		2,583		248,252
Prosus NV		4,876		180,733
Rakuten Group, Inc.(a)		7,200		51,174
Sea Ltd. - ADR(a)		924		72,358
SEEK Ltd.		4,272		66,520
Shopify, Inc. - Class A(a)		2,370		175,546
Tencent Holdings Ltd. - ADR		16,139		782,903
Tencent Holdings Ltd.		131,930		6,398,593
Trip.com Group Ltd. - ADR(a)		21,882		1,031,518
Wix.com Ltd.(a)		389		64,815
				17,245,259
Investment Companies — 0.0%(d)
L E Lundbergforetagen AB - Class B		1,867		102,373
Iron/Steel — 0.1%
BlueScope Steel Ltd.		6,357		88,565
Cia Siderurgica Nacional SA - ADR		41,580		88,565
Fortescue Ltd.		5,658		69,704
Nippon Steel Corp.		8,000		182,566
POSCO Holdings, Inc. - ADR		3,580		228,476
Vale SA - ADR		12,347		129,890
				787,766
Leisure Time — 0.2%
Amadeus IT Group SA - ADR		1,437		96,997
Bajaj Auto Ltd.		5,704		740,583
Shimano, Inc.		236		44,588

	Shares		Value
Leisure Time — (Continued)
Yamaha Corp.		1,300	$	31,377
				913,545
Lodging — 0.1%
H World Group Ltd. - ADR		1,879		57,197
Indian Hotels Co. Ltd.		50,064		387,015
InterContinental Hotels Group PLC		1,515		151,628
				595,840
Machinery-Construction & Mining — 2.8%
HD Hyundai Electric Co. Ltd.		2,806		642,385
Hitachi Ltd. - ADR		9,150		448,167
Hitachi Ltd.		250,205		6,172,564
Komatsu Ltd.		4,400		123,123
Mitsubishi Electric Corp.		179,800		3,028,919
Mitsubishi Heavy Industries Ltd.		6,000		80,894
Siemens Energy AG(a)		960		27,726
Weir Group PLC		214,649		5,691,089
				16,214,867
Machinery-Diversified — 1.5%
Accelleron Industries AG		226		11,832
ANDRITZ AG		16,332		1,076,707
Atlas Copco AB - ADR		6,624		120,491
Atlas Copco AB - Class A		6,804		123,786
FANUC Corp.		1,000		29,519
Haitian International Holdings Ltd.		31,000		86,610
Husqvarna AB - Class B		4,490		30,353
IMI PLC		107,649		2,607,074
Keyence Corp.		500		240,210
KION Group AG		1,235		48,099
Kone Oyj - Class B		66,226		3,572,131
Kubota Corp. - ADR		883		61,863
NARI Technology Co. Ltd. - Class A		115,620		400,448
SMC Corp. - ADR		2,280		52,668
SMC Corp.		110		51,014
				8,512,805
Media — 0.4%
Informa PLC		149,777		1,649,015
Pearson PLC - ADR		15,198		210,948
Thomson Reuters Corp.		1,367		234,003
Vivendi SE		3,398		38,118
				2,132,084
Metal Fabricate/Hardware — 0.6%
Tenaris SA		71,773		1,056,266
Vallourec SACA(a)		157,587		2,518,316
				3,574,582

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

8

AQUARIUS INTERNATIONAL FUND

Schedule of Investments (Continued)

as of AUGUST 31, 2024

	Shares		Value
Mining — 2.2%
Agnico Eagle Mines Ltd./Mines Agnico Eagle Limitee		1,485	$	120,983
Alamos Gold, Inc. - Class A		32,914		634,582
Allied Gold Corp.(a)		298,126		676,931
Antofagasta PLC		8,790		214,621
Barrick Gold Corp.		6,196		125,097
BHP Group Ltd. - ADR		3,707		204,367
Boliden AB		2,900		88,591
Cameco Corp.		3,460		141,306
Capstone Copper Corp.(a)		68,402		490,815
Endeavour Mining PLC		72,489		1,528,151
Franco-Nevada Corp.		1,038		126,792
GMK Norilskiy Nickel PAO - ADR(a)(c)		2,034		20
Kinross Gold Corp.		445,873		4,029,780
Norsk Hydro ASA		15,202		84,829
Polyus PJSC(a)(c)		1,719		0
Rio Tinto PLC - ADR		1,210		76,557
South32 Ltd.		44,192		93,064
Southern Copper Corp.		35,599		3,621,155
Sumitomo Metal Mining Co. Ltd.		2,000		55,427
Wheaton Precious Metals Corp.		2,998		185,306
Zijin Mining Group Co. Ltd. - Class H		24,000		48,278
				12,546,652
Miscellaneous Manufacturing — 1.2%
Aalberts NV		35,667		1,394,315
Diploma PLC		18,668		1,099,480
Fabrinet(a)		2,227		542,608
Knorr-Bremse AG		679		55,834
Orica Ltd.		5,536		66,405
Siemens AG		19,121		3,596,765
Sumitomo Heavy Industries Ltd.		2,000		46,847
				6,802,254
Office-Business Equipment — 0.0%(d)
Canon, Inc.		2,700		92,730
Oil & Gas — 4.3%
Aker BP ASA		841		20,147
BP PLC		267,887		1,516,585
BP PLC - ADR		1		34
Canadian Natural Resources Ltd.		8,670		313,941
Cenovus Energy, Inc.		198,279		3,676,765
DCC PLC		452		31,936
Equinor ASA		79,080		2,121,920
Equinor ASA - ADR		3,137		84,354
Galp Energia SGPS SA		30,614		635,973
Imperial Oil Ltd.		2,792		210,042
Inpex Corp.		6,228		91,808
MEG Energy Corp.(a)		80,745		1,608,129

	Shares		Value
Oil & Gas — (Continued)
Neste Oyj		2,991	$	69,793
OMV AG		4,843		211,232
PetroChina Co. Ltd. - Class H		1,084,000		977,679
Petroleo Brasileiro SA - ADR		46,463		707,631
Reliance Industries Ltd.		41,391		1,489,216
Repsol SA		7,844		107,714
Santos Ltd.		19,946		97,243
Shell PLC		39,542		1,408,956
Shell PLC		55,926		1,981,659
Shell PLC - ADR		88,343		6,330,659
TotalEnergies SE - ADR		7,259		500,871
Ultrapar Participacoes SA - ADR		10,793		44,899
Vista Energy SAB de CV - ADR(a)		16,413		855,610
Woodside Energy Group Ltd.		7,291		133,566
				25,228,362
Pharmaceuticals — 8.7%
Aspen Pharmacare Holdings Ltd. - ADR		6,986		94,241
Astellas Pharma, Inc.		3,500		43,494
AstraZeneca PLC - ADR		9,096		796,992
AstraZeneca PLC		56,606		9,921,095
Bayer AG		1,167		36,033
Celltrion, Inc.		567		86,258
Chugai Pharmaceutical Co. Ltd.		66,800		3,372,233
Cipla Ltd.		13,082		258,349
Daiichi Sankyo Co. Ltd.		3,548		148,937
Daiichi Sankyo Co. Ltd. - ADR		876		36,678
Dr Reddy’s Laboratories Ltd. - ADR		7,475		623,938
GSK PLC		91,763		1,998,561
GSK PLC - ADR		3,067		134,672
Hansoh Pharmaceutical Group Co. Ltd.(b)		182,000		464,188
Hikma Pharmaceuticals PLC		49,199		1,285,982
Merck KGaA		587		114,558
Novartis AG - ADR		5,833		705,151
Novartis AG		61,268		7,402,287
Novo Nordisk AS - ADR		12,898		1,794,886
Novo Nordisk AS		36,415		5,058,414
Orion Oyj - Class B		672		35,633
Recordati SPA		59,572		3,497,699
Roche Holding AG - ADR		14,560		616,325
Roche Holdings AG		13,379		4,529,070
Sandoz Group AG		100,955		4,415,650
Sandoz Group AG - ADR		1,166		51,327
Sanofi SA - ADR		5,762		324,170
Sinopharm Group Co. Ltd. - Class H		36,400		84,239
Sun Pharmaceutical Industries Ltd.		20,864		453,285

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

9

AQUARIUS INTERNATIONAL FUND

Schedule of Investments (Continued)

as of AUGUST 31, 2024

	Shares		Value
Pharmaceuticals — (Continued)
Suzuken Co Ltd.		33,300	$	1,180,134
Teva Pharmaceutical Industries, Ltd., SP ADR - ADR(a)		47,801		902,005
UCB SA		810		146,702
				50,613,186
Pipelines — 0.1%
Enbridge, Inc.		6,937		278,729
Pembina Pipeline Corp.		936		37,702
TC Energy Corp.		2,920		135,313
				451,744
Private Equity — 0.4%
3i Group PLC		3,463		145,462
Antin Infrastructure Partners SA		15,748		217,824
Eurazeo SA		17,292		1,362,181
Macquarie Korea Infrastructure Fund		49,750		448,382
Partners Group Holding AG		95		137,440
				2,311,289
Real Estate — 0.6%
Aldar Properties PJSC		316,803		633,329
Corp. Inmobiliaria Vesta SAB de CV		157,500		431,692
Daito Trust Construction Co. Ltd.		300		37,027
Direcional Engenharia SA		68,338		348,847
DLF Ltd.		61,677		621,767
Emaar Properties PJSC		266,841		613,386
FirstService Corp.		230		41,412
Henderson Land Development Co. Ltd.		23,000		71,459
Hongkong Land Holdings Ltd.		7,900		29,642
Iguatemi SA		112,300		440,158
KE Holdings, Inc. - ADR		4,582		67,997
REA Group Ltd.		633		93,761
Sunac Services Holdings Ltd.(b)		619		133
Swire Pacific Ltd. - Class A		5,000		42,441
Vonovia SE		1,074		37,123
Wharf Holdings Ltd.		14,000		36,646
				3,546,820
REITS — 0.2%
Ascendas Real Estate Investment Trust		23,000		50,708
CapitaLand Mall Trust		25,000		40,620
Fibra Uno Administracion SAB de CV		245,700		289,686
Gecina SA		370		40,659
Goodman Group		6,677		150,632
GPT Group		9,864		32,646
Japan Real Estate Investment Corp.		34		136,601
Mirvac Group		19,373		26,602

	Shares		Value
REITS — (Continued)
Nippon Building Fund Inc.		23	$	103,210
Nippon Prologis REIT, Inc.		31		54,611
Nomura Real Estate Master Fund, Inc.		65		65,833
Scentre Group		14,492		33,580
Segro PLC		2,361		27,182
Stockland		11,630		39,276
Unibail-Rodamco-Westfield		938		75,006
United Urban Investment Corp.		51		50,255
				1,217,107
Retail — 2.2%
ANTA Sports Products Ltd.		5,561		54,254
Associated British Foods PLC		1,593		52,258
Astra International Tbk PT - ADR		3,615		24,112
BBB Foods, Inc. - Class A(a)		14,428		458,522
Cie Financiere Richemont SA - ADR		12,160		191,277
Fast Retailing Co. Ltd.		441		141,921
Ferguson Enterprises, Inc.		14,802		3,013,120
H & M Hennes & Mauritz AB - Class B		6,863		108,549
Industria de Diseno Textil SA		3,052		165,344
Jardine Cycle & Carriage Ltd.		4,000		84,804
McDonald’s Holdings Co. Japan Ltd.		2,600		114,201
Next PLC		952		127,661
Nitori Holdings Co. Ltd.		300		43,959
Pan Pacific International Holdings Corp.		1,500		38,398
Raia Drogasil SA		101,100		491,154
Restaurant Brands International, Inc.		3,260		226,505
Ryohin Keikaku Co. Ltd.		94,800		1,785,158
Shanghai Pharmaceuticals Holding Co. Ltd. - Class H		39,800		54,908
Sugi Holdings Co. Ltd.		53,100		918,310
Sundrug Co. Ltd.		26,700		777,287
Swatch Group AG		184		38,548
Tsuruha Holdings, Inc.		32,600		1,972,954
USS Co. Ltd.		3,400		31,220
Wal-Mart de Mexico SAB de CV - ADR		720		23,040
WH Smith PLC		120,273		2,026,558
				12,964,022
Semiconductors — 8.3%
ASE Technology Holding Co. Ltd. - ADR		6,033		60,270
ASM International NV		3,435		2,338,819
ASML Holding NV		1,129		1,020,469
ASML Holding NV		3,197		2,883,163

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

10

AQUARIUS INTERNATIONAL FUND

Schedule of Investments (Continued)

as of AUGUST 31, 2024

	Shares		Value
Semiconductors — (Continued)
ASPEED Technology, Inc.		6,000	$	925,644
Gudeng Precision Industrial Co. Ltd.		17,000		290,909
Infineon Technologies AG		91,288		3,350,196
MediaTek, Inc.		10,000		388,168
Renesas Electronics Corp.		50,100		872,215
Samsung Electronics Co. Ltd.		270,845		15,042,277
SK Hynix, Inc.		10,465		1,371,352
SUMCO Corp.		34		393
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		59,034		10,136,138
Taiwan Semiconductor Manufacturing Co. Ltd.		298,122		8,826,013
Tokyo Electron Ltd.		1,200		215,976
Tokyo Electron Ltd. - ADR		1,572		140,898
United Microelectronics Corp. - ADR		36,418		319,386
				48,182,286
Shipbuilding — 0.1%
Samsung Heavy Industries Co. Ltd.(a)		71,867		566,550
Software — 0.5%
Dassault Systemes SE - ADR		2,450		95,477
Dassault Systemes SE		2,375		92,815
Kaspi.KZ JSC - ADR		11,825		1,548,247
NetEase, Inc. - ADR		2,660		213,970
Nexon Co. Ltd.		2,300		45,450
Open Text Corp.		1,156		36,784
SAP SE - ADR		3,821		839,512
TeamViewer SE - ADR(a)		4,442		30,428
				2,902,683
Telecommunications — 1.7%
America Movil SAB de CV - ADR		7,257		120,176
BCE, Inc.		5,373		188,055
Bharti Airtel Ltd.		42,056		797,027
Chunghwa Telecom Co. Ltd.		102,000		395,410
Chunghwa Telecom Co. Ltd. - ADR		4,171		161,209
Deutsche Telekom AG - ADR		5,690		161,767
Deutsche Telekom AG		1,461		41,570
Elisa OYJ		493		24,688
Hikari Tsushin, Inc.		200		42,240
KDDI Corp.		122,848		4,144,541
KT Corp.		61,210		1,773,838
Millicom International Cellular SA, SDR(a)		116		2,978
MTN Group Ltd.		23,254		115,831
Nice Ltd. - ADR(a)		288		50,037
Nippon Telegraph & Telephone Corp. - ADR		984		26,305

	Shares		Value
Telecommunications — (Continued)
Nippon Telegraph & Telephone Corp.		39,600	$	42,324
Orange SA		4,154		47,380
PLDT, Inc. - ADR		5,294		142,673
Rogers Communications, Inc. - Class B		3,057		123,961
Singapore Telecommunications Ltd.		60,600		145,333
SK Telecom Co. Ltd. - ADR		1		23
SoftBank Corp.		2,800		39,177
SoftBank Group Corp.		1,100		63,863
Swisscom AG		80		50,574
Tele2 AB - Class B		3,689		41,854
Telefonaktiebolaget LM Ericsson - Class B		6,504		48,521
Telefonica Brasil SA		53,600		494,159
Telefonica Brasil SA - ADR		40,977		379,037
Telefonica SA		9,725		43,997
Turkcell Iletisim Hizmetleri AS - ADR		15,018		105,877
				9,814,425
Toys/Games/Hobbies — 0.0%(d)
Bandai Namco Holdings, Inc.		2,400		51,560
Nintendo Co. Ltd. - ADR		5,760		78,336
Nintendo Co. Ltd.		700		38,069
				167,965
Transportation — 0.7%
Canadian National Railway Co.		3,433		404,476
Canadian Pacific Kansas City Ltd.		1,018		84,433
Deutsche Post AG - ADR		1,603		69,586
DSV AS		10,381		1,855,152
DSV AS - ADR		826		73,886
East Japan Railway Co.		1,500		28,758
Getlink SE		1,582		28,531
Hankyu Hanshin Holdings, Inc.		1,300		39,947
Keisei Electric Railway Co. Ltd.		25,400		803,583
Kintetsu Group Holdings Co. Ltd.		2,600		60,622
Kuehne + Nagel International AG		126		39,099
Mitsui OSK Lines Ltd.		9,000		324,679
ZTO Express Cayman, Inc. - ADR		1,795		38,485
				3,851,237
Water — 0.1%
Cia de Saneamento Basico do Estado de Sao Paulo SABESP		31,100		519,975
Cia de Saneamento Basico do Estado de Sao Paulo SABESP - ADR		4,592		77,100

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

11

AQUARIUS INTERNATIONAL FUND

Schedule of Investments (Concluded)

as of AUGUST 31, 2024

	Shares		Value
Water — (Continued)
Severn Trent PLC		1,062	$	35,956
				633,031
TOTAL COMMON STOCKS (Cost $422,800,174)				541,915,777
PREFERRED STOCKS — 0.0%(d)
Auto Manufacturers — 0.0%(d)
Porsche Auto SE		813		36,584
TOTAL PREFERRED STOCKS (Cost $33,156)				36,584
	Contracts
RIGHTS — 0.0%(d)
Private Equity — 0.0%(d)
Macquarie Korea Infrastructure Fund, Expires 10/08/2024, Exercise Price $11,570.00(a)(c)		4,925		1,733
TOTAL RIGHTS (Cost $783)				1,733
	Shares
SHORT-TERM INVESTMENTS — 6.0%
Money Market Funds — 6.0%
First American Treasury Obligations Fund - Class X, 5.18%(e)		35,103,660		35,103,660
TOTAL SHORT-TERM INVESTMENTS (Cost $35,103,660)				35,103,660
TOTAL INVESTMENTS — 99.2% (Cost $457,937,773)				577,057,754
Other Assets in Excess of Liabilities — 0.8%				4,376,548
TOTAL NET ASSETS — 100.0%			$	581,434,302

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

AG - Aktiengesellschaft

ASA - Advanced Subscription Agreement

GDR - Global Depositary Receipt

NV - Naamloze Vennootschap

PJSC - Public Joint Stock Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SA - Sociedad Anónima

SA/NV - Societe Anonime/Naamloze Vennootschap

SAB de CV - Sociedad Anónima Bursátil de Capital Variable

(a) Non-income producing security.

(b) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2024, the value of these securities total $7,208,721 or 1.2% of the Fund’s net assets.

(c) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $1,753 or 0.0% of net assets as of August 31, 2024.

(d) Represents less than 0.05% of net assets.

(e) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

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

12

AQUARIUS INTERNATIONAL FUND

STATEMENT of Assets and Liabilities

AUGUST 31, 2024

ASSETS
Investments, at value (cost $422,834,113)	$	541,954,094
Short-term investments, at value (cost $35,103,660)		35,103,660
Foreign currency, at value (Cost $267,759)		288,401
Receivables for:
Investments sold		3,664,484
Dividends and interest		1,932,781
Capital shares sold		204,940
Prepaid expenses and other assets		23,486
Total assets		583,171,846
LIABILITIES
Payables for:
Investments purchased		1,247,744
Capital shares redeemed		65,040
Sub-advisory fees		232,555
Other accrued expenses and liabilities		192,205
Total liabilities		1,737,544
Net assets	$	581,434,302
NET ASSETS CONSIST OF:
Par value	$	48,361
Paid-in capital		485,560,850
Total distributable earnings/(loss)		95,825,091
Net assets	$	581,434,302
CAPITAL SHARES:
Net Assets	$	581,434,302
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		48,361,223
Net asset value, offering and redemption price per share	$	12.02

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

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AQUARIUS INTERNATIONAL FUND

Statement of Operations

FOR THE year ENDED AUGUST 31, 2024

INVESTMENT INCOME
Dividends (net of foreign taxes withheld of $1,328,897)	$	11,460,968
Interest income		1,904,752
Total investment income		13,365,720
EXPENSES
Sub-advisory fees (Note 2)		2,436,424
Administration and accounting services fees (Note 2)		303,742
Custodian fees (Note 2)		233,752
Investment management fees (Note 2)		154,075
Transfer agent fees (Note 2)		67,320
Director fees		64,776
Legal fees		52,376
Officer fees		48,827
Audit fees		45,927
Registration and filing fees		30,460
Printing and shareholder reporting fees		8,985
Other expenses		44,091
Total expenses		3,490,755
Net investment income/(loss)		9,874,965
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net Realized Gain (Loss) on:
Investments		6,750,444
Foreign Currency Transactions		(670,707	)
Net Realized Gain (Loss)		6,079,737
Net Change in Unrealized Appreciation (Depreciation) on:
Investments		75,318,446
Foreign Currency Transactions		36,365
Net Change in Unrealized Appreciation (Depreciation)		75,354,811
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	91,309,513

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

14

AQUARIUS INTERNATIONAL FUND

Statements of Changes in Net Assets

	For the Year Ended August 31, 2024			For the Year Ended August 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS
Net investment income/(loss)	$	9,874,965		$	8,640,137
Net realized gain/(loss) from investments		6,079,737			(14,105,508	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency transactions		75,354,811			49,676,775
Net increase/(decrease) in net assets resulting from operations		91,309,513			44,211,404
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(10,001,068	)		(4,179,382	)
Net decrease in net assets from dividends and distributions to shareholders		(10,001,068	)		(4,179,382	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		78,989,579			88,275,263
Reinvestment of distributions		8,459,172			3,505,305
Shares redeemed		(38,919,822	)		(35,881,611	)
Net increase/(decrease) in net assets resulting from capital share transactions		48,528,929			55,898,957
Total increase/(decrease) in net assets		129,837,374			95,930,979
NET ASSETS:
Beginning of period		451,596,928			355,665,949
End of period	$	581,434,302		$	451,596,928
SHARE TRANSACTIONS:
Shares sold		7,264,867			8,971,636
Shares reinvested		826,091			366,281
Shares redeemed		(3,648,054	)		(3,684,160	)
Net increase/(decrease) in shares		4,442,904			5,653,757

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

15

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 Year Ended August 31, 2024			For the Year Ended August 31, 2023			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020
Per Share Operating Performance
Net asset value, beginning of period	$	10.28		$	9.29		$	11.97		$	9.93		$	9.27
Net investment income/(loss)(1)		0.21			0.21			0.16			0.12			0.12
Net realized and unrealized gain/(loss) from investments		1.76			0.89			(2.69	)		2.00			0.67
Net increase/(decrease) in net assets resulting from operations		1.97			1.10			(2.53	)		2.12			0.79
Dividends and distributions to shareholders from:
Net Investment Income		(0.23	)		(0.11	)		(0.15	)		(0.08	)		(0.13	)
Total dividends and distributions to shareholders		(0.23	)		(0.11	)		(0.15	)		(0.08	)		(0.13	)
Net asset value, end of period	$	12.02		$	10.28		$	9.29		$	11.97		$	9.93
Total investment return/(loss)(2)		19.53	%		11.89	%		(21.38	)%		21.46	%		8.61	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	581,434		$	451,597		$	355,666		$	382,824		$	278,956
Ratio of expenses to average net assets		0.69	%		0.70	%		0.73	%		0.75	%		0.75	%
Ratio of net investment income/(loss) to average net assets		1.97	%		2.16	%		1.48	%		1.08	%		1.24	%
Portfolio turnover rate		59	%		78	%		52	%		48	%		55	%

(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.

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

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AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS

AUGUST 31, 2024

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 an investment company 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 sixty-five 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 92.923 billion shares are currently classified into two hundred and thirty-six 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 August 31, 2024, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2024 (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 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).

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AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

AUGUST 31, 2024

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 current fiscal period, in valuing the Fund’s investments carried at fair value:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	128,311,959	$	413,603,798	$	20	$	541,915,777
Preferred Stocks		—		36,584		—		36,584
Rights		—		—		1,733		1,733
Money Market Funds		35,103,660		—		—		35,103,660
Total Investments	$	163,415,619	$	413,640,382	$	1,753	$	577,057,754

Refer to the Schedule of Investments for further disaggregation of investment categories.

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.

18

AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

AUGUST 31, 2024

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 (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.

19

AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

AUGUST 31, 2024

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.

INTERNATIONAL 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. Additionally, armed conflict between Israel and Hamas and other militant groups in the Middle East and related events could cause significant impacts on global markets. The price and liquidity of investments may fluctuate widely as a result of these conflicts and related events. How long the armed conflicts 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, Boston Partners Global Investors, Inc., Driehaus Capital Management, LLC, and Mawer Investment Management, Ltd. each served as an investment sub-adviser (“Sub-Adviser”) to the Fund during the current fiscal period.

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 0.90%, payable on a monthly basis in arrears.

20

AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS (CONTINUED)

AUGUST 31, 2024

During the current fiscal period, collectively, sub-advisory fees accrued were $2,436,424, or the rate of 0.48%.

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 Fund paid the Adviser $154,075. This amount is included in Investment management fees on the Statement of Operations.

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
$318,415,918	$272,279,226

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 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.

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AQUARIUS INTERNATIONAL FUND

NOTES TO FINANCIAL STATEMENTS (CONCLUDED)

AUGUST 31, 2024

As of August 31, 2024, 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)
$463,617,192	$130,695,652	$(16,940,503)	$113,755,149

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, 2024, primarily attributed to foreign currency. There were no permanent differences between distributable earnings/(loss) and paid in capital.

As of August 31, 2024, 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
$8,210,212	$—	$(26,140,270)	$113,755,149	$—

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, 2024 and August 31, 2023 was as follows:

	ORDINARY INCOME		LONG-TERM GAINS		TOTAL
2024	$	10,001,068	$	—	$	10,001,068
2023	$	4,179,382	$	—	$	4,179,382

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, 2024, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2024.

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, 2024, the Fund had short-term capital loss carryforwards of $20,488,017 and long-term carryforwards of $5,652,253. During the fiscal year, the Fund utilized $5,127,646 of carryforward capital losses.

6. 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.

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AQUARIUS INTERNATIONAL FUND

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors of The RBB Fund, Inc. and Shareholders of Aquarius International Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Aquarius International Fund (one of the funds constituting The RBB Fund, Inc., hereafter referred to as the “Fund”) as of August 31, 2024, the related statement of operations for the year ended August 31, 2024, the statement of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes, and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended August 31, 2024 and the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania
October 29, 2024

We have served as the auditor of one or more Altair Advisers, LLC investment companies since 2015.

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AQUARIUS INTERNATIONAL FUND

SHAREHOLDER TAX INFORMATION

Certain tax information regarding the Fund is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable period ended August 31, 2024. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ending December 31, 2024. During the fiscal year ended August 31, 2024, the following dividends and distributions were paid by the Fund:

Ordinary Income	Long-Term Gains
$10,001,068	$—

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Under the Jobs and Growth Tax relief Reconciliation Act of 2003 the following percentages of ordinary dividends paid during the fiscal year ended August 31, 2024 are designated as “qualified dividend income,” as defined in the Act, and are subject to reduced tax rates:

Aquarius International Fund 90.32%

The percentage of total ordinary income dividends paid qualifying for the corporate dividends received deduction for the Fund is as follows:

Aquarius International Fund 0%

The percentage of ordinary income distributions designated as qualified short-term gains pursuant to the American Job Creation Act of 2004 is as follows:

Aquarius International Fund 0%

Because the Fund’s fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2024. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2025.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Fund, if any. The Fund passed through foreign tax credits of $1,314,021 and earned $12,642,809 of gross foreign source income during the fiscal year.

In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.

24

AQUARIUS INTERNATIONAL FUND

Other Information

APPROVAL OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS

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 (1) the renewal of the investment advisory agreement between Altair and the Company (the “Investment Advisory Agreement”) on behalf of the Fund, and (2) the renewal of the sub-advisory agreements among Altair, the Company and each of Aperio Group, LLC, Boston Partners Global Investors, Inc., Driehaus Capital Management, LLC, and Mawer Investment Management, Ltd. (collectively, the “Sub-Advisers”) (together, the “Sub-Advisory Agreements”), at a meeting of the Board held on May 15-16, 2024 (the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement and the Sub-Advisory Agreements for an additional one-year term ending August 16, 2025. The Board’s decision to approve the Investment Advisory Agreement and the Sub-Advisory Agreements reflects the exercise of its business judgment to continue the existing arrangements. In approving the Investment Advisory Agreement and the Sub-Advisory Agreements, the Board considered information provided by Altair and each of the Sub-Advisers with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the renewal and approval of the Investment Advisory Agreement between the Company and Altair with respect to the Fund, and the Sub-Advisory Agreements among the Company, Altair and each of the Sub-Advisers with respect to the Fund, the Directors took into account all 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 Altair and discussed the aforementioned Agreements with counsel in executive sessions, at which no representatives of Altair or the Sub-Advisers were present. Among other things, the Directors considered (i) the nature, extent, and quality of services provided to the Fund by Altair and each Sub-Adviser; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) Altair’s and the Sub-Advisers’ investment philosophies and processes; (iv) Altair’s and the Sub-Advisers’ assets under management and client descriptions; (v) Altair’s and the Sub-Advisers’ soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) Altair’s and the Sub-Advisers’ advisory fee arrangements and other similarly managed clients, as applicable; (vii) Altair’s and the Sub-Advisers’ compliance procedures; (viii) Altair’s and the Sub-Advisers’ financial information and insurance coverage, as applicable; (ix) the extent to which economies of scale are relevant to the Fund; (x) a report prepared by Fuse Research Network, LLC comparing the Fund’s management fees and total expense ratios to a group of mutual funds deemed comparable to the Fund based primarily on investment strategy similarity (“Peer Group”) and comparing the performance of the Fund to the performance of its Peer Group; and (xi) a report comparing the performance of the Fund to the performance of its benchmark.

As part of their review, the Directors considered the nature, extent and quality of the services provided by Altair and each Sub-Adviser. The Directors concluded that Altair and each Sub-Adviser had substantial resources to provide services to the Fund, and that Altair’s and the Sub-Advisers’ services had been acceptable.

The Directors also considered the investment performance of the Fund, noting that the Fund had underperformed its benchmark, the MSCI ACWI ex USA Gross Index, for the three-month, one-year, three-year, five-year, and since-inception periods ended December 31, 2023. The Directors considered the Fund’s investment performance in light of its investment objective and investment strategies. The Board noted that the Fund’s total return outperformed the median of its Peer Group for the one-year, three-year and since-inception periods ended December 31, 2023, and underperformed the median of its Peer Group for the three-month and five-year periods ended December 31, 2023.

The Board also considered the advisory fee rate payable by the Fund under the Investment Advisory Agreement and Sub-Advisory Agreements. In this regard, information on the fees paid by the Fund and the Fund’s total operating expense ratios were compared to similar information for mutual funds advised by other, unaffiliated investment advisory firms. The Directors noted that both the Fund’s net advisory fee and total net expenses were below the median and in the 1st quartile (least expensive) of its Peer Group. The Directors considered that the Fund does not pay a contractual

25

AQUARIUS INTERNATIONAL FUND

Other Information (CONCLUDED)

management fee to Altair, but instead reimburses for out-of-pocket expenses in connection with its compliance monitoring of the Fund’s trading, up to 0.03% of the Fund’s average daily net assets. The Directors also considered the fees payable to each Sub-Adviser under the Sub-Advisory Agreement.

After reviewing the information regarding Altair’s and the Sub-Advisers’ costs, profitability and economies of scale, and after considering the services to be provided by Altair and the Sub-Advisers, the Directors concluded that the reimbursement to be made by the Fund to Altair and the sub-advisory fees to be paid to each Sub-Adviser were fair and reasonable and that the Investment Advisory Agreement and Sub-Advisory Agreements should be approved and continued for an additional one-year period ending August 16, 2025.

26

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
3 Canal Plaza, Suite 100
Portland, ME 04101

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

BOSTON PARTNERS INVESTMENT FUNDS

Table of Contents

Schedules of Investments	1
Statements of Assets and Liabilities	55
Statements of Operations	61
Statements of Changes in Net Assets	64
Financial Highlights	70
Notes to Financial Statements	76
Report of Independent Registered Public Accounting Firm	89
Shareholder Tax Information	91
Other Information	93

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS ALL-CAP VALUE FUND	Schedule of Investments

	Shares		Value
COMMON STOCKS — 98.8%
Communication Services — 4.9%
Alphabet, Inc. - Class A		223,756	$	36,557,255
Electronic Arts, Inc.		17,788		2,700,574
Interpublic Group of Cos., Inc. (a)		191,779		6,253,913
Match Group, Inc. (b)		187,684		6,983,722
Omnicom Group, Inc. (a)		65,735		6,601,766
Take-Two Interactive Software, Inc. (b)		84,705		13,697,646
				72,794,876
Consumer Discretionary — 7.2%
AutoZone, Inc. (b)		4,460		14,189,401
Booking Holdings, Inc.		7,033		27,493,615
Harley-Davidson, Inc. (a)		330,369		12,369,015
LKQ Corp.		180,500		7,506,995
NVR, Inc. (b)		3,144		28,838,214
Tempur Sealy International, Inc. (a)		180,717		9,474,992
Wyndham Hotels & Resorts, Inc.		101,025		7,950,668
				107,822,900
Consumer Staples — 3.4%
Coca-Cola Europacific Partners PLC		59,516		4,790,443
J M Smucker Co.		70,107		8,039,871
Kenvue, Inc.		376,813		8,271,045
Keurig Dr Pepper, Inc.		325,764		11,926,220
Philip Morris International, Inc.		145,469		17,934,873
				50,962,452
Energy — 4.3%
BP PLC - ADR		117,224		3,980,927
Canadian Natural Resources Ltd.		223,888		8,106,984
Chord Energy Corp.		59,616		8,848,803
ConocoPhillips		58,192		6,621,668
Exxon Mobil Corp. (a)		60,588		7,145,749
Halliburton Co.		238,698		7,421,121
Phillips 66		42,094		5,906,209
Schlumberger Ltd.		218,701		9,620,657
Shell PLC - ADR		83,247		5,965,480
				63,617,598
Financials — 25.4%
Aflac, Inc. (a)		84,647		9,341,643
Allstate Corp.		50,019		9,450,590
American International Group, Inc.		316,389		24,377,773
Aon PLC - Class A		22,426		7,708,265
Bank of America Corp.		625,590		25,492,793
Charles Schwab Corp.		101,654		6,617,675
Chubb Ltd.		73,518		20,892,345
Citigroup, Inc.		234,196		14,670,037
Corpay, Inc. (b)		94,262		29,744,374
Discover Financial Services		101,333		14,055,900
Fidelity National Information Services, Inc.		120,701		9,951,797
First American Financial Corp.		180,086		11,489,487
Global Payments, Inc.		108,367		12,029,821
Goldman Sachs Group, Inc.		39,199		20,001,290
JPMorgan Chase & Co.		148,671		33,421,241
Loews Corp.		179,070		14,672,996
Markel Group, Inc. (b)		11,429		18,294,172
Renaissance Holdings Ltd.		71,498		18,216,975
Shift4 Payments, Inc. - Class A (a)(b)		99,104		8,235,542
Synchrony Financial		139,539		7,013,230
Travelers Cos., Inc.		56,348		12,851,288
Visa, Inc. - Class A		75,044		20,739,910
Financials — (continued)
Wells Fargo & Co.		228,851		13,380,918
White Mountains Insurance Group Ltd.		8,661		15,972,963
				378,623,025
Health Care — 20.0%
AbbVie, Inc.		153,728		30,178,344
Amgen, Inc.		57,430		19,171,857
AMN Healthcare Services, Inc. (a)(b)		190,288		10,090,973
Avantor, Inc. (a)(b)		491,740		12,706,561
Bristol-Myers Squibb Co.		467,215		23,337,389
Cencora, Inc.		64,678		15,494,908
Centene Corp. (b)		171,090		13,487,025
Cigna Group		25,470		9,215,301
Elevance Health, Inc.		39,298		21,884,663
Humana, Inc.		27,783		9,848,240
Johnson & Johnson		185,938		30,839,677
McKesson Corp.		24,101		13,522,589
Medtronic PLC		194,155		17,198,250
Merck & Co., Inc.		168,592		19,969,722
Sanofi SA - ADR		409,731		23,051,466
UnitedHealth Group, Inc.		37,666		22,230,473
Zimmer Biomet Holdings, Inc.		51,313		5,924,599
				298,152,037
Industrials — 14.2%
Acuity Brands, Inc.		44,666		11,376,430
Advanced Drainage Systems, Inc.		31,248		4,898,437
Allegion PLC		110,943		15,403,326
Allison Transmission Holdings, Inc.		110,299		10,230,232
AMETEK, Inc.		46,210		7,904,221
Beacon Roofing Supply, Inc. (b)		102,556		9,291,574
Curtiss-Wright Corp.		28,842		9,110,034
EnerSys		36,902		3,739,280
Equifax, Inc.		30,796		9,458,375
Expeditors International of Washington, Inc.		109,570		13,522,034
Huron Consulting Group, Inc. (b)		81,888		9,043,711
Landstar System, Inc.		56,435		10,302,774
Leidos Holdings, Inc.		53,477		8,476,639
Masco Corp.		91,674		7,293,583
Middleby Corp. (b)		60,545		8,513,838
Resideo Technologies, Inc. (b)		132,010		2,661,322
Robert Half, Inc. (a)		115,987		7,268,905
Science Applications International Corp.		108,020		14,106,332
Sensata Technologies Holding PLC		238,057		9,177,097
SS&C Technologies Holdings, Inc.		177,727		13,345,520
Textron, Inc.		108,821		9,924,475
Westinghouse Air Brake Technologies Corp.		102,648		17,406,021
				212,454,160
Information Technology — 16.5%
Analog Devices, Inc.		73,573		17,277,883
Applied Materials, Inc.		45,139		8,904,119
Arrow Electronics, Inc. (b)		69,846		9,434,798
CDW Corp.		34,042		7,681,237
Check Point Software Technologies Ltd. (b)		151,409		29,146,233
Cisco Systems, Inc.		328,857		16,620,433
Cognizant Technology Solutions Corp. - Class A		196,119		15,252,175
Dell Technologies, Inc. - Class C		122,340		14,135,164

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

Financial Statements 2024 | 1

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS ALL-CAP VALUE FUND	Schedule of Investments (continued)

	Shares		Value
Information Technology — (continued)
Flex Ltd. (b)		415,372	$	13,495,436
Gen Digital, Inc.		133,875		3,542,332
Hewlett Packard Enterprise Co.		234,678		4,545,713
Jabil, Inc.		83,169		9,088,708
KLA Corp.		13,063		10,704,214
Lam Research Corp.		9,970		8,185,470
Microchip Technology, Inc.		281,902		23,161,068
Nice Ltd. - ADR (a)(b)		35,170		6,110,436
Oracle Corp.		209,196		29,557,303
QUALCOMM, Inc.		76,434		13,398,880
TE Connectivity Ltd.		38,372		5,893,939
				246,135,541
Materials — 2.9%
Corteva, Inc.		145,667		8,346,719
CRH PLC		319,472		28,998,474
FMC Corp.		105,783		6,831,466
				44,176,659
TOTAL COMMON STOCKS (Cost $836,775,877)				1,474,739,248

	Units
SHORT-TERM INVESTMENTS — 5.1%
Investments Purchased with Proceeds from Securities Lending — 5.1%
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% (c)		75,809,274	$	75,809,274
TOTAL SHORT-TERM INVESTMENTS (Cost $75,809,274)				75,809,274
TOTAL INVESTMENTS — 103.9% (Cost $912,585,151)				1,550,548,522
Liabilities in Excess of Other Assets — (3.9)%				(57,584,292	)
TOTAL NET ASSETS — 100.0%			$	1,492,964,230

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR American Depositary Receipt

PLC Public Limited Company

SA Sociedad Anónima

(a) All or a portion of this security is on loan as of August 31, 2024. The total market value of these securities was $74,254,911 which represented 5.0% of net assets.

(b) Non-income producing security.

(c) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

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

Financial Statements 2024 | 2

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS ALL-CAP VALUE FUND	Schedule of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of August 31, 2024 is as follows (see Notes to Schedule of Investments):

	LEVEL 1		LEVEL 2		LEVEL 3		Total
Investments:
Common Stocks	$	1,474,739,248	$	—	$	—	$	1,474,739,248
Investments Purchased with Proceeds from Securities Lending(a)		—		—		—		75,809,274
Total Investments	$	1,474,739,248	$	—	$	—	$	1,550,548,522

Refer to the Schedule of Investments for further disaggregation of investment categories.

(a) 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. These investments can be classified as Investments Purchased with Proceeds from Securities Lending and their fair value totals to $75,809,274. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

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

Financial Statements 2024 | 3

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Schedule of Investments

	Shares		Value
COMMON STOCKS — 61.9%
Austria — 0.8%
Erste Group Bank AG		9,025	$	493,982
Brazil — 6.4%
BRF SA (a)		152,900		701,838
Eletromidia SA		151,278		475,902
Embraer SA (a)		65,300		537,258
Itau Unibanco Holding SA - ADR (b)		135,135		881,080
Lojas Renner SA		117,400		359,535
Marfrig Global Foods SA (a)		80,500		206,394
Minerva SA		97,400		129,442
TIM SA		177,500		561,227
				3,852,676
Chile — 0.3%
Cencosud SA		98,645		199,726
China — 22.2%
Angel Yeast Co., Ltd. - Class A (b)		104,400		459,576
Chengxin Lithium Group Co., Ltd. - Class A (b)		102,300		172,758
China Merchants Expressway Network & Technology Holdings Co., Ltd. - Class A (b)		251,500		427,197
Chongqing Baiya Sanitary Products Co., Ltd. - Class A (b)		100,400		319,238
Contemporary Amperex Technology Co., Ltd. - Class A (b)		5,200		134,773
COSCO SHIPPING Holdings Co., Ltd. - Class A (b)		550,600		971,938
GDS Holdings Ltd. - ADR (a)(b)		44,985		766,095
Ginlong Technologies Co., Ltd. - Class A (b)		44,000		369,112
Gree Electric Appliances, Inc. of Zhuhai - Class A (b)		26,100		145,905
Hangzhou Chang Chuan Technology Co., Ltd. - Class A (b)		71,300		307,306
Hangzhou Great Star Industrial Co., Ltd. - Class A (b)		179,400		675,001
Hoymiles Power Electronics, Inc. - Class A (b)		40,264		750,188
JD.com, Inc. - ADR (b)		53,545		1,445,715
Jiangsu Jiejie Microelectronics Co., Ltd. - Class A (b)		240,800		637,686
Luxi Chemical Group Co., Ltd. - Class A (b)		485,800		735,817
Ningbo Deye Technology Co., Ltd. - Class A (b)		26,900		343,260
Quectel Wireless Solutions Co., Ltd. - Class A (b)		39,900		245,803
Shengyi Technology Co., Ltd. - Class A (b)		108,300		269,822
Shenzhen Topband Co., Ltd. - Class A (b)		318,600		442,398
Sunwoda Electronic Co., Ltd. - Class A (b)		182,200		430,624
Tianqi Lithium Corp. - Class A (b)		46,200		171,057
Will Semiconductor Co., Ltd. - Class A (b)		14,400		183,643
Wuxi NCE Power Co., Ltd. - Class A (b)		304,800		1,281,233
Yunnan Yuntianhua Co., Ltd. - Class A (b)		269,600		784,321
Zhejiang NHU Co., Ltd. - Class A (b)		201,200		548,041
Zhejiang Taihua New Material Group Co., Ltd. - Class A (b)		217,500		321,199
				13,339,706
Cyprus — 0.0%(c)
Fix Price Group PLC - GDR (d)		21,704		0
Greece — 1.1%
Hellenic Telecommunications Organization SA		41,633		675,005
Hungary — 0.3%
Richter Gedeon Nyrt		5,515		167,066
India — 5.5%
Adani Wilmar Ltd. (a)		104,859		452,513
Bajaj Auto Ltd.		1,590		206,439
Bandhan Bank Ltd. (e)		314,077		750,895
Chambal Fertilisers and Chemicals Ltd.		60,279		373,958
Natco Pharma Ltd.		38,713		711,126
UPL Ltd.		47,317		337,411
Zydus Lifesciences Ltd.		32,423		436,168
				3,268,510
Indonesia — 0.3%
Kalbe Farma Tbk PT		1,439,700		153,705
Mexico — 6.5%
America Movil SAB de CV (a)		1,828,500		1,511,506
Fibra Uno Administracion SAB de CV		475,500		560,626
Gruma SAB de CV - Class B		9,325		171,621
Grupo Comercial Chedraui SAB de CV		24,000		182,587
Kimberly-Clark de Mexico SAB de CV - Class A		451,000		740,360
Prologis Property Mexico SAB de CV		237,000		753,206
				3,919,906
South Africa — 1.8%
Life Healthcare Group Holdings Ltd.		94,465		76,139
Mr Price Group Ltd.		27,208		369,920
Sasol Ltd.		19,242		147,750
Vodacom Group Ltd.		78,822		487,102
				1,080,911
South Korea — 6.0%
Amorepacific Corp.		4,099		380,808
Chunbo Co., Ltd. (a)		2,918		131,150
CJ ENM Co., Ltd. (a)		3,113		169,336
GS Engineering & Construction Corp. (a)		12,089		185,913
Hana Financial Group, Inc.		3,196		148,374
Hansol Chemical Co., Ltd.		3,024		327,244
HD Hyundai Co., Ltd.		3,031		183,734
Hyundai Rotem Co., Ltd.		5,257		212,641
KCC Corp.		202		43,376
KEPCO Plant Service & Engineering Co., Ltd.		4,839		150,828
Kumho Petrochemical Co., Ltd.		11,164		1,144,880
LG H&H Co., Ltd.		746		198,070
Samsung E&A Co., Ltd. (a)		17,414		331,569
				3,607,923
Taiwan — 6.0%
Evergreen Marine Corp. Taiwan Ltd.		92,000		541,102
Goldsun Building Materials Co., Ltd.		518,000		887,428

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

Financial Statements 2024 | 4

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Schedule of Investments (continued)

	Shares		Value
Taiwan — (continued)
Nien Made Enterprise Co., Ltd.		15,000	$	219,526
Taiwan Semiconductor Manufacturing Co., Ltd.		40,000		1,184,215
Walsin Technology Corp.		44,000		152,647
Yang Ming Marine Transport Corp.		301,000		607,526
				3,592,444
Thailand — 3.0%
Com7 PCL - NVDR		700,500		507,028
Kasikornbank PCL - NVDR		209,500		885,062
Thai Beverage PCL		968,800		393,848
				1,785,938
United Arab Emirates — 0.4%
Abu Dhabi Islamic Bank PJSC		68,251		234,512
United Kingdom — 1.0%
Hikma Pharmaceuticals PLC		13,515		353,260
Pepco Group NV (a)		50,296		235,107
				588,367
United States — 0.3%
Diodes, Inc. (a)		2,551		177,779
TOTAL COMMON STOCKS (Cost $34,546,700)				37,138,156
PREFERRED STOCKS — 0.3%
South Korea — 0.3%
Samsung Electronics Co., Ltd.		3,440		154,564
TOTAL PREFERRED STOCKS (Cost $56,872)				154,564
	UNITS
SHORT-TERM INVESTMENTS — 17.6%
Money Market Funds — 17.6%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio - Class Institutional, 5.15% (b)(f)		2,641,656		2,641,656
Federated Hermes U.S. Treasury Cash Reserves - Class Institutional, 5.11% (b)(f)		2,641,656		2,641,656
Fidelity Treasury Portfolio - Class I, 5.16% (b)(f)		2,641,656		2,641,656
Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Class Institutional, 5.12% (b)(f)		2,641,656		2,641,656
TOTAL SHORT-TERM INVESTMENTS (Cost $10,566,624)				10,566,624
TOTAL INVESTMENTS — 79.8% (Cost $45,170,196)				47,859,344
Other Assets in Excess of Liabilities — 20.2%				12,108,261
TOTAL NET ASSETS — 100.0%			$	59,967,605

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

AG Aktiengesellschaft

GDR Global Depositary Receipt

NV Naamloze Vennootschap

NVDR Non-Voting Depositary Receipt

PJSC Public Joint Stock Company

PLC Public Limited Company

SA Sociedad Anónima

SAB de CV Sociedad Anónima Bursátil de Capital Variable

(a) Non-income producing security.

(b) Security position is either entirely or partially held in a segregated account as collateral for securities sold short.

(c) Represents less than 0.05% of net assets.

(d) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as valuation designee. These securities represented $0 or 0.0% of net assets as of August 31, 2024.

(e) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2024, the value of these securities total $750,895 or 1.3% of the Fund’s net assets.

(f) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

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

Financial Statements 2024 | 5

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Schedule of Investments (continued)

Schedule Of Securities Sold Short	Shares			Value
COMMON STOCKS — (2.1)%
Greece — (1.0)%
Metlen Energy & Metals SA		(16,000	)	$	(600,829	)
India — (0.7)%
HDFC Bank Ltd. - ADR		(7,317	)		(447,142	)
South Korea — (0.4)%
Hyundai Motor Co. - GDR		(3,189	)		(213,934	)
TOTAL COMMON STOCKS (Proceeds $1,208,836)					(1,261,905	)
TOTAL SECURITIES SOLD SHORT — (2.1)% (Proceeds $1,208,836)				$	(1,261,905	)

Percentages are stated as a percent of net assets.

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

Financial Statements 2024 | 6

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Schedule of Investments (continued)

Contracts For Difference held by the Fund at August 31, 2024, are as follows:

Reference Entity

Counterparty

Pay/ Receive Reference Entity

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)

AAC Technologies Holdings, Inc.

Morgan Stanley

Receive

1 mo. HIBOR HKD + 0.50% = 5.12%

Termination

07/30/2027

HKD

2,635,425

$

41,336

Alibaba Group Holding Ltd.

Goldman Sachs

Receive

1 mo. HIBOR HKD + 0.50% = 5.04%

Termination

08/02/2027

HKD

18,350,685

114,153

Alpek SAB de CV

Morgan Stanley

Receive

EFFR + 0.65% = 5.98%

Termination

12/02/2025

44,490

(10,523

)

Alpek SAB de CV

Morgan Stanley

Receive

EFFR + 0.65% = 5.88%

Termination

11/23/2026

260,112

(74,847

)

Atacadao SA

J.P. Morgan Securities, Inc.

Receive

OBFR + 0.60% = 5.92%

Termination

05/10/2027

703,493

(183,076

)

Chervon Holdings Ltd.

Goldman Sachs

Receive

1 mo. HIBOR HKD + 0.50% = 5.06%

Termination

01/19/2027

HKD

2,557,250

(46,020

)

CJ ENM Co. Ltd.

Morgan Stanley

Receive

EFFR + 0.63% = 5.96%

Termination

04/26/2027

359,563

(12,116

)

Coca-Cola Femsa SAB de CV

Goldman Sachs

Receive

EFFR + 0.40% = 5.73%

Termination

08/06/2027

356,756

(5,334

)

Controladora Vuela Cia de Aviacion SAB de CV

J.P. Morgan Securities, Inc.

Receive

EFFR + 0.60% = 5.93%

Termination

06/07/2027

211,914

(59,453

)

DBS Group Holdings Ltd.

Goldman Sachs

Receive

SORA + 1.00% = 4.06%

Termination

12/08/2025

SGD

170,023

25,778

Detsky Mir PJSC

Goldman Sachs

Receive

1 mo. LIBOR US + 0.85% = 0.16%

Monthly

09/18/2025

0

(178,548

)

Ecopro BM Co. Ltd.

J.P. Morgan Securities, Inc.

Receive

OBFR + 0.50% = 5.82%

Termination

10/19/2026

79,246

(5,115

)

Geely Automobile Holdings Ltd.

Goldman Sachs

Receive

1 mo. HIBOR HKD + 0.50% = 4.42%

Termination

08/30/2027

HKD

3,007,620

11,693

Genius Electronic Optical Co. Ltd.

Morgan Stanley

Receive

EFFR + 0.65% = 5.98%

Termination

12/10/2025

282,588

67,134

Genomma Lab Internacional SAB de CV

J.P. Morgan Securities, Inc.

Receive

OBFR + 0.60% = 5.92%

Termination

08/06/2027

148,590

1,075

Giant Manufacturing Co. Ltd.

Morgan Stanley

Receive

EFFR + 0.65% = 5.98%

Termination

08/02/2027

261,488

23,096

Greentown China Holdings Ltd.

Goldman Sachs

Receive

1 mo. HIBOR HKD + 0.50% = 5.07%

Termination

12/14/2026

HKD

3,043,650

(74,672

)

Grupo Bimbo SAB de CV

Morgan Stanley

Receive

EFFR + 0.65% = 5.98%

Termination

08/02/2027

438,386

2,640

HD Korea Shipbuilding & Offshore Engineering Co. Ltd.

Morgan Stanley

Receive

EFFR + 0.63% = 5.96%

Termination

07/30/2027

196,006

6,779

HeadHunter Group PLC

Morgan Stanley

Receive

EFFR + 0.55% = 5.88%

Monthly

09/23/2026

0

(116,107

)

Hypera SA

J.P. Morgan Securities, Inc.

Receive

OBFR + 0.60% = 5.92%

Termination

08/09/2027

460,945

(7,761

)

Hyundai Glovis Co. Ltd.

Goldman Sachs

Receive

EFFR + 0.65% = 5.98%

Termination

07/12/2027

295,123

(17,218

)

ICL Group Ltd.

Goldman Sachs

Receive

TELBOR01 INDEX + 0.70% = 5.20%

Termination

08/25/2027

ILS

931,692

15,208

JBS S/A

Morgan Stanley

Receive

EFFR + 0.63% = 5.96%

Termination

07/26/2027

343,829

56,390

Kangwon Land, Inc.

Morgan Stanley

Receive

EFFR + 0.63% = 5.96%

Termination

05/03/2027

528,591

28,204

KCC Corp.

Morgan Stanley

Receive

EFFR + 0.63% = 5.96%

Termination

07/30/2027

137,904

(17,692

)

Korea Zinc Co. Ltd.

Morgan Stanley

Receive

EFFR + 0.63% = 5.96%

Termination

05/31/2027

497,814

41,969

Korean Air Lines Co. Ltd.

Morgan Stanley

Receive

EFFR + 0.63% = 5.96%

Termination

07/29/2027

497,419

35,460

Krafton, Inc.

Goldman Sachs

Receive

EFFR + 0.65% = 5.98%

Termination

08/02/2027

583,819

41,880

KT Corp.

Morgan Stanley

Receive

EFFR + 0.63% = 5.96%

Termination

08/09/2027

478,913

28,601

Kumho Petrochemical Co. Ltd.

Goldman Sachs

Receive

EFFR + 0.65% = 5.98%

Termination

07/30/2027

146,856

(7,375

)

Largan Precision Co. Ltd.

Goldman Sachs

Receive

EFFR + 0.65% = 5.98%

Termination

08/02/2027

390,122

48,778

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

Financial Statements 2024 | 7

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Schedule of Investments (continued)

Reference Entity

Counterparty

Pay/ Receive Reference Entity

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)

LG Electronics, Inc.

Goldman Sachs

Receive

EFFR + 0.65% = 5.98%

Termination

07/30/2027

$

475,626

$

(21,714

)

LG Energy Solution Ltd.

Goldman Sachs

Receive

EFFR + 0.65% = 5.98%

Termination

10/19/2026

232,361

37,061

LG Innotek Co. Ltd.

Goldman Sachs

Receive

EFFR + 0.65% = 5.98%

Termination

07/26/2027

331,515

16,123

Lojas Renner SA

Morgan Stanley

Receive

EFFR + 0.63% = 5.96%

Termination

04/30/2027

325,236

(5,951

)

Magazine Luiza SA

Morgan Stanley

Receive

EFFR + 0.63% = 5.96%

Termination

04/30/2027

255,482

(80,508

)

Millicom International Cellular SA

Goldman Sachs

Receive

STIB1D INDEX + 1.00% = 4.75%

Termination

08/23/2027

SEK

1,452,549

(2,016

)

Millicom International Cellular SA

Morgan Stanley

Receive

STIB1D INDEX + 0.40% = 4.15%

Termination

06/11/2027

SEK

3,409,269

(1,551

)

Mosaic Co.

Goldman Sachs

Receive

EFFR + 0.40% = 5.84%

Termination

11/10/2026

181,391

(35,618

)

Rede D’Or Sao Luiz SA

J.P. Morgan Securities, Inc.

Receive

OBFR + 0.60% = 5.92%

Termination

06/14/2027

752,109

75,817

Samsung Electro-Mechanics Co. Ltd.

Morgan Stanley

Receive

EFFR + 0.63% = 5.96%

Termination

07/01/2027

746,150

(78,336

)

Samsung Electronics Co. Ltd.

Goldman Sachs

Receive

SONIA + 0.40% = 6.29%

Termination

03/30/2026

613,431

19,070

Samsung Electronics Co. Ltd.

Morgan Stanley

Receive

EFFR + 0.63% = 5.96%

Termination

04/29/2027

464,109

(26,419

)

Samsung Securities Co. Ltd.

Morgan Stanley

Receive

EFFR + 0.63% = 5.96%

Termination

08/02/2027

335,421

27,167

Sberbank of Russia PJSC

Goldman Sachs

Receive

EFFR + 0.96% = 6.29%

Monthly

09/16/2025

0

(1,057

)

Silergy Corp.

Goldman Sachs

Receive

EFFR + 0.65% = 5.98%

Termination

08/02/2027

1,208,596

84,279

Sino Biopharmaceutical Ltd.

Morgan Stanley

Receive

1 mo. HIBOR HKD + 0.50% = 4.83%

Termination

08/06/2027

HKD

2,739,040

46,143

SK Telecom Co. Ltd.

Goldman Sachs

Receive

EFFR + 0.65% = 5.98%

Termination

08/02/2027

1,234,578

31,519

SOOP Co. Ltd.

Morgan Stanley

Receive

EFFR + 0.63% = 5.96%

Termination

08/02/2027

226,114

(2,117

)

STO Express Co. Ltd.

HSBC Bank

Receive

SOFR + 0.85% = 6.25%

Termination

07/05/2027

354,715

38,008

Sunny Optical Technology Group Co. Ltd.

Goldman Sachs

Receive

1 mo. HIBOR HKD + 0.50% = 5.12%

Termination

07/30/2027

HKD

2,463,300

11,190

Techtronic Industries Co. Ltd.

Goldman Sachs

Receive

1 mo. HIBOR HKD + 0.50% = 5.06%

Termination

01/19/2027

HKD

7,987,600

182,912

Tencent Holdings Ltd.

Goldman Sachs

Receive

1 mo. HIBOR HKD + 0.50% = 4.58%

Termination

08/23/2027

HKD

14,057,600

22,098

Teva Pharmaceutical Industries Ltd.

Morgan Stanley

Receive

EFFR + 0.40% = 5.73%

Termination

09/23/2026

698,624

73,637

Teva Pharmaceutical Industries Ltd.

Morgan Stanley

Receive

EFFR + 0.40% = 5.88%

Termination

10/19/2026

168,226

44,177

WH Group Ltd.

Goldman Sachs

Receive

1 mo. HIBOR HKD + 0.50% = 5.12%

Termination

07/30/2027

HKD

7,276,080

58,938

Zhen Ding Technology Holding Ltd.

Goldman Sachs

Receive

EFFR + 0.76% = 6.09%

Termination

08/02/2027

309,206

493

Zhen Ding Technology Holding Ltd.

Morgan Stanley

Receive

EFFR + 0.85% = 6.18%

Termination

08/02/2027

144,014

11

Accton Technology Corp.

Goldman Sachs

Pay

EFFR + (1.25)% = 2.83%

Termination

03/19/2027

(476,399

)

(62,465

)

Acer, Inc.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = 2.15%

Termination

11/16/2026

(289,934

)

(71,891

)

Adient PLC

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

08/13/2027

(257,823

)

(22,456

)

Adient PLC

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(246,943

)

(10,637

)

Advantech Co. Ltd.

Goldman Sachs

Pay

EFFR + (1.25)% = 4.08%

Termination

10/13/2026

(54,548

)

(926

)

Advantech Co. Ltd.

Morgan Stanley

Pay

EFFR + (1.25)% = 3.71%

Termination

11/09/2026

(98,187

)

(1,642

)

Aerospace Industrial Development Corp.

Goldman Sachs

Pay

EFFR + (1.25)% = 4.08%

Termination

08/23/2027

(229,472

)

(4,833

)

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

Financial Statements 2024 | 8

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Schedule of Investments (continued)

Reference Entity

Counterparty

Pay/ Receive Reference Entity

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)

Aerospace Industrial Development Corp.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = (2.17)%

Termination

02/22/2027

$

(68,221

)

$

(1,844

)

Airports of Thailand PCL

Goldman Sachs

Pay

EFFR + (0.65)% = 4.68%

Termination

08/16/2027

(541,625

)

(38,983

)

Airtac International Group

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = 4.72%

Termination

08/09/2027

(351,516

)

(49,025

)

AKR Corporindo Tbk PT

Bank of America Securities, Inc.

Pay

EFFR + (3.00)% = 2.33%

Termination

02/22/2027

(45,222

)

2,456

AKR Corporindo Tbk PT

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = 2.92%

Termination

04/05/2027

(119,474

)

13,070

AKR Corporindo Tbk PT

Morgan Stanley

Pay

EFFR + (0.75)% = 4.58%

Termination

08/12/2027

(9,818

)

(651

)

Al Hammadi Co. for Development and Investment

J.P. Morgan Securities, Inc.

Pay

EFFR + (0.35)% = 4.98%

Termination

08/23/2027

(175,424

)

2,461

AMATA CORP

Morgan Stanley

Pay

EFFR + (1.55)% = 3.78%

Termination

08/26/2027

(157,432

)

(14,246

)

Amorepacific Corp.

Goldman Sachs

Pay

EFFR + (0.37)% = 4.83%

Termination

12/08/2025

(381,716

)

23,400

Antofagasta PLC

Goldman Sachs

Pay

0.00%

Termination

09/03/2027

GBP

(157,251

)

0

Arcos Dorados Holdings, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

08/16/2027

(428,516

)

46,313

Arcos Dorados Holdings, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(59,136

)

262

ASMedia Technology, Inc.

Goldman Sachs

Pay

EFFR + (1.25)% = 4.08%

Termination

08/23/2027

(110,660

)

(5,298

)

ASMedia Technology, Inc.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = (5.05)%

Termination

08/09/2027

(387,309

)

(77,399

)

ASMedia Technology, Inc.

Morgan Stanley

Pay

EFFR + (12.75)% = (19.69)%

Termination

08/27/2027

(442,638

)

(39,598

)

Axis Bank Ltd.

Morgan Stanley

Pay

EFFR + (0.25)% = 4.83%

Termination

02/16/2027

(513,578

)

(2,638

)

Bid Corp. Ltd.

Morgan Stanley

Pay

South Africa Rand Overnight Deposit Rate + (0.75)% = 7.32%

Termination

08/06/2027

ZAR

(5,572,031

)

(1,840

)

Bora Pharmaceuticals Co. Ltd.

Goldman Sachs

Pay

EFFR + (1.25)% = (1.17)%

Termination

07/23/2027

(327,352

)

30,651

Budimex SA

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(294,481

)

(366

)

Budweiser Brewing Co. APAC Ltd.

Goldman Sachs

Pay

HONIA + (0.50)% = 2.99%

Termination

02/22/2027

HKD

(4,070,528

)

178,071

Budweiser Brewing Co. APAC Ltd.

Morgan Stanley

Pay

HONIA + (0.50)% = 3.34%

Termination

05/10/2027

HKD

(262,528

)

7,859

Camtek Ltd.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

02/16/2026

(83,829

)

(32,397

)

Camtek Ltd.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

04/14/2026

(194,510

)

(13,764

)

Cemex SAB de CV

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

08/05/2027

(309,927

)

(4,745

)

Central Retail Corp. PCL

HSBC Bank

Pay

SOFR + (0.80)% = 2.55%

Termination

02/22/2027

(202,303

)

18,329

Chenbro Micom Co. Ltd.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = (7.67)%

Termination

08/09/2027

(274,304

)

(34,250

)

China Coal Energy Co. Ltd.

Goldman Sachs

Pay

HONIA + (0.50)% = 2.99%

Termination

07/28/2026

HKD

(1,780,120

)

(98,460

)

China Motor Corp.

Morgan Stanley

Pay

EFFR + (1.25)% = 4.08%

Termination

08/12/2027

(221,413

)

6,250

China Shenhua Energy Co. Ltd.

Goldman Sachs

Pay

HONIA + (0.50)% = 3.39%

Termination

07/28/2026

HKD

(1,718,700

)

(78,124

)

Chunbo Co. Ltd.

Goldman Sachs

Pay

EFFR + (0.37)% = 1.08%

Termination

12/12/2025

(29,411

)

90,032

Chunbo Co. Ltd.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.50)% = (2.94)%

Termination

08/07/2026

(19,563

)

38,641

Chunbo Co. Ltd.

Morgan Stanley

Pay

EFFR + (0.62)% = 0.33%

Termination

12/08/2025

(81,652

)

251,841

Cie Financiere Richemont SA

Morgan Stanley

Pay

SARON + 0.35% = 1.56%

Termination

08/12/2027

CHF

(222,593

)

(12,011

)

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

Financial Statements 2024 | 9

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Schedule of Investments (continued)

Reference Entity

Counterparty

Pay/ Receive Reference Entity

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)

Compal Electronics, Inc.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = 4.20%

Termination

11/13/2026

$

(412,016

)

$

(38,366

)

Corp. Inmobiliaria Vesta SAB de CV

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.75)% = 4.57%

Termination

08/09/2027

(225,028

)

11,481

COSCO SHIPPING Energy Transportation Co. Ltd.

HSBC Bank

Pay

1 mo. HIBOR HKD + (0.35)% = 4.03%

Termination

04/02/2027

HKD

(3,650,820

)

(41,127

)

Cowell e Holdings, Inc.

Goldman Sachs

Pay

HONIA + (0.50)% = (4.67)%

Termination

04/09/2027

HKD

(2,386,800

)

(83,934

)

Cowell e Holdings, Inc.

Morgan Stanley

Pay

HONIA + (0.50)% = 3.30%

Termination

08/27/2027

HKD

(1,147,500

)

714

CSPC Innovation Pharmaceutical Co. Ltd.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.30)% = (8.28)%

Termination

04/02/2027

(167,842

)

38,124

CSPC Innovation Pharmaceutical Co. Ltd.

Morgan Stanley

Pay

EFFR + (15.65)% = (10.32)%

Termination

05/13/2027

(29,752

)

10,619

Dino Polska SA

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

05/10/2027

(455,125

)

51,079

EcoPro BM Co. Ltd.

Goldman Sachs

Pay

EFFR + (0.37)% = 0.33%

Termination

05/04/2026

(212,792

)

94,476

EcoPro Co. Ltd.

Goldman Sachs

Pay

EFFR + (0.37)% = (4.67)%

Termination

11/09/2026

(80,419

)

38,957

Elan Microelectronics Corp.

Goldman Sachs

Pay

EFFR + (1.25)% = 1.83%

Termination

02/22/2027

(900,656

)

(28,715

)

Elan Microelectronics Corp.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = 4.72%

Termination

05/10/2027

(45,952

)

2,944

Elite Material Co. Ltd.

Goldman Sachs

Pay

EFFR + (1.25)% = 0.33%

Termination

02/22/2027

(58,143

)

8,767

Elite Material Co. Ltd.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = 0.31%

Termination

11/13/2026

(116,286

)

(16,187

)

Ennoconn Corp.

Goldman Sachs

Pay

EFFR + (1.25)% = 4.08%

Termination

09/03/2027

(238,501

)

0

Estun Automation Co. Ltd.

Bank of America Securities, Inc.

Pay

EFFR + (0.90)% = 4.44%

Termination

09/06/2027

(5,122

)

0

Estun Automation Co. Ltd.

HSBC Bank

Pay

SOFR + (0.85)% = 2.33%

Termination

09/02/2027

(28,945

)

(1,024

)

Estun Automation Co. Ltd.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.30)% = 5.02%

Termination

08/16/2027

(17,470

)

1,044

Estun Automation Co. Ltd.

Morgan Stanley

Pay

OBFR + (0.30)% = 5.02%

Termination

08/16/2027

(83,066

)

966

Faraday Technology Corp.

Goldman Sachs

Pay

EFFR + (1.25)% = (5.67)%

Termination

12/08/2025

(38,012

)

(3,605

)

Faraday Technology Corp.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = 4.72%

Termination

08/06/2027

(123,539

)

(8,709

)

Faraday Technology Corp.

Morgan Stanley

Pay

EFFR + (1.25)% = (0.67)%

Termination

05/06/2027

(186,809

)

(13,844

)

Fortune Electric Co. Ltd.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = (6.54)%

Termination

08/12/2027

(166,802

)

(19,263

)

Fortune Electric Co. Ltd.

Morgan Stanley

Pay

EFFR + (1.25)% = 4.08%

Termination

08/27/2027

(104,251

)

(637

)

Fositek Corp.

Morgan Stanley

Pay

EFFR + (34.75)% = (29.42)%

Termination

05/06/2027

(550,860

)

(53,885

)

Gamuda Bhd

HSBC Bank

Pay

SOFR + (0.85)% = 2.33%

Termination

05/06/2027

(196,067

)

(70,725

)

GCC SAB de CV

Morgan Stanley

Pay

EFFR + (0.50)% = 4.83%

Termination

12/02/2025

(174,812

)

22,653

GCC SAB de CV

Morgan Stanley

Pay

EFFR + (0.50)% = 4.78%

Termination

02/09/2027

(118,688

)

67,303

Global Unichip Corp.

Goldman Sachs

Pay

EFFR + (1.25)% = (1.92)%

Termination

11/13/2026

(139,419

)

26,998

Global Unichip Corp.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = (2.31)%

Termination

05/10/2027

(34,855

)

4,959

Great Tree Pharmacy Co. Ltd.

Goldman Sachs

Pay

EFFR + (1.25)% = (0.17)%

Termination

10/19/2026

(210,642

)

100,562

Great Tree Pharmacy Co. Ltd.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = 1.56%

Termination

11/10/2026

(175,531

)

86,769

Grupo Aeroportuario del Pacifico SAB de CV

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

04/14/2026

(204,154

)

(22,938

)

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

Financial Statements 2024 | 10

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Schedule of Investments (continued)

Reference Entity

Counterparty

Pay/ Receive Reference Entity

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)

Grupo Aeroportuario del Pacifico SAB de CV

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

12/14/2026

$

(130,950

)

$

(23,838

)

Grupo Aeroportuario del Sureste SAB de CV

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(405,163

)

6,391

Guanghui Energy Co. Ltd.

Bank of America Securities, Inc.

Pay

EFFR + (25.00)% = (19.67)%

Termination

09/14/2026

(229,464

)

(41,606

)

Guanghui Energy Co. Ltd.

Goldman Sachs

Pay

EFFR + (17.25)% = (11.92)%

Termination

09/11/2026

(90,221

)

(6,150

)

Hansol Chemical Co. Ltd.

Goldman Sachs

Pay

EFFR + (0.37)% = 4.83%

Termination

12/12/2025

(103,844

)

52,451

Hansol Chemical Co. Ltd.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.50)% = 4.31%

Termination

08/07/2026

(45,877

)

21,437

Hansol Chemical Co. Ltd.

Morgan Stanley

Pay

EFFR + (0.62)% = 4.78%

Termination

12/08/2025

(176,708

)

93,501

Hanwha Solutions Corp.

Goldman Sachs

Pay

EFFR + (0.37)% = 4.83%

Termination

11/09/2026

(151,360

)

37,454

Hanwha Solutions Corp.

Morgan Stanley

Pay

EFFR + (0.62)% = 4.58%

Termination

10/20/2026

(81,175

)

21,040

Home Product Center PCL

Morgan Stanley

Pay

EFFR + (1.55)% = 4.08%

Termination

08/13/2027

(481,579

)

(45,886

)

Huizhou Desay Sv Automotive Co. Ltd.

Bank of America Securities, Inc.

Pay

EFFR + (0.90)% = 4.43%

Termination

08/13/2027

(29,590

)

(1,972

)

Huizhou Desay Sv Automotive Co. Ltd.

J.P. Morgan Securities, Inc.

Pay

OBFR + (17.25)% = (12.06)%

Termination

08/16/2027

(156,954

)

(7,172

)

Hyundai Motor Co.

Goldman Sachs

Pay

EFFR + (0.37)% = 4.83%

Termination

04/14/2026

(1,721

)

(416

)

Hyundai Motor Co.

Morgan Stanley

Pay

EFFR + (0.62)% = 4.78%

Termination

12/08/2025

(201,210

)

(76,004

)

Jiangsu Pacific Quartz Co. Ltd.

Bank of America Securities, Inc.

Pay

EFFR + (0.90)% = (5.08)%

Termination

04/05/2027

(98,509

)

115,824

Jiangsu Pacific Quartz Co. Ltd.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.30)% = 5.02%

Termination

05/13/2027

(8,295

)

6,638

Jiumaojiu International Holdings Ltd.

Goldman Sachs

Pay

HONIA + (0.50)% = 2.89%

Termination

10/19/2026

HKD

(121,730

)

34,217

Jiumaojiu International Holdings Ltd.

J.P. Morgan Securities, Inc.

Pay

HONIA + (0.40)% = 2.43%

Termination

11/10/2026

HKD

(549,080

)

173,059

Jiumaojiu International Holdings Ltd.

Morgan Stanley

Pay

HONIA + (0.50)% = 3.30%

Termination

07/30/2027

HKD

(1,326,080

)

9,334

JUMBO SA

Morgan Stanley

Pay

EONIA + (0.40)% = 3.26%

Termination

08/16/2027

EUR

(403,168

)

335

Kakao Games Corp.

Goldman Sachs

Pay

EFFR + (0.37)% = (4.17)%

Termination

10/19/2026

(216,557

)

62,489

Kia Corp.

Morgan Stanley

Pay

EFFR + (0.62)% = 5.28%

Termination

12/08/2025

(129,622

)

(48,430

)

King Slide Works Co. Ltd.

Goldman Sachs

Pay

EFFR + (1.25)% = (7.92)%

Termination

08/09/2027

(355,892

)

(61,297

)

Kum Yang Co. Ltd.

Goldman Sachs

Pay

EFFR + (18.50)% = (13.17)%

Termination

11/09/2026

(61,625

)

49,092

Land & Houses PCL

Morgan Stanley

Pay

EFFR + (28.88)% = (23.55)%

Termination

08/26/2027

(155,753

)

(8,734

)

Lasertec Corp.

Goldman Sachs

Pay

TONA + (0.45)% = (0.22)%

Termination

08/06/2027

JPY

(30,888,000

)

(34,057

)

Lasertec Corp.

HSBC Bank

Pay

TONA + (0.43)% = (0.40)%

Termination

08/07/2026

JPY

(14,040,000

)

(24,353

)

Lattice Semiconductor Corp.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/20/2027

(459,203

)

15,646

Leejam Sports Co. JSC

Morgan Stanley

Pay

EFFR + (0.25)% = 0.39%

Termination

11/12/2026

(347,384

)

(47,629

)

Leejam Sports Co. JSC

Morgan Stanley

Pay

EFFR + (0.25)% = 0.39%

Termination

03/01/2027

(110,951

)

(2,684

)

Legend Biotech Corp.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

12/07/2026

(118,841

)

(22,787

)

LG Energy Solution Ltd.

Goldman Sachs

Pay

EFFR + (0.37)% = 4.83%

Termination

10/19/2026

(358,708

)

71,937

LG H&H Co. Ltd.

Goldman Sachs

Pay

EFFR + (0.37)% = 4.83%

Termination

12/08/2025

(197,969

)

159,884

Localiza Rent a Car SA

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = 4.72%

Termination

05/15/2026

(27,752

)

9,401

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

Financial Statements 2024 | 11

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Schedule of Investments (continued)

Reference Entity

Counterparty

Pay/ Receive Reference Entity

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)

Localiza Rent a Car SA

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = 5.06%

Termination

05/18/2026

$

(370,699

)

$

266,694

Localiza Rent a Car SA

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = 4.72%

Termination

08/18/2026

(4,009

)

(774

)

Localiza Rent a Car SA

J.P. Morgan Securities, Inc.

Pay

EFFR + (0.27)% = 5.04%

Termination

11/29/2030

(1,329

)

(1,354

)

Lotus Pharmaceutical Co. Ltd.

Goldman Sachs

Pay

EFFR + (1.25)% = 4.08%

Termination

08/23/2027

(197,374

)

(6,568

)

Lotus Pharmaceutical Co., Ltd.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = 0.06%

Termination

11/10/2026

(260,175

)

(34,364

)

Lumi Rental Co.

Morgan Stanley

Pay

EFFR + (0.25)% = (3.48)%

Termination

11/13/2026

(395,907

)

52,574

MediaTek, Inc.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = 4.72%

Termination

08/09/2027

(736,480

)

(79,120

)

Melco Resorts & Entertainment Ltd.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(82,555

)

8,342

Melco Resorts & Entertainment Ltd.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

04/05/2027

(321,413

)

58,240

MGI Tech Co. Ltd.

Bank of America Securities, Inc.

Pay

EFFR + (25.00)% = (19.67)%

Termination

04/09/2027

(122,045

)

30,582

MGI Tech Co. Ltd.

HSBC Bank

Pay

SOFR + (0.85)% = 4.46%

Termination

05/10/2027

(2,260

)

977

MGI Tech Co. Ltd.

J.P. Morgan Securities, Inc.

Pay

OBFR + (18.95)% = (12.52)%

Termination

04/23/2027

(23,731

)

5,351

MGI Tech Co. Ltd.

Morgan Stanley

Pay

EFFR + (30.00)% = (24.67)%

Termination

05/13/2027

(32,302

)

12,345

Middle East Healthcare Co.

Morgan Stanley

Pay

EFFR + (0.25)% = (0.92)%

Termination

05/13/2027

(187,080

)

38,211

Mitra Adiperkasa Tbk PT

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = (0.44)%

Termination

04/05/2027

(259,224

)

(14,971

)

Mitra Adiperkasa Tbk PT

Morgan Stanley

Pay

EFFR + (0.75)% = 1.28%

Termination

02/23/2027

(55,757

)

1,163

Mobileye Global, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(225,053

)

12,731

Nanya Technology Corp.

Morgan Stanley

Pay

EFFR + (1.25)% = 4.08%

Termination

08/16/2027

(408,553

)

811

New Oriental Education & Technology Group, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

08/13/2027

(257,232

)

38,149

New Oriental Education & Technology Group, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(112,754

)

14,133

Nongfu Spring Co. Ltd.

Goldman Sachs

Pay

HONIA + (0.50)% = 3.30%

Termination

08/12/2027

HKD

(1,743,760

)

145

Nova Ltd.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

10/19/2026

(330,854

)

(110,587

)

Novatek Microelectronics Corp.

Goldman Sachs

Pay

EFFR + (1.25)% = (0.67)%

Termination

11/13/2026

(573,929

)

(57,042

)

Novatek Microelectronics Corp.

Morgan Stanley

Pay

EFFR + (1.25)% = 4.08%

Termination

08/06/2027

(118,162

)

(6,816

)

Nuvoton Technology Corp.

Goldman Sachs

Pay

EFFR + (1.25)% = (1.17)%

Termination

02/22/2027

(144,833

)

59,940

Nuvoton Technology Corp.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = (1.69)%

Termination

05/10/2027

(367,652

)

(19,196

)

Nuvoton Technology Corp.

Morgan Stanley

Pay

EFFR + (1.25)% = (1.42)%

Termination

08/02/2027

(259,028

)

37,233

Ozon Holdings PLC

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Monthly

09/16/2025

0

314,150

Pegavision Corp.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = (3.81)%

Termination

08/09/2027

(354,361

)

(43,024

)

Perfect World Co. Ltd.

Morgan Stanley

Pay

EFFR + (0.62)% = (8.02)%

Termination

08/13/2027

(226,557

)

2,552

Phison Electronics Corp.

Goldman Sachs

Pay

EFFR + (1.25)% = 4.08%

Termination

08/09/2027

(349,234

)

(46,947

)

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

Financial Statements 2024 | 12

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Schedule of Investments (continued)

Reference Entity

Counterparty

Pay/ Receive Reference Entity

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)

Pingdingshan Tianan Coal Mining Co. Ltd.

Goldman Sachs

Pay

EFFR + (0.90)% = (5.92)%

Termination

10/16/2026

$

(61,075

)

$

(7,585

)

Pingdingshan Tianan Coal Mining Co. Ltd.

Morgan Stanley

Pay

EFFR + (0.62)% = (0.62)%

Termination

07/31/2026

(63,673

)

(18,448

)

POSCO Future M Co. Ltd.

Bank of America Securities, Inc.

Pay

EFFR + (0.40)% = (4.67)%

Termination

11/09/2026

(147,405

)

28,222

POSCO Future M Co. Ltd.

Goldman Sachs

Pay

EFFR + (0.37)% = 2.08%

Termination

10/19/2026

(92,329

)

51,983

Raia Drogasil SA

Goldman Sachs

Pay

EFFR + (35.45)% = (30.12)%

Termination

03/18/2027

(430,428

)

29,631

Reliance Industries Ltd.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

08/09/2027

(499,989

)

(4,503

)

Remegen Co. Ltd.

Goldman Sachs

Pay

HONIA + (16.00)% = (12.50)%

Termination

04/19/2027

HKD

(784,980

)

107,623

Rohm Co. Ltd.

Goldman Sachs

Pay

TONA + (0.45)% = (0.37)%

Termination

06/04/2027

JPY

(37,595,000

)

25,617

Samsonite International SA

Goldman Sachs

Pay

HONIA + (0.50)% = 3.30%

Termination

08/09/2027

HKD

(1,720,128

)

17,889

Samsonite International SA

Morgan Stanley

Pay

HONIA + (0.50)% = 3.30%

Termination

08/02/2027

HKD

(2,291,520

)

13,814

Santos Brasil Participacoes SA

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = 4.72%

Termination

08/09/2027

(333,225

)

12,544

Santos Brasil Participacoes SA

Morgan Stanley

Pay

EFFR + (0.62)% = 4.71%

Termination

08/23/2027

(161,004

)

17,962

Sercomm Corp.

Bank of America Securities, Inc.

Pay

EFFR + (0.40)% = 4.93%

Termination

09/02/2027

(240,497

)

(4,820

)

Sercomm Corp.

Goldman Sachs

Pay

EFFR + (1.25)% = 4.08%

Termination

08/23/2027

(243,982

)

(7,059

)

Sercomm Corp.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = 4.72%

Termination

08/09/2027

(268,381

)

(28,656

)

Shanxi Coking Coal Energy Group Co., Ltd.

Goldman Sachs

Pay

EFFR + (0.90)% = (8.42)%

Termination

09/11/2026

(252,408

)

266

Shanxi Coking Coal Energy Group Co., Ltd.

Morgan Stanley

Pay

EFFR + (0.62)% = (7.32)%

Termination

09/14/2026

(66,085

)

(1,282

)

Shenzhen Inovance Technology Co. Ltd.

Morgan Stanley

Pay

EFFR + (0.62)% = 4.71%

Termination

08/30/2027

(129,505

)

(11,858

)

Shenzhen Inovance Technology Co., Ltd.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.30)% = (0.13)%

Termination

11/10/2026

(532,682

)

216,695

SLC Agricola SA

Goldman Sachs

Pay

EFFR + (0.75)% = 4.58%

Termination

02/09/2027

(227,319

)

54,771

Sonoscape Medical Corp.

J.P. Morgan Securities, Inc.

Pay

OBFR + (20.35)% = (15.02)%

Termination

04/09/2027

(23,744

)

2,562

Sonoscape Medical Corp.

Morgan Stanley

Pay

EFFR + (30.00)% = (24.67)%

Termination

12/02/2025

(128,648

)

771

Sonoscape Medical Corp. - A

J.P. Morgan Securities, Inc.

Pay

EFFR + (30.00)% = (24.67)%

Termination

04/12/2027

(100,587

)

17,412

Sonoscape Medical Corp. - A

Morgan Stanley

Pay

EFFR + (30.00)% = (24.67)%

Termination

04/12/2027

(44,034

)

1,430

StarPower Semiconductor Ltd.

Bank of America Securities, Inc.

Pay

EFFR + (25.00)% = (13.42)%

Termination

08/06/2027

(49,808

)

7,176

StarPower Semiconductor Ltd.

Goldman Sachs

Pay

EFFR + (25.00)% = (13.42)%

Termination

08/06/2027

(138,597

)

19,799

Sumber Alfaria Trijaya Tbk PT

HSBC Bank

Pay

SOFR + (0.85)% = 1.83%

Termination

03/15/2027

(130,317

)

(6,103

)

Sumber Alfaria Trijaya Tbk PT

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = 4.73%

Termination

02/22/2027

(412,586

)

(20,221

)

Taiwan Semiconductor Co. Ltd.

Goldman Sachs

Pay

EFFR + (1.25)% = 1.58%

Termination

05/10/2027

(36,968

)

1,007

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

Financial Statements 2024 | 13

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Schedule of Investments (continued)

Reference Entity

Counterparty

Pay/ Receive Reference Entity

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)

Taiwan Semiconductor Co. Ltd.

Morgan Stanley

Pay

EFFR + (1.25)% = (0.17)%

Termination

05/06/2027

$

(104,742

)

$

4,263

Tokyo Electron Ltd.

Goldman Sachs

Pay

TONA + (0.45)% = (0.46)%

Termination

05/11/2026

JPY

(12,902,500

)

(36,382

)

Tong Yang Industry Co. Ltd.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = 4.72%

Termination

08/09/2027

(470,656

)

(36,431

)

Tsingtao Brewery Co. Ltd.

Goldman Sachs

Pay

HONIA + (0.50)% = 3.35%

Termination

04/09/2027

HKD

(1,717,600

)

22,842

Unigroup Guoxin Microelectronics Co. Ltd.

Bank of America Securities, Inc.

Pay

EFFR + (0.90)% = (5.46)%

Termination

05/10/2027

(89,986

)

16,265

Unigroup Guoxin Microelectronics Co. Ltd.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.30)% = (5.67)%

Termination

11/16/2026

(116,848

)

59,581

Unilever Indonesia Tbk PT

Bank of America Securities, Inc.

Pay

EFFR + (5.00)% = 0.33%

Termination

08/31/2026

(375,068

)

93,301

Unilever Indonesia Tbk PT

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = 3.08%

Termination

03/15/2027

(107,001

)

16,142

Unilever Indonesia Tbk PT

Morgan Stanley

Pay

EFFR + (0.75)% = 4.58%

Termination

05/17/2027

(35,486

)

3,518

United Electronics Co.

Goldman Sachs

Pay

EFFR + (0.35)% = 4.98%

Termination

08/12/2027

(295,842

)

(5,387

)

United International Transportation Co.

Goldman Sachs

Pay

EFFR + (0.35)% = 4.33%

Termination

11/09/2026

(274,605

)

(22,749

)

United International Transportation Co.

Morgan Stanley

Pay

EFFR + (0.25)% = 3.83%

Termination

12/17/2026

(158,618

)

(29,264

)

United Microelectronics Corp.

Goldman Sachs

Pay

EFFR + (1.25)% = 4.08%

Termination

05/06/2027

(126,649

)

(19,330

)

VK Co. Ltd.

Morgan Stanley

Pay

EFFR + (6.50)% = (1.17)%

Monthly

09/23/2026

0

140,169

Wafer Works Corp.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = 1.31%

Termination

11/10/2026

(71,421

)

13,421

Wal-Mart de Mexico SAB de CV

Morgan Stanley

Pay

EFFR + (0.50)% = 4.78%

Termination

02/16/2027

(259,705

)

82,577

WHA Corp. PCL

Morgan Stanley

Pay

EFFR + (21.38)% = (16.05)%

Termination

08/26/2027

(247,375

)

(12,381

)

Wipro Ltd.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

05/03/2027

(181,512

)

(26,960

)

Wistron NeWeb Corp.

Morgan Stanley

Pay

EFFR + (1.25)% = 1.58%

Termination

12/10/2025

(240,263

)

(2,739

)

Wistron NeWeb Corp.

Morgan Stanley

Pay

EFFR + (1.25)% = 1.58%

Termination

05/06/2027

(404,251

)

67,974

Wizz Air Holdings PLC

Goldman Sachs

Pay

SONIA + (0.40)% = 4.55%

Termination

08/12/2027

GBP

(334,167

)

2,870

Woolworths Holdings Ltd.

Goldman Sachs

Pay

South Africa Rand Overnight Deposit Rate + (0.75)% = 7.32%

Termination

08/16/2027

ZAR

(5,705,210

)

(18,958

)

Yadea Group Holdings Ltd.

Goldman Sachs

Pay

HONIA + (0.50)% = 3.30%

Termination

08/12/2027

HKD

(1,474,000

)

(15,926

)

Yankuang Energy Group Co. Ltd.

Goldman Sachs

Pay

EFFR + (0.90)% = (4.67)%

Termination

10/16/2026

(168,500

)

5,185

Yankuang Energy Group Co. Ltd.

HSBC Bank

Pay

1 mo. HIBOR HKD + (0.35)% = 3.83%

Termination

04/13/2026

HKD

(1,447,160

)

(51,108

)

Yulon Motor Co. Ltd.

Bank of America Securities, Inc.

Pay

EFFR + (0.40)% = 2.43%

Termination

02/22/2027

(69,850

)

20,533

Yulon Motor Co. Ltd.

Goldman Sachs

Pay

EFFR + (1.25)% = 1.83%

Termination

02/01/2027

(134,589

)

39,577

Yulon Motor Co. Ltd.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.60)% = 4.72%

Termination

05/10/2027

(44,295

)

13,956

Yulon Motor Co. Ltd.

Morgan Stanley

Pay

EFFR + (1.25)% = 1.83%

Termination

12/14/2026

(253,845

)

111,127

Zhejiang Sanhua Intelligent Controls Co. Ltd.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.30)% = 2.09%

Termination

05/10/2027

(73,634

)

19,331

Zhejiang Sanhua Intelligent Controls Co. Ltd.

Morgan Stanley

Pay

EFFR + (0.62)% = (5.92)%

Termination

03/29/2027

(439,114

)

94,433

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

Financial Statements 2024 | 14

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Schedule of Investments (continued)

Reference Entity

Counterparty

Pay/ Receive Reference Entity

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)

Zhejiang Shuanghuan Driveline Co. Ltd.

Goldman Sachs

Pay

EFFR + (17.50)% = (12.17)%

Termination

04/02/2027

$

(416,252

)

$

24,682

Zhejiang Shuanghuan Driveline Co. Ltd.

J.P. Morgan Securities, Inc.

Pay

OBFR + (0.30)% = (3.42)%

Termination

05/10/2027

(97,628

)

12,342

Total Unrealized Appreciation (Depreciation)

$

2,606,064

There are no upfront payments or receipts associated with contracts for difference in the Fund as of August 31, 2024.

Notional Amount is in USD unless otherwise indicated.

OBFR - Overnight Bank Funding Rate

EFFR - Effective Federal Funds Rate

EONIA - European Overnight Index Average

HIBOR - Hong Kong Inter-Bank Offered Rate

HONIA - Hong Kong Overnight Index Average

LIBOR - London Inter-Bank Offered Rate

SARON - Swiss Average Rate Overnight

SOFR - Secured Overnight Financing Rate

SONIA - Sterling Overnight Index Average

SORA - Singapore Overnight Rate Average

STIB - Stockholm Interbank

TELBOR - Tel Aviv Interbank Offer Rate

TONA - Tokyo Overnight Average Rate

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

Financial Statements 2024 | 15

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS EMERGING MARKETS DYNAMIC EQUITY FUND	Schedule of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of August 31, 2024 is as follows (see Notes to Schedule of Investments):

	LEVEL 1			LEVEL 2			LEVEL 3			Total
Assets:
Investments
Common Stocks	$	11,790,436		$	25,347,720		$	—	(a)	$	37,138,156
Preferred Stocks		—			154,564			—			154,564
Money Market Funds		10,566,624			—			—			10,566,624
Total Investments	$	22,357,060		$	25,502,284		$	—	(a)	$	47,859,344
Other Financial Instruments*:
Contracts For Difference		5,549,936			—	(a)		472,648			6,022,584
Total Other Financial Instruments	$	5,549,936		$	—	(a)	$	472,648		$	6,022,584
Liabilities:
Investments:
Common Stocks		(661,076	)		(600,829	)		—			(1,261,905	)
Total Investments	$	(661,076	)	$	(600,829	)	$	—		$	(1,261,905	)
Other Financial Instruments*:
Contracts For Difference		(3,120,808	)		—			(295,712	)		(3,416,520	)
Total Other Financial Instruments	$	(3,120,808	)	$	—		$	(295,712	)	$	(3,416,520	)

* The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of August 31, 2024.

Refer to the Schedule of Investments for further disaggregation of investment categories.

(a) Amount is less than $0.50.

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

Financial Statements 2024 | 16

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS GLOBAL EQUITY FUND	Schedule of Investments

	Shares		Value
COMMON STOCKS — 95.4%
Bermuda — 3.2%
Everest Group Ltd.		8,334	$	3,268,928
Hiscox Ltd.		99,764		1,542,108
RenaissanceRe Holdings Ltd.		12,313		3,137,229
				7,948,265
Canada — 0.9%
Cenovus Energy, Inc.		59,352		1,100,587
Teck Resources Ltd. - Class B		22,145		1,060,746
				2,161,333
Finland — 1.5%
Fortum Oyj		79,762		1,271,808
Nordea Bank Abp		210,952		2,491,120
				3,762,928
France — 12.8%
Airbus Group SE		19,817		3,044,178
Alten SA		9,872		1,107,847
BNP Paribas SA		42,798		2,960,235
Capgemini SE		14,075		2,915,828
Cie de Saint-Gobain SA		39,398		3,442,829
Cie Generale des Etablissements Michelin SCA		30,279		1,188,887
Eiffage SA		25,005		2,624,655
Rexel SA		130,518		3,293,266
Sanofi SA		27,752		3,114,832
Sodexo SA		9,152		814,388
SPIE SA		52,025		2,100,199
TotalEnergies SE		47,907		3,295,610
Vallourec SACA (a)		85,529		1,366,795
				31,269,549
Germany — 7.7%
Brenntag SE		13,865		1,031,047
Commerzbank AG		234,309		3,474,048
Daimler Truck Holding AG		24,835		954,720
Deutsche Telekom AG		122,385		3,482,222
Evonik Industries AG		61,120		1,356,227
Infineon Technologies AG		49,152		1,803,839
Rheinmetall AG		3,524		2,117,044
Siemens AG		23,931		4,501,552
				18,720,699
Greece — 0.5%
Hellenic Telecommunications Organization SA		72,312		1,172,410
Ireland — 4.2%
AIB Group PLC		378,002		2,276,289
CRH PLC		67,098		5,989,768
Ryanair Holdings PLC - ADR (b)		18,600		2,073,156
				10,339,213
Italy — 1.0%
Enel SpA		306,966		2,333,157
Japan — 7.3%
Asahi Group Holdings Ltd.		85,600		3,195,077
Fuji Electric Co., Ltd.		20,900		1,261,540
Kansai Paint Co., Ltd.		122,900		2,200,323
Mitsubishi Chemical Group Corp.		206,900		1,209,169
Mitsubishi UFJ Financial Group, Inc.		107,900		1,138,369
Renesas Electronics Corp.		96,700		1,683,497
Sony Group Corp.		38,600		3,759,415
Sugi Holdings Co., Ltd.		66,300		1,146,590
Sumitomo Mitsui Financial Group, Inc.		22,000		1,451,851
Suzuki Motor Corp.		74,800		879,469
				17,925,300
Netherlands — 3.9%
Aalberts NV		37,894		1,481,374
Heineken NV		17,022		1,535,795
ING Groep NV		210,119		3,820,412
Koninklijke Ahold NV		37,917		1,301,832
Stellantis NV		79,479		1,334,069
				9,473,482
Singapore — 1.3%
United Overseas Bank Ltd.		133,300		3,204,399
South Korea — 3.6%
Hana Financial Group, Inc.		27,015		1,254,166
KB Financial Group, Inc.		20,837		1,343,674
KT Corp.		66,721		1,933,544
Samsung Electronics Co., Ltd.		75,002		4,165,485
				8,696,869
Spain — 0.7%
Bankinter SA		193,001		1,704,400
Sweden — 1.2%
Loomis AB		40,309		1,371,915
Svenska Handelsbanken AB - Class A		161,817		1,669,314
				3,041,229
Switzerland — 1.9%
Glencore PLC		289,670		1,528,315
Sandoz Group AG		72,459		3,169,269
				4,697,584
United Kingdom — 17.2%
Barratt Developments PLC		306,257		2,049,283
Beazley PLC		264,564		2,619,628
BP PLC		495,660		2,806,073
Coca-Cola Europacific Partners PLC		39,650		3,191,428
Hikma Pharmaceuticals PLC		53,920		1,409,381
IMI PLC		126,754		3,069,764
Inchcape PLC		195,653		2,196,955
Informa PLC		111,062		1,222,770
JD Sports Fashion PLC		781,140		1,423,823
Marks & Spencer Group PLC		544,589		2,457,662
NatWest Group PLC		665,424		3,031,467
Nomad Foods Ltd.		97,105		1,825,574
Shell PLC		101,805		3,607,317
SSE PLC		122,023		3,034,992
Tesco PLC		983,079		4,583,463
Weir Group PLC		80,554		2,135,766
WH Smith PLC		83,735		1,410,906
				42,076,252
United States — 26.5%(c)
AbbVie, Inc. (b)		16,219		3,183,952
Amgen, Inc.		9,399		3,137,668
Beacon Roofing Supply, Inc. (a)		12,718		1,152,251
Centene Corp. (a)		14,702		1,158,959
Chubb Ltd.		11,303		3,212,087
Cigna Group		6,866		2,484,187
Cisco Systems, Inc.		32,394		1,637,193
ConocoPhillips		13,680		1,556,647
Elevance Health, Inc.		2,252		1,254,116
Expedia Group, Inc. (a)		6,207		863,332

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

Financial Statements 2024 | 17

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS GLOBAL EQUITY FUND	Schedule of Investments (continued)

	Shares		Value
United States — (continued)
Fidelity National Information Services, Inc.		43,638	$	3,597,953
Fifth Third Bancorp		60,299		2,574,164
Gen Digital, Inc.		74,657		1,975,424
Goldman Sachs Group, Inc.		6,310		3,219,677
HCA Healthcare, Inc. (b)		3,365		1,331,160
Huntington Bancshares, Inc.		161,212		2,413,344
J M Smucker Co.		14,581		1,672,149
Jacobs Solutions, Inc.		8,374		1,263,469
Johnson & Johnson		9,879		1,638,531
JPMorgan Chase & Co.		20,786		4,672,693
Kellanova		15,301		1,233,414
McKesson Corp.		2,499		1,402,139
Schlumberger Ltd.		56,152		2,470,126
Southern Co.		26,332		2,275,085
TE Connectivity Ltd.		7,298		1,120,973
Textron, Inc.		35,700		3,255,840
United Rentals, Inc.		2,288		1,696,003
US Foods Holding Corp. (a)		63,332		3,749,888
WillScot Holdings Corp. (a)(b)		28,934		1,115,116
Zimmer Biomet Holdings, Inc.		22,637		2,613,668
				64,931,208
TOTAL COMMON STOCKS (Cost $179,429,615)				233,458,277
	Units
SHORT-TERM INVESTMENTS — 1.8%
Investments Purchased with Proceeds from Securities Lending — 1.8%
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% (d)		4,427,880		4,427,880
TOTAL SHORT-TERM INVESTMENTS (Cost $4,427,880)				4,427,880
TOTAL INVESTMENTS — 97.2% (Cost $183,857,495)				237,886,157
Other Assets in Excess of Liabilities — 2.8%				6,761,338
TOTAL NET ASSETS — 100.0%			$	244,647,495

Percentages are stated as a percent of net assets.

ADR American Depositary Receipt

AG Aktiengesellschaft

NV Naamloze Vennootschap

PLC Public Limited Company

SA Sociedad Anónima

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of August 31, 2024. The total market value of these securities was $4,366,972 which represented 1.8% of net assets.

(c) To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region.

(d) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

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

Financial Statements 2024 | 18

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS GLOBAL EQUITY FUND	Schedule of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of August 31, 2024 is as follows (see Notes to Schedule of Investments):

	LEVEL 1		LEVEL 2		LEVEL 3		Total
Investments:
Common Stocks	$	85,658,090	$	147,800,187	$	—	$	233,458,277
Investments Purchased with Proceeds from Securities Lending(a)		—		—		—		4,427,880
Total Investments	$	85,658,090	$	147,800,187	$	—	$	237,886,157

Refer to the Schedule of Investments for further disaggregation of investment categories.

(a) 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. These investments can be classified as Investments Purchased with Proceeds from Securities Lending and their fair value totals to $4,427,880. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

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

Financial Statements 2024 | 19

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Schedule of Investments

	Shares		Value
COMMON STOCKS — 68.5%
Australia — 0.9%
Empire Energy Group Ltd. (a)		8,414,266	$	1,537,705
Bermuda — 4.6%
Everest Group Ltd. (b)		11,222		4,401,717
Hiscox Ltd.		170,570		2,636,595
Lancashire Holdings Ltd.		129,710		1,144,741
				8,183,053
Canada — 8.1%
Allied Gold Corp. (a)		267,039		606,344
Cenovus Energy, Inc.		268,429		4,976,674
Kinross Gold Corp.		398,538		3,602,783
McEwen Mining, Inc. (a)		90,695		825,324
MEG Energy Corp. (a)		53,858		1,072,644
Teck Resources Ltd. - Class B		71,731		3,435,915
				14,519,684
China — 0.6%
Alibaba Group Holding Ltd. - ADR		12,096		1,008,081
France — 5.3%
BNP Paribas SA		39,945		2,762,900
Capgemini SE		5,878		1,217,708
Eurazeo SE		14,581		1,148,622
Rexel SA		33,439		843,742
SPIE SA		35,434		1,430,437
Vallourec SACA (a)		126,174		2,016,321
				9,419,730
Germany — 3.0%
Commerzbank AG		111,972		1,660,184
Evonik Industries AG		112,400		2,494,108
Infineon Technologies AG		34,946		1,282,490
				5,436,782
Ireland — 1.6%
CRH PLC		19,923		1,778,505
ICON PLC (a)		3,163		1,018,676
				2,797,181
Israel — 1.5%
Check Point Software Technologies Ltd. (a)		14,097		2,713,672
Italy — 2.3%
Enel SpA		404,893		3,077,471
Iveco Group NV		107,182		1,135,147
				4,212,618
Japan — 1.1%
Sony Group Corp.		20,800		2,025,799
Netherlands — 1.3%
Euronext NV (c)		21,155		2,259,236
South Korea — 4.9%
Hyundai Marine & Fire Insurance Co., Ltd.		33,148		863,673
KT Corp. - ADR (b)		128,761		1,886,349
Kumho Petrochemical Co., Ltd.		9,774		1,002,334
Samsung Electronics Co., Ltd.		89,389		4,964,515
				8,716,871
Switzerland — 3.2%
Novartis AG - ADR		13,390		1,618,717
Sandoz Group AG		92,805		4,059,179
				5,677,896
United Kingdom — 13.5%
Andrada Mining Ltd. (a)		4,062,358		181,393
AstraZeneca PLC - ADR		22,640		1,983,717
Barratt Developments PLC		366,958		2,455,457
Beazley PLC		407,270		4,032,658
Endeavour Mining PLC		75,014		1,581,381
Hikma Pharmaceuticals PLC		50,431		1,318,184
IMI PLC		47,931		1,160,807
Marex Group PLC		52,586		1,297,297
Nomad Foods Ltd.		74,095		1,392,986
SSE PLC		109,680		2,727,993
Unilever PLC		33,080		2,144,455
Weir Group PLC		86,684		2,298,293
WH Smith PLC		97,658		1,645,503
				24,220,124
United States — 16.6%
Advanced Micro Devices, Inc. (a)		6,344		942,465
Alphabet, Inc. - Class C (b)		12,041		1,988,089
Amgen, Inc.		9,126		3,046,532
Applied Materials, Inc. (b)		3,986		786,278
Booking Holdings, Inc. (b)		399		1,559,783
Centene Corp. (a)(b)		24,105		1,900,197
Dell Technologies, Inc. - Class C		13,698		1,582,667
Elevance Health, Inc.		1,658		923,324
Jacobs Solutions, Inc. (b)		13,069		1,971,851
Lennar Corp. - Class A (b)		5,030		915,762
Micron Technology, Inc.		14,162		1,362,951
Norfolk Southern Corp.		5,662		1,450,378
Oracle Corp. (b)		43,336		6,122,943
QUALCOMM, Inc.		6,043		1,059,338
Textron, Inc.		14,394		1,312,733
US Foods Holding Corp. (a)(b)		17,298		1,024,214
Zimmer Biomet Holdings, Inc. (b)		15,295		1,765,961
				29,715,466
TOTAL COMMON STOCKS (Cost $103,067,832)				122,443,898
EXCHANGE TRADED FUNDS — 4.5%
iShares 1-3 Year Treasury Bond ETF		96,721		8,008,499
TOTAL EXCHANGE TRADED FUNDS (Cost $8,011,158)				8,008,499
	Contracts
WARRANTS — 0.0%(d)
United Kingdom — 0.0%(d)
Andrada Mining Ltd., Expires 07/17/2025, Exercise Price $0.10 (a)(e)		2,200,000		9
TOTAL WARRANTS (Cost $28,772)				9
	Par
CONVERTIBLE NOTES — 0.8%
United Kingdom — 0.8%
Andrada Mining Ltd., 12.00%, 07/31/2026 (e)	GBP	1,100,000		1,322,271
TOTAL CONVERTIBLE NOTES (Cost $1,438,585)				1,322,271

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

Financial Statements 2024 | 20

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Schedule of Investments (continued)

	Shares		Value
SHORT-TERM INVESTMENTS — 0.1%
Money Market Funds — 0.1%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio - Class Institutional, 5.15% (b)(f)		57,398	$	57,398
Federated Hermes U.S. Treasury Cash Reserves - Class Institutional, 5.11% (b)(f)		57,398		57,398
Fidelity Treasury Portfolio - Class I, 5.16% (b)(f)		57,398		57,398
Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Class Institutional, 5.12% (b)(f)		57,398		57,398
TOTAL SHORT-TERM INVESTMENTS (Cost $229,592)				229,592
TOTAL INVESTMENTS — 73.9% (Cost $112,775,939)				132,004,269
Other Assets in Excess of Liabilities — 26.1%				46,644,104
TOTAL NET ASSETS — 100.0%			$	178,648,373

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

ADR American Depositary Receipt

AG Aktiengesellschaft

ETF Exchange Traded Fund

NV Naamloze Vennootschap

PLC Public Limited Company

SA Sociedad Anónima

GBP British Pound

(a) Non-income producing security.

(b) Security position is either entirely or partially held in a segregated account as collateral for securities sold short.

(c) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2024, the value of these securities total $2,259,236 or 1.3% of the Fund’s net assets.

(d) Represents less than 0.05% of net assets.

(e) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as valuation designee. These securities represented $1,322,280 or 0.8% of net assets as of August 31, 2024.

(f) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

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

Financial Statements 2024 | 21

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Schedule of Investments (continued)

Contracts For Difference held by the Fund at August 31, 2024, are as follows:

Reference Entity

counterparty

Pay/ Receive Reference Entity

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)

Asahi Group Holdings Ltd.

Goldman Sachs

Receive

TONA + 0.50% = 0.73%

Termination

08/13/2027

JPY

533,474,100

$

76,904

abrdn PLC

Goldman Sachs

Pay

SONIA + (0.40)% = 4.79%

Termination

02/23/2026

GBP

(290,184

)

29,349

abrdn PLC

Morgan Stanley

Pay

SONIA + (0.25)% = 4.74%

Termination

02/09/2027

GBP

(52,692

)

1,177

Acushnet Holdings Corp.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

06/29/2026

(413,395

)

(39,002

)

Adecco Group AG

Morgan Stanley

Pay

SARON + 0.35% = 0.76%

Termination

06/24/2026

CHF

(145,411

)

14,822

Adecco Group AG

Morgan Stanley

Pay

SARON + 0.35% = 0.76%

Termination

01/29/2027

CHF

(413,854

)

98,614

Ades Holding Co.

Goldman Sachs

Pay

EFFR + (6.00)% = (0.67)%

Termination

04/19/2027

(734,357

)

(19,062

)

Adient PLC

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

02/08/2027

(35,604

)

22,349

Adient PLC

HSBC Bank

Pay

SOFR + (0.05)% = 5.26%

Termination

01/25/2027

(287,500

)

165,877

Alpha & Omega Semiconductor Ltd.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

07/19/2027

(321,226

)

37,578

Antofagasta PLC

Goldman Sachs

Pay

SONIA + (0.40)% = 4.79%

Termination

01/19/2027

GBP

(700,193

)

75,201

Antofagasta PLC

Morgan Stanley

Pay

SONIA + (0.25)% = 4.74%

Termination

02/08/2027

GBP

(482,855

)

(32,238

)

Avangrid, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

02/08/2027

(30,122

)

(4,827

)

Avangrid, Inc.

HSBC Bank

Pay

SOFR + (0.05)% = 5.26%

Termination

01/25/2027

(242,942

)

(34,532

)

Avanza Bank Holding AB

Goldman Sachs

Pay

STIB1D INDEX + (1.00)% = 3.31%

Termination

06/29/2026

SEK

(2,432,825

)

(41,451

)

Bank of Hawaii Corp.

Goldman Sachs

Pay

EFFR + (0.25)% = 4.97%

Termination

07/21/2026

(457,356

)

(28,838

)

Bank of Hawaii Corp.

Morgan Stanley

Pay

EFFR + (0.25)% = 4.75%

Termination

02/08/2027

(393,640

)

(36,290

)

BlackLine, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

06/29/2026

(295,169

)

46,611

Block, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

04/19/2027

(229,628

)

29,844

Block, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

02/22/2027

(222,624

)

8,271

Boliden AB

Goldman Sachs

Pay

STIB1D INDEX + (1.00)% = 3.60%

Termination

11/02/2026

SEK

(12,906,656

)

33,768

Boliden AB

Morgan Stanley

Pay

STIB1D INDEX + (0.30)% = 3.46%

Termination

02/09/2027

SEK

(1,073,252

)

(14,879

)

Carl Zeiss Meditec AG

Goldman Sachs

Pay

EONIA + (0.40)% = 3.26%

Termination

06/21/2027

EUR

(596,088

)

48,924

Carvana Co.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

05/10/2027

(265,242

)

(36,439

)

Comet Holding AG

Goldman Sachs

Pay

SARON + (0.40)% = 0.81%

Termination

07/19/2027

CHF

(431,393

)

43,021

Credit Acceptance Corp.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

10/26/2026

(204,340

)

30,593

Credit Acceptance Corp.

HSBC Bank

Pay

SOFR + (0.05)% = 5.28%

Termination

10/13/2026

(1,021,234

)

(20,477

)

CVR Energy, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

05/03/2027

(745,416

)

28,677

Dayforce, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

06/29/2026

(370,004

)

86,277

Deckers Outdoor Corp.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

04/23/2027

(754,961

)

(83,390

)

Doximity, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

06/29/2026

(619,780

)

(152,025

)

Dr Ing hc F Porsche AG

Goldman Sachs

Pay

EONIA + (0.40)% = 3.51%

Termination

05/03/2027

EUR

(487,379

)

76,980

EQT AB

Goldman Sachs

Pay

STIB1D INDEX + (1.00)% = 3.35%

Termination

05/31/2027

SEK

(16,553,812

)

(100,244

)

Fastenal Co.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

06/11/2027

(1,049,395

)

(79,669

)

Fastighets AB Balder

Goldman Sachs

Pay

STIB1D INDEX + (1.00)% = 3.60%

Termination

06/29/2026

SEK

(5,210,202

)

(184,512

)

Floor & Decor Holdings, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

01/18/2027

(429,071

)

(23,223

)

Fortescue Ltd.

Goldman Sachs

Pay

1 Month Australian Bank Bill Swap Rate INDEX + (0.50)% = 3.82%

Termination

01/15/2027

AUD

(1,131,004

)

290,451

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

Financial Statements 2024 | 22

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Schedule of Investments (continued)

Reference Entity

counterparty

Pay/ Receive Reference Entity

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)

Fortescue Ltd.

Morgan Stanley

Pay

RBA Cash Rate Overnight + (0.55)% = 3.77%

Termination

02/09/2027

AUD

(85,102

)

$

30,498

Glacier Bancorp, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

06/29/2026

(882,287

)

(180,403

)

HF Sinclair Corp.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

06/28/2027

(1,336,215

)

46,616

Husqvarna AB

Goldman Sachs

Pay

STIB1D INDEX + (1.00)% = 2.75%

Termination

07/22/2027

SEK

(3,975,229

)

63,602

Legend Biotech Corp.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.33%

Termination

03/25/2027

(406,591

)

15,841

LGI Homes, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

06/29/2026

(514,911

)

52,257

LGI Homes, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

02/08/2027

(290,521

)

32,646

Matador Resources Co.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

06/29/2026

(585,180

)

(3,869

)

Melexis NV

Goldman Sachs

Pay

EONIA + (0.40)% = 3.59%

Termination

01/08/2027

EUR

(554,309

)

1,781

Monolithic Power Systems, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

06/25/2027

(677,643

)

(72,286

)

National Beverage Corp.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

06/29/2026

(498,521

)

36,227

Nokian Renkaat Oyj

Goldman Sachs

Pay

EONIA + (0.40)% = 3.59%

Termination

06/29/2026

EUR

(368,948

)

(39,329

)

Nokian Renkaat Oyj

Morgan Stanley

Pay

EONIA + (0.40)% = 3.44%

Termination

02/09/2027

EUR

(65,171

)

(236

)

Novanta, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

08/24/2026

(208,939

)

(25,973

)

Novanta, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/10/2026

(171,917

)

(21,548

)

Ocado Group PLC

Goldman Sachs

Pay

SONIA + (0.40)% = 4.79%

Termination

01/11/2027

GBP

(77,695

)

118,527

Ocado Group PLC

Morgan Stanley

Pay

SONIA + (0.25)% = 4.74%

Termination

02/09/2027

GBP

(18,009

)

13,763

Occidental Petroleum Corp.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

12/14/2026

(787,008

)

32,962

ON Semiconductor Corp.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

01/11/2027

(1,068,454

)

2,801

PBF Energy, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

08/30/2027

(924,014

)

(37,991

)

Playa Hotels & Resorts NV

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

04/05/2027

(532,893

)

115,889

Power Integrations, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

07/26/2027

(543,778

)

57,291

Rumble, Inc.

Goldman Sachs

Pay

EFFR + (13.97)% = (9.01)%

Termination

08/31/2026

(104,018

)

(3,089

)

Rumble, Inc.

Morgan Stanley

Pay

EFFR + (12.83)% = (8.25)%

Termination

06/29/2026

(118,795

)

18,651

Sagax AB

Goldman Sachs

Pay

STIB1D INDEX + (1.00)% = 3.60%

Termination

06/29/2026

SEK

(3,905,029

)

(68,372

)

Sagax AB

Morgan Stanley

Pay

STIB1D INDEX + (0.30)% = 3.46%

Termination

02/09/2027

SEK

(1,102,695

)

(7,340

)

SEEK Ltd.

Morgan Stanley

Pay

RBA Cash Rate Overnight + (0.55)% = 3.77%

Termination

05/03/2027

AUD

(980,685

)

45,748

Severn Trent PLC

Goldman Sachs

Pay

SONIA + (0.40)% = 4.79%

Termination

08/17/2026

GBP

(598,400

)

(63,888

)

Severn Trent PLC

Morgan Stanley

Pay

SONIA + (0.25)% = 4.74%

Termination

02/09/2027

GBP

(74,071

)

(1,349

)

Shopify, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

05/24/2027

(763,514

)

(141,423

)

Sika AG

Goldman Sachs

Pay

SARON + (0.46)% = 0.75%

Termination

10/19/2026

CHF

(430,304

)

(80,774

)

Sika AG

Morgan Stanley

Pay

SARON + (0.45)% = 0.76%

Termination

10/20/2026

CHF

(340,816

)

(73,252

)

SK Bioscience Co., Ltd.

Morgan Stanley

Pay

EFFR + (2.38)% = (1.42)%

Termination

10/26/2026

(478,035

)

10,450

SKF AB

Goldman Sachs

Pay

STIB1D INDEX + (1.00)% = 2.75%

Termination

07/15/2027

SEK

(11,433,944

)

61,614

Soho House & Co., Inc.

Morgan Stanley

Pay

EFFR + (2.88)% = 2.65%

Termination

02/09/2027

(511,685

)

(105,528

)

Spectris PLC

Goldman Sachs

Pay

SONIA + (0.40)% = 4.79%

Termination

01/25/2027

GBP

(748,583

)

162,523

Spectris PLC

Morgan Stanley

Pay

SONIA + (0.25)% = 4.74%

Termination

02/09/2027

GBP

(49,699

)

15,408

Steel Dynamics, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

06/11/2027

(753,511

)

26,427

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

Financial Statements 2024 | 23

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Schedule of Investments (continued)

Reference Entity

counterparty

Pay/ Receive Reference Entity

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)

Summit Materials, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

02/08/2027

$

(79,785

)

$

(6,252

)

Summit Materials, Inc.

HSBC Bank

Pay

SOFR + (0.05)% = 5.58%

Termination

01/25/2027

(644,396

)

(55,258

)

T Rowe Price Group, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

10/26/2026

(155,667

)

1,381

T Rowe Price Group, Inc.

HSBC Bank

Pay

SOFR + (0.05)% = 5.53%

Termination

10/13/2026

(775,364

)

(3,764

)

Tesla, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

10/26/2026

(858,795

)

(80,432

)

Texas Capital Bancshares, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

06/29/2026

(990,688

)

(180,753

)

Toro Co.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

05/31/2027

(807,935

)

(126,174

)

Tractor Supply Co.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

07/26/2027

(687,336

)

3,123

TreeHouse Foods, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

11/23/2026

(866,711

)

(1,114

)

United Utilities Group PLC

Goldman Sachs

Pay

SONIA + (0.40)% = 4.80%

Termination

05/28/2027

GBP

(727,903

)

(12,233

)

Valmet Oyj

Goldman Sachs

Pay

EONIA + (0.40)% = 3.33%

Termination

06/29/2026

EUR

(443,538

)

(23,511

)

Valmet Oyj

Morgan Stanley

Pay

EONIA + (0.40)% = 3.44%

Termination

02/08/2027

EUR

(315,384

)

(6,393

)

VAT Group AG

Goldman Sachs

Pay

SARON + (0.40)% = 0.81%

Termination

06/28/2027

CHF

(267,129

)

47,058

VAT Group AG

Morgan Stanley

Pay

SARON + (0.45)% = 0.76%

Termination

04/19/2027

CHF

(348,448

)

36,985

Xero Ltd.

Goldman Sachs

Pay

RBA Cash Rate Overnight + (0.45)% = 3.82%

Termination

06/29/2026

AUD

(582,216

)

(70,736

)

Xero Ltd.

Morgan Stanley

Pay

RBA Cash Rate Overnight + (0.55)% = 3.77%

Termination

11/30/2026

AUD

(555,505

)

(100,157

)

Yankuang Energy Group Co. Ltd.

Goldman Sachs

Pay

HONIA + (0.50)% = 2.99%

Termination

06/04/2027

HKD

(4,307,072

)

107,551

Total Unrealized Appreciation (Depreciation)

$

(121,617

)

There are no upfront payments or receipts associated with contracts for difference in the Fund as of August 31, 2024.

Notional Amount is in USD unless otherwise indicated.

EFFR - Effective Federal Funds Rate

EONIA - European Overnight Index Average

HONIA - Hong Kong Overnight Index Average

SARON - Swiss Average Rate Overnight

SOFR - Secured Overnight Financing Rate

SONIA - Sterling Overnight Index Average

TONA - Tokyo Overnight Average Rate

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

Financial Statements 2024 | 24

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS GLOBAL LONG/SHORT FUND	Schedule of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of August 31, 2024 is as follows (see Notes to Schedule of Investments):

	LEVEL 1			LEVEL 2		LEVEL 3		Total
Assets:
Investments
Common Stocks	$	70,283,680		$	52,160,218	$	—	$	122,443,898
Exchange Traded Funds		8,008,499			—		—		8,008,499
Convertible Notes		—			—		1,322,271		1,322,271
Warrants		—			—		9		9
Money Market Funds		229,592			—		—		229,592
Total Investments	$	78,521,771		$	52,160,218	$	1,322,280	$	132,004,269
Other Financial Instruments*:
Contracts For Difference		2,402,908			—		—		2,402,908
Total Other Financial Instruments	$	2,402,908		$	—	$	—	$	2,402,908
Liabilities:
Other Financial Instruments*:
Contracts For Difference		(2,524,525	)		—		—		(2,524,525	)
Total Other Financial Instruments	$	(2,524,525	)	$	—	$	—	$	(2,524,525	)

* The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of August 31, 2024.

Refer to the Schedule of Investments for further disaggregation of investment categories.

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

Financial Statements 2024 | 25

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS GLOBAL SUSTAINABILITY FUND	Schedule of Investments

	Shares		Value
COMMON STOCKS — 98.2%
Austria — 0.8%
ANDRITZ AG		1,322	$	87,155
Bermuda — 2.6%
Everest Group Ltd.		445		174,547
Renaissance Holdings Ltd.		470		119,751
				294,298
Canada — 0.5%
Teck Resources Ltd. - Class B		1,116		53,456
Finland — 0.2%
Nordea Bank Abp		2,434		28,743
France — 11.3%
Airbus Group SE		1,161		178,346
Alten SA		527		59,141
BNP Paribas SA		857		59,277
Capgemini SE		424		87,837
Cie de Saint-Gobain SA		2,493		217,853
Eiffage SA		1,349		141,598
Rexel SA		7,474		188,586
SPIE SA		6,836		275,963
TotalEnergies SE		1,236		85,027
				1,293,628
Germany — 8.6%
Commerzbank AG		10,991		162,961
Deutsche Telekom AG		8,744		248,793
Evonik Industries AG		2,681		59,490
Infineon Technologies AG		2,771		101,693
Rheinmetall AG		370		222,278
Siemens AG		1,000		188,106
				983,321
Greece — 1.7%
Hellenic Telecommunications Organization SA		11,757		190,619
Ireland — 2.2%
AIB Group PLC		22,101		133,090
ICON PLC (a)		372		119,806
				252,896
Italy — 1.1%
Iveco Group NV		11,695		123,860
Japan — 8.5%
Asahi Group Holdings Ltd.		4,200		156,768
Fuji Electric Co., Ltd.		1,100		66,397
Hitachi Ltd.		5,900		145,553
Kansai Paint Co., Ltd.		11,900		213,050
Mitsubishi Heavy Industries Ltd.		6,500		87,635
Renesas Electronics Corp.		3,900		67,897
Sumitomo Mitsui Financial Group, Inc.		3,500		230,976
				968,276
Netherlands — 2.7%
Heineken NV		650		58,646
ING Groep NV		9,813		178,421
Stellantis NV		4,275		71,757
				308,824
Singapore — 0.3%
United Overseas Bank Ltd.		1,500		36,059
South Korea — 4.1%
Hana Financial Group, Inc.		2,166		100,556
KB Financial Group, Inc.		937		60,422
KT Corp.		4,228		122,526
Samsung Electronics Co., Ltd.		3,357		186,442
				469,946
Spain — 0.5%
Bankinter SA		6,332		55,918
Switzerland — 3.1%
Novartis AG		1,248		150,781
Sandoz Group AG		4,545		198,793
				349,574
United Kingdom — 12.6%
Hikma Pharmaceuticals PLC		4,298		112,343
IMI PLC		2,457		59,504
Informa PLC		19,270		212,159
Marks & Spencer Group PLC		43,413		195,917
Melrose Industries PLC		33,073		210,088
NatWest Group PLC		27,731		126,334
Nomad Foods Ltd.		10,951		205,879
Tesco PLC		48,581		226,502
Weir Group PLC		3,129		82,960
				1,431,686
United States — 37.4%(b)
Abbott Laboratories		526		59,580
AbbVie, Inc.		811		159,207
Alphabet, Inc. - Class A		1,336		218,276
American Express Co.		775		200,454
Amgen, Inc.		403		134,533
AutoZone, Inc. (a)		47		149,530
Bank of America Corp.		2,406		98,044
Booking Holdings, Inc.		38		148,551
Brinker International, Inc. (a)		1,426		101,987
Cencora, Inc.		866		207,468
Chubb Ltd.		632		179,602
Cigna Group		427		154,493
Dell Technologies, Inc. - Class C		1,075		124,205
Elevance Health, Inc.		279		155,372
Emerson Electric Co.		507		53,433
Expedia Group, Inc. (a)		308		42,840
Fidelity National Information Services, Inc.		1,859		153,275
Halliburton Co.		4,502		139,967
J M Smucker Co.		844		96,790
Johnson & Johnson		371		61,534
JPMorgan Chase & Co.		1,162		261,218
Kenvue, Inc.		3,829		84,047
Keysight Technologies, Inc. (a)		421		64,884
McKesson Corp.		145		81,357
Morgan Stanley		1,274		131,999
NOV, Inc.		3,750		66,637
Schlumberger Ltd.		3,405		149,786
Starbucks Corp.		1,027		97,123
Target Corp.		729		111,989
TE Connectivity Ltd.		530		81,408
UnitedHealth Group, Inc.		229		135,156
US Foods Holding Corp. (a)		3,331		197,228

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

Financial Statements 2024 | 26

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS GLOBAL SUSTAINABILITY FUND	Schedule of Investments (continued)

	Shares		Value
United States — (continued)
Voya Financial, Inc.		966	$	68,422
Zimmer Biomet Holdings, Inc.		844		97,448
				4,267,843
TOTAL COMMON STOCKS (Cost $8,679,189)				11,196,102
TOTAL INVESTMENTS — 98.2% (Cost $8,679,189)				11,196,102
Other Assets in Excess of Liabilities — 1.8%				201,366
TOTAL NET ASSETS — 100.0%			$	11,397,468

Percentages are stated as a percent of net assets.

AG Aktiengesellschaft

NV Naamloze Vennootschap

PLC Public Limited Company

SA Sociedad Anónima

(a) Non-income producing security.

(b) To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region.

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

Financial Statements 2024 | 27

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS GLOBAL SUSTAINABILITY FUND	Schedule of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of August 31, 2024 is as follows (see Notes to Schedule of Investments):

	LEVEL 1		LEVEL 2		LEVEL 3		Total
Investments:
Common Stocks	$	4,941,283	$	6,254,819	$	—	$	11,196,102
Total Investments	$	4,941,283	$	6,254,819	$	—	$	11,196,102

Refer to the Schedule of Investments for further disaggregation of investment categories.

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

Financial Statements 2024 | 28

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS LONG/SHORT EQUITY FUND	Schedule of Investments

	Shares		Value
COMMON STOCKS — 96.5%
Communication Services — 4.4%
Alphabet, Inc. - Class A (a)		7,836	$	1,280,246
Baidu, Inc. - Class A (b)		50,048		528,072
John Wiley & Sons, Inc. - Class A		8,080		390,345
Nexstar Media Group, Inc. (c)		1,557		266,060
Vivid Seats, Inc. - Class A (b)(c)		60,757		282,520
				2,747,243
Consumer Discretionary — 10.9%
Arcos Dorados Holdings, Inc. - Class A (c)		88,715		780,692
BYD Co., Ltd. - ADR		3,209		195,629
Carriage Services, Inc. (a)		14,161		469,437
Cavco Industries, Inc. (b)(c)		1,707		705,537
Frontdoor, Inc. (b)		11,711		563,065
Italian Sea Group SPA		23,224		237,551
JD.com, Inc. - Class A		23,986		324,198
Leon’s Furniture Ltd.		9,306		203,984
MGM Resorts International (b)(c)		6,919		260,085
Monarch Casino & Resort, Inc. (c)		3,433		260,633
PDD Holdings, Inc. - ADR (b)(c)		2,719		261,323
Perdoceo Education Corp. (a)		16,192		363,349
Phinia, Inc.		7,093		340,180
Pinstripes Holdings, Inc. (b)(c)		67,473		158,562
Potbelly Corp. (a)(b)		24,456		195,159
Quantasing Group Ltd. - ADR (b)		45,644		80,334
Stellantis NV (c)		33,922		569,211
Stride, Inc. (a)(b)		5,727		471,561
Super Group SGHC Ltd.		115,828		399,607
				6,840,097
Consumer Staples — 5.4%
British American Tobacco PLC - ADR (c)		25,814		969,832
Coca-Cola Europacific Partners PLC		6,630		533,649
Kenvue, Inc. (a)		21,929		481,341
Lifeway Foods, Inc. (a)(b)		20,488		392,960
Molson Coors Beverage Co. - Class B (c)		8,761		472,831
Turning Point Brands, Inc.		13,422		532,048
				3,382,661
Energy — 5.2%
BP PLC - ADR (a)		17,027		578,237
Canadian Natural Resources Ltd.		46,804		1,694,773
Marathon Petroleum Corp. (a)		2,619		463,877
Schlumberger Ltd.		12,111		532,763
				3,269,650
Financials — 20.6%
Bank of America Corp. (a)		19,156		780,607
BGC Group, Inc. - Class A (c)		201,172		1,987,579
Citigroup, Inc. (a)		11,393		713,658
Crawford & Co. - Class A (a)		18,500		195,545
Fairfax Financial Holdings Ltd. (c)		1,533		1,847,265
Fidelis Insurance Holdings Ltd.		29,516		546,636
Greenlight Capital Re Ltd. - Class A (b)		30,388		424,520
Heritage Insurance Holdings, Inc. (b)		35,287		569,179
Intercorp Financial Services, Inc.		11,859		301,219
International General Insurance Holdings Ltd.		23,631		436,701
Jefferies Financial Group, Inc. (a)		8,700		521,565
Jiayin Group, Inc. - ADR		30,135		160,318
KB Financial Group, Inc. - ADR (c)		12,039		781,090
Northeast Bank		5,330		378,483
Northeast Community Bancorp, Inc.		11,309		258,298
PayPal Holdings, Inc. (b)		4,882		353,603
Shift4 Payments, Inc. - Class A (b)(c)		8,011		665,714
Stifel Financial Corp. (a)		9,032		796,081
Wells Fargo & Co. (a)		10,198		596,277
Willis Towers Watson PLC		2,178		636,216
				12,950,554
Health Care — 16.7%
Amgen, Inc. (a)		2,173		725,413
Bristol-Myers Squibb Co.		12,509		624,825
Catalyst Pharmaceuticals, Inc. (a)(b)		55,746		1,128,856
Centene Corp. (a)(b)		7,828		617,081
Cigna Group (a)		1,768		639,680
Elevance Health, Inc. (a)		701		390,380
HCA Healthcare, Inc. (a)		1,282		507,146
Jazz Pharmaceuticals PLC (b)		4,234		491,059
Johnson & Johnson (a)		5,337		885,195
Lantheus Holdings, Inc. (b)(c)		9,161		975,372
Medtronic PLC (a)		7,982		707,046
Novartis AG - ADR (c)		6,152		743,715
PetIQ, Inc. (b)		32,238		984,871
Quipt Home Medical Corp. (b)		81,822		234,011
UnitedHealth Group, Inc.		1,459		861,102
				10,515,752
Industrials — 11.7%
Alaska Air Group, Inc. (b)		6,754		243,887
Barrett Business Services, Inc. (a)		24,417		891,465
Brady Corp. - Class A		3,696		273,652
Builders FirstSource, Inc. (a)(b)		2,573		447,702
CACI International, Inc. - Class A (b)		1,456		710,703
Euroseas Ltd.		13,769		622,910
Galliford Try Holdings PLC		197,101		776,559
Lyft, Inc. - Class A (b)		22,369		261,046
NEXTracker, Inc. - Class A (b)		3,742		152,187
Quanta Services, Inc. (a)		1,085		298,516
RCM Technologies, Inc. (b)		11,613		236,673
REV Group, Inc.		7,598		241,920
Sterling Infrastructure, Inc. (a)(b)		9,067		1,083,779
Textron, Inc.		8,912		812,774
V2X, Inc. (b)		5,485		310,725
				7,364,498
Information Technology — 15.4%
Adeia, Inc.		36,066		454,432
Check Point Software Technologies Ltd. (b)		6,978		1,343,265
Cognizant Technology Solutions Corp. - Class A (a)		8,364		650,468
Dropbox, Inc. - Class A (a)(b)		9,067		227,944
Hackett Group, Inc. (a)		22,615		599,298
InterDigital, Inc. (c)		6,659		922,671
Nano Dimension Ltd. - ADR (b)(c)		92,902		203,455
Nice Ltd. - ADR (b)(c)		2,677		465,102
Open Text Corp. (a)		21,522		684,830
Oracle Corp. (a)		2,356		332,879
Photronics, Inc. (a)(b)		27,930		722,270
QUALCOMM, Inc. (a)		3,175		556,578
RingCentral, Inc. - Class A (b)		10,892		363,030
Samsung Electronics Co., Ltd.		7,475		415,149
Silicon Motion Technology Corp. - ADR		5,395		342,960

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

Financial Statements 2024 | 29

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS LONG/SHORT EQUITY FUND	Schedule of Investments (continued)

	Shares		Value
Information Technology — (continued)
Telefonaktiebolaget LM Ericsson - ADR (a)(c)		86,551	$	644,805
Twilio, Inc., Class A - Class A (b)		7,927		497,499
Zoom Video Communications, Inc. - Class A (b)(c)		4,079		281,777
				9,708,412
Materials — 3.3%
Dundee Precious Metals, Inc.		43,413		422,968
Ferroglobe PLC		92,295		407,944
Glencore PLC - ADR		43,477		456,508
Rio Tinto PLC - ADR (a)		4,226		267,379
Taseko Mines Ltd. (b)		108,022		244,130
Ternium SA - ADR (a)		9,390		316,161
				2,115,090
Real Estate — 2.9%
CTO Realty Growth, Inc.		19,518		371,232
Newmark Group, Inc. - Class A (a)		90,917		1,257,382
Star Holdings (b)		13,692		183,473
				1,812,087
TOTAL COMMON STOCKS (Cost $40,196,351)				60,706,044
	Units
SHORT-TERM INVESTMENTS — 15.7%
Investments Purchased with Proceeds from Securities Lending — 14.7%
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% (d)		9,268,044		9,268,044
	Shares
Money Market Funds — 1.0%
BlackRock Liquidity Funds Treasury Trust Fund Portfolio - Class Institutional, 5.15% (a)(d)		1,098		1,098
Federated Hermes U.S. Treasury Cash Reserves - Class Institutional, 5.11% (a)(d)		1,098		1,098
Fidelity Treasury Portfolio - Class I, 5.16% (a)(d)		1,098		1,098
Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Class Institutional, 5.12% (a)(d)		1,098		1,098
MSILF Prime Portfolio - Class Institutional, 5.31% (d)		603,416		603,555
				607,947
TOTAL SHORT-TERM INVESTMENTS (Cost $9,875,991)				9,875,991
TOTAL INVESTMENTS — 112.2% (Cost $50,072,342)				70,582,035
Liabilities in Excess of Other Assets — (12.2)%				(7,688,319	)
TOTAL NET ASSETS — 100.0%			$	62,893,716

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR American Depositary Receipt

AG Aktiengesellschaft

NV Naamloze Vennootschap

PLC Public Limited Company

SA Sociedad Anónima

(a) Security position is either entirely or partially held in a segregated account as collateral for securities sold short.

(b) Non-income producing security.

(c) All or a portion of this security is on loan as of August 31, 2024. The total market value of these securities was $9,085,498 which represented 14.4% of net assets.

(d) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

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

Financial Statements 2024 | 30

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS LONG/SHORT EQUITY FUND	Schedule of Investments (continued)

Schedule Of Securities Sold Short	Shares			Value
COMMON STOCKS — (18.8)%
Communication Services — (1.6)%
Boston Omaha Corp. - Class A		(11,224	)	$	(160,391	)
Clear Channel Outdoor Holdings, Inc.		(177,786	)		(266,679	)
CTC Communications Group, Inc.(a)		(98,900	)		0
PSQ Holdings, Inc.		(25,877	)		(69,609	)
QuinStreet, Inc.		(9,486	)		(181,277	)
Rumble, Inc.		(52,676	)		(302,887	)
					(980,843	)
Consumer Discretionary — (5.9)%
Birkenstock Holding PLC		(5,287	)		(263,821	)
Boot Barn Holdings, Inc.		(1,368	)		(183,545	)
Brunswick Corp.		(4,970	)		(392,878	)
Cava Group, Inc.		(2,007	)		(228,878	)
Dutch Bros, Inc. - Class A		(6,984	)		(216,504	)
EVgo, Inc.		(31,850	)		(144,281	)
First Watch Restaurant Group, Inc.		(14,756	)		(243,622	)
Floor & Decor Holdings, Inc. - Class A		(3,507	)		(394,327	)
Goodyear Tire & Rubber Co.		(17,757	)		(156,617	)
Groupon, Inc.		(11,086	)		(153,763	)
Krispy Kreme, Inc.		(23,579	)		(265,735	)
Kura Sushi USA, Inc. - Class A		(2,089	)		(137,853	)
Qsound Labs, Inc.(a)		(4,440	)		0
QuantumScape Corp.		(24,091	)		(139,969	)
Tesla, Inc.		(2,429	)		(520,073	)
Warby Parker, Inc. - Class A		(17,493	)		(260,996	)
					(3,702,862	)
Consumer Staples — (0.6)%
Amish Naturals, Inc.(a)		(25,959	)		0
Duckhorn Portfolio, Inc.		(10,951	)		(69,320	)
Westrock Coffee Co.		(35,462	)		(283,518	)
					(352,838	)
Energy — (0.0)%(b)
Beard Co.(a)		(9,710	)		(1	)
Financials — (1.8)%
AvidXchange Holdings, Inc.		(11,916	)		(96,162	)
Credit Acceptance Corp.		(577	)		(269,188	)
Nelnet, Inc. - Class A		(2,279	)		(263,407	)
Upstart Holdings, Inc.		(12,125	)		(515,312	)
					(1,144,069	)
Health Care — (2.2)%
BodyTel Scientific, Inc.(a)		(4,840	)		0
CareView Communications, Inc.		(165,489	)		(8,299	)
Cibus, Inc.		(17,489	)		(118,401	)
Establishment Labs Holdings, Inc.		(5,527	)		(253,247	)
Legend Biotech Corp. - ADR		(2,750	)		(158,263	)
LifeStance Health Group, Inc.		(37,744	)		(238,165	)
Neogen Corp.		(14,396	)		(248,331	)
PROCEPT BioRobotics Corp.		(4,876	)		(385,204	)
					(1,409,910	)
Industrials — (2.0)%
ACV Auctions, Inc. - Class A		(11,451	)		(214,248	)
Ameresco, Inc. - Class A		(5,730	)		(174,478	)
Applied Energetics, Inc.		(54,756	)		(54,756	)
Corporate Resource Services, Inc.(a)		(218,896	)		(22	)
Custom Truck One Source, Inc.		(28,940	)		(118,654	)
Driven Brands Holdings, Inc.		(19,210	)		(275,471	)
DynaMotive Energy Systems Corp.(a)		(72,185	)		(7	)
Ener1, Inc.(a)		(102,820	)		(10	)
Hyliion Holdings Corp.		(47,992	)		(89,745	)
LanzaTech Global, Inc.		(46,248	)		(68,910	)
Spire Global, Inc.		(14,089	)		(120,884	)
Sunrun, Inc.		(6,004	)		(123,202	)
Valence Technology, Inc.(a)		(27,585	)		(3	)
					(1,240,390	)
Information Technology — (4.0)%
Alpha & Omega Semiconductor Ltd.		(3,772	)		(157,707	)
Amplitude, Inc. - Class A		(16,279	)		(143,418	)
ANTs software, Inc.(a)		(10,334	)		(1	)
Astera Labs, Inc.		(3,891	)		(167,547	)
Consygen, Inc.(a)		(200	)		0
Entegris, Inc.		(2,477	)		(287,010	)
Evolv Technologies Holdings, Inc.		(44,974	)		(177,198	)
Impinj, Inc.		(2,232	)		(375,199	)
Interliant, Inc.(a)		(600	)		0
IonQ, Inc.		(16,516	)		(122,549	)
Lightwave Logic, Inc.		(54,237	)		(159,999	)
MicroVision, Inc.		(85,226	)		(80,811	)
Nestor, Inc.(a)		(15,200	)		(2	)
NextNav, Inc.		(21,152	)		(162,236	)
Novanta, Inc.		(1,079	)		(197,759	)
Samsara, Inc. - Class A		(4,600	)		(188,922	)
Snowflake, Inc. - Class A		(817	)		(93,326	)
Sprout Social, Inc. - Class A		(6,472	)		(201,279	)
Tiger Telematics, Inc.(a)		(6,510	)		0
Uni-Pixel, Inc.(a)		(19,665	)		0
Worldgate Communications, Inc.(a)		(582,655	)		(58	)
XRiver Corp.(a)		(34,156	)		0
					(2,515,021	)
Materials — (0.7)%
ASP Isotopes, Inc.		(48,430	)		(114,779	)
Coeur Mining, Inc.		(57,619	)		(353,781	)
					(468,560	)
TOTAL COMMON STOCKS (Proceeds $16,642,562)					(11,814,494	)
TOTAL SECURITIES SOLD SHORT — (18.8)% (Proceeds $16,642,562)				$	(11,814,494	)

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

(a) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as valuation designee. These securities represented $(104) or 0.0% of net assets as of August 31, 2024.

(b) Represents less than 0.05% of net assets.

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

Financial Statements 2024 | 31

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS LONG/SHORT EQUITY FUND	Schedule of Investments (continued)

Contracts For Difference held by the Fund at August 31, 2024, are as follows:

Reference Entity

counterparty

Pay/ Receive Reference Entity

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)

Fositek Corp.

Morgan Stanley

Pay

EFFR + (34.75)% = (29.42)%

Termination

07/16/2027

$

(150,234

)

$

(18,603

)

Total Unrealized Appreciation (Depreciation)

$

(18,603

)

There are no upfront payments or receipts associated with contracts for difference in the Fund as of August 31, 2024.

EFFR - Effective Federal Funds Rate

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

Financial Statements 2024 | 32

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS LONG/SHORT EQUITY FUND	Schedule of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of August 31, 2024 is as follows (see Notes to Schedule of Investments):

	LEVEL 1			LEVEL 2			LEVEL 3			Total
Assets:
Investments:
Common Stocks	$	59,201,073		$	1,504,971		$	—		$	60,706,044
Investments Purchased with Proceeds from Securities Lending(a)		—			—			—			9,268,044
Money Market Funds		607,947			—			—			607,947
Total Investments	$	59,809,020		$	1,504,971		$	—		$	70,582,035
Liabilities:
Investments:
Common Stocks		(11,806,090	)		(8,300	)		(104	)		(11,814,494	)
Total Investments	$	(11,806,090	)	$	(8,300	)	$	(104	)	$	(11,814,494	)
Other Financial Instruments*:
Contracts For Difference		(18,603	)		—			—			(18,603	)
Total Other Financial Instruments	$	(18,603	)	$	—		$	—		$	(18,603	)

* The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of August 31, 2024.

Refer to the Schedule of Investments for further disaggregation of investment categories.

(a) 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. These investments can be classified as Investments Purchased with Proceeds from Securities Lending and their fair value totals to $9,268,044. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

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

Financial Statements 2024 | 33

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Schedule of Investments

	Shares		Value
COMMON STOCKS — 94.0%
Communication Services — 5.0%
Alphabet, Inc. - Class A (a)		47,267	$	7,722,482
Cars.com, Inc. (b)		38,114		679,954
Deutsche Telekom AG		99,060		2,818,556
Informa PLC		377,194		4,152,830
Live Nation Entertainment, Inc. (b)		37,961		3,707,651
Omnicom Group, Inc.		30,660		3,079,184
Take-Two Interactive Software, Inc. (a)(b)		22,221		3,593,358
T-Mobile US, Inc. (a)		20,095		3,993,278
				29,747,293
Consumer Discretionary — 7.5%
AutoNation, Inc. (b)		10,724		1,908,658
AutoZone, Inc. (b)(c)		761		2,421,106
Booking Holdings, Inc.		1,831		7,157,800
Churchill Downs, Inc.		26,341		3,660,609
eBay, Inc.		18,510		1,093,941
Flutter Entertainment PLC (b)		19,172		4,095,362
Frontdoor, Inc. (a)(b)		141,090		6,783,607
Genting Singapore Ltd.		151,200		93,313
Lennar Corp. - Class A		10,978		1,998,655
LKQ Corp. (a)		20,633		858,127
MGM Resorts International (b)		26,814		1,007,938
Restaurant Brands International, Inc.		35,721		2,481,895
Ross Stores, Inc.		10,438		1,572,067
Starbucks Corp.		11,451		1,082,921
Tempur Sealy International, Inc. (a)		34,168		1,791,428
TJX Cos., Inc. (a)		24,890		2,918,850
Wyndham Hotels & Resorts, Inc.		40,333		3,174,207
				44,100,484
Consumer Staples — 4.2%
Albertsons Cos., Inc. - Class A (a)		117,848		2,312,178
BJ’s Wholesale Club Holdings, Inc. (b)		23,214		1,856,192
Constellation Brands, Inc. - Class A		8,578		2,064,810
J M Smucker Co.		8,613		987,739
Nomad Foods Ltd.		109,354		2,055,855
Philip Morris International, Inc.		42,518		5,242,044
Simply Good Foods Co. (a)(b)		56,638		1,789,195
Target Corp.		18,323		2,814,779
US Foods Holding Corp. (a)(b)		34,713		2,055,357
Walmart, Inc.		48,693		3,760,560
				24,938,709
Energy — 6.8%
Canadian Natural Resources Ltd.		77,804		2,817,283
Cenovus Energy, Inc.		254,252		4,713,832
Cheniere Energy, Inc.		28,673		5,311,960
Diamondback Energy, Inc.		27,616		5,388,158
Enterprise Products Partners LP		109,298		3,206,803
Kosmos Energy Ltd. (a)(b)		193,121		940,499
Marathon Petroleum Corp. (a)		20,795		3,683,211
MEG Energy Corp. (b)		164,900		3,284,173
Noble Corp. PLC		17,829		680,177
Phillips 66		24,507		3,438,577
Schlumberger Ltd.		110,371		4,855,220
Scorpio Tankers, Inc.		9,441		675,409
Weatherford International PLC		13,784		1,446,493
				40,441,795
Financials — 18.8%
AIB Group PLC		197,995		1,192,305
American Express Co.		11,155		2,885,241
Ameriprise Financial, Inc. (a)		10,381		4,665,637
Aon PLC - Class A		11,556		3,972,028
Arthur J Gallagher & Co.		7,129		2,085,731
Bank of America Corp. (a)		145,977		5,948,563
Bankinter SA		104,718		924,769
Beazley PLC		229,950		2,276,892
Berkshire Hathaway, Inc. - Class B (a)(b)		6,189		2,945,469
Blue Owl Capital, Inc. - Class A		94,762		1,671,602
BNP Paribas SA		15,692		1,085,378
Charles Schwab Corp.		12,800		833,280
Chubb Ltd.		11,466		3,258,408
Commerzbank AG		60,725		900,356
Corpay, Inc. (b)		4,279		1,350,238
Discover Financial Services		20,743		2,877,261
East West Bancorp, Inc. (a)		38,041		3,198,107
Evercore, Inc. - Class A		5,081		1,248,605
Everest Group Ltd.		8,223		3,225,389
Fidelity National Information Services, Inc.		17,624		1,453,099
Fifth Third Bancorp (a)		52,863		2,256,721
First American Financial Corp.		25,343		1,616,883
Fiserv, Inc. (b)		8,643		1,509,068
Goldman Sachs Group, Inc. (a)		2,789		1,423,087
Hana Financial Group, Inc.		28,115		1,305,233
Huntington Bancshares, Inc. (a)		268,219		4,015,238
Hyundai Marine & Fire Insurance Co., Ltd.		44,479		1,158,903
ING Groep NV		166,046		3,019,071
JPMorgan Chase & Co. (a)		46,097		10,362,606
Lancashire Holdings Ltd.		144,888		1,278,692
LPL Financial Holdings, Inc.		10,234		2,295,896
Markel Group, Inc. (a)(b)		1,657		2,652,327
Morgan Stanley		25,133		2,604,030
NatWest Group PLC		367,777		1,675,479
Nordea Bank Abp		205,697		2,429,064
Progressive Corp. (c)		12,200		3,076,840
Renaissance Holdings Ltd.		11,180		2,848,552
SLM Corp. (a)		55,294		1,219,786
Sumitomo Mitsui Financial Group, Inc.		12,200		805,118
Synchrony Financial (a)		11,854		595,782
Travelers Cos., Inc.		9,058		2,065,858
United Overseas Bank Ltd.		50,900		1,223,585
Voya Financial, Inc.		18,905		1,339,041
W R Berkley Corp. (a)		11,071		660,939
Wells Fargo & Co. (a)		140,449		8,212,053
White Mountains Insurance Group Ltd.		1,049		1,934,608
				111,582,818
Health Care — 12.6%
Abbott Laboratories (a)		42,937		4,863,474
AbbVie, Inc. (a)		46,580		9,144,120
Amgen, Inc.		18,976		6,334,758
AstraZeneca PLC		15,477		2,712,589
Avantor, Inc. (a)(b)		49,485		1,278,692
Boston Scientific Corp. (a)(b)		19,913		1,628,684
Cencora, Inc.		12,346		2,957,731
Centene Corp. (a)(b)		35,977		2,836,067
Cigna Group (a)		8,027		2,904,249

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

Financial Statements 2024 | 34

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Schedule of Investments (continued)

	Shares		Value
Health Care — (continued)
Cross Country Healthcare, Inc. (b)		83,635	$	1,247,834
CVS Health Corp. (a)		6,055		346,588
Elevance Health, Inc. (a)		7,735		4,307,544
HCA Healthcare, Inc.		4,999		1,977,554
Henry Schein, Inc. (b)		6,338		447,146
Humana, Inc.		6,354		2,252,302
ICON PLC (b)		12,122		3,904,011
IQVIA Holdings, Inc. (b)		1,392		350,158
Johnson & Johnson		14,802		2,455,060
McKesson Corp.		6,162		3,457,375
Medtronic PLC		28,698		2,542,069
Merck & Co., Inc.		2,664		315,551
Molina Healthcare, Inc. (a)(b)		1,980		692,584
Novo Nordisk AS		4,952		687,883
Pfizer, Inc.		3,582		103,914
Sandoz Group AG		47,497		2,077,461
Sanofi SA		12,107		1,358,867
Stryker Corp.		1,453		523,690
Thermo Fisher Scientific, Inc.		396		243,568
UCB SA		7,973		1,444,014
UnitedHealth Group, Inc.		15,326		9,045,405
				74,440,942
Industrials — 17.0%
AAR Corp. (b)		38,387		2,525,097
Acuity Brands, Inc.		7,249		1,846,320
Advanced Drainage Systems, Inc.		17,918		2,808,826
Airbus Group SE		17,094		2,625,886
Allegion PLC		18,065		2,508,145
Allison Transmission Holdings, Inc. (a)		32,852		3,047,023
AMETEK, Inc. (a)		14,466		2,474,409
ANDRITZ AG		22,795		1,502,788
Atmus Filtration Technologies, Inc.		34,265		1,228,400
Beacon Roofing Supply, Inc. (a)(b)		32,031		2,902,009
Brink’s Co.		28,409		3,151,410
Builders FirstSource, Inc. (b)		26,245		4,566,630
Carlisle Cos., Inc.		3,090		1,309,542
Clean Harbors, Inc. (b)		12,569		3,090,717
Curtiss-Wright Corp.		9,253		2,922,653
Dover Corp. (a)		13,403		2,493,360
Eiffage SA		12,467		1,308,601
Embraer SA - ADR (b)		90,590		3,010,306
Emerson Electric Co.		10,704		1,128,094
Equifax, Inc.		7,963		2,445,676
Ferguson Enterprises, Inc.		9,696		1,994,564
Fortive Corp. (a)		20,336		1,512,998
General Dynamics Corp.		5,033		1,506,679
Honeywell International, Inc.		16,501		3,430,723
Howmet Aerospace, Inc. (a)		18,356		1,774,291
Huron Consulting Group, Inc. (b)		26,555		2,932,734
Jacobs Solutions, Inc.		24,394		3,680,567
Leidos Holdings, Inc. (a)		16,184		2,565,326
Masco Corp. (a)		39,944		3,177,945
NEXTracker, Inc. - Class A (b)		25,274		1,027,894
nVent Electric PLC		18,265		1,241,289
Otis Worldwide Corp.		26,614		2,520,080
Parker-Hannifin Corp. (a)		2,637		1,582,727
Resideo Technologies, Inc. (b)		99,835		2,012,674
Robert Half, Inc. (a)		40,090		2,512,440
Ryanair Holdings PLC - ADR		4,067		453,308
Science Applications International Corp. (a)		19,463		2,541,673
Siemens AG		10,627		1,998,997
SS&C Technologies Holdings, Inc. (a)		47,763		3,586,524
Textron, Inc.		25,039		2,283,557
Valmont Industries, Inc. (a)		6,837		1,953,741
WESCO International, Inc.		13,212		2,185,000
Westinghouse Air Brake Technologies Corp.		18,787		3,185,712
				100,557,335
Information Technology — 12.0%
Adeia, Inc.		269,091		3,390,547
Advanced Micro Devices, Inc. (b)		14,843		2,205,076
Applied Materials, Inc.		12,000		2,367,120
Arrow Electronics, Inc. (a)(b)		14,515		1,960,686
Broadcom, Inc.		26,200		4,265,884
Capgemini SE		12,063		2,499,015
CDW Corp.		8,889		2,005,714
Celestica, Inc. (b)		44,133		2,247,252
Check Point Software Technologies Ltd. (b)		26,209		5,045,233
Dell Technologies, Inc. - Class C		27,176		3,139,915
Flex Ltd. (b)		145,105		4,714,461
Gen Digital, Inc. (a)		135,342		3,581,149
Hewlett Packard Enterprise Co.		84,905		1,644,610
InterDigital, Inc.		20,336		2,817,756
Jabil, Inc. (a)		12,863		1,405,669
Keysight Technologies, Inc. (b)		13,111		2,020,667
Lam Research Corp.		2,807		2,304,575
Microchip Technology, Inc. (a)		31,319		2,573,169
Micron Technology, Inc.		14,576		1,402,794
NetApp, Inc.		10,380		1,253,074
Nice Ltd. - ADR (b)		20,961		3,641,764
NXP Semiconductors NV		6,925		1,775,293
Oracle Corp. (a)		21,311		3,011,031
QUALCOMM, Inc.		6,285		1,101,761
Samsung Electronics Co., Ltd.		72,982		4,053,298
Teradyne, Inc.		9,866		1,348,978
Zebra Technologies Corp. - Class A (b)		8,685		2,999,625
				70,776,116
Materials — 4.2%
Andrada Mining Ltd. (b)		2,585,137		115,432
CRH PLC		51,326		4,658,861
DuPont de Nemours, Inc. (a)		30,382		2,559,683
FMC Corp.		15,213		982,456
Kinross Gold Corp.		616,799		5,575,863
Methanex Corp.		52,885		2,469,201
Mosaic Co.		89,483		2,556,529
Reliance, Inc.		2,647		758,763
Teck Resources Ltd. - Class B		87,274		4,180,425
United States Steel Corp.		29,328		1,111,824
				24,969,037
Real Estate — 2.2%
Americold Realty Trust, Inc. (a)		56,661		1,643,169
Essex Property Trust, Inc.		6,198		1,870,494
Extra Space Storage, Inc.		7,557		1,337,589
Kimco Realty Corp.		91,104		2,119,079
Lamar Advertising Co. - Class A (a)		10,555		1,327,608
Regency Centers Corp. (a)		18,202		1,323,103
VICI Properties, Inc. (a)		63,198		2,115,869
Weyerhaeuser Co.		48,101		1,466,600
				13,203,511

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

Financial Statements 2024 | 35

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Schedule of Investments (continued)

	Shares		Value
Utilities — 3.7%
American Electric Power Co., Inc.		12,273	$	1,230,736
CenterPoint Energy, Inc. (a)		90,023		2,457,628
FirstEnergy Corp. (a)		55,253		2,426,712
New Jersey Resources Corp.		13,692		634,077
NiSource, Inc. (a)		95,987		3,173,330
OGE Energy Corp.		64,415		2,548,257
PPL Corp. (a)		95,308		3,041,278
Southern Co.		32,090		2,772,576
SSE PLC		69,624		1,731,709
Talen Energy Corp. (b)		12,624		1,888,677
				21,904,980
TOTAL COMMON STOCKS (Cost $373,208,800)				556,663,020
	Contracts
WARRANTS — 0.0%(d)
Andrada Mining Ltd., Expires 07/17/2025, Exercise Price $0.10 (b)(e)		1,400,000		5
TOTAL WARRANTS (Cost $18,309)				5
	Par
CONVERTIBLE NOTES — 0.2%
Andrada Mining Ltd., 12.00%, 07/31/2026 (e)		GBP 700,000		841,446
TOTAL CONVERTIBLE NOTES (Cost $915,464)				841,446
	Shares
SHORT-TERM INVESTMENTS — 0.0%(d)
Money Market Funds — 0.0%(d)
BlackRock Liquidity Funds Treasury Trust Fund Portfolio - Class Institutional, 5.15% (a)(f)		2,039		2,039
Federated Hermes U.S. Treasury Cash Reserves - Class Institutional, 5.11% (a)(f)		2,039		2,039
Fidelity Treasury Portfolio - Class I, 5.16% (a)(f)		2,038		2,038
Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Class Institutional, 5.12% (a)(f)		2,039		2,039
TOTAL SHORT-TERM INVESTMENTS (Cost $8,155)				8,155
TOTAL INVESTMENTS — 94.2% (Cost $374,150,728)				557,512,626
Other Assets in Excess of Liabilities — 5.8%				34,439,190
TOTAL NET ASSETS — 100.0%			$	591,951,816

Percentages are stated as a percent of net assets.

Par amount is in USD unless otherwise indicated.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR American Depositary Receipt

AG Aktiengesellschaft

NV Naamloze Vennootschap

PLC Public Limited Company

SA Sociedad Anónima

GBP British Pound

(a) Security position is either entirely or partially held in a segregated account as collateral for securities sold short.

(b) Non-income producing security.

(c) Held in connection with written option contracts. See Schedule of Options Written for further information.

(d) Represents less than 0.05% of net assets.

(e) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as valuation designee. These securities represented $841,451 or 0.2% of net assets as of August 31, 2024.

(f) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

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

Financial Statements 2024 | 36

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Schedule of Investments (continued)

Schedule of Written Options	Notional Amount			Number of Contracts			Value
WRITTEN OPTIONS — 0.0% (a)(b)(c)
Call Options — 0.0% (a)(b)(c)
AutoZone, Inc., Expiration: 09/20/2024; Exercise Price: $3,300.00	$	(1,590,740	)		(5	)	$	(7,500	)
Progressive Corp., Expiration: 09/20/2024; Exercise Price: $240.00		(1,992,380	)		(79	)		(106,097	)
Total Call Options								(113,597	)
TOTAL WRITTEN OPTIONS (Premiums received $69,105)								(113,597	)

Percentages are stated as a percent of net assets.

(a) Represents less than 0.05% of net assets.

(b) 100 shares per contract.

(c) Exchange-traded.

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

Financial Statements 2024 | 37

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Schedule of Investments (continued)

Schedule Of Securities Sold Short	Shares			Value
COMMON STOCKS — (18.9)%
Communication Services — (1.3)%
Angi, Inc.		(218,301	)	$	(589,413	)
Cable One, Inc.		(2,126	)		(749,883	)
Clear Channel Outdoor Holdings, Inc.		(698,475	)		(1,047,712	)
Dentsu Group, Inc.		(56,400	)		(1,734,500	)
Lions Gate Entertainment Corp. - Class A		(79,690	)		(619,191	)
Roblox Corp. - Class A		(22,874	)		(1,006,227	)
Rumble, Inc.		(138,628	)		(797,111	)
TELUS Corp.		(54,709	)		(883,772	)
					(7,427,809	)
Consumer Discretionary — (3.5)%
Accor SA		(27,945	)		(1,178,296	)
Birkenstock Holding PLC		(15,294	)		(763,171	)
Canada Goose Holdings, Inc.		(26,466	)		(308,858	)
Choice Hotels International, Inc.		(15,309	)		(1,953,275	)
Deckers Outdoor Corp.		(1,552	)		(1,488,818	)
Krispy Kreme, Inc.		(37,494	)		(422,557	)
LGI Homes, Inc.		(22,840	)		(2,463,979	)
Lowe’s Cos., Inc.		(3,633	)		(902,801	)
Marriott Vacations Worldwide Corp.		(4,477	)		(331,298	)
NIKE, Inc. - Class B		(5,410	)		(450,761	)
Nokian Renkaat Oyj		(281,919	)		(2,672,443	)
Playa Hotels & Resorts NV		(196,904	)		(1,551,604	)
QuantumScape Corp.		(335,146	)		(1,947,198	)
Revolve Group, Inc.		(46,490	)		(1,065,551	)
Sabre Corp.		(398,199	)		(1,214,507	)
SJM Holdings Ltd.		(3,233,000	)		(982,467	)
Soho House & Co., Inc.		(142,858	)		(898,577	)
					(20,596,161	)
Consumer Staples — (1.1)%
Barry Callebaut AG		(690	)		(1,116,923	)
Church & Dwight Co., Inc.		(13,758	)		(1,401,665	)
Davide Campari-Milano NV		(86,443	)		(799,232	)
Duckhorn Portfolio, Inc.		(101,897	)		(645,008	)
Hormel Foods Corp.		(43,474	)		(1,415,079	)
TreeHouse Foods, Inc.		(35,192	)		(1,446,039	)
					(6,823,946	)
Energy — (2.0)%
Core Laboratories, Inc.		(43,726	)		(855,281	)
CVR Energy, Inc.		(78,370	)		(1,992,165	)
Matador Resources Co.		(35,861	)		(2,034,036	)
Neste Oyj		(50,253	)		(1,172,616	)
New Fortress Energy, Inc.		(85,580	)		(1,054,346	)
Occidental Petroleum Corp.		(67,740	)		(3,859,825	)
PBF Energy, Inc. - Class A		(26,238	)		(893,666	)
					(11,861,935	)
Financials — (3.2)%
Aozora Bank Ltd.		(129,600	)		(2,396,749	)
Ashmore Group PLC		(456,739	)		(1,053,807	)
AssetMark Financial Holdings, Inc.		(70,101	)		(2,464,050	)
EQT AB		(94,530	)		(3,168,906	)
Hang Seng Bank Ltd.		(211,400	)		(2,545,551	)
Kinsale Capital Group, Inc.		(2,706	)		(1,328,889	)
T Rowe Price Group, Inc.		(22,573	)		(2,393,641	)
Texas Capital Bancshares, Inc.		(26,166	)		(1,758,878	)
Trupanion, Inc.		(8,076	)		(369,315	)
United Bankshares, Inc.		(34,931	)		(1,357,768	)
					(18,837,554	)
Health Care — (1.4)%
10X Genomics, Inc. - Class A		(19,618	)		(458,080	)
agilon health, Inc.		(99,578	)		(406,278	)
Ambu AS - Class B		(21,027	)		(399,031	)
Carl Zeiss Meditec AG		(9,672	)		(710,032	)
Cassava Sciences, Inc.		(12,417	)		(356,492	)
Dexcom, Inc.		(10,344	)		(717,253	)
GRAIL, Inc.		(915	)		(12,911	)
Guardant Health, Inc.		(19,963	)		(510,653	)
Illumina, Inc.		(5,490	)		(721,386	)
Legend Biotech Corp. - ADR		(16,104	)		(926,785	)
Moderna, Inc.		(3,907	)		(302,402	)
MoonLake Immunotherapeutics		(6,323	)		(295,853	)
Neogen Corp.		(35,596	)		(614,031	)
Oxford Nanopore Technologies PLC		(434,490	)		(669,333	)
Privia Health Group, Inc.		(40,021	)		(806,023	)
Recursion Pharmaceuticals, Inc. - Class A		(65,617	)		(477,692	)
					(8,384,235	)
Industrials — (2.5)%
Atlas Arteria Ltd.		(727,378	)		(2,502,954	)
Fastenal Co.		(28,477	)		(1,944,410	)
Husqvarna AB - Class B		(296,538	)		(2,004,661	)
Kornit Digital Ltd.		(61,585	)		(1,144,249	)
Montrose Environmental Group, Inc.		(71,762	)		(2,360,970	)
Nidec Corp.		(34,700	)		(1,414,850	)
Proto Labs, Inc.		(59,818	)		(1,829,234	)
SiteOne Landscape Supply, Inc.		(11,935	)		(1,693,099	)
					(14,894,427	)
Information Technology — (1.3)%
Amdocs Ltd.		(18,472	)		(1,606,510	)
Cognex Corp.		(58,626	)		(2,367,318	)
Palantir Technologies, Inc. - Class A		(51,217	)		(1,612,311	)
Power Integrations, Inc.		(23,786	)		(1,596,040	)
Snowflake, Inc. - Class A		(6,134	)		(700,687	)
					(7,882,866	)
Materials — (2.0)%
Axalta Coating Systems Ltd.		(21,454	)		(783,071	)
Boliden AB		(71,765	)		(2,192,320	)
Compass Minerals International, Inc.		(22,111	)		(195,240	)
Ganfeng Lithium Group Co., Ltd. - Class H(a)		(267,400	)		(589,046	)
Huntsman Corp.		(38,925	)		(858,296	)
Lynas Rare Earths Ltd.		(174,181	)		(823,171	)
MP Materials Corp.		(79,194	)		(1,021,603	)
Ryerson Holding Corp.		(113,533	)		(2,272,931	)
Sumitomo Chemical Co., Ltd.		(485,800	)		(1,398,632	)
Summit Materials, Inc. - Class A		(36,981	)		(1,497,730	)
					(11,632,040	)
Real Estate — (0.6)%
Camden Property Trust		(3,959	)		(495,667	)
Compass, Inc. - Class A		(129,674	)		(665,228	)
Mid-America Apartment Communities, Inc.		(3,516	)		(570,893	)
Nomura Real Estate Master Fund, Inc.		(503	)		(509,448	)
Segro PLC		(44,077	)		(507,460	)

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

Financial Statements 2024 | 38

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Schedule of Investments (continued)

	Shares			Value
Real Estate — (continued)
Unibail-Rodamco-Westfield		(10,708	)	$	(856,255	)
					(3,604,951	)
TOTAL COMMON STOCKS (Proceeds $124,116,801)					(111,945,924	)
PREFERRED STOCKS — (0.3)%
Consumer Discretionary — (0.3)%
Dr Ing hc F Porsche AG(a)		(23,602	)		(1,851,091	)
TOTAL PREFERRED STOCKS (Proceeds $2,115,269)					(1,851,091	)
TOTAL SECURITIES SOLD SHORT — (19.2)% (Proceeds $126,232,070)				$	(113,797,015	)

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2024, the value of these securities total $(2,440,137) or -0.4% of the Fund’s net assets.

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

Financial Statements 2024 | 39

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Schedule of Investments (continued)

Contracts For Difference held by the Fund at August 31, 2024, are as follows:

Reference Entity

counterparty

Pay/ Receive Reference Entity

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)

Acer, Inc.

Goldman Sachs

Pay

EFFR + (2.50)% = 1.33%

Termination

12/08/2025

$

(1,136,488

)

$

(542,329

)

Acushnet Holdings Corp.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(1,255,594

)

(18,674

)

Amcor PLC

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(634,977

)

(27,537

)

Antero Resources Corp.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(1,993,104

)

(4,863

)

Ascendis Pharma AS

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(713,710

)

5,758

Avanza Bank Holding AB

Morgan Stanley

Pay

STIB1D INDEX + (0.30)% = 3.19%

Termination

08/27/2027

SEK

(10,951,595

)

(846

)

Bank of Hawaii Corp.

Goldman Sachs

Pay

EFFR + (0.25)% = 4.97%

Termination

03/02/2026

(928,782

)

(27,938

)

Bank of Hawaii Corp.

Morgan Stanley

Pay

EFFR + (0.25)% = 4.80%

Termination

12/08/2025

(2,197,179

)

415,833

BlackLine, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

12/08/2025

(1,001,851

)

368,182

CBRE Group, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(2,099,002

)

(39,134

)

Cincinnati Financial Corp.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(1,558,853

)

(55,656

)

Commerce Bancshares, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

10/06/2026

(368,765

)

(108,922

)

Commerce Bancshares, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

12/08/2025

(2,087,095

)

144,446

Commonwealth Bank of Australia

Morgan Stanley

Pay

RBA Cash Rate Overnight + (0.55)% = 3.79%

Termination

12/08/2025

AUD

(6,005,196

)

(1,046,593

)

Community Financial System, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

10/06/2026

(369,284

)

(112,452

)

Community Financial System, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

12/08/2025

(2,998,552

)

167,973

Compal Electronics, Inc.

Goldman Sachs

Pay

EFFR + (1.25)% = 4.83%

Termination

12/08/2025

(822,995

)

(243,278

)

Corcept Therapeutics, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(776,106

)

(21,469

)

Credit Acceptance Corp.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

03/02/2026

(571,499

)

1,738

Credit Acceptance Corp.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

12/08/2025

(1,351,537

)

80,607

Cullen/Frost Bankers, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

04/06/2026

(523,441

)

(39,081

)

Cullen/Frost Bankers, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

12/08/2025

(907,941

)

257,419

CVB Financial Corp.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

10/06/2026

(852,441

)

(79,486

)

CVB Financial Corp.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

12/08/2025

(348,617

)

184,367

Dayforce, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

12/08/2025

(550,604

)

105,261

Digital Realty Trust, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(597,192

)

(2,870

)

Dun & Bradstreet Holdings, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(1,199,508

)

(11,488

)

EcoPro BM Co., Ltd.

Morgan Stanley

Pay

EFFR + (0.62)% = 1.96%

Termination

10/20/2026

(828,744

)

391,764

EcoPro Co., Ltd.

Bank of America Securities, Inc.

Pay

EFFR + (0.40)% = 5.24%

Termination

10/23/2026

(538,905

)

441,299

EcoPro Co., Ltd.

Goldman Sachs

Pay

EFFR + (10.00)% = (4.97)%

Termination

10/30/2026

(378,066

)

167,230

Entegris, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(3,313,303

)

(106,309

)

Erie Indemnity Co.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(1,391,534

)

(60,355

)

Exponent, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(2,402,403

)

(98,704

)

First Financial Bankshares, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

03/02/2026

(1,776,132

)

(188,923

)

First Financial Bankshares, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

12/08/2025

(1,496,371

)

29,317

Floor & Decor Holdings, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

04/13/2026

(304,825

)

(20,141

)

Floor & Decor Holdings, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

12/08/2025

(708,260

)

(216,434

)

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

Financial Statements 2024 | 40

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Schedule of Investments (continued)

Reference Entity

counterparty

Pay/ Receive Reference Entity

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)

Fox Corp.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

$

(1,342,787

)

$

(17,794

)

Furukawa Electric Co. Ltd.

Morgan Stanley

Pay

TONA + (0.45)% = (0.22)%

Termination

08/27/2027

JPY

(403,200,000

)

4,512

Glacier Bancorp, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

03/02/2026

(1,927,333

)

(429,080

)

Glacier Bancorp, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

12/08/2025

(2,144,582

)

464,112

GoodRx Holdings, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(935,866

)

(39,140

)

Infosys Ltd.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(1,408,161

)

(55,143

)

KakaoBank Corp.

Goldman Sachs

Pay

EFFR + (0.37)% = 4.33%

Termination

12/08/2025

(445,209

)

158,084

KakaoBank Corp.

Bank of America Securities, Inc.

Pay

OBFR + (0.50)% = 3.31%

Termination

10/12/2026

(45,462

)

1,718

KB Home

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(1,432,446

)

(31,249

)

Kimberly-Clark Corp.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(2,196,083

)

1,877

Kinsale Capital Group, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

09/21/2026

(171,390

)

(19,038

)

Kinsale Capital Group, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

12/08/2025

(671,811

)

(242,232

)

Liberty Global Ltd.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(1,534,653

)

(24,611

)

Life Time Group Holdings, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(1,149,869

)

5,376

Madrigal Pharmaceuticals, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(695,177

)

5,249

Moelis & Co.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(1,714,900

)

(33,300

)

Myriad Genetics, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

12/08/2025

(753,691

)

(190,483

)

National Beverage Corp.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

12/15/2025

(114,435

)

16,945

National Beverage Corp.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

12/08/2025

(1,323,730

)

164,516

Netmarble Corp.

Goldman Sachs

Pay

EFFR + (2.75)% = 2.58%

Termination

03/10/2026

(214,724

)

5,645

Netmarble Corp.

Morgan Stanley

Pay

EFFR + (0.62)% = (2.42)%

Termination

03/16/2026

(1,150,711

)

(88,939

)

Northrop Grumman Corp.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(1,812,399

)

(44,799

)

Novanta, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

08/31/2026

(1,943,684

)

(411,459

)

Novanta, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

12/08/2025

(1,277,278

)

(150,082

)

Pan Jit International, Inc.

Goldman Sachs

Pay

EFFR + (5.25)% = (0.17)%

Termination

12/08/2025

(1,477,337

)

160,676

Permian Resources Corp.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(1,718,241

)

(6,275

)

Posco Future M Co., Ltd.

Bank of America Securities, Inc.

Pay

EFFR + (0.40)% = 5.32%

Termination

10/23/2026

(1,409,982

)

577,423

Rhythm Pharmaceuticals, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(661,729

)

(42,593

)

RLI Corp.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

12/08/2025

(1,339,900

)

(163,946

)

Sagax AB

Morgan Stanley

Pay

STIB1D INDEX + (0.30)% = 3.19%

Termination

08/27/2027

SEK

(12,372,644

)

29,937

SDI Corp.

Goldman Sachs

Pay

EFFR + (7.00)% = (2.42)%

Termination

12/08/2025

(485,699

)

(113,678

)

Shenzhen Dynanonic Co. Ltd.

Morgan Stanley

Pay

EFFR + (0.62)% = 4.71%

Termination

08/06/2026

(119,432

)

45,225

Shenzhen Dynanonic Co., Ltd.

Bank of America Securities, Inc.

Pay

EFFR + (14.25)% = (5.19)%

Termination

10/20/2026

(54,287

)

104,470

Shenzhen Dynanonic Co., Ltd.

Morgan Stanley

Pay

EFFR + (14.25)% = (5.19)%

Termination

10/20/2026

(192,720

)

374,615

Shenzhen Goodix Technology Co., Ltd.

Morgan Stanley

Pay

EFFR + (4.45)% = 0.88%

Termination

08/03/2026

(881,861

)

(145,131

)

SL Green Realty Corp.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(2,188,391

)

(84,344

)

Tandem Diabetes Care, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(1,120,169

)

(24,619

)

TG Therapeutics, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(838,029

)

33,571

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

Financial Statements 2024 | 41

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Schedule of Investments (continued)

Reference Entity

counterparty

Pay/ Receive Reference Entity

Financing Rate

Payment Frequency

Maturity Date

Notional Amount

VALUE/ UNREALIZED APPRECIATION (DEPRECIATION)

Toro Co.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

$

(1,713,378

)

$

(43,770

)

Tractor Supply Co.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(1,136,820

)

(12,888

)

Treasury Wine Estates Ltd.

Morgan Stanley

Pay

RBA Cash Rate Overnight + (0.55)% = 3.79%

Termination

08/27/2027

AUD

(1,743,749

)

26,451

Twist Bioscience Corp.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

08/23/2027

(756,484

)

(12,703

)

VAT Group AG

Morgan Stanley

Pay

SARON + 0.35% = 0.76%

Termination

12/08/2025

CHF

(2,746,053

)

(1,077,258

)

Wolfspeed, Inc.

Goldman Sachs

Pay

EFFR + (0.25)% = 5.08%

Termination

08/31/2026

(367,419

)

1,243,511

Wolfspeed, Inc.

Morgan Stanley

Pay

EFFR + (0.25)% = 5.08%

Termination

12/08/2025

(92,869

)

745,185

Total Unrealized Appreciation (Depreciation)

$

352,256

There are no upfront payments or receipts associated with contracts for difference in the Fund as of August 31, 2024.

OBFR - Overnight Bank Funding Rate

EFFR - Effective Federal Funds Rate

SARON - Swiss Average Rate Overnight

TONA - Tokyo Overnight Average Rate

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

Financial Statements 2024 | 42

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS LONG/SHORT RESEARCH FUND	Schedule of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of August 31, 2024 is as follows (see Notes to Schedule of Investments):

	LEVEL 1			LEVEL 2			LEVEL 3		Total
Assets:
Investments:
Common Stocks	$	503,505,700		$	53,157,320		$	—	$	556,663,020
Convertible Notes		—			—			841,446		841,446
Warrants		—			—			5		5
Money Market Funds		8,155			—			—		8,155
Total Investments	$	503,513,855		$	53,157,320		$	841,451	$	557,512,626
Other Financial Instruments*:
Contracts For Difference		6,930,292			—			—		6,930,292
Total Other Financial Instruments	$	6,930,292		$	—		$	—	$	6,930,292
Liabilities:
Investments:
Common Stocks		(80,333,499	)		(31,612,425	)		—		(111,945,924	)
Preferred Stocks		—			(1,851,091	)		—		(1,851,091	)
Written Options		(113,597	)		—			—		(113,597	)
Total Investments	$	(80,447,096	)	$	(33,463,516	)	$	—	$	(113,910,612	)
Other Financial Instruments*:
Contracts For Difference		(6,578,036	)		—			—		(6,578,036	)
Total Other Financial Instruments	$	(6,578,036	)	$	—		$	—	$	(6,578,036	)

* The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of August 31, 2024.

Refer to the Schedule of Investments for further disaggregation of investment categories.

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

Financial Statements 2024 | 43

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS SMALL CAP VALUE FUND II	Schedule of Investments

	Shares		Value
COMMON STOCKS — 96.8%
Communication Services — 3.8%
Cars.com, Inc. (a)		206,060	$	3,676,110
Liberty Media Corp.-Liberty Live - Class A (a)		83,519		3,307,352
Magnite, Inc. (a)		299,569		4,131,057
Nexstar Media Group, Inc. (b)		17,631		3,012,785
Stagwell, Inc. (a)(b)		394,926		2,839,518
TEGNA, Inc.		301,995		4,191,691
Vivid Seats, Inc. - Class A (a)(b)		397,510		1,848,422
				23,006,935
Consumer Discretionary — 12.6%
Beazer Homes USA, Inc. (a)		185,499		5,802,409
Bowlero Corp. (b)		352,736		3,897,733
Boyd Gaming Corp.		61,232		3,675,145
Brinker International, Inc. (a)		49,674		3,552,684
Build-A-Bear Workshop, Inc. (b)		51,991		1,735,460
Caleres, Inc. (b)		82,459		3,473,998
Carriage Services, Inc.		136,448		4,523,251
Frontdoor, Inc. (a)		130,764		6,287,133
Grand Canyon Education, Inc. (a)		27,071		3,925,566
Group 1 Automotive, Inc. (b)		12,584		4,741,148
Guess?, Inc. (b)		107,676		2,231,047
Installed Building Products, Inc. (b)		8,629		1,918,313
J Jill, Inc.		119,607		3,890,816
Laureate Education, Inc.		232,072		3,578,550
Movado Group, Inc.		93,511		2,231,172
Perdoceo Education Corp.		144,901		3,251,578
Phinia, Inc. (b)		68,938		3,306,266
Steven Madden Ltd. (b)		73,632		3,320,803
Taylor Morrison Home Corp. (a)		38,028		2,560,425
Unifi, Inc. (a)		291,042		1,987,817
United Homes Group, Inc. (a)(b)		226,618		1,380,104
Universal Technical Institute, Inc. (a)		256,762		4,480,497
				75,751,915
Consumer Staples — 2.3%
Nomad Foods Ltd.		190,319		3,577,997
Simply Good Foods Co. (a)(b)		61,293		1,936,246
Universal Corp.		55,189		2,996,763
Utz Brands, Inc. (b)		158,411		2,675,562
Vector Group Ltd.		192,620		2,885,447
				14,072,015
Energy — 6.8%
Archrock, Inc.		150,883		3,052,363
ChampionX Corp.		75,516		2,350,813
Expro Group Holdings NV (a)		190,103		3,775,446
Kosmos Energy Ltd. (a)(b)		286,299		1,394,276
Newpark Resources, Inc. (a)		358,790		2,952,842
Noble Corp., PLC (b)		61,929		2,362,591
Par Pacific Holdings, Inc. (a)		102,688		2,304,319
Select Water Solutions, Inc. (b)		233,669		2,694,203
Vermilion Energy, Inc. (b)		129,062		1,326,757
Viper Energy, Inc.		165,361		7,871,184
Weatherford International PLC		50,160		5,263,790
World Kinect Corp.		179,102		5,156,347
				40,504,931
Financials — 29.9%
AllianceBernstein Holding LP		42,789		1,473,653
AMERISAFE, Inc.		32,426		1,625,191
Assured Guaranty Ltd. (b)		55,536		4,447,323
Axis Capital Holdings Ltd.		74,632		5,961,604
Baldwin Insurance Group, Inc. - Class A (a)(b)		122,020		5,721,518
Bar Harbor Bankshares		60,963		1,954,474
BGC Group, Inc. - Class A		556,206		5,495,315
Blue Owl Capital Corp. III (b)		182,608		2,695,294
Byline Bancorp, Inc.		67,305		1,867,714
Cass Information Systems, Inc. (b)		47,255		2,052,757
Diamond Hill Investment Group, Inc.		12,393		1,958,466
Dime Community Bancshares, Inc.		71,231		1,852,718
Employers Holdings, Inc.		36,106		1,731,283
Enact Holdings, Inc.		84,104		2,989,897
Essent Group Ltd.		73,986		4,756,560
Evercore, Inc. - Class A		9,873		2,426,191
EZCORP, Inc. - Class A (a)(b)		304,405		3,719,829
Federal Agricultural Mortgage Corp. - Class C		53,726		10,609,273
First American Financial Corp.		62,517		3,988,585
First Merchants Corp.		69,206		2,699,034
First Mid Bancshares, Inc.		65,876		2,653,485
FirstCash Holdings, Inc.		59,265		7,117,134
Global Indemnity Group LLC - Class A		61,626		1,975,422
Hancock Whitney Corp.		63,040		3,387,139
Heritage Commerce Corp.		180,926		1,841,827
Heritage Financial Corp.		45,985		1,050,297
Hope Bancorp, Inc.		210,678		2,694,572
International Money Express, Inc. (a)		113,575		2,061,386
Merchants Bancorp		74,999		3,438,704
Northeast Bank		59,542		4,228,077
OceanFirst Financial Corp.		94,462		1,688,036
Old National Bancorp		194,315		3,857,153
Peapack-Gladstone Financial Corp.		106,887		3,052,693
PennyMac Financial Services, Inc.		39,323		4,246,884
Preferred Bank (b)		84,061		6,964,454
Primis Financial Corp.		257,694		3,130,982
Redwood Trust, Inc. (b)		433,115		3,278,681
S&T Bancorp, Inc. (b)		89,112		3,829,143
Shift4 Payments, Inc. - Class A (a)(b)		54,282		4,510,834
Silvercrest Asset Management Group, Inc. - Class A		181,822		2,945,516
SLM Corp.		457,055		10,082,633
SouthState Corp.		22,867		2,220,157
Stewart Information Services Corp.		61,810		4,568,377
StoneX Group, Inc. (a)		47,567		3,941,402
Voya Financial, Inc.		42,621		3,018,845
Western Alliance Bancorp		89,225		7,287,898
White Mountains Insurance Group Ltd.		1,848		3,408,156
Wintrust Financial Corp.		61,119		6,649,747
				179,156,313
Health Care — 5.5%
Addus HomeCare Corp. (a)		22,191		2,951,625
AMN Healthcare Services, Inc. (a)		44,002		2,333,426
Biote Corp. (a)(b)		526,785		3,308,210
Catalyst Pharmaceuticals, Inc. (a)		139,123		2,817,241
Cross Country Healthcare, Inc. (a)		100,269		1,496,013
Evolent Health, Inc. - Class A (a)(b)		154,082		4,927,542
Fortrea Holdings, Inc. (a)(b)		98,988		2,282,663
Haemonetics Corp. (a)(b)		32,238		2,436,548
Halozyme Therapeutics, Inc. (a)		43,920		2,804,292
Lantheus Holdings, Inc. (a)(b)		24,423		2,600,317

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

Financial Statements 2024 | 44

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS SMALL CAP VALUE FUND II	Schedule of Investments (continued)

	Shares		Value
Health Care — (continued)
Organon & Co.		103,404	$	2,311,079
Pediatrix Medical Group, Inc. (a)		232,203		2,521,725
				32,790,681
Industrials — 22.2%
Acuity Brands, Inc.		14,660		3,733,902
Allison Transmission Holdings, Inc.		61,498		5,703,939
Asure Software, Inc. (a)(b)		182,170		1,564,840
Atmus Filtration Technologies, Inc.		82,022		2,940,489
AZZ, Inc.		35,618		2,962,349
Beacon Roofing Supply, Inc. (a)		72,452		6,564,151
Blue Bird Corp. (a)		78,034		3,993,780
Brady Corp. - Class A		42,863		3,173,577
Brink’s Co.		94,789		10,514,944
Civeo Corp.		97,295		2,768,043
Concentrix Corp. (b)		41,374		3,112,566
CoreCivic, Inc. (a)		123,457		1,701,237
CRA International, Inc.		27,454		4,628,744
DNOW, Inc. (a)		129,409		1,684,905
DXP Enterprises, Inc. (a)		61,568		3,386,240
EnerSys		33,688		3,413,605
First Advantage Corp. (a)(b)		253,971		4,863,545
Granite Construction, Inc. (b)		64,817		4,871,646
Griffon Corp.		63,595		4,209,353
Heidrick & Struggles International, Inc.		72,163		2,785,492
Huron Consulting Group, Inc. (a)		32,758		3,617,794
IBEX Holdings Ltd. (a)		174,384		3,006,380
ICF International, Inc.		28,423		4,711,396
Janus International Group, Inc. (a)(b)		347,385		3,817,761
Karat Packaging, Inc.		95,654		2,423,872
Kelly Services, Inc. - Class A		126,754		2,675,777
Liquidity Services, Inc. (a)		103,360		2,250,147
LSI Industries, Inc.		171,012		2,720,801
Matson, Inc.		21,184		2,929,747
Primoris Services Corp.		76,156		4,298,245
Resideo Technologies, Inc. (a)		121,232		2,444,037
Science Applications International Corp.		20,356		2,658,290
Sensata Technologies Holding PLC		59,856		2,307,449
Sterling Infrastructure, Inc. (a)		19,088		2,281,589
V2X, Inc. (a)		59,166		3,351,754
Valmont Industries, Inc.		10,938		3,125,643
Viad Corp. (a)		108,825		3,744,668
WillScot Holdings Corp. (a)(b)		61,581		2,373,332
				133,316,029
Information Technology — 8.8%
Adeia, Inc.		354,464		4,466,246
Avnet, Inc.		83,295		4,596,218
Axcelis Technologies, Inc. (a)		32,338		3,535,513
Bel Fuse, Inc. - Class B (b)		34,152		2,316,530
Belden, Inc. (b)		22,139		2,375,072
Benchmark Electronics, Inc.		53,305		2,265,996
Clearfield, Inc. (a)(b)		85,747		3,198,363
CompoSecure, Inc. (b)		477,871		5,605,427
Hackett Group, Inc.		88,461		2,344,216
Insight Enterprises, Inc. (a)		11,009		2,389,724
InterDigital, Inc. (b)		54,394		7,536,833
LiveRamp Holdings, Inc. (a)		58,675		1,520,856
NCR Voyix Corp. (a)(b)		137,895		1,860,204
OSI Systems, Inc. (a)(b)		26,842		4,022,811
Photronics, Inc. (a)		123,618		3,196,761
Ultra Clean Holdings, Inc. (a)		45,048		1,698,310
				52,929,080
Materials — 2.9%
Ashland, Inc. (b)		24,177		2,163,842
Ecovyst, Inc. (a)		209,695		1,505,610
Eldorado Gold Corp. (a)		200,932		3,466,077
Knife River Corp. (a)		27,751		2,188,721
Methanex Corp.		75,571		3,528,410
Myers Industries, Inc.		77,988		1,192,437
Orion SA		179,900		3,355,135
				17,400,232
Real Estate — 1.2%
BRT Apartments Corp.		94,922		1,802,569
Cousins Properties, Inc.		93,921		2,677,688
First Industrial Realty Trust, Inc.		47,287		2,682,591
				7,162,848
Utilities — 0.8%
New Jersey Resources Corp.		46,418		2,149,617
Portland General Electric Co.		25,407		1,222,331
Pure Cycle Corp. (a)		109,257		1,163,587
				4,535,535
TOTAL COMMON STOCKS (Cost $428,586,377)				580,626,514
CLOSED END FUNDS — 0.3%
Golub Capital BDC, Inc. (b)		134,862		2,008,095
TOTAL CLOSED END FUNDS (Cost $2,158,074)				2,008,095
	Units
SHORT-TERM INVESTMENTS — 18.6%
Investments Purchased with Proceeds from Securities Lending — 18.6%
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% (c)		111,608,773		111,608,773
TOTAL SHORT-TERM INVESTMENTS (Cost $111,608,773)				111,608,773
TOTAL INVESTMENTS — 115.7% (Cost $542,353,224)				694,243,382
Liabilities in Excess of Other Assets — (15.7)%				(94,069,180	)
TOTAL NET ASSETS — 100.0%			$	600,174,202

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

NV Naamloze Vennootschap

PLC Public Limited Company

SA Sociedad Anónima

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of August 31, 2024. The total market value of these securities was $109,500,196 which represented 18.2% of net assets.

(c) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

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

Financial Statements 2024 | 45

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
BOSTON PARTNERS SMALL CAP VALUE FUND II	Schedule of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of August 31, 2024 is as follows (see Notes to Schedule of Investments):

	LEVEL 1		LEVEL 2		LEVEL 3		Total
Investments:
Common Stocks	$	578,651,092	$	1,975,422	$	—	$	580,626,514
Closed End Funds		2,008,095		—		—		2,008,095
Investments Purchased with Proceeds from Securities Lending(a)		—		—		—		111,608,773
Total Investments	$	580,659,187	$	1,975,422	$	—	$	694,243,382

Refer to the Schedule of Investments for further disaggregation of investment categories.

(a) 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. These investments can be classified as Investments Purchased with Proceeds from Securities Lending and their fair value totals to $111,608,773. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

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

Financial Statements 2024 | 46

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
WPG Partners Select Hedged Fund	Schedule of Investments

	Shares		Value
COMMON STOCKS — 97.7%
Communication Services — 2.2%
Cars.com, Inc. (a)(b)		65,310	$	1,165,130
Consumer Discretionary — 7.1%
Gildan Activewear, Inc. (b)		42,298		1,930,058
PlayAGS, Inc. (a)(b)		89,254		1,010,355
Wayfair, Inc. - Class A (a)(b)		20,330		865,042
				3,805,455
Consumer Staples — 4.9%
Grocery Outlet Holding Corp. (a)(b)		33,912		642,293
Nomad Foods Ltd.		107,887		2,028,276
				2,670,569
Energy — 3.0%
International Seaways, Inc. (b)		10,807		560,127
Kosmos Energy Ltd. (a)(b)		220,950		1,076,026
				1,636,153
Financials — 26.5%
BGC Group, Inc. - Class A (b)		257,144		2,540,583
Dime Community Bancshares, Inc. (b)		52,920		1,376,449
Federal Agricultural Mortgage Corp. - Class C (b)		1,864		368,084
Fidelis Insurance Holdings Ltd. (b)		86,388		1,599,906
FirstCash Holdings, Inc. (b)		11,926		1,432,193
Independent Bank Corp./MI		18,110		613,567
Kemper Corp. (b)		40,807		2,550,846
National Bank Holdings Corp. - Class A (b)		12,670		555,073
Perella Weinberg Partners (b)		38,757		757,699
Popular, Inc.		15,093		1,547,032
Prosperity Bancshares, Inc.		12,857		946,018
				14,287,450
Health Care — 12.5%
CareDx, Inc. (a)		27,578		847,472
Enovis Corp. (a)(b)		53,387		2,487,834
Halozyme Therapeutics, Inc. (a)(b)		15,279		975,564
Innoviva, Inc. (a)(b)		31,863		617,505
Tenet Healthcare Corp. (a)(b)		10,807		1,792,233
				6,720,608
Industrials — 13.5%
Air Lease Corp. (b)		40,808		1,888,186
Arcosa, Inc. (b)		27,723		2,536,377
Clarivate PLC (a)(b)		338,090		2,319,298
V2X, Inc. (a)		9,837		557,266
				7,301,127
Information Technology — 12.8%
8x8, Inc. (a)(b)		528,454		993,493
Ooma, Inc. (a)(b)		52,173		542,599
Silicon Motion Technology Corp. - ADR		8,351		530,873
Silvaco Group, Inc. (a)(b)		27,739		428,568
SMART Global Holdings, Inc. (a)		26,025		539,238
Teradata Corp. (a)(b)		26,459		747,202
Tower Semiconductor Ltd. (a)		40,993		1,811,481
Verint Systems, Inc. (a)(b)		40,993		1,293,329
				6,886,783
Materials — 8.8%
Ashland, Inc. (b)		11,988		1,072,926
ERO Copper Corp. (a)(b)		59,255		1,217,690
Kronos Worldwide, Inc.		52,732		609,582
Rayonier Advanced Materials, Inc. (a)(b)		230,768		1,841,529
				4,741,727
Real Estate — 6.4%
Brixmor Property Group, Inc. (b)		64,845		1,776,104
Equity Commonwealth (a)(b)		83,866		1,699,964
				3,476,068
TOTAL COMMON STOCKS (Cost $48,629,964)				52,691,070
SHORT-TERM INVESTMENTS — 0.0%(c)
Money Market Funds — 0.0%(c)
BlackRock Liquidity Funds Treasury Trust Fund Portfolio - Class Institutional, 5.15% (b)(d)		676		676
Federated Hermes U.S. Treasury Cash Reserves - Class Institutional, 5.11% (b)(d)		675		675
Fidelity Treasury Portfolio - Class I, 5.16% (b)(d)		676		676
Goldman Sachs Financial Square Funds - Treasury Instruments Fund - Class Institutional, 5.12% (b)(d)		675		675
TOTAL SHORT-TERM INVESTMENTS (Cost $2,702)				2,702
TOTAL INVESTMENTS — 97.7% (Cost $48,632,666)				52,693,772
Other Assets in Excess of Liabilities — 2.3%				1,231,653
TOTAL NET ASSETS — 100.0%			$	53,925,425

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR American Depositary Receipt

PLC Public Limited Company

(a) Non-income producing security.

(b) Security position is either entirely or partially held in a segregated account as collateral for securities sold short.

(c) Represents less than 0.05% of net assets.

(d) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

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

Financial Statements 2024 | 47

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
WPG Partners Select Hedged Fund	Schedule of Investments (continued)

Schedule of Securities Sold Short	Shares			Value
COMMON STOCKS — (66.3)%
Communication Services — (0.1)%
AST SpaceMobile, Inc.		(1,582	)	$	(45,941	)
Consumer Discretionary — (12.4)%
Boot Barn Holdings, Inc.		(2,430	)		(326,033	)
Crocs, Inc.		(2,941	)		(429,886	)
Latham Group, Inc.		(66,019	)		(412,619	)
Lithia Motors, Inc.		(2,286	)		(688,269	)
Newell Brands, Inc.		(17,428	)		(123,564	)
Restaurant Brands International, Inc.		(8,447	)		(586,898	)
RH		(466	)		(118,224	)
Signet Jewelers Ltd.		(3,317	)		(278,960	)
Thor Industries, Inc.		(6,630	)		(711,134	)
Vail Resorts, Inc.		(3,793	)		(689,188	)
Williams-Sonoma, Inc.		(4,544	)		(610,395	)
Wingstop, Inc.		(1,429	)		(551,751	)
Winmark Corp.		(1,386	)		(499,792	)
XPEL, Inc.		(15,610	)		(675,757	)
					(6,702,470	)
Consumer Staples — (6.1)%
Andersons, Inc.		(18,861	)		(961,345	)
Archer-Daniels-Midland Co.		(17,649	)		(1,076,413	)
Central Garden & Pet Co. - Class A		(8,207	)		(280,679	)
Hershey Co.		(3,162	)		(610,456	)
J & J Snack Foods Corp.		(2,249	)		(382,757	)
					(3,311,650	)
Financials — (8.6)%
Blackstone Mortgage Trust, Inc. - Class A		(24,548	)		(453,156	)
CVB Financial Corp.		(18,818	)		(346,628	)
Encore Capital Group, Inc.		(8,321	)		(416,716	)
FactSet Research Systems, Inc.		(1,266	)		(535,315	)
Live Oak Bancshares, Inc.		(12,016	)		(516,568	)
Moelis & Co. - Class A		(10,342	)		(690,742	)
MSCI, Inc.		(971	)		(563,753	)
US Bancorp		(23,924	)		(1,129,930	)
					(4,652,808	)
Health Care — (4.4)%
Fortrea Holdings, Inc.		(22,734	)		(524,246	)
Inspire Medical Systems, Inc.		(3,666	)		(659,220	)
Option Care Health, Inc.		(24,774	)		(793,264	)
Owens & Minor, Inc.		(17,504	)		(272,012	)
US Physical Therapy, Inc.		(1,534	)		(131,310	)
					(2,380,052	)
Industrials — (22.6)%
American Airlines Group, Inc.		(36,576	)		(388,437	)
ArcBest Corp.		(7,706	)		(819,148	)
Boise Cascade Co.		(5,849	)		(793,241	)
Core & Main, Inc. - Class A		(14,612	)		(701,814	)
Griffon Corp.		(15,645	)		(1,035,543	)
H&E Equipment Services, Inc.		(2,717	)		(130,824	)
Herc Holdings, Inc.		(7,381	)		(1,080,357	)
Hillenbrand, Inc.		(7,747	)		(255,341	)
Mercury Systems, Inc.		(7,557	)		(286,410	)
MillerKnoll, Inc.		(35,034	)		(1,031,751	)
PACCAR, Inc.		(11,275	)		(1,084,430	)
Paychex, Inc.		(8,225	)		(1,079,120	)
Rockwell Automation, Inc.		(4,868	)		(1,324,242	)
Spirit AeroSystems Holdings, Inc. - Class A		(26,148	)		(920,671	)
Symbotic, Inc.		(25,772	)		(494,823	)
Terex Corp.		(9,377	)		(532,332	)
Triumph Group, Inc.		(14,487	)		(201,804	)
					(12,160,288	)
Information Technology — (9.1)%
Amdocs Ltd.		(7,360	)		(640,099	)
Dolby Laboratories, Inc. - Class A		(6,892	)		(491,813	)
EPAM Systems, Inc.		(1,220	)		(244,927	)
HubSpot, Inc.		(749	)		(373,803	)
Klaviyo, Inc. - Class A		(16,599	)		(522,205	)
Lumentum Holdings, Inc.		(14,748	)		(849,632	)
Methode Electronics, Inc.		(37,715	)		(392,990	)
MKS Instruments, Inc.		(2,285	)		(272,441	)
Snowflake, Inc. - Class A		(3,120	)		(356,398	)
Synopsys, Inc.		(1,472	)		(764,822	)
					(4,909,130	)
Materials — (1.8)%
Alpha Metallurgical Resources, Inc.		(3,427	)		(819,567	)
Eagle Materials, Inc.		(498	)		(128,360	)
					(947,927	)
Real Estate — (1.2)%
Rexford Industrial Realty, Inc.		(12,223	)		(622,395	)
TOTAL COMMON STOCKS (Proceeds $35,139,888)					(35,732,661	)
TOTAL SECURITIES SOLD SHORT — (66.3)% (Proceeds $35,139,888)				$	(35,732,661	)

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

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

Financial Statements 2024 | 48

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
WPG Partners Select Hedged Fund	Schedule of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of August 31, 2024 is as follows (see Notes to Schedule of Investments):

	LEVEL 1			LEVEL 2		LEVEL 3		Total
Assets:
Investments:
Common Stocks	$	52,691,070		$	—	$	—	$	52,691,070
Money Market Funds		2,702			—		—		2,702
Total Investments	$	52,693,772		$	—	$	—	$	52,693,772
Liabilities:
Investments:
Common Stocks		(35,732,661	)		—		—		(35,732,661	)
Total Investments	$	(35,732,661	)	$	—	$	—	$	(35,732,661	)

Refer to the Schedule of Investments for further disaggregation of investment categories.

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

Financial Statements 2024 | 49

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
WPG PARTNERS SELECT SMALL CAP VALUE FUND	Schedule of Investments

	Shares			Value
COMMON STOCKS — 96.8%
Communication Services — 2.1%
Cars.com, Inc. (a)		146,987		$	2,622,248
Consumer Discretionary — 7.0%
Gildan Activewear, Inc.		96,244			4,391,614
PlayAGS, Inc. (a)		203,086			2,298,933
Wayfair, Inc. - Class A (a)		45,789			1,948,322
					8,638,869
Consumer Staples — 4.9%
Grocery Outlet Holding Corp. (a)		77,165			1,461,505
Nomad Foods Ltd.		245,484			4,615,099
					6,076,604
Energy — 3.0%
International Seaways, Inc.		24,590			1,274,500
Kosmos Energy Ltd. (a)		504,112			2,455,025
					3,729,525
Financials — 26.3%
BGC Group, Inc. - Class A		585,094			5,780,729
Dime Community Bancshares, Inc.		120,411			3,131,890
Federal Agricultural Mortgage Corp. - Class C		4,240			837,273
Fidelis Insurance Holdings Ltd.		197,575			3,659,089
FirstCash Holdings, Inc.		27,135			3,258,642
Independent Bank Corp.		40,703			1,379,018
Kemper Corp.		92,851			5,804,116
National Bank Holdings Corp. - Class A		28,830			1,263,042
Perella Weinberg Partners		88,187			1,724,056
Popular, Inc.		34,342			3,520,055
Prosperity Bancshares, Inc.		29,254			2,152,509
					32,510,419
Health Care — 12.4%
CareDx, Inc. (a)		62,750			1,928,308
Enovis Corp. (a)		120,835			5,630,911
Halozyme Therapeutics, Inc. (a)		34,767			2,219,873
Innoviva, Inc. (a)		72,501			1,405,069
Tenet Healthcare Corp. (a)		24,590			4,078,006
					15,262,167
Industrials — 13.4%
Air Lease Corp.		92,852			4,296,262
Arcosa, Inc.		63,174			5,779,790
Clarivate PLC (a)		769,949			5,281,850
V2X, Inc. (a)		22,194			1,257,290
					16,615,192
Information Technology — 12.6%
8x8, Inc. (a)		1,202,409			2,260,529
Ooma, Inc. (a)		118,714			1,234,626
Silicon Motion Technology Corp. - ADR		18,655			1,185,899
Silvaco Group, Inc. (a)		62,325			962,921
SMART Global Holdings, Inc. (a)		57,661			1,194,736
Teradata Corp. (a)		60,205			1,700,189
Tower Semiconductor Ltd. (a)		93,275			4,121,822
Verint Systems, Inc. (a)		93,275			2,942,826
					15,603,548
Materials — 8.7%
Ashland, Inc.		27,135			2,428,583
ERO Copper Corp. (a)		134,826	��		2,770,674
Kronos Worldwide, Inc.		119,986			1,387,038
Rayonier Advanced Materials, Inc. (a)		518,527			4,137,845
					10,724,140
Real Estate — 6.4%
Brixmor Property Group, Inc.		147,546			4,041,285
Equity Commonwealth (a)		191,215			3,875,928
					7,917,213
TOTAL COMMON STOCKS (Cost $102,060,756)					119,699,925
TOTAL INVESTMENTS — 96.8% (Cost $102,060,756)					119,699,925
Other Assets in Excess of Liabilities — 3.2%					3,929,711
TOTAL NET ASSETS — 100.0%				$	123,629,636

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR American Depositary Receipt

PLC Public Limited Company

(a) Non-income producing security.

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

Financial Statements 2024 | 50

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
WPG PARTNERS SELECT SMALL CAP VALUE FUND	Schedule of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of August 31, 2024 is as follows (see Notes to Schedule of Investments):

	LEVEL 1		LEVEL 2		LEVEL 3		Total
Investments:
Common Stocks	$	119,699,925	$	—	$	—	$	119,699,925
Total Investments	$	119,699,925	$	—	$	—	$	119,699,925

Refer to the Schedule of Investments for further disaggregation of investment categories.

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

Financial Statements 2024 | 51

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
WPG PARTNERS SMALL CAP VALUE DIVERSIFIED FUND	Schedule of Investments

	Shares		Value
COMMON STOCKS — 97.2%
Communication Services — 0.8%
Cargurus, Inc. (a)		9,420	$	272,992
Consumer Discretionary — 8.4%
Academy Sports & Outdoors, Inc. (b)		1,482		82,221
ADT, Inc. (b)		57,319		417,856
Bowlero Corp. (b)		10,880		120,224
Dave & Buster’s Entertainment, Inc. (a)		5,332		167,105
Frontdoor, Inc. (a)		1,612		77,505
Gentherm, Inc. (a)		3,675		185,735
Gildan Activewear, Inc.		18,242		832,382
Savers Value Village, Inc. (a)(b)		20,057		177,504
Stride, Inc. (a)(b)		4,483		369,130
Wayfair, Inc. - Class A (a)(b)		7,811		332,358
				2,762,020
Consumer Staples — 3.9%
Grocery Outlet Holding Corp. (a)(b)		16,234		307,472
Lamb Weston Holdings, Inc.		1,390		86,069
Nomad Foods Ltd.		33,769		634,857
TreeHouse Foods, Inc. (a)		6,705		275,508
				1,303,906
Energy — 8.4%
Antero Resources Corp. (a)		9,401		253,733
Atlas Energy Solutions, Inc. (b)		14,889		314,009
DHT Holdings, Inc.		36,293		393,053
Kodiak Gas Services, Inc. (b)		13,600		377,400
Kosmos Energy Ltd. (a)(b)		68,719		334,661
Scorpio Tankers, Inc.		6,472		463,007
SM Energy Co. (b)		5,405		246,630
Tidewater, Inc. (a)		2,091		185,472
Transocean Ltd. (a)(b)		41,289		195,710
				2,763,675
Financials — 19.1%
AGNC Investment Corp. (b)		30,556		311,977
Axis Capital Holdings Ltd.		3,354		267,917
BGC Group, Inc. - Class A (b)		62,684		619,318
Enterprise Financial Services Corp.		3,253		172,116
Essent Group Ltd.		6,896		443,344
Fidelis Insurance Holdings Ltd.		26,677		494,058
First American Financial Corp.		2,550		162,690
First BanCorp		22,935		490,350
First Commonwealth Financial Corp.		22,944		395,096
FirstCash Holdings, Inc.		3,572		428,961
Hanover Insurance Group, Inc.		3,234		475,366
Kemper Corp. (b)		12,278		767,498
National Bank Holdings Corp. - Class A (b)		6,685		292,870
Popular, Inc.		5,124		525,210
Prosperity Bancshares, Inc.		3,891		286,300
Webster Financial Corp.		3,791		179,807
				6,312,878
Health Care — 8.1%
Enovis Corp. (a)(b)		14,534		677,284
Halozyme Therapeutics, Inc. (a)(b)		5,408		345,301
Phreesia, Inc. (a)		12,414		319,164
Teleflex, Inc.		1,644		403,059
Tenet Healthcare Corp. (a)		5,715		947,776
				2,692,584
Industrials — 20.6%
ABM Industries, Inc.		4,678		267,348
Air Lease Corp. (b)		13,048		603,731
Allison Transmission Holdings, Inc.		2,511		232,895
Arcosa, Inc.		7,933		725,790
Atkore, Inc.		2,109		196,833
BrightView Holdings, Inc. (a)		16,294		260,215
Clarivate PLC (a)(b)		103,062		707,005
Driven Brands Holdings, Inc. (a)		5,850		83,889
Embraer SA - ADR (a)		4,743		157,610
Fluor Corp. (a)		7,547		377,878
Frontier Group Holdings, Inc. (a)(b)		40,143		145,719
ICF International, Inc.		2,162		358,373
IES Holdings, Inc. (a)		505		94,198
Janus International Group, Inc. (a)(b)		11,620		127,704
KBR, Inc.		4,803		333,136
Knight-Swift Transportation Holdings, Inc. (b)		7,122		373,050
Leonardo DRS, Inc. (a)		11,821		337,371
MasTec, Inc. (a)(b)		3,135		354,663
Moog, Inc. - Class A		916		180,819
RXO, Inc. (a)		4,219		120,073
Star Bulk Carriers Corp.		23,917		511,106
Stericycle, Inc. (a)		4,373		259,144
				6,808,550
Information Technology — 7.7%
BlackBerry Ltd. (a)(b)		55,765		131,048
Extreme Networks, Inc. (a)		6,634		104,486
Harmonic, Inc. (a)		25,107		362,796
LiveRamp Holdings, Inc. (a)		5,121		132,736
Mirion Technologies, Inc. (a)		17,991		195,022
NCR Voyix Corp. (a)		6,460		87,145
Silicon Motion Technology Corp. - ADR (b)		4,433		281,806
Teradata Corp. (a)		8,629		243,683
Tower Semiconductor Ltd. (a)(b)		13,651		603,238
Verint Systems, Inc. (a)		13,153		414,977
				2,556,937
Materials — 10.3%
Alcoa Corp.		4,730		151,833
Ashland, Inc. (b)		3,685		329,807
Capstone Copper Corp. (a)		40,140		288,023
Commercial Metals Co. (b)		3,598		192,817
Constellium SE (a)		19,056		319,569
ERO Copper Corp. (a)(b)		17,745		364,660
Huntsman Corp.		11,017		242,925
Stelco Holdings, Inc.		12,840		624,064
Summit Materials, Inc. - Class A (a)		7,269		294,395
Tronox Holdings PLC		24,716		344,294
Warrior Met Coal, Inc.		4,007		245,669
				3,398,056
Real Estate — 5.9%
Brixmor Property Group, Inc.		28,021		767,495
DigitalBridge Group, Inc.		15,238		190,323
Equity Commonwealth (a)		24,077		488,041
Getty Realty Corp. (b)		15,928		506,192
				1,952,051

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

Financial Statements 2024 | 52

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
WPG PARTNERS SMALL CAP VALUE DIVERSIFIED FUND	Schedule of Investments (continued)

	Shares		Value
Utilities — 4.0%
ALLETE, Inc.		7,020	$	446,121
Portland General Electric Co.		9,407		452,571
Spire, Inc. (b)		6,622		436,853
				1,335,545
TOTAL COMMON STOCKS (Cost $24,896,739)				32,159,194
	Units
SHORT-TERM INVESTMENTS — 27.3%
Investments Purchased with Proceeds from Securities Lending — 27.3%
Mount Vernon Liquid Assets Portfolio, LLC, 5.50% (c)		9,020,061		9,020,061
TOTAL SHORT-TERM INVESTMENTS (Cost $9,020,061)				9,020,061
TOTAL INVESTMENTS — 124.5% (Cost $33,916,800)				41,179,255
Liabilities in Excess of Other Assets — (24.5)%				(8,101,102	)
TOTAL NET ASSETS — 100.0%			$	33,078,153

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR American Depositary Receipt

PLC Public Limited Company

SA Sociedad Anónima

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of August 31, 2024. The total market value of these securities was $8,825,663 which represented 26.7% of net assets.

(c) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

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

Financial Statements 2024 | 53

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
WPG PARTNERS SMALL CAP VALUE DIVERSIFIED FUND	Schedule of Investments (concluded)

A summary of the inputs used to value the Fund’s investments carried at fair value as of August 31, 2024 is as follows (see Notes to Schedule of Investments):

	LEVEL 1		LEVEL 2		LEVEL 3		Total
Investments:
Common Stocks	$	32,159,194	$	—	$	—	$	32,159,194
Investments Purchased with Proceeds from Securities Lending(a)		—		—		—		9,020,061
Total Investments	$	32,159,194	$	—	$	—	$	41,179,255

Refer to the Schedule of Investments for further disaggregation of investment categories.

(a) 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. These investments can be classified as Investments Purchased with Proceeds from Securities Lending and their fair value totals to $9,020,061. The fair value amounts presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

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

Financial Statements 2024 | 54

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
Statements of Assets and Liabilities

	Boston Partners All-Cap Value Fund		Boston Partners Emerging Markets Dynamic Equity Fund			Boston Partners Global Equity Fund		Boston Partners Global Long/Short Fund
ASSETS
Investments in securities, at value †^	$	1,474,739,248	$	37,292,720		$	233,458,277	$	131,774,677
Investments purchased with proceeds from securities lending collateral, at value *		75,809,274		—			4,427,880		—
Short-term investments, at value **		—		10,566,624			—		229,592
Cash and cash equivalents		17,549,782		9,637,679			10,575,209		44,974,864
Foreign currencies, at value #		—		—			—		—
Offering costs		—		—			—		—
Receivables
Investments sold		—		106,664			—		1,333,575
Foreign currency deposits with brokers for securities sold short#		—		4,938			—		1,517,524
Deposits with brokers for contracts for difference		—		1,698,030			—		610,000
Deposits with brokers for securities sold short		—		74,227			—		—
Capital shares sold		171,900		—			—		83,601
Dividends and interest		2,097,772		846,869			892,209		341,260
Due from advisor		—		—			—		—
Unrealized appreciation on contracts for difference ◊		—		6,022,584			—		2,402,908
Prepaid expenses and other assets		54,486		238,746			15,908		1,034,061
Total assets		1,570,422,462		66,489,081			249,369,483		184,302,062
LIABILITIES
Securities sold short, at value ‡		—		1,261,905			—		—
Options written, at value +◊		—		—			—		—
Foreign currency overdraft		—		78,823			—		—
Payables
Securities lending collateral		75,809,274		—			4,427,880		—
Investments purchased		—		809,269			—		228,230
Capital shares redeemed		399,302		3,803			20,588		102,833
Due to prime broker		—		—			—		1,851,679
Investment advisory fees		913,930		85,226			182,729		178,531
Custodian fees		6,782		3,056			466		2,585
Distribution and service fees		52,297		—			—		12,625
Dividends on securities sold short		—		—			—		—
Administration and accounting fees		89,998		14,510			24,662		20,725
Transfer agent fees		164,965		3,742			25,651		30,772
Unrealized depreciation on contracts for difference ◊		—		3,416,520			—		2,524,525
Other accrued expenses and liabilities		21,684		844,622			40,012		701,184
Total liabilities		77,458,232		6,521,476			4,721,988		5,653,689
Net Assets	$	1,492,964,230	$	59,967,605		$	244,647,495	$	178,648,373
NET ASSETS CONSIST OF:
Par value	$	44,002	$	6,886		$	9,616	$	10,496
Paid-in Capital		758,577,233		72,066,508			184,819,851		143,334,625
Total Distributable earnings/(loss)		734,342,995		(12,105,789	)		59,818,028		35,303,252
Net Assets	$	1,492,964,230	$	59,967,605		$	244,647,495	$	178,648,373

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

Financial Statements 2024 | 55

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
Statements of Assets and Liabilities (continued)

	Boston Partners All-Cap Value Fund		Boston Partners Emerging Markets Dynamic Equity Fund		Boston Partners Global Equity Fund		Boston Partners Global Long/Short Fund
INSTITUTIONAL CLASS
Net assets	$	1,272,666,440	$	59,967,605	$	244,647,495	$	164,903,317
Shares outstanding		37,466,409		6,885,799		9,616,031		9,673,597
Net asset value, offering and redemption price per share	$	33.97	$	8.71	$	25.44	$	17.05
INVESTOR CLASS
Net assets	$	220,297,790	$	—	$	—	$	13,745,056
Shares outstanding		6,535,297		—		—		822,072
Net asset value, offering and redemption price per share	$	33.71	$	—	$	—	$	16.72
† Investments in securities, at cost	$	836,775,877	$	34,603,572	$	179,429,615	$	112,546,347
^ Includes market value of securities on loan	$	74,254,911	$	—	$	4,366,972	$	—
* Investments purchased with proceeds from securities lending collateral, at cost	$	75,809,274	$	—	$	4,427,880	$	—
** Short-term investments, at cost	$	—	$	10,566,624	$	—	$	229,592
# Foreign currencies, at cost	$	—	$	—	$	—	$	1,480,649
‡ Proceeds received, securities sold short	$	—	$	1,208,836	$	—	$	—
+ Premiums received, options written	$	—	$	—	$	—	$	—
◊ Primary risk exposure is equity contracts

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

Financial Statements 2024 | 56

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
Statements of Assets and Liabilities (continued)

	Boston Partners Global Sustainability Fund		Boston Partners Long/Short Equity Fund		Boston Partners Long/Short Research Fund		Boston Partners Small Cap Value Fund II
ASSETS
Investments in securities, at value †^	$	11,196,102	$	60,706,044	$	557,504,471	$	582,634,609
Investments purchased with proceeds from securities lending collateral, at value *		—		9,268,044		—		111,608,773
Short-term investments, at value **		—		607,947		8,155		—
Cash and cash equivalents		213,900		1,613,171		28,309,504		17,403,785
Foreign currencies, at value #		—		—		—		—
Offering costs		—		—		—		—
Receivables								—
Investments sold		—		—		—		—
Foreign currency deposits with brokers for securities sold short		—		2,973,196		45,979,169		—
Deposits with brokers for contracts for difference		—		—		530,000		—
Deposits with brokers for securities sold short		—		8,853,659		73,161,453		—
Capital shares sold		—		14,942		69,809		376,924
Dividends and interest		44,824		122,984		1,555,976		607,986
Due from advisor		2,327		—		—		—
Unrealized appreciation on contracts for difference ◊		—		—		6,930,292		—
Prepaid expenses and other assets		463		18,629		1,992,530		35,370
Total assets		11,457,616		84,178,616		716,041,359		712,667,447
LIABILITIES
Securities sold short, at value ‡		—		11,814,494		113,797,015		—
Options written, at value +◊		—		—		113,597		—
Foreign currency overdraft		—		—		—		—
Payables
Securities lending collateral		—		9,268,044		—		111,608,773
Investments purchased		—		—		18,386		—
Capital shares redeemed		—		1,277		773,024		115,977
Due to prime broker		—		—		—		—
Investment advisory fees		—		79,348		558,464		444,538
Custodian fees		518		2,285		8,031		4,339
Distribution and service fees		—		7,892		3,878		86,827
Dividends on securities sold short		—		2,726		131,137		—
Administration and accounting fees		13,910		15,121		59,341		43,373
Transfer agent fees		446		16,566		79,368		105,987
Unrealized depreciation on contracts for difference ◊		—		18,603		6,578,036		—
Other accrued expenses and liabilities		45,274		58,544		1,969,266		83,431
Total liabilities		60,148		21,284,900		124,089,543		112,493,245
Net Assets	$	11,397,468	$	62,893,716	$	591,951,816	$	600,174,202
NET ASSETS CONSIST OF:
Par value	$	954	$	4,451	$	39,264	$	20,890
Paid-in Capital		9,169,646		28,060,885		336,509,009		394,259,371
Total Distributable earnings/(loss)		2,226,868		34,828,380		255,403,543		205,893,941
Net Assets	$	11,397,468	$	62,893,716	$	591,951,816	$	600,174,202

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

Financial Statements 2024 | 57

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
Statements of Assets and Liabilities (continued)

	Boston Partners Global Sustainability Fund		Boston Partners Long/Short Equity Fund		Boston Partners Long/Short Research Fund		Boston Partners Small Cap Value Fund II
INSTITUTIONAL CLASS
Net assets	$	11,397,468	$	47,562,523	$	584,044,333	$	542,807,486
Shares outstanding		954,052		3,162,039		38,716,428		18,777,323
Net asset value, offering and redemption price per share	$	11.95	$	15.04	$	15.09	$	28.91
INVESTOR CLASS
Net assets	$	—	$	15,331,193	$	7,907,483	$	57,366,716
Shares outstanding		—		1,288,818		547,244		2,112,487
Net asset value, offering and redemption price per share	$	—	$	11.90	$	14.45	$	27.16
† Investments in securities, at cost	$	8,679,189	$	40,196,351	$	374,090,238	$	430,724,463
^ Includes market value of securities on loan	$	—	$	9,085,498	$	—	$	109,500,196
* Investments purchased with proceeds from securities lending collateral, at cost	$	—	$	9,268,044	$	—	$	111,608,773
** Short-term investments, at cost	$	—	$	607,947	$	8,155	$	—
# Foreign currencies, at cost	$	—	$	3,228,543	$	44,452,925	$	—
‡ Proceeds received, securities sold short	$	—	$	16,642,562	$	126,232,070	$	—
+ Premiums received, options written	$	—	$	—	$	69,105	$	—
◊ Primary risk exposure is equity contracts

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

Financial Statements 2024 | 58

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
Statements of Assets and Liabilities (continued)

	WPG Partners Select Hedged Fund		WPG Partners Select Small Cap Value Fund		WPG Partners Small Cap Value Diversified Fund
ASSETS
Investments in securities, at value †^	$	52,691,070	$	119,699,925	$	32,159,194
Investments purchased with proceeds from securities lending collateral, at value *		—		—		9,020,061
Short-term investments, at value **		2,702		—		—
Cash and cash equivalents		1,382,012		5,673,429		868,553
Foreign currencies, at value #		—		—		49,226
Offering costs		37,853		—		—
Receivables
Investments sold		308,035		71,988		—
Foreign currency deposits with brokers for securities sold short		—		—		—
Deposits with brokers for contracts for difference		—		—		—
Deposits with brokers for securities sold short		35,249,641		—		—
Capital shares sold		2,567		1,023,807		15,300
Dividends and interest		188,805		94,513		54,491
Due from advisor		—		—		—
Unrealized appreciation on contracts for difference ◊		—		—		—
Prepaid expenses and other assets		—		1,788		8,186
Total assets		89,862,685		126,565,450		42,175,011
LIABILITIES
Securities sold short, at value ‡		35,732,661		—		—
Options written, at value +◊		—		—		—
Foreign currency overdraft		—		—		—
Payables
Securities lending collateral		—		—		9,020,061
Investments purchased		24,815		2,638,469		—
Capital shares redeemed		21,795		116,161		—
Due to prime broker		—		—		—
Investment advisory fees		42,430		90,379		18,278
Custodian fees		1,174		5,191		882
Distribution and service fees		—		—		—
Dividends on securities sold short		47,068		—		—
Administration and accounting fees		8,351		12,625		10,692
Transfer agent fees		4,773		30,297		4,929
Unrealized depreciation on contracts for difference ◊		—		—		—
Other accrued expenses and liabilities		54,193		42,692		42,016
Total liabilities		35,937,260		2,935,814		9,096,858
Net Assets	$	53,925,425	$	123,629,636	$	33,078,153
NET ASSETS CONSIST OF:
Par value	$	5,180	$	10,229	$	1,566
Paid-in Capital		52,006,174		102,362,362		24,066,496
Total Distributable earnings/(loss)		1,914,071		21,257,045		9,010,091
Net Assets	$	53,925,425	$	123,629,636	$	33,078,153

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

Financial Statements 2024 | 59

BOSTON PARTNERS INVESTMENT FUNDS	August 31, 2024
Statements of Assets and Liabilities (concluded)

	WPG Partners Select Hedged Fund		WPG Partners Select Small Cap Value Fund		WPG Partners Small Cap Value Diversified Fund
INSTITUTIONAL CLASS
Net assets	$	53,925,425	$	123,629,636	$	33,078,153
Shares outstanding		5,179,911		10,228,542		1,565,784
Net asset value, offering and redemption price per share	$	10.41	$	12.09	$	21.13
INVESTOR CLASS
Net assets	$	—	$	—	$	—
Shares outstanding		—		—		—
Net asset value, offering and redemption price per share	$	—	$	—	$	—
† Investments in securities, at cost	$	48,629,964	$	102,060,756	$	24,880,141
^ Includes market value of securities on loan	$	—	$	—	$	8,825,663
* Investments purchased with proceeds from securities lending collateral, at cost	$	—	$	—	$	9,020,061
** Short-term investments, at cost	$	2,702	$	—	$	—
# Foreign currencies, at cost	$	—	$	—	$	48,707
‡ Proceeds received, securities sold short	$	35,139,888	$	—	$	—
+ Premiums received, options written	$	—	$	—	$	—
◊ Primary risk exposure is equity contracts

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

Financial Statements 2024 | 60

BOSTON PARTNERS INVESTMENT FUNDS	For the Year Ended August 31, 2024
Statements of Operations

	Boston Partners All-Cap Value Fund			Boston Partners Emerging Markets Dynamic Equity Fund			Boston Partners Global Equity Fund			Boston Partners Global Long/Short Fund
Investment Income
Dividends †	$	23,392,062		$	1,674,353		$	6,106,839		$	2,337,143
Interest		1,297,678			267,653			341,748			2,382,795
Income from securities loaned (Note 8)		104,863			—			18,416			—
Prime broker interest income		—			35,994			—			—
Total investment income		24,794,603			1,978,000			6,467,003			4,719,938
Expenses
Advisory fees (Note 2)		9,869,819			776,677			1,985,400			2,462,427
Transfer agent fees (Note 2)		938,813			13,737			161,969			175,471
Distribution fees (Investor Class) (Note 2)		552,418			—			—			27,542
Administration and accounting fees (Note 2)		315,910			38,644			86,173			68,208
Director’s fees		172,261			7,886			26,651			20,021
Officer’s fees		162,459			7,237			25,289			19,428
Legal fees		159,194			12,305			24,254			18,056
Custodian fees (Note 2)		69,552			31,267			48,462			28,026
Registration fees		61,118			23,176			23,340			40,955
Printing and shareholder reporting fees		56,997			2,004			6,439			23,157
Audit and tax service fees		40,400			66,021			51,824			57,919
Offering expenses		—			—			—			—
Other expense		120,964			5,059			14,781			10,410
Dividend expense on securities sold short		—			28,554			—			—
Prime broker interest expense		—			—			—			8,201
Total expenses before waivers and/or reimbursements		12,519,905			1,012,567			2,454,582			2,959,821
Less: waivers and/or reimbursements net of amounts recouped (Note 2)		(650,637	)		(113,783	)		(357,823	)		—
Net expenses after waivers and/or reimbursements net of amounts recouped		11,869,268			898,784			2,096,759			2,959,821
Net investment income/(loss)		12,925,335			1,079,216			4,370,244			1,760,117
Net realized gain/(loss) from:
Investment securities		111,488,816			3,363,123			17,634,356			19,825,860
Securities sold short		—			14,659			—			(203,466	)
Options written **		—			—			—			(280,360	)
Contracts for difference **		—			(2,809,685	)		—			(1,458,476	)
Foreign currency transactions		—			(301,978	)		30,340			199,925
Net change in unrealized appreciation/(depreciation) on:
Investment securities		121,716,433			(948,776	)		22,684,893			3,666,400
Securities sold short		—			(48,194	)		—			—
Options written **		(731,254	)		—			—			511,061
Contracts for difference **		—			279,582			—			1,896,332
Foreign currency translation		1,324			10,485			15,783			181,337
Net realized and unrealized gain/(loss)		232,475,319			(440,784	)		40,365,372			24,338,613
Net increase/(decrease) in net assets resulting from operations	$	245,400,654		$	638,432		$	44,735,616		$	26,098,730
† Net of foreign withholding taxes of	$	(181,604	)	$	(156,781	)	$	(439,830	)	$	(228,396	)
** Primary risk exposure is equity contracts

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

Financial Statements 2024 | 61

BOSTON PARTNERS INVESTMENT FUNDS	For the Year Ended August 31, 2024
Statements of Operations (continued)

	Boston Partners Global Sustainability Fund			Boston Partners Long/Short Equity Fund			Boston Partners Long/Short Research Fund			Boston Partners Small Cap Value Fund II
Investment Income
Dividends †	$	301,140		$	1,146,829		$	9,967,614		$	9,093,837
Interest		23,883			51,770			600,406			674,850
Income from securities loaned (Note 8)		—			56,809			—			655,153
Prime broker interest income		—			263,697			6,005,942			—
Total investment income		325,023			1,519,105			16,573,962			10,423,840
Expenses
Advisory fees (Note 2)		121,573			1,379,392			7,466,784			4,839,419
Transfer agent fees (Note 2)		944			55,659			309,062			471,765
Distribution fees (Investor Class) (Note 2)		—			33,228			18,017			141,866
Administration and accounting fees (Note 2)		19,150			39,373			192,523			139,214
Director’s fees		1,500			8,013			76,123			76,217
Officer’s fees		1,618			7,673			80,481			71,037
Legal fees		1,228			7,248			68,104			64,332
Custodian fees (Note 2)		25,646			19,200			55,076			33,310
Registration fees		15,459			34,872			42,139			46,325
Printing and shareholder reporting fees		580			4,441			105			45,580
Audit and tax service fees		41,023			54,419			62,619			40,150
Offering expenses		—			—			—			—
Other expense		3,762			31,786			85,795			52,149
Dividend expense on securities sold short		—			25,777			2,895,572			—
Prime broker interest expense		—			—			—			—
Total expenses before waivers and/or reimbursements		232,483			1,701,081			11,352,400			6,021,364
Less: waivers and/or reimbursements net of amounts recouped (Note 2)		(94,610	)		(414,321	)		—			(231,173	)
Net expenses after waivers and/or reimbursements net of amounts recouped		137,873			1,286,760			11,352,400			5,790,191
Net investment income/(loss)		187,150			232,345			5,221,562			4,633,649
Net realized gain/(loss) from:
Investment securities		2,348,085			7,853,514			73,186,709			80,780,984
Securities sold short		—			3,324,306			(11,859,126	)		—
Options written **		—			(65,618	)		426,133			—
Contracts for difference **		—			558,966			(1,720,952	)		—
Foreign currency transactions		27,196			(11,926	)		(661,277	)		—
Net change in unrealized appreciation/(depreciation) on:
Investment securities		433,314			3,574,411			35,222,110			14,384,396
Securities sold short		—			(2,813,166	)		2,270,614			—
Options written **		—			(50,952	)		(303,237	)		—
Contracts for difference **		—			(18,603	)		(3,758,857	)		—
Foreign currency translation		1,036			21,775			2,100,798			—
Net realized and unrealized gain/(loss)		2,809,631			12,372,707			94,902,915			95,165,380
Net increase/(decrease) in net assets resulting from operations	$	2,996,781		$	12,605,052		$	100,124,477		$	99,799,029
† Net of foreign withholding taxes of	$	(27,528	)	$	(42,304	)	$	(271,206	)	$	(33,484	)
** Primary risk exposure is equity contracts

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

Financial Statements 2024 | 62

BOSTON PARTNERS INVESTMENT FUNDS	For the Year Ended August 31, 2024
Statements of Operations (concluded)

	WPG Partners Select Hedged Fund^			WPG Partners Select Small Cap Value Fund			WPG Partners Small Cap Value Diversified Fund
Investment Income
Dividends †	$	230,852		$	861,175		$	508,489
Interest		29,818			273,754			54,812
Income from securities loaned (Note 8)		—			—			21,492
Prime broker interest income		606,348			—			—
Total investment income		867,018			1,134,929			584,793
Expenses
Advisory fees (Note 2)		201,245			902,977			240,939
Transfer agent fees (Note 2)		4,773			69,933			13,762
Distribution fees (Investor Class) (Note 2)		—			—			—
Administration and accounting fees (Note 2)		9,143			40,211			24,183
Director’s fees		—			10,094			3,872
Officer’s fees		—			8,100			3,558
Legal fees		2			10,032			3,228
Custodian fees (Note 2)		4,860			17,087			16,734
Registration fees		24,522			19,015			23,389
Printing and shareholder reporting fees		972			9,063			10,435
Audit and tax service fees		30,683			35,367			39,475
Offering expenses		9,195			—			—
Other expense		1,829			16,562			3,178
Dividend expense on securities sold short		170,181			—			—
Prime broker interest expense		83,095			—			—
Total expenses before waivers and/or reimbursements		540,500			1,138,441			382,753
Less: waivers and/or reimbursements net of amounts recouped (Note 2)		(45,730	)		(25,358	)		(51,465	)
Net expenses after waivers and/or reimbursements net of amounts recouped		494,770			1,113,083			331,288
Net investment income/(loss)		372,248			21,846			253,505
Net realized gain/(loss) from:
Investment securities		(817,758	)		4,373,965			1,849,511
Securities sold short		(1,108,752	)		—			—
Options written **		—			—			—
Contracts for difference **		—			—			—
Foreign currency transactions		—			—			(555	)
Net change in unrealized appreciation/(depreciation) on:
Investment securities		4,061,106			10,778,980			3,647,050
Securities sold short		(592,773	)		—			—
Options written **		—			—			—
Contracts for difference **		—			—			—
Foreign currency translation		—			—			601
Net realized and unrealized gain/(loss)		1,541,823			15,152,945			5,496,607
Net increase/(decrease) in net assets resulting from operations	$	1,914,071		$	15,174,791		$	5,750,112
† Net of foreign withholding taxes of	$	(4,033	)	$	(24,280	)	$	(10,378	)
^ The Fund commenced operations on May 3, 2024.
** Primary risk exposure is equity contracts

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

Financial Statements 2024 | 63

BOSTON PARTNERS INVESTMENT FUNDS

Statements of Changes in Net Assets

	Boston Partners All-Cap Value Fund						Boston Partners Emerging Markets Dynamic Equity Fund
	For the Year Ended August 31, 2024			For the Year Ended August 31, 2023			For the Year Ended August 31, 2024			For the Year Ended August 31, 2023
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	12,925,335		$	18,074,085		$	1,079,216		$	904,310
Net realized gain/(loss) from investments and foreign currencies		111,488,816			124,443,037			266,119			(2,511,765	)
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		120,986,503			13,885,190			(706,903	)		4,575,484
Net increase/(decrease) in net assets resulting from operations		245,400,654			156,402,312			638,432			2,968,029
Dividends and distributions to shareholders:
Institutional Class		(113,490,263	)		(96,713,599	)		—			(11,778,440	)
Investor Class		(23,113,027	)		(18,398,789	)		—			—
Net decrease in net assets from dividends and distributions to shareholders		(136,603,290	)		(115,112,388	)		—			(11,778,440	)
Capital transactions:
Institutional Class
Proceeds from shares sold		240,527,804			227,017,126			1,484,132			6,194,044
Reinvestment of distributions		89,167,313			75,831,183			—			11,469,531
Shares redeemed		(314,817,112	)		(373,447,509	)		(3,979,687	)		(7,644,051	)
Investor Class
Proceeds from shares sold		11,463,927			16,752,630			—			—
Reinvestment of distributions		22,007,650			17,605,766			—			—
Shares redeemed		(57,211,482	)		(43,086,278	)		—			—
Net increase/(decrease) in net assets from capital transactions		(8,861,900	)		(79,327,082	)		(2,495,555	)		10,019,524
Total increase/(decrease) in net assets		99,935,464			(38,037,158	)		(1,857,123	)		1,209,113
Net assets:
Beginning of period		1,393,028,766			1,431,065,924			61,824,728			60,615,615
End of period	$	1,492,964,230		$	1,393,028,766		$	59,967,605		$	61,824,728
Share transactions:
Institutional Class
Shares sold		7,740,493			7,348,008			166,306			727,968
Shares reinvested		2,986,179			2,498,556			—			1,402,143
Shares redeemed		(9,927,991	)		(12,182,535	)		(453,041	)		(882,460	)
Net increase/(decrease)		798,681			(2,335,971	)		(286,735	)		1,247,651
Investor Class
Shares sold		367,862			546,307			—			—
Shares reinvested		741,248			583,165			—			—
Shares redeemed		(1,824,011	)		(1,414,790	)		—			—
Net increase/(decrease)		(714,901	)		(285,318	)		—			—

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

Financial Statements 2024 | 64

BOSTON PARTNERS INVESTMENT FUNDS

Statements of Changes in Net Assets (continued)

	Boston Partners Global Equity Fund						Boston Partners Global Long/Short Fund
	For the Year Ended August 31, 2024			For the Year Ended August 31, 2023			For the Year Ended August 31, 2024			For the Year Ended August 31, 2023
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	4,370,244		$	4,257,210		$	1,760,117		$	2,054,587
Net realized gain/(loss) from investments and foreign currencies		17,664,696			8,115,011			18,083,483			13,070,954
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		22,700,676			14,265,482			6,255,130			(1,128,440	)
Net increase/(decrease) in net assets resulting from operations		44,735,616			26,637,703			26,098,730			13,997,101
Dividends and distributions to shareholders:
Institutional Class		(4,137,287	)		(2,771,850	)		(2,188,902	)		(2,998,432	)
Investor Class		—			—			(124,802	)		(245,884	)
Net decrease in net assets from dividends and distributions to shareholders		(4,137,287	)		(2,771,850	)		(2,313,704	)		(3,244,316	)
Capital transactions:
Institutional Class
Proceeds from shares sold		14,745,831			27,113,250			43,050,758			96,861,537
Reinvestment of distributions		3,944,599			2,760,443			2,120,859			2,776,329
Shares redeemed		(26,805,073	)		(12,982,701	)		(47,668,390	)		(79,750,344	)
Investor Class
Proceeds from shares sold		—			—			7,409,646			11,778,290
Reinvestment of distributions		—			—			109,781			223,590
Shares redeemed		—			—			(4,458,835	)		(9,580,249	)
Net increase/(decrease) in net assets from capital transactions		(8,114,643	)		16,890,992			563,819			22,309,153
Total increase/(decrease) in net assets		32,483,686			40,756,845			24,348,845			33,061,938
Net assets:
Beginning of period		212,163,809			171,406,964			154,299,528			121,237,590
End of period	$	244,647,495		$	212,163,809		$	178,648,373		$	154,299,528
Share transactions:
Institutional Class
Shares sold		654,463			1,317,841			2,718,812			6,785,859
Shares reinvested		178,005			136,453			139,164			194,557
Shares redeemed		(1,210,800	)		(633,039	)		(3,031,839	)		(5,564,380	)
Net increase/(decrease)		(378,332	)		821,255			(173,863	)		1,416,036
Investor Class
Shares sold		—			—			474,050			825,447
Shares reinvested		—			—			7,329			15,925
Shares redeemed		—			—			(288,367	)		(670,848	)
Net increase/(decrease)		—			—			193,012			170,524

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

Financial Statements 2024 | 65

BOSTON PARTNERS INVESTMENT FUNDS

Statements of Changes in Net Assets (continued)

	Boston Partners Global Sustainability Fund						Boston Partners Long/Short Equity Fund
	For the Year Ended August 31, 2024			For the Year Ended August 31, 2023			For the Year Ended August 31, 2024			For the Year Ended August 31, 2023
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	187,150		$	404,279		$	232,345		$	308,147
Net realized gain/(loss) from investments and foreign currencies		2,375,281			(1,521,647	)		11,659,242			11,945,536
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		434,350			4,623,906			713,465			(2,920,874	)
Net increase/(decrease) in net assets resulting from operations		2,996,781			3,506,538			12,605,052			9,332,809
Dividends and distributions to shareholders:
Institutional Class		(383,298	)		(313,835	)		(9,339,469	)		(6,481,806	)
Investor Class		—			—			(2,682,662	)		(1,588,742	)
Net decrease in net assets from dividends and distributions to shareholders		(383,298	)		(313,835	)		(12,022,131	)		(8,070,548	)
Capital transactions:
Institutional Class
Proceeds from shares sold		1,000,184			600,673			3,592,766			10,379,630
Reinvestment of distributions		383,298			313,835			9,007,246			6,315,049
Shares redeemed		(16,496,527	)		(2,850,030	)		(21,774,134	)		(16,446,258	)
Investor Class
Proceeds from shares sold		—			—			3,797,621			1,769,405
Reinvestment of distributions		—			—			2,626,901			1,538,484
Shares redeemed		—			—			(2,990,895	)		(3,220,281	)
Net increase/(decrease) in net assets from capital transactions		(15,113,045	)		(1,935,522	)		(5,740,495	)		336,029
Total increase/(decrease) in net assets		(12,499,562	)		1,257,181			(5,157,574	)		1,598,290
Net assets:
Beginning of period		23,897,030			22,639,849			68,051,290			66,453,000
End of period	$	11,397,468		$	23,897,030		$	62,893,716		$	68,051,290
Share transactions:
Institutional Class
Shares sold		95,216			64,724			254,300			716,103
Shares reinvested		36,785			33,673			701,499			453,016
Shares redeemed		(1,568,110	)		(335,011	)		(1,549,426	)		(1,129,589	)
Net increase/(decrease)		(1,436,109	)		(236,614	)		(593,627	)		39,530
Investor Class
Shares sold		—			—			354,242			143,479
Shares reinvested		—			—			258,299			132,628
Shares redeemed		—			—			(267,373	)		(267,020	)
Net increase/(decrease)		—			—			345,168			9,087

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

Financial Statements 2024 | 66

BOSTON PARTNERS INVESTMENT FUNDS

Statements of Changes in Net Assets (continued)

	Boston Partners Long/Short Research Fund						Boston Partners Small Cap Value Fund II
	For the Year Ended August 31, 2024			For the Year Ended August 31, 2023			For the Year Ended August 31, 2024			For the Year Ended August 31, 2023
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	5,221,562		$	8,419,000		$	4,633,649		$	6,160,708
Net realized gain/(loss) from investments and foreign currencies		59,371,487			72,632,937			80,780,984			73,771,623
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		35,531,428			(25,356,255	)		14,384,396			(33,832,805	)
Net increase/(decrease) in net assets resulting from operations		100,124,477			55,695,682			99,799,029			46,099,526
Dividends and distributions to shareholders:
Institutional Class		(66,527,383	)		(144,215,120	)		(60,315,331	)		(46,030,717	)
Investor Class		(732,348	)		(2,234,372	)		(7,258,207	)		(5,861,952	)
Net decrease in net assets from dividends and distributions to shareholders		(67,259,731	)		(146,449,492	)		(67,573,538	)		(51,892,669	)
Capital transactions:
Institutional Class
Proceeds from shares sold		119,238,251			307,344,480			66,178,718			87,714,164
Reinvestment of distributions		32,190,431			71,158,668			58,874,147			43,911,312
Shares redeemed		(288,736,079	)		(402,250,403	)		(145,635,464	)		(282,284,621	)
Investor Class
Proceeds from shares sold		1,584,296			1,843,386			3,760,286			5,373,916
Reinvestment of distributions		731,513			2,215,329			7,055,068			5,743,917
Shares redeemed		(2,348,054	)		(7,033,192	)		(16,957,577	)		(31,265,355	)
Net increase/(decrease) in net assets from capital transactions		(137,339,642	)		(26,721,732	)		(26,724,822	)		(170,806,667	)
Total increase/(decrease) in net assets		(104,474,896	)		(117,475,542	)		5,500,669			(176,599,810	)
Net assets:
Beginning of period		696,426,712			813,902,254			594,673,533			771,273,343
End of period	$	591,951,816		$	696,426,712		$	600,174,202		$	594,673,533
Share transactions:
Institutional Class
Shares sold		8,521,172			21,262,036			2,513,191			3,339,693
Shares reinvested		2,455,410			5,086,395			2,307,885			1,711,942
Shares redeemed		(20,947,454	)		(27,847,305	)		(5,501,460	)		(10,620,746	)
Net increase/(decrease)		(9,970,872	)		(1,498,874	)		(680,384	)		(5,569,111	)
Investor Class
Shares sold		115,490			125,654			151,193			214,612
Shares reinvested		58,149			164,220			293,839			236,278
Shares redeemed		(175,931	)		(514,853	)		(685,234	)		(1,272,538	)
Net increase/(decrease)		(2,292	)		(224,979	)		(240,202	)		(821,648	)

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

Financial Statements 2024 | 67

BOSTON PARTNERS INVESTMENT FUNDS

Statements of Changes in Net Assets (continued)

	WPG Partners Select Hedged Fund			WPG Partners Select Small Cap Value Fund
	For the Period Ended August 31, 2024*			For the Year Ended August 31, 2024			For the Year Ended August 31, 2023
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	372,248		$	21,846		$	529,691
Net realized gain/(loss) from investments and foreign currencies		(1,926,510	)		4,373,965			13,714,809
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		3,468,333			10,778,980			7,711,422
Net increase/(decrease) in net assets resulting from operations		1,914,071			15,174,791			21,955,922
Dividends and distributions to shareholders:
Institutional Class		—			(14,373,145	)		(111,741	)
Net decrease in net assets from dividends and distributions to shareholders		—			(14,373,145	)		(111,741	)
Capital transactions:
Institutional Class
Proceeds from shares sold		52,528,063			69,842,753			74,949,673
Reinvestment of distributions		—			14,245,244			111,438
Shares redeemed		(516,709	)		(68,589,373	)		(7,420,975	)
Net increase/(decrease) in net assets from capital transactions		52,011,354			15,498,624			67,640,136
Total increase/(decrease) in net assets		53,925,425			16,300,270			89,484,317
Net assets:
Beginning of period		—			107,329,366			17,845,049
End of period	$	53,925,425		$	123,629,636		$	107,329,366
Share transactions:
Institutional Class
Shares sold		5,230,787			6,367,546			7,856,153
Shares reinvested		—			1,428,811			11,155
Shares redeemed		(50,876	)		(6,651,263	)		(682,918	)
Net increase/(decrease)		5,179,911			1,145,094			7,184,390
* The Fund commenced operations on May 3, 2024.

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

Financial Statements 2024 | 68

BOSTON PARTNERS INVESTMENT FUNDS

Statements of Changes in Net Assets (concluded)

	WPG Partners Small Cap Value Diversified Fund
	For the Year Ended August 31, 2024			For the Year Ended August 31, 2023
Increase/(decrease) in net assets from operations:
Net investment income/(loss)	$	253,505		$	323,469
Net realized gain/(loss) from investments and foreign currencies		1,848,956			1,888,510
Net change in unrealized appreciation/(depreciation) on investments and foreign currency translation		3,647,651			885,261
Net increase/(decrease) in net assets resulting from operations		5,750,112			3,097,240
Dividends and distributions to shareholders:
Institutional Class		(2,113,959	)		(4,669,593	)
Net decrease in net assets from dividends and distributions to shareholders		(2,113,959	)		(4,669,593	)
Capital transactions:
Institutional Class
Proceeds from shares sold		863,166			1,560,898
Reinvestment of distributions		1,990,247			4,416,593
Shares redeemed		(2,674,828	)		(7,405,913	)
Net increase/(decrease) in net assets from capital transactions		178,585			(1,428,422	)
Total increase/(decrease) in net assets		3,814,738			(3,000,775	)
Net assets:
Beginning of period		29,263,415			32,264,190
End of period	$	33,078,153		$	29,263,415
Share transactions:
Institutional Class
Shares sold		44,741			83,597
Shares reinvested		109,055			253,245
Shares redeemed		(143,343	)		(400,952	)
Net increase/(decrease)		10,453			(64,110	)

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

Financial Statements 2024 | 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
8/31/24	$	31.76	$	0.30		$	5.29		$	5.59		$	(0.52	)	$	(2.86	)	$	(3.38	)
8/31/23		30.78		0.41			3.16			3.57			(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	)
Investor Class
8/31/24	$	31.53	$	0.22		$	5.26		$	5.48		$	(0.44	)	$	(2.86	)	$	(3.30	)
8/31/23		30.58		0.33			3.13			3.46			(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	)
Boston Partners Emerging Markets Dynamic Equity Fund
Institutional Class
8/31/24	$	8.62	$	0.16		$	(0.07	)	$	0.09		$	—		$	—		$	—
8/31/23		10.23		0.13			0.27			0.40			(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	)
Boston Partners Global Equity Fund
Institutional Class
8/31/24	$	21.23	$	0.45		$	4.19		$	4.64		$	(0.43	)	$	—		$	(0.43	)
8/31/23		18.69		0.45			2.39			2.84			(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	)

* Calculated based on average shares outstanding for the period.

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

Financial Statements 2024 | 70

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
$	33.97		19.04	%	$	1,272,666		0.80	%		N/A			0.85	%		0.96	%		24	%
	31.76		12.00			1,164,397		0.80			N/A			0.84			1.35			33
	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
$	33.71		18.77	%	$	220,298		1.05	%		N/A			1.10	%		0.71	%		24	%
	31.53		11.68			228,631		1.05			N/A			1.09			1.10			33
	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
$	8.71		1.04	%	$	59,968		1.45	%		1.40	%		1.63	%		1.74	%		202	%
	8.62		4.98			61,825		1.42			1.40			1.67			1.52			132
	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
$	25.44		22.17	%	$	244,647		0.95	%		N/A			1.11	%		1.98	%		48	%
	21.23		15.28			212,164		0.95			N/A			1.11			2.20			51
	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

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.

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

Financial Statements 2024 | 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 Long/Short Fund
Institutional Class
8/31/24	$	14.74	$	0.17		$	2.36		$	2.53		$	(0.22	)	$	—		$	(0.22	)
8/31/23		13.65		0.19			1.22			1.41			(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	)
Investor Class
8/31/24	$	14.48	$	0.14		$	2.30		$	2.44		$	(0.20	)	$	—		$	(0.20	)
8/31/23		13.43		0.15			1.20			1.35			(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	)
Boston Partners Global Sustainability Fund
Institutional Class
8/31/24	$	10.00	$	0.13		$	1.98		$	2.11		$	(0.16	)	$	—		$	(0.16	)
8/31/23		8.62		0.17			1.35			1.52			(0.14	)		—			(0.14	)
12/29/21** through 8/31/22		10.00		0.11			(1.49	)		(1.38	)		—			—			—
Boston Partners Long/Short Equity Fund
Institutional Class
8/31/24	$	14.99	$	0.06		$	2.96		$	3.02		$	(0.27	)	$	(2.70	)	$	(2.97	)
8/31/23		14.73		0.07			1.96			2.03			—			(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	)
Investor Class
8/31/24	$	12.45	$	0.02		$	2.38		$	2.40		$	(0.25	)	$	(2.70	)	$	(2.95	)
8/31/23		12.54		0.03			1.65			1.68			—			(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	)

* Calculated based on average shares outstanding.

** Commencement of operations.

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

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
$	17.05		17.38	%	$	164,903		1.78	%		1.78	%		1.78	%		1.09	%		198	%
	14.74		10.38			145,192		2.39			1.80			2.39			1.34			172
	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
$	16.72		17.02	%	$	13,745		2.03	%		2.03	%		2.03	%		0.84	%		198	%
	14.48		10.16			9,108		2.64			2.05			2.64			1.09			172
	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
$	11.95		21.34	%	$	11,397		0.90	%		N/A			1.53	%		1.23	%		73	%
	10.00		17.71			23,897		0.90			N/A			1.36			1.80			77
	8.62		(13.80	)		22,640		0.90	3		N/A			1.73	3		1.75	3		55	4
$	15.04		23.51	%	$	47,563		2.04	%		1.96	%		2.72	%		0.43	%		35	%
	14.99		14.69			56,303		2.02			1.96			2.67			0.50			44
	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
$	11.90		23.26	%	$	15,331		2.29	%		2.21	%		2.97	%		0.18	%		35	%
	12.45		14.44			11,748		2.27			2.21			2.92			0.25			44
	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

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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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
8/31/24	$	14.15	$	0.12		$	2.32		$	2.44		$	(0.34	)	$	(1.16	)	$	(1.50	)
8/31/23		15.98		0.16			0.95			1.11			(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	)
Investor Class
8/31/24	$	13.62	$	0.09		$	2.21		$	2.30		$	(0.31	)	$	(1.16	)	$	(1.47	)
8/31/23		15.48		0.12			0.92			1.04			(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	)
Boston Partners Small Cap Value Fund II
Institutional Class
8/31/24	$	27.43	$	0.22		$	4.57		$	4.79		$	(0.25	)	$	(3.06	)	$	(3.31	)
8/31/23		27.51		0.24			1.60			1.84			(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	)
Investor Class
8/31/24	$	25.95	$	0.15		$	4.30		$	4.45		$	(0.18	)	$	(3.06	)	$	(3.24	)
8/31/23		26.12		0.17			1.51			1.68			(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	)
WPG Partners Select Hedged Fund
Institutional Class
5/3/24** through 8/31/24	$	10.00	$	0.08		$	1.88		$	1.96		$	(0.06	)	$	(1.49	)	$	(1.55	)
WPG Partners Select Small Cap Value Fund
Institutional Class
8/31/24	$	11.82	$	—		$	1.82		$	1.82		$	(0.06	)	$	(1.49	)	$	(1.55	)
8/31/23		9.40		0.07			2.37			2.44			—			(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
8/31/24	$	18.81	$	0.16		$	3.56		$	3.72		$	(0.21	)	$	(1.19	)	$	(1.40	)
8/31/23		19.92		0.20			1.80			2.00			(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	)

* Calculated based on average shares outstanding, unless otherwise noted.

** Commencement of operations.

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
$	15.09		18.79	%	$	584,044		1.90	%		1.40	%		1.90	%		0.88	%		53	%
	14.15		7.16			688,944		1.88			1.40			1.88			1.12			54
	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
$	14.45		18.43	%	$	7,907		2.15	%		1.65	%		2.15	%		0.63	%		53	%
	13.62		6.92			7,483		2.13			1.65			2.13			0.87			54
	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
$	28.91		19.09	%	$	542,807		0.99	%		N/A			1.03	%		0.84	%		55	%
	27.43		7.17			533,633		0.99			N/A			1.04			0.91			65
	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
$	27.16		18.80	%	$	57,367		1.24	%		N/A			1.28	%		0.59	%		55	%
	25.95		6.90			61,041		1.24			N/A			1.29			0.66			65
	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
$	10.41		4.10	%	$	53,925		2.54	%3		1.50	%		2.82	%3		2.29	%3		36	%4
$	12.09		18.12	%	$	123,630		1.10	%		N/A			1.13	%		0.02	%		160	%
	11.82		25.94			107,329		1.10			N/A			1.16			0.65			118
	9.40		(6.00	)		17,845		1.10	3		N/A			2.93	3		(0.22	)3		70	4
$	21.13		20.99	%	$	33,078		1.10	%		N/A			1.27	%		0.84	%		74	%
	18.81		11.35			29,263		1.10			N/A			1.32			1.06			90
	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

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

August 31, 2024

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 an investment company 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 sixty-five separate investment portfolios, including Boston Partners All-Cap Value Fund (“BP All-Cap Value Fund”), Boston Partners Emerging Markets Dynamic Equity Fund (“BP Emerging Markets Dynamic Equity Fund”), Boston Partners Global Equity Fund (“BP Global Equity Fund”), Boston Partners Global Long/Short Fund (“BP Global Long/Short Fund”), Boston Partners Global Sustainability Fund (“BP Global Sustainability 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 Small Cap Value Fund II (“BP Small Cap Value Fund II”), WPG Partners Select Hedged Fund (“WPG Select Hedged Fund”), WPG Partners Select Small Cap Value Fund (“WPG Select Small Cap Value Fund”) and WPG Partners Small Cap Value Diversified Fund (“WPG Small Cap Value Diversified Fund”) (each, a “Fund” and collectively, the “Funds”). As of the end of the reporting period, the Funds (other than the BP Emerging Markets Dynamic Equity Fund, BP Global Sustainability Fund, WPG Select Hedged Fund, WPG Select Small Cap Value Fund and WPG Small Cap Value Diversified 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 BP Emerging Markets Dynamic Equity Fund, BP Global Sustainability Fund, WPG Select Hedged Fund, WPG Select Small Cap Value Fund and WPG Small Cap Value Diversified 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 92.923 billion shares are currently classified into two hundred and thirty-six classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

The investment objective of BP All-Cap Value Fund and BP Small Cap Value Fund II is to seek long-term growth of capital primarily through investment in equity securities. The investment objective of BP Emerging Markets Dynamic Equity Fund, BP Global Equity Fund and BP Global/Long Short Fund is to seek long-term capital growth. The investment objective of BP Global Sustainability Fund, WPG Select Hedged Fund and WPG Select Small Cap Value 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.

At a meeting of the Board of Directors of the Company (the “Board”) held on May 15-16, 2024, the Board unanimously voted to approve, subject to shareholder approval, an Agreement and Plan of Reorganization (the “Plan of Reorganization”) whereby the BP Global Long/Short Fund would be reorganized into the John Hancock Disciplined Value Global Long/Short Fund, a newly-organized series of John Hancock Investment Trust. See Note 10 in these Notes to Financial Statements.

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 August 31, 2024, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2024 (the “current fiscal period” or the “reporting 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

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Notes to Financial Statements (continued)

August 31, 2024

subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant. The Funds may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Funds value their securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Funds may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

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 Schedule of Investments.

At the end of each quarter, management evaluates the classification of Levels 1, 2 and 3 assets and liabilities. Various factors are considered, such as changes in liquidity from the prior reporting period; whether or not a broker is willing to execute at the quoted price; the depth and consistency of prices from third party pricing services; and the existence of contemporaneous, observable trades in the market. Additionally, management evaluates the classification of Level 1, 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 8/31/2024	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)

August 31, 2024

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 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 (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. Each of the BP Emerging Markets Dynamic Equity Fund, BP Global Long/Short Fund, BP Long/Short Equity Fund, BP Long/Short Research Fund and WPG Select Hedged Fund, as a full derivatives user (as defined in Rule 18f-4), is subject to the full requirements of Rule 18f-4. Each of 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 have 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. The Funds consider investments in the U.S Bank Money Market Deposit Account, a U.S. dollar-denominated deposit account offered through U.S. Bank, to be a cash equivalent. The Funds are exposed to the credit risk of U.S. Bank through the holding of this cash equivalent. This cash equivalent is presented on the Statements of Assets and Liabilities as “Cash equivalents” and was classified as Level 1 assets as of August 31, 2024.

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Notes to Financial Statements (continued)

August 31, 2024

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.

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 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.

INTERNATIONAL 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. Additionally, armed conflict between Israel and Hamas and other militant groups in the Middle East and related events could cause significant impacts on global markets. The price and liquidity of investments may fluctuate widely as a result of these conflicts and related events. How long the armed conflicts and related events will last cannot be predicted. These tensions and any related events could have a significant impact on a Fund’s performance and the value of a Fund’s 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

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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	$	—	$	1,506,083
BP Global Long/Short Fund		—		1,390,441
BP Long/Short Equity Fund		—		122,399
BP Long/Short Research Fund		—		260,508

SHORT SALES — When the Adviser believes that a security is overvalued, the BP Emerging Markets Dynamic Equity Fund, BP Global Long/Short Fund, BP Long/Short Equity Fund, BP Long/Short Research Fund and WPG Select Hedged 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 Emerging Markets Dynamic Equity Fund, BP Global Long/Short Fund, BP Long/Short Equity Fund and BP Long/Short Research Fund had net income/(charges) of $36,304, $(14,588), $393,139 and $6,132,443, 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, the BP Emerging Markets Dynamic Equity Fund, BP Global Long/Short Fund, BP Long/Short Equity Fund, BP Long/Short Research Fund and WPG Select Hedged Fund had securities sold short valued at $1,261,905, $0, $11,814,494, $113,797,015 and $35,732,661, respectively, for which securities of $24,177,846, $18,352,967, $21,549,675, $159,355,321 and $34,663,248 and deposits of $79,165, $1,517,524, $11,826,855, $119,140,622 and $35,249,641, respectively, were pledged as collateral.

In accordance with Special Custody and Pledge Agreements with Goldman Sachs & Co. (“Goldman Sachs”) (the Funds’ prime broker), BP Emerging Markets Dynamic Equity Fund, BP Global Long/Short Fund, BP Long/Short Equity Fund and BP Long/Short Research 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 overnight rate plus an agreed upon spread.

The BP Emerging Markets Dynamic Equity Fund, BP Global Long/Short Fund, BP Long/Short Equity Fund and BP Long/Short Research Fund utilized cash borrowings from Goldman Sachs to meet required margin cash deposits as follows during the current fiscal period:

BP EMERGING MARKETS DYNAMIC EQUITY FUND			BP GLOBAL LONG/SHORT FUND
DAYS UTILIZED	AVERAGE DAILY BORROWINGS	WEIGHTED AVERAGE INTEREST RATE	DAYS UTILIZED	AVERAGE DAILY BORROWINGS	WEIGHTED AVERAGE INTEREST RATE
54	EUR 9,316	4.10%	60	CHF 3,205	1.87%
58	JPY 6,659,401	0.52%	51	JPY 5,290,141	0.45%
9	USD 146,873	5.77%	60	SEK 491,132	4.24%
			313	USD 447,084	5.77%

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BP LONG/SHORT EQUITY FUND				BP LONG/SHORT RESEARCH FUND
DAYS UTILIZED	AVERAGE DAILY BORROWINGS		WEIGHTED AVERAGE INTEREST RATE	DAYS UTILIZED	AVERAGE DAILY BORROWINGS	WEIGHTED AVERAGE INTEREST RATE
333		USD 2,425,256	5.77%	72	AUD 31,426	4.68%
				271	CHF 6,106	2.14%
				216	DKK 293,778	4.12%
				156	EUR 347,814	4.34%
				189	GBP 319,788	5.55%
				92	HKD 1,634,509	4.68%
				168	JPY 51,415,960	0.45%
				192	SEK 2,826,027	4.37%
				133	THB 28,042,508	2.81%
				224	USD 2,460,951	5.77%

The BP Emerging Markets Dynamic Equity Fund, BP Global Long/Short Fund, BP Long/Short Equity Fund and BP Long/Short Research Fund incurred interest expense during the current fiscal period on such borrowings in the amount of $310, $22,789, $129,442, and $126,501, respectively.

CONTRACTS FOR DIFFERENCE — The BP Emerging Markets Dynamic Equity Fund, BP Global Long/Short Fund, BP Long/Short Equity Fund and BP Long/Short Research 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 a 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 a 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 CFDs.

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 Schedule of Investments. As of the end of the reporting period, BP Emerging Markets Dynamic Equity Fund, BP Global Long/Short Fund, BP Long/Short Equity Fund and BP Long/Short Research Fund had cash deposits for CFDs of $1,698,030, $610,000, $0 and $530,000, 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 Emerging Markets Dynamic Equity Fund, BP Global Long/Short Fund, BP Long/Short Equity Fund and BP Long/Short Research 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 Dynamic Equity Fund	$	22,268,477	$	40,533,755
BP Global Long/Short Fund		24,154,292		62,377,127
BP Long/Short Equity Fund		—		1,030,661
BP Long/Short Research Fund		436,874		69,801,466

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The following is a summary of CFDs 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 Dynamic Equity Fund
Bank of America Securities, Inc.	$	314,359	$	48,398	$	—	$	265,961	$	48,398	$	48,398	$	—	$	—
Goldman Sachs		2,721,593		1,305,846		—		1,415,747		1,305,846		1,305,846		—		—
HSBC Bank		57,314		57,314		—		—		194,440		57,314		137,126		—
J.P. Morgan Securities, Inc.		1,142,951		857,622		—		285,329		857,622		857,622		—		—
Morgan Stanley		1,786,367		1,010,214		—		776,153		1,010,214		1,010,214		—		—
Total	$	6,022,584	$	3,279,394	$	—	$	2,743,190	$	3,416,520	$	3,279,394	$	137,126	$	—
BP Global Long/Short Fund
Goldman Sachs	$	1,909,998	$	1,909,998	$	—	$	—	$	2,011,284	$	1,909,998	$	—	$	101,286
HSBC Bank		165,877		114,031		—	$	51,846		114,031		114,031		—		—
Morgan Stanley		327,033		327,033		—		—		399,210		327,033		—		72,177
Total	$	2,402,908	$	2,351,062	$	—	$	51,846	$	2,524,525	$	2,351,062	$	—	$	173,463
BP Long/Short Equity Fund
Morgan Stanley	$	—	$	—	$	—	$	—	$	18,603	$	—	$	—	$	18,603
Total	$	—	$	—	$	—	$	—	$	18,603	$	—	$	—	$	18,603
BP Long/Short Research Fund
Bank of America Securities, Inc.	$	1,123,192	$	—	$	—	$	1,123,192	$	—	$	—	$	—	$	—
Goldman Sachs		1,753,829		1,753,829		—		—		2,335,805		1,753,829		530,000		51,976
J.P. Morgan Securities, Inc.		1,718		—		—		—		—		—		—		—
Morgan Stanley		4,051,553		4,051,553		—		—		4,242,231		4,051,553		—		190,678
Total	$	6,930,292	$	5,805,382	$	—	$	1,124,910	$	6,578,036	$	5,805,382	$	530,000	$	242,654

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.

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

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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, 2024 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 Emerging Markets Dynamic Equity Fund		1.25			1.40			N/A
BP Global Equity Fund		0.90			0.95			1.20
BP Global Long/Short Fund		1.50			2.00			2.25
BP Global Sustainability Fund		0.80			0.90			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 Small Cap Value Fund II		0.85			0.99			1.24
WPG Select Hedged Fund		1.25			1.50			N/A
WPG Select Small Cap Value Fund		0.90			1.10			N/A
WPG Small Cap Value Diversified Fund*		0.80			1.10			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	$	9,869,819	$	(650,637	)	$	—	$	9,219,182
BP Emerging Markets Dynamic Equity Fund		776,677		(113,783	)		—		662,894
BP Global Equity Fund		1,985,400		(357,823	)		—		1,627,577
BP Global Long/Short Fund		2,462,427		—			—		2,462,427
BP Global Sustainability Fund		121,573		(94,610	)		—		26,963
BP Long/Short Equity Fund		1,379,392		(414,321	)		—		965,071
BP Long/Short Research Fund		7,466,784		—			—		7,466,784
BP Small Cap Value Fund II		4,839,419		(231,790	)		618		4,608,247
WPG Select Hedged Fund		201,245		(45,730	)		—		155,515
WPG Select Small Cap Value Fund		902,977		(39,014	)		13,656		877,619
WPG Small Cap Value Diversified Fund		240,939		(51,465	)		—		189,474

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

	Expiration
FUND	August 31, 2025		August 31, 2026		August 31, 2027		Total
BP All-Cap Value Fund	$	1,054,852	$	581,154	$	650,637	$	2,286,643
BP Emerging Markets Dynamic Equity Fund		194,970		150,185		113,783		458,938
BP Global Equity Fund		327,392		312,531		357,823		997,746
BP Global Sustainability Fund		125,165		102,575		94,610		322,350
BP Long/Short Equity Fund		404,556		440,825		414,321		1,259,702
BP Small Cap Value Fund II		274,029		313,733		231,790		819,552
WPG Select Hedged Fund		—		—		45,730		45,730
WPG Select Small Cap Value Fund		94,396		52,965		39,014		186,375
WPG Small Cap Value Diversified Fund		49,003		64,117		51,465		164,585

* 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.

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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 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. 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	$	337,189,278	$	445,763,518
BP Emerging Markets Dynamic Equity Fund		83,522,222		85,690,167
BP Global Equity Fund		102,464,368		116,020,813
BP Global Long/Short Fund		237,047,141		240,237,171
BP Global Sustainability Fund		11,215,337		25,916,043
BP Long/Short Equity Fund		20,624,893		35,262,393
BP Long/Short Research Fund		304,754,169		527,657,515
BP Small Cap Value Fund II		310,944,627		418,753,640
WPG Select Hedged Fund		67,491,711		18,044,039
WPG Select Small Cap Value Fund		161,261,774		156,976,827
WPG Small Cap Value Diversified Fund		21,752,797		23,353,543

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.

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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 Schedule of Investments.

As of the end of the reporting period, the Funds did not hold any restricted securities that were illiquid.

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, 2024, 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	$	917,384,822	$	648,857,176	$	(15,693,476	)	$	633,163,700
BP Emerging Markets Dynamic Equity Fund		46,031,445		9,930,624		(5,793,747	)		4,136,877
BP Global Equity Fund		186,471,917		57,548,732		(6,134,492	)		51,414,240
BP Global Long/Short Fund		113,408,066		22,743,568		(4,995,220	)		17,748,348
BP Global Sustainability Fund		8,801,699		2,464,717		(70,314	)		2,394,403
BP Long/Short Equity Fund		50,979,802		28,469,814		(4,067,053	)		24,402,761
BP Long/Short Research Fund		375,953,027		209,712,082		(15,664,210	)		194,047,872
BP Small Cap Value Fund II		546,571,740		165,921,197		(18,249,555	)		147,671,642
WPG Select Small Cap Value Fund		103,774,256		21,070,935		(5,145,266	)		15,925,669
WPG Partners Select Hedged Fund		48,844,045		6,893,947		(3,871,338	)		3,022,609
WPG Small Cap Value Diversified Fund		34,139,631		8,249,841		(1,216,558	)		7,033,283

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, 2024 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	$	(13,494,402	)	$	13,494,402
BP Emerging Markets Dynamic Equity Fund		641,144			(641,144	)
BP Global Equity Fund		—			—
BP Global Long/Short Fund		—			—
BP Global Sustainability Fund		—			—
BP Long/Short Equity Fund		—			—
BP Long/Short Research Fund		—			—
BP Small Cap Value Fund II		(8,364,578	)		8,364,578
WPG Select Small Cap Value Fund		(239,552	)		239,552
WPG Partners Select Hedged Fund		—			—
WPG Small Cap Value Diversified Fund		(54,024	)		54,024

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Notes to Financial Statements (continued)

August 31, 2024

As of August 31, 2024, 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	$	8,831,422	$	92,344,942	$	—		$	—	$	—		$	633,166,631
BP Emerging Markets Dynamic Equity Fund		—		—		(16,177,291	)		—		(73,380	)		4,144,882
BP Global Equity Fund		3,816,950		4,584,579		—			—		—			51,416,499
BP Global Long/Short Fund		13,487,710		7,260,012		—			—		(3,222,464	)		17,777,994
BP Global Sustainability Fund		143,600		—		(312,071	)		—		—			2,395,339
BP Long/Short Equity Fund		5,323,400		5,461,848		—			—		(104,282	)		24,147,414
BP Long/Short Research Fund		4,595,812		55,793,794		—			—		(560,311	)		195,574,249
BP Small Cap Value Fund II		4,032,878		54,189,421		—			—		—			147,671,642
WPG Select Small Cap Value Fund		3,800,187		1,531,189		—			—		—			15,925,669
WPG Partners Select Hedged Fund		386,199		—		(1,494,737	)		—		—			3,022,609
WPG Small Cap Value Diversified Fund		898,984		1,077,305		—			—		—			7,033,802

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 years ended August 31, 2024 and August 31, 2023 was as follows:

	2024						2023
FUND	ORDINARY INCOME		LONG-TERM GAINS		TOTAL		ORDINARY INCOME		LONG-TERM GAINS		TOTAL
BP All-Cap Value Fund	$	20,422,209	$	116,181,081	$	136,603,290	$	24,105,403	$	91,006,985	$	115,112,388
BP Emerging Markets Dynamic Equity Fund		—		—		—		11,778,440		—		11,778,440
BP Global Equity Fund		4,137,287		—		4,137,287		2,771,850		—		2,771,850
BP Global Long/Short Fund		2,313,704		—		2,313,704		3,244,316		—		3,244,316
BP Global Sustainability Fund		383,298		—		383,298		313,835		—		313,835
BP Long/Short Equity Fund		5,479,195		6,542,936		12,022,131		3,983,135		4,087,413		8,070,548
BP Long/Short Research Fund		25,433,392		41,826,339		67,259,731		59,860,157		86,589,335		146,449,492
BP Small Cap Value Fund II		7,336,862		60,236,676		67,573,538		6,797,983		45,094,686		51,892,669
WPG Partners Select Hedged Fund		—		—		—
WPG Select Small Cap Value Fund		13,481,054		892,091		14,373,145		111,741		—		111,741
WPG Small Cap Value Diversified Fund		469,112		1,644,847		2,113,959		1,862,975		2,806,618		4,669,593

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

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Notes to Financial Statements (continued)

August 31, 2024

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, 2024, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2024.

For the fiscal year ended August 31, 2024, the Funds deferred to September 1, 2024, the following qualified late-year losses.

FUND	LATE-YEAR ORDINARY LOSS DEFERRAL		POST-OCTOBER CAPITAL LOSS DEFERRAL
BP All-Cap Value Fund	$	—	$	—
BP Emerging Markets Dynamic Equity Fund		—		—
BP Global Equity Fund		—		—
BP Global Long/Short Fund		—		—
BP Global Sustainability Fund		—		—
BP Long/Short Equity Fund		—		—
BP Long/Short Research Fund		—		—
BP Small Cap Value Fund II		—		—
WPG Partners Select Small Cap Value Fund		—		—
WPG Partners Select Hedged Fund		—		—
WPG Partners Small Cap Value Diversified Fund		—		—

Accumulated capital losses represent net capital loss carryforwards as of August 31, 2024 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 current fiscal period, the BP Global Equity Fund had utilized $12,623,653, BP Global Long/Short Fund had utilized $141,607, and BP Global Sustainability had utilized $2,330,507 of carry forward capital losses.

As of August 31, 2024, the BP Emerging Markets Dynamic Equity Fund had short-term post-enactment capital losses of $16,177,291. The BP Global Sustainability Fund had short-term post-enactment capital losses of $312,071. The WPG Partners Select Hedged Fund had short-term post-enactment capital losses of $1,494,737.

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	$	74,254,911	$	75,809,274	$	104,863
BP Global Equity Fund		4,366,972		4,427,880		18,416
BP Long/Short Equity Fund		9,085,498		9,268,044		56,809
BP Small Cap Value Fund II		109,500,196		111,608,773		655,153
WPG Small Cap Value Diversified Fund		8,825,663		9,020,061		21,492

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Notes to Financial Statements (concluded)

August 31, 2024

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	$	74,254,911		—	$	74,254,911	$	(74,254,911	)		—		—
BP Global Equity Fund		4,366,972		—		4,366,972		(4,366,972	)		—		—
BP Long/Short Equity Fund		9,085,498		—		9,085,498		(9,085,498	)		—		—
BP Small Cap Value Fund II		109,500,196		—		109,500,196		(109,500,196	)		—		—
WPG Small Cap Value Diversified Fund		8,825,663		—		8,825,663		(8,825,663	)		—		—

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 10, 2024. The LoC will mature, unless renewed, on November 6, 2024. 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 8.50% at August 31, 2024.

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	$	19,617,000	$	40,166,000	$	37,054		8.50	%
BP Emerging Markets Dynamic Equity Fund		9		124,222		559,000		264		8.50	%
BP Global Equity Fund		3		1,497,000		1,497,000		1,060		8.50	%
BP Global Long/Short Fund		1		817,000		817,000		193		8.50	%
BP Global Sustainability Fund		1		4,667,000		4,667,000		1,102		8.50	%
BP Long/Short Equity Fund		181		602,398		2,883,000		25,744		8.50	%
BP Long/Short Research Fund		42		5,447,024		18,722,000		54,016		8.50	%
BP Small Cap Value Fund II		8		2,141,625		4,264,000		4,045		8.50	%
WPG Select Small Cap Value Fund		2		20,000,000		20,000,000		9,444		8.50	%

10. 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:

At a special meeting of shareholders of the BP Global Long/Short Fund held on September 17, 2024, shareholders approved the Plan of Reorganization between the Company, on behalf of the BP Global Long/Short Fund, and John Hancock Investment Trust, on behalf of the John Hancock Disciplined Value Global Long/Short Fund (the “Acquiring Fund”). Pursuant to the Plan of Reorganization, on October 18, 2024, the BP Global Long/Short Fund transferred all of its assets to the Acquiring Fund in exchange for corresponding shares of the Acquiring Fund which were distributed pro rata to shareholders of the BP Global Long/Short Fund, in redemption of, and in exchange for the shares of the BP Global Long/Short Fund.

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Report of Independent Registered Public Accounting Firm

To the Shareholders of Boston Partners All-Cap Value Fund, Boston Partners Emerging Markets Dynamic Equity Fund, Boston Partners Global Equity Fund, Boston Partners Global Long/Short Fund, Boston Partners Global Sustainability Fund, Boston Partners Long/Short Equity Fund, Boston Partners Long/Short Research Fund, Boston Partners Small Cap Value Fund II, WPG Partners Select Hedged Fund, WPG Partners Select Small Cap Value Fund, and WPG Partners Small Cap Value Diversified Fund and Board of Directors of The RBB Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of Boston Partners All-Cap Value Fund, Boston Partners Emerging Markets Dynamic Equity Fund, Boston Partners Global Equity Fund, Boston Partners Global Long/Short Fund, Boston Partners Global Sustainability Fund, Boston Partners Long/Short Equity Fund, Boston Partners Long/Short Research Fund, Boston Partners Small Cap Value Fund II, WPG Partners Select Hedged Fund, WPG Partners Select Small Cap Value Fund, and WPG Partners Small Cap Value Diversified Fund (collectively referred to as the “Funds”) (eleven of the portfolios constituting The RBB Fund, Inc. (the “Company”)), including the schedules of investments, as of August 31, 2024, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (eleven of the portfolios constituting The RBB Fund, Inc.) at August 31, 2024, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual portfolio constituting The RBB Fund, Inc.	Statement of operations	Statements of changes in net assets	Financial highlights
Boston Partners All-Cap Value Fund Boston Partners Emerging Markets Dynamic Equity Fund Boston Partners Global Equity Fund Boston Partners Global Long/Short Fund Boston Partners Long/Short Equity Fund Boston Partners Long/Short Research Fund Boston Partners Small Cap Value Fund II WPG Partners Small Cap Value Diversified Fund	For the year ended August 31, 2024	For each of the two years in the period ended August 31, 2024	For each of the five years in the period ended August 31, 2024
WPG Partners Select Small Cap Value Fund Boston Partners Global Sustainability Fund	For the year ended August 31, 2024	For each of the two years in the period ended August 31, 2024	For each of the two years in the period ended August 31, 2024, and the period from December 29, 2021 (commencement of operations) through August 31, 2022
WPG Partners Select Hedged Fund	For the period from May 3, 2024 (commencement of operations) through August 31, 2024

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures.

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Report of Independent registered Public Accounting Firm (concluded)

Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Boston Partners investment companies since 2007.

Philadelphia, Pennsylvania
October 30, 2024

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Shareholder Tax Information

Certain tax information regarding each Fund is required to be provided to shareholders based upon each Fund’s income and distributions for the taxable year ended August 31, 2024. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ending December 31, 2024. During the fiscal year ended August 31, 2024, the following dividends and distributions were paid by each of the Funds:

FUND	ORDINARY INCOME		LONG-TERM GAINS
BP All-Cap Value Fund	$	20,422,209	$	116,181,081
BP Emerging Markets Dynamic Equity Fund		—		—
BP Global Equity Fund		4,137,287		—
BP Global Long/Short Fund		2,313,704		—
BP Global Sustainability Fund		383,298		—
BP Long/Short Equity Fund		5,479,195		6,542,936
BP Long/Short Research Fund		25,433,392		41,826,339
BP Small Cap Value Fund II		7,336,862		60,236,676
WPG Select Hedged Fund		—		—
WPG Select Small Cap Value Fund		13,481,054		892,091
WPG Small Cap Value Diversified Fund		469,112		1,644,847

Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

Under the Jobs and Growth Tax relief Reconciliation Act of 2003 (the “Act”) the following percentages of ordinary dividends paid during the fiscal year ended August 31, 2024 are designated as “qualified dividend income,” as defined in the Act, and are subject to reduced tax rates:

FUND
BP All-Cap Value Fund	100.00%
BP Emerging Markets Dynamic Equity Fund	0.00%
BP Global Equity Fund	100.00%
BP Global Long/Short Fund	100.00%
BP Global Sustainability Fund	100.00%
BP Long/Short Equity Fund	21.46%
BP Long/Short Research Fund	54.84%
BP Small Cap Value Fund II	100.00%
WPG Select Hedged Fund	0.00%
WPG Select Small Cap Value Fund	4.67%
WPG Small Cap Value Diversified Fund	65.26%

The percentage of total ordinary income dividends paid qualifying for the corporate dividends received deduction for each Fund is as follows:

FUND
BP All-Cap Value Fund	100.00%
BP Emerging Markets Dynamic Equity Fund	0.00%
BP Global Equity Fund	34.25%
BP Global Long/Short Fund	35.76%
BP Global Sustainability Fund	44.93%
BP Long/Short Equity Fund	14.28%
BP Long/Short Research Fund	40.43%
BP Small Cap Value Fund II	97.38%
WPG Select Hedged Fund	0.00%
WPG Select Small Cap Value Fund	3.03%
WPG Small Cap Value Diversified Fund	57.55%

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Shareholder Tax Information (concluded)

The percentage of qualified interest income related dividends not subject to withholding tax for non-resident aliens and foreign corporations is as follows:

FUND
BP All-Cap Value Fund	0.00%
BP Emerging Markets Dynamic Equity Fund	0.00%
BP Long/Short Equity Fund	2.54%
BP Long/Short Research Fund	2.73%
BP Global Equity Fund	0.95%
BP Global Long/Short Fund	18.82%
BP Global Sustainability Fund	6.59%
BP Small Cap Value Fund II	0.00%
WPG Select Hedged Fund	0.00%
WPG Select Small Cap Value Fund	0.00%
WPG Small Cap Value Diversified Fund	0.00%

The percentage of ordinary income distributions designated as qualified short-term gains pursuant to the American Job Creation Act of 2004 is as follows:

FUND
BP All-Cap Value Fund	0.00%
BP Emerging Markets Dynamic Equity Fund	0.00%
BP Long/Short Equity Fund	80.53
BP Long/Short Research Fund	40.35
BP Global Equity Fund	0.00%
BP Global Long/Short Fund	0.00%
BP Global Sustainability Fund	0.00%
BP Small Cap Value Fund II	32.25%
WPG Select Hedged Fund	0.00%
WPG Select Small Cap Value Fund	96.11%
WPG Small Cap Value Diversified Fund	46.13%

Pursuant to Section 853 of the Internal Revenue Code, as amended, the following Portfolios elect to pass-through to shareholders the credit for taxes paid to eligible foreign countries, which may be less than the actual amount paid for financial statement purposes.

			Per Share
FUND	GROSS FOREIGN SOURCE INCOME	FOREIGN TAXES PASSTHROUGH	GROSS FOREIGN SOURCE INCOME	FOREIGN TAXES PASSTHROUGH	SHARES OUTSTANDING AT 8/31/2024
BP Global Equity Fund	5,430,217	538,620	0.56465704	0.05600800	9,616,841
BP Global Sustainability Fund	245,589	27,406	0.25741705	0.02872590	954,052
BP Global Long Short Fund	1,912,272	246,988	0.18219628	0.02353233	10,495,669

Because each Fund’s fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2024. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2025.

In general, dividends received by tax exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Funds.

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Other Information

Investment Advisory Agreement Renewal

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 renewal of the investment advisory agreement between Boston Partners and the Company (the “Investment Advisory Agreement”) on behalf of the Boston Partners Small Cap Value Fund II, Boston Partners All-Cap Value Fund, Boston Partners Long/Short Equity Fund, Boston Partners Long/Short Research Fund, WPG Partners Small Cap Value Diversified Fund, Boston Partners Global Equity Fund, Boston Partners Global Sustainability Fund, Boston Partners Global Long/Short Fund, Boston Partners Emerging Markets Dynamic Equity Fund and WPG Partners Select Small Cap Value Fund (each a “Fund” and collectively the “Funds”), and the advisory agreement between Boston Partners and BP Emerging Markets Long/Short Offshore Ltd. with respect to the Boston Partners Emerging Markets Dynamic Equity Fund (the “Cayman Subsidiary Investment Advisory Agreement” and together with the Investment Advisory Agreement, the “Investment Advisory Agreements”), at a meeting of the Board held on May 15-16, 2024 (the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreements for an additional one-year term ending August 16, 2025. The Board’s decision to approve the Investment Advisory Agreements reflects the exercise of its business judgment to continue the existing arrangement. In approving the Investment Advisory Agreements, the Board considered information provided by Boston Partners with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the renewal and approval of the Investment Advisory Agreements with respect to the Funds, 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 Boston Partners and discussed the Investment Advisory Agreements with counsel in executive sessions at which no representatives of Boston Partners were present. Among other things, the Directors considered (i) the nature, extent and quality of Boston Partners’ services provided to the Funds; (ii) descriptions of the experience and qualifications of Boston Partners personnel providing those services; (iii) Boston Partners’ investment philosophies and processes; (iv) Boston Partners’ assets under management and client descriptions; (v) Boston Partners’ soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) Boston Partners’ current advisory fee arrangements with the Company and other similarly managed clients; (vii) Boston Partners’ compliance procedures; (viii) Boston Partners’ financial information, insurance coverage and profitability analysis related to providing advisory services to the Funds; (ix) the extent to which economies of scale are relevant to the Funds; (x) a report prepared by Fuse Research Network, LLC comparing each Fund’s management fees and total expense ratios to a group of mutual funds deemed comparable to such Fund based primarily on investment strategy similarity (“Peer Group”) and comparing the performance of each Fund to the performance of its Peer Group; and (xi) a report comparing the performance of each Fund to the performance of its benchmark.

As part of their review, the Directors considered the nature, extent and quality of the services provided by Boston Partners. The Directors concluded that Boston Partners had substantial resources to provide services to the Funds and that Boston Partners’ services had been acceptable.

The Directors also considered the investment performance of the Funds. Information on the Funds’ investment performance was provided for the three-month, one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, as applicable. The Directors considered the Funds’ investment performance in light of their respective investment objectives and investment strategies. The Directors concluded that the investment performance of each of the Funds as compared to its respective benchmark and Peer Group was acceptable.

In reaching this conclusion, the Directors noted that the Boston Partners All-Cap Value Fund outperformed its benchmark, the Russell 3000 Value Index, for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, and underperformed its benchmark for the three-month period ended December 31, 2023. The Board noted that the Fund’s total return outperformed the median of its Peer Group for the three-year, five-year, ten-year and since-inception periods ended December 31, 2023, and underperformed the median of its Peer Group for the three-month and one-year periods ended December 31, 2023.

The Directors noted that the Boston Partners Long/Short Equity Fund outperformed its primary benchmark, the S&P 500 Index, for the three-year and since-inception periods ended December 31, 2023, and underperformed its benchmark for the three-month, one-year, five-year and ten-year periods ended December 31, 2023. The Directors noted that the Boston Partners Long/Short Equity Fund outperformed the median of its Peer Group for the three-month, one-year, three-year, five-year and ten-year periods ended December 31, 2023, and performed at the median of its Peer Group for the since-inception period ended December 31, 2023.

The Directors noted that the WPG Partners Small Cap Value Diversified Fund outperformed its primary benchmark, the Russell 2000 Value Index, for the three-year and five-year periods ended December 31, 2023, and underperformed its benchmark for the three-month, one-year and ten-year periods ended December 31, 2023. The Directors noted that the WPG Partners Small Cap Value Diversified Fund outperformed the median of its Peer Group for the three-year and five-year periods ended December 31, 2023, performed at the median of its Peer Group for the one-year and since-inception periods ended December 31, 2023, and underperformed its Peer Group for the three-month and ten-year periods ended December 31, 2023.

Financial Statements 2024 | 93

BOSTON PARTNERS INVESTMENT FUNDS

Other Information (continued)

Next, the Directors also reviewed the performance of the Boston Partners Long/Short Research Fund, noting that the Fund had outperformed its benchmark, the S&P 500 Index, for the three-year period ended December 31, 2023, and underperformed its benchmark for the three-month, one-year, five-year, ten-year and since-inception periods ended December 31, 2023. The Directors noted that the Boston Partners Long/Short Research Fund outperformed the median of its Peer Group for the three-year and since-inception periods ended December 31, 2023, and underperformed the median of its Peer Group for the three-month, one-year, five-year and ten-year periods ended December 31, 2023.

The Directors next reviewed the performance of the Boston Partners Small Cap Value Fund II, which outperformed its benchmark, the Russell 2000 Value Index, for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, and underperformed its benchmark for the three-month period ended December 31, 2023. The Directors noted that the Boston Partners Small Cap Value Fund II outperformed the median of its Peer Group for the one-year, five-year and since-inception periods ended December 31, 2023, performed at the median of its Peer Group for the three-year period ended December 31, 2023, and underperformed the median of its Peer Group for the three-month and ten-year periods ended December 31, 2023.

The Directors also considered the performance of the Boston Partners Global Equity Fund, which outperformed its benchmark, the MSCI World Net Return Index, for the three-year period ended December 31, 2023, and underperformed its benchmark for the three-month, one-year, five-year, ten-year and since-inception periods ended December 31, 2023. The Directors noted that the Boston Partners Global Equity Fund outperformed the median of its Peer Group for the three-month, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, and matched the performance of the median of its Peer Group for the one-year period ended December 31, 2023.

The Directors also considered the performance of the Boston Partners Global Sustainability Fund, which outperformed its benchmark, the MSCI World Net Return Index, for the since-inception period ended December 31, 2023, and underperformed its benchmark for the three-month and one-year periods ended December 31, 2023. The Directors noted that the Boston Partners Global Sustainability Fund outperformed the median of its Peer Group for the since-inception period ended December 31, 2023, and underperformed the median of its Peer Group for the three-month and one-year periods ended December 31, 2023.

The Directors noted that the Boston Partners Global Long/Short Fund had outperformed its benchmark, the MSCI World Net Return Index, for the three-year period ended December 31, 2023, and underperformed its benchmark for the three-month, one-year, five-year, ten-year and since-inception periods ended December 31, 2023. The Directors noted that the Boston Partners Global Long/Short Fund outperformed the median of its Peer Group for the one-year, three-year, five-year, ten-year and since-inception periods ended December 31, 2023, and underperformed the median of its Peer Group for the three-month period ended December 31, 2023.

The Directors then reviewed the performance of the Boston Partners Emerging Markets Dynamic Equity Fund, which outperformed its benchmark, the MSCI Emerging Markets Index, for the three-year, five-year and since-inception periods ended December 31, 2023, and underperformed its benchmark for the three-month and one-year periods ended December 31, 2023. The Directors also noted that the Boston Partners Emerging Markets Dynamic Equity Fund underperformed the median of its Peer Group for the three-month, one-year, three-year, five-year and since-inception periods ended December 31, 2023.

The Directors noted that the WPG Partners Select Small Cap Value Fund outperformed its primary benchmark, the Russell 2000 Value Index, for the one-year and since-inception periods ended December 31, 2023, and underperformed its benchmark for the three-month period ended December 31, 2023. The Directors noted that the WPG Partners Select Small Cap Value Fund outperformed the median of its Peer Group for the one-year and since-inception periods ended December 31, 2023, and underperformed the median of its Peer Group for the three-month period ended December 31, 2023.

The Board also considered the advisory fee rates payable by the Funds under the Investment Advisory Agreements. In this regard, information on the fees paid by the Funds and the Funds’ total operating expense ratios (before and after fee waivers and expense reimbursements) were compared to similar information for mutual funds advised by other, unaffiliated investment advisory firms. The Directors noted that Boston Partners had contractually agreed to waive management fees and reimburse expenses through at least December 31, 2025 for the Funds to limit total annual operating expenses to agreed upon levels for each Fund.

The Directors noted that the Boston Partners Small Cap Value Fund II’s net advisory fee was above the median and ranked in the 3rd quartile of its Peer Group, and the Fund’s total net expenses were above the median and ranked in the 3rd quartile of its Peer Group.

The Directors noted that the Boston Partners Long/Short Equity Fund’s net advisory fee was above the median and ranked in the 4th quartile of its Peer Group, and the Fund’s total net expenses equaled the median of its Peer Group.

The Directors noted that the Boston Partners Long/Short Research Fund’s net advisory fee was above the median and ranked in the 3rd quartile of its Peer Group, and the Fund’s total net expenses were below the median and ranked in the 2nd quartile of its Peer Group.

The Directors noted that the Boston Partners All-Cap Value Fund’s net advisory fee equaled the median of its Peer Group, and the Fund’s total net expenses were below the median and ranked in the 1st quartile of its Peer Group.

Financial Statements 2024 | 94

BOSTON PARTNERS INVESTMENT FUNDS

Other Information (continued)

The Directors noted that the Boston Partners Global Equity Fund’s net advisory fee and total net expenses were both above the median and each ranked in the 3rd quartile of its Peer Group.

The Directors noted that the Boston Partners Global Sustainability Fund’s net advisory fee was below the median and in the 2nd quartile of its Peer Group, and the Fund’s total net expenses matched the median of its Peer Group.

The Directors noted that the Boston Partners Global Long/Short Fund’s net advisory fee was above the median and in the 4th quartile of its Peer Group, and the Fund’s total net expenses were above the median and in the 3rd quartile of its Peer Group.

The Directors noted that the Boston Partners Emerging Markets Dynamic Equity Fund’s net advisory fee was below the median and in the 2nd quartile of its Peer Group, and the Fund’s total net expenses matched the median of its Peer Group.

The Directors noted that the WPG Partners Select Small Cap Value Fund’s net advisory fee was above the median and in the 4th quartile of its Peer Group, and the Fund’s total net expenses were above the median and in the 4th quartile of its Peer Group.

The Directors noted that the WPG Partners Small Cap Value Diversified Fund’s net advisory fee matched the median of its Peer Group, and the Fund’s total net expenses matched the median of its Peer Group.

After reviewing the information regarding the Funds’ costs, profitability and economies of scale, and after considering Boston Partners’ services, the Directors concluded that the investment advisory fees to be paid by the Funds were fair and reasonable and that the Investment Advisory Agreements should be approved and continued for an additional one-year period ending August 16, 2025.

Approval of Investment Advisory Agreement – WPG Partners Select Hedged Fund

As required by the 1940 Act, the Board, including all of the Independent Directors, considered the approval of the investment advisory agreement between Boston Partners and the Company (the “New Investment Advisory Agreement”) on behalf of the WPG Partners Select Hedged Fund (for this section only, the “Fund”) at a meeting of the Board held on February 12-13, 2024 (the “February Meeting”). At the February Meeting, the Board, including all of the Independent Directors, approved the New Investment Advisory Agreement for an initial one-year term ending August 16, 2025. The Board’s decision to approve the New Investment Advisory Agreement reflects the exercise of its business judgment. In approving the New Investment Advisory Agreement, the Board considered information provided by Boston Partners with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the approval of the New Investment Advisory Agreement with respect to the Fund, the Directors took into account all materials provided prior to and during the February Meeting and at other meetings throughout the past year, the presentations made during the February Meeting, and the discussions held during the February Meeting. The Directors reviewed these materials with management of Boston Partners and discussed the New Investment Advisory Agreement with counsel in executive sessions, at which no representatives of Boston Partners were present. The Directors considered whether approval of the New Investment Advisory Agreement would be in the best interests of the Fund and its shareholders and the overall fairness of the New Investment Advisory Agreement. The Directors noted their familiarity with Boston Partners given its current service as the investment adviser to certain other series of the Company. Among other things, the Directors considered (i) the nature, extent and quality of services to be provided to the Fund by Boston Partners; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) Boston Partners’ investment philosophy and process; (iv) Boston Partners’ assets under management and client descriptions; (v) Boston Partners’ soft dollar commission and trade allocation policies, as applicable; (vi) Boston Partners’ advisory fee arrangements with the Company and other similarly managed clients, as applicable; (vii) Boston Partners’ compliance procedures; (viii) Boston Partners’ financial information and insurance coverage; (ix) Boston Partners’ profitability analysis relating to its proposed provision of services to the Fund; and (x) the extent to which economies of scale would be relevant to the Fund. 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 Boston Partners. The Directors concluded that Boston Partners had sufficient resources to provide services to the Fund.

The Board also considered the advisory fee rates payable by the Fund under the proposed New Investment Advisory Agreement. In this regard, information on the fees to be paid by the Fund and the Fund’s expected total operating expense ratios (before and after fee waivers and expense reimbursements) were compared to similar information for mutual funds advised by other unaffiliated investment advisory firms, as well as fee structures of Boston Partners’ other products, both mutual funds and separately managed accounts. The Directors noted that Boston Partners had contractually agreed to waive management fees and reimburse expenses of the Fund for at least one year to limit total annual operating expenses to agreed upon levels for the Fund.

After reviewing the information regarding Boston Partners’ estimated costs, profitability and economies of scale, and after considering the services to be provided by Boston Partners, the Directors concluded that the investment advisory fees to be paid by the Fund to Boston Partners were fair and reasonable and that the New Investment Advisory Agreement should be approved for an initial period ending August 16, 2025.

Financial Statements 2024 | 95

BOSTON PARTNERS INVESTMENT FUNDS

Other Information (concluded)

Approval of Plan of Reorganization and Report of Special Meeting of Shareholders

A special meeting of shareholders of the BP Global Long/Short Fund (the “Special Meeting”) was held on September 17, 2024. At the Special Meeting, shareholders of the BP Global Long/Short Fund voted on a proposal to approve the Plan of Reorganization between the Company, on behalf of the BP Global Long/Short Fund, and John Hancock Investment Trust, on behalf of the John Hancock Disciplined Value Global Long/Short Fund (the “Acquiring Fund”). Under the Plan of Reorganization, the BP Global Long/Short Fund would transfer all of its assets to the Acquiring Fund in exchange for corresponding shares of the Acquiring Fund to be distributed pro rata to shareholders of the BPGlobal Long/Short Fund, in redemption of, and in exchange for the shares of the BP Global Long/Short Fund.

All shareholders of record of the BP Global Long/Short Fund at the close of business on July 23, 2024 (the “Record Date”) were entitled to vote at the Special Meeting. As of the Record Date, the BP Global Long/Short Fund had 10,351,143 shares outstanding.

Of the 6,551,104 shares of the BP Global Long/Short Fund present in person or by proxy at the Special Meeting, 6,453,965 shares or 98.52% voted in favor of the proposal to approve the Plan of Reorganization; 12,704 shares or 0.19% voted against the proposal to approve the Plan of Reorganization; and 84,435 shares or 1.29% abstained from voting on the proposal to approve the Plan of Reorganization.

Accordingly, shareholders of the BP Global Long/Short Fund approved the Plan of Reorganization at the Special Meeting on September17, 2024.

The reorganization contemplated by the Plan of Reorganization occurred as of 4:00 p.m. Eastern time on October 18, 2024.

Financial Statements 2024 | 96

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Campbell Systematic Macro Fund

of

THE RBB FUND, INC.

Class A (TICKER: EBSAX)

Class C (TICKER: EBSCX)

Class I (TICKER: EBSIX)

Financial Statements

August 31, 2024

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.

Campbell Systematic Macro Fund

Consolidated Portfolio of Investments

August 31, 2024

	PAR		Value
SHORT-TERM INVESTMENTS — 73.1%
U.S. Treasury Bills — 73.1%
5.20%, 09/05/2024 (a)		150,000,000	$	149,956,537
5.24%, 10/10/2024 (a)		160,000,000		159,155,989
5.25%, 11/14/2024 (a)		140,000,000		138,601,837
5.25%, 12/05/2024 (a)		175,000,000		172,792,929
5.21%, 01/02/2025 (a)		145,000,000		142,672,850
4.86%, 02/06/2025 (a)		150,000,000		146,931,756
TOTAL SHORT-TERM INVESTMENTS (Cost $909,556,812)				910,111,898
TOTAL INVESTMENTS — 73.1% (Cost $909,556,812)				910,111,898
Other Assets in Excess of Liabilities — 26.9%				334,766,985
TOTAL NET ASSETS — 100.0%			$	1,244,878,883

Percentages are stated as a percent of net assets.

^(a) The rate shown is the effective yield as of August 31, 2024.

The accompanying notes are an integral part of the consolidated financial statements.
1

Campbell Systematic Macro Fund

Consolidated Portfolio of Investments

August 31, 2024

Futures contracts outstanding as of August 31, 2024 were as follows:

Description	Contracts Purchased	Expiration Date	Notional		Value / Unrealized Appreciation (Depreciation)
3 Month Canadian Overnight Repo Rate Average	1,592	03/17/2026	$	286,867,733	$	(351,665	)
Arabica Coffee	90	12/18/2024		8,236,688		(227,691	)
ASX SPI 200 Index	223	09/19/2024		30,372,454		202,345
Australian Government 10 Year Bonds	2,420	09/16/2024		190,948,290		(896,165	)
Australian Government 3 Year Bonds	1,657	09/16/2024		119,941,707		174,760
Australian 90 Day Bank Bills	1,106	09/11/2025		742,190,406		766,855
Brent Crude Oil	155	10/31/2024		11,817,200		(201,867	)
Canadian 10 Year Government Bonds	6,648	12/18/2024		607,058,865		(5,766,033	)
Copper	174	12/27/2024		18,320,025		(50,292	)
Crude Oil	461	09/20/2024		33,906,550		(1,087,036	)
Dow Jones Industrial Average Index	99	09/20/2024		20,618,235		351,877
Euro STOXX 50 Quanto Index	795	09/20/2024		43,684,795		514,407
Euro-BTP Future Dec24	143	12/06/2024		18,782,137		(38,520	)
Euro-Bund	1,844	12/06/2024		271,916,874		(565,091	)
EURO-BUXL 30Y BND Dec24	34	12/06/2024		5,060,255		(15,824	)
EURO-SCHATZ FUT Dec24	7,398	12/06/2024		872,156,856		(327,657	)
FTSE 100 Index	318	09/20/2024		35,028,696		88,045
FTSE China A50 Index	2,403	09/27/2024		28,235,250		(63,782	)
FTSE/JSE Top 40 Index	915	09/19/2024		39,079,860		542,880
FTSE/MIB Index	214	09/20/2024		40,753,794		998,935
German Stock Index	5	09/20/2024		2,618,554		(2,360	)
Hang Seng China Enterprises Index	168	09/27/2024		6,802,688		78,709
Hang Seng Index	385	09/27/2024		44,312,178		473,364
Hard Red Winter Wheat	128	12/13/2024		3,617,600		62,801
IBEX 35 Index	153	09/20/2024		19,336,365		593,818
ICE 3 Month SONIA Rate	1,516	12/16/2025		478,951,395		(291,481	)
Lean Hogs	54	10/14/2024		1,776,060		(74	)
Live Cattle	1,063	10/31/2024		75,940,720		(1,899,830	)
London Metals - Aluminum	1,225	09/16/2024		74,538,188		(2,248,189	)
London Metals - Aluminum	541	12/16/2024		33,243,368		32,598
London Metals - Copper	347	09/16/2024		79,313,525		(1,271,922	)
London Metals - Copper	23	12/16/2024		5,325,949		(31,956	)
London Metals - Lead	750	09/16/2024		38,011,688		(440,814	)
London Metals - Lead	214	12/16/2024		11,027,474		(97,329	)
London Metals - Nickel	346	09/16/2024		34,440,300		932,831
London Metals - Nickel	88	12/16/2024		8,880,675		(82,041	)
London Metals - Zinc	1,032	09/16/2024		73,754,976		1,710,632
London Metals - Zinc	137	12/16/2024		9,946,200		363,760
MSCI EAFE Index	30	09/20/2024		3,687,750		59,701
MSCI Emerging Markets Index	4	09/20/2024		220,000		(329	)
MSCI Singapore Index	1,529	09/27/2024		37,664,052		243,058
Nasdaq 100 Index	178	09/20/2024		69,857,880		(204,231	)
Nifty 50 Index	1,177	09/26/2024		59,772,768		531,723
OMXS30 Index	1,658	09/20/2024		41,978,005		1,449,941
Palladium	183	12/27/2024		17,619,240		441,298
Russell 2000 Index	2	09/20/2024		222,310		1,155
S&P 500 Index	362	09/20/2024		102,464,100		585,935
S&P Mid Cap 400 Index	14	09/20/2024		4,337,340		23,458
S&P/Toronto Stock Exchange 60 Index	292	09/19/2024		60,750,907		1,010,123

The accompanying notes are an integral part of the consolidated financial statements.
2

Campbell Systematic Macro Fund

Consolidated Portfolio of Investments (Continued)

August 31, 2024

Description	Contracts Purchased	Expiration Date	Notional		Value / Unrealized Appreciation (Depreciation)
SGX FTSE Taiwan Index	235	09/27/2024	$	17,561,550	$	169,716
Silver	2	12/27/2024		291,430		(7,475	)
Sugar #11	797	09/30/2024		17,299,363		759,070
TOPIX Index	124	09/12/2024		23,033,176		(835,364	)
U.S. Treasury 2 Year Notes	2,283	12/31/2024		473,829,518		(689,004	)
U.S. Treasury 5 Year Note	422	12/31/2024		46,166,141		(64,334	)
U.S. Treasury Long Bonds	458	12/19/2024		56,391,250		(421,945	)
U.S. Treasury Ultra Bonds	336	12/19/2024		44,331,000		(695,683	)
US Cocoa	565	12/13/2024		43,341,150		3,010,204
					$	(2,701,985	)

Description	Contracts Sold	Expiration Date	Notional		Value / Unrealized Appreciation (Depreciation)
3 Month Euribor	(1,627)	09/15/2025	$	439,549,881	$	(66,961	)
3-Month Secured Overnight Financing Rate	(312)	03/17/2026		75,523,500		51,254
CAC40 10 Euro Index	(28)	09/20/2024		2,367,457		15,336
Canadian Canola Oil	(1,643)	11/14/2024		14,988,344		68,510
Corn No. 2 Yellow	(1,408)	12/13/2024		28,230,400		(550,427	)
Cotton No.2	(1,201)	12/06/2024		42,028,995		557,603
Crude Soybean Oil	(1,484)	12/13/2024		37,405,704		315,786
Euro-BOBL	(1,109)	12/06/2024		145,831,692		32,596
Feeder Cattle	(64)	10/31/2024		7,608,000		(67,556	)
French Government Bonds	(165)	12/06/2024		23,003,150		35,594
Gold	(240)	12/27/2024		60,662,400		(1,062,653	)
ICE European Climate Exchange Emissions	(75)	12/16/2024		5,828,221		87,371
Japanese 10 Year Government Bonds	(572)	09/12/2024		566,248,307		(39,720	)
London Metals - Aluminum	(1,225)	09/16/2024		74,538,188		(491,579	)
London Metals - Aluminum	(164)	12/16/2024		10,077,472		(564,262	)
London Metals - Copper	(347)	09/16/2024		79,313,525		5,040,696
London Metals - Copper	(195)	12/16/2024		45,154,783		(578,963	)
London Metals - Lead	(750)	09/16/2024		38,011,688		1,498,273
London Metals - Lead	(685)	12/16/2024		35,298,221		244,440
London Metals - Nickel	(346)	09/16/2024		34,440,300		(644,076	)
London Metals - Nickel	(370)	12/16/2024		37,339,203		(949,707	)
London Metals - Zinc	(1,032)	09/16/2024		73,754,976		192,551
London Metals - Zinc	(535)	12/16/2024		38,841,000		(1,715,126	)
Long Gilt	(1,825)	12/27/2024		236,561,646		253,177
Low Sulphur Gas Oil	(521)	10/10/2024		36,509,075		(145,971	)
Natural Gas	(1,912)	09/26/2024		40,668,240		2,688,183
Nikkei 225 Index	(30)	09/12/2024		7,943,772		(93,409	)
NY Harbor ULSD	(328)	09/30/2024		31,385,861		1,135,327
Phelix DE Base M Oct24	(245)	10/30/2024		18,324,126		(41,928	)
Platinum	(147)	10/29/2024		6,851,670		225,817
Reformulated Gasoline Blendstock	(399)	09/30/2024		35,077,846		(37,052	)
Robusta Coffee	(12)	11/25/2024		593,760		(22,880	)
SGX TSI Iron Ore	(660)	10/30/2024		6,667,980		(291,720	)
Soybean Meal	(484)	12/13/2024		15,149,200		(330,182	)

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

Campbell Systematic Macro Fund

Consolidated Portfolio of Investments (Concluded)

August 31, 2024

Description	Contracts Sold	Expiration Date	Notional		Value / Unrealized Appreciation (Depreciation)
Soybeans	(1,042)	11/14/2024	$	52,100,000	$	(243,134	)
U.S. Treasury 10 Year Notes	(951)	12/19/2024		107,997,937		607,239
Wheat	(829)	12/13/2024		22,859,675		213,759
					$	5,326,206
Total Unrealized Appreciation (Depreciation)					$	2,624,221

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

Campbell Systematic Macro Fund

Consolidated Portfolio of Investments

August 31, 2024

Forward foreign currency contracts outstanding as of August 31, 2024 were as follows:

Counterparty	Settlement Date		Currency Purchased		Currency Sold		Unrealized Appreciation (Depreciation)
UBS AG		09/18/2024	AUD	3,006,900,000	USD	2,004,442,834	$	31,769,510
UBS AG		09/18/2024	BRL	1,028,800,000	USD	186,309,669		(4,159,219	)
UBS AG		09/18/2024	CAD	2,229,650,000	USD	1,631,378,556		24,106,266
UBS AG		09/18/2024	CHF	41,200,000	USD	47,688,476		887,799
UBS AG		09/23/2024	CLP	65,590,000,000	USD	70,392,719		1,363,546
UBS AG		09/19/2024	CNH	23,700,000	USD	3,312,604		38,666
UBS AG		09/18/2024	COP	569,520,000,000	USD	141,016,152		(5,198,486	)
UBS AG		09/18/2024	CZK	4,237,200,000	USD	183,590,768		3,584,132
UBS AG		09/18/2024	EUR	2,918,350,000	USD	3,187,130,145		41,617,628
UBS AG		09/18/2024	GBP	1,422,150,000	USD	1,821,211,866		46,850,246
UBS AG		09/18/2024	HUF	69,213,000,000	USD	191,112,744		3,439,839
UBS AG		09/18/2024	IDR	2,622,725,000,000	USD	162,370,368		7,210,864
UBS AG		09/18/2024	INR	19,708,000,000	USD	235,117,152		(271,250	)
UBS AG		09/18/2024	JPY	105,525,000,000	USD	688,547,597		35,283,281
UBS AG		09/19/2024	KRW	66,240,000,000	USD	48,365,224		1,288,249
UBS AG		09/18/2024	MXN	4,002,600,000	USD	216,324,476		(13,691,942	)
UBS AG		09/18/2024	NOK	3,349,050,000	USD	311,684,447		4,228,738
UBS AG		09/18/2024	NZD	1,248,050,000	USD	757,072,293		23,198,763
UBS AG		09/18/2024	PHP	4,373,250,000	USD	74,813,874		3,062,752
UBS AG		09/18/2024	PLN	1,165,725,000	USD	295,400,176		5,436,466
UBS AG		09/18/2024	SEK	2,212,800,000	USD	211,148,433		4,569,065
UBS AG		09/18/2024	SGD	196,095,000	USD	146,548,743		3,896,519
UBS AG		09/18/2024	TWD	2,785,050,000	USD	86,390,308		854,452
UBS AG		09/18/2024	ZAR	4,075,600,000	USD	222,249,405		5,990,614
UBS AG		09/18/2024	USD	1,857,586,105	AUD	2,782,050,000		(26,362,331	)
UBS AG		09/18/2024	USD	91,500,084	BRL	503,800,000		2,301,603
UBS AG		09/18/2024	USD	1,603,143,340	CAD	2,193,350,000		(25,389,225	)
UBS AG		09/18/2024	USD	85,051,930	CHF	74,950,000		(3,316,804	)
UBS AG		09/23/2024	USD	80,031,786	CLP	74,620,000,000		(1,603,410	)
UBS AG		09/19/2024	USD	75,208,872	CNH	540,700,000		(1,248,163	)
UBS AG		09/18/2024	USD	116,831,991	COP	479,970,000,000		2,369,978
UBS AG		09/18/2024	USD	227,135,678	CZK	5,223,600,000		(3,612,649	)
UBS AG		09/18/2024	USD	2,828,135,703	EUR	2,604,550,000		(53,436,080	)
UBS AG		09/18/2024	USD	1,428,845,061	GBP	1,120,550,000		(43,051,011	)
UBS AG		09/18/2024	USD	111,434,377	HUF	40,422,000,000		(2,188,852	)
UBS AG		09/18/2024	USD	69,468,833	IDR	1,099,350,000,000		(1,608,649	)
UBS AG		09/18/2024	USD	122,034,634	INR	10,229,000,000		143,081
UBS AG		09/18/2024	USD	747,914,835	JPY	114,027,000,000		(34,234,072	)
UBS AG		09/19/2024	USD	112,050,408	KRW	152,745,000,000		(2,447,173	)
UBS AG		09/18/2024	USD	203,667,943	MXN	3,815,700,000		10,497,264
UBS AG		09/18/2024	USD	335,346,683	NOK	3,549,900,000		487,479
UBS AG		09/18/2024	USD	588,693,619	NZD	965,800,000		(15,116,954	)
UBS AG		09/18/2024	USD	103,321,673	PHP	6,001,500,000		(3,550,007	)
UBS AG		09/18/2024	USD	193,556,451	PLN	769,875,000		(5,123,864	)
UBS AG		09/18/2024	USD	269,022,347	SEK	2,811,150,000		(5,026,028	)
UBS AG		09/18/2024	USD	239,555,399	SGD	321,045,000		(6,752,255	)
UBS AG		09/18/2024	USD	230,796,347	TWD	7,438,500,000		(2,222,863	)

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

Campbell Systematic Macro Fund

Consolidated Portfolio of Investments (concluded)

August 31, 2024

Counterparty	Settlement Date		Currency Purchased		Currency Sold		Unrealized Appreciation (Depreciation)
UBS AG		09/18/2024	USD	113,684,848	ZAR	2,105,400,000	$	(4,220,868	)
Total Unrealized Appreciation (Depreciation)							$	644,645

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	New Taiwan Dollar
HUF	Hungarian Forint	USD	United States Dollar
IDR	Indonesian Rupiah	ZAR	South African Rand
INR	Indian Rupee

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

Campbell Systematic Macro Fund

Consolidated Statement of Assets and Liabilities

August 31, 2024

ASSETS
Investments, at value (cost $909,556,812)	$	910,111,898
Cash and cash equivalents		87,639,100
Deposits with brokers:
Futures contracts		153,810,471
Forward foreign currency contracts		90,254,702
Unrealized appreciation on forward foreign currency contracts		264,476,800
Unrealized appreciation on futures contracts		29,437,511
Receivable for capital shares sold		1,141,397
Interest receivable		624,873
Prepaid expenses and other assets		218,642
Total assets		1,537,715,394
LIABILITIES
Unrealized depreciation on forward foreign currency contracts	$	263,832,155
Unrealized depreciation on futures contracts		26,813,290
Payable for:
Advisory fees		1,612,167
Capital shares redeemed		290,191
Other accrued expenses and liabilities		288,708
Total liabilities		292,836,511
Net assets	$	1,244,878,883
NET ASSETS CONSIST OF:
Par value	$	129,084
Paid-in capital		1,264,265,532
Total distributable earnings/(loss)		(19,515,733	)
Net assets	$	1,244,878,883
CAPITAL SHARES:
Class A Shares:
Net assets applicable to Class A Shares	$	53,941,639
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		5,661,751
Net asset value and redemption price per share	$	9.53
Maximum offering price per share (100/96.5 of $9.53)	$	9.87
Class C Shares:
Net assets applicable to Class C Shares	$	18,204,959
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		2,050,933
Net asset value, offering and redemption price per share	$	8.88
Class I Shares:
Net assets applicable to Class I Shares	$	1,172,732,285
Shares outstanding ($0.001 par value, 300,000,000 shares authorized)		121,371,493
Net asset value, offering and redemption price per share	$	9.66

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

Campbell Systematic Macro Fund

Consolidated Statement of Operations

For the Year Ended August 31, 2024

INVESTMENT INCOME
Interest	$	48,065,857
Total investment income		48,065,857
EXPENSES
Advisory fees (Note 2)		16,918,761
Transfer agent fees (Note 2)		1,288,701
Administration and accounting fees (Note 2)		193,237
Distribution fees - Class A Shares		143,213
Distribution fees - Class C Shares		178,246
Registration and filing fees		122,871
Director fees		103,871
Printing and shareholder reporting fees		82,254
Officer fees		78,050
Legal fees		68,304
Audit and tax service fees		64,758
Custodian fees (Note 2)		31,987
Other expenses		44,911
Total expenses before waivers and/or reimbursements		19,319,164
Less: waivers and reimbursements (Note 2)		(944,150	)
Net expenses after waivers and/or reimbursements		18,375,014
Net investment income/(loss)		29,690,843
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		(1,111	)
Futures contracts		38,295,686
Foreign currency transactions		(8,330,706	)
Forward foreign currency contracts		(42,645,617	)
Net change in unrealized appreciation/(depreciation) on:
Investments		829,028
Futures contracts		9,520,318
Foreign currency translations		(1,033,359	)
Forward foreign currency contracts		8,178,880
Net realized and unrealized gain/(loss) on investments		4,813,119
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	34,503,962

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

Campbell Systematic Macro Fund

Consolidated Statements of Changes in Net Assets

	For the Year Ended August 31, 2024			For the Year Ended August 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	29,690,843		$	15,272,844
Net realized gain/(loss) from investments, futures contracts, foreign currency transactions and forward foreign currency contracts		(12,681,748	)		16,880,850
Net change in unrealized appreciation/(depreciation) on investments, futures contracts, foreign currency translations and forward foreign currency contracts		17,494,867			(31,214,109	)
Net increase/(decrease) in net assets resulting from operations		34,503,962			939,585
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Distributable earnings
Class A Shares		(826,673	)		(9,548,573	)
Class C Shares		(98,765	)		(2,517,507	)
Class I Shares		(15,128,997	)		(88,730,836	)
Total distributable earnings		(16,054,435	)		(100,796,916	)
Net decrease in net assets from dividends and distributions to shareholders		(16,054,435	)		(100,796,916	)
CAPITAL SHARE TRANSACTIONS:
Class A Shares
Proceeds from shares sold		11,201,253			34,402,233
Proceeds from reinvestment of distributions		798,911			9,286,917
Shares redeemed		(20,737,101	)		(38,161,798	)
Total from Class A Shares		(8,736,937	)		5,527,352
Class C Shares
Proceeds from shares sold		3,003,962			6,816,942
Proceeds from reinvestment of distributions		92,450			2,388,732
Shares redeemed		(3,796,719	)		(3,668,971	)
Total from Class C Shares		(700,307	)		5,536,703
Class I Shares
Proceeds from shares sold		765,144,923			703,679,347
Proceeds from reinvestment of distributions		13,897,674			85,541,786
Shares redeemed		(406,608,214	)		(473,269,758	)
Total from Class I Shares		372,434,383			315,951,375
Net increase/(decrease) in net assets from capital share transactions		362,997,139			327,015,430
Total increase/(decrease) in net assets		381,446,666			227,158,099

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

Campbell Systematic Macro Fund

Consolidated Statements of Changes in Net Assets (Concluded)

	For the Year Ended August 31, 2024			For the Year Ended August 31, 2023
NET ASSETS:
Beginning of period	$	863,432,217		$	636,274,118
End of period	$	1,244,878,883		$	863,432,217
SHARE TRANSACTIONS:
Class A Shares
Shares sold		1,206,997			3,439,596
Shares reinvested		87,312			979,633
Shares redeemed		(2,231,994	)		(3,977,081	)
Total from Class A Shares		(937,685	)		442,148
Class C Shares
Shares sold		343,292			704,756
Shares reinvested		10,775			269,001
Shares redeemed		(438,071	)		(401,028	)
Total from Class C Shares		(84,004	)		572,729
Class I Shares
Shares sold		81,023,773			70,564,733
Shares reinvested		1,500,829			8,901,331
Shares redeemed		(43,506,352	)		(48,628,923	)
Total from Class I Shares		39,018,250			30,837,141
Net increase/(decrease) in shares outstanding		37,996,561			31,852,018

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

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 Year Ended August 31, 2024			For the Year Ended August 31, 2023			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
Per Share Operating Performance
Net asset value, beginning of period	$	9.37		$	10.65		$	8.76		$	7.55		$	9.81		$	9.49
Net investment income/(loss)(3)		0.25			0.16			(0.11	)		(0.16	)		(0.07	)		—	(4)
Net realized and unrealized gain/(loss) on investments, futures, forward currency and swap contracts (5)		0.04			(0.05	)		2.57			1.37			(0.76	)		1.45
Net increase/(decrease) in net assets resulting from operations		0.29			0.11			2.46			1.21			(0.83	)		1.45
Dividends and distributions to shareholders from:
Net investment income		(0.13	)		(0.20	)		(0.48	)		—			(0.79	)		(1.13	)
Net realized capital gain		—			(1.19	)		(0.09	)		—			(0.64	)		—
Total dividends and distributions to shareholders		(0.13	)		(1.39	)		(0.57	)		—			(1.43	)		(1.13	)
Net asset value, end of period	$	9.53		$	9.37		$	10.65		$	8.76		$	7.55		$	9.81
Total investment return (6)		3.15	%		0.93	%		30.09	%		16.03	%		(8.86	)%(7)		17.73	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	53,942		$	61,813		$	65,549		$	12,613		$	10,365		$	12,895
Ratio of expenses to average net assets with waivers and reimbursements and/or recoupments (10)		2.00	%		2.00	%		2.00	%		2.03	%		2.15	%(8)		2.12	%
Ratio of expenses to average net assets without waivers and reimbursements and/or recoupments (9)(11)		2.09	%		2.12	%		2.16	%		2.36	%		2.51	%(8)		2.54	%
Ratio of net investment income/(loss) to average net assets		2.67	%		1.71	%		(1.32	)%		(1.93	)%		(0.93	)%(8)		(0.03	)%
Portfolio turnover rate (12)		0	%		0	%		0	%		0	%		0	%(7)		15	%

(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, 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.

(10) Ratio of net expenses to average net assets excluding interest expense	2.00%	2.00%	2.00%	2.00%	2.12%	2.07%
(11) Ratio of gross expenses to average net assets excluding interest expense(9)	2.09%	2.12%	2.16%	2.33%	2.48%	2.49%

(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.
11

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 Year Ended August 31, 2024			For the Year Ended August 31, 2023			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
Per Share Operating Performance
Net asset value, beginning of period	$	8.72		$	10.02		$	8.38		$	7.28		$	9.51		$	9.20
Net investment income/(loss)(3)		0.17			0.09			(0.20	)		(0.21	)		(0.12	)		(0.07	)
Net realized and unrealized gain/(loss) on investments, futures, forward currency and swap contracts (4)		0.04			(0.05	)		2.45			1.31			(0.74	)		1.42
Net increase/(decrease) in net assets resulting from operations		0.21			0.04			2.25			1.10			(0.86	)		1.35
Dividends and distributions to shareholders from:
Net investment income		(0.05	)		(0.15	)		(0.52	)		—			(0.73	)		(1.04	)
Net realized capital gain		—			(1.19	)		(0.09	)		—			(0.64	)		—
Total dividends and distributions to shareholders		(0.05	)		(1.34	)		(0.61	)		—			(1.37	)		(1.04	)
Net asset value, end of period	$	8.88		$	8.72		$	10.02		$	8.38		$	7.28		$	9.51
Total investment return (5)		2.38	%		0.22	%		29.13	%		15.11	%		(9.49	)%(6)		16.88	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	18,205		$	18,610		$	15,654		$	9,079		$	9,087		$	13,237
Ratio of expenses to average net assets with waivers and reimbursements and/or recoupments (9)		2.75	%		2.75	%		2.75	%		2.78	%		2.88	%(7)		2.87	%
Ratio of expenses to average net assets without waivers and reimbursements and/or recoupments (8)(10)		2.84	%		2.87	%		2.91	%		3.11	%		3.27	%(7)		3.29	%
Ratio of net investment income/(loss) to average net assets		1.92	%		0.96	%		(2.07	)%		(2.67	)%		(1.65	)%(7)		(0.78	)%
Portfolio turnover rate (11)		0	%		0	%		0	%		0	%		0	%(6)		15	%

(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, 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%	2.75%	2.85%	2.82%
(10) Ratio of gross expenses to average net assets excluding interest expense(8)	2.84%	2.87%	2.91%	3.08%	3.24%	3.24%

(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.
12

Campbell Systematic Macro Fund

Consolidated Financial Highlights (Concluded)

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 Year Ended August 31, 2024			For the Year Ended August 31, 2023			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
Per Share Operating Performance
Net asset value, beginning of period	$	9.51		$	10.77		$	8.90		$	7.65		$	9.93		$	9.59
Net investment income/(loss)(3)		0.27			0.20			(0.09	)		(0.14	)		(0.07	)		0.02
Net realized and unrealized gain/(loss) on investments, futures, forward currency and swap contracts (4)		0.04			(0.05	)		2.59			1.39			(0.77	)		1.48
Net increase/(decrease) in net assets resulting from operations		0.31			0.15			2.50			1.25			(0.84	)		1.50
Dividends and distributions to shareholders from:
Net investment income		(0.16	)		(0.22	)		(0.54	)		—			(0.80	)		(1.16	)
Net realized capital gain		—			(1.19	)		(0.09	)		—			(0.64	)		—
Total dividends and distributions to shareholders		(0.16	)		(1.41	)		(0.63	)		—			(1.44	)		(1.16	)
Net asset value, end of period	$	9.66		$	9.51		$	10.77		$	8.90		$	7.65		$	9.93
Total investment return (5)		3.42	%		1.25	%		30.35	%		16.34	%		(8.75	)%(6)		18.17	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	1,172,732		$	783,009		$	555,072		$	119,324		$	115,431		$	51,067
Ratio of expenses to average net assets with waivers and reimbursements and/or recoupments (9)		1.75	%		1.75	%		1.75	%		1.78	%		1.88	%(7)		1.84	%
Ratio of expenses to average net assets without waivers and reimbursements and/or recoupments (8)(10)		1.84	%		1.87	%		1.91	%		2.11	%		2.24	%(7)		2.28	%
Ratio of net investment income/(loss) to average net assets		2.92	%		1.96	%		(1.07	)%		(1.68	)%		(0.91	)%(7)		0.23	%
Portfolio turnover rate (11)		0	%		0	%		0	%		0	%		0	%(6)		15	%

(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, 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%	1.75%	1.85%	1.80%
(10) Ratio of gross expenses to average net assets excluding interest expense(8)	1.84%	1.87%	1.91%	2.08%	2.21%	2.24%

(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.
13

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements

August 31, 2024

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 an investment company 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 sixty-five 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.

RBB has authorized capital of one hundred billion shares of common stock of which 92.923 billion shares are currently classified into two hundred and thirty-six classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

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, 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 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 August 31, 2024, and the period covered by these Notes to Consolidated Financial Statements is the fiscal year ended August 31, 2024 (the “current fiscal period”).

CONSOLIDATION OF SUBSIDIARY — The Campbell Systematic Macro Program is achieved by the Fund investing up to 25% of its total assets in the Campbell Systematic Macro Offshore Limited Fund (the “Subsidiary”), a wholly-owned and controlled subsidiary of the Fund 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 the Subsidiary 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 $70,197,905, which represented 5.64% of the Fund’s net assets.

14

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

PORTFOLIO VALUATION — The Fund’s net asset value (“NAV”) is calculated once daily at the close of regular trading hours on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Fund are valued using the closing price or the last sales price on a national securities exchange or the National Association of Securities Dealers Automatic Quotation System (“NASDAQ”) market system where they are primarily traded. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Investments in other open-end investment companies are valued based on the NAV of those investment companies (which may use fair value pricing as discussed in their prospectuses). Forward currency exchange contracts are valued by interpolating between spot and forward currency rates as quoted by an independent pricing service. Futures contracts are generally valued using the settlement price determined by the relevant exchange. If market quotations are unavailable or deemed unreliable, securities will be valued 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 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:

	LEVEL 1		LEVEL 2		LEVEL 3		Total
Short-Term Investments	$	910,111,898	$	—	$	—	$	910,111,898
Commodity Contracts
Futures Contracts		19,581,510		—		—		19,581,510
Equity Contracts
Futures Contracts		7,934,526		—		—		7,934,526
Interest Rate Contracts
Futures Contracts		1,921,475		—		—		1,921,475
Foreign Currency Contracts
Forward Foreign Currency Contracts		—		264,476,800		—		264,476,800
Total Assets	$	939,549,409	$	264,476,800	$	—	$	1,204,026,209

15

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

	LEVEL 1			LEVEL 2			LEVEL 3		Total
Commodity Contracts
Futures Contracts	$	(15,383,732	)	$	—		$	—	$	(15,383,732	)
Equity Contracts
Futures Contracts		(1,199,475	)		—			—		(1,199,475	)
Interest Rate Contracts
Futures Contracts		(10,230,083	)		—			—		(10,230,083	)
Foreign Currency Contracts
Forward Foreign Currency Contracts		—			(263,832,155	)		—		(263,832,155	)
Total Liabilities	$	(26,813,290	)	$	(263,832,155	)	$	—	$	(290,645,445	)

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 purchases, sales, or 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 current fiscal 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.

16

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

The following table lists the fair values of the Fund’s derivative holdings as of the end of the current fiscal period, grouped by contract type and risk exposure category.

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	$	19,581,510	$	7,934,526	$	1,921,475	$	—	$	29,437,511
Forward Contracts (a)		Unrealized appreciation on forward foreign currency contracts		—		—		—		264,476,800		264,476,800
Total Value - Assets			$	19,581,510	$	7,934,526	$	1,921,475	$	264,476,800	$	293,914,311

Liability Derivatives
Futures Contracts (a)	Unrealized depreciation on futures contracts	$	(15,383,732	)	$	(1,199,475	)	$	(10,230,083	)	$	—		$	(26,813,290	)
Forward Contracts (a)	Unrealized depreciation on forward foreign currency contracts		—			—			—			(263,832,155	)		(263,832,155	)
Total Value - Liabilities		$	(15,383,732	)	$	(1,199,475	)	$	(10,230,083	)	$	(263,832,155	)	$	(290,645,445	)

(a) This amount represents the cumulative appreciation/(depreciation) of forward and futures contracts as reported in 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		Commodity Contracts			Equity Contracts		Interest Rate Contracts			Foreign Currency Contracts			Total
Realized Gain (Loss)
Futures Contracts		Net realized gain/(loss) from futures contracts	$	(19,324,537	)	$	67,586,005	$	(9,965,782	)	$	—		$	38,295,686
Forward Contracts		Net realized gain/(loss) from forward foreign currency contracts		—			—		—			(42,645,617	)		(42,645,617	)
Total Realized Gain/(Loss)			$	(19,324,537	)	$	67,586,005	$	(9,965,782	)	$	(42,645,617	)	$	(4,349,931	)

17

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

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	$	6,134,269	$	6,688,030	$	(3,301,981	)	$	—	$	9,520,318
Forward Contracts		Net change in unrealized appreciation/(depreciation) on forward foreign currency contracts		—		—		—			8,178,880		8,178,880
Total Change in Unrealized Appreciation/(Depreciation)			$	6,134,269	$	6,688,030	$	(3,301,981	)	$	8,178,880	$	17,699,198

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)
	$2,819,887,147		$(3,533,398,756)		$(20,109,114,968)		$20,098,692,038

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.

18

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

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	$	264,476,800	$	(263,832,155	)	$	—	$	644,645	$	263,832,155	$	(263,832,155	)	$	—	$	—

(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 (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.

19

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

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

20

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

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.

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.

21

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

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, LP 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, 2024 and may not be terminated without the approval of the Board. The Adviser may discontinue this arrangement at any time after December 31, 2024.

	Expense Cap
Advisory Fee	Class A	Class C	Class I
1.64%	2.00%	2.75%	1.75%

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.

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
$16,918,761	$(944,150)	$15,974,611

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 current fiscal period, the Fund had amounts available for recoupment as follows:

Expiration
August 31, 2025	August 31, 2026	August 31, 2027	Total
$392,091	$951,565	$944,150	$2,287,806

22

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

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.

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.

23

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Continued)

August 31, 2024

As of August 31, 2024, 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)
$1,009,555,172	$26,964,600	$(59,185,744)	$(32,221,144)

(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 and forwards 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, 2024, primarily attributable to investments in wholly-owned controlled foreign corporation were reclassified among the following accounts:

Distributable Earnings/(Loss)	PAID-IN CAPITAL
$16,512,923	$(16,512,923)

As of August 31, 2024, the components of distributable earnings on a tax basis were as follows:

Undistributed Ordinary Income	Undistributed Long-Term Capital Gains	Capital Loss Carryforwards	Other Temporary Differences	Unrealized Appreciation/ (Depreciation)
$15,894,051	$—	$(4,677,037)	$(389,353)	$(30,343,394)

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 years ended August 31, 2024 and August 31, 2023 was as follows:

	Ordinary Income	Long-Term Gains	Total
2024	$16,054,435	$—	$16,054,435
2023	51,700,811	49,096,105	100,796,916

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, 2024, the Fund had $(4,677,037) of long-term loss carryovers. For the fiscal year ended August 31, 2024, the Fund did not have any deferred post-October losses.

24

Campbell Systematic Macro Fund

Notes To Consolidated Financial Statements (Concluded)

August 31, 2024

6. 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 was the following subsequent event:

On September 27, 2024, a special meeting of shareholders of the Fund (the “Special Meeting”) was convened for the purpose of obtaining shareholder approval of (i) a new investment advisory agreement between the Company, on behalf of the Fund, and the Adviser (the “New Investment Advisory Agreement”), and (ii) a new investment advisory agreement between the Subsidiary and the Adviser (the “New Subsidiary Advisory Agreement,” and together with the New Investment Advisory Agreement, the “New Investment Advisory Agreements”). As described in the proxy statement filed on behalf of the Fund with the SEC on August 13, 2024, the Fund sought shareholder approval of the New Investment Advisory Agreements in connection with the long-planned transition of majority ownership (the “Transition”) of the Adviser’s parent company, Campbell & Company, LP.

There were not sufficient shareholder votes present to approve the New Investment Advisory Agreements at the Special Meeting convened on September 27, 2024 and, as a result, the Special Meeting was adjourned to October 25, 2024. At the re-convened Shareholder Meeting held on October 25, 2024, shareholders of the Fund approved each of the New Investment Advisory Agreements.

25

Campbell Systematic Macro Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders of Campbell Systematic Macro Fund
and Board of Directors of The RBB Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying consolidated statement of assets and liabilities of Campbell Systematic Macro Fund (the “Fund”) (one of the portfolios constituting The RBB Fund, Inc. (the “Company”)), including the consolidated portfolio of investments, as of August 31, 2024, and the related consolidated statement of operations for the year then ended, the consolidated statements of changes in net assets for each of the two years in the period then ended, the consolidated financial highlights for each of the four years in the period then ended and the period from October 1, 2019 through August 31, 2020 and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the consolidated financial position of the Fund (one of the portfolios constituting The RBB Fund, Inc.) at August 31, 2024, the consolidated results of its operations for the year then ended, the consolidated changes in its net assets for each of the two years in the period then ended and its consolidated financial highlights for each of the four years in the period then ended and the period from October 1, 2019 through August 31, 2020, in conformity with U.S. generally accepted accounting principles.

The consolidated financial highlights of the Fund for each of the periods presented through September 30, 2019, were audited by other auditors whose report dated November 27, 2019, expressed an unqualified opinion on those financial statements.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Campbell & Company investment companies since 2015.

Philadelphia, Pennsylvania
October 30, 2024

26

Campbell Systematic Macro Fund

Shareholder Tax Information

(Unaudited)

Certain tax information regarding the Fund is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended August 31, 2024. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ended December 31, 2024. During the year ended August 31, 2024, the Fund paid $16,054,435 of ordinary income distributions. Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal tax purposes.

The percentage of ordinary income dividends qualifying for the 15% dividend tax rate is 0.00%.

The percentage of ordinary income dividends qualifying for the corporate dividends received deduction is 0.00%.

The Fund designates 0% of the ordinary income distributions as qualified short-term gain pursuant to the American Job Creation Act of 2004.

Because the Fund’s fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2024. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2025.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Fund, if any.

In general, dividends received by tax exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.

27

Campbell Systematic Macro Fund

Other Information

(Unaudited)

APPROVAL OF CURRENT INVESTMENT ADVISORY AGREEMENTS

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 renewal of the investment advisory agreement between Campbell and the Company, on behalf of the Fund (the “Investment Advisory Agreement”), and the investment advisory agreement between Campbell and the Subsidiary (the “Subsidiary Advisory Agreement,” and together with the Investment Advisory Agreement, the “Current Investment Advisory Agreements”) at a meeting of the Board held on May 15-16, 2024 (the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Current Investment Advisory Agreements for an additional one-year term. The Board’s decision to approve the Current Investment Advisory Agreements reflects the exercise of its business judgment to continue the existing arrangements. In approving the Current Investment Advisory Agreements, the Board considered information provided by Campbell with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the renewal of the Investment Advisory Agreement and the Subsidiary Advisory Agreement, 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 Campbell and discussed the Current Investment Advisory Agreements with counsel in executive sessions, at which no representatives of Campbell were present. Among other things, the Directors considered (i) the nature, extent, and quality of services provided by Campbell; (ii) descriptions of the experience and qualifications of Campbell’s personnel providing those services; (iii) Campbell’s investment philosophies and processes; (iv) Campbell’s assets under management and client descriptions; (v) Campbell’s soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) Campbell’s advisory fee arrangement with the Company and other similarly managed clients; (vii) Campbell’s compliance policies and procedures; (viii) Campbell’s financial information, insurance coverage and profitability analysis related to providing advisory services to the Fund; (ix) the extent to which economies of scale are relevant to the Fund; (x) a report prepared by Fuse Research Network, LLC comparing the Fund’s management fees and total expense ratios to a group of mutual funds deemed comparable to the Fund based primarily on investment strategy similarity (“Peer Group”) and comparing the performance of the Fund to the performance of its Peer Group; and (xi) a report comparing the performance of the Fund to the performance of its benchmark.

The Directors evaluated the nature, extent and quality of the services provided by Campbell under the Current Investment Advisory Agreements, on the basis of the functions that Campbell performed, and the quality and stability of the staff committed to those functions, Campbell’s compliance record and financial condition and its background and history in providing services to the Fund. The Directors considered Campbell’s disciplined investment decision-making process used for the Fund and the Subsidiary. The Directors also considered the fact that Campbell had not experienced any significant legal, compliance or regulatory difficulties. Based on the information provided and the Directors’ prior experience with Campbell, the Directors concluded that the nature and extent of the services that Campbell provided, as well as the quality of those services, were satisfactory.

The Directors also considered the investment performance of the Fund and considered the Fund’s investment performance in light of its investment objective and investment strategies. Information on the Fund’s investment performance was provided for the three-month, one-year, three-year, five-year, ten-year, and since inception periods ended December 31, 2023. The Directors noted that the Fund outperformed its primary benchmark, the S&P 500 Index, for the three-year period ended December 31, 2023, and underperformed its benchmark for the three-month, one-year, five-year, ten-year and since-inception periods ended December 31, 2023. The Directors noted that the Fund outperformed the median of its Peer Group for the three-year, five-year, ten-year, and since-inception periods ended December 31, 2023, and underperformed the median of its Peer Group for the three-month and one-year periods ended December 31, 2023.

The Board also considered the advisory fee rate payable by the Fund under the Investment Advisory Agreement. In this regard, information on the fees paid by the Fund and the Fund’s total operating expense ratios (before and after fee waivers and expense reimbursements) were compared to similar information for mutual funds advised by other,

28

Campbell Systematic Macro Fund

Other Information (Continued)

(Unaudited)

unaffiliated investment advisory firms. The Directors noted that both the Fund’s net advisory fee and Fund’s total net expenses were above the median and in the 4th quartile of its Peer Group. The Directors noted that Campbell had contractually agreed to waive management fees and reimburse expenses through at least December 31, 2024 to limit total annual operating expenses to agreed upon levels for the Fund.

Based on the information provided, the Directors concluded that the amount of advisory fees that the Fund paid under the Investment Advisory Agreement to Campbell was reasonable in light of the nature and quality of the services provided.

In considering the overall fairness of the Current Investment Advisory Agreements, the Directors assessed the degree to which economies of scale would be expected to be realized if the Fund’s assets increased, as well as the extent to which fee levels would reflect those economies of scale for the benefit of the Fund’s shareholders. The Directors determined that the fee schedules in the Current Investment Advisory Agreements were reasonable and appropriate.

In addition to the above factors, the Directors also considered other benefits received by Campbell from its management of the Fund, including, without limitation, the ability to market its advisory services for similar products in the future.

After reviewing the information regarding the Fund’s costs, Campbell’s estimated profitability and economies of scale, and after considering Campbell’s services, the Directors concluded that the investment advisory fees to be paid by the Fund were fair and reasonable in light of the nature and quality of the services provided and that the Current Investment Advisory Agreements should be approved for an additional annual period ending August 16, 2025.

APPROVAL OF NEW INVESTMENT ADVISORY AGREEMENTS

At the Meeting, the Board, including a majority of the Independent Directors, also approved the New Investment Advisory Agreements. The Board’s decision to approve the New Investment Advisory Agreements reflects the exercise of its business judgment.

In the course of the Board’s review, the Directors, with the assistance and advice of independent counsel, considered their legal responsibilities with regard to all factors deemed to be relevant to the Fund, including, but not limited to the following: (i) the quality of services expected to be provided to the Fund and the Subsidiary; (ii) the performance of the Fund; (iii) the fact that the Transition was not expected to affect the manner in which the Fund or Subsidiary was advised; (iv) the fact that the current investment management team would continue to manage the Fund and the Subsidiary; (v) the fact that the fee structure under the New Investment Advisory Agreements would be identical to the fee structure under the Current Investment Advisory Agreements; and (vi) other factors deemed relevant.

The Directors also evaluated the New Investment Advisory Agreements in light of information they had requested and received from the Adviser prior to the Meeting. The Directors reviewed these materials with management of the Adviser and independent counsel to the Independent Directors. The Independent Directors also discussed the New Investment Advisory Agreements with counsel in an executive session, at which no representatives of the Adviser were present. The Directors considered whether the New Investment Advisory Agreements would be in the best interests of the Fund and its shareholders and the overall fairness of the New Investment Advisory Agreements. Among other things, the Directors reviewed information concerning: (i) the nature, extent and quality of the services provided by the Adviser; (ii) the Fund’s investment performance; (iii) the cost of the services provided and the profits realized by the Adviser and its affiliates from their relationship with the Fund; (iv) the extent to which economies of scale had been or would be realized as the Fund grows; and (v) the extent to which fee levels reflect the economies of scale, if any, for the benefit of the Fund’s shareholders. In their deliberations, the Directors did not rank the importance of any particular piece of information or factor considered, and it is presumed that each Director attributed different weights to the various factors.

29

Campbell Systematic Macro Fund

Other Information (Continued)

(Unaudited)

Nature, Extent and Quality of Services Provided to the Fund. The Directors evaluated the nature, extent and quality of the services that the Adviser would provide under the New Investment Advisory Agreements, which were the same services that the Adviser provided under the Current Investment Advisory Agreements, on the basis of the functions that the Adviser performed, 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 Fund under the Current Investment Advisory Agreements. The Directors considered the Adviser’s disciplined investment decision-making process used for the Fund and the Subsidiary. The Directors also considered the fact that the Adviser had not experienced any significant legal, compliance or regulatory difficulties. 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 New Investment Advisory Agreements, as well as the quality of those services, was satisfactory.

In this regard, the Directors considered representations by the Adviser that the Transition would not lead to a reduction in the quality or scope of services provided to the Fund or the Subsidiary. The Directors took into account that there would be no change that would adversely impact the Adviser’s ability to provide the same quality of services as were provided in the past; that the New Investment Advisory Agreements were materially the same as the Current Investment Advisory Agreements; that there were no material litigation, or regulatory or administrative proceedings pending against the Adviser or its principal executive officers related to services that the Adviser provided to the Fund alleging violations of securities or related laws, fraudulent conduct, breach of fiduciary duty, or similar violations; that there were no pending regulatory inquiries by the SEC or other regulators involving the Adviser related to services that the Adviser provided to the Fund; that the Fund would not bear any expenses related to the Transition, including expenses related to the proxy statement; and that there were no planned fee increases for the Fund over the next two years.

Section 15(f) of the Investment Company Act. The Directors also considered whether the arrangements between the Adviser and the Fund complied with the conditions of Section 15(f) of the 1940 Act. Section 15(f) provides a non-exclusive safe harbor for an investment adviser to an investment company or any of its affiliated persons to receive any amount or benefit in connection with a change in control of the investment adviser so long as two conditions are met. First, for a period of three years after closing of the applicable transaction, at least 75% of the board members of the investment company cannot be “interested persons” (as defined in the 1940 Act) of the investment adviser or predecessor adviser. Second, an “unfair burden” must not be imposed upon a Fund as a result of the transaction or any express or implied terms, conditions or understandings applicable thereto. The term “unfair burden” is defined in Section 15(f) to include any arrangement during the two-year period after the closing of the transaction whereby the investment adviser (or predecessor or successor adviser) or any interested person of any such investment adviser, receives or is entitled to receive any compensation, directly or indirectly, from a Fund or its shareholders (other than fees for bona fide investment advisory or other services) or from any person in connection with the purchase or sale of securities or other property to, from or on behalf of a Fund (other than bona fide ordinary compensation as principal underwriter for the Fund).

Consistent with the first condition of Section 15(f), the Adviser represented that it was not aware of any current plans to reconstitute the Board following the Transition. Thus, at least 75% of the Directors of the Company would not be “interested persons” (as defined in the 1940 Act) of the Adviser for a period of three years after closing of the Transition and would be in compliance with this provision of Section 15(f). With respect to the second condition of Section 15(f), the Adviser represented that the Transition would not have an economic impact on the Adviser’s ability to provide services to the Fund and no fee increases were contemplated. Thus, the Directors found that the Transition would not result in an “unfair burden” (as defined in Section 15(f)) during the two-year period following the closing of the Transition. The Adviser represented that neither it nor any interested person of the Adviser would receive any compensation from the Fund or its shareholders, except as permitted pursuant to Section 15(f).

30

Campbell Systematic Macro Fund

Other Information (Concluded)

(Unaudited)

Costs of Services Provided and Profits Realized by the Adviser. The Board also considered the advisory fee rate payable by the Fund under the New Investment Advisory Agreements. In this regard, information on the fees paid by the Fund and the Fund’s total operating expense ratios (before and after fee waivers and expense reimbursements) were compared to similar information for mutual funds advised by other, unaffiliated investment advisory firms. The Directors noted that both the Fund’s net advisory fee and Fund’s total net expenses were above the median and in the 4th quintile of its Peer Group. The Directors also noted that Campbell had contractually agreed to waive management fees and reimburse expenses through at least December 31, 2024 to limit total annual operating expenses to agreed upon levels for the Fund. The Board further noted that the management fees and total expenses of the Fund were not expected to change as a result of the Transition or approval of the New Investment Advisory Agreements. The Directors also reviewed analyses of the Adviser’s estimated profitability related to its provision of advisory services to the Fund. Based on the information provided, the Directors concluded that the amount of management fees that the Fund currently pays, and would pay under the New Investment Advisory Agreements, to the Adviser were reasonable in light of the nature and quality of the services provided.

Investment Performance of the Fund. The Directors also considered the investment performance of the Fund, and considered the Fund’s investment performance in light of its investment objective and investment strategies. Information on the Fund’s investment performance was provided for the three-month, one-year, three-year, five-year, ten-year, and since inception periods ended December 31, 2023. The Directors noted that the Fund outperformed its primary benchmark, the S&P 500 Index, for the three-year period ended December 31, 2023, and underperformed its benchmark for the three-month, one-year, five-year, ten-year and since-inception periods ended December 31, 2023. The Directors noted that the Fund outperformed the median of its Peer Group for the three-year, five-year, ten-year, and since-inception periods ended December 31, 2023, and underperformed the median of its Peer Group for the three-month and one-year periods ended December 31, 2023. After considering all of the information, the Directors concluded that, although past performance is not a guarantee of future results, the Fund 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 New Investment Advisory Agreements, the Directors assessed the degree to which economies of scale would be expected to be realized if the Fund’s assets increased as well as the extent to which fee levels would reflect those economies of scale for the benefit of the Fund’s shareholders. The Directors noted that the 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 New Investment Advisory Agreements were 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 Fund and the Subsidiary, including, without limitation, the ability to market its advisory services for similar products in the future.

Based on all of the information presented to and considered by the Directors and the conclusions that it reached, the Board approved the New Investment Advisory Agreements for an initial period ending August 16, 2025, on the basis that their terms and conditions were fair to, and in the best interests of, the Fund and its shareholders.

31

Campbell Systematic Macro Fund

Affirmation of the Commodity Pool Operator

August 31, 2024

To the best of the knowledge and belief of the undersigned, the information contained in the Annual Report for the year ended August 31, 2024 is accurate and complete.

Kevin D. Cole, Chief Executive Officer &
Chief Investment Officer
Campbell & Company, LP
CAMPBELL SYSTEMATIC MACRO FUND

32

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
3 Canal Plaza, Suite 100
Portland, ME 04101

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

Financial Statements
August 31, 2024

US Treasury 3 Month Bill ETF | (Nasdaq: TBIL)

US Treasury 6 Month Bill ETF | (Nasdaq: XBIL)

US Treasury 12 Month Bill ETF | (Nasdaq: OBIL)

US Treasury 2 Year Note ETF | (Nasdaq: UTWO)

US Treasury 3 Year Note ETF | (Nasdaq: UTRE)

US Treasury 5 Year Note ETF | (Nasdaq: UFIV)

US Treasury 7 Year Note ETF | (Nasdaq: USVN)

US Treasury 10 Year Note ETF | (Nasdaq: UTEN)

US Treasury 20 Year Bond ETF | (Nasdaq: UTWY)

US Treasury 30 Year Bond ETF | (Nasdaq: UTHY)

Each a series of The RBB Fund, Inc.

F/m Investments, LLC d/b/a North Slope Capital, LLC

Table of Contents

Schedules of Investments	1
Financial Statements	11
Notes to Financial Statements	37
Report of Independent Registered Public Accounting Firm	50
Shareholder Tax Information	52
Other Information	53
Approval of Investment Advisory Agreement	54

US Treasury 3 Month Bill ETF

Schedule of Investments

August 31, 2024

	Par		Value
SHORT-TERM INVESTMENTS — 100.0%
U.S. Treasury Bills — 100.0%
5.21%, 09/03/2024(a)	$	18,000,000	$	18,000,000
5.07%, 11/29/2024(a)		4,136,218,000		4,086,588,554
TOTAL SHORT-TERM INVESTMENTS (Cost $4,103,035,203)				4,104,588,554
TOTAL INVESTMENTS — 100.0% (Cost $4,103,035,203)			$	4,104,588,554
Liabilities in Excess of Other Assets — (0.0)%(b)				(81,468	)
TOTAL NET ASSETS — 100.0%			$	4,104,507,086

Percentages are stated as a percent of net assets.

(a) The rate shown is the effective yield as of August 31, 2024.

(b) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

1

US Treasury 6 Month Bill ETF

Schedule of Investments

August 31, 2024

	Par		Value
SHORT-TERM INVESTMENTS — 100.0%
U.S. Treasury Bills — 100.0%
5.21%, 09/03/2024(a)	$	2,500,000	$	2,500,000
4.76%, 02/27/2025(a)		609,859,000		595,803,653
TOTAL SHORT-TERM INVESTMENTS (Cost $598,251,173)				598,303,653
TOTAL INVESTMENTS — 100.0% (Cost $598,251,173)			$	598,303,653
Liabilities in Excess of Other Assets — (0.0)%(b)				190,172
TOTAL NET ASSETS — 100.0%			$	598,493,825

Percentages are stated as a percent of net assets.

(a) The rate shown is the effective yield as of August 31, 2024.

(b) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

2

US Treasury 12 Month Bill ETF

Schedule of Investments

August 31, 2024

	Par		Value
SHORT-TERM INVESTMENTS — 100.0%
U.S. Treasury Bills — 100.0%
5.23%, 09/03/2024(a)	$	1,000,000	$	1,000,000
4.44%, 08/07/2025(a)		245,802,000		236,043,820
TOTAL SHORT-TERM INVESTMENTS (Cost $236,946,333)				237,043,820
TOTAL INVESTMENTS — 100.0% (Cost $236,946,333)			$	237,043,820
Liabilities in Excess of Other Assets — (0.0)%(b)				53,762
TOTAL NET ASSETS — 100.0%			$	237,097,582

Percentages are stated as a percent of net assets.

(a) The rate shown is the effective yield as of August 31, 2024.

(b) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

3

US Treasury 2 Year Note ETF

Schedule of Investments

August 31, 2024

	Par		Value
U.S. TREASURY SECURITIES — 99.6%
United States Treasury Note/Bond, 4.38%, 07/31/2026	$	447,462,000	$	450,817,965
TOTAL U.S. TREASURY SECURITIES (Cost $447,635,077)				450,817,965
TOTAL INVESTMENTS — 99.6% (Cost $447,635,077)			$	450,817,965
Other Assets in Excess of Liabilities — 0.4%				1,656,201
TOTAL NET ASSETS — 100.0%			$	452,474,166

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

4

US Treasury 3 Year Note ETF

Schedule of Investments

August 31, 2024

	Par		Value
U.S. TREASURY SECURITIES — 99.8%
United States Treasury Note/Bond, 3.75%, 08/15/2027	$	7,450,000	$	7,441,852
TOTAL U.S. TREASURY SECURITIES (Cost $7,448,718)				7,441,852
TOTAL INVESTMENTS — 99.8% (Cost $7,448,718)			$	7,441,852
Other Assets in Excess of Liabilities — 0.2%				12,693
TOTAL NET ASSETS — 100.0%			$	7,454,545

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

5

US Treasury 5 Year Note ETF

Schedule of Investments

August 31, 2024

	Par		Value
U.S. TREASURY SECURITIES — 99.6%
United States Treasury Note/Bond, 3.63%, 08/31/2029	$	24,200,000	$	24,101,687
TOTAL U.S. TREASURY SECURITIES (Cost $24,148,744)				24,101,687
TOTAL INVESTMENTS — 99.6% (Cost $24,148,744)			$	24,101,687
Other Assets in Excess of Liabilities — 0.4%				106,755
TOTAL NET ASSETS — 100.0%			$	24,208,442

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

6

US Treasury 7 Year Note ETF

Schedule of Investments

August 31, 2024

	Par		Value
U.S. TREASURY SECURITIES — 99.5%
United States Treasury Note/Bond, 3.75%, 08/31/2031	$	5,385,000	$	5,363,965
TOTAL U.S. TREASURY SECURITIES (Cost $5,378,856)				5,363,965
TOTAL INVESTMENTS — 99.5% (Cost $5,378,856)			$	5,363,965
Other Assets in Excess of Liabilities — 0.5%				27,729
TOTAL NET ASSETS — 100.0%			$	5,391,694

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

7

US Treasury 10 Year Note ETF

Schedule of Investments

August 31, 2024

	Par		Value
U.S. TREASURY SECURITIES — 99.8%
United States Treasury Note/Bond, 3.88%, 08/15/2034	$	157,272,000	$	156,706,804
TOTAL U.S. TREASURY SECURITIES (Cost $157,598,404)				156,706,804
TOTAL INVESTMENTS — 99.8% (Cost $157,598,404)			$	156,706,804
Other Assets in Excess of Liabilities — 0.2%				267,922
TOTAL NET ASSETS — 100.0%			$	156,974,726

Percentages are stated as a percent of net assets.

The accompanying notes are an integral part of these financial statements.

8

US Treasury 20 Year Bond ETF

Schedule of Investments

August 31, 2024

	Par		Value
U.S. TREASURY SECURITIES — 99.7%
United States Treasury Note/Bond, 4.13%, 08/15/2044	$	26,824,000	$	26,174,356
TOTAL U.S. TREASURY SECURITIES (Cost $26,389,961)				26,174,356
SHORT-TERM INVESTMENTS — 0.3%
U.S. Treasury Bills — 0.3%
5.22%, 09/03/2024(a)		83,000	$	83,000
TOTAL SHORT-TERM INVESTMENTS (Cost $82,975)				83,000
TOTAL INVESTMENTS — 100.0% (Cost $26,472,936)			$	26,257,356
Liabilities in Excess of Other Assets — (0.0)%(b)				(7,786	)
TOTAL NET ASSETS — 100.0%			$	26,249,570

Percentages are stated as a percent of net assets.

(a) The rate shown is the effective yield as of August 31, 2024.

(b) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

9

US Treasury 30 Year Bond ETF

Schedule of Investments

August 31, 2024

	Par		Value
U.S. TREASURY SECURITIES — 99.4%
United States Treasury Note/Bond, 4.25%, 08/15/2054	$	17,744,000	$	17,854,900
TOTAL U.S. TREASURY SECURITIES (Cost $18,024,699)				17,854,900
SHORT-TERM INVESTMENTS — 0.4%
U.S. Treasury Bills — 0.4%
5.23%, 09/03/2024(a)		65,000	$	65,000
TOTAL SHORT-TERM INVESTMENTS (Cost $64,981)				65,000
TOTAL INVESTMENTS — 99.8% (Cost $18,089,680)			$	17,919,900
Other Assets in Excess of Liabilities — 0.2%				34,768
TOTAL NET ASSETS — 100.0%			$	17,954,668

Percentages are stated as a percent of net assets.

(a) The rate shown is the effective yield as of August 31, 2024.

The accompanying notes are an integral part of these financial statements.

10

US Benchmark Series

Statements of Assets and Liabilities

August 31, 2024

	US Treasury 3 Month Bill ETF		US Treasury 6 Month Bill ETF		US Treasury 12 Month Bill ETF			US Treasury 2 Year Note ETF
ASSETS
Investments in securities of unaffiliated issuers, at value (cost $—, $—, $—, and $447,635,077, respectively)	$	—	$	—	$	—		$	450,817,965
Short-term investments, at value (cost $4,103,035,203, $598,251,173, $236,946,333, and $—, respectively)		4,104,588,554		598,303,653		237,043,820			—
Cash equivalents		8,828,184		1,093,937		80,660			8,704
Receivables for:
Investments sold		3,999,429		—		—			—
Capital shares sold		—		—		1,002,526			—
Interest		19,124		3,882		392			1,704,123
Total assets		4,117,435,291		599,401,472		238,127,398			452,530,792
LIABILITIES
Payables for:
Investments purchased		8,397,855		830,441		1,000,633			-
Capital shares redeemed		4,002,936		-		-			-
Advisory fees		527,414		77,206		29,183			56,626
Total liabilities		12,928,205		907,647		1,029,816			56,626
Net assets	$	4,104,507,086	$	598,493,825	$	237,097,582		$	452,474,166
NET ASSETS CONSIST OF:
Par value	$	82,030	$	11,930	$	4,730		$	9,320
Paid-in capital		4,094,391,342		597,801,623		237,261,787			457,859,456
Total distributable earnings/(losses)		10,033,714		680,272		(168,935	)		(5,394,610	)
Net assets	$	4,104,507,086	$	598,493,825	$	237,097,582		$	452,474,166
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		82,030,000		11,930,000		4,730,000			9,320,000
Net asset value and redemption price per share	$	50.04	$	50.17	$	50.13		$	48.55

The accompanying notes are an integral part of these financial statements.

11

US Benchmark Series

Statements of Assets and Liabilities (CONTINUED)

AUGUST 31, 2024

	US Treasury 3 Year Note ETF			US Treasury 5 Year Note ETF			US Treasury 7 Year Note ETF			US Treasury 10 Year Note ETF
ASSETS
Investments in securities of unaffiliated issuers, at value (cost $7,448,718, $24,148,744, $5,378,856, and $157,598,404, respectively)	$	7,441,852		$	24,101,687		$	5,363,965		$	156,706,804
Short-term investments, at value (cost $—, $—, $—, and $—, respectively)		—			—			—			—
Cash equivalents		749			10,617			2,185			5,921
Receivables for:
Investments sold		—			24,211,373			5,391,965			—
Capital shares sold		—			24,249,953			5,405,983			—
Interest		12,919			2,112			504			282,325
Total assets		7,455,520			72,575,742			16,164,602			156,995,050
LIABILITIES
Payables for:
Investments purchased		—			24,156,014			5,380,529			—
Capital shares redeemed		—			24,208,401			5,391,694			—
Advisory fees		975			2,885			685			20,324
Total liabilities		975			48,367,300			10,772,908			20,324
Net assets	$	7,454,545		$	24,208,442		$	5,391,694		$	156,974,726
NET ASSETS CONSIST OF:
Par value	$	150		$	490		$	110		$	3,490
Paid-in capital		7,557,933			24,246,734			5,433,511			161,320,078
Total distributable earnings/(losses)		(103,538	)		(38,782	)		(41,927	)		(4,348,842	)
Net assets	$	7,454,545		$	24,208,442		$	5,391,694		$	156,974,726
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		150,000			490,000			110,000			3,490,000
Net asset value and redemption price per share	$	49.70		$	49.40		$	49.02		$	44.98

The accompanying notes are an integral part of these financial statements.

12

US Benchmark Series

Statements of Assets and Liabilities (Concluded)

AUGUST 31, 2024

	US Treasury 20 Year BOND ETF			US Treasury 30 Year BOND ETF
ASSETS
Investments in securities of unaffiliated issuers, at value (cost $26,389,961, $18,024,699, respectively)	$	26,174,356		$	17,854,900
Short-term investments, at value (cost $82,975, $64,981, respectively)		83,000			65,000
Cash		—			—
Cash equivalents		831			2,357
Receivables for:
Investments sold		26,192,897			—
Capital shares sold		26,447,400			—
Interest		50,930			34,892
Total assets		78,949,414			17,957,149
LIABILITIES
Payables for:
Investments purchased		26,447,088			—
Capital shares redeemed		26,249,552			—
Advisory fees		3,204			2,481
Total liabilities		52,699,844			2,481
Net assets	$	26,249,570		$	17,954,668
NET ASSETS CONSIST OF:
Par value	$	560		$	390
Paid-in capital		27,099,495			18,970,654
Total distributable earnings/(losses)		(850,485	)		(1,016,376	)
Net assets	$	26,249,570		$	17,954,668
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		560,000			390,000
Net asset value and redemption price per share	$	46.87		$	46.04

The accompanying notes are an integral part of these financial statements.

13

US Benchmark Series

Statements of Operations

FOR THE Year ENDED AUGUST 31, 2024

	US Treasury 3 Month Bill ETF			US Treasury 6 Month Bill ETF			US Treasury 12 Month Bill ETF		US Treasury 2 Year Note ETF
INVESTMENT INCOME
Interest income	$	165,669,041		$	28,291,808		$	10,551,527	$	16,928,392
Securities lending income, net		46,179			16,508			1,989		9,238
Total investment income		165,715,220			28,308,316			10,553,516		16,937,630
EXPENSES
Advisory fees (Note 3)		4,625,006			800,012			310,472		545,743
Total expenses		4,625,006			800,012			310,472		545,743
Net investment income/(loss)		161,090,214			27,508,304			10,243,044		16,391,887
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments		(914,375	)		(99,011	)		231,308		1,387,377
Net realized gain from redemption in-kind		89,768			1,040,648			576,414		45,934
Net change in unrealized appreciation/ (depreciation) on investments		1,563,232			32,186			162,196		2,968,793
Net realized and unrealized gain/(loss)		738,625			973,823			969,918		4,402,104
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	161,828,839		$	28,482,127		$	11,212,962	$	20,793,991

The accompanying notes are an integral part of these financial statements.

14

US Benchmark Series

Statements of Operations (CONTINUED)

FOR THE Year ENDED AUGUST 31, 2024

	US Treasury 3 Year Note ETF			US Treasury 5 Year Note ETF			US Treasury 7 Year Note ETF			US Treasury 10 Year Note ETF
INVESTMENT INCOME
Interest income	$	245,373		$	608,870		$	186,138		$	4,763,502
Securities lending income, net		—			—			—			5,260
Total investment income		245,373			608,870			186,138			4,768,762
EXPENSES
Advisory fees (Note 3)		8,651			21,494			6,540			168,751
Total expenses		8,651			21,494			6,540			168,751
Net investment income/(loss)		236,722			587,376			179,598			4,600,011
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments		(62,004	)		50,622			18,609			(950,075	)
Net realized gain from redemption in-kind		130,318			422,481			152,959			8,435,681
Net change in unrealized appreciation/(depreciation) on investments		(11,081	)		(54,206	)		(16,332	)		(1,296,293	)
Net realized and unrealized gain/(loss)		57,233			418,897			155,236			6,189,313
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	293,955		$	1,006,273		$	334,834		$	10,789,324

The accompanying notes are an integral part of these financial statements.

15

US Benchmark Series

Statements of Operations (Concluded)

FOR THE Year ENDED AUGUST 31, 2024

	US Treasury 20 Year Bond ETF			US Treasury 30 Year Bond ETF
INVESTMENT INCOME
Interest income	$	626,369		$	604,912
Securities lending income, net		2,089			—
Total investment income		628,458			604,912
EXPENSES
Advisory fees (Note 3)		20,746			20,561
Total expenses		20,746			20,561
Net investment income/(loss)		607,712			584,351
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments		(524,217	)		(614,004	)
Net realized gain from redemption in-kind		2,868,123			2,226,756
Net change in unrealized appreciation/(depreciation) on investments		(221,457	)		(208,473	)
Net realized and unrealized gain/(loss)		2,122,449			1,404,279
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	2,730,161		$	1,988,630

The accompanying notes are an integral part of these financial statements.

16

US Treasury 3 Month Bill ETF

Statements of Changes in Net Assets

	FOR THE Year ENDED AUGUST 31, 2024			FOR THE Year ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	161,090,214		$	28,135,880
Net realized gain/(loss) from investments		(824,607	)		(193,513	)
Net change in unrealized appreciation/(depreciation) on investments		1,563,232			(10,665	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		161,828,839			27,931,702
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(155,670,454	)		(23,559,224	)
Net decrease in net assets from dividends and distributions to shareholders		(155,670,454	)		(23,559,224	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		12,999,111,483			2,413,134,681
Shares redeemed		(10,677,346,091	)		(679,767,752	)
Net increase/(decrease) in net assets from capital share transactions		2,321,765,392			1,733,366,929
TOTAL INCREASE/(DECREASE) IN NET ASSETS		2,327,923,777			1,737,739,407
NET ASSETS:
Beginning of period	$	1,776,583,309		$	38,843,902
End of period	$	4,104,507,086		$	1,776,583,309
SHARE TRANSACTIONS:
Shares sold		260,270,000			48,300,000
Shares redeemed		(213,730,000	)		(13,590,000	)
Net increase/(decrease) in shares		46,540,000			34,710,000

The accompanying notes are an integral part of these financial statements.

17

US Treasury 6 Month Bill ETF

STATEMENTS of Changes in Net Assets

	FOR THE YEAR ENDED AUGUST 31, 2024			FOR THE PERIOD ENDED AUGUST 31, 2023(1)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	27,508,304		$	3,466,353
Net realized gain/(loss) from investments		941,637			(273,097	)
Net change in unrealized appreciation/(depreciation) on investments		32,186			20,294
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		28,482,127			3,213,550
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(27,247,652	)		(2,720,580	)
Net decrease in net assets from dividends and distributions to shareholders		(27,247,652	)		(2,720,580	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,381,621,708			353,006,880
Shares redeemed		(2,095,680,768	)		(42,181,440	)
Net increase/(decrease) in net assets from capital share transactions		285,940,940			310,825,440
TOTAL INCREASE/(DECREASE) IN NET ASSETS		287,175,415			311,318,410
NET ASSETS:
Beginning of period	$	311,318,410		$	—
End of period	$	598,493,825		$	311,318,410
SHARE TRANSACTIONS:
Shares sold		47,590,000			7,050,000
Shares redeemed		(41,870,000	)		(840,000	)
Net increase/(decrease) in shares		5,720,000			6,210,000

⁽¹⁾ Inception date of the Fund was March 6, 2023.

The accompanying notes are an integral part of these financial statements.

18

US Treasury 12 Month Bill ETF

STATEMENTS of Changes in Net Assets

	FOR THE YEAR ENDED AUGUST 31, 2024			For the Period Ended August 31, 2023(1)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	10,243,044		$	2,560,805
Net realized gain/(loss) from investments		807,722			(559,463	)
Net change in unrealized appreciation/(depreciation) on investments		162,196			(64,709	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		11,212,962			1,936,633
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(10,123,493	)		(2,206,389	)
Net decrease in net assets from dividends and distributions to shareholders		(10,123,493	)		(2,206,389	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		399,728,007			208,609,456
Shares redeemed		(290,001,787	)		(82,057,807	)
Net increase/(decrease) in net assets from capital share transactions		109,726,220			126,551,649
TOTAL INCREASE/(DECREASE) IN NET ASSETS		110,815,689			126,281,893
NET ASSETS:
Beginning of period	$	126,281,893		$	—
End of period	$	237,097,582		$	126,281,893
SHARE TRANSACTIONS:
Shares sold		8,010,000			4,160,000
Shares redeemed		(5,810,000	)		(1,630,000	)
Net increase/(decrease) in shares		2,200,000			2,530,000

⁽¹⁾ Inception date of the Fund was November 14, 2022.

The accompanying notes are an integral part of these financial statements.

19

US Treasury 2 Year Note ETF

Statements of Changes in Net Assets

	FOR THE YEAR ENDED AUGUST 31, 2024			FOR THE Year ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	16,391,887		$	9,978,594
Net realized gain/(loss) from investments		1,433,311			(6,349,565	)
Net change in unrealized appreciation/(depreciation) on investments		2,968,793			219,991
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		20,793,991			3,849,020
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(16,431,423	)		(9,134,861	)
Net decrease in net assets from dividends and distributions to shareholders		(16,431,423	)		(9,134,861	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		214,457,600			949,817,059
Shares redeemed		(71,688,277	)		(657,095,514	)
Net increase/(decrease) in net assets from capital share transactions		142,769,323			292,721,545
TOTAL INCREASE/(DECREASE) IN NET ASSETS		147,131,891			287,435,704
NET ASSETS:
Beginning of period	$	305,342,275		$	17,906,571
End of period	$	452,474,166		$	305,342,275
SHARE TRANSACTIONS:
Shares sold		4,470,000			19,390,000
Shares redeemed		(1,490,000	)		(13,410,000	)
Net increase/(decrease) in shares		2,980,000			5,980,000

The accompanying notes are an integral part of these financial statements.

20

US Treasury 3 Year Note ETF

STATEMENTS of Changes in Net Assets

	FOR THE YEAR ENDED AUGUST 31, 2024			For the Period Ended August 31, 2023(1)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	236,722		$	23,851
Net realized gain/(loss) from investments		68,314			(39,008	)
Net change in unrealized appreciation/(depreciation) on investments		(11,081	)		4,215
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		293,955			(10,942	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(233,355	)		(19,629	)
Net decrease in net assets from dividends and distributions to shareholders		(233,355	)		(19,629	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		37,055,893			3,006,457
Shares redeemed		(31,132,512	)		(1,505,322	)
Net increase/(decrease) in net assets from capital share transactions		5,923,381			1,501,135
TOTAL INCREASE/(DECREASE) IN NET ASSETS		5,983,981			1,470,564
NET ASSETS:
Beginning of period	$	1,470,564		$	—
End of period	$	7,454,545		$	1,470,564
SHARE TRANSACTIONS:
Shares sold		750,000			60,000
Shares redeemed		(630,000	)		(30,000	)
Net increase/(decrease) in shares		120,000			30,000

⁽¹⁾ Inception date of the Fund was March 27, 2023.

The accompanying notes are an integral part of these financial statements.

21

US Treasury 5 Year Note ETF

STATEMENTS of Changes in Net Assets

	FOR THE YEAR ENDED AUGUST 31, 2024			For the Period Ended August 31, 2023(1)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	587,376		$	28,549
Net realized gain/(loss) from investments		473,103			(64,395	)
Net change in unrealized appreciation/(depreciation) on investments		(54,206	)		7,114
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,006,273			(28,732	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(563,162	)		(19,503	)
Net decrease in net assets from dividends and distributions to shareholders		(563,162	)		(19,503	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		56,333,058			5,428,657
Shares redeemed		(36,939,589	)		(1,008,560	)
Net increase/(decrease) in net assets from capital share transactions		19,393,469			4,420,097
TOTAL INCREASE/(DECREASE) IN NET ASSETS		19,836,580			4,371,862
NET ASSETS:
Beginning of period	$	4,371,862		$	—
End of period	$	24,208,442		$	4,371,862
SHARE TRANSACTIONS:
Shares sold		1,150,000			110,000
Shares redeemed		(750,000	)		(20,000	)
Net increase/(decrease) in shares		400,000			90,000

⁽¹⁾ Inception date of the Fund was March 27, 2023.

The accompanying notes are an integral part of these financial statements.

22

US Treasury 7 Year Note ETF

STATEMENTS of Changes in Net Assets

	FOR THE YEAR ENDED AUGUST 31, 2024			For the Period Ended August 31, 2023(1)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	179,598		$	15,045
Net realized gain/(loss) from investments		171,568			(47,170	)
Net change in unrealized appreciation/(depreciation) on investments		(16,332	)		1,429
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		334,834			(30,696	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(169,345	)		(11,541	)
Net decrease in net assets from dividends and distributions to shareholders		(169,345	)		(11,541	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		14,998,698			2,014,762
Shares redeemed		(10,735,308	)		(1,009,710	)
Net increase/(decrease) in net assets from capital share transactions		4,263,390			1,005,052
TOTAL INCREASE/(DECREASE) IN NET ASSETS		4,428,879			962,815
NET ASSETS:
Beginning of period	$	962,815		$	—
End of period	$	5,391,694		$	962,815
SHARE TRANSACTIONS:
Shares sold		310,000			40,000
Shares redeemed		(220,000	)		(20,000	)
Net increase/(decrease) in shares		90,000			20,000

⁽¹⁾ Inception date of the Fund was March 27, 2023.

The accompanying notes are an integral part of these financial statements.

23

US Treasury 10 Year Note ETF

Statements of Changes in Net Assets

	FOR THE YEAR ENDED AUGUST 31, 2024			FOR THE Year ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	4,600,011		$	753,933
Net realized gain/(loss) from investments		7,485,606			(3,708,055	)
Net change in unrealized appreciation/(depreciation) on investments		(1,296,293	)		906,748
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		10,789,324			(2,047,374	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(4,342,882	)		(679,725	)
Net decrease in net assets from dividends and distributions to shareholders		(4,342,882	)		(679,725	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		325,251,999			82,290,461
Shares redeemed		(230,817,259	)		(43,803,707	)
Net increase/(decrease) in net assets from capital share transactions		94,434,740			38,486,754
TOTAL INCREASE/(DECREASE) IN NET ASSETS		100,881,182			35,759,655
NET ASSETS:
Beginning of period	$	56,093,544		$	20,333,889
End of period	$	156,974,726		$	56,093,544
SHARE TRANSACTIONS:
Shares sold		7,370,000			1,790,000
Shares redeemed		(5,140,000	)		(950,000	)
Net increase/(decrease) in shares		2,230,000			840,000

The accompanying notes are an integral part of these financial statements.

24

US Treasury 20 Year Bond ETF

STATEMENTS of Changes in Net Assets

	FOR THE YEAR ENDED AUGUST 31, 2024			For the Period Ended August 31, 2023(1)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	607,712		$	20,666
Net realized gain/(loss) from investments		2,343,906			(110,655	)
Net change in unrealized appreciation/(depreciation) on investments		(221,457	)		5,844
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		2,730,161			(84,145	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(615,765	)		(15,177	)
Net decrease in net assets from dividends and distributions to shareholders		(615,765	)		(15,177	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		107,378,565			1,973,766
Shares redeemed		(85,117,835	)		—
Net increase/(decrease) in net assets from capital share transactions		22,260,730			1,973,766
TOTAL INCREASE/(DECREASE) IN NET ASSETS		24,375,126			1,874,444
NET ASSETS:
Beginning of period	$	1,874,444		$	—
End of period	$	26,249,570		$	1,874,444
SHARE TRANSACTIONS:
Shares sold		2,340,000			40,000
Shares redeemed		(1,820,000	)		—
Net increase/(decrease) in shares		520,000			40,000

⁽¹⁾ Inception date of the Fund was March 27, 2023.

The accompanying notes are an integral part of these financial statements.

25

US Treasury 30 Year Bond ETF

STATEMENTS of Changes in Net Assets

	FOR THE YEAR ENDED AUGUST 31, 2024			For the Period Ended August 31, 2023(1)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	584,351		$	35,783
Net realized gain/(loss) from investments		1,612,752			(241,154	)
Net change in unrealized appreciation/(depreciation) on investments		(208,473	)		38,693
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,988,630			(166,678	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(582,433	)		(29,955	)
Net decrease in net assets from dividends and distributions to shareholders		(582,433	)		(29,955	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		48,337,298			2,978,700
Shares redeemed		(34,570,894	)		—
Net increase/(decrease) in net assets from capital share transactions		13,766,404			2,978,700
TOTAL INCREASE/(DECREASE) IN NET ASSETS		15,172,601			2,782,067
NET ASSETS:
Beginning of period	$	2,782,067		$	—
End of period	$	17,954,668		$	2,782,067
SHARE TRANSACTIONS:
Shares sold		1,070,000			60,000
Shares redeemed		(740,000	)		—
Net increase/(decrease) in shares		330,000			60,000

⁽¹⁾ Inception date of the Fund was March 27, 2023.

The accompanying notes are an integral part of these financial statements.

26

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.

	FOR THE YEAR ENDED AUGUST 31,			FOR THE YEAR ENDED AUGUST 31,			FOR THE PERIOD ENDED AUGUST 31,
	2024			2023			2022(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	50.06		$	49.80		$	49.75
Net investment income/(loss)(2)		2.61			2.49			0.09
Net realized and unrealized gain/(loss) from investments		—	(3)		(0.29	)		(0.04	)
Net increase/(decrease) in net assets resulting from operations		2.61			2.20			0.05
Dividends and distributions to shareholders from:
Net investment income		(2.63	)		(1.94	)		—
Total dividends and distributions to shareholders		(2.63	)		(1.94	)		—
Net asset value, end of period	$	50.04		$	50.06		$	49.80
Market value, end of period	$	50.03		$	50.10		$	49.81
Total investment return/(loss) on net asset value(4)		5.37	%		4.50	%		0.10	%(6)
Total investment return/(loss) on market price(5)		5.27	%		4.56	%		0.12	%(6)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	4,104,507		$	1,776,583		$	38,844
Ratio of expenses to average net assets		0.15	%		0.15	%		0.15	%(7)
Ratio of net investment income/(loss) to average net assets		5.21	%		4.98	%		2.61	%(7)
Portfolio turnover rate		0	%		0	%		0	%(6)

⁽¹⁾ Inception date of the Fund was August 8, 2022.

⁽²⁾ Per share data calculated using average shares outstanding method.

⁽³⁾ Rounds to less than $0.005 per share.

⁽⁴⁾ 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.

⁽⁵⁾ 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.

⁽⁶⁾ Not annualized.

⁽⁷⁾ Annualized.

The accompanying notes are an integral part of these financial statements.

27

US Treasury 6 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.

	FOR THE YEAR ENDED AUGUST 31,			FOR THE PERIOD ENDED AUGUST 31,
	2024			2023(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	50.13		$	50.00
Net investment income/(loss)(2)		2.58			1.28
Net realized and unrealized gain/(loss) from investments		0.09			(0.12	)
Net increase/(decrease) in net assets resulting from operations		2.67			1.16
Dividends and distributions to shareholders from:
Net investment income		(2.63	)		(1.03	)
Total dividends and distributions to shareholders		(2.63	)		(1.03	)
Net asset value, end of period	$	50.17		$	50.13
Market value, end of period	$	50.17		$	50.17
Total investment return/(loss) on net asset value(3)		5.48	%		2.35	%(5)
Total investment return/(loss) on market price(4)		5.41	%		2.42	%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	598,494		$	311,318
Ratio of expenses to average net assets		0.15	%		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		5.14	%		5.26	%(6)
Portfolio turnover rate		0	%		0	%(5)

⁽¹⁾ Inception date of the Fund was March 6, 2023.

⁽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.

28

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 respective periods. This information has been derived from information provided in the financial statements.

	FOR THE YEAR ENDED AUGUST 31,			FOR THE Period ENDED AUGUST 31,
	2024			2023(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	49.91		$	50.07
Net investment income/(loss)(2)		2.47			1.96
Net realized and unrealized gain/(loss) from investments		0.25			(0.48	)
Net increase/(decrease) in net assets resulting from operations		2.72			1.48
Dividends and distributions to shareholders from:
Net investment income		(2.50	)		(1.64	)
Total dividends and distributions to shareholders		(2.50	)		(1.64	)
Net asset value, end of period	$	50.13		$	49.91
Market value, end of period	$	50.14		$	49.94
Total investment return/(loss) on net asset value(3)		5.58	%		3.01	%(5)
Total investment return/(loss) on market price(4)		5.54	%		3.08	%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	237,098		$	126,282
Ratio of expenses to average net assets		0.15	%		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		4.94	%		4.93	%(6)
Portfolio turnover rate		0	%		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.

29

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.

	FOR THE YEAR ENDED AUGUST 31,			FOR THE YEAR ENDED AUGUST 31,			FOR THE PERIOD ENDED AUGUST 31,
	2024			2023			2022(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	48.16		$	49.74		$	49.84
Net investment income/(loss)(2)		2.16			2.02			0.11
Net realized and unrealized gain/(loss) from investments		0.43			(1.84	)		(0.21	)
Net increase/(decrease) in net assets resulting from operations		2.59			0.18			(0.10	)
Dividends and distributions to shareholders from:
Net investment income		(2.20	)		(1.76	)		—
Total dividends and distributions to shareholders		(2.20	)		(1.76	)		—
Net asset value, end of period	$	48.55		$	48.16		$	49.74
Market value, end of period	$	48.56		$	48.19		$	49.74
Total investment return/(loss) on net asset value(3)		5.54	%		0.38	%		(0.20	)%(5)
Total investment return/(loss) on market price(4)		5.51	%		0.44	%		(0.20	)%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	452,474		$	305,342		$	17,907
Ratio of expenses to average net assets		0.15	%		0.15	%		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		4.49	%		4.15	%		3.54	%(6)
Portfolio turnover rate		1091	%		1048	%		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.

30

US Treasury 3 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.

	FOR THE YEAR ENDED AUGUST 31,			FOR THE PERIOD ENDED AUGUST 31,
	2024			2023(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	49.02		$	50.00
Net investment income/(loss)(2)		2.01			0.82
Net realized and unrealized gain/(loss) from investments		0.76			(1.15	)
Net increase/(decrease) in net assets resulting from operations		2.77			(0.33	)
Dividends and distributions to shareholders from:
Net investment income		(2.09	)		(0.65	)
Total dividends and distributions to shareholders		(2.09	)		(0.65	)
Net asset value, end of period	$	49.70		$	49.02
Market value, end of period	$	49.70		$	49.04
Total investment return/(loss) on net asset value(3)		5.82	%		(0.66	)%(5)
Total investment return/(loss) on market price(4)		5.78	%		(0.62	)%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	7,455		$	1,471
Ratio of expenses to average net assets		0.15	%		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		4.09	%		3.86	%(6)
Portfolio turnover rate		905	%		422	%(5)

⁽¹⁾ Inception date of the Fund was March 27, 2023.

⁽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.

31

US Treasury 5 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.    

	FOR THE YEAR ENDED AUGUST 31,			FOR THE PERIOD ENDED AUGUST 31,
	2024			2023(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	48.58		$	50.00
Net investment income/(loss)(2)		1.98			0.79
Net realized and unrealized gain/(loss) from investments		0.86			(1.63	)
Net increase/(decrease) in net assets resulting from operations		2.84			(0.84	)
Dividends and distributions to shareholders from:
Net investment income		(2.02	)		(0.58	)
Total dividends and distributions to shareholders		(2.02	)		(0.58	)
Net asset value, end of period	$	49.40		$	48.58
Market value, end of period	$	49.40		$	48.61
Total investment return/(loss) on net asset value(3)		6.06	%		(1.69	)%(5)
Total investment return/(loss) on market price(4)		5.97	%		(1.62	)%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	24,208		$	4,372
Ratio of expenses to average net assets		0.15	%		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		4.09	%		3.77	%(6)
Portfolio turnover rate		1036	%		548	%(5)

⁽¹⁾ Inception date of the Fund was March 27, 2023.

⁽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.

32

US Treasury 7 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.

	FOR THE YEAR ENDED AUGUST 31,			FOR THE PERIOD ENDED AUGUST 31,
	2024			2023(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	48.14		$	50.00
Net investment income/(loss)(2)		1.97			0.75
Net realized and unrealized gain/(loss) from investments		0.90			(2.03	)
Net increase/(decrease) in net assets resulting from operations		2.87			(1.28	)
Dividends and distributions to shareholders from:
Net investment income		(1.99	)		(0.58	)
Total dividends and distributions to shareholders		(1.99	)		(0.58	)
Net asset value, end of period	$	49.02		$	48.14
Market value, end of period	$	49.02		$	48.16
Total investment return/(loss) on net asset value(3)		6.15	%		(2.58	)%(5)
Total investment return/(loss) on market price(4)		6.11	%		(2.55	)%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	5,392		$	963
Ratio of expenses to average net assets		0.15	%		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		4.11	%		3.55	%(6)
Portfolio turnover rate		1064	%		497	%(5)

⁽¹⁾ Inception date of the Fund was March 27, 2023.

⁽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.

33

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.

	FOR THE YEAR ENDED AUGUST 31,			FOR THE YEAR ENDED AUGUST 31,			FOR THE PERIOD ENDED AUGUST 31,
	2024			2023			2022(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	44.52		$	48.41		$	49.91
Net investment income/(loss)(2)		1.79			1.55			0.09
Net realized and unrealized gain/(loss) from investments		0.42			(3.88	)		(1.59	)
Net increase/(decrease) in net assets resulting from operations		2.21			(2.33	)		(1.50	)
Dividends and distributions to shareholders from:
Net investment income		(1.75	)		(1.56	)		—
Total dividends and distributions to shareholders		(1.75	)		(1.56	)		—
Net asset value, end of period	$	44.98		$	44.52		$	48.41
Market value, end of period	$	45.00		$	44.55		$	48.26
Total investment return/(loss) on net asset value(3)		5.15	%		(4.87	)%		(3.00	)%(5)
Total investment return/(loss) on market price(4)		5.12	%		(4.49	)%		(3.31	)%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	156,975		$	56,094		$	20,334
Ratio of expenses to average net assets		0.15	%		0.15	%		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		4.08	%		3.40	%		2.77	%(6)
Portfolio turnover rate		317	%		289	%		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.

34

US Treasury 20 Year Bond 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 YEAR ENDED AUGUST 31,			FOR THE PERIOD ENDED AUGUST 31,
	2024			2023(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	46.86		$	50.00
Net investment income/(loss)(2)		2.00			0.81
Net realized and unrealized gain/(loss) from investments		(0.01	)(7)		(3.34	)
Net increase/(decrease) in net assets resulting from operations		1.99			(2.53	)
Dividends and distributions to shareholders from:
Net investment income		(1.98	)		(0.61	)
Total dividends and distributions to shareholders		(1.98	)		(0.61	)
Net asset value, end of period	$	46.87		$	46.86
Market value, end of period	$	46.87		$	46.89
Total investment return/(loss) on net asset value(3)		4.47	%		(5.10	)%(5)
Total investment return/(loss) on market price(4)		4.39	%		(5.04	)%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	26,250		$	1,874
Ratio of expenses to average net assets		0.15	%		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		4.38	%		3.87	%(6)
Portfolio turnover rate		344	%		219	%(5)

⁽¹⁾ Inception date of the Fund was March 27, 2023.

⁽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.

⁽⁷⁾ The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) on investments due to the timing of purchases and redemptions of the Fund shares in relation to fluctuating market values of the investments of the Fund.

The accompanying notes are an integral part of these financial statements.

35

US Treasury 30 Year Bond 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 YEAR ENDED AUGUST 31,			FOR THE PERIOD ENDED AUGUST 31,
	2024			2023(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	46.37		$	50.00
Net investment income/(loss)(2)		1.89			0.77
Net realized and unrealized gain/(loss) from investments		(0.34	)(7)		(3.83	)
Net increase/(decrease) in net assets resulting from operations		1.55			(3.06	)
Dividends and distributions to shareholders from:
Net investment income		(1.88	)		(0.57	)
Total dividends and distributions to shareholders		(1.88	)		(0.57	)
Net asset value, end of period	$	46.04		$	46.37
Market value, end of period	$	46.07		$	46.38
Total investment return/(loss) on net asset value(3)		3.59	%		(6.17	)%(5)
Total investment return/(loss) on market price(4)		3.61	%		(6.12	)%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	17,955		$	2,782
Ratio of expenses to average net assets		0.15	%		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		4.25	%		3.72	%(6)
Portfolio turnover rate		286	%		180	%(5)

⁽¹⁾ Inception date of the Fund was March 27, 2023.

⁽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.

⁽⁷⁾ The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain (loss) on investments due to the timing of purchases and redemptions of the Fund shares in relation to fluctuating market values of the investments of the Fund.

The accompanying notes are an integral part of these financial statements.

36

US Benchmark Series

Notes to Financial Statements

AUGUST 31, 2024

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 an investment company 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 sixty-five separate investment portfolios, including the US Treasury 3 Month Bill ETF, the US Treasury 6 Month Bill ETF, the US Treasury 12 Month Bill ETF, the US Treasury 2 Year Note ETF, the US Treasury 3 Year Note ETF, the US Treasury 5 Year Note ETF, the US Treasury 7 Year Note ETF, the US Treasury 10 Year Note ETF, the US Treasury 20 Year Bond ETF, and the US Treasury 30 Year Bond ETF (each a “Fund” and together the “Funds” or “US Benchmark Series”).

RBB has authorized capital of one hundred billion shares of common stock of which 92.923 billion shares are currently classified into two hundred and thirty-six classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

The investment objective of the US Treasury 3 Month Bill ETF, the US Treasury 6 Month Bill ETF, the US Treasury 12 Month Bill ETF, the US Treasury 2 Year Note ETF, the US Treasury 3 Year Note ETF, the US Treasury 5 Year Note ETF, the US Treasury 7 Year Note ETF, the US Treasury 10 Year Note ETF, the US Treasury 20 Year Bond ETF, and the US Treasury 30 Year Bond 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 US 3-Month Treasury Bill Index, the ICE BofA US 6-Month Treasury Bill Index, the ICE BofA US 12-Month Treasury Bill Index, the ICE BofA Current 2-Year US Treasury Index, the ICE BofA Current 3-Year US Treasury Index, the ICE BofA Current 5-Year US Treasury Index, the ICE BofA Current 7-Year US Treasury Index, the ICE BofA Current 10-Year US Treasury Index, the ICE BofA Current 20-Year US Treasury Index, the ICE BofA Current 30-Year US Treasury 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 August 31, 2024, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2024 (the “current fiscal period”).

PORTFOLIO VALUATION — The Funds value their investments at fair value. 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.

37

US Benchmark Series

Notes to Financial Statements (continued)

AUGUST 31, 2024

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 current fiscal period, in valuing the Funds’ investments carried at fair value:

US TREASURY 3 MONTH BILL ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
U.S. Treasury Bills	$	4,104,588,554	$	—	$	4,104,588,554	$	—
Total Investments*	$	4,104,588,554	$	—	$	4,104,588,554	$	—

US TREASURY 6 MONTH BILL ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
U.S. Treasury Bills	$	598,303,653	$	—	$	598,303,653	$	—
Total Investments*	$	598,303,653	$	—	$	598,303,653	$	—

US TREASURY 12 MONTH BILL ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
U.S. Treasury Bills	$	237,043,820	$	—	$	237,043,820	$	—
Total Investments*	$	237,043,820	$	—	$	237,043,820	$	—

US TREASURY 2 YEAR NOTE ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
U.S. Treasury Securities	$	450,817,965	$	—	$	450,817,965	$	—
Total Investments*	$	450,817,965	$	—	$	450,817,965	$	—

US TREASURY 3 YEAR NOTE ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
U.S. Treasury Securities	$	7,441,852	$	—	$	7,441,852	$	—
Total Investments*	$	7,441,852	$	—	$	7,441,852	$	—

US TREASURY 5 YEAR NOTE ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
U.S. Treasury Securities	$	24,101,687	$	—	$	24,101,687	$	—
Total Investments*	$	24,101,687	$	—	$	24,101,687	$	—

38

US Benchmark Series

Notes to Financial Statements (continued)

AUGUST 31, 2024

US TREASURY 7 YEAR NOTE ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
U.S. Treasury Securities	$	5,363,965	$	—	$	5,363,965	$	—
Total Investments*	$	5,363,965	$	—	$	5,363,965	$	—

US TREASURY 10 YEAR NOTE ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
U.S. Treasury Securities	$	156,706,804	$	—	$	156,706,804	$	—
Total Investments*	$	156,706,804	$	—	$	156,706,804	$	—

US TREASURY 20 YEAR BOND ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
U.S. Treasury Securities	$	26,174,356	$	—	$	26,174,356	$	—
U.S. Treasury Bills	$	83,000	$	—	$	83,000	$	—
Total Investments*	$	26,257,356	$	—	$	26,257,356	$	—

US TREASURY 30 YEAR BOND ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
U.S. Treasury Securities	$	17,854,900	$	—	$	17,854,900	$	—
U.S. Treasury Bills	$	65,000	$	—	$	65,000	$	—
Total Investments*	$	17,919,900	$	—	$	17,919,900	$	—

* 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 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.

39

US Benchmark Series

Notes to Financial Statements (continued)

AUGUST 31, 2024

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 (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.

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.

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

40

US Benchmark Series

Notes to Financial Statements (continued)

AUGUST 31, 2024

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, 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.

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

41

US Benchmark Series

Notes to Financial Statements (continued)

AUGUST 31, 2024

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.

Reverse Repurchase Agreement - Reverse repurchase agreements are a form of secured borrowing and subject a Fund to the risks associated with leverage, including exposure to potential gains and losses in excess of the amount invested, resulting in an increase in the speculative character of the Fund’s outstanding shares. If the securities held by a Fund decline in value while these transactions are outstanding, the NAV of a Fund’s outstanding shares will decline in value by proportionately more than the decline in value of the securities. In addition, reverse repurchase agreements involve the risk that the investment return earned by a Fund (from the investment of the proceeds) will be less than the interest expense of the transaction, that the market value of the securities sold by a Fund will decline below the price the Fund is obligated to pay to repurchase the securities, and that the other party may fail to return the securities in a timely manner or at all.

When a Fund enters into a reverse repurchase agreement, it is subject to the risk that the buyer under the agreement may file for bankruptcy, become insolvent or otherwise default on its obligations to the Fund. In the event of a default by the counterparty, there may be delays, costs and risks of loss involved in a Fund’s exercising its rights under the agreement, or those rights may be limited by other contractual agreements or obligations or by applicable law. Such an insolvency may result in a loss equal to the amount by which the value of the securities or other assets sold by the Fund exceeds the repurchase price payable by the Fund; if the value of the purchased securities or other assets increases during such a delay, that loss may also be increased. A Fund could lose money if it is unable to recover the securities or if the value of investments made by the Fund using the proceeds of the transaction is less than the value of securities. When a Fund enters into a reverse repurchase agreement, it must identify on its books cash or liquid assets that have a value equal to or greater than the repurchase price.

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 (the “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. 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, distribution fees and expenses paid by each Fund under any distribution plan adopted, 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.

42

US Benchmark Series

Notes to Financial Statements (continued)

AUGUST 31, 2024

During the current fiscal period, investment advisory fees accrued were as follows:

FUND	ADVISORY FEES
US Treasury 3 Month Bill ETF	$	4,625,006
US Treasury 6 Month Bill ETF		800,012
US Treasury 12 Month Bill ETF		310,472
US Treasury 2 Year Note ETF		545,743
US Treasury 3 Year Note ETF		8,651
US Treasury 5 Year Note ETF		21,494
US Treasury 7 Year Note ETF		6,540
US Treasury 10 Year Note ETF		168,751
US Treasury 20 Year Bond ETF		20,746
US Treasury 30 Year Bond ETF		20,561

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 current fiscal 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 3 Month Bill ETF	$	—	$	—
US Treasury 6 Month Bill ETF		—		—
US Treasury 12 Month Bill ETF		—		—
US Treasury 2 Year Note ETF		4,001,132,966		3,973,848,857

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Notes to Financial Statements (continued)

AUGUST 31, 2024

FUND	U.S. GOVERNMENT PURCHASES		U.S. GOVERNMENT SALES
US Treasury 3 Year Note ETF	$	69,522,241	$	50,775,824
US Treasury 5 Year Note ETF		191,732,469		148,160,503
US Treasury 7 Year Note ETF		56,159,602		44,069,085
US Treasury 10 Year Note ETF		531,871,655		350,102,750
US Treasury 20 Year Bond ETF		89,398,746		50,521,652
US Treasury 30 Year Bond ETF		70,195,543		39,223,872

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 3 Month Bill ETF	$	—	$	—
US Treasury 6 Month Bill ETF		—		—
US Treasury 12 Month Bill ETF		—		—
US Treasury 2 Year Note ETF		181,325,110		66,245,734
US Treasury 3 Year Note ETF		12,791,583		25,617,153
US Treasury 5 Year Note ETF		9,655,562		33,899,414
US Treasury 7 Year Note ETF		2,857,011		10,697,374
US Treasury 10 Year Note ETF		137,943,382		225,030,174
US Treasury 20 Year Bond ETF		67,670,832		84,358,737
US Treasury 30 Year Bond ETF		16,903,688		34,199,225

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, 2024, 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 3 Month Bill ETF	$	4,103,035,203	$	1,553,351	$	—	$	1,553,351
US Treasury 6 Month Bill ETF		598,251,173		52,480		—		52,480
US Treasury 12 Month Bill ETF		236,946,333		97,487		—		97,487

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Notes to Financial Statements (continued)

AUGUST 31, 2024

FUND	FEDERAL TAX COST		UNREALIZED APPRECIATION		UNREALIZED (DEPRECIATION)			NET UNREALIZED APPRECIATION/ (DEPRECIATION)
US Treasury 2 Year Note ETF	$	447,635,077	$	3,182,888	$	—		$	3,182,888
US Treasury 3 Year Note ETF		7,448,718		—		(6,866	)		(6,866	)
US Treasury 5 Year Note ETF		24,148,779		—		(47,092	)		(47,092	)
US Treasury 7 Year Note ETF		5,378,868		—		(14,903	)		(14,903	)
US Treasury 10 Year Note ETF		157,598,404		—		(891,600	)		(891,600	)
US Treasury 20 Year Bond ETF		26,472,968		24		(215,637	)		(215,613	)
US Treasury 30 Year Bond ETF		18,089,680		19		(169,799	)		(169,780	)

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, 2024, there were permanent differences related to redemptions in-kind between distributable earnings/(loss) and paid-in capital, respectively for the following funds:

FUND	Distributable Earnings/(Loss)			Paid-In-Capital
US Treasury 3 Month Bill ETF	$	(89,721	)	$	89,721
US Treasury 6 Month Bill ETF		(1,040,649	)		1,040,649
US Treasury 12 Month Bill ETF		(575,737	)		575,737
US Treasury 2 Year Note ETF		(45,880	)		45,880
US Treasury 3 Year Note ETF		(125,410	)		125,410
US Treasury 5 Year Note ETF		(422,464	)		422,464
US Treasury 7 Year Note ETF		(152,952	)		152,952
US Treasury 10 Year Note ETF		(8,405,079	)		8,405,079
US Treasury 20 Year Bond ETF		(2,865,559	)		2,865,559
US Treasury 30 Year Bond ETF		(2,225,941	)		2,225,941

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Notes to Financial Statements (continued)

AUGUST 31, 2024

As of August 31, 2024, 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 3 Month Bill ETF	$	10,050,654	$	—	$	1,553,351		$	(1,570,291	)	$	—
US Treasury 6 Month Bill ETF		1,006,425		—		52,480			(378,633	)		—
US Treasury 12 Month Bill ETF		473,967		—		97,487			(740,389	)		—
US Treasury 2 Year Note ETF		821,844		—		3,182,888			(9,399,342	)		—
US Treasury 3 Year Note ETF		7,588		—		(6,866	)		(104,260	)		—
US Treasury 5 Year Note ETF		33,260		—		(47,092	)		(24,950	)		—
US Treasury 7 Year Note ETF		13,757		—		(14,903	)		(40,781	)		—
US Treasury 10 Year Note ETF		364,380		—		(891,600	)		(3,821,622	)		—
US Treasury 20 Year Bond ETF		—		—		(215,613	)		(634,872	)		—
US Treasury 30 Year Bond ETF		7,747		—		(169,780	)		(854,343	)		—

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.

The tax character of dividends and distributions paid during the fiscal years ended August 31, 2024 and August 31, 2023 were as follows:

FUND	Ordinary Income		Long-Term Capital Gains
US Treasury 3 Month Bill ETF
August 31, 2023	$	23,559,224	$	—
August 31, 2024		155,670,454		—
US Treasury 6 Month Bill ETF
August 31, 2023		2,720,580		—
August 31, 2024		27,247,652		—
US Treasury 12 Month Bill ETF
August 31, 2023		2,206,389		—
August 31, 2024		10,123,493		—
US Treasury 2 Year Note ETF
August 31, 2023		9,134,861		—
August 31, 2024		16,431,423		—
US Treasury 3 Year Note ETF
August 31, 2023		19,629		—
August 31, 2024		233,355		—
US Treasury 5 Year Note ETF
August 31, 2023		19,503		—
August 31, 2024		563,162		—

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Notes to Financial Statements (continued)

AUGUST 31, 2024

FUND	Ordinary Income		Long-Term Capital Gains
US Treasury 7 Year Note ETF
August 31, 2023	$	11,541	$	—
August 31, 2024		169,345		—
US Treasury 10 Year Note ETF
August 31, 2023		679,725		—
August 31, 2024		4,342,882		—
US Treasury 20 Year Bond ETF
August 31, 2023		15,177		—
August 31, 2024		615,765		—
US Treasury 30 Year Bond ETF
August 31, 2023		29,955		—
August 31, 2024		582,433		—

The Funds are permitted to carry forward capital losses for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses. As of August 31, 2024, the US Treasury 3 Month Bill ETF had unexpiring short-term losses of $1,570,291, the US Treasury 6 Month Bill ETF had unexpiring short-term losses of $378,633, the US Treasury 12 Month Bill ETF had unexpiring short-term losses of $740,389, the US Treasury 2 Year Note ETF had unexpiring short-term losses of $9,399,342, the US Treasury 3 Year Note ETF had unexpiring short-term losses of $104,260, the US Treasury 5 Year Note ETF had unexpiring short-term losses of $24,950, the US Treasury 7 Year Note ETF had unexpiring short-term losses of $40,781, the US Treasury 10 Year Note ETF had unexpiring short-term losses of $3,821,622, the US Treasury 20 Year Bond ETF had unexpiring short-term losses of $634,872, and the US Treasury 30 Year Bond ETF had unexpiring short-term losses of $854,343.

During the tax year ended August 31, 2024 the following Funds utilized capital loss carryforwards:

FUND	Capital Loss Carryforward Used
US Treasury 12 Month Bill ETF	$	231,986
US Treasury 2 Year Note ETF		1,387,432
US Treasury 5 Year Note ETF		50,639
US Treasury 7 Year Note ETF		18,616

6. 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 102% of the current market value of the loaned domestic 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 receive compensation in the form of loan fees owed by borrowers and income earned on collateral investments. A portion of the interest received on the loan collateral is retained by the Funds and the remainder is rebated to the borrower of the securities. Pursuant to the securities lending agreement between the Trust, on behalf of the Funds, and the Custodian, each Fund pays a fee to the Custodian for administrative and custodial fees, which is calculated daily and paid monthly, in the amount of 20% of the Fund’s net income. The net amount of interest earned, after the interest rebate and the

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Notes to Financial Statements (conTINUed)

AUGUST 31, 2024

allocation to the Custodian, is shown below. Collateral is invested in short-term investments and the Funds will bear the risk of loss of the invested collateral. Investments purchased with collateral 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 net 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
US Treasury 3 Month Bill ETF	$	—	$	—	$	46,179
US Treasury 6 Month Bill ETF		—		—		16,508
US Treasury 12 Month Bill ETF		—		—		1,989
US Treasury 2 Year Note ETF		—		—		9,238
US Treasury 3 Year Note ETF		—		—		—
US Treasury 5 Year Note ETF		—		—		—
US Treasury 7 Year Note ETF		—		—		—
US Treasury 10 Year Note ETF		—		—		5,260
US Treasury 20 Year Bond ETF		—		—		2,089
US Treasury 30 Year Bond ETF		—		—		—

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. As of August 31, 2024, there are no open lending transactions to report.

7. 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 Quasar. 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.

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Notes to Financial Statements (conCLuded)

AUGUST 31, 2024

8. SUBSEQUENT EVENTS

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

Subsequent to August 31, 2024, the Funds paid the following distributions:

Fund	Record Date	Ex-Date	Pay Date	Distribution Rate Per Share
US Treasury 3 Month Bill ETF	9/3/2024	9/3/2024	9/4/2024	$0.21517188
US Treasury 6 Month Bill ETF	9/3/2024	9/3/2024	9/4/2024	$0.20928230
US Treasury 12 Month Bill ETF	9/3/2024	9/3/2024	9/4/2024	$0.18580548
US Treasury 2 Year Note ETF	9/3/2024	9/3/2024	9/4/2024	$0.17097167
US Treasury 3 Year Note ETF	9/3/2024	9/3/2024	9/4/2024	$0.16210533
US Treasury 5 Year Note ETF	9/3/2024	9/3/2024	9/4/2024	$0.15856641
US Treasury 7 Year Note ETF	9/3/2024	9/3/2024	9/4/2024	$0.16280936
US Treasury 10 Year Note ETF	9/3/2024	9/3/2024	9/4/2024	$0.14909562
US Treasury 20 Year Bond ETF	9/3/2024	9/3/2024	9/4/2024	$0.17534541
US Treasury 30 Year Bond ETF	9/3/2024	9/3/2024	9/4/2024	$0.16489010
US Treasury 3 Month Bill ETF	10/1/2024	10/1/2024	10/2/2024	$0.20593852
US Treasury 6 Month Bill ETF	10/1/2024	10/1/2024	10/2/2024	$0.19329910
US Treasury 12 Month Bill ETF	10/1/2024	10/1/2024	10/2/2024	$0.17220435
US Treasury 2 Year Note ETF	10/1/2024	10/1/2024	10/2/2024	$0.15036067
US Treasury 3 Year Note ETF	10/1/2024	10/1/2024	10/2/2024	$0.14283260
US Treasury 5 Year Note ETF	10/1/2024	10/1/2024	10/2/2024	$0.14600416
US Treasury 7 Year Note ETF	10/1/2024	10/1/2024	10/2/2024	$0.15037436
US Treasury 10 Year Note ETF	10/1/2024	10/1/2024	10/2/2024	$0.14108438
US Treasury 20 Year Bond ETF	10/1/2024	10/1/2024	10/2/2024	$0.16104204
US Treasury 30 Year Bond ETF	10/1/2024	10/1/2024	10/2/2024	$0.15969500

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Report of Independent Registered
Public Accounting Firm

To the Shareholders and Board of Directors of
The RBB Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of The RBB Fund, Inc. comprising the funds listed below (the “Funds”) as of August 31, 2024, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

Fund Name		Statements of Operations		Statement(s) of Changes in Net Assets		Financial Highlights
US Treasury 3 Month Bill ETF, US Treasury 2 Year Note ETF, and US Treasury 10 year Note ETF	For the year ended August 31, 2024		For the years ended August 31, 2024 and 2023		For the years ended August 31, 2024 and 2023 and for the period from August 8, 2022 (commencement of operations) through August 31, 2022
US Treasury 12 Month Bill ETF	For the year ended August 31, 2024		For the year ended August 31, 2024 and for the period from November 14, 2022 (commencement of operations) through August 31, 2023
US Treasury 6 Month Bill ETF	For the year ended August 31, 2024		For the year ended August 31, 2024 and for the period from March 6, 2023 (commencement of operations) through August 31, 2023
US Treasury 3 Year Note ETF, US Treasury 5 Year Note ETF, US Treasury 7 Year Note ETF, US Treasury 20 Year Bond ETF, and US Treasury 30 Year Bond ETF	For the year ended August 31, 2024		For the year ended August 31, 2024 and for the period from March 27, 2023 (commencement of operations) through August 31, 2023

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024, by correspondence with the custodian and brokers; when replies were not received from brokers, we

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US BENCHMARK SERIES

Report of Independent Registered
Public Accounting Firm (Concluded)

performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by F/M Investments, LLC since 2021.

COHEN & COMPANY, LTD.
Cleveland, Ohio
October 29, 2024

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US BENCHMARK SERIES

Shareholder Tax Information

(UNAUDITED)

Certain tax information regarding the Fund is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable period ended August 31, 2024. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ending December 31, 2024. During the fiscal year ended August 31, 2024, the Fund paid ordinary income dividends, and did not pay long-term capital gains dividends to its shareholders.

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Because the Fund’s fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2024. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2025.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Fund, if any. In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting. Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.

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Other Information

(UNAUDITED)

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.

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Approval of Investment Advisory Agreement

(UNAUDITED)

As required by the 1940 Act, the Board of the Company, 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 renewal of the investment advisory agreement between F/m Investments, LLC (“F/m”) and the Company (the “Investment Advisory Agreement”) on behalf of the US Treasury 3 Month Bill ETF, US Treasury 6 Month Bill ETF, US Treasury 12 Month Bill ETF, US Treasury 2 Year Note ETF, US Treasury 3 Year Note ETF, US Treasury 5 Year Note ETF, US Treasury 7 Year Note ETF, US Treasury 10 Year Note ETF, US Treasury 20 Year Bond ETF, and US Treasury 30 Year Bond ETF (for this section only, each a “Fund” and collectively the “Funds”), at a meeting of the Board held on May 15-16, 2024 (the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement for an additional one-year term ending August 16, 2025. The Board’s decision to approve the Investment Advisory Agreement reflects the exercise of its business judgment to continue the existing arrangements. In approving the Investment Advisory Agreement, the Board considered information provided by F/m with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the renewal and approval of the Investment Advisory Agreement between the Company and F/m with respect to the Funds, 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 F/m and discussed the Investment Advisory Agreement with counsel in executive sessions, at which no representatives of F/m were present. Among other things, the Directors considered (i) the nature, extent, and quality of F/m’s services provided to the Funds; (ii) descriptions of the experience and qualifications of F/m’s personnel providing those services; (iii) F/m’s investment philosophies and processes; (iv) F/m’s assets under management and client descriptions; (v) F/m’s soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) F/m’s advisory fee arrangement with the Company and other similarly managed clients; (vii) F/m’s compliance policies and procedures; (viii) F/m’s financial information, insurance coverage and profitability analysis related to providing advisory services to the Funds; (ix) the extent to which economies of scale are relevant to the Funds; (x) a report prepared by Fuse Research Network, LLC comparing each Fund’s management fees and total expense ratios to a group of mutual funds deemed comparable to each Fund based primarily on investment strategy similarity (“Peer Group”) and comparing the performance of each Fund to the performance of its Peer Group; and (xi) a report comparing the performance of the Funds to the performance of their respective benchmark.

As part of their review, the Directors considered the nature, extent and quality of the services provided by F/m. The Directors concluded that F/m had substantial resources to provide services to the Funds and that F/m’s services had been acceptable.

The Directors also considered the investment performance of the Funds. Information on the Funds’ investment performance was provided for the three-month, one-year, and since inception periods ended December 31, 2023, as applicable. The Directors considered the Funds’ investment performance in light of their respective investment objectives and investment strategies. The Directors concluded that the investment performance of each of the Funds as compared to their respective benchmarks and Peer Groups was acceptable.

The Directors considered that because each of the Funds was designed to track the performance of its respective index, a relevant consideration was the extent to which such Fund tracked its index before fees and expenses. The Board also noted that the performance of the index did not take into account the expenses incurred when purchasing or selling securities, which expenses would lower the performance of a fund seeking to replicate some or all of the holdings of the index. The Board noted that for the three-month, one-year, and since-inception periods ended December 31, 2023, as applicable, each of the aforementioned Fund’s performance was in line with its index before fees and expenses.

The Directors noted that the US Treasury 3 Month Bill ETF outperformed the median of its Peer Group for the one-year and since-inception periods ended December 31, 2023, and underperformed the median of its Peer Group for the three-month period ended December 31, 2023.

The Directors noted that the US Treasury 6 Month Bill ETF matched the median of its Peer Group for the since-inception period ended December 31, 2023, and underperformed the median of its Peer Group for the three-month period ended December 31, 2023.

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APPROVAL OF INVESTMENT ADVISORY AGREEMENT (continued)

(UNAUDITED)

The Directors noted that the US Treasury 12 Month Bill ETF outperformed the median of its Peer Group for the one-year and since-inception periods ended December 31, 2023, and underperformed the median of its Peer Group for the three-month period ended December 31, 2023.

The Directors noted that the US Treasury 2 Year Note ETF underperformed the median of its Peer Group for the three-month, one-year, and since-inception periods ended December 31, 2023.

The Directors noted that the US Treasury 3 Year Note ETF outperformed the median of its Peer Group for the three-month period ended December 31, 2023, and underperformed the median of its Peer Group for the since-inception period ended December 31, 2023.

The Directors noted that the US Treasury 5 Year Note ETF underperformed the median of its Peer Group for the three-month and since-inception periods ended December 31, 2023.

The Directors noted that the US Treasury 7 Year Note ETF outperformed the median of its Peer Group for the three-month period ended December 31, 2023, and underperformed the median of its Peer Group for the since-inception period ended December 31, 2023.

The Directors noted that the US Treasury 10 Year Note ETF outperformed the median of its Peer Group for the since-inception period ended December 31, 2023, and underperformed the median of its Peer Group for the three-month and one-year periods ended December 31, 2023.

The Directors noted that the US Treasury 20 Year Bond ETF outperformed the median of its Peer Group for the since-inception period ended December 31, 2023, and underperformed the median of its Peer Group for the three-month period ended December 31, 2023.

The Directors noted that the US Treasury 30 Year Bond ETF underperformed the median of its Peer Group for the three-month and since-inception periods ended December 31, 2023.

The Board also considered the advisory fee rates payable by the Funds under the Investment Advisory Agreement. In this regard, information on the fees paid by the Funds and the Funds’ total operating expense ratios were compared to similar information for ETFs advised by other, unaffiliated investment advisory firms.

The Directors noted that the net advisory fee of the US Treasury 3 Month Bill ETF ranked above the median and in the 5th quintile of its Peer Group, and the Fund’s total net expenses were above the median and in the 5th quintile of its Peer Group.

The Directors noted that the net advisory fee of the US Treasury 6 Month Bill ETF ranked above the median and in the 5th quintile of its Peer Group, and the Fund’s total net expenses were above the median and in the 5th quintile of its Peer Group.

The Directors noted that the net advisory fee of the US Treasury 12 Month Bill ETF ranked above the median and in the 4th quintile of its Peer Group, and the Fund’s total net expenses were above the median and in the 4th quintile of its Peer Group.

The Directors noted that the net advisory fee of the US Treasury 2 Year Note ETF ranked above the median and in the 4th quintile of its Peer Group, and the Fund’s total net expenses were above the median and in the 4th quintile of its Peer Group.

The Directors noted that the net advisory fee of the US Treasury 3 Year Note ETF ranked above the median and in the 4th quintile of its Peer Group, and the Fund’s total net expenses were above the median and in the 4th quintile of its Peer Group.

The Directors noted that the net advisory fee of the US Treasury 5 Year Note ETF ranked above the median and in the 4th quintile of its Peer Group, and the Fund’s total net expenses were above the median and in the 4th quintile of its Peer Group.

The Directors noted that the net advisory fee of the US Treasury 7 Year Note ETF ranked above the median and in the 4th quintile of its Peer Group, and the Fund’s total net expenses were above the median and in the 4th quintile of its Peer Group.

The Directors noted that the net advisory fee of the US Treasury 10 Year Note ETF ranked above the median and in the 3rd quintile of its Peer Group, and the Fund’s total net expenses were above the median and in the 3rd quintile of its Peer Group.

55

US BENCHMARK SERIES

APPROVAL OF INVESTMENT ADVISORY AGREEMENT (concluded)

(UNAUDITED)

The Directors noted that the net advisory fee of the US Treasury 20 Year Bond ETF ranked above the median and in the 3rd quintile of its Peer Group, and the Fund’s total net expenses were above the median and in the 3rd quintile of its Peer Group.

The Directors noted that the net advisory fee of the US Treasury 30 Year Bond ETF ranked above the median and in the 3rd quintile of its Peer Group, and the Fund’s total net expenses were above the median and in the 3rd quintile of its Peer Group.

The Board also took into consideration that the advisory fee for each Fund was a “unitary fee,” meaning the Funds paid no expenses other than the advisory fee and certain other costs such as interest, brokerage and extraordinary expenses. The Board noted that F/m continued to be responsible for compensating the Funds’ other service providers and paying other expenses of the Funds out of its own fees and resources.

After reviewing the information regarding the Funds’ costs, profitability and economies of scale, and after considering F/m’s services, the Directors concluded that the investment advisory fees to be paid by the Funds were fair and reasonable and that the Investment Advisory Agreement should be approved and continued for an additional one year period ending August 16, 2025.

56

Investment Adviser

F/m Investments, LLC d/b/a North Slope Capital, LLC
3050 K 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

Principal Underwriter

Quasar Distributors, LLC
3 Canal Plaza, Suite 100
Portland, ME 04101

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

Legal Counsel

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

57

F/m Corporate Bond ETFs

Financial Statements

August 31, 2024

F/m 2-Year Investment Grade Corporate Bond ETF | (NYSE: ZTWO)

F/m 3-Year Investment Grade Corporate Bond ETF | (NYSE: ZTRE)

F/m 10-Year Investment Grade Corporate Bond ETF | (NYSE: ZTEN)

Each a series of The RBB Fund, Inc.

F/m Investments, LLC d/b/a North Slope Capital, LLC

Table of Contents

Schedules of Investments	1
Financial Statements	36
Notes to Financial Statements	44
Report of Independent Registered Public Accounting Firm	56
Shareholder Tax Information	57
Other Information	58

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments

August 31, 2024

	Par		Value
CORPORATE BONDS — 87.3%
Administrative and Support and Waste Management and Remediation Services — 0.2%
Enstar Finance LLC, 5.50% to 01/15/2027 then 5 yr. CMT Rate + 4.01%, 01/15/2042	$	28,000	$	25,756
Communications — 3.5%
Alphabet, Inc., 2.00%, 08/15/2026		27,000		25,973
AT&T, Inc., 1.70%, 03/25/2026		27,000		25,812
Booking Holdings, Inc., 3.60%, 06/01/2026		25,000		24,665
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.15%, 11/10/2026		25,000		25,612
Comcast Corp., 3.15%, 03/01/2026		26,000		25,511
Cox Communications, Inc., 3.35%, 09/15/2026 (a)		26,000		25,285
Netflix, Inc., 4.38%, 11/15/2026		26,000		26,013
Omnicom Group, Inc. / Omnicom Capital, Inc., 3.60%, 04/15/2026		26,000		25,536
Paramount Global, 2.90%, 01/15/2027		27,000		25,596
Sprint LLC, 7.63%, 03/01/2026		24,000		24,743
T-Mobile USA, Inc., 2.63%, 04/15/2026		26,000		25,192
TWDC Enterprises 18 Corp., 1.85%, 07/30/2026		27,000		25,796
Verizon Communications, Inc., 2.63%, 08/15/2026		26,000		25,127
Warnermedia Holdings, Inc., 6.41%, 03/15/2026		24,000		23,998
				354,859
Consumer Discretionary — 7.5%
Amazon.com, Inc., 1.00%, 05/12/2026		27,000		25,614
American Honda Finance Corp., 5.25%, 07/07/2026		25,000		25,372
AutoZone, Inc., 5.05%, 07/15/2026		25,000		25,239
BMW US Capital LLC, 2.80%, 04/11/2026 (a)		26,000		25,336
DR Horton, Inc., 1.30%, 10/15/2026		28,000		26,224
eBay, Inc., 1.40%, 05/10/2026		27,000		25,592
ERAC USA Finance LLC, 3.30%, 12/01/2026 (a)		26,000		25,366
General Motors Financial Co., Inc., 5.40%, 04/06/2026		25,000		25,230
GXO Logistics, Inc., 1.65%, 07/15/2026		27,000		25,461
Harley-Davidson Financial Services, Inc., 3.05%, 02/14/2027 (a)		26,000		24,837
Hasbro, Inc., 3.55%, 11/19/2026		26,000		25,293
Home Depot, Inc., 5.15%, 06/25/2026		25,000		25,395
Hyatt Hotels Corp., 5.75%, 01/30/2027		24,000		24,473
Hyundai Capital America, 5.50%, 03/30/2026 (a)		24,000		24,238
Las Vegas Sands Corp., 3.50%, 08/18/2026		26,000		25,254
Lennar Corp., 5.25%, 06/01/2026		24,000		24,147
Lowe’s Cos., Inc., 2.50%, 04/15/2026		26,000		25,194

The accompanying notes are an integral part of these financial statements.

1

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 87.3% (continued)
Consumer Discretionary — 7.5% (continued)
Marriott International, Inc., 3.13%, 06/15/2026	$	26,000	$	25,318
Mattel, Inc., 3.38%, 04/01/2026 (a)		25,000		24,288
NIKE, Inc., 2.38%, 11/01/2026		27,000		25,972
Nissan Motor Acceptance Co. LLC, 1.85%, 09/16/2026 (a)		26,000		24,234
O’Reilly Automotive, Inc., 5.75%, 11/20/2026		25,000		25,608
PulteGroup, Inc., 5.00%, 01/15/2027		25,000		25,229
Ross Stores, Inc., 0.88%, 04/15/2026		27,000		25,423
Southwest Airlines Co., 3.00%, 11/15/2026		27,000		26,020
Stanley Black & Decker, Inc., 3.40%, 03/01/2026		26,000		25,508
Starbucks Corp., 4.85%, 02/08/2027		26,000		26,253
Tapestry, Inc., 7.00%, 11/27/2026		24,000		24,756
TJX Cos., Inc., 2.25%, 09/15/2026		25,000		24,018
Toyota Motor Credit Corp., 4.45%, 05/18/2026		25,000		25,027
				755,919
Consumer Staples — 6.8%
Altria Group, Inc., 2.63%, 09/16/2026		26,000		25,027
Archer-Daniels-Midland Co., 2.50%, 08/11/2026		27,000		26,061
Bunge Ltd. Finance Corp., 3.25%, 08/15/2026		24,000		23,399
Campbell Soup Co., 5.30%, 03/20/2026		25,000		25,293
Cargill, Inc., 4.50%, 06/24/2026 (a)		25,000		25,059
Colgate-Palmolive Co., 4.80%, 03/02/2026		24,000		24,213
Conagra Brands, Inc., 5.30%, 10/01/2026		25,000		25,341
Conopco, Inc., 7.25%, 12/15/2026		24,000		25,491
Constellation Brands, Inc., 3.70%, 12/06/2026		26,000		25,536
Flowers Foods, Inc., 3.50%, 10/01/2026		26,000		25,407
General Mills, Inc., 3.20%, 02/10/2027		26,000		25,233
Hershey Co., 2.30%, 08/15/2026		27,000		26,018
Ingredion, Inc., 3.20%, 10/01/2026		26,000		25,310
Kellanova, 3.25%, 04/01/2026		26,000		25,481
Kenvue, Inc., 5.35%, 03/22/2026		25,000		25,361
Keurig Dr Pepper, Inc., 2.55%, 09/15/2026		27,000		25,978
Kraft Heinz Foods Co., 3.00%, 06/01/2026		26,000		25,319
Kroger Co., 4.70%, 08/15/2026		25,000		25,074
Mars, Inc., 0.88%, 07/16/2026 (a)		27,000		25,283
Molson Coors Beverage Co., 3.00%, 07/15/2026		26,000		25,289
PepsiCo, Inc., 2.38%, 10/06/2026		27,000		26,078
Philip Morris International, Inc., 4.75%, 02/12/2027		26,000		26,234

The accompanying notes are an integral part of these financial statements.

2

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 87.3% (continued)
Consumer Staples — 6.8% (continued)
Smithfield Foods, Inc., 4.25%, 02/01/2027 (a)	$	26,000	$	25,467
Sysco Corp., 3.30%, 07/15/2026		26,000		25,429
Target Corp., 1.95%, 01/15/2027		26,000		24,827
Tyson Foods, Inc., 4.00%, 03/01/2026		26,000		25,737
Walmart, Inc., 1.05%, 09/17/2026		27,000		25,435
				684,380
Energy — 6.2%
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 2.06%, 12/15/2026		27,000		25,664
Boardwalk Pipelines LP, 5.95%, 06/01/2026		25,000		25,392
BP Capital Markets America, Inc., 3.12%, 05/04/2026		25,000		24,465
Chevron Corp., 2.95%, 05/16/2026		26,000		25,452
Columbia Pipelines Holding Co. LLC, 6.06%, 08/15/2026 (a)		25,000		25,516
Continental Resources, Inc., 2.27%, 11/15/2026 (a)		27,000		25,503
Diamondback Energy, Inc., 3.25%, 12/01/2026		26,000		25,302
Energy Transfer LP, 6.05%, 12/01/2026		25,000		25,738
EnLink Midstream Partners LP, 4.85%, 07/15/2026		25,000		24,924
Enterprise Products Operating LLC, 4.60%, 01/11/2027		26,000		26,212
EQT Corp., 3.13%, 05/15/2026 (a)		26,000		25,239
Exxon Mobil Corp., 3.04%, 03/01/2026		25,000		24,555
HF Sinclair Corp., 5.88%, 04/01/2026		24,000		24,250
Kinder Morgan, Inc., 1.75%, 11/15/2026		27,000		25,445
Marathon Petroleum Corp., 5.13%, 12/15/2026		24,000		24,278
MPLX LP, 1.75%, 03/01/2026		27,000		25,814
Occidental Petroleum Corp., 5.55%, 03/15/2026		24,000		24,197
ONEOK, Inc., 5.55%, 11/01/2026		25,000		25,470
Phillips 66 Co., 3.55%, 10/01/2026		25,000		24,498
Pioneer Natural Resources Co., 5.10%, 03/29/2026		24,000		24,230
Plains All American Pipeline LP / PAA Finance Corp., 4.50%, 12/15/2026		26,000		25,875
Sabine Pass Liquefaction LLC, 5.88%, 06/30/2026		24,000		24,318
Valero Energy Corp., 3.40%, 09/15/2026		24,000		23,422
Western Midstream Operating LP, 4.65%, 07/01/2026		25,000		24,872
Williams Cos., Inc., 5.40%, 03/02/2026		24,000		24,232
				624,863
Financials — 27.9%
Aflac, Inc., 1.13%, 03/15/2026		27,000		25,649
Air Lease Corp., 1.88%, 08/15/2026		26,000		24,652

The accompanying notes are an integral part of these financial statements.

3

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 87.3% (continued)
Financials — 27.9% (continued)
Alexandria Real Estate Equities, Inc., 3.80%, 04/15/2026	$	26,000	$	25,638
Allstate Corp., 3.28%, 12/15/2026		26,000		25,356
American Express Co., 5.10% to 02/16/2027 then SOFR + 1.00%, 02/16/2028		25,000		25,333
American Tower Corp., 3.38%, 10/15/2026		26,000		25,347
Ameriprise Financial, Inc., 2.88%, 09/15/2026		26,000		25,213
Apollo Management Holdings LP, 4.40%, 05/27/2026 (a)		24,000		23,898
Arch Capital Finance LLC, 4.01%, 12/15/2026		26,000		25,645
Ares Capital Corp., 2.15%, 07/15/2026		26,000		24,519
Ares Finance Co. III LLC, 4.13% to 06/30/2026 then 5 yr. CMT Rate + 3.24%, 06/30/2051 (a)		25,000		23,516
Athene Global Funding, 2.95%, 11/12/2026 (a)		27,000		25,980
AvalonBay Communities, Inc., 2.95%, 05/11/2026		26,000		25,331
Aviation Capital Group LLC, 1.95%, 09/20/2026 (a)		27,000		25,375
Bain Capital Specialty Finance, Inc., 2.55%, 10/13/2026		27,000		25,374
Bank of New York Mellon Corp., 4.95% to 04/26/2026 then SOFR + 1.03%, 04/26/2027		25,000		25,137
Barings BDC, Inc., 3.30%, 11/23/2026		27,000		25,586
Berkshire Hathaway, Inc., 3.13%, 03/15/2026		26,000		25,632
Blackstone Private Credit Fund, 2.63%, 12/15/2026		27,000		25,338
Blackstone Secured Lending Fund, 2.75%, 09/16/2026		26,000		24,676
Blue Owl Capital Corp., 3.40%, 07/15/2026		27,000		26,000
Blue Owl Capital Corp. II, 8.45%, 11/15/2026 (a)		24,000		25,157
Blue Owl Credit Income Corp., 4.70%, 02/08/2027		26,000		25,388
Blue Owl Technology Finance Corp., 3.75%, 06/17/2026 (a)		26,000		24,814
Boston Properties LP, 2.75%, 10/01/2026		27,000		25,724
Brighthouse Financial Global Funding, 1.55%, 05/24/2026 (a)		27,000		25,521
Brixmor Operating Partnership LP, 4.13%, 06/15/2026		26,000		25,688
Camden Property Trust, 5.85%, 11/03/2026		25,000		25,786
Capital One Financial Corp., 3.75%, 07/28/2026		26,000		25,471
Cboe Global Markets, Inc., 3.65%, 01/12/2027		25,000		24,566
CBRE Services, Inc., 4.88%, 03/01/2026		24,000		24,028
Charles Schwab Corp., 0.90%, 03/11/2026		27,000		25,515
Chubb INA Holdings LLC, 3.35%, 05/03/2026		26,000		25,536
Citizens Financial Group, Inc., 2.85%, 07/27/2026		26,000		24,989
CNA Financial Corp., 4.50%, 03/01/2026		25,000		24,918
COPT Defense Properties LP, 2.25%, 03/15/2026		27,000		25,887
Corebridge Global Funding, 5.35%, 06/24/2026 (a)		25,000		25,343
Crown Castle, Inc., 1.05%, 07/15/2026		28,000		26,256
CubeSmart LP, 3.13%, 09/01/2026		26,000		25,219
Discover Financial Services, 4.10%, 02/09/2027		26,000		25,552

The accompanying notes are an integral part of these financial statements.

4

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 87.3% (continued)
Financials — 27.9% (continued)
EPR Properties, 4.75%, 12/15/2026	$	26,000	$	25,687
Equinix, Inc., 1.45%, 05/15/2026		27,000		25,577
Equitable Financial Life Global Funding, 1.70%, 11/12/2026 (a)		26,000		24,427
ERP Operating LP, 2.85%, 11/01/2026		27,000		26,143
Essex Portfolio LP, 3.38%, 04/15/2026		26,000		25,406
Extra Space Storage LP, 3.50%, 07/01/2026		26,000		25,486
F&G Global Funding, 1.75%, 06/30/2026 (a)		27,000		25,360
Fidelity National Information Services, Inc., 1.15%, 03/01/2026		27,000		25,620
Fiserv, Inc., 3.20%, 07/01/2026		26,000		25,386
FS KKR Capital Corp., 2.63%, 01/15/2027		26,000		24,261
GATX Corp., 3.25%, 09/15/2026		26,000		25,221
Global Payments, Inc., 1.20%, 03/01/2026		27,000		25,603
GLP Capital LP / GLP Financing II, Inc., 5.38%, 04/15/2026		24,000		24,016
Goldman Sachs Bank USA/New York NY, 5.41% to 05/21/2026 then SOFR + 0.75%, 05/21/2027		25,000		25,282
Golub Capital BDC, Inc., 2.50%, 08/24/2026		27,000		25,422
Guardian Life Global Funding, 1.25%, 05/13/2026 (a)		27,000		25,571
Hanover Insurance Group, Inc., 4.50%, 04/15/2026		26,000		25,905
HAT Holdings I LLC / HAT Holdings II LLC, 3.38%, 06/15/2026 (a)		26,000		24,907
Healthcare Realty Holdings LP, 3.50%, 08/01/2026		26,000		25,402
Healthpeak OP LLC, 3.25%, 07/15/2026		26,000		25,368
Hercules Capital, Inc., 3.38%, 01/20/2027		26,000		24,595
Jefferies Financial Group, Inc., 4.85%, 01/15/2027		26,000		26,054
Kimco Realty OP LLC, 2.80%, 10/01/2026		27,000		26,022
Kite Realty Group LP, 4.00%, 10/01/2026		26,000		25,517
Legg Mason, Inc., 4.75%, 03/15/2026		24,000		24,056
Lincoln National Corp., 3.63%, 12/12/2026		24,000		23,532
Loews Corp., 3.75%, 04/01/2026		26,000		25,702
Main Street Capital Corp., 3.00%, 07/14/2026		27,000		25,738
Marsh & McLennan Cos., Inc., 3.75%, 03/14/2026		26,000		25,719
Mastercard, Inc., 2.95%, 11/21/2026		26,000		25,315
Mid-America Apartments LP, 1.10%, 09/15/2026		28,000		26,124
Morgan Stanley, 1.59% to 05/04/2026 then SOFR + 0.88%, 05/04/2027		27,000		25,651
Morgan Stanley Direct Lending Fund, 4.50%, 02/11/2027		25,000		24,626
Mutual of Omaha Cos. Global Funding, 5.80%, 07/27/2026 (a)		25,000		25,436
Nasdaq, Inc., 3.85%, 06/30/2026		24,000		23,742
New York Life Global Funding, 5.45%, 09/18/2026 (a)		25,000		25,523
NNN REIT, Inc., 3.60%, 12/15/2026		26,000		25,471

The accompanying notes are an integral part of these financial statements.

5

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 87.3% (continued)
Financials — 27.9% (continued)
Northwestern Mutual Global Funding, 1.75%, 01/11/2027 (a)	$	27,000	$	25,482
Oaktree Specialty Lending Corp., 2.70%, 01/15/2027		27,000		25,258
Old Republic International Corp., 3.88%, 08/26/2026		26,000		25,564
Pacific Life Global Funding II, 1.38%, 04/14/2026 (a)		27,000		25,692
PayPal Holdings, Inc., 2.65%, 10/01/2026		27,000		26,087
Penske Truck Leasing Co. Lp / PTL Finance Corp., 1.70%, 06/15/2026 (a)		27,000		25,582
PNC Financial Services Group, Inc., 6.62% to 10/20/2026 then SOFR + 1.73%, 10/20/2027		23,000		23,922
Principal Financial Group, Inc., 3.10%, 11/15/2026		26,000		25,167
Progressive Corp., 2.45%, 01/15/2027		26,000		24,943
Prologis LP, 3.25%, 10/01/2026		26,000		25,456
Prospect Capital Corp., 3.36%, 11/15/2026		28,000		25,429
Public Storage Operating Co., 1.50%, 11/09/2026		27,000		25,402
Realty Income Corp., 4.13%, 10/15/2026		26,000		25,782
Regency Centers LP, 3.60%, 02/01/2027		26,000		25,423
Reinsurance Group of America, Inc., 3.95%, 09/15/2026		24,000		23,709
Reliance Standard Life Global Funding II, 1.51%, 09/28/2026 (a)		28,000		25,970
Sabra Health Care LP, 5.13%, 08/15/2026		26,000		26,054
Santander Holdings USA, Inc., 2.49% to 01/06/2027 then SOFR + 1.25%, 01/06/2028		27,000		25,339
SBL Holdings, Inc., 5.13%, 11/13/2026 (a)		26,000		25,535
Simon Property Group LP, 3.25%, 11/30/2026		25,000		24,371
Sixth Street Specialty Lending, Inc., 2.50%, 08/01/2026		25,000		23,701
State Street Corp., 5.27%, 08/03/2026		25,000		25,391
Synchrony Financial, 3.70%, 08/04/2026		26,000		25,404
Tanger Properties LP, 3.13%, 09/01/2026		25,000		24,044
Truist Financial Corp., 6.05% to 06/08/2026 then SOFR + 2.05%, 06/08/2027		25,000		25,515
UDR, Inc., 2.95%, 09/01/2026		26,000		25,093
US Bancorp, 2.38%, 07/22/2026		26,000		25,108
Ventas Realty LP, 3.25%, 10/15/2026		26,000		25,214
VICI Properties LP / VICI Note Co., Inc., 4.25%, 12/01/2026 (a)		24,000		23,692
Voya Financial, Inc., 3.65%, 06/15/2026		25,000		24,565
WEA Finance LLC, 2.88%, 01/15/2027 (a)		27,000		25,671
Welltower OP LLC, 4.25%, 04/01/2026		26,000		25,824
Western Union Co., 1.35%, 03/15/2026		27,000		25,587
Weyerhaeuser Co., 4.75%, 05/15/2026		26,000		26,028
WP Carey, Inc., 4.25%, 10/01/2026		26,000		25,714
				2,828,144

The accompanying notes are an integral part of these financial statements.

6

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 87.3% (continued)
Health Care — 6.0%
Abbott Laboratories, 3.75%, 11/30/2026	$	24,000	$	23,789
AbbVie, Inc., 2.95%, 11/21/2026		26,000		25,270
Agilent Technologies, Inc., 3.05%, 09/22/2026		26,000		25,194
Amgen, Inc., 2.20%, 02/21/2027		26,000		24,667
Astrazeneca Finance LLC, 4.80%, 02/26/2027		25,000		25,342
Baxter International, Inc., 1.92%, 02/01/2027		27,000		25,349
Bristol-Myers Squibb Co., 3.20%, 06/15/2026		26,000		25,512
Cigna Group, 5.69%, 03/15/2026		26,000		25,995
CVS Health Corp., 2.88%, 06/01/2026		27,000		26,182
Elevance Health, Inc., 1.50%, 03/15/2026		27,000		25,782
Eli Lilly & Co., 4.50%, 02/09/2027		25,000		25,223
Gilead Sciences, Inc., 3.65%, 03/01/2026		24,000		23,678
HCA, Inc., 5.38%, 09/01/2026		26,000		26,179
Highmark, Inc., 1.45%, 05/10/2026 (a)		27,000		25,389
Johnson & Johnson, 2.45%, 03/01/2026		26,000		25,363
Laboratory Corp. of America Holdings, 1.55%, 06/01/2026		27,000		25,581
Novartis Capital Corp., 2.00%, 02/14/2027		26,000		24,725
Providence St Joseph Health Obligated Group, 2.75%, 10/01/2026		27,000		25,890
Quest Diagnostics, Inc., 3.45%, 06/01/2026		26,000		25,460
Solventum Corp., 5.45%, 02/25/2027 (a)		25,000		25,350
Stryker Corp., 3.50%, 03/15/2026		24,000		23,599
Thermo Fisher Scientific, Inc., 5.00%, 12/05/2026		25,000		25,403
UnitedHealth Group, Inc., 1.15%, 05/15/2026		27,000		25,617
Universal Health Services, Inc., 1.65%, 09/01/2026		27,000		25,360
				605,899
Industrials — 8.0%
3M Co., 2.25%, 09/19/2026		27,000		25,799
Amphenol Corp., 4.75%, 03/30/2026		25,000		25,062
Boeing Co., 2.70%, 02/01/2027		26,000		24,647
Carrier Global Corp., 2.49%, 02/15/2027		26,000		24,920
Caterpillar Financial Services Corp., 4.35%, 05/15/2026		26,000		25,996
CNH Industrial Capital LLC, 1.45%, 07/15/2026		27,000		25,472
CSX Corp., 2.60%, 11/01/2026		27,000		26,059
Emerson Electric Co., 0.88%, 10/15/2026		28,000		26,108
FedEx Corp., 3.25%, 04/01/2026		26,000		25,472
Fortive Corp., 3.15%, 06/15/2026		26,000		25,297
General Dynamics Corp., 1.15%, 06/01/2026		27,000		25,613

The accompanying notes are an integral part of these financial statements.

7

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 87.3% (continued)
Industrials — 8.0% (continued)
Hexcel Corp., 4.20%, 02/15/2027	$	25,000	$	24,402
Honeywell International, Inc., 2.50%, 11/01/2026		27,000		26,064
Howmet Aerospace, Inc., 5.90%, 02/01/2027		26,000		26,799
Hubbell, Inc., 3.35%, 03/01/2026		24,000		23,519
Illinois Tool Works, Inc., 2.65%, 11/15/2026		27,000		26,184
JB Hunt Transport Services, Inc., 3.88%, 03/01/2026		26,000		25,679
John Deere Capital Corp., 4.50%, 01/08/2027		26,000		26,231
L3Harris Technologies, Inc., 5.40%, 01/15/2027		24,000		24,500
Norfolk Southern Corp., 2.90%, 06/15/2026		26,000		25,285
Northrop Grumman Corp., 3.20%, 02/01/2027		26,000		25,311
PACCAR Financial Corp., 5.20%, 11/09/2026		25,000		25,482
Republic Services, Inc., 2.90%, 07/01/2026		26,000		25,286
RTX Corp., 5.75%, 11/08/2026		25,000		25,646
Ryder System, Inc., 2.90%, 12/01/2026		26,000		25,084
Textron, Inc., 4.00%, 03/15/2026		26,000		25,718
Union Pacific Corp., 2.75%, 03/01/2026		26,000		25,352
United Parcel Service, Inc., 2.40%, 11/15/2026		27,000		25,921
Veralto Corp., 5.50%, 09/18/2026 (a)		25,000		25,324
Vontier Corp., 1.80%, 04/01/2026		27,000		25,678
Westinghouse Air Brake Technologies Corp., 3.45%, 11/15/2026		26,000		25,361
Xylem, Inc., 3.25%, 11/01/2026		26,000		25,300
				814,571
Materials — 5.0%
Amcor Finance USA, Inc., 3.63%, 04/28/2026		26,000		25,482
Berry Global, Inc., 4.88%, 07/15/2026 (a)		25,000		24,737
Celanese US Holdings LLC, 1.40%, 08/05/2026		27,000		25,242
CF Industries, Inc., 4.50%, 12/01/2026 (a)		26,000		25,806
Chevron Phillips Chemical Co. LLC / Chevron Phillips Chemical Co. LP, 3.40%, 12/01/2026 (a)		26,000		25,320
Ecolab, Inc., 2.70%, 11/01/2026		26,000		25,125
EIDP, Inc., 4.50%, 05/15/2026		26,000		26,030
FMC Corp., 5.15%, 05/18/2026		24,000		24,145
Georgia-Pacific LLC, 0.95%, 05/15/2026 (a)		27,000		25,454
Glencore Funding LLC, 1.63%, 04/27/2026 (a)		27,000		25,703
Graphic Packaging International LLC, 1.51%, 04/15/2026 (a)		27,000		25,403
Newmont Corp. / Newcrest Finance Pty Ltd., 5.30%, 03/15/2026 (a)		25,000		25,231
Owens Corning, 3.40%, 08/15/2026		26,000		25,430
PPG Industries, Inc., 1.20%, 03/15/2026		27,000		25,607

The accompanying notes are an integral part of these financial statements.

8

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 87.3% (continued)
Materials — 5.0% (continued)
Sealed Air Corp., 1.57%, 10/15/2026 (a)	$	28,000	$	26,034
Silgan Holdings, Inc., 1.40%, 04/01/2026 (a)		27,000		25,413
Sonoco Products Co., 2.25%, 02/01/2027		26,000		24,608
Steel Dynamics, Inc., 5.00%, 12/15/2026		26,000		25,966
Westlake Corp., 3.60%, 08/15/2026		26,000		25,484
WRKCo, Inc., 4.65%, 03/15/2026		26,000		25,883
				508,103
Technology — 8.2%
Adobe, Inc., 2.15%, 02/01/2027		26,000		24,806
Analog Devices, Inc., 3.50%, 12/05/2026		24,000		23,611
Apple, Inc., 3.35%, 02/09/2027		25,000		24,615
Avnet, Inc., 4.63%, 04/15/2026		26,000		25,840
Broadcom Corp. / Broadcom Cayman Finance Ltd., 3.88%, 01/15/2027		25,000		24,656
Broadridge Financial Solutions, Inc., 3.40%, 06/27/2026		26,000		25,408
CDW LLC / CDW Finance Corp., 2.67%, 12/01/2026		26,000		24,805
Cisco Systems, Inc., 4.80%, 02/26/2027		26,000		26,421
Concentrix Corp., 6.65%, 08/02/2026		25,000		25,693
Dell International LLC / EMC Corp., 6.02%, 06/15/2026		25,000		25,534
DXC Technology Co., 1.80%, 09/15/2026		27,000		25,356
Electronic Arts, Inc., 4.80%, 03/01/2026		24,000		24,014
Fortinet, Inc., 1.00%, 03/15/2026		27,000		25,546
Hewlett Packard Enterprise Co., 1.75%, 04/01/2026		27,000		25,792
HP, Inc., 1.45%, 06/17/2026		27,000		25,569
Intel Corp., 2.60%, 05/19/2026		26,000		24,983
Intuit, Inc., 5.25%, 09/15/2026		25,000		25,479
Jabil, Inc., 1.70%, 04/15/2026		27,000		25,661
Kyndryl Holdings, Inc., 2.05%, 10/15/2026		27,000		25,368
Lam Research Corp., 3.75%, 03/15/2026		26,000		25,725
Marvell Technology, Inc., 1.65%, 04/15/2026		27,000		25,714
Micron Technology, Inc., 4.19%, 02/15/2027		25,000		24,751
Microsoft Corp., 3.30%, 02/06/2027		25,000		24,612
NVIDIA Corp., 3.20%, 09/16/2026		26,000		25,548
Oracle Corp., 2.65%, 07/15/2026		26,000		25,104
Roper Technologies, Inc., 3.80%, 12/15/2026		24,000		23,651
S&P Global, Inc., 2.95%, 01/22/2027		27,000		26,183
Skyworks Solutions, Inc., 1.80%, 06/01/2026		27,000		25,609
Take-Two Interactive Software, Inc., 5.00%, 03/28/2026		24,000		24,112

The accompanying notes are an integral part of these financial statements.

9

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 87.3% (continued)
Technology — 8.2% (continued)
TD SYNNEX Corp., 1.75%, 08/09/2026	$	27,000	$	25,434
Teledyne Technologies, Inc., 1.60%, 04/01/2026		27,000		25,709
Texas Instruments, Inc., 4.60%, 02/08/2027		26,000		26,277
VMware LLC, 1.40%, 08/15/2026		27,000		25,397
				832,983
Utilities — 8.0%
Ameren Corp., 5.70%, 12/01/2026		25,000		25,574
Black Hills Corp., 3.15%, 01/15/2027		27,000		26,134
CenterPoint Energy, Inc., 1.45%, 06/01/2026		27,000		25,487
Cleco Corporate Holdings LLC, 3.74%, 05/01/2026		26,000		25,470
CMS Energy Corp., 3.00%, 05/15/2026		26,000		25,241
Dominion Energy, Inc., 1.45%, 04/15/2026		26,000		24,696
DTE Energy Co., 2.85%, 10/01/2026		25,000		24,184
Duke Energy Corp., 2.65%, 09/01/2026		25,000		24,118
Emera US Finance LP, 3.55%, 06/15/2026		26,000		25,318
Entergy Corp., 2.95%, 09/01/2026		25,000		24,235
Evergy Kansas Central, Inc., 2.55%, 07/01/2026		26,000		25,141
Eversource Energy, 4.75%, 05/15/2026		26,000		26,008
Exelon Corp., 3.40%, 04/15/2026		26,000		25,520
FirstEnergy Pennsylvania Electric Co., 5.15%, 03/30/2026 (a)		24,000		24,086
ITC Holdings Corp., 3.25%, 06/30/2026		26,000		25,336
KeySpan Gas East Corp., 2.74%, 08/15/2026 (a)		27,000		25,867
National Fuel Gas Co., 5.50%, 10/01/2026		24,000		24,353
National Rural Utilities Cooperative Finance Corp., 4.80%, 02/05/2027		26,000		26,317
New York State Electric & Gas Corp., 3.25%, 12/01/2026 (a)		26,000		25,109
NextEra Energy Capital Holdings, Inc., 1.88%, 01/15/2027		27,000		25,441
Pacific Gas and Electric Co., 2.95%, 03/01/2026		26,000		25,225
PPL Capital Funding, Inc., 3.10%, 05/15/2026		26,000		25,308
Public Service Electric and Gas Co., 0.95%, 03/15/2026		27,000		25,581
Sempra, 5.40%, 08/01/2026		25,000		25,368
Sierra Pacific Power Co., 2.60%, 05/01/2026		26,000		25,170
Southern California Edison Co., 5.35%, 03/01/2026		25,000		25,298
Southern Co., 3.25%, 07/01/2026		26,000		25,378
Southwestern Electric Power Co., 1.65%, 03/15/2026		27,000		25,834
Spire, Inc., 5.30%, 03/01/2026		24,000		24,154

The accompanying notes are an integral part of these financial statements.

10

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 87.3% (continued)
Utilities — 8.0% (continued)
Vistra Operations Co. LLC, 3.70%, 01/30/2027 (a)	$	27,000	$	26,274
WEC Energy Group, Inc., 5.60%, 09/12/2026		24,000		24,481
Xcel Energy, Inc., 3.35%, 12/01/2026		26,000		25,291
				806,997
TOTAL CORPORATE BONDS (Cost $8,764,476)				8,842,474
FOREIGN CORPORATE BONDS — 11.2%
Communications — 0.5%
Rogers Communications, Inc., 2.90%, 11/15/2026		26,000		25,067
TELUS Corp., 2.80%, 02/16/2027		26,000		24,915
				49,982
Consumer Discretionary — 0.2%
Magna International, Inc., 5.98%, 03/21/2026		24,000		24,001
Consumer Staples — 0.5%
BAT International Finance PLC, 1.67%, 03/25/2026		27,000		25,770
JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc., 2.50%, 01/15/2027		27,000		25,635
				51,405
Energy — 1.0%
Enbridge, Inc., 5.90%, 11/15/2026		25,000		25,700
Shell International Finance BV, 2.88%, 05/10/2026		26,000		25,419
TransCanada PipeLines Ltd., 6.20%, 03/09/2026		24,000		24,003
Woodside Finance Ltd., 3.70%, 09/15/2026 (a)		26,000		25,405
				100,527
Financials — 3.8%
Aircastle Ltd., 4.25%, 06/15/2026		26,000		25,649
Avolon Holdings Funding Ltd., 4.25%, 04/15/2026 (a)		26,000		25,597
Bank of Montreal, 5.30%, 06/05/2026		25,000		25,341
Bank of Nova Scotia, 2.70%, 08/03/2026		26,000		25,148
Brookfield Finance, Inc., 4.25%, 06/02/2026		25,000		24,788
Canadian Imperial Bank of Commerce, 5.93%, 10/02/2026		25,000		25,702
Commonwealth Bank of Australia, 1.13%, 06/15/2026 (a)		27,000		25,530
GAIF Bond Issuer Pty Ltd., 3.40%, 09/30/2026 (a)		26,000		25,281
Macquarie Group Ltd., 1.63% to 09/23/2026 then SOFR + 0.91%, 09/23/2027 (a)		26,000		24,394

The accompanying notes are an integral part of these financial statements.

11

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Continued)

August 31, 2024

	Par		Value
FOREIGN CORPORATE BONDS — 11.2% (continued)
Financials — 3.8% (continued)
Manulife Financial Corp., 4.15%, 03/04/2026	$	26,000	$	25,869
Royal Bank of Canada, 1.20%, 04/27/2026		27,000		25,643
Sumitomo Mitsui Financial Group, Inc., 2.63%, 07/14/2026		26,000		25,115
Toronto-Dominion Bank, 5.53%, 07/17/2026		25,000		25,465
Trinity Acquisition PLC, 4.40%, 03/15/2026		26,000		25,824
Westpac Banking Corp., 2.85%, 05/13/2026		26,000		25,347
				380,693
Health Care — 0.7%
Pfizer Investment Enterprises Pte Ltd., 4.45%, 05/19/2026		25,000		25,014
Shire Acquisitions Investments Ireland DAC, 3.20%, 09/23/2026		26,000		25,434
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026		26,000		25,630
				76,078
Industrials — 1.5%
Canadian National Railway Co., 2.75%, 03/01/2026		26,000		25,377
Canadian Pacific Railway Co., 1.75%, 12/02/2026		27,000		25,480
Element Fleet Management Corp., 6.27%, 06/26/2026 (a)		25,000		25,570
Sydney Airport Finance Co. Pty Ltd., 3.63%, 04/28/2026 (a)		24,000		23,562
Trane Technologies Financing Ltd., 3.50%, 03/21/2026		26,000		25,543
Triton Container International Ltd., 2.05%, 04/15/2026 (a)		27,000		25,689
				151,221
Materials — 1.5%
ArcelorMittal SA, 4.55%, 03/11/2026		26,000		25,863
BHP Billiton Finance USA Ltd., 5.25%, 09/08/2026		26,000		26,415
CCL Industries, Inc., 3.25%, 10/01/2026 (a)		25,000		24,217
Nutrien Ltd., 4.00%, 12/15/2026		26,000		25,691
Suzano International Finance BV, 5.50%, 01/17/2027		25,000		25,201
Yara International ASA, 3.80%, 06/06/2026 (a)		26,000		25,493
				152,880
Technology — 1.0%
CGI, Inc., 1.45%, 09/14/2026		27,000		25,283
Genpact Luxembourg SARL/Genpact USA, Inc., 1.75%, 04/10/2026		27,000		25,731
NXP BV / NXP Funding LLC / NXP USA, Inc., 3.88%, 06/18/2026		26,000		25,631
Thomson Reuters Corp., 3.35%, 05/15/2026		26,000		25,418
				102,063

The accompanying notes are an integral part of these financial statements.

12

F/m 2-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Concluded)

August 31, 2024

	Par		Value
FOREIGN CORPORATE BONDS — 11.2% (continued)
Utilities — 0.5%
Algonquin Power & Utilities Corp., 5.37%, 06/15/2026 (b)	$	25,000	$	25,179
Fortis, Inc., 3.06%, 10/04/2026		26,000		25,081
				50,260
TOTAL FOREIGN CORPORATE BONDS (Cost $1,129,237)				1,139,110
TOTAL INVESTMENTS — 98.5% (Cost $9,893,713)			$	9,981,584
Other Assets in Excess of Liabilities — 1.5%				143,876
TOTAL NET ASSETS — 100.0%			$	10,125,460

Percentages are stated as a percent of net assets.

ASA - Advanced Subscription Agreement

CMT - Constant Maturity Treasury Rate

PLC - Public Limited Company

SA - Sociedad Anónima

SOFR - Secured Overnight Financing Rate

^(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2024, the value of these securities total $1,511,341 or 14.9% of the Fund’s net assets.

^(b) Step coupon bond. The rate disclosed is as of August 31, 2024.

The accompanying notes are an integral part of these financial statements.

13

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments

August 31, 2024

	Par		Value
CORPORATE BONDS — 88.0%
Communications — 2.2%
Alphabet, Inc., 0.80%, 08/15/2027	$	60,000	$	55,012
AT&T, Inc., 2.30%, 06/01/2027		58,000		54,859
Comcast Corp., 3.30%, 02/01/2027		57,000		55,694
Cox Communications, Inc., 3.50%, 08/15/2027 (a)		57,000		55,180
Expedia Group, Inc., 4.63%, 08/01/2027		57,000		57,162
Meta Platforms, Inc., 3.50%, 08/15/2027		57,000		56,147
T-Mobile USA, Inc., 3.75%, 04/15/2027		57,000		55,965
Walt Disney Co., 2.20%, 01/13/2028		59,000		55,394
Warnermedia Holdings, Inc., 3.76%, 03/15/2027		59,000		56,525
				501,938
Consumer Discretionary — 8.6%
Amazon.com, Inc., 3.15%, 08/22/2027		55,000		53,660
AutoNation, Inc., 3.80%, 11/15/2027		57,000		55,072
AutoZone, Inc., 3.75%, 06/01/2027		57,000		55,942
BMW US Capital LLC, 4.90%, 04/02/2027 (a)		54,000		54,684
BorgWarner, Inc., 2.65%, 07/01/2027 (b)		58,000		55,258
Cintas Corp. No 2, 3.70%, 04/01/2027		56,000		55,197
Darden Restaurants, Inc., 3.85%, 05/01/2027		57,000		55,912
DR Horton, Inc., 1.40%, 10/15/2027		59,000		53,882
eBay, Inc., 3.60%, 06/05/2027		55,000		53,881
General Motors Financial Co., Inc., 5.00%, 04/09/2027		55,000		55,476
Harley-Davidson Financial Services, Inc., 3.05%, 02/14/2027 (a)		56,000		53,494
Hasbro, Inc., 3.50%, 09/15/2027		57,000		54,852
Home Depot, Inc., 4.88%, 06/25/2027		54,000		55,045
Hyundai Capital America, 5.30%, 03/19/2027 (a)		54,000		54,793
Las Vegas Sands Corp., 5.90%, 06/01/2027		54,000		55,123
Lear Corp., 3.80%, 09/15/2027		55,000		53,520
Leggett & Platt, Inc., 3.50%, 11/15/2027		57,000		54,226
Leland Stanford Junior University, 1.29%, 06/01/2027		58,000		53,832
Lennar Corp., 4.75%, 11/29/2027		55,000		55,489
Lowe’s Cos., Inc., 3.10%, 05/03/2027		59,000		57,052
Marriott International, Inc./MD, 5.00%, 10/15/2027		54,000		54,844
Masco Corp., 3.50%, 11/15/2027		57,000		55,183
Mattel, Inc., 5.88%, 12/15/2027 (a)		54,000		54,578
McDonald’s Corp., 3.50%, 07/01/2027		56,000		54,799
Meritage Homes Corp., 5.13%, 06/06/2027		55,000		55,340

The accompanying notes are an integral part of these financial statements.

14

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 88.0% (continued)
Consumer Discretionary — 8.6% (continued)
Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets Ltd., 6.50%, 06/20/2027 (a)	$	55,200	$	55,712
NIKE, Inc., 2.75%, 03/27/2027		59,000		56,989
O’Reilly Automotive, Inc., 3.60%, 09/01/2027		56,000		54,698
Snap-on, Inc., 3.25%, 03/01/2027		56,000		54,643
Southwest Airlines Co., 5.13%, 06/15/2027		57,000		57,481
Starbucks Corp., 4.85%, 02/08/2027		56,000		56,544
Tapestry, Inc., 4.13%, 07/15/2027		60,000		58,619
Toll Brothers Finance Corp., 4.88%, 03/15/2027		55,000		55,055
Toyota Motor Credit Corp., 3.05%, 03/22/2027		57,000		55,425
VF Corp., 2.80%, 04/23/2027		61,000		57,115
				1,933,415
Consumer Staples — 7.5%
BAT Capital Corp., 3.56%, 08/15/2027		57,000		55,603
Bunge Ltd. Finance Corp., 3.75%, 09/25/2027		55,000		53,897
Campbell Soup Co., 5.20%, 03/19/2027		54,000		55,128
Cargill, Inc., 3.63%, 04/22/2027 (a)		57,000		55,987
Church & Dwight Co., Inc., 3.15%, 08/01/2027		57,000		55,358
Clorox Co., 3.10%, 10/01/2027		56,000		53,863
Coca-Cola Co., 1.45%, 06/01/2027		61,000		56,994
Colgate-Palmolive Co., 3.10%, 08/15/2027		57,000		55,657
Conagra Brands, Inc., 1.38%, 11/01/2027		61,000		55,362
Constellation Brands, Inc., 4.35%, 05/09/2027		55,000		54,796
Costco Wholesale Corp., 1.38%, 06/20/2027		59,000		54,897
Dollar General Corp., 3.88%, 04/15/2027		57,000		55,692
Estee Lauder Cos., Inc., 3.15%, 03/15/2027		55,000		53,500
General Mills, Inc., 3.20%, 02/10/2027		57,000		55,319
Hormel Foods Corp., 4.80%, 03/30/2027		57,000		57,771
J M Smucker Co., 3.38%, 12/15/2027		59,000		57,332
Kellanova, 3.40%, 11/15/2027		57,000		55,311
Keurig Dr Pepper, Inc., 5.10%, 03/15/2027		54,000		54,900
Kimberly-Clark Corp., 1.05%, 09/15/2027		62,000		56,514
Kraft Heinz Foods Co., 3.88%, 05/15/2027		57,000		56,207
Kroger Co., 3.70%, 08/01/2027		56,000		54,873
McCormick & Co., Inc., 3.40%, 08/15/2027		57,000		55,554
Mondelez International, Inc., 2.63%, 03/17/2027		56,000		53,592
PepsiCo, Inc., 3.00%, 10/15/2027		58,000		56,235

The accompanying notes are an integral part of these financial statements.

15

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 88.0% (continued)
Consumer Staples — 7.5% (continued)
Philip Morris International, Inc., 5.13%, 11/17/2027	$	54,000	$	55,205
Procter & Gamble Co., 1.90%, 02/01/2027		58,000		55,130
Smithfield Foods, Inc., 4.25%, 02/01/2027 (a)		58,000		56,811
Sysco Corp., 3.25%, 07/15/2027		59,000		57,070
Tyson Foods, Inc., 3.55%, 06/02/2027		59,000		57,578
Walmart, Inc., 3.95%, 09/09/2027		55,000		55,094
				1,667,230
Energy — 7.9%
Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc., 3.34%, 12/15/2027		57,000		55,292
Boardwalk Pipelines LP, 4.45%, 07/15/2027		58,000		57,700
Cheniere Corpus Christi Holdings LLC, 5.13%, 06/30/2027		54,000		54,543
Chevron Corp., 2.00%, 05/11/2027		58,000		54,940
Continental Resources, Inc./OK, 4.38%, 01/15/2028		56,000		54,941
Coterra Energy, Inc., 3.90%, 05/15/2027		57,000		55,869
DCP Midstream Operating LP, 5.63%, 07/15/2027		55,000		56,428
Devon Energy Corp., 5.25%, 10/15/2027		54,000		54,330
Diamondback Energy, Inc., 5.20%, 04/18/2027		54,000		54,910
Energy Transfer LP, 5.50%, 06/01/2027		54,000		55,062
Eni USA, Inc., 7.30%, 11/15/2027		52,000		56,208
EnLink Midstream LLC, 5.63%, 01/15/2028 (a)		55,000		56,013
Enterprise Products Operating LLC, 3.95%, 02/15/2027		57,000		56,543
EQT Corp., 3.90%, 10/01/2027		57,000		55,695
Exxon Mobil Corp., 3.29%, 03/19/2027		58,000		57,164
Gray Oak Pipeline LLC, 3.45%, 10/15/2027 (a)		56,000		53,707
Hess Corp., 4.30%, 04/01/2027		56,000		55,617
HF Sinclair Corp., 6.38%, 04/15/2027 (a)		55,000		55,425
Marathon Oil Corp., 4.40%, 07/15/2027		55,000		54,794
MPLX LP, 4.13%, 03/01/2027		56,000		55,384
NGPL PipeCo LLC, 4.88%, 08/15/2027 (a)		56,000		55,894
Occidental Petroleum Corp., 5.00%, 08/01/2027		55,000		55,456
ONEOK, Inc., 4.00%, 07/13/2027		59,000		58,244
Phillips 66 Co., 4.95%, 12/01/2027		54,000		54,843
Sabine Pass Liquefaction LLC, 5.00%, 03/15/2027		55,000		55,378
Schlumberger Holdings Corp., 5.00%, 05/29/2027 (a)		54,000		54,788
Targa Resources Corp., 5.20%, 07/01/2027		54,000		54,795
TC PipeLines LP, 3.90%, 05/25/2027		55,000		53,763
Tennessee Gas Pipeline Co. LLC, 7.00%, 03/15/2027		54,000		56,816

The accompanying notes are an integral part of these financial statements.

16

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 88.0% (continued)
Energy — 7.9% (continued)
Texas Eastern Transmission LP, 3.50%, 01/15/2028 (a)	$	57,000	$	54,785
Valero Energy Corp., 2.15%, 09/15/2027		59,000		55,232
Williams Cos., Inc., 3.75%, 06/15/2027		55,000		53,863
				1,774,422
Financials — 25.4%
Air Lease Corp., 5.85%, 12/15/2027		53,000		54,903
Alexandria Real Estate Equities, Inc., 3.95%, 01/15/2028		56,000		54,832
Ally Financial, Inc., 7.10%, 11/15/2027		54,000		57,347
American Equity Investment Life Holding Co., 5.00%, 06/15/2027		55,000		54,929
American Express Credit Corp., 3.30%, 05/03/2027		57,000		55,899
American Tower Corp., 3.55%, 07/15/2027		57,000		55,335
Andrew W Mellon Foundation, 0.95%, 08/01/2027		58,000		53,076
Aon North America, Inc., 5.13%, 03/01/2027		54,000		54,979
Ares Capital Corp., 2.88%, 06/15/2027		59,000		55,363
Athene Holding Ltd., 4.13%, 01/12/2028		56,000		54,899
AvalonBay Communities, Inc., 3.20%, 01/15/2028		57,000		54,777
Aviation Capital Group LLC, 3.50%, 11/01/2027 (a)		57,000		54,635
Bank of America Corp., 3.42% to 12/20/2027 then 3 mo. Term SOFR + 1.30%, 12/20/2028		57,000		54,960
Bank of New York Mellon Corp., 5.80% to 10/25/2027 then SOFR + 1.80%, 10/25/2028		55,000		57,326
Berkshire Hathaway Finance Corp., 2.30%, 03/15/2027		57,000		54,691
BlackRock Funding, Inc., 4.60%, 07/26/2027		55,000		55,789
Blackstone Holdings Finance Co. LLC, 5.90%, 11/03/2027 (a)		53,000		55,070
Blackstone Private Credit Fund, 3.25%, 03/15/2027		59,000		55,871
Blackstone Secured Lending Fund, 2.13%, 02/15/2027		59,000		54,623
Blue Owl Capital Corp. III, 3.13%, 04/13/2027		61,000		57,167
Blue Owl Credit Income Corp., 7.75%, 09/16/2027		54,000		56,852
Boston Properties LP, 6.75%, 12/01/2027		55,000		57,487
Brighthouse Financial, Inc., 3.70%, 06/22/2027		56,000		54,167
Brixmor Operating Partnership LP, 3.90%, 03/15/2027		55,000		53,790
Cantor Fitzgerald LP, 4.50%, 04/14/2027 (a)		55,000		54,210
Capital One Financial Corp., 4.93% to 05/10/2027 then SOFR + 2.06%, 05/10/2028		55,000		55,270
Charles Schwab Corp., 2.45%, 03/03/2027		58,000		55,233
Citigroup, Inc., 4.45%, 09/29/2027		55,000		54,741
CNA Financial Corp., 3.45%, 08/15/2027		57,000		55,423
CNO Global Funding, 5.88%, 06/04/2027 (a)		54,000		55,330
Corebridge Financial, Inc., 3.65%, 04/05/2027		55,000		53,851
Crown Castle, Inc., 5.00%, 01/11/2028		55,000		55,496

The accompanying notes are an integral part of these financial statements.

17

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 88.0% (continued)
Financials — 25.4% (continued)
Digital Realty Trust LP, 3.70%, 08/15/2027	$	57,000	$	55,599
Discover Financial Services, 4.10%, 02/09/2027		58,000		57,000
Eaton Vance Corp., 3.50%, 04/06/2027		55,000		53,775
Empower Finance 2020 LP, 1.36%, 09/17/2027 (a)		60,000		54,464
EPR Properties, 4.50%, 06/01/2027		59,000		57,740
Equinix, Inc., 1.80%, 07/15/2027		59,000		54,834
Equitable Financial Life Global Funding, 1.40%, 08/27/2027 (a)		59,000		53,916
ERP Operating LP, 3.25%, 08/01/2027		57,000		55,376
Essex Portfolio LP, 3.63%, 05/01/2027		55,000		53,672
Extra Space Storage LP, 3.88%, 12/15/2027		56,000		54,781
F&G Annuities & Life, Inc., 7.40%, 01/13/2028		53,000		55,534
Federal Realty OP LP, 3.25%, 07/15/2027		59,000		56,768
Fiserv, Inc., 2.25%, 06/01/2027		59,000		55,673
FS KKR Capital Corp., 3.25%, 07/15/2027		61,000		57,264
GATX Corp., 5.40%, 03/15/2027		56,000		57,042
Global Payments, Inc., 4.95%, 08/15/2027		55,000		55,605
Goldman Sachs BDC, Inc., 6.38%, 03/11/2027		57,000		58,624
Goldman Sachs Group, Inc., 3.62% to 03/15/2027 then SOFR + 1.85%, 03/15/2028		55,000		53,693
Golub Capital BDC, Inc., 2.05%, 02/15/2027		59,000		54,297
Guardian Life Global Funding, 1.25%, 11/19/2027 (a)		62,000		56,186
HAT Holdings I LLC / HAT Holdings II LLC, 8.00%, 06/15/2027 (a)		53,000		55,533
Healthcare Realty Holdings LP, 3.75%, 07/01/2027		56,000		54,466
Healthpeak OP LLC, 1.35%, 02/01/2027		60,000		55,613
Highwoods Realty LP, 3.88%, 03/01/2027		55,000		53,228
Jackson Financial, Inc., 5.17%, 06/08/2027		57,000		57,775
Jefferies Financial Group, Inc., 6.45%, 06/08/2027		56,000		58,608
JPMorgan Chase & Co., 4.85% to 07/25/2027 then SOFR + 1.99%, 07/25/2028		58,000		58,521
Kimco Realty OP LLC, 3.80%, 04/01/2027		57,000		55,853
Lazard Group LLC, 3.63%, 03/01/2027		56,000		54,629
LPL Holdings, Inc., 5.70%, 05/20/2027		54,000		54,973
Main Street Capital Corp., 6.50%, 06/04/2027		54,000		55,190
Markel Group, Inc., 3.50%, 11/01/2027		59,000		57,191
Mastercard, Inc., 3.30%, 03/26/2027		57,000		55,875
Mercury General Corp., 4.40%, 03/15/2027		58,000		56,994
Mid-America Apartments LP, 3.60%, 06/01/2027		55,000		53,785
Morgan Stanley Direct Lending Fund, 4.50%, 02/11/2027		57,000		56,148
Mutual of Omaha Cos. Global Funding, 5.35%, 04/09/2027 (a)		54,000		55,026
New York Life Global Funding, 4.85%, 01/09/2028 (a)		55,000		55,810

The accompanying notes are an integral part of these financial statements.

18

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 88.0% (continued)
Financials — 25.4% (continued)
NNN REIT, Inc., 3.50%, 10/15/2027	$	59,000	$	57,245
Northern Trust Corp., 4.00%, 05/10/2027		55,000		54,775
Northwestern Mutual Global Funding, 5.07%, 03/25/2027 (a)		55,000		56,187
Omega Healthcare Investors, Inc., 4.50%, 04/01/2027		58,000		57,308
Pacific Life Global Funding II, 1.45%, 01/20/2028 (a)		61,000		55,211
PayPal Holdings, Inc., 3.90%, 06/01/2027		56,000		55,545
Penske Truck Leasing Co. Lp / PTL Finance Corp., 4.40%, 07/01/2027 (a)		56,000		55,655
Progressive Corp., 2.50%, 03/15/2027		57,000		54,545
Prologis LP, 2.13%, 04/15/2027		58,000		54,891
Prudential Financial, Inc., 4.50% to 09/15/2027 then 3 mo. LIBOR US + 2.38%, 09/15/2047 (c)		59,000		56,445
Public Storage Operating Co., 3.09%, 09/15/2027		57,000		54,993
Radian Group, Inc., 4.88%, 03/15/2027		55,000		54,770
Realty Income Corp., 3.40%, 01/15/2028		57,000		55,033
Regency Centers LP, 3.60%, 02/01/2027		58,000		56,712
Reliance Standard Life Global Funding II, 4.93%, 09/01/2027 (a)		5,000		5,003
RenaissanceRe Finance, Inc., 3.45%, 07/01/2027		56,000		54,295
Sammons Financial Group, Inc., 4.45%, 05/12/2027 (a)		57,000		55,973
Santander Holdings USA, Inc., 4.40%, 07/13/2027		59,000		58,284
Simon Property Group LP, 3.38%, 12/01/2027		59,000		57,208
State Street Corp., 4.99%, 03/18/2027		54,000		54,861
Synchrony Financial, 3.95%, 12/01/2027		57,000		54,922
Tanger Properties LP, 3.88%, 07/15/2027		56,000		54,392
Truist Financial Corp., 4.87% to 01/26/2028 then SOFR + 1.44%, 01/26/2029		55,000		55,131
UDR, Inc., 3.50%, 01/15/2028		57,000		54,987
US Bancorp, 4.55% to 07/22/2027 then SOFR + 1.66%, 07/22/2028		57,000		57,019
Ventas Realty LP, 3.85%, 04/01/2027		57,000		55,872
VICI Properties LP / VICI Note Co., Inc., 3.75%, 02/15/2027 (a)		56,000		54,297
Visa, Inc., 1.90%, 04/15/2027		58,000		54,971
Voya Financial, Inc., 4.70% to 01/23/2028 then 3 mo. LIBOR US + 2.08%, 01/23/2048 (c)		64,000		56,548
Wells Fargo & Co., 3.53% to 03/24/2027 then SOFR + 1.51%, 03/24/2028		56,000		54,529
Welltower OP LLC, 2.70%, 02/15/2027		59,000		56,757
Weyerhaeuser Co., 6.95%, 10/01/2027		54,000		57,490
Willis North America, Inc., 4.65%, 06/15/2027		58,000		58,095
				5,675,331

The accompanying notes are an integral part of these financial statements.

19

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 88.0% (continued)
Health Care — 7.7%
Abbott Laboratories, 1.15%, 01/30/2028	$	61,000	$	55,466
AbbVie, Inc., 4.80%, 03/15/2027		54,000		54,724
Amgen, Inc., 2.20%, 02/21/2027		58,000		55,027
Astrazeneca Finance LLC, 4.80%, 02/26/2027		54,000		54,738
Baxter International, Inc., 1.92%, 02/01/2027		59,000		55,392
Becton Dickinson & Co., 3.70%, 06/06/2027		57,000		55,855
Bio-Rad Laboratories, Inc., 3.30%, 03/15/2027		59,000		56,992
Bristol-Myers Squibb Co., 4.90%, 02/22/2027		54,000		54,862
Cardinal Health, Inc., 3.41%, 06/15/2027		59,000		57,400
Cencora, Inc., 3.45%, 12/15/2027		59,000		57,190
Centene Corp., 4.25%, 12/15/2027		56,000		54,751
Cigna Group, 3.40%, 03/01/2027		56,000		54,585
CommonSpirit Health, 6.07%, 11/01/2027		55,000		57,551
CVS Health Corp., 1.30%, 08/21/2027		60,000		54,735
Elevance Health, Inc., 3.65%, 12/01/2027		56,000		54,790
Eli Lilly & Co., 4.50%, 02/09/2027		57,000		57,508
Gilead Sciences, Inc., 2.95%, 03/01/2027		55,000		53,257
HCA, Inc., 4.50%, 02/15/2027		56,000		55,784
Humana, Inc., 1.35%, 02/03/2027		60,000		55,581
Illumina, Inc., 5.75%, 12/13/2027		55,000		56,699
Johnson & Johnson, 0.95%, 09/01/2027		60,000		55,016
Kaiser Foundation Hospitals, 3.15%, 05/01/2027		55,000		53,636
Laboratory Corp. of America Holdings, 3.60%, 09/01/2027		55,000		53,529
Merck & Co., Inc., 1.70%, 06/10/2027		59,000		55,288
Novartis Capital Corp., 2.00%, 02/14/2027		58,000		55,155
Solventum Corp., 5.45%, 02/25/2027 (a)		54,000		54,756
SSM Health Care Corp., 3.82%, 06/01/2027		57,000		56,203
Thermo Fisher Scientific, Inc., 4.80%, 11/21/2027		54,000		54,987
UnitedHealth Group, Inc., 2.95%, 10/15/2027		56,000		54,056
Viatris, Inc., 2.30%, 06/22/2027		58,000		54,217
Zoetis, Inc., 3.00%, 09/12/2027		57,000		54,724
				1,714,454
Industrials — 8.7%
3M Co., 2.88%, 10/15/2027		58,000		55,505
AGCO Corp., 5.45%, 03/21/2027		54,000		54,829
Allegion US Holding Co., Inc., 3.55%, 10/01/2027		59,000		57,289
Amphenol Corp., 5.05%, 04/05/2027		54,000		55,014

The accompanying notes are an integral part of these financial statements.

20

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 88.0% (continued)
Industrials — 8.7% (continued)
Boeing Co., 5.04%, 05/01/2027	$	56,000	$	56,074
Burlington Northern Santa Fe LLC, 3.25%, 06/15/2027		55,000		53,680
Carrier Global Corp., 2.49%, 02/15/2027		56,000		53,674
Caterpillar Financial Services Corp., 5.00%, 05/14/2027		54,000		55,116
CSX Corp., 3.25%, 06/01/2027		55,000		53,619
Eaton Corp., 3.10%, 09/15/2027		59,000		57,187
Emerson Electric Co., 1.80%, 10/15/2027		58,000		53,936
General Dynamics Corp., 3.50%, 04/01/2027		57,000		56,027
Hexcel Corp., 4.20%, 02/15/2027		56,000		54,661
Honeywell International, Inc., 1.10%, 03/01/2027		59,000		54,773
Howmet Aerospace, Inc., 5.90%, 02/01/2027		54,000		55,659
Hubbell, Inc., 3.15%, 08/15/2027		59,000		56,743
Huntington Ingalls Industries, Inc., 3.48%, 12/01/2027		57,000		55,028
Ingersoll Rand, Inc., 5.20%, 06/15/2027		54,000		54,947
John Deere Capital Corp., 4.75%, 01/20/2028		54,000		54,856
Keysight Technologies, Inc., 4.60%, 04/06/2027		55,000		54,897
Lennox International, Inc., 1.70%, 08/01/2027		60,000		55,546
Lockheed Martin Corp., 5.10%, 11/15/2027		54,000		55,514
Norfolk Southern Corp., 7.80%, 05/15/2027		53,000		57,517
Northrop Grumman Corp., 3.25%, 01/15/2028		57,000		54,999
Otis Worldwide Corp., 2.29%, 04/05/2027		60,000		56,837
PACCAR Financial Corp., 5.00%, 05/13/2027		54,000		55,209
Parker-Hannifin Corp., 4.25%, 09/15/2027		55,000		54,715
Republic Services, Inc., 3.38%, 11/15/2027		59,000		57,346
RTX Corp., 3.50%, 03/15/2027		56,000		54,795
Ryder System, Inc., 2.85%, 03/01/2027		57,000		54,682
Textron, Inc., 3.65%, 03/15/2027		55,000		53,798
Union Pacific Corp., 2.15%, 02/05/2027		58,000		55,200
United Parcel Service, Inc., 3.05%, 11/15/2027		57,000		54,989
Waste Management, Inc., 4.95%, 07/03/2027		54,000		55,051
Xylem, Inc./NY, 1.95%, 01/30/2028		61,000		56,253
				1,935,965
Information Technology — 0.2%
VeriSign, Inc., 4.75%, 07/15/2027		55,000		54,826

The accompanying notes are an integral part of these financial statements.

21

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 88.0% (continued)
Materials — 5.2%
Air Products and Chemicals, Inc., 1.85%, 05/15/2027	$	58,000	$	54,626
Albemarle Corp., 4.65%, 06/01/2027		58,000		57,845
Bayport Polymers LLC, 4.74%, 04/14/2027 (a)		57,000		56,006
Carlisle Cos., Inc., 3.75%, 12/01/2027		56,000		54,623
Celanese US Holdings LLC, 6.17%, 07/15/2027		55,000		56,753
Ecolab, Inc., 5.25%, 01/15/2028		54,000		55,781
Freeport-McMoRan, Inc., 5.00%, 09/01/2027		54,000		54,076
Georgia-Pacific LLC, 2.10%, 04/30/2027 (a)		57,000		53,834
Glencore Funding LLC, 4.00%, 03/27/2027 (a)		58,000		56,960
International Flavors & Fragrances, Inc., 1.83%, 10/15/2027 (a)		60,000		55,042
Martin Marietta Materials, Inc., 3.50%, 12/15/2027		56,000		54,512
Mosaic Co., 4.05%, 11/15/2027		56,000		55,024
Nucor Corp., 4.30%, 05/23/2027		58,000		57,961
Owens Corning, 5.50%, 06/15/2027		54,000		55,348
Packaging Corp. of America, 3.40%, 12/15/2027		57,000		55,104
RPM International, Inc., 3.75%, 03/15/2027		55,000		53,742
Sherwin-Williams Co., 3.45%, 06/01/2027		59,000		57,520
Sonoco Products Co., 2.25%, 02/01/2027		58,000		54,896
Steel Dynamics, Inc., 1.65%, 10/15/2027		61,000		55,886
Vulcan Materials Co., 3.90%, 04/01/2027		56,000		55,292
WRKCo, Inc., 3.38%, 09/15/2027		59,000		56,977
				1,167,808
Technology — 6.4%
Adobe, Inc., 2.15%, 02/01/2027		58,000		55,336
Apple, Inc., 3.35%, 02/09/2027		56,000		55,138
Applied Materials, Inc., 3.30%, 04/01/2027		55,000		53,763
Arrow Electronics, Inc., 3.88%, 01/12/2028		57,000		55,267
Autodesk, Inc., 3.50%, 06/15/2027		55,000		53,675
Broadcom, Inc., 5.05%, 07/12/2027		55,000		55,842
Cisco Systems, Inc., 4.80%, 02/26/2027		54,000		54,875
Dell International LLC / EMC Corp., 6.10%, 07/15/2027		55,000		57,439
Equifax, Inc., 5.10%, 12/15/2027		54,000		54,937
FactSet Research Systems, Inc., 2.90%, 03/01/2027		56,000		53,733
HP, Inc., 3.00%, 06/17/2027		58,000		55,680
Intel Corp., 3.75%, 08/05/2027		57,000		55,345
Intuit, Inc., 1.35%, 07/15/2027		60,000		55,491
Jabil, Inc., 4.25%, 05/15/2027		59,000		58,343

The accompanying notes are an integral part of these financial statements.

22

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 88.0% (continued)
Technology — 6.4% (continued)
Micron Technology, Inc., 4.19%, 02/15/2027	$	57,000	$	56,432
Microsoft Corp., 3.30%, 02/06/2027		56,000		55,131
Moody’s Corp., 3.25%, 01/15/2028		57,000		55,214
NetApp, Inc., 2.38%, 06/22/2027		58,000		54,821
Oracle Corp., 3.25%, 11/15/2027		57,000		55,076
QUALCOMM, Inc., 3.25%, 05/20/2027		56,000		54,623
Roper Technologies, Inc., 1.40%, 09/15/2027		60,000		54,919
S&P Global, Inc., 2.45%, 03/01/2027		56,000		53,587
Take-Two Interactive Software, Inc., 3.70%, 04/14/2027		57,000		55,892
Texas Instruments, Inc., 4.60%, 02/08/2027		56,000		56,596
VMware LLC, 3.90%, 08/21/2027		57,000		56,020
Workday, Inc., 3.50%, 04/01/2027		55,000		53,795
				1,436,970
Utilities — 8.2%
Alabama Power Co., 3.75%, 09/01/2027		56,000		55,276
Alliant Energy Finance LLC, 5.40%, 06/06/2027 (a)		54,000		55,140
Ameren Corp., 1.95%, 03/15/2027		59,000		55,282
American Electric Power Co., Inc., 5.75%, 11/01/2027		55,000		57,016
American Water Capital Corp., 2.95%, 09/01/2027		56,000		53,926
Arizona Public Service Co., 2.95%, 09/15/2027		57,000		54,413
Atmos Energy Corp., 3.00%, 06/15/2027		56,000		54,140
Boston Gas Co., 3.15%, 08/01/2027 (a)		58,000		55,632
CenterPoint Energy Houston Electric LLC, 3.00%, 02/01/2027		57,000		55,275
CMS Energy Corp., 3.45%, 08/15/2027		57,000		55,627
Consolidated Edison Co. of New York, Inc., 3.13%, 11/15/2027		57,000		54,925
Duke Energy Corp., 3.15%, 08/15/2027		59,000		56,893
Duquesne Light Holdings, Inc., 3.62%, 08/01/2027 (a)		57,000		55,213
Edison International, 5.75%, 06/15/2027		54,000		55,334
Entergy Louisiana LLC, 3.12%, 09/01/2027		59,000		56,905
Evergy Missouri West, Inc., 5.15%, 12/15/2027 (a)		57,000		58,023
Exelon Corp., 2.75%, 03/15/2027		56,000		53,790
FirstEnergy Corp., 3.90%, 07/15/2027		56,000		54,934
ITC Holdings Corp., 4.95%, 09/22/2027 (a)		57,000		57,543
MidAmerican Energy Co., 3.10%, 05/01/2027		59,000		57,326
National Fuel Gas Co., 3.95%, 09/15/2027		55,000		53,614
National Rural Utilities Cooperative Finance Corp., 4.80%, 02/05/2027		56,000		56,682
NextEra Energy Capital Holdings, Inc., 3.55%, 05/01/2027		55,000		53,721

The accompanying notes are an integral part of these financial statements.

23

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 88.0% (continued)
Utilities — 8.2% (continued)
NiSource, Inc., 3.49%, 05/15/2027	$	55,000	$	53,580
NRG Energy, Inc., 2.45%, 12/02/2027 (a)		61,000		56,613
NSTAR Electric Co., 3.20%, 05/15/2027		59,000		57,221
Public Service Enterprise Group, Inc., 5.85%, 11/15/2027		55,000		57,155
Rochester Gas and Electric Corp., 3.10%, 06/01/2027 (a)		59,000		56,740
Sempra, 3.25%, 06/15/2027		58,000		56,088
Southwest Gas Corp., 5.80%, 12/01/2027		56,000		57,842
Virginia Electric and Power Co., 3.50%, 03/15/2027		55,000		53,874
WEC Energy Group, Inc., 1.38%, 10/15/2027		61,000		55,574
Xcel Energy, Inc., 1.75%, 03/15/2027		59,000		55,034
				1,836,351
TOTAL CORPORATE BONDS (Cost $19,430,137)				19,698,710
FOREIGN CORPORATE BONDS — 10.9%
Communications — 0.7%
Rogers Communications, Inc., 3.20%, 03/15/2027		55,000		53,209
TELUS Corp., 2.80%, 02/16/2027		58,000		55,580
Videotron Ltd., 5.13%, 04/15/2027 (a)		54,000		53,915
				162,704
Consumer Discretionary — 0.2%
Honda Motor Co. Ltd., 2.53%, 03/10/2027		56,000		53,669
Consumer Staples — 0.5%
Alimentation Couche-Tard, Inc., 3.55%, 07/26/2027 (a)		59,000		57,231
Heineken NV, 3.50%, 01/29/2028 (a)		57,000		55,544
				112,775
Energy — 1.5%
BP Capital Markets PLC, 3.28%, 09/19/2027		55,000		53,538
Canadian Natural Resources Ltd., 3.85%, 06/01/2027		57,000		55,901
Cenovus Energy, Inc., 4.25%, 04/15/2027		55,000		54,395
Enbridge, Inc., 5.25%, 04/05/2027		54,000		55,015
Equinor ASA, 3.00%, 04/06/2027		55,000		53,315
Transcanada Trust, 5.30% to 03/15/2027 then 3 mo. LIBOR US + 3.21%, 03/15/2077 (c)		57,000		54,548
				326,712

The accompanying notes are an integral part of these financial statements.

24

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

August 31, 2024

	Par		Value
FOREIGN CORPORATE BONDS — 10.9% (continued)
Financials — 3.5%
Aircastle Ltd., 2.85%, 01/26/2028 (a)	$	60,000	$	55,530
Avolon Holdings Funding Ltd., 2.53%, 11/18/2027 (a)		58,000		53,660
AXIS Specialty Finance PLC, 4.00%, 12/06/2027		56,000		54,718
Bank of Montreal, 2.65%, 03/08/2027		56,000		53,789
Bank of Nova Scotia, 5.40%, 06/04/2027		54,000		55,386
Brookfield Finance, Inc., 3.90%, 01/25/2028		56,000		54,705
Canadian Imperial Bank of Commerce, 5.24%, 06/28/2027		54,000		55,172
Commonwealth Bank of Australia, 2.55%, 03/14/2027 (a)		56,000		53,631
Macquarie Bank Ltd., 5.27%, 07/02/2027 (a)		54,000		55,386
Manulife Financial Corp., 2.48%, 05/19/2027		58,000		55,334
ORIX Corp., 5.00%, 09/13/2027		55,000		55,735
Royal Bank of Canada, 6.00%, 11/01/2027		55,000		57,644
Scentre Group Trust 1 / Scentre Group Trust 2, 3.75%, 03/23/2027 (a)		56,000		54,754
Westpac Banking Corp., 5.46%, 11/18/2027		54,000		55,806
				771,250
Health Care — 0.7%
CSL Finance PLC, 3.85%, 04/27/2027 (a)		57,000		56,036
Royalty Pharma PLC, 1.75%, 09/02/2027		60,000		55,355
Smith & Nephew PLC, 5.15%, 03/20/2027		54,000		54,772
				166,163
Industrials — 1.0%
CNH Industrial NV, 3.85%, 11/15/2027		56,000		54,882
Element Fleet Management Corp., 5.64%, 03/13/2027 (a)		54,000		55,094
Transurban Finance Co. Pty Ltd., 3.38%, 03/22/2027 (a)		57,000		55,248
Tyco Electronics Group SA, 3.13%, 08/15/2027		57,000		55,153
				220,377
Materials — 1.5%
ArcelorMittal SA, 6.55%, 11/29/2027		54,000		56,929
Kinross Gold Corp., 4.50%, 07/15/2027		56,000		55,762
LYB International Finance II BV, 3.50%, 03/02/2027		56,000		54,617
Newcastle Coal Infrastructure Group Pty Ltd., 4.40%, 09/29/2027 (a)		56,672		55,160
Nutrien Ltd., 5.20%, 06/21/2027		54,000		55,000
UPM-Kymmene Oyj, 7.45%, 11/26/2027 (a)		54,000		57,542
				335,010

The accompanying notes are an integral part of these financial statements.

25

F/m 3-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Concluded)

August 31, 2024

	Par		Value
FOREIGN CORPORATE BONDS — 10.9% (continued)
Technology — 1.0%
Flex Ltd., 6.00%, 01/15/2028	$	54,000	$	55,722
Nokia Oyj, 4.38%, 06/12/2027		59,000		58,340
NXP BV / NXP Funding LLC / NXP USA, Inc., 4.40%, 06/01/2027 (b)		58,000		57,821
Open Text Corp., 6.90%, 12/01/2027 (a)		55,000		57,749
				229,632
Utilities — 0.3%
APA Infrastructure Ltd., 4.25%, 07/15/2027 (a)		59,000		58,749
TOTAL FOREIGN CORPORATE BONDS (Cost $2,403,302)				2,437,041

	Units
SHORT-TERM INVESTMENTS — 0.5%
Investments Purchased with Proceeds from Securities Lending — 0.5%
Mount Vernon Liquid Assets Portfolio, LLC, 5.42%(d)		99,470	$	99,470
TOTAL SHORT-TERM INVESTMENTS (Cost $99,470)				99,470
TOTAL INVESTMENTS — 99.4% (Cost $21,932,909)			$	22,235,221
Other Assets in Excess of Liabilities — 0.6%				142,091
TOTAL NET ASSETS — 100.0%			$	22,377,312

Percentages are stated as a percent of net assets.

ASA - Advanced Subscription Agreement

LIBOR - London Interbank Offered Rate

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

SOFR - Secured Overnight Financing Rate

^(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2024, the value of these securities total $3,111,088 or 13.9% of the Fund’s net assets.

^(b) All or a portion of this security is on loan as of August 31, 2024. The total market value of these securities was $97,363 which represented 0.5% of net assets.

^(c) Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

^(d) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

The accompanying notes are an integral part of these financial statements.

26

F/m 10-Year Investment Grade Corporate Bond ETF

Schedule of Investments

August 31, 2024

	Par		Value
CORPORATE BONDS — 89.2%
Communications — 2.5%
AT&T, Inc., 5.40%, 02/15/2034	$	64,000	$	66,090
Charter Communications Operating LLC / Charter Communications Operating Capital, 6.55%, 06/01/2034		64,000		66,297
Comcast Corp., 5.30%, 06/01/2034		65,000		67,383
T-Mobile USA, Inc., 5.15%, 04/15/2034		66,000		67,191
Verizon Communications, Inc., 4.40%, 11/01/2034		70,000		67,191
Walt Disney Co., 6.20%, 12/15/2034		60,000		67,371
				401,523
Consumer Discretionary — 6.6%
Amazon.com, Inc., 4.80%, 12/05/2034		65,000		66,905
AutoZone, Inc., 5.40%, 07/15/2034		68,000		69,663
BMW US Capital LLC, 5.15%, 04/02/2034 (a)		65,000		66,010
Choice Hotels International, Inc., 5.85%, 08/01/2034		68,000		69,515
Cornell University, 4.84%, 06/15/2034		65,000		66,544
ERAC USA Finance LLC, 5.20%, 10/30/2034 (a)		65,000		66,529
General Motors Financial Co., Inc., 5.95%, 04/04/2034		65,000		67,268
GXO Logistics, Inc., 6.50%, 05/06/2034		63,000		65,443
Hasbro, Inc., 6.05%, 05/14/2034		66,000		68,312
Home Depot, Inc., 4.95%, 06/25/2034		66,000		67,634
Hyatt Hotels Corp., 5.50%, 06/30/2034		68,000		68,957
Las Vegas Sands Corp., 6.20%, 08/15/2034		65,000		66,568
Marriott International, Inc., 5.30%, 05/15/2034		66,000		67,119
McDonald’s Corp., 5.20%, 05/17/2034		65,000		67,790
Starbucks Corp., 5.00%, 02/15/2034		65,000		65,971
Whirlpool Corp., 5.75%, 03/01/2034		65,000		65,822
				1,076,050
Consumer Staples — 4.9%
Anheuser-Busch InBev Worldwide, Inc., 5.00%, 06/15/2034		65,000		66,662
BAT Capital Corp., 6.00%, 02/20/2034		64,000		67,481
Campbell Soup Co., 5.40%, 03/21/2034		64,000		66,098
Coca-Cola Co., 5.00%, 05/13/2034		64,000		66,537
Coca-Cola Consolidated, Inc., 5.45%, 06/01/2034		64,000		66,592
Estee Lauder Cos., Inc., 5.00%, 02/14/2034		65,000		66,192
Keurig Dr Pepper, Inc., 5.30%, 03/15/2034		64,000		65,967
Mars, Inc., 3.60%, 04/01/2034 (a)		73,000		66,281
PepsiCo, Inc., 4.80%, 07/17/2034		68,000		69,312

The accompanying notes are an integral part of these financial statements.

27

F/m 10-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 89.2% (continued)
Consumer Staples — 4.9% (continued)
Philip Morris International, Inc., 5.25%, 02/13/2034	$	65,000	$	66,462
Procter & Gamble Co., 5.80%, 08/15/2034		63,000		70,293
Tyson Foods, Inc., 5.70%, 03/15/2034		64,000		66,585
				804,462
Energy — 8.2%
Boardwalk Pipelines LP, 5.63%, 08/01/2034 (b)		67,000		68,400
BP Capital Markets America, Inc., 5.23%, 11/17/2034		65,000		66,883
Cameron LNG LLC, 3.30%, 01/15/2035 (a)		78,000		66,402
Cheniere Energy Partners LP, 5.75%, 08/15/2034 (a)		64,000		66,262
Cheniere Energy, Inc., 5.65%, 04/15/2034 (a)		64,000		65,859
Coterra Energy, Inc., 5.60%, 03/15/2034		64,000		65,502
Diamondback Energy, Inc., 5.40%, 04/18/2034		65,000		66,159
Energy Transfer LP, 5.60%, 09/01/2034		65,000		66,906
Enterprise Products Operating LLC, 4.85%, 01/31/2034		66,000		66,264
EQT Corp., 5.75%, 02/01/2034		66,000		67,404
Kinder Morgan, Inc., 5.40%, 02/01/2034		66,000		66,981
Marathon Oil Corp., 5.70%, 04/01/2034		63,000		66,472
MPLX LP, 5.50%, 06/01/2034		66,000		67,153
Occidental Petroleum Corp., 5.55%, 10/01/2034		68,000		69,097
Ovintiv, Inc., 6.50%, 08/15/2034		63,000		68,252
Phillips 66, 4.65%, 11/15/2034		69,000		66,772
Plains All American Pipeline LP / PAA Finance Corp., 5.70%, 09/15/2034		65,000		66,480
Targa Resources Corp., 6.50%, 03/30/2034		60,000		65,469
Whistler Pipeline LLC, 5.95%, 09/30/2034 (a)		68,000		69,285
Williams Cos., Inc., 5.15%, 03/15/2034		65,000		65,283
				1,337,285
Financials — 26.7%
Agree LP, 5.63%, 06/15/2034		65,000		67,043
Alexandria Real Estate Equities, Inc., 2.95%, 03/15/2034		79,000		66,787
Ally Financial, Inc., 6.18% to 07/26/2034 then SOFR + 2.29%, 07/26/2035		68,000		69,254
American Express Co., 5.28% to 07/26/2034 then SOFR + 1.42%, 07/26/2035		68,000		69,491
American Homes 4 Rent LP, 5.50%, 02/01/2034		67,000		68,231
American International Group, Inc., 3.88%, 01/15/2035		72,000		66,483
American Tower Corp., 5.45%, 02/15/2034		66,000		68,158
Aon North America, Inc., 5.45%, 03/01/2034		64,000		66,228
Arthur J Gallagher & Co., 5.45%, 07/15/2034		65,000		66,817

The accompanying notes are an integral part of these financial statements.

28

F/m 10-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 89.2% (continued)
Financials — 26.7% (continued)
AvalonBay Communities, Inc., 5.35%, 06/01/2034	$	65,000	$	67,262
Bank of New York Mellon Corp., 5.61% to 07/21/2034 then SOFR + 1.77%, 07/21/2039		68,000		70,482
BlackRock Funding, Inc., 5.00%, 03/14/2034		65,000		67,045
Blue Owl Finance LLC, 6.25%, 04/18/2034 (a)		64,000		66,310
Brixmor Operating Partnership LP, 5.50%, 02/15/2034		67,000		67,766
Brown & Brown, Inc., 5.65%, 06/11/2034		65,000		67,002
Capital One Financial Corp., 5.88% to 07/26/2034 then SOFR + 1.99%, 07/26/2035		68,000		69,751
CBRE Services, Inc., 5.95%, 08/15/2034		64,000		67,622
Chubb INA Holdings LLC, 5.00%, 03/15/2034		65,000		66,607
Cincinnati Financial Corp., 6.13%, 11/01/2034		62,000		66,249
Citizens Financial Group, Inc., 6.65% to 04/25/2034 then SOFR + 2.33%, 04/25/2035		62,000		67,003
CNA Financial Corp., 5.13%, 02/15/2034		68,000		68,507
CNO Financial Group, Inc., 6.45%, 06/15/2034		65,000		67,803
Crown Castle, Inc., 5.80%, 03/01/2034		64,000		67,000
Equinix Europe 2 Financing Corp. LLC, 5.50%, 06/15/2034		65,000		67,272
Essex Portfolio LP, 5.50%, 04/01/2034		65,000		66,717
Extra Space Storage LP, 5.40%, 02/01/2034		67,000		68,204
Fiserv, Inc., 5.45%, 03/15/2034		64,000		65,961
GATX Corp., 6.05%, 03/15/2034		62,000		65,901
Goldman Sachs Group, Inc., 5.33% to 07/23/2034 then SOFR + 1.55%, 07/23/2035 (b)		68,000		69,278
HA Sustainable Infrastructure Capital, Inc., 6.38%, 07/01/2034 (a)		69,000		69,478
Highwoods Realty LP, 7.65%, 02/01/2034		61,000		68,513
Host Hotels & Resorts LP, 5.70%, 07/01/2034		67,000		67,922
Huntington Bancshares, Inc., 5.71% to 02/02/2034 then SOFR + 1.87%, 02/02/2035		66,000		67,648
Jefferies Financial Group, Inc., 6.20%, 04/14/2034		64,000		67,342
JPMorgan Chase & Co., 5.29% to 07/22/2034 then SOFR + 1.46%, 07/22/2035		66,000		67,731
KeyCorp, 6.40% to 03/06/2034 then SOFR + 2.42%, 03/06/2035		62,000		66,432
Kimco Realty OP LLC, 6.40%, 03/01/2034		60,000		66,086
Kite Realty Group LP, 5.50%, 03/01/2034		65,000		65,893
Lincoln National Corp., 5.85%, 03/15/2034		64,000		66,709
LPL Holdings, Inc., 6.00%, 05/20/2034		66,000		67,824
Marsh & McLennan Cos., Inc., 5.15%, 03/15/2034		64,000		66,307
Mastercard, Inc., 4.88%, 05/09/2034		65,000		66,713
MetLife, Inc., 6.38%, 06/15/2034		60,000		67,023
Mid-America Apartments LP, 5.00%, 03/15/2034 (b)		65,000		65,116
Morgan Stanley, 5.32% to 07/19/2034 then SOFR + 1.56%, 07/19/2035		68,000		69,462
Nasdaq, Inc., 5.55%, 02/15/2034		66,000		68,743
NNN REIT, Inc., 5.50%, 06/15/2034		65,000		66,478

The accompanying notes are an integral part of these financial statements.

29

F/m 10-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 89.2% (continued)
Financials — 26.7% (continued)
Nuveen LLC, 5.85%, 04/15/2034 (a)	$	64,000	$	66,995
Old Republic International Corp., 5.75%, 03/28/2034		65,000		67,245
PayPal Holdings, Inc., 5.15%, 06/01/2034		66,000		67,788
Phillips Edison Grocery Center Operating Partnership I LP, 5.75%, 07/15/2034		65,000		66,928
PNC Financial Services Group, Inc., 5.40% to 07/23/2034 then SOFR + 1.60%, 07/23/2035		68,000		69,643
Prologis LP, 5.00%, 03/15/2034		65,000		65,720
Prologis Targeted US Logistics Fund LP, 5.50%, 04/01/2034 (a)		64,000		66,116
Prudential Financial, Inc., 6.50% to 03/15/2034 then 5 yr. CMT Rate + 2.40%, 03/15/2054		66,000		68,257
Realty Income Corp., 5.13%, 02/15/2034		67,000		67,603
Reinsurance Group of America, Inc., 5.75%, 09/15/2034		65,000		67,514
Safehold GL Holdings LLC, 6.10%, 04/01/2034		64,000		66,571
Sammons Financial Group, Inc., 6.88%, 04/15/2034 (a)		63,000		66,614
Santander Holdings USA, Inc., 6.34% to 05/31/2034 then SOFR + 2.14%, 05/31/2035		66,000		68,438
TPG Operating Group II LP, 5.88%, 03/05/2034		64,000		67,282
UDR, Inc., 3.10%, 11/01/2034		80,000		67,057
Ventas Realty LP, 5.63%, 07/01/2034		65,000		67,308
VICI Properties LP, 5.75%, 04/01/2034		65,000		66,954
WP Carey, Inc., 5.38%, 06/30/2034		67,000		67,490
				4,381,177
Health Care — 9.0%
AbbVie, Inc., 5.05%, 03/15/2034		64,000		65,950
Adventist Health System/West, 5.76%, 12/01/2034		65,000		66,598
Astrazeneca Finance LLC, 5.00%, 02/26/2034		65,000		66,936
Bayer US Finance II LLC, 4.20%, 07/15/2034 (a)		76,000		68,226
Becton Dickinson & Co., 5.11%, 02/08/2034		65,000		66,005
Bristol-Myers Squibb Co., 5.20%, 02/22/2034		64,000		66,384
Cardinal Health, Inc., 5.45%, 02/15/2034		66,000		68,212
Cencora, Inc., 5.13%, 02/15/2034		65,000		66,112
Cigna Group, 5.25%, 02/15/2034		66,000		67,408
CommonSpirit Health, 5.32%, 12/01/2034		66,000		67,498
CVS Health Corp., 5.70%, 06/01/2034 (b)		65,000		66,592
Elevance Health, Inc., 5.38%, 06/15/2034		65,000		67,357
Eli Lilly & Co., 4.70%, 02/09/2034		65,000		65,827
GlaxoSmithKline Capital, Inc., 5.38%, 04/15/2034		62,000		65,994
HCA, Inc., 5.60%, 04/01/2034		64,000		65,769
Health Care Service Corp. A Mutual Legal Reserve Co., 5.45%, 06/15/2034 (a)		65,000		66,653
Humana, Inc., 5.95%, 03/15/2034		62,000		65,557

The accompanying notes are an integral part of these financial statements.

30

F/m 10-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 89.2% (continued)
Health Care — 9.0% (continued)
Johnson & Johnson, 4.95%, 06/01/2034	$	64,000	$	66,944
Solventum Corp., 5.60%, 03/23/2034 (a)		65,000		66,266
Thermo Fisher Scientific, Inc., 5.20%, 01/31/2034		65,000		67,734
UnitedHealth Group, Inc., 5.15%, 07/15/2034		68,000		69,871
Wyeth LLC, 6.50%, 02/01/2034		60,000		67,942
				1,471,835
Industrials — 7.7%
AGCO Corp., 5.80%, 03/21/2034		64,000		65,824
Allegion US Holding Co., Inc., 5.60%, 05/29/2034		65,000		67,396
Amphenol Corp., 5.25%, 04/05/2034		65,000		66,881
Boeing Co., 6.53%, 05/01/2034 (a)		63,000		66,724
Carrier Global Corp., 5.90%, 03/15/2034		61,000		65,800
Cummins, Inc., 5.15%, 02/20/2034 (b)		64,000		66,381
Ingersoll Rand, Inc., 5.45%, 06/15/2034		64,000		66,562
John Deere Capital Corp., 5.10%, 04/11/2034		65,000		67,172
L3Harris Technologies, Inc., 5.35%, 06/01/2034		65,000		66,666
Lockheed Martin Corp., 4.75%, 02/15/2034		66,000		66,843
Norfolk Southern Corp., 5.55%, 03/15/2034		63,000		66,565
Northrop Grumman Corp., 4.90%, 06/01/2034		66,000		66,625
PACCAR Financial Corp., 5.00%, 03/22/2034		64,000		65,931
Parker-Hannifin Corp., 4.20%, 11/21/2034		71,000		67,829
Republic Services, Inc., 5.00%, 04/01/2034		66,000		67,146
RTX Corp., 6.10%, 03/15/2034		61,000		66,408
United Parcel Service, Inc., 5.15%, 05/22/2034		65,000		67,402
Waste Management, Inc., 4.88%, 02/15/2034		65,000		65,982
Westinghouse Air Brake Technologies Corp., 5.61%, 03/11/2034		64,000		66,650
				1,266,787
Information Technology — 0.4%
Kyndryl Holdings, Inc., 6.35%, 02/20/2034		64,000		67,366
Materials — 4.5%
Air Products and Chemicals, Inc., 4.85%, 02/08/2034 (b)		65,000		65,981
CF Industries, Inc., 5.15%, 03/15/2034		66,000		65,807
Dow Chemical Co., 5.15%, 02/15/2034		67,000		67,720
Eastman Chemical Co., 5.63%, 02/20/2034		64,000		65,884
Freeport-McMoRan, Inc., 5.40%, 11/14/2034		66,000		67,283

The accompanying notes are an integral part of these financial statements.

31

F/m 10-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 89.2% (continued)
Materials — 4.5% (continued)
Glencore Funding LLC, 5.63%, 04/04/2034 (a)	$	65,000	$	66,187
Lubrizol Corp., 6.50%, 10/01/2034		57,000		65,716
LYB International Finance III LLC, 5.50%, 03/01/2034		64,000		65,607
Newmont Corp. / Newcrest Finance Pty Ltd., 5.35%, 03/15/2034 (a)		64,000		66,218
Owens Corning, 5.70%, 06/15/2034		64,000		66,796
Steel Dynamics, Inc., 5.38%, 08/15/2034		68,000		68,965
				732,164
Technology — 6.1%
Adobe, Inc., 4.95%, 04/04/2034		65,000		67,166
Analog Devices, Inc., 5.05%, 04/01/2034		65,000		67,055
Arrow Electronics, Inc., 5.88%, 04/10/2034		65,000		66,495
Atlassian Corp., 5.50%, 05/15/2034		65,000		66,590
Broadcom, Inc., 3.47%, 04/15/2034 (a)		76,000		67,155
Cisco Systems, Inc., 5.05%, 02/26/2034		64,000		66,305
Dell International LLC / EMC Corp., 5.40%, 04/15/2034		65,000		66,691
Intel Corp., 5.15%, 02/21/2034		67,000		66,361
KLA Corp., 4.70%, 02/01/2034		66,000		66,373
Motorola Solutions, Inc., 5.40%, 04/15/2034		65,000		67,061
Oracle Corp., 4.30%, 07/08/2034		71,000		67,133
Take-Two Interactive Software, Inc., 5.60%, 06/12/2034		65,000		67,114
TD SYNNEX Corp., 6.10%, 04/12/2034		64,000		66,537
Texas Instruments, Inc., 4.85%, 02/08/2034		66,000		67,957
Verisk Analytics, Inc., 5.25%, 06/05/2034		66,000		67,227
				1,003,220
Utilities — 12.6%
AEP Transmission Co. LLC, 5.15%, 04/01/2034		66,000		67,160
American Water Capital Corp., 5.15%, 03/01/2034		64,000		65,743
Arizona Public Service Co., 5.70%, 08/15/2034		66,000		68,717
Black Hills Corp., 6.00%, 01/15/2035		64,000		66,855
CenterPoint Energy Resources Corp., 5.40%, 07/01/2034		66,000		67,314
Consolidated Edison Co. of New York, Inc., 5.50%, 03/15/2034		63,000		66,283
Dominion Energy, Inc., 7.00% to 06/01/2034 then 5 yr. CMT Rate + 2.51%, 06/01/2054		64,000		68,079
DTE Energy Co., 5.85%, 06/01/2034		63,000		66,355
Duke Energy Corp., 5.45%, 06/15/2034		65,000		66,970
Entergy Louisiana LLC, 5.35%, 03/15/2034		64,000		65,815
Evergy Missouri West, Inc., 5.65%, 06/01/2034 (a)		65,000		67,514

The accompanying notes are an integral part of these financial statements.

32

F/m 10-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 89.2% (continued)
Utilities — 12.6% (continued)
Eversource Energy, 5.95%, 07/15/2034	$	64,000	$	67,347
Exelon Corp., 5.45%, 03/15/2034		65,000		67,121
IPALCO Enterprises, Inc., 5.75%, 04/01/2034		64,000		65,865
ITC Holdings Corp., 5.65%, 05/09/2034 (a)		64,000		66,260
Liberty Utilities Co., 5.87%, 01/31/2034 (a)		65,000		66,855
Monongahela Power Co., 5.85%, 02/15/2034 (a)		65,000		68,603
Narragansett Electric Co., 5.35%, 05/01/2034 (a)		65,000		66,569
NextEra Energy Capital Holdings, Inc., 5.25%, 03/15/2034		64,000		65,074
Niagara Mohawk Power Corp., 4.28%, 10/01/2034 (a)		72,000		66,107
NiSource, Inc., 5.35%, 04/01/2034		65,000		66,351
Pacific Gas and Electric Co., 5.80%, 05/15/2034		64,000		65,869
PacifiCorp, 5.45%, 02/15/2034		66,000		67,436
Public Service Enterprise Group, Inc., 5.45%, 04/01/2034		65,000		66,825
Puget Sound Energy, Inc., 5.33%, 06/15/2034		65,000		67,083
Southern California Edison Co., 5.20%, 06/01/2034		66,000		67,059
Southern Co., 5.70%, 03/15/2034		63,000		66,469
Union Electric Co., 5.20%, 04/01/2034		65,000		66,638
Vistra Operations Co. LLC, 6.00%, 04/15/2034 (a)		64,000		66,884
Wisconsin Power and Light Co., 5.38%, 03/30/2034		64,000		65,996
Xcel Energy, Inc., 5.50%, 03/15/2034		64,000		65,535
				2,068,751
TOTAL CORPORATE BONDS (Cost $14,206,462)				14,610,620
FOREIGN CORPORATE BONDS — 9.4%
Communications — 0.8%
Bell Telephone Co. of Canada or Bell Canada, 5.20%, 02/15/2034		65,000		66,076
Rogers Communications, Inc., 5.30%, 02/15/2034		67,000		67,596
				133,672
Consumer Staples — 0.8%
Alimentation Couche-Tard, Inc., 5.27%, 02/12/2034 (a)		67,000		67,872
JBS USA LUX SA / JBS USA Food Co. / JBS Luxembourg SARL, 6.75%, 03/15/2034 (a)		61,000		66,876
				134,748
Energy — 2.0%
Enbridge, Inc., 5.63%, 04/05/2034		64,000		66,035
Schlumberger Investment SA, 5.00%, 06/01/2034		66,000		67,277
Suncor Energy, Inc., 5.95%, 12/01/2034		63,000		66,693

The accompanying notes are an integral part of these financial statements.

33

F/m 10-Year Investment Grade Corporate Bond ETF

Schedule of Investments (continued)

August 31, 2024

	Par		Value
FOREIGN CORPORATE BONDS — 9.4% (continued)
Energy — 2.0% (continued)
TotalEnergies Capital SA, 5.15%, 04/05/2034	$	65,000	$	67,201
TransCanada PipeLines Ltd., 4.63%, 03/01/2034		68,000		66,079
				333,285
Financials — 1.7%
Arch Capital Group Ltd., 7.35%, 05/01/2034		57,000		66,810
Bank of Nova Scotia, 5.65%, 02/01/2034		64,000		67,450
Brookfield Finance, Inc., 5.68%, 01/15/2035		68,000		70,038
Royal Bank of Canada, 5.15%, 02/01/2034		66,000		67,644
				271,942
Health Care — 1.2%
CSL Finance PLC, 5.11%, 04/03/2034 (a)		65,000		66,365
Royalty Pharma PLC, 5.40%, 09/02/2034		66,000		66,739
Smith & Nephew PLC, 5.40%, 03/20/2034		65,000		66,338
				199,442
Industrials — 1.7%
Canadian National Railway Co., 6.25%, 08/01/2034		61,000		68,595
CIMIC Finance USA Pty Ltd., 7.00%, 03/25/2034 (a)		63,000		66,917
Trane Technologies Financing Ltd., 5.10%, 06/13/2034		65,000		66,765
Waste Connections, Inc., 5.00%, 03/01/2034		65,000		65,989
				268,266
Materials — 0.8%
ArcelorMittal SA, 6.00%, 06/17/2034		65,000		67,333
Nutrien Ltd., 5.40%, 06/21/2034		66,000		67,255
				134,588
Technology — 0.4%
Constellation Software, Inc., 5.46%, 02/16/2034 (a)		64,000		65,952
TOTAL FOREIGN CORPORATE BONDS (Cost $1,496,500)				1,541,895

The accompanying notes are an integral part of these financial statements.

34

F/m 10-Year Investment Grade Corporate Bond ETF

Schedule of Investments (Concluded)

August 31, 2024

	Units		Value
SHORT-TERM INVESTMENTS — 2.4%
Investments Purchased with Proceeds from Securities Lending — 2.4%
Mount Vernon Liquid Assets Portfolio, LLC, 5.42%(c)		395,625	$	395,625
TOTAL SHORT-TERM INVESTMENTS (Cost $395,625)				395,625
TOTAL INVESTMENTS — 101.0% (Cost $16,098,587)			$	16,548,140
Liabilities in Excess of Other Assets — (1.0)%				(153,126	)
TOTAL NET ASSETS — 100.0%			$	16,395,014

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury Rate

PLC - Public Limited Company

SA - Sociedad Anónima

SOFR - Secured Overnight Financing Rate

^(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2024, the value of these securities total $2,072,344 or 12.6% of the Fund’s net assets.

^(b) All or a portion of this security is on loan as of August 31, 2024. The total market value of these securities was $385,686 which represented 2.4% of net assets.

^(c) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

The accompanying notes are an integral part of these financial statements.

35

F/m Corporate Bond ETFs

Statements of Assets and Liabilities

August 31, 2024

	F/m 2-Year Investment Grade Corporate Bond ETF		F/m 3-Year Investment Grade Corporate Bond ETF		F/m 10-Year Investment Grade Corporate Bond ETF
ASSETS
Investments in securities of unaffiliated issuers, at value (cost $9,893,713, $21,833,439, and 15,702,962, respectively)(1)	$	9,981,584	$	22,135,751	$	16,152,515
Investments purchased with proceeds from securities lending collateral (cost $—, $99,470 and $395,625, respectively)		—		99,470		395,625
Cash equivalents		46,962		6,106		3,646
Receivables for:
Interest		98,196		238,286		240,929
Total assets		10,126,742		22,479,613		16,792,715
LIABILITIES
Payables for:
Investments purchased		—		—		—
Advisory fees		1,282		2,831		2,076
Securities lending collateral (see Note 6)		—		99,470		395,625
Total liabilities		1,282		102,301		397,701
Net assets	$	10,125,460	$	22,377,312	$	16,395,014
NET ASSETS CONSIST OF:
Par value	$	200	$	440	$	320
Paid-in capital		10,007,035		22,069,984		16,037,026
Total distributable earnings/(losses)		118,225		306,888		357,668
Net assets	$	10,125,460	$	22,377,312	$	16,395,014
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		200,000		440,000		320,000
Net asset value and redemption price per share	$	50.63	$	50.86	$	51.23

(1) Includes market value of securities on loan of $—, $97,363, and $385,686, respectively.

The accompanying notes are an integral part of these financial statements.

36

F/m Corporate Bond ETFs

Statements of Operations

FOR THE Period ENDED August 31, 2024

	F/m 2-Year Investment Grade Corporate Bond ETF(1)			F/m 3-Year Investment Grade Corporate Bond ETF(1)			F/m 10-Year Investment Grade Corporate Bond ETF(1)
INVESTMENT INCOME
Interest income	$	315,106		$	551,757		$	477,392
Securities lending income, net		139			126			3,237
Total investment income		315,245			551,883			480,629
EXPENSES
Advisory fees (Note 3)		9,200			16,566			13,424
Total expenses		9,200			16,566			13,424
Net investment income/(loss)		306,045			535,317			467,205
NET REALIZED AND UNREALIZED GAIN/ (LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments in unaffiliated issuers		(12,155	)		(74,997	)		(183,923	)
Net realized gain/(loss) from investments in affiliated issuers (See Note 9)		(35	)		2,720			7,440
Net realized gain from redemption in-kind		—			—			(3,330	)
Net change in unrealized appreciation/(depreciation) on investments of unaffiliated issuers		87,870			302,311			449,553
Net realized and unrealized gain/(loss)		75,680			230,034			269,740
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	381,725		$	765,351		$	736,945

(1) Inception date of the Fund was January 10, 2024.

The accompanying notes are an integral part of these financial statements.

37

F/m 2-Year Investment Grade Corporate Bond ETF

Statement of Changes in Net Assets

	FOR THE Period ENDED August 31, 2024(1)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	306,045
Net realized gain/(loss) from investments		(12,190	)
Net change in unrealized appreciation/(depreciation) on investments		87,870
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		381,725
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(263,500	)
Net decrease in net assets from dividends and distributions to shareholders		(263,500	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		10,007,235
Net increase/(decrease) in net assets from capital share transactions		10,007,235
TOTAL INCREASE/(DECREASE) IN NET ASSETS		10,125,460
NET ASSETS:
Beginning of period	$	—
End of period	$	10,125,460
SHARE TRANSACTIONS:
Shares sold		200,000
Shares redeemed		—
Net increase/(decrease) in shares		200,000

(1) Inception date of the Fund was January 10, 2024.

The accompanying notes are an integral part of these financial statements.

38

F/m 3-Year Investment Grade Corporate Bond ETF

Statement of Changes in Net Assets

	FOR THE Period ENDED August 31, 2024(1)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	535,317
Net realized gain/(loss) from investments		(72,277	)
Net change in unrealized appreciation/(depreciation) on investments		302,311
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		765,351
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(458,463	)
Net decrease in net assets from dividends and distributions to shareholders		(458,463	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		22,070,424
Net increase/(decrease) in net assets from capital share transactions		22,070,424
TOTAL INCREASE/(DECREASE) IN NET ASSETS		22,377,312
NET ASSETS:
Beginning of period	$	—
End of period	$	22,377,312
SHARE TRANSACTIONS:
Shares sold		440,000
Shares redeemed		—
Net increase/(decrease) in shares		440,000

(1) Inception date of the Fund was January 10, 2024.

The accompanying notes are an integral part of these financial statements.

39

F/m 10-Year Investment Grade Corporate Bond ETF

Statement of Changes in Net Assets

	FOR THE Period ENDED August 31, 2024(1)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	467,205
Net realized gain/(loss) from investments		(179,813	)
Net change in unrealized appreciation/(depreciation) on investments		449,553
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		736,945
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(396,142	)
Net decrease in net assets from dividends and distributions to shareholders		(396,142	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		18,028,159
Shares redeemed		(1,973,948	)
Net increase/(decrease) in net assets from capital share transactions		16,054,211
TOTAL INCREASE/(DECREASE) IN NET ASSETS		16,395,014
NET ASSETS:
Beginning of period	$	—
End of period	$	16,395,014
SHARE TRANSACTIONS:
Shares sold		360,000
Shares redeemed		(40,000	)
Net increase/(decrease) in shares		320,000

(1) Inception date of the Fund was January 10, 2024.

The accompanying notes are an integral part of these financial statements.

40

F/m 2-Year Investment Grade Corporate Bond 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 August 31,
	2024(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	50.00
Net investment income/(loss)(2)		1.60
Net realized and unrealized gain/(loss) from investments		0.35
Net increase/(decrease) in net assets resulting from operations		1.95
Dividends and distributions to shareholders from:
Net investment income		(1.32	)
Total dividends and distributions to shareholders		(1.32	)
Net asset value, end of period	$	50.63
Market value, end of period	$	50.69
Total investment return/(loss) on net asset value(3)		3.96	%(5)
Total investment return/(loss) on market price(4)		4.09	%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	10,125
Ratio of expenses to average net assets		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		4.99	%(6)
Portfolio turnover rate		110	%(5)

(1) Inception date of the Fund was January 10, 2024.

(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.

41

F/m 3-Year Investment Grade Corporate Bond 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 August 31,
	2024(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	50.00
Net investment income/(loss)(2)		1.55
Net realized and unrealized gain/(loss) from investments		0.62
Net increase/(decrease) in net assets resulting from operations		2.17
Dividends and distributions to shareholders from:
Net investment income		(1.31	)
Total dividends and distributions to shareholders		(1.31	)
Net asset value, end of period	$	50.86
Market value, end of period	$	50.93
Total investment return/(loss) on net asset value(3)		4.41	%(5)
Total investment return/(loss) on market price(4)		4.55	%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	22,377
Ratio of expenses to average net assets		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		4.85	%(6)
Portfolio turnover rate		86	%(5)

(1) Inception date of the Fund was January 10, 2024.

(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.

42

F/m 10-Year Investment Grade Corporate Bond 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 August 31,
	2024(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	50.00
Net investment income/(loss)(2)		1.66
Net realized and unrealized gain/(loss) from investments		0.93
Net increase/(decrease) in net assets resulting from operations		2.59
Dividends and distributions to shareholders from:
Net investment income		(1.36	)
Total dividends and distributions to shareholders		(1.36	)
Net asset value, end of period	$	51.23
Market value, end of period	$	51.42
Total investment return/(loss) on net asset value(3)		5.32	%(5)
Total investment return/(loss) on market price(4)		5.68	%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	16,395
Ratio of expenses to average net assets		0.15	%(6)
Ratio of net investment income/(loss) to average net assets		5.22	%(6)
Portfolio turnover rate		131	%(5)

(1) Inception date of the Fund was January 10, 2024.

(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.

43

F/m Corporate Bond ETFs

Notes to Financial Statements

August 31, 2024

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 an investment company 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 sixty-five separate investment portfolios, including the F/m 2-Year Investment Grade Corporate Bond ETF, the F/m 3-Year Investment Grade Corporate Bond ETF, and the F/m 10-Year Investment Grade Corporate Bond ETF (each a “Fund” and together the “Funds” or “F/m Corporate Bond ETFs”). The F/m 2-Year Investment Grade Corporate Bond ETF, the F/m 3-Year Investment Grade Corporate Bond ETF, and the F/m 10-Year Investment Grade Corporate Bond ETF commenced investment operations on January 10, 2024.

RBB has authorized capital of one hundred billion shares of common stock of which 92.923 billion shares are currently classified into two hundred and thirty-six classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

The investment objective of the F/m 2-Year Investment Grade Corporate Bond ETF, the F/m 3-Year Investment Grade Corporate Bond ETF, and the F/m 10-Year Investment Grade Corporate Bond 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 2-Year Target Maturity Index, the ICE 3-Year Target Maturity Index, and the ICE 10-Year Target Maturity 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 August 31, 2024, and the period covered by these Notes to Financial Statements is the fiscal period since the Funds’ inception from January 10, 2024 through August 31, 2024 (the “current fiscal period”).

PORTFOLIO VALUATION — The Funds value their investments at fair value. 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” or “Directors”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company’s NAV per share.

The Board has adopted a pricing and valuation policy for use by the Funds and their Valuation Designee (as defined below) in calculating the Funds’ NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Funds have designated F/m Investments, LLC d/b/a North Slope Capital, LLC (the “Adviser” or “F/m”) as their “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 each 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.).

44

F/m Corporate Bond ETFs

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August 31, 2024

● Level 3 – Prices are determined using significant unobservable inputs (including each 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 current fiscal period, in valuing each Fund’s investments carried at fair value:

F/M 2-YEAR INVESTMENT GRADE CORPORATE BOND ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Corporate Bonds	$	8,842,474	$	—	$	8,842,474	$	—
Foreign Corporate Bonds		1,139,110		—		1,139,110		—
Total Investments	$	9,981,584	$	—	$	9,981,584	$	—

F/M 3-YEAR INVESTMENT GRADE CORPORATE BOND ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Corporate Bonds	$	19,698,710	$	—	$	19,698,710	$	—
Foreign Corporate Bonds		2,437,041		—		2,437,041		—
Investments Purchased with Proceeds from Securities Lending*		99,470		—		—		—
Total Investments	$	22,235,221	$	—	$	22,135,751	$	—

F/M 10-YEAR INVESTMENT GRADE CORPORATE BOND ETF	TOTAL		LEVEL 1		LEVEL 2		LEVEL 3
Corporate Bonds	$	14,610,620	$	—	$	14,610,620	$	—
Foreign Corporate Bonds		1,541,895		—		1,541,895		—
Investments Purchased with Proceeds from Securities Lending*		395,625		—		—		—
Total Investments	$	16,548,140	$	—	$	16,152,515	$	—

* 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 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 each 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.

45

F/m Corporate Bond ETFs

Notes to Financial Statements (continued)

August 31, 2024

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

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. 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 (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.

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.

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.

46

F/m Corporate Bond ETFs

Notes to Financial Statements (continued)

August 31, 2024

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 each Fund’s 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, 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.

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

47

F/m Corporate Bond ETFs

Notes to Financial Statements (continued)

August 31, 2024

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.

CREDIT RISK - The value of your investment in each Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities, including with respect to the underlying funds. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by each Fund may cause it to default or become unable to pay interest or principal due on the security.

144A SECURITIES RISK- Rule 144A securities are securities that are exempt from registration in compliance with the 1933 Act, and the rules thereunder, and may have legal restrictions on resale. Under Rule 144A under the 1933 Act these privately placed securities may be resold to qualified institutional buyers (“QIBs”), subject to certain conditions. An insufficient number of QIBs interested in purchasing Rule 144A securities at a particular time could adversely affect the marketability of the securities and a Fund might be unable to dispose of the securities promptly or at a reasonable price. Please refer to the Schedule of Investments for further details regarding each Fund’s investments in Rule 144A securities.

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 (the “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. 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, distribution fees and expenses paid by each Fund under any distribution plan adopted, 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.

48

F/m Corporate Bond ETFs

Notes to Financial Statements (continued)

August 31, 2024

During the current fiscal period, investment advisory fees accrued were as follows:

FUND	ADVISORY FEES
F/m 2-Year Investment Grade Corporate Bond ETF	$	9,200
F/m 3-Year Investment Grade Corporate Bond ETF		16,566
F/m 10-Year Investment Grade Corporate Bond ETF		13,424

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 each 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 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 each Fund’s shares pursuant to a Distribution Agreement with RBB.

Under each Fund’s 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 current fiscal 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 of investment securities (excluding in-kind transactions and short-term investments) of the Funds were as follows:

	F/m 2-Year Investment Grade Corporate Bond ETF		F/m 3-Year Investment Grade Corporate Bond ETF		F/m 10-Year Investment Grade Corporate Bond ETF
Purchases of investment securities	$	10,589,786	$	15,580,999	$	19,016,239
Proceeds from sales of investment securities		10,602,647		15,401,977		18,683,589

49

F/m Corporate Bond ETFs

Notes to Financial Statements (continued)

August 31, 2024

During the current fiscal period, aggregate purchases and sales of in-kind transactions (excluding short-term investments) of the Funds were as follows:

	F/m 2-Year Investment Grade Corporate Bond ETF		F/m 3-Year Investment Grade Corporate Bond ETF		F/m 10-Year Investment Grade Corporate Bond ETF
In-kind purchases of investment securities	$	9,819,212	$	21,594,187	$	17,522,491
Proceeds from in-kind sales of investment securities		—		—		1,965,949

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

5. FEDERAL INCOME TAX INFORMATION

Each 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. Each Fund has determined that there was no effect on the financial statements from following this authoritative guidance. In the normal course of business, each 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, 2024, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by each Fund were as follows:

	FEDERAL Tax Cost		Unrealized appreciation		Unrealized (depreciation)			net unrealized appreciation/ depreciation
F/m 2-Year Investment Grade Corporate Bond ETF	$	9,894,086	$	89,749	$	(2,251	)	$	87,498
F/m 3-Year Investment Grade Corporate Bond ETF	$	21,937,864	$	302,485	$	(5,129	)	$	297,356
F/m 10-Year Investment Grade Corporate Bond ETF	$	16,111,177	$	449,800	$	(12,838	)	$	436,962

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.

50

F/m Corporate Bond ETFs

Notes to Financial Statements (continued)

August 31, 2024

As of August 31, 2024, there were permanent differences related to redemptions in-kind between distributable earnings/(loss) and paid-in capital, respectively for the Fund:

	Distributable earnings/(loss)		PAID-IN-CAPITAL
F/m 2-Year Investment Grade Corporate Bond ETF	$	—	$	—
F/m 3-Year Investment Grade Corporate Bond ETF	$	—	$	—
F/m 10-Year Investment Grade Corporate Bond ETF	$	16,865	$	(16,865	)

As of August 31, 2024, 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 carryover			qualified late-year loss
F/m 2-Year Investment Grade Corporate Bond ETF	$	42,545	$	0	$	87,498	$	(11,818	)	$	0
F/m 3-Year Investment Grade Corporate Bond ETF	$	76,854	$	0	$	297,356	$	(67,322	)	$	0
F/m 10-Year Investment Grade Corporate Bond ETF	$	71,063	$	0	$	436,962	$	(150,357	)	$	0

The difference 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.

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2024 was as follows:

	Ordinary income		long-term capital gains
F/m 2-Year Investment Grade Corporate Bond ETF	$	263,500	$	0
F/m 3-Year Investment Grade Corporate Bond ETF	$	458,463	$	0
F/m 10-Year Investment Grade Corporate Bond ETF	$	396,142	$	0

The Fund is permitted to carry forward capital losses for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses. As of August 31, 2024, the F/m 2-Year Investment Grade Corporate Bond ETF, F/m 3-Year Investment Grade Corporate Bond ETF, and F/m 10-Year Investment Grade Corporate Bond ETF had unexpiring short-term losses of $11,818, $67,322, and $150,357, respectfully.

6. SECURITIES LENDING

The Funds may make secured loans of their Fund securities to brokers, dealers and other financial institutions to earn additional income and receive cash collateral equal to at least 102% of the current market value of the loaned domestic securities, and 105% of the current market value of the loaned foreign securities, as marked to market each day that the NAV of the Funds is determined. When the collateral falls below specified amounts, each Fund’s 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 receive compensation in the form of loan fees owed by borrowers and income earned on collateral investments. A portion of the interest

51

F/m Corporate Bond ETFs

Notes to Financial Statements (continued)

August 31, 2024

received on the loan collateral is retained by the Funds and the remainder is rebated to the borrower of the securities. Pursuant to the securities lending agreement between the Trust, on behalf of the Funds, and the Custodian, each Fund pays a fee to the Custodian for administrative and custodial fees, which is calculated daily and paid monthly, in the amount of 20% of the Fund’s net income. The net amount of interest earned, after the interest rebate and the allocation to the Custodian, is shown below. Collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable Net Asset Value of $1.00. The Funds will bear the risk of loss of the invested collateral. Investments purchased with collateral 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 net 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
F/m 2-Year Investment Grade Corporate Bond ETF	$	—	$	—	$	139
F/m 3-Year Investment Grade Corporate Bond ETF		97,363		99,470		126
F/m 10-Year Investment Grade Corporate Bond ETF		385,686		395,625		3,237

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 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
F/m 2-Year Investment Grade Corporate Bond ETF	$	—	$	—	$	—	$	—		$	—	$	—
F/m 3-Year Investment Grade Corporate Bond ETF		97,363		—		97,363		(97,363	)		—		—
F/m 10-Year Investment Grade Corporate Bond ETF		385,686		—		385,686		(385,686	)		—		—

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.

52

F/m Corporate Bond ETFs

Notes to Financial Statements (continued)

August 31, 2024

7. SHARE TRANSACTIONS

Shares of the Funds are listed and traded on the NYSE Arca, 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 Quasar. 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 $500, 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.

8. 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 requirements, such as being part of the same group of investment companies, are met. As defined in Section (2)(a)(3) of the 1940 Act, such affiliated issuers are:

	January 10, 2024*				Additions				Reductions
Issuer Name	Share Balance		Cost		Share Balance		Cost		Share Balance			PROCEEDS
F/m 2-Year Investment Grade Corporate Bond ETF U.S. Treasury 2 Year Note ETF		—	$	—		55,667	$	2,691,959		(55,667	)	$	(2,691,924	)
F/m 3-Year Investment Grade Corporate Bond ETF U.S. Treasury 3 Year Note ETF		—		—		21,783		1,074,011		(21,783	)		(1,076,731	)
F/m 10-Year Investment Grade Corporate Bond ETF U.S. Treasury 10 Year Note ETF		—		—		32,262		1,438,527		(32,262	)		(1,445,967	)

* Inception date of the Funds was January 10, 2024.

53

F/m Corporate Bond ETFs

Notes to Financial Statements (continued)

August 31, 2024

	August 31, 2024
Issuer Name	Dividend Income		Capital Gain Distribution		Net Change in Unrealized Appreciation/ (Depreciation)		Realized Gain/(Loss)			Share Balance		Value		Cost
F/m 2-Year Investment Grade Corporate Bond ETF U.S. Treasury 2 Year Note ETF	$	—	$	—	$	—	$	(35	)	$	—	$	—	$	—
F/m 3-Year Investment Grade Corporate Bond ETF U.S. Treasury 3 Year Note ETF		—		—		—		2,720			—		—		—
F/m 10-Year Investment Grade Corporate Bond ETF U.S. Treasury 10 Year Note ETF		—		—		—		7,440			—		—		—

9. SUBSEQUENT EVENTS

In preparing these financial statements, the Funds have evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

Subsequent to the end of the current fiscal period, the Funds paid the following distributions:

Fund	Record Date	Ex-Date	Pay Date	Distribution Rate Per Share
F/m 2-Year Investment Grade Corporate Bond ETF	9/3/2024	9/3/2024	9/4/2024	$0.21100080
F/m 3-Year Investment Grade Corporate Bond ETF	9/3/2024	9/3/2024	9/4/2024	$0.19416452
F/m 10-Year Investment Grade Corporate Bond ETF	9/3/2024	9/3/2024	9/4/2024	$0.22246050

54

F/m Corporate Bond ETFs

Notes to Financial Statements (Concluded)

August 31, 2024

Fund	Record Date	Ex-Date	Pay Date	Distribution Rate Per Share
F/m 2-Year Investment Grade Corporate Bond ETF	10/1/2024	10/1/2024	10/2/2024	$0.18727575
F/m 3-Year Investment Grade Corporate Bond ETF	10/1/2024	10/1/2024	10/2/2024	$0.18403575
F/m 10-Year Investment Grade Corporate Bond ETF	10/1/2024	10/1/2024	10/2/2024	$0.21168219

55

US CREDIT SERIES

Report of Independent Registered
Public Accounting Firm

To the Shareholders and Board of Directors of
The RBB Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of The RBB Fund, Inc. comprising the funds listed below (the “Funds”) as of August 31, 2024, the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated below in conformity with accounting principles generally accepted in the United States of America.

FUND NAME	STATEMENTS OF OPERATIONS	STATEMENT OF CHANGES IN NET ASSETS	FINANCIAL HIGHLIGHTS
F/m 2-Year Investment Grade Corporate Bond ETF, F/m 3-Year Investment Grade Corporate Bond ETF, and F/m 10- Year Investment Grade Corporate Bond ETF	For the period from January 10, 2024 (commencement of operations) through August 31, 2024

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by F/M Investments, LLC since 2021.

COHEN & COMPANY, LTD.
Cleveland, Ohio
October 29, 2024

56

US CREDIT SERIES

Shareholder Tax Information

(Unaudited)

Certain tax information regarding the Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable period ended August 31, 2024. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ending December 31, 2024. During the fiscal year ended August 31, 2024, the Funds paid ordinary income dividends, and did not pay long-term capital gains dividends to its shareholders.

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Because the Funds’ fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2024. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2025.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Funds, if any. In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting. Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Funds.

57

US CREDIT SERIES

Other Information

(UNAUDITED)

Frequency Distributions of Premiums and Discounts

Information regarding how often shares of the Fund trade on an exchange at price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available, without charge, on the Fund’s website at www.fminvest.com/etfs/us-credit-series/.

58

Investment Adviser

F/m Investments, LLC d/b/a North Slope Capital, LLC
3050 K 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

Principal Underwriter

Quasar Distributors, LLC
3 Canal Plaza, Suite 100
Portland, ME 04101

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

Legal Counsel

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

59

Financial Statements
August 31, 2024

F/m Investments
Large Cap Focused Fund
of

The RBB Fund, Inc.

Investor Class Shares (IAFMX)

Institutional Class Shares (IAFLX)

Table of Contents

Schedule of Investments	1
Financial Statements	3
Financial Highlights	6
Notes to Financial Statements	8
Report of Independent Registered Public Accounting Firm	14

F/m Investments Large Cap Focused Fund

Schedule of Investments

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS — 92.1%
Communication Services — 16.3%
Alphabet, Inc. - Class A		17,901	$	2,924,666
Meta Platforms, Inc. - Class A		8,214		4,282,040
Netflix, Inc.(a)		4,911		3,444,330
				10,651,036
Consumer Discretionary — 12.0%
Amazon.com, Inc.(a)		24,805		4,427,693
Burlington Stores, Inc.(a)		6,527		1,750,802
Home Depot, Inc. (The)		4,659		1,716,842
				7,895,337
Consumer Staples — 2.4%
Target Corp.		10,042		1,542,652
Health Care — 2.4%
BioMarin Pharmaceutical, Inc.(a)		17,588		1,604,201
Industrials — 4.4%
L3Harris Technologies, Inc.		7,136		1,688,877
Veralto Corp.		10,391		1,168,260
				2,857,137
Information Technology — 54.6%(c)
Adobe, Inc.(a)		3,703		2,127,040
Advanced Micro Devices, Inc.(a)		18,972		2,818,480
Analog Devices, Inc.		6,870		1,613,351
Apple, Inc.		31,564		7,228,156
Broadcom, Inc.		9,090		1,480,034
First Solar, Inc.(a)		7,911		1,798,724
Keysight Technologies, Inc.(a)		10,009		1,542,587
Microsoft Corp.		11,491		4,793,356
NVIDIA Corp.		55,080		6,574,900
Palo Alto Networks, Inc.(a)		4,197		1,522,336
Salesforce, Inc.		4,836		1,223,024
ServiceNow, Inc.(a)		2,253		1,926,315
Zebra Technologies Corp. - Class A(a)		3,354		1,158,404
				35,806,707
TOTAL COMMON STOCKS (Cost $42,417,405)				60,357,070

The accompanying notes are an integral part of these financial statements.

1

F/m Investments Large Cap Focused Fund

Schedule of Investments (Continued)

AUGUST 31, 2024

	Shares		Value
SHORT-TERM INVESTMENTS — 8.0%
Money Market Funds — 8.0%
First American Treasury Obligations Fund - Class X, 5.18%(b)		5,265,183	$	5,265,183
TOTAL SHORT-TERM INVESTMENTS (Cost $5,265,183)				5,265,183
TOTAL INVESTMENTS — 100.1% (Cost $47,682,588)			$	65,622,253
Liabilities in Excess of Other Assets — (0.1)%				(78,314	)
TOTAL NET ASSETS — 100.0%			$	65,543,939

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

(a) Non-income producing security.

(b) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

(c) As of August 31, 2024, the Fund had a significant portion of its assets invested in this sector. See Note 4 in the Notes to the Financial Statements.

The accompanying notes are an integral part of these financial statements.

2

F/m Investments Large Cap Focused Fund

Statement of Assets and Liabilities

AUGUST 31, 2024

ASSETS
Investments in securities, at value (cost $47,682,588)	$	65,622,253
Receivables for:
Interest		34,230
Prepaid expenses and other assets		6,808
Total assets		65,663,291
LIABILITIES
Payables for:
Advisory fees		39,545
Distribution fees - Investor Class		24,807
Transfer agent fees		32,289
Administration and accounting fees		4,252
Other accrued expenses and liabilities		18,459
Total liabilities		119,352
Net assets	$	65,543,939
Net assets consist of:
Par value	$	3,759
Paid-in capital		49,469,954
Total distributable earnings/(losses)		16,070,226
Net assets	$	65,543,939
Investor Class Shares:
Net assets	$	14,157,011
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		824,546
Net asset value, offering and redemption price per share	$	17.17
Institutional Class Shares:
Net assets	$	51,386,928
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		2,934,821
Net asset value, offering and redemption price per share	$	17.51

The accompanying notes are an integral part of these financial statements.

3

F/m Investments Large Cap Focused Fund

Statements of Operations

	For the period Ended august 31, 2024^			For the Year Ended June 30, 2024
INVESTMENT INCOME
Dividends	$	30,535		$	278,192
Interest income		21,615			88,651
Total investment income		52,150			366,843
EXPENSES
Advisory fees (Note 2)		77,331			416,231
Transfer agent fees		23,602			106,585
Distribution fees - Investor Class		5,972			33,121
Audit and tax fees		3,352			28,023
Administration and accounting fees		1,695			74,852
Printing and shareholder reporting fees		1,471			14,762
Registration fees		445			7,310
Legal fees		—			14,495
Custodian fees		—			14,273
Director fees		—			11,575
Insurance fees		—			5,331
Officer fees		—			4,000
Other fees		2,075			12,416
Total expenses before waivers and/or reimbursements		115,943			742,974
Less: waivers and/or reimbursements (Note 2)		(10,543	)		(174,698	)
Net expenses after waivers and/or reimbursements		105,400			568,276
Net investment income/(loss)		(53,250	)		(201,433	)
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments		3,473,495			596,468
Net change in unrealized appreciation/(depreciation) on investments		(3,428,005	)		12,604,124
Net realized and unrealized gain/(loss)		45,490			13,200,592
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	(7,760	)	$	12,999,159

^{^} The Fund changed its fiscal year end to August 31 during the period. The period is from July 1, 2024 to August 31, 2024.

The accompanying notes are an integral part of these financial statements.

4

F/m Investments Large Cap Focused Fund

Statements of Changes in Net Assets

	For the period Ended august 31, 2024^			For The Year Ended June 30, 2024			For The Year Ended June 30, 2023
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	(53,250	)	$	(201,433	)	$	67,379
Net realized gain/(loss) from investments		3,473,495			596,468			(1,383,722	)
Net change in unrealized appreciation/(depreciation) on investments		(3,428,005	)		12,604,124			15,737,874
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		(7,760	)		12,999,159			14,421,531
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Institutional Class		—			—			(1,103,801	)
Investor Class		—			—			(6,385,005	)
Total distributions to shareholders		—			—			(7,488,806	)
CAPITAL SHARE TRANSACTIONS
INVESTOR CLASS
Proceeds from shares sold		230,302			532,377			2,882,866
Reinvestments of distributions to shareholders		—			—			1,103,801
Shares redeemed		(338,776	)		(2,089,516	)		(2,559,333	)
Total Investor Class		(108,474	)		(1,557,139	)		1,427,334
INSTITUTIONAL CLASS
Proceeds from shares sold		—			1,360,760			279,786
Reinvestments of distributions to shareholders		—			—			6,385,005
Shares redeemed		(479,382	)		(8,027,363	)		(19,639,968	)
Total Institutional Class		(479,382	)		(6,666,603	)		(12,975,177	)
Net increase/(decrease) in net assets from capital share transactions		(587,856	)		(8,223,742	)		(11,547,843	)
TOTAL INCREASE/(DECREASE) IN NET ASSETS		(595,616	)		4,775,417			(4,615,118	)
NET ASSETS:
Beginning of period	$	66,139,555		$	61,364,138		$	65,979,256
End of period	$	65,543,939		$	66,139,555		$	61,364,138
SHARE TRANSACTIONS
INVESTOR CLASS
Shares sold		13,884			36,101			247,255
Shares issued in reinvestment of distributions to shareholders		—			—			107,269
Shares redeemed		(20,961	)		(136,708	)		(212,368	)
Net increase/(decrease) in shares		(7,077	)		(100,607	)		142,156
INSTITUTIONAL CLASS
Shares sold		—			93,308			21,103
Shares issued in reinvestment of distributions to shareholders		—			—			611,005
Shares redeemed		(28,096	)		(579,145	)		(1,588,452	)
Net increase/(decrease) in shares		(28,096	)		(485,837	)		(956,344	)

^{^} The Fund changed its fiscal year end to August 31 during the period. The period is from July 1, 2024 to August 31, 2024.

The accompanying notes are an integral part of these financial statements.

5

F/m Investments Large Cap Focused Fund

Investor Class

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 period Ended august 31,			For the Year Ended June 30,			For the Year Ended June 30,			For the Year Ended June 30,			For the Year Ended June 30,			For the Year Ended June 30,
	2024^			2024(d)			2023			2022			2021			2020
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	17.17		$	13.82		$	12.57		$	19.96		$	15.90		$	13.42
Net investment income/(loss) (a)		(0.03	)		(0.09	)		(0.01	)		(0.08	)		(0.12	)		(0.03	)
Net realized and unrealized gain/ (loss) from investments		0.03			3.44			3.04			(3.07	)		6.59			3.10
Net increase/(decrease) in net assets resulting from operations		—			3.35			3.03			(3.15	)		6.47			3.07
Dividends and distributions to shareholders from:
Net investment income		—			—			—			—			—			(0.05	)
Net realized capital gains		—			—			(1.78	)		(4.24	)		(2.41	)		(0.54	)
Total distributions		—			—			(1.78	)		(4.24	)		(2.41	)		(0.59	)
Net asset value, end of period	$	17.17		$	17.17		$	13.82		$	12.57		$	19.96		$	15.90
Total investments return/(loss) (b)		0.00	%(e)		24.24	%		28.91	%		(21.33	)%		42.64	%		23.56	%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	14,157		$	14,279		$	12,887		$	9,934		$	13,643		$	11,157
Ratio of total expenses to average net assets (c)		1.24	%(f)		1.44	%		1.39	%		1.39	%		1.41	%		1.50	%
Ratio of net expenses to average net assets		1.15	%(f)		1.15	%		1.15	%		1.15	%		1.15	%		1.15	%
Ratio of net investment income/(loss) to average net assets		(0.68	)%(f)		(0.53	)%		(0.11	)%		(0.46	)%		(0.63	)%		(0.24	)%
Portfolio turnover rate		19	%(e)		59	%		113	%		169	%		195	%		139	%

^{^} The amounts shown are for the fiscal period from July 1, 2024 to August 31, 2024.

^(a) Per share net investment income (loss) has been determined on the basis of average number of shares outstanding during the period.

^(b) Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Had the Adviser and/or administrator not reduced/waived its fees, the total returns would have been lower.

^(c) Ratios were determined based on expenses prior to any fee reductions/waivers by the Adviser and/or administrator (Note 2).

^(d) Prior to the close of business on October 27, 2023, the Fund was a series (the “Predecessor Fund”) of the F/m Funds Trust Fund, an open-end management investment company organized as an Ohio business trust. The Predecessor Fund was reorganized into the Fund following the close of business on October 27, 2023 (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 October 30, 2023 included herein is that of the Predecessor Fund (Note 1).

^(e) Not annualized.

^(f) Annualized.

The accompanying notes are an integral part of these financial statements.

6

F/m Investments Large Cap Focused Fund

Institutional Class

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 period Ended august 31,			For the Year Ended June 30,			For the Year Ended June 30,			For the Year Ended June 30,			For the Year Ended June 30,			For the Year Ended June 30,
	2024^			2024(e)			2023			2022			2021			2020
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	17.50		$	14.06		$	12.72		$	20.10		$	15.96		$	13.47
Net investment income/(loss) (a)		—	(b)		(0.03	)		0.02			(0.02	)		(0.05	)		—	(b)
Net realized and unrealized gain/ (loss) from investments		0.01			3.47			3.10			(3.12	)		6.60			3.11
Net increase/(decrease) in net assets resulting from operations		0.01			3.44			3.12			(3.14	)		6.55			3.11
Dividends and distributions to shareholders from:
Net investment income		—			—			—			—			—			(0.08	)
Net realized capital gains		—			—			(1.78	)		(4.24	)		(2.41	)		(0.54	)
Total distributions		—			—			(1.78	)		(4.24	)		(2.41	)		(0.62	)
Net asset value, end of period	$	17.51		$	17.50		$	14.06		$	12.72		$	20.10		$	15.96
Total investments return/(loss) (c)		0.06	%(f)		24.47	%		29.31	%		(21.12	)%		43.00	%		23.84	%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	51,387		$	51,860		$	48,477		$	56,045		$	75,757		$	41,963
Ratio of total expenses to average net assets (d)		0.99	%(g)		1.20	%		1.14	%		1.14	%		1.16	%		1.25	%
Ratio of net expenses to average net assets		0.90	%(g)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%
Ratio of net investment income/(loss) to average net assets		(0.43	)%(g)		(0.28	)%		0.16	%		(0.21	)%		(0.38	)%		0.01	%
Portfolio turnover rate		19	%(f)		59	%		113	%		169	%		195	%		139	%

^{^} The amounts shown are for the fiscal period from July 1, 2024 to August 31, 2024.

^(a) Per share net investment income (loss) has been determined on the basis of average number of shares outstanding during the period.

^(b) Rounds to less than $0.005 per share.

^(c) Total return is a measure of the change in value of an investment in the Fund over the periods covered, which assumes any dividends or capital gains distributions are reinvested in shares of the Fund. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Had the Adviser and/or administrator not reduced/waived its fees, the total returns would have been lower.

^(d) Ratios were determined based on expenses prior to any fee reductions/waivers by the Adviser and/or administrator (Note 2).

^(e) Prior to the close of business on October 27, 2023, the Fund was a series (the “Predecessor Fund”) of the F/m Funds Trust Fund, an open-end management investment company organized as an Ohio business trust. The Predecessor Fund was reorganized into the Fund following the close of business on October 27, 2023 (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 October 30, 2023 included herein is that of the Predecessor Fund. (Note 1).

^(f) Not annualized.

^(g) Annualized.

The accompanying notes are an integral part of these financial statements.

7

F/m Investments Large Cap Focused Fund

Notes to Financial Statements

AUGUST 31, 2024

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 an investment company 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 sixty-five separate investment portfolios, including the F/m Investments Large Cap Focused Fund (the “Fund”). The Fund commenced operations on October 3, 2016 as a separate series (the “Predecessor Fund”) of the F/m Funds Trust, an open end management investment company established as an Ohio business trust. Effective as of the close of business on October 27, 2023, the Predecessor Fund was reorganized into the Fund, as a new series of RBB in a tax-free reorganization (the “Reorganization”), whereby the Fund acquired all the assets and liabilities of the Predecessor Fund in exchange for shares of the Fund which were distributed pro rata by the Predecessor Fund to its shareholders in complete liquidation and termination of the Predecessor Fund. The Agreement and Plan of Reorganization pursuant to which the Reorganization was accomplished was approved by shareholders of the Predecessor Fund on June 29, 2023. Unless otherwise indicated, references to the “Fund” in these Notes to Financial Statements refer to the Predecessor Fund and Fund. The Fund currently offers two classes of shares: Investor Class shares (sold without any sales loads, but subject to a distribution and/or shareholder servicing fee of up to 0.25% of the average daily net assets attributable to Investor Class shares and requiring a $1,000 initial investment) and Institutional Class shares (sold without any sales loads and distribution and/or shareholder servicing fees and requiring a $100,000 initial investment). Each share class represents an ownership interest of the respective class in the same investment portfolio.

The investment objective of the Fund is long-term growth of capital.

RBB has authorized capital of one hundred billion shares of common stock of which 92.923 billion shares are currently classified into two hundred and thirty-six classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

As a tax-free reorganization, any unrealized appreciation or depreciation on the securities held by the Fund on the date of Reorganization was treated as a non-taxable event, thus the cost basis of the securities held reflects their historical cost basis as of the date of Reorganization. As a result of the Reorganization, the Fund is the accounting successor. The Reorganization was accomplished by a tax-free exchange of the Fund’s shares and value of net assets for the same shares and value of the Predecessor Fund’s shares. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, the cost basis of the investments received from the Fund was carried forward to align ongoing reporting of the Fund’s realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Immediately prior to the Reorganization, the net assets, fair value of investments, net unrealized appreciation and fund shares outstanding of the Predecessor Fund were as follows:

Net Assets	Fair Value of Investments		Net Unrealized Appreciation		Fund Shares Outstanding
$ 50,119,303	$	50,294,970	$	1,790,168		4,024,353

The Fund changed its fiscal year end to August 31 to reflect the fiscal year end of the other series of the Company. The end of the reporting period for the Fund is August 31, 2024, and the period covered by these Notes to Financial Statements is the fiscal period from July 1, 2024 through August 31, 2024 (the “current fiscal period”).

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

Portfolio valuation – The Fund values its portfolio securities at fair value as of the close of regular trading on the New York Stock Exchange (the “NYSE”) (normally 4:00 p.m. Eastern time) on each business day the NYSE is open for business. The Fund values its listed securities, including common stocks, on the basis of a security’s last sale price on the security’s primary exchange, if available, otherwise at the exchange’s most recently quoted bid price. NASDAQ-listed securities are valued at the NASDAQ official closing price. Investments in registered investment companies, including money market funds, are reported

8

F/m Investments Large Cap Focused Fund

Notes to Financial Statements (continued)

AUGUST 31, 2024

at their respective NAV as reported by those companies. When using a quoted price and when the market for the security is considered active, the security will be classified as Level 1 within the fair value hierarchy (see below). In the event that market quotations are not readily available or are considered unreliable due to market or other events, the Fund values its securities and other assets at fair value as determined by F/m Investments, LLC (the “Adviser”) as the Valuation Designee (as defined below), in accordance with procedures established by and under the general supervision of the board of directors of the Company (the “Board” or the “Directors”) pursuant to Rule 2a-5 under the Investment Company Act of 1940, as amended, (the “1940 Act”). Under these procedures, the securities will be classified as Level 2 or 3 within the fair value hierarchy, depending on the inputs used. Unavailable or unreliable market quotes may be due to the following factors: a substantial bid-ask spread; infrequent sales resulting in stale prices; insufficient trading volume; small trade size; a temporary lapse in any reliable pricing source; and actions of the securities or futures markets, such as the suspension or limitation of trading. As a result, the prices of securities used to calculate the Fund’s net asset value (“NAV”) may differ from quoted or published prices for the same securities.

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.

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	$	60,357,070	$	60,357,070	$	—	$	—
Short-Term Investments		5,265,183		5,265,183		—		—
Total Investments*	$	65,622,253	$	65,622,253	$	—	$	—

* 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 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.

9

F/m Investments Large Cap Focused Fund

Notes to Financial Statements (continued)

AUGUST 31, 2024

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

The Fund 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 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 gains 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 (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 – Distributions to shareholders arising from net investment income and realized capital gains, if any, are declared and paid annually to shareholders. The amount of distributions from net investment income and net realized capital gains are determined in accordance with federal income tax regulations, which may differ from GAAP. Dividends and distributions to shareholders are recorded on the ex-dividend date.

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.

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

2. INVESTMENT ADVISER AND OTHER SERVICES

Effective October 30, 2023, under the terms of an investment advisory agreement between the Company, on behalf of the Fund, and the Adviser (the “Advisory Agreement”), the Adviser serves as the investment adviser to the Fund, and, the Fund pays the Adviser a fee, which is computed and accrued daily and paid monthly, at the annual rate of 0.70% of its average daily net assets.

Under an expense limitation agreement between the Company, on behalf of the Fund, and the Adviser (the “Expense Limitation Agreement”), the Adviser has contractually agreed until October 30, 2025 to reduce its investment advisory fees and to pay other operating expenses to the extent necessary to limit annual ordinary operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest, taxes, and any other items as agreed upon by the parties from time to time) to 1.15% of the average daily net assets allocable to Investor Class shares and 0.90% of Institutional Class shares of the Fund.

10

F/m Investments Large Cap Focused Fund

Notes to Financial Statements (continued)

AUGUST 31, 2024

Advisory fee reductions and expense reimbursements by the Adviser are subject to repayment by the Fund for a period of three years after such fees and expenses were incurred, provided that the repayments do not cause the Fund’s ordinary operating expenses (excluding interest, taxes, acquired fund fees and expenses, brokerage commissions, dividend expenses on short sales, and other expenditures which are capitalized in accordance with generally accepted accounting principles and other extraordinary expenses) to exceed the expense caps that were in effect when the fees and expenses were paid, waived, or absorbed by the Adviser, as well as the expense cap currently in effect.

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

GROSS ADVISORY FEES	WAIVERS AND/OR REIMBURSEMENTS			RECOUPMENTS		NET ADVISORY FEES
$ 77,331	$	(10,543	)	$	—	$	66,788

At the end of the current fiscal period, the Fund had amounts available for recoupment by the Adviser as follows:

EXPIRATION
June 30, 2025		June 30, 2026		June 30, 2027		AUGUST 31, 2027		Total
$	—	$	—	$	126,934	$	10,543	$	137,477

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.

DISTRIBUTION PLAN

The Fund has adopted a plan of distribution (the “Plan”), pursuant to Rule 12b-1 under the 1940 Act which permits Investor Class shares of the Fund to make payments to securities dealers and other financial organizations (including payments directly to the Adviser, Quasar, and Ultimus Fund Distributors, LLC) for expenses related to the distribution and servicing of the Fund’s Investor Class shares. The annual limitation for payment of expenses pursuant to the Plan is 0.25% of the Fund’s average daily net assets allocable to Investor Class shares. The Fund has not adopted a plan of distribution with respect to Institutional Class shares. During the current fiscal period, Investor Class shares of the Fund incurred $5,972 of distribution fees under the Plan.

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 the Company serve as President, Chief Financial Officer, Chief Operating Officer,

11

F/m Investments Large Cap Focused Fund

Notes to Financial Statements (continued)

AUGUST 31, 2024

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.

3. Investment Transactions

During the current fiscal period, cost of purchases and proceeds from sales of investment securities, other than short-term investments, were $11,631,787 and $16,142,991, respectively.

4. Sector Risk

If the Fund has significant investments in the securities of issuers in industries within a particular business sector, any development affecting that sector will have a greater impact on the value of the net assets of the Fund than would be the case if the Fund did not have significant investments in that sector. In addition, this may increase the risk of loss of an investment in the Fund and increase the volatility of the Fund’s NAV per share. From time to time, circumstances may affect a particular sector and the companies within such sector. For instance, economic or market factors, regulation or deregulation, or other developments may negatively impact all companies in a particular sector and therefore the value of the Fund’s portfolio would be adversely affected. As of August 31, 2024, the Fund had 54.6% of its net assets invested in the Information Technology sector.

5. FEDERAL INCOME TAX INFORMATION

The Fund has qualified and intends to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, the Fund intends to distribute its taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal income tax provision is provided in the Fund’s financial statements.

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also the Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

The following information is computed on a tax basis for each item as of August 31, 2024:

Tax cost of portfolio investments	$	47,687,452
Gross unrealized appreciation	$	18,037,954
Gross unrealized depreciation		(103,153	)
Net unrealized appreciation		17,934,801
Other accumulated losses		(1,864,575	)
Total distributable earnings	$	16,070,226

The difference between the federal income tax cost of investments and the financial statement cost of investments is due to certain timing differences in the recognition of capital gains or losses under income tax regulations and GAAP. These “book/tax” differences are temporary in nature and are primarily due to the tax deferral of losses on wash sales.

During the fiscal period ended August 31, 2024 and year ended June 30, 2024, the Fund did not pay any distributions to shareholders.

The tax character of distributions paid to shareholders during the year ended June 30, 2023 was as follows:

Ordinary Income		Long Term Capital Gain		Total Distributions
$	—	$	7,488,806	$	7,488,806

12

F/m Investments Large Cap Focused Fund

Notes to Financial Statements (CONCLUDED)

AUGUST 31, 2024

As of August 31, 2024, the Fund had short-term capital loss carryforwards (“CLCFs”) in the amount of $1,864,575 for income tax purposes. These CLCFs, which do not expire, may be utilized in future years to offset net realized capital gains, if any, prior to distributing such gains to shareholders. As of August 31, 2024, the Fund utilized 3,473,495 of CLCFs that were available as of June 30, 2024.

For the fiscal period ended August 31, 2024, the Fund reclassified $203,294 of distributable earnings against paid-in capital on the Statement of Assets and Liabilities. These reclassifications are primarily due to the disallowance of net operating losses. Such reclassification, the result of permanent differences between the financial statement and income tax reporting requirements, had no effect on the Fund’s net assets or NAV per share.

The Fund recognizes the tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed the Fund’s tax positions taken on Federal income tax returns for all open tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next year. The Fund identifies its major tax jurisdiction as U.S. Federal.

The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense on the Statement of Operations. During the fiscal period ended August 31, 2024, the Fund did not incur any interest or penalties.

6. Non-Diversified Fund

The Fund is a non-diversified fund. A non-diversified fund may or may not have a diversified portfolio of investments at any given time and may have large amounts of assets invested in a very small number of companies, industries or securities. Such lack of diversification substantially increases market risks and the risk of loss associated with an investment in the Fund, because the value of each security will have a greater impact on the Fund’s performance and the value of each shareholder’s investment. When the value of a security in a non-diversified fund falls, it may have a greater impact on the Fund than it would have in a diversified 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 there were no significant events requiring recognition or disclosure in the financial statements.

13

F/m Investments Large Cap Focused Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of
The RBB Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of F/m Investments Large Cap Focused Fund (the “Fund”), a series of The RBB Fund, Inc., as of August 31, 2024, the related statements of operations for the period from July 1, 2024 through August 31, 2024 and for the year ended June 30, 2024, the statements of changes in net assets for the period from July 1, 2024 through August 31, 2024 and each of the two years ended June 30, 2024 and 2023, and the financial highlights for the period from July 1, 2024 through August 31, 2024 and each of the three years ended June 30, 2024, 2023 and 2022, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2024, the results of its operations, the changes in net assets, and the financial highlights for each of the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

The Fund’s financial highlights for the years ended June 30, 2021, and prior, were audited by other auditors whose report dated August 27, 2021, expressed an unqualified opinion on those financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by F/m Investments, LLC since 2021.

COHEN & COMPANY, LTD.
Cleveland, Ohio
October 29, 2024

14

Investment Adviser

F/m Investments, 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

Principal Underwriter

Quasar Distributors, LLC
3 Canal Plaza, Suite 100
Portland, ME 04101

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, OH 44115

Legal Counsel

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

15

Oakhurst Mutual Funds
Financial Statements
August 31, 2024

Oakhurst Fixed Income Fund

Oakhurst Short Duration Bond Fund

Oakhurst Short Duration High Yield Credit Fund

Each a series of The RBB Fund, Inc.

Table of Contents

Schedule of Investments	1
Financial Statements	17
Financial Highlights	22
Notes to Financial Statements	25
Report of Independent Registered Public Accounting Firm	36
Other Information	37

OAKHURST FIXED INCOME FUND

Schedule of Investments

August 31, 2024

	Par		Value
U.S. TREASURY SECURITIES — 30.2%
United States Treasury Note/Bond
5.25%, 11/15/2028		1,635,000	$	1,730,928
5.25%, 02/15/2029		3,000,000		3,195,937
4.13%, 07/31/2031		2,414,000		2,460,017
2.75%, 08/15/2032		2,500,000		2,313,037
4.13%, 11/15/2032		4,330,000		4,412,879
3.50%, 02/15/2033		4,800,000		4,672,219
3.88%, 08/15/2033		5,348,000		5,339,957
4.50%, 11/15/2033		3,337,000		3,491,076
4.00%, 02/15/2034		1,775,000		1,787,619
4.38%, 05/15/2034		1,000,000		1,037,031
3.00%, 05/15/2042		4,699,000		3,961,661
2.50%, 02/15/2045		4,323,000		3,255,253
TOTAL U.S. TREASURY SECURITIES (Cost $38,917,113)				37,657,614
COLLATERALIZED MORTGAGE OBLIGATIONS — 22.6%
ABN Amro Mortgage Corp., Series 2003-12, Class 1A, 5.00%, 12/25/2033		86,214		84,466
Banc of America Mortgage Securities, Inc.
Series 2003-J, Class 2A1, 5.07%, 11/25/2033 (a)		225,523		204,722
Series 2004-A, Class 3A1, 6.37%, 02/25/2034 (a)		12,277		12,366
Bear Stearns Alt-A Trust, Series 2003-6, Class 2A1, 5.81%, 01/25/2034 (a)		144,566		132,283
Countrywide Home Loan Mortgage Pass Through Trust, Series 2003-49, Class A9, 5.72%, 12/19/2033 (a)		31,588		30,091
Credit Suisse Management LLC, Series 2002-AR31, Class 4A2, 6.25%, 11/25/2032 (a)		34,686		34,514
Credit Suisse Mortgage Capital Certificates, Series 2013-IVR1, Class A2, 3.00%, 03/25/2043 (a)(b)		320,061		287,991
Fannie Mae Whole Loan, Series 2004-W3, Class A7, 5.50%, 05/25/2034		335,351		342,243
Federal Home Loan Mortgage Corp.
Series 2569, Class LD, 5.50%, 02/15/2033		26,571		27,534
Series 3622, Class WA, 5.50%, 09/15/2039		133,243		137,490
Series 3793, Class UA, 4.00%, 06/15/2033		26,998		26,324
Series 3827, Class HA, 3.50%, 11/15/2025		20,600		20,380
Series 3940, Class PD, 2.50%, 02/15/2041		75,764		73,572
Series 4077, Class AP, 4.00%, 01/15/2042		28,729		28,352
Series 4183, Class PA, 3.50%, 01/15/2043		19,764		19,549
Series 4566, Class CA, 3.00%, 01/15/2043		3,178		3,170
Series 4753, Class JA, 3.00%, 12/15/2047		939,713		855,884
Series 4760, Class A, 3.00%, 02/15/2048		590,416		558,660
Series 4960, Class PD, 2.00%, 10/25/2049		653,737		550,084
Series 5145, Class AB, 1.50%, 09/25/2049		1,143,257		912,522

The accompanying notes are an integral part of these financial statements.

1

OAKHURST FIXED INCOME FUND

Schedule of Investments (Continued)

August 31, 2024

	Par		Value
COLLATERALIZED MORTGAGE OBLIGATIONS — 22.6% (continued)
Series 5206, Class DV, 3.50%, 06/25/2033		979,229	$	929,417
Series 5227, Class JQ, 4.00%, 04/25/2047		970,883		943,006
Series 5231, Class LV, 4.50%, 05/25/2052		1,032,025		1,010,801
Series 5252, Class BA, 4.00%, 02/25/2050		1,026,795		1,004,213
Federal National Mortgage Association
Series 2005-80, Class BA, 5.00%, 04/25/2029		19,626		20,125
Series 2009-96, Class DB, 4.00%, 11/25/2029		50,251		49,891
Series 2013-13, Class MA, 4.00%, 01/25/2043		211,100		206,958
Series 2014-80, Class KA, 2.00%, 03/25/2044		257,831		201,405
Series 2016-24, Class HA, 3.00%, 04/25/2044		50,416		48,688
Series 2016-49, Class LA, 3.50%, 01/25/2043		88,753		87,544
Series 2016-89, Class CG, 3.00%, 04/25/2046		102,923		95,174
Series 2017-105, Class N, 3.00%, 01/25/2048		1,137,583		1,019,505
Series 2017-22, Class EC, 3.00%, 06/25/2044		91,543		89,423
Series 2018-45, Class AB, 3.00%, 06/25/2048		195,704		175,215
Series 2019-33, Class N, 3.00%, 03/25/2048		241,809		226,919
Series 2022-22, Class EV, 4.00%, 07/25/2033		702,998		681,443
Government National Mortgage Association
Series 2017-84, Class JD, 3.00%, 05/20/2047		33,459		30,119
Series 2018-6, Class JA, 2.75%, 01/20/2048		194,537		180,261
Series 2019-152, Class HA, 3.50%, 08/20/2049		131,345		126,321
Series 2019-61, Class KU, 3.50%, 05/20/2049		463,234		419,355
Series 2019-99, Class JC, 3.00%, 08/20/2049		68,041		62,008
Series 2020-122, Class DP, 2.50%, 07/20/2050		1,104,384		950,126
Series 2020-123, Class PB, 2.25%, 08/20/2050		549,361		451,186
Series 2020-133, Class A, 6.35%, 05/20/2050 (a)		224,698		231,750
Series 2020-133, Class HA, 3.50%, 09/20/2050		266,659		244,008
Series 2020-134, Class NP, 2.50%, 09/20/2050		849,798		711,568
Series 2020-183, Class AY, 2.00%, 11/20/2050		852,671		691,412
Series 2020-5, Class NA, 3.50%, 12/20/2049		196,420		183,192
Series 2020-78, Class CB, 5.00%, 09/20/2034		168,243		166,587
Series 2020-84, Class WA, 3.50%, 06/20/2050		159,940		146,660
Series 2020-95, Class NB, 4.50%, 07/20/2050		21,271		20,302
Series 2022-20, Class KA, 2.50%, 01/20/2052		1,018,160		907,134
Series 2022-24, Class BC, 4.00%, 02/20/2052		639,682		609,873
Series 2022-78, Class LA, 4.50%, 07/20/2050		832,780		827,690
GS Mortgage-Backed Securities Trust, Series 2021-PJ1, Class A4, 2.50%, 06/25/2051 (a)(b)		591,888		488,959
Harborview Mortgage Loan Trust
Series 2003-1, Class A, 5.85%, 05/19/2033 (a)		38,847		34,965

The accompanying notes are an integral part of these financial statements.

2

OAKHURST FIXED INCOME FUND

Schedule of Investments (Continued)

August 31, 2024

	Par		Value
COLLATERALIZED MORTGAGE OBLIGATIONS — 22.6% (continued)
Series 2004-4, Class 2A, 6.02% (1 mo. Term SOFR + 0.67%), 06/19/2034		50,764	$	45,464
Impac CMB Trust, Series 2005-4, Class 2A1, 5.99% (1 mo. Term SOFR + 0.41%), 05/25/2035		175,975		164,923
Impac Funding Corp., Series 2003-3, Class A1, 5.20%, 08/25/2033 (a)		19,889		19,463
Impac Secured Assets CMN Owner Trust, Series 2006-1, Class 2A1, 6.09% (1 mo. Term SOFR + 0.81%), 05/25/2036		80,507		73,182
JP Morgan Mortgage Trust
Series 2003-A1, Class 1A1, 5.17%, 10/25/2033 (a)		47,900		45,651
Series 2004-A1, Class 4A1, 6.50%, 02/25/2034 (a)		18,213		17,991
Series 2004-A3, Class SF3, 6.52%, 06/25/2034 (a)		45,586		43,587
Series 2004-A4, Class 2A2, 6.50%, 09/25/2034 (a)		502,589		466,215
Series 2004-A5, Class 2A1, 6.89%, 12/25/2034 (a)		22,809		23,114
Series 2013-3, Class A3, 3.36%, 07/25/2043 (a)(b)		51,807		47,968
Series 2017-2, Class A3, 3.50%, 05/25/2047 (a)(b)		102,270		92,007
Mastr Adjustable Rate Mortgages Trust, Series 2003-3, Class 2A1, 7.45%, 09/25/2033 (a)		48,049		46,437
MASTR Asset Securitization Trust, Series 2004-1, Class 3A7, 5.25%, 01/25/2034		35,520		34,585
Merrill Lynch Mortgage Investors, Inc.
Series 2004-A3, Class 1A, 5.62%, 05/25/2034 (a)		106,752		96,332
Series 2005-A1, Class 1A, 6.48%, 12/25/2034 (a)		193,306		188,557
MortgageIT Trust, Series 2004-1, Class A2, 6.29% (1 mo. Term SOFR + 1.01%), 11/25/2034		662,278		627,029
Nationstar Mortgage Loan Trust, Series 2013-A, Class A, 3.75%, 12/25/2052 (a)(b)		31,086		29,174
New Residential Mortgage Loan Trust, Series 2017-3A, Class A1, 4.00%, 04/25/2057 (a)(b)		175,454		168,857
RCKT Mortgage Trust, Series 2022-1, Class A5, 2.50%, 01/25/2052 (a)(b)		1,296,084		1,140,920
Rithm Capital Corp., Series 2015-2A, Class A2, 3.75%, 08/25/2055 (a)(b)		155,103		148,152
Sequoia Mortgage Trust
Series 2003-8, Class A1, 6.09% (1 mo. Term SOFR + 0.75%), 01/20/2034		137,920		131,974
Series 2004-6, Class A2, 6.01% (1 mo. Term SOFR + 0.67%), 07/20/2034		65,830		59,379
Series 2013-5, Class A1, 2.50%, 05/25/2043 (a)(b)		151,592		131,885
Series 2013-6, Class A2, 3.00%, 05/25/2043 (a)		177,734		158,910
Series 2018-5, Class A7, 3.50%, 05/25/2048 (a)(b)		706,859		637,257
Series 2019-2, Class A1, 4.00%, 06/25/2049 (a)(b)		510,005		476,295
Series 2019-4, Class A1, 3.50%, 11/25/2049 (a)(b)		508,032		455,177
Series 2020-4, Class A2, 2.50%, 11/25/2050 (a)(b)		528,752		436,217
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-1, Class 4A4, 7.23%, 02/25/2034 (a)		52,388		50,393
Structured Asset Mortgage Investments, Inc.
Series 2003-AR4, Class A1, 6.16% (1 mo. Term SOFR + 0.81%), 01/19/2034		23,375		22,501
Series 2004-AR4, Class 1A1, 6.16% (1 mo. Term SOFR + 0.81%), 12/19/2034		32,461		30,456
Series 2004-AR6, Class A1A, 6.16% (1 mo. Term SOFR + 0.81%), 02/19/2035		903,835		835,132

The accompanying notes are an integral part of these financial statements.

3

OAKHURST FIXED INCOME FUND

Schedule of Investments (Continued)

August 31, 2024

	Par		Value
COLLATERALIZED MORTGAGE OBLIGATIONS — 22.6% (continued)
Structured Asset Securities Corp.
Series 2003-34A, Class 5A4, 6.41%, 11/25/2033 (a)		84,895	$	82,249
Series 2003-9A, Class 2A1, 6.65%, 03/25/2033 (a)		56,710		54,984
Terwin Mortgage Trust, Series 2004-1HE, Class M1, 6.52% (1 mo. Term SOFR + 1.24%), 02/25/2034 (b)		283,949		271,918
WaMu Mortgage Pass Through Certificates
Series 2002-AR2, Class A, 4.49% (Enterprise 11th District COFI Replacement Index + 1.25%), 02/27/2034		74,445		70,864
Series 2003-AR8, Class A, 6.31%, 08/25/2033 (a)		130,693		125,346
Series 2005-AR13, Class A1A3, 6.95% (1 mo. Term SOFR + 1.67%), 10/25/2045		116,835		115,141
Series 2005-AR2, Class 1A1A, 6.05% (1 mo. Term SOFR + 0.77%), 01/25/2045		850,389		831,059
Wells Fargo Alternative Loan Trust, Series 2002-1, Class 1A1, 6.25%, 08/25/2032		171,070		173,651
Wells Fargo Mortgage Backed Securities Trust, Series 2021-RR1, Class A3, 2.50%, 12/25/2050 (a)(b)		988,746		883,649
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $30,396,741)				28,169,445
CORPORATE BONDS — 21.8%
Communications — 1.5%
BellSouth LLC, 6.88%, 10/15/2031		895,000		969,760
Discovery Communications LLC, 5.00%, 09/20/2037		1,025,000		879,447
				1,849,207
Consumer Discretionary — 0.8%
Fortune Brands Innovations, Inc., 5.88%, 06/01/2033		900,000		952,855
Energy — 2.1%
El Paso Natural Gas Co. LLC, 8.38%, 06/15/2032		823,000		972,137
Gray Oak Pipeline LLC, 3.45%, 10/15/2027 (b)		613,000		588,341
Phillips 66 Partners LP
3.55%, 10/01/2026		565,000		539,219
3.75%, 03/01/2028		515,000		483,754
				2,583,451
Financials — 8.2%
American Homes 4 Rent LP, 5.50%, 02/01/2034		970,000		988,949
Antares Holdings LP, 7.95%, 08/11/2028 (b)		800,000		845,628
Aviation Capital Group LLC, 6.38%, 07/15/2030 (b)		900,000		955,755
Bank of America Corp., 5.29% to 04/25/2033 then SOFR + 1.91%, 04/25/2034		905,000		929,621
Blackstone Private Credit Fund, 3.25%, 03/15/2027		1,033,000		978,406
Blue Owl Capital Corp., 2.63%, 01/15/2027		1,054,000		990,642
Bridge Housing Corp., 3.25%, 07/15/2030		1,045,000		919,408
Crown Castle, Inc., 5.10%, 05/01/2033		968,000		969,905

The accompanying notes are an integral part of these financial statements.

4

OAKHURST FIXED INCOME FUND

Schedule of Investments (Continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 21.8% (continued)
Financials — 8.2% (continued)
First Citizens BancShares, Inc./NC, 3.38% to 03/15/2025 then 3 mo. Term SOFR + 2.47%, 03/15/2030		141,000	$	136,534
FS KKR Capital Corp., 6.88%, 08/15/2029		950,000		977,297
Icahn Enterprises LP / Icahn Enterprises Finance Corp., 4.38%, 02/01/2029		750,000		659,039
Jackson Financial, Inc., 3.13%, 11/23/2031		1,100,000		952,863
				10,304,047
Health Care — 2.8%
Bristol-Myers Squibb Co., 5.88%, 11/15/2036		907,000		985,853
CVS Pass-Through Trust, 6.94%, 01/10/2030		293,625		302,544
CVS Pass-Through Trust Series 2009, 8.35%, 07/10/2031 (b)		455,328		500,188
CVS Pass-Through Trust Series 2013, Series 2013, 4.70%, 01/10/2036 (b)		193,278		179,945
CVS Pass-Through Trust Series 2014, 4.16%, 08/11/2036 (b)		623,232		562,908
Quest Diagnostics, Inc., 6.40%, 11/30/2033		880,000		969,745
				3,501,183
Industrials — 0.8%
MasTec, Inc., 5.90%, 06/15/2029		950,000		983,482
Technology — 3.1%
Applied Materials, Inc., 5.85%, 06/15/2041		867,000		956,655
Hewlett Packard Enterprise Co., 6.20%, 10/15/2035		857,000		923,720
Leidos Holdings, Inc., 5.95%, 12/01/2040		945,000		964,429
Ricoh USA, Inc., 6.75%, 12/01/2025		1,000,000		983,522
				3,828,326
Utilities — 2.5%
Berkshire Hathaway Energy Co., 6.50%, 09/15/2037		858,000		961,251
Elwood Energy LLC, 8.16%, 07/05/2026		233,397		219,393
National Rural Utilities Cooperative Finance Corp., 8.00%, 03/01/2032		805,000		961,151
Potomac Electric Power Co., 7.90%, 12/15/2038		780,000		1,014,708
				3,156,503
TOTAL CORPORATE BONDS (Cost $27,214,914)				27,159,054
MORTGAGE-BACKED SECURITIES — 9.0%
Federal Home Loan Mortgage Corp.
Pool C91859, 3.50%, 12/01/2035		191,825		186,665
Pool SB8257, 5.50%, 09/01/2038		916,441		930,334
Pool SD3148, 5.00%, 06/01/2053		1,007,326		1,008,000
Pool SD3386, 5.50%, 07/01/2053		1,423,548		1,437,053

The accompanying notes are an integral part of these financial statements.

5

OAKHURST FIXED INCOME FUND

Schedule of Investments (Continued)

August 31, 2024

	Par		Value
MORTGAGE-BACKED SECURITIES — 9.0% (continued)
Federal National Mortgage Association
Pool CB4024, 4.50%, 07/01/2052		1,270,739	$	1,256,012
Pool FM5329, 2.00%, 01/01/2031		419,863		397,820
Pool FS0862, 2.50%, 12/01/2036		799,008		749,137
Pool FS3430, 4.00%, 11/01/2052		952,683		913,218
Pool FS4239, 5.00%, 03/01/2053		1,269,689		1,263,671
Pool FS4522, 5.00%, 05/01/2053		1,446,571		1,437,802
Pool FS5649, 5.50%, 08/01/2053		384,623		387,666
Pool FS5779, 5.50%, 09/01/2053		1,138,259		1,148,953
Pool MA0584, 4.50%, 10/01/2040		8,812		8,545
Pool MA1201, 3.50%, 10/01/2032		76,432		74,610
TOTAL MORTGAGE-BACKED SECURITIES (Cost $11,043,903)				11,199,486
ASSET-BACKED SECURITIES — 8.6%
Air Canada, Series 2017-1, 3.55%, 01/15/2030 (b)		866,000		804,776
Alaska Airlines, Inc., Series A, 4.80%, 08/15/2027 (b)		1,252,079		1,246,126
American Airlines Group, Inc., Series AA, 3.15%, 02/15/2032		965,982		884,327
Countrywide Asset-Backed Certificates, Series 2004-6, Class 2A3, 6.59% (1 mo. Term SOFR + 1.31%), 11/25/2034		148,892		149,027
DB Master Finance Parent LLC, Series 2021-1A, Class A2II, 2.49%, 11/20/2051 (b)		1,053,218		954,012
Domino’s SPV Guarantor LLC, Series 2021-1A, Class A2I, 2.66%, 04/25/2051 (b)		636,988		582,983
Flagship Credit Auto Trust, Series 2020-4, Class D, 2.18%, 02/16/2027 (b)		735,000		715,617
Impac CMB Trust, Series 2007-A, Class M1, 6.19% (1 mo. Term SOFR + 0.91%), 05/25/2037 (b)		235,937		224,451
Jack in the Box, Inc., Series 2022-1A, Class A2I, 3.45%, 02/26/2052 (b)		845,500		801,787
Long Beach Mortgage Loan Trust, Series 2004-4, Class 1A1, 5.95% (1 mo. Term SOFR + 0.67%), 10/25/2034		696,181		679,117
SBA Depositor LLC
Series 2020-1-2, 2.33%, 01/15/2028 (b)		10,000		9,172
Series 2021-3, 2.59%, 10/15/2031 (b)		1,200,000		1,015,959
United Airlines, Inc., 5.88%, 02/15/2037		960,000		979,425
Verizon Master Trust, Series 2023-6, Class A, 5.35%, 09/22/2031 (b)		750,000		780,078
World Omni Select Auto Trust, Series 2021-A, Class C, 1.09%, 11/15/2027		998,000		960,107
TOTAL ASSET-BACKED SECURITIES (Cost $10,780,792)				10,786,964
U.S. GOVERNMENT AGENCY ISSUES — 2.8%
Federal Farm Credit Banks Funding Corp 1.15% 08/12/2030		2,000,000		1,690,896
Federal Farm Credit Banks Funding Corp 2.40% 03/24/2036		900,000		727,604
Tennessee Valley Authority 4.65%, 06/15/2035		1,100,000		1,139,212
TOTAL U.S. GOVERNMENT AGENCY ISSUES (Cost $3,885,690)				3,557,712

The accompanying notes are an integral part of these financial statements.

6

OAKHURST FIXED INCOME FUND

Schedule of Investments (CONCLUDED)

August 31, 2024

	Par		Value
FOREIGN CORPORATE BONDS — 2.3%
Energy — 0.7%
Enbridge, Inc., 5.70%, 03/08/2033		904,000	$	943,496
Financials — 1.6%
AerCap Ireland Capital DAC / AerCap Global Aviation Trust, 3.30%, 01/30/2032		1,075,000		956,528
Fairfax Financial Holdings Ltd., 5.63%, 08/16/2032		966,000		986,412
				1,942,940
TOTAL FOREIGN CORPORATE BONDS (Cost $2,729,220)				2,886,436
CONVERTIBLE BONDS — 0.8%
Financials — 0.8%
PennyMac Corp., 8.50%, 06/01/2029 (b)		1,000,000		1,002,000
TOTAL CONVERTIBLE BONDS (Cost $997,500)				1,002,000

	Shares
SHORT-TERM INVESTMENTS — 1.5%
Money Market Funds — 1.5%
Invesco Treasury Portfolio - Class Institutional, 5.16% (c)		1,832,788	$	1,832,788
TOTAL SHORT-TERM INVESTMENTS (Cost $1,832,788)				1,832,788
TOTAL INVESTMENTS — 99.6% (Cost $127,798,661)			$	124,251,499
Other Assets in Excess of Liabilities — 0.4%				546,213
TOTAL NET ASSETS — 100.0%			$	124,797,712

Percentages are stated as a percent of net assets.

SOFR - Secured Overnight Financing Rate

^(a) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of August 31, 2024.

^(b) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2024, the value of these securities total $17,466,152 or 14.0% of the Fund’s net assets.

^(c) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

The accompanying notes are an integral part of these financial statements.

7

OAKHURST SHORT DURATION BOND FUND

Schedule of Investments

August 31, 2024

	Par		Value
COLLATERALIZED MORTGAGE OBLIGATIONS — 37.3%
Citigroup Financial Products, Inc., Series 2005-6, Class A1, 7.56% (1 yr. CMT Rate + 2.10%), 09/25/2035		66,991	$	66,795
Credit Suisse Management LLC, Series 2004-6, Class 2A1, 4.75%, 09/25/2024		12,056		2
Federal Home Loan Mortgage Corp.
Series 2580, Class PY, 4.00%, 03/15/2033		8,976		8,729
Series 3597, Class LH, 4.50%, 07/15/2039		88,867		88,237
Series 3664, Class DA, 4.00%, 11/15/2037		243,028		240,261
Series 4312, Class GA, 2.50%, 12/15/2041		38,036		36,891
Series 4768, Class E, 3.50%, 09/15/2042		134,130		132,941
Series 4938, Class BL, 2.25%, 07/25/2049		382,439		334,981
Series 4960, Class PD, 2.00%, 10/25/2049		217,912		183,361
Federal National Mortgage Association
Series 2005-109, Class PC, 6.00%, 12/25/2035		27,110		27,439
Series 2005-80, Class BA, 5.00%, 04/25/2029		68,692		70,436
Series 2008-17, Class PA, 4.50%, 10/25/2037		73,003		72,086
Series 2008-49, Class PA, 5.00%, 04/25/2038		61,083		60,003
Series 2009-94, Class DA, 4.50%, 10/25/2039		136,840		136,410
Series 2010-112, Class CY, 4.00%, 10/25/2025		3,857		3,840
Series 2012-136, Class PD, 2.50%, 11/25/2042		171,892		165,855
Series 2012-41, Class BA, 2.50%, 04/25/2027		152,586		148,831
Series 2013-82, Class BP, 2.75%, 12/25/2042		284,714		268,663
Series 2014-80, Class KA, 2.00%, 03/25/2044		79,948		62,451
Series 2016-72, Class AP, 3.00%, 07/25/2044		74,057		70,718
Series 2018-14, Class PA, 3.50%, 04/25/2047		300,877		289,241
Government National Mortgage Association
Series 2018-131, Class PG, 3.00%, 09/20/2048		81,059		74,295
Series 2019-152, Class HA, 3.50%, 08/20/2049		129,868		124,900
Series 2019-24, Class PE, 3.25%, 02/20/2049		177,805		166,163
Series 2019-65, Class EB, 3.00%, 05/20/2049		153,011		135,818
Series 2020-95, Class NB, 4.50%, 07/20/2050		59,638		56,920
GSR Mortgage Loan Trust
Series 2003-13, Class 1A1, 6.30%, 10/25/2033 (a)		70,564		70,354
Series 2003-7F, Class 1A4, 5.25%, 06/25/2033		143,412		145,170
Series 2004-10F, Class 7A1, 5.50%, 09/25/2034		16,182		15,968
Series 2005-5F, Class 8A2, 5.50% (1 mo. Term SOFR + 0.61%), 06/25/2035		36,419		34,383
Series 2005-AR6, Class 1A1, 6.59%, 09/25/2035 (a)		4,384		4,416
Impac CMB Trust, Series 2005-4, Class 2A1, 5.99% (1 mo. Term SOFR + 0.41%), 05/25/2035		105,374		98,756
JP Morgan Mortgage Trust, Series 2018-8, Class A3, 4.00%, 01/25/2049 (a)(b)		86,088		79,907

The accompanying notes are an integral part of these financial statements.

8

OAKHURST SHORT DURATION BOND FUND

Schedule of Investments (Continued)

August 31, 2024

	Par		Value
COLLATERALIZED MORTGAGE OBLIGATIONS — 37.3% (continued)
Mastr Adjustable Rate Mortgages Trust
Series 2004-13, Class 2A1, 6.49%, 04/21/2034 (a)		78,714	$	76,159
Series 2004-6, Class 4A6, 6.60%, 07/25/2034 (a)		103,980		103,630
MASTR Alternative Loans Trust, Series 2003-1, Class 2A1, 6.50%, 01/25/2033		206,072		210,315
MASTR Asset Securitization Trust, Series 2003-11, Class 7A5, 5.25%, 12/25/2033		173,947		172,446
Mastr Seasoned Securities Trust, Series 2005-1, Class 1A1, 5.73%, 09/25/2032 (a)		291,741		292,475
MortgageIT Trust
Series 2004-2, Class M1, 6.22% (1 mo. Term SOFR + 0.94%), 12/25/2034		369,690		352,120
Series 2005-5, Class A1, 5.91% (1 mo. Term SOFR + 0.63%), 12/25/2035		283,615		276,991
Nationstar Mortgage Loan Trust, Series 2013-A, Class A, 3.75%, 12/25/2052 (a)(b)		202,057		189,631
Structured Adjustable Rate Mortgage Loan Trust, Series 2004-12, Class 3A3, 5.90%, 09/25/2034 (a)		15,164		14,799
Structured Asset Mortgage Investments, Inc., Series 2004-AR6, Class A1A, 6.16% (1 mo. Term SOFR + 0.81%), 02/19/2035		310,924		287,289
Structured Asset Securities Corp., Series 2003-34A, Class 3A4, 5.99%, 11/25/2033 (a)		38,662		38,342
WaMu Mortgage Pass Through Certificates
Series 2002-AR2, Class A, 4.49% (Enterprise 11th District COFI Replacement Index + 1.25%), 02/27/2034		13,536		12,884
Series 2003-AR8, Class A, 6.31%, 08/25/2033 (a)		57,466		55,115
Wells Fargo Mortgage Backed Securities Trust, Series 2004-K, Class 2A6, 7.32%, 07/25/2034 (a)		204,259		208,916
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $6,134,712)				5,766,333
CORPORATE BONDS — 37.0%
Communications — 4.0%
AT&T, Inc., 6.55%, 01/15/2028		210,000		221,868
Discovery Communications LLC, 3.95%, 03/20/2028		205,000		194,383
TFCF America, Inc., 3.70%, 09/15/2024 (c)		200,000		199,814
				616,065
Consumer Discretionary — 4.1%
Macmillan Bloedel Pembroke LP, 7.70%, 02/15/2026		250,000		259,219
Southwest Airlines Co., 3.45%, 11/16/2027		200,000		192,058
United Airlines 2020-1 Class B Pass Through Trust, Series B, 4.88%, 01/15/2026		189,840		187,589
				638,866
Energy — 4.8%
El Paso Natural Gas Co. LLC, 7.50%, 11/15/2026		269,000		284,046
Phillips 66 Partners LP, 3.61%, 02/15/2025		293,000		290,184
Texas Gas Transmission LLC, 7.25%, 07/15/2027		160,000		169,286
				743,516

The accompanying notes are an integral part of these financial statements.

9

OAKHURST SHORT DURATION BOND FUND

Schedule of Investments (Continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 37.0% (continued)
Financials — 12.4%
Ally Financial, Inc., 2.20%, 11/02/2028		215,000	$	192,965
American Tower Corp., 5.50%, 03/15/2028		185,000		190,116
Antares Holdings LP, 8.50%, 05/18/2025 (b)		275,000		277,866
Ares Capital Corp., 7.00%, 01/15/2027		175,000		181,578
Athene Global Funding, 5.52%, 03/25/2027 (b)		100,000		101,995
Aviation Capital Group LLC, 6.25%, 04/15/2028 (b)		185,000		192,376
Blue Owl Capital Corp., 2.88%, 06/11/2028		215,000		196,653
Fidelity & Guaranty Life Holdings, Inc., 5.50%, 05/01/2025 (b)		92,000		91,643
Goldman Sachs BDC, Inc., 3.75%, 02/10/2025		290,000		287,376
Goldman Sachs Group, Inc., 3.85%, 01/26/2027		200,000		197,153
				1,909,721
Health Care — 1.7%
CVS Pass-Through Trust, 6.04%, 12/10/2028		259,390		262,701
Industrials — 2.5%
GE Capital Funding LLC, 4.05%, 05/15/2027		200,000		196,441
Ryder System, Inc., 6.30%, 12/01/2028		185,000		197,256
				393,697
Materials — 1.5%
International Paper Co., 7.20%, 11/01/2026		215,000		225,020
Technology — 3.0%
Leidos, Inc., 3.63%, 05/15/2025		295,000		291,593
Ricoh USA, Inc., 6.75%, 12/01/2025		180,000		177,034
				468,627
Utilities — 3.0%
Elwood Energy LLC, 8.16%, 07/05/2026		203,544		191,331
PacifiCorp, 6.71%, 01/15/2026		270,000		274,196
				465,527
TOTAL CORPORATE BONDS (Cost $5,713,007)				5,723,740
ASSET-BACKED SECURITIES — 12.7%
Accredited Mortgage Loan Trust, Series 2004-3, Class 2A2, 6.59% (1 mo. Term SOFR + 1.31%), 10/25/2034		48,502		47,892
ACE Securities Corp., Series 2003-NC1, Class A2A, 6.23% (1 mo. Term SOFR + 0.95%), 07/25/2033		234,621		216,171
Alaska Airlines, Inc., Series A, 4.80%, 08/15/2027 (b)		153,764		153,033
Argent Securities, Inc. Asset-Backed Pass-Through Certificates, Series 2004-W10, Class A2, 3.56% (1 mo. Term SOFR + 0.89%), 10/25/2034		211,056		204,707

The accompanying notes are an integral part of these financial statements.

10

OAKHURST SHORT DURATION BOND FUND

Schedule of Investments (Continued)

August 31, 2024

	Par		Value
ASSET-BACKED SECURITIES — 12.7% (continued)
CarMax Auto Owner Trust, Series 2021-3, Class A4, 0.74%, 01/15/2027		160,000	$	153,647
Carvana Auto Receivables Trust
Series 2021-N1, Class B, 1.09%, 01/10/2028		176,914		170,239
Series 2021-P2, Class A4, 0.80%, 01/10/2027		289,151		282,115
Countrywide Asset-Backed Certificates, Series 2004-6, Class 2A3, 6.59% (1 mo. Term SOFR + 1.31%), 11/25/2034		152,019		152,157
DB Master Finance Parent LLC, Series 2021-1A, Class A2I, 2.05%, 11/20/2051 (b)		277,163		260,023
OneMain Holdings, Inc., Series 2006-1, Class A5, 5.75%, 12/25/2035 (a)(b)		1,001		1,080
Soundview Home Equity Loan Trust, Series 2003-2, Class A2, 6.69% (1 mo. Term SOFR + 1.41%), 11/25/2033		142,591		145,533
World Omni Select Auto Trust, Series 2021-A, Class C, 1.09%, 11/15/2027		175,000		168,356
TOTAL ASSET-BACKED SECURITIES (Cost $1,979,261)				1,954,953
U.S. TREASURY SECURITIES — 9.2%
United States Treasury Note/Bond
4.88%, 05/31/2026		335,000		339,737
4.63%, 06/30/2026		447,000		451,916
4.50%, 07/15/2026		325,000		328,053
3.75%, 08/15/2027		300,000		299,660
TOTAL U.S. TREASURY SECURITIES (Cost $1,406,995)				1,419,366
MORTGAGE-BACKED SECURITIES — 1.0%
Federal Home Loan Mortgage Corp., Pool J12630, 4.00%, 07/01/2025		31,154		30,946
Federal National Mortgage Association
Pool AL0300, 4.50%, 06/01/2026		30,603		30,602
Pool AL4309, 4.00%, 10/01/2028		91,245		90,353
TOTAL MORTGAGE-BACKED SECURITIES (Cost $154,403)				151,901
CONVERTIBLE BONDS — 1.0%
Financials — 1.0%
PennyMac Corp., 8.50%, 06/01/2029 (b)		150,000		150,300
TOTAL CONVERTIBLE BONDS (Cost $149,625)				150,300

	Units
SHORT-TERM INVESTMENTS — 1.8%
Investments Purchased with Proceeds from Securities Lending — 1.3%
Mount Vernon Liquid Assets Portfolio, LLC 5.42% (d)		197,125	197,125

The accompanying notes are an integral part of these financial statements.

11

OAKHURST SHORT DURATION BOND FUND

Schedule of Investments (CONCLUDED)

August 31, 2024

	Shares		Value
SHORT-TERM INVESTMENTS — (continued)
Money Market Funds — 0.5%
Invesco Treasury Portfolio - Class Institutional, 5.16% (e)		88,619	$	88,619
TOTAL SHORT-TERM INVESTMENTS (Cost $285,744)				285,744
TOTAL INVESTMENTS — 100.0% (Cost $15,823,747)			$	15,452,337
Other Assets in Excess of Liabilities — 0.0% (e)				3,909
TOTAL NET ASSETS — 100.0%			$	15,456,246

Percentages are stated as a percent of net assets.

CMT - Constant Maturity Treasury Rate

SOFR - Secured Overnight Financing Rate

^(a) Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of August 31, 2024.

^(b) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2024, the value of these securities total $1,497,854 or 9.7% of the Fund’s net assets.

^(c) All or a portion of this security is on loan as of August 31, 2024. The total market value of these securities was $193,061 which represented 1.2% of net assets.

^(d) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

^(e) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

12

OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND

Schedule of Investments

August 31, 2024

	Par		Value
CORPORATE BONDS — 76.5%
Communications — 5.8%
Cincinnati Bell Telephone Co. LLC, 6.30%, 12/01/2028		309,000	$	292,836
DIRECTV Holdings LLC / DIRECTV Financing Co., Inc., 3.95%, 01/15/2025		438,000		427,050
McGraw-Hill Education, Inc., 5.75%, 08/01/2028 (a)		200,000		196,236
Newfold Digital Holdings Group, Inc., 11.75%, 10/15/2028 (a)		240,000		238,936
Qwest Corp., 7.25%, 09/15/2025		250,000		249,067
Uber Technologies, Inc., 6.25%, 01/15/2028 (a)		515,000		519,707
Univision Communications, Inc., 6.63%, 06/01/2027 (a)		200,000		198,143
				2,121,975
Consumer Discretionary — 13.4%
Affinity Interactive, 6.88%, 12/15/2027 (a)		300,000		257,408
American Airlines, Inc., 7.25%, 02/15/2028 (a)		200,000		201,460
Avis Budget Car Rental LLC / Avis Budget Finance, Inc., 5.75%, 07/15/2027 (a)		500,000		489,437
Cornerstone Building Brands, Inc., 9.50%, 08/15/2029 (a)		250,000		247,793
Empire Resorts, Inc., 7.75%, 11/01/2026 (a)		250,000		241,388
GEO Group, Inc., 8.63%, 04/15/2029		250,000		259,566
Landsea Homes Corp., 8.88%, 04/01/2029 (a)		300,000		311,708
MGM Resorts International, 5.50%, 04/15/2027		625,000		625,361
PetSmart, Inc. / PetSmart Finance Corp., 4.75%, 02/15/2028 (a)		262,000		250,931
Prime Security Services Borrower LLC / Prime Finance, Inc., 5.75%, 04/15/2026 (a)		520,000		521,403
Staples, Inc., 10.75%, 09/01/2029 (a)		250,000		236,579
United Airlines 2020-1 Class B Pass Through Trust, Series B, 4.88%, 01/15/2026		474,600		468,973
White Cap Parent LLC, 8.25% (includes 9.00% PIK), 03/15/2026 (a)		750,000		752,344
				4,864,351
Consumer Staples — 5.3%
B&G Foods, Inc., 5.25%, 09/15/2027		750,000		710,235
Energizer Holdings, Inc., 6.50%, 12/31/2027 (a)		708,000		719,261
Land O’Lakes Capital Trust I, 7.45%, 03/15/2028 (a)		500,000		489,976
				1,919,472
Energy — 8.7%
CVR Energy, Inc., 8.50%, 01/15/2029 (a)		250,000		254,688
Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/2028 (a)		500,000		517,064
Martin Midstream Partners LP / Martin Midstream Finance Corp., 11.50%, 02/15/2028 (a)		250,000		273,904
New Fortress Energy, Inc., 6.50%, 09/30/2026 (a)		685,000		593,729
Phillips 66 Partners LP
2.45%, 12/15/2024		20,000		19,804
3.61%, 02/15/2025		529,000		523,916
3.55%, 10/01/2026		5,000		4,772
3.75%, 03/01/2028		73,000		68,571

The accompanying notes are an integral part of these financial statements.

13

OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND

Schedule of Investments (Continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 76.5% (continued)
Energy — 8.7% (continued)
SM Energy Co., 6.63%, 01/15/2027		663,000	$	666,364
Summit Midstream Holdings LLC, 8.63%, 10/31/2029 (a)		250,000		259,674
				3,182,486
Financials — 18.4%
Armor Holdco, Inc., 8.50%, 11/15/2029 (a)		260,000		250,257
Brookfield Property REIT, Inc. / BPR Cumulus LLC / BPR Nimbus LLC / GGSI Sellco LL, 5.75%, 05/15/2026 (a)		519,000		518,263
Burford Capital Global Finance LLC, 6.25%, 04/15/2028 (a)		750,000		742,621
First Citizens BancShares, Inc./NC, 3.38% to 03/15/2025 then 3 mo. Term SOFR + 2.47%, 03/15/2030		141,000		136,534
Freedom Mortgage Corp., 12.00%, 10/01/2028 (a)		246,000		268,042
Hightower Holding LLC, 9.13%, 01/31/2030 (a)		250,000		259,051
HUB International Ltd., 5.63%, 12/01/2029 (a)		730,000		716,251
Jefferies Finance LLC / JFIN Co.-Issuer Corp., 5.00%, 08/15/2028 (a)		250,000		237,726
MBIA, Inc., 7.00%, 12/15/2025		675,000		673,785
Midcap Financial Issuer Trust, 6.50%, 05/01/2028 (a)		750,000		720,561
Navient Corp., 5.00%, 03/15/2027		530,000		520,855
New York Community Bancorp, Inc., 8.27% (3 mo. Term SOFR + 3.04%), 11/06/2028		543,000		480,579
Rithm Capital Corp., 6.25%, 10/15/2025 (a)		675,000		675,782
Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC, 10.50%, 02/15/2028 (a)		250,000		256,806
Voya Financial, Inc., 4.70% to 01/23/2028 then 3 mo. LIBOR US + 2.08%, 01/23/2048 (b)		285,000		252,529
				6,709,642
Health Care — 2.1%
AdaptHealth LLC, 4.63%, 08/01/2029 (a)		275,000		251,211
CHS/Community Health Systems, Inc., 5.63%, 03/15/2027 (a)		270,000		261,542
Prime Healthcare Services, Inc., 9.38%, 09/01/2029 (a)		250,000		252,411
				765,164
Industrials — 3.5%
Brundage-Bone Concrete Pumping Holdings, Inc., 6.00%, 02/01/2026 (a)		720,000		720,565
RXO, Inc., 7.50%, 11/15/2027 (a)		550,000		570,438
				1,291,003
Materials — 5.5%
Arsenal AIC Parent LLC, 11.50%, 10/01/2031 (a)		510,000		577,889
Chemours Co., 5.38%, 05/15/2027		250,000		243,142
Clearwater Paper Corp., 4.75%, 08/15/2028 (a)		725,000		677,540
Domtar Corp., 6.75%, 10/01/2028 (a)		270,000		247,655
Mercer International, Inc., 5.13%, 02/01/2029		300,000		245,658
				1,991,884

The accompanying notes are an integral part of these financial statements.

14

OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND

Schedule of Investments (Continued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 76.5% (continued)
Technology — 10.8%
Cloud Software Group, Inc., 6.50%, 03/31/2029 (a)		533,000	$	525,787
Gen Digital, Inc., 6.75%, 09/30/2027 (a)		645,000		661,124
McAfee Corp., 7.38%, 02/15/2030 (a)		265,000		254,432
MicroStrategy, Inc., 6.13%, 06/15/2028 (a)		250,000		244,935
Ricoh USA, Inc., 6.75%, 12/01/2025		700,000		688,466
Sabre GLBL, Inc., 11.25%, 12/15/2027 (a)		710,000		719,723
Unisys Corp., 6.88%, 11/01/2027 (a)		280,000		263,336
Xerox Holdings Corp., 5.00%, 08/15/2025 (a)		600,000		591,030
				3,948,833
Utilities — 3.0%
AmeriGas Partners LP / AmeriGas Finance Corp., 5.88%, 08/20/2026		250,000		247,413
Elwood Energy LLC, 8.16%, 07/05/2026		583,072		548,088
Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/2029 (a)		250,000		234,593
Midland Cogeneration Venture LP, 6.00%, 03/15/2025 (a)		58,814		58,078
				1,088,172
TOTAL CORPORATE BONDS (Cost $27,606,619)				27,882,982
FOREIGN CORPORATE BONDS — 15.0%
Consumer Discretionary — 7.3%
Carnival Corp., 7.63%, 03/01/2026 (a)		695,000		702,511
Garda World Security Corp., 4.63%, 02/15/2027 (a)		515,000		502,561
Hawaiian Brand Intellectual Property Ltd. / HawaiianMiles Loyalty Ltd., 11.00%, 04/15/2029 (a)		412,500		420,532
NCL Corp. Ltd., 3.63%, 12/15/2024 (a)		512,000		509,460
Rakuten Group, Inc., 11.25%, 02/15/2027 (a)		500,000		543,570
				2,678,634
Consumer Staples — 0.7%
Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.88%, 09/01/2025 (a)		260,000		259,669
Financials — 5.5%
ASG Finance Designated Activity Co., 9.75%, 05/15/2029 (a)		250,000		251,832
Fly Leasing Ltd.
5.25%, 10/15/2024		620,000		607,985
7.00%, 10/15/2024 (a)		750,000		751,091
Fortress Transportation and Infrastructure Investors LLC, 9.75%, 08/01/2027 (a)		375,000		384,956
				1,995,864
Industrials — 0.9%
Bombardier, Inc., 7.88%, 04/15/2027 (a)		342,000		343,348

The accompanying notes are an integral part of these financial statements.

15

OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND

Schedule of Investments (CONCLUDED)

August 31, 2024

	Par		Value
FOREIGN CORPORATE BONDS — 15.0% (continued)
Materials — 0.6%
First Quantum Minerals Ltd., 9.38%, 03/01/2029 (a)		200,000	$	213,177
TOTAL FOREIGN CORPORATE BONDS (Cost $5,377,588)				5,490,692
CONVERTIBLE BONDS — 2.3%
Financials — 2.3%
PennyMac Corp.
5.50%, 11/01/2024		590,000		586,313
8.50%, 06/01/2029 (a)		250,000		250,500
				836,813
TOTAL CONVERTIBLE BONDS (Cost $838,395)				836,813
ASSET-BACKED SECURITIES — 1.6%
United Airlines, Inc., Series 2016-1B, 3.65%, 01/07/2026		598,437		582,423
TOTAL ASSET-BACKED SECURITIES (Cost $560,061)				582,423

	Shares
SHORT-TERM INVESTMENTS — 3.5%
Money Market Funds — 3.5%
Invesco Treasury Portfolio - Class Institutional, 5.16% (c)		1,260,581	$	1,260,581
TOTAL SHORT-TERM INVESTMENTS (Cost $1,260,581)				1,260,581
TOTAL INVESTMENTS — 98.9% (Cost $35,643,244)			$	36,053,491
Other Assets in Excess of Liabilities — 1.1%				397,941
TOTAL NET ASSETS — 100.0%			$	36,451,432

Percentages are stated as a percent of net assets.

LIBOR - London Interbank Offered Rate

PIK - Payment in Kind

SOFR - Secured Overnight Financing Rate

^(a) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2024, the value of these securities total $24,662,625 or 67.7% of the Fund’s net assets.

^(b) Securities referencing LIBOR are expected to transition to an alternative reference rate by the security’s next scheduled coupon reset date.

^(c) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

The accompanying notes are an integral part of these financial statements.

16

Oakhurst Mutual Funds

Statements of Assets and Liabilities

August 31, 2024

	Oakhurst Fixed Income Fund			Oakhurst Short Duration Bond Fund			Oakhurst Short Duration High Yield Credit Fund
ASSETS
Investments of securities of unaffiliated issuers, at value (cost $125,965,873, $15,538,003, and $34,382,663, respectively)	$	122,418,711		$	15,166,593	(1)	$	34,792,910
Short-term investments, at value (cost $1,832,788 and $88,619, and $1,260,581, respectively)		1,832,788			88,619			1,260,581
Investments purchased with proceeds from securities lending collateral, at value (cost $ —, $197,125, and $ —, respectively)		—			197,125			—
Receivable for:
Due from Adviser (Note 2)		—			33,524			7,662
Dividends and interest		833,520			104,592			640,558
Investments sold		—			148,937			—
Capital shares sold		172,366			—			1,373
Securities lending income		161			1,884			1,298
Prepaid and other expenses		4,771			—			4,142
Total assets		125,262,317			15,741,274			36,708,524
LIABILITIES
Payables for:
Capital shares redeemed		207,298			41,118			198,257
Distributions		157,027			1,073			6,093
Administration and accounting fees		22,145			6,890			7,580
Professional fees		19,845			20,273			20,098
Advisory fees		16,114			—			—
Securities lending collateral (see Note 5)		—			197,125			—
Other accrued expenses and liabilities		42,176			18,549			25,064
Total liabilities		464,605			285,028			257,092
Net assets		124,797,712			15,456,246			36,451,432
NET ASSETS CONSIST OF:
Par value	$	14,022		$	1,628		$	4,086
Paid-in capital		137,496,282			20,781,830			48,181,168
Total distributable earnings/(loss)		(12,712,592	)		(5,327,212	)		(11,733,822	)
Net assets	$	124,797,712		$	15,456,246		$	36,451,432
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		14,021,970			1,627,530			4,085,714
Net asset value, offering and redemption price per share	$	8.90		$	9.50		$	8.92

⁽¹⁾ Includes market value of securities on loan of $193,061.

The accompanying notes are an integral part of these financial statements.

17

Oakhurst Mutual Funds

Statements of Operations

FOR THE Year ENDED August 31, 2024

	Oakhurst Fixed Income Fund			Oakhurst Short Duration Bond Fund			Oakhurst Short Duration High Yield Credit Fund
INVESTMENT INCOME
Interest	$	5,194,206		$	907,005		$	2,751,064
Securities lending income, net		861			3,870			8,591
Total investment income		5,195,067			910,875			2,759,655
EXPENSES
Advisory fees (Note 2)		570,542			71,777			282,199
Administration and accounting fees (Note 2)		119,476			51,101			58,996
Transfer agent fees (Note 2)		104,914			63,585			67,293
Audit and tax service fees		18,872			22,289			20,581
Printing and shareholder reporting fees		11,647			9,350			9,842
Custodian fees (Note 2)		9,542			3,281			3,607
Registration and filing fees		9,351			10,496			9,310
Director fees		5,788			5,788			—
Legal fees		4,988			5,108			878
Other expenses		34,859			20,404			24,925
Total expenses before waivers and reimbursments		889,979			263,179			477,631
Less: waivers and reimbursemets (Note 2)		(224,568	)		(140,157	)		(120,174	)
Net expenses after waivers and reimbursments		665,411			123,022			357,457
Net investment income/(loss)		4,529,656			787,853			2,402,198
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments		(2,820,459	)		(475,847	)		(425,905	)
Net change in unrealized appreciation/(depreciation) on investments		7,204,480			1,126,187			1,802,716
Net realized and unrealized gain/(loss) from investments		4,384,021			650,340			1,376,811
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	8,913,677		$	1,438,193		$	3,779,009

The accompanying notes are an integral part of these financial statements.

18

OAKHURST FIXED INCOME FUND

Statements of Changes in Net Assets

	Year Ended August 31, 2024			Year Ended August 31, 2023
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	4,529,656		$	3,756,470
Net realized gain/(loss) on investments		(2,820,459	)		(4,450,490	)
Net change in unrealized appreciation/(depreciation) on investments		7,204,480			50,843
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		8,913,677			(643,177	)
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(4,568,696	)		(3,883,963	)
Net decrease in net assets from dividends and distributions to shareholders		(4,568,696	)		(3,883,963	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		45,762,565			35,053,632
Reinvestment of distributions		2,866,950			2,486,866
Shares redeemed		(43,584,779	)		(37,015,263	)
Net increase/(decrease) in net assets from capital share transactions		5,044,736			525,235
Total increase/(decrease) in net assets		9,389,717			(4,001,905	)
NET ASSETS:
Beginning of period		115,407,995			119,409,900
End of period	$	124,797,712		$	115,407,995
SHARE TRANSACTIONS:
Shares sold		5,304,313			4,050,926
Shares reinvested		332,675			288,571
Shares redeemed		(5,090,417	)		(4,287,559	)
Net increase/(decrease) in shares outstanding		546,571			51,938

The accompanying notes are an integral part of these financial statements.

19

OAKHURST SHORT DURATION BOND FUND

Statements of Changes in Net Assets

	Year Ended August 31, 2024			Year Ended August 31, 2023
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	787,853		$	1,336,521
Net realized gain/(loss) on investments		(475,847	)		(2,021,832	)
Net change in unrealized appreciation/(depreciation) on investments		1,126,187			1,307,819
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		1,438,193			622,508
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(791,430	)		(1,417,288	)
Net decrease in net assets from dividends and distributions to shareholders		(791,430	)		(1,417,288	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,661,769			7,798,441
Reinvestment of distributions		773,968			1,398,059
Shares redeemed		(15,735,509	)		(39,080,692	)
Net increase/(decrease) in net assets from capital share transactions		(12,299,772	)		(29,884,192	)
Total increase/(decrease) in net assets		(11,653,009	)		(30,678,972	)
NET ASSETS:
Beginning of period		27,109,255			57,788,227
End of period	$	15,456,246		$	27,109,255
SHARE TRANSACTIONS:
Shares sold		285,193			852,160
Shares reinvested		83,538			152,703
Shares redeemed		(1,692,988	)		(4,257,943	)
Net increase/(decrease) in shares outstanding		(1,324,257	)		(3,253,080	)

The accompanying notes are an integral part of these financial statements.

20

OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND

Statements of Changes in Net Assets

	Year Ended August 31, 2024			Year Ended August 31, 2023
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	2,402,198		$	3,341,257
Net realized gain/(loss) on investments		(425,905	)		(8,762,831	)
Net change in unrealized appreciation/(depreciation) on investments		1,802,716			7,335,135
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		3,779,009			1,913,561
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(2,416,379	)		(3,364,705	)
Net decrease in net assets from dividends and distributions to shareholders		(2,416,379	)		(3,883,963	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		5,749,951			10,876,689
Reinvestment of distributions		2,327,603			3,291,666
Shares redeemed		(16,767,917	)		(35,451,954	)
Net increase/(decrease) in net assets from capital share transactions		(8,690,363	)		(21,283,599	)
Total increase/(decrease) in net assets		(7,327,733	)		(22,734,743	)
NET ASSETS:
Beginning of period		43,779,165			66,513,908
End of period	$	36,451,432		$	43,779,165
SHARE TRANSACTIONS:
Shares sold		652,966			1,263,476
Shares reinvested		266,023			384,295
Shares redeemed		(1,925,652	)		(4,118,132	)
Net increase/(decrease) in shares outstanding		(1,006,663	)		(2,470,361	)

The accompanying notes are an integral part of these financial statements.

21

OAKHURST FIXED INCOME FUND

Institutional Shares

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 Year Ended August 31,			For the Year Ended August 31,			For the Year Ended August 31,			For the Year Ended August 31,			For the Year Ended August 31,
	2024(1)			2023			2022			2021			2020
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	8.56		$	8.90		$	10.28		$	10.40		$	10.10
Net investment income/(loss)(3)		0.34			0.27			0.19			0.15			0.22
Net realized and unrealized gain/(loss) from investments		0.35			(0.33	)		(1.26	)		—	(2)		0.32
Net increase/(decrease) in net assets resulting from operations		0.69			(0.06	)		(1.07	)		0.15			0.54
Dividends and distributions to shareholders from:
Net investment income		(0.35	)		(0.28	)		(0.22	)		(0.21	)		(0.24	)
Net realized gains on investments		—			—			(0.09	)		(0.06	)		—
Total distributions		(0.35	)		(0.28	)		(0.31	)		(0.27	)		(0.24	)
Net asset value, end of period	$	8.90		$	8.56		$	8.90		$	10.28		$	10.40
Total investment return/(loss)(4)		8.21	%		(0.62	)%		(10.59	)%		1.42	%		5.45	%
RATIOS/SUPPLEMENTAL DATA
Net assets at end of period (000’s omitted)	$	124,798		$	115,408		$	119,410		$	126,210		$	96,428
Ratio of expenses to average net assets with waivers and/or reimbursements		0.58	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of expenses to average net assets without waivers and reimbursements		0.78	%		0.78	%		0.84	%		0.80	%		0.87	%
Ratio of net investment income/(loss) to average net assets with waviers		3.97	%		3.16	%		1.97	%		1.45	%		2.20	%
Portfolio turnover rate		41	%		36	%		48	%		52	%		43	%

⁽¹⁾ Prior to the close of business on October 27, 2023, the Fund was a series (the “Predecessor Fund”) of F/m Funds Trust, an open-end management investment company organized as an Ohio business trust. The Predecessor Fund was reorganized into the Fund following the close of business on October 27, 2023 (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 October 30, 2023 included herein is that of the Predecessor Fund (Note 1).

⁽²⁾ Rounds to less than $0.01 per share.

⁽³⁾ Per share data calculated using average shares outstanding method.

⁽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 the period reported and includes reinvestments of dividends and distributions, if any. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Had the Adviser not reduced/waived its fees, the total returns would have been lower.

The accompanying notes are an integral part of these financial statements.

22

OAKHURST SHORT DURATION BOND FUND

Institutional Shares

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 Year Ended August 31,			For the Year Ended August 31,			For the Year Ended August 31,			For the Year Ended August 31,			For the Year Ended August 31,
	2024(1)			2023			2022			2021			2020
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	9.18		$	9.31		$	9.99		$	9.98		$	9.94
Net investment income/(loss)(2)		0.36			0.31			0.14			0.15			0.22
Net realized and unrealized gain/(loss) from investments		0.33			(0.11	)		(0.60	)		0.07			0.07
Net increase/(decrease) in net assets resulting from operations		0.69			0.20			(0.46	)		0.22			0.29
Dividends and distributions to shareholders from:
Net investment income		(0.37	)		(0.33	)		(0.22	)		(0.21	)		(0.25	)
Net asset value, end of period	$	9.50		$	9.18		$	9.31		$	9.99		$	9.98
Total investment return/(loss)(3)		7.68	%		2.23	%		(4.65	)%		2.26	%		2.95	%
RATIOS/SUPPLEMENTAL DATA
Net assets at end of period (000’s omitted)	$	15,456		$	27,109		$	57,788		$	131,145		$	125,823
Ratio of expenses to average net assets with waivers and/or reimbursements		0.60	%		0.60	%		0.60	%		0.60	%		0.60	%
Ratio of expenses to average net assets without waivers and reimbursements		1.28	%		1.03	%		0.77	%		0.65	%		0.68	%
Ratio of net investment income/(loss) to average net assets with waviers		3.84	%		3.24	%		1.58	%		1.51	%		2.13	%
Portfolio turnover rate		48	%		22	%		70	%		102	%		70	%

⁽¹⁾ Prior to the close of business on October 27, 2023, the Fund was a diversified series (the “Predecessor Fund”) of F/m Funds Trust, an open-end management investment company organized as an Ohio business trust. The Predecessor Fund was reorganized into the Fund following the close of business on October 27, 2023 (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 October 30, 2023 included herein is that of the Predecessor Fund (Note 1).

⁽²⁾ Per share data calculated using average shares outstanding method.

⁽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. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Had the Adviser not reduced/waived its fees, the total returns would have been lower.

The accompanying notes are an integral part of these financial statements.

23

OAKHURST SHORT DURATION HIGH YIELD CREDIT FUND

Institutional Shares

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 Year Ended August 31,			For the Year Ended August 31,			For the Year Ended August 31,			For the Year Ended August 31,			For the Year Ended August 31,
	2024(1)			2023			2022			2021			2020
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	8.60		$	8.79		$	10.06		$	9.64		$	9.95
Net investment income/(loss)(2)		0.56			0.53			0.47			0.47			0.52
Net realized and unrealized gain/(loss) from investments		0.33			(0.19	)		(1.26	)		0.42			(0.31	)
Net increase/(decrease) in net assets resulting from operations		0.89			0.34			(0.79	)		0.89			0.21
Dividends and distributions to shareholders from:
Net investment income		(0.57	)		(0.53	)		(0.48	)		(0.47	)		(0.52	)
Net asset value, end of period	$	8.92		$	8.60		$	8.79		$	10.06		$	9.64
Total investment return/(loss)(3)		10.66	%		4.05	%		(8.11	)%		9.45	%		2.27	%
RATIOS/SUPPLEMENTAL DATA
Net assets at end of period (000’s omitted)	$	36,451		$	43,779		$	66,514		$	101,433		$	41,894
Ratio of expenses to average net assets with waivers and/or reimbursements		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Ratio of expenses to average net assets without waivers and reimbursements		1.27	%		1.22	%		1.11	%		1.18	%		1.29	%
Ratio of net investment income/(loss) to average net assets with waviers		6.39	%		6.00	%		4.84	%		4.72	%		5.38	%
Portfolio turnover rate		49	%		52	%		53	%		60	%		113	%

⁽¹⁾ Prior to the close of business on October 27, 2023, the Fund was a diversified series (the “Predecessor Fund”) of F/m Funds Trust, an open-end management investment company organized as an Ohio business trust. The Predecessor Fund was reorganized into the Fund following the close of business on October 27, 2023 (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 October 30, 2023 included herein is that of the Predecessor Fund (Note 1).

⁽²⁾ Per share data calculated using average shares outstanding method.

⁽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. The returns shown do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares. Had the Adviser not reduced/waived its fees, the total returns would have been lower.

The accompanying notes are an integral part of these financial statements.

24

Oakhurst Mutual Funds

Notes to Financial Statements

August 31, 2024

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 an investment company 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 sixty-five separate investment portfolios, including the Oakhurst Fixed Income Fund, Oakhurst Short Duration Bond Fund, and the Oakhurst Short Duration High Yield Credit Fund (each a “Fund” and together the “Funds” or “Oakhurst Mutual Funds”). The Oakhurst Fixed Income Fund, the Oakhurst Short Duration Bond Fund, and the Oakhurst Short Duration High Yield Credit Fund commenced operations on October 31, 2012, April 26, 2013, and October 1, 2015, respectively. Each fund was treated as a separate series (the “Predecessor Funds”) of the F/m Funds Trust, an open end management investment company established as an Ohio business trust. Effective as of the close of business on October 27, 2023, the Predecessor Funds were reorganized into the Funds, as new series of RBB in a tax-free reorganization (the “Reorganization”), whereby the Funds acquired all the assets and liabilities of the Predecessor Funds in exchange for shares of the Funds which were distributed pro rata by the Predecessor Funds to their respective shareholders in complete liquidation and termination of the Predecessor Funds. The Agreement and Plan of Reorganization pursuant to which the Reorganization was accomplished was approved by shareholders of the Predecessor Funds on June 29, 2023 with respect to the Oakhurst Short Duration Bond Fund and Oakhurst Short Duration High Yield Credit Fund, and on July 31, 2023, with respect to the Oakhurst Fixed Income Fund. Unless otherwise indicated, references to the “Funds” in these Notes to Financial Statements refer to the Predecessor Funds and Funds. Each Fund has registered two classes of shares, Institutional shares and Retail shares. As of the date of this report, Retail shares of each Fund are not currently offered. When both share classes of each Fund are offered, each share class of a Fund will represent an ownership interest in the corresponding Fund’s investment portfolio.

The investment objective of Oakhurst Fixed Income Fund is total return.

The investment objective of Oakhurst Short Duration Bond Fund is to seek a high level of income consistent with preservation of capital and liquidity.

The investment objective of Oakhurst Short Duration High Yield Credit Fund is to seek a high level of income and capital appreciation.

RBB has authorized capital of one hundred billion shares of common stock of which 92.923 billion shares are currently classified into two hundred and thirty-six classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

As a tax-free reorganization, any unrealized appreciation or depreciation on the securities held by the Funds on the date of Reorganization was treated as a non-taxable event, thus the cost basis of the securities held reflects their historical cost basis as of the date of Reorganization. As a result of the Reorganization, the Funds are the accounting successors of the Predecessor Funds. The Reorganization was accomplished by a tax-free exchange of the Funds’ shares and value of net assets for the same shares and value of the Predecessor Funds’ shares. For financial reporting purposes, assets received and shares issued by the Funds were recorded at fair value; however, the cost basis of the investments received from the Funds was carried forward to align ongoing reporting of the Funds’ realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Immediately prior to the Reorganization, the net assets, fair value of investments, net unrealized depreciation and shares outstanding of the Predecessor Funds were as follows:

Oakhurst Fixed Income Fund:
Net Assets	Fair Value of Investments		Net Unrealized Depreciation			Fund Shares Outstanding
$ 106,907,416	$	106,032,661	$	(14,475,288	)		12,935,591

25

Oakhurst Mutual Funds

Notes to Financial Statements

August 31, 2024

Oakhurst Short Duration Bond Fund:
Net Assets	Fair Value of Investments		Net Unrealized Depreciation			Fund Shares Outstanding
$ 25,997,806	$	25,801,854	$	(1,679,767	)		2,849,158

Oakhurst Short Duration High Yield Credit Fund:
Net Assets	Fair Value of Investments		Net Unrealized Depreciation			Fund Shares Outstanding
$ 40,532,559	$	39,809,676	$	(1,974,807	)		4,786,327

The Funds are investment companies and follow accounting and reporting guidance under 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 August 31, 2024, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2024 (the “current fiscal period”).

PORTFOLIO VALUATION – The Funds value their investments at fair value. 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. Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company’s NAV per share.

The Board has adopted a pricing and valuation policy for use by the Funds and its Valuation Designee (as defined below) in calculating each Fund’s NAV. Pursuant to Rule 2a-5 under the 1940 Act, the Funds have designated F/m Investments, LLC d/b/a Oakhurst Capital 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).

26

Oakhurst Mutual Funds

Notes to Financial Statements

August 31, 2024

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 current fiscal period, in valuing the Funds’ investments carried at fair value:

Oakhurst Fixed Income Fund	Total		Level 1		Level 2		Level 3
U.S. Treasury Securities	$	37,657,614	$	—	$	37,657,614	$	—
Collateralized Mortgage Obligations		28,169,445		—		28,169,445		—
Corporate Bonds		27,159,054		—		27,159,054		—
Mortgage-Backed Securities		11,199,486		—		11,199,486		—
Asset-Backed Securities		10,786,964		—		10,786,964		—
U.S. Government Agency Issues		3,557,712		—		3,557,712		—
Foreign Corporate Bonds		2,886,436		—		2,886,436		—
Convertible Bonds		1,002,000		—		1,002,000		—
Money Market Funds		1,832,788		1,832,788		—		—
Total Investments*	$	124,251,499	$	1,832,788	$	122,418,711	$	—

Oakhurst Short Duration Bond Fund	Total		Level 1		Level 2		Level 3
Collateralized Mortgage Obligations	$	5,766,333	$	—	$	5,766,333	$	—
Corporate Bonds		5,723,740		—		5,723,740		—
Asset-Backed Securities		1,954,953		—		1,954,953		—
U.S. Treasury Securities		1,419,366		—		1,419,366		—
Mortgage-Backed Securities		151,901		—		151,901		—
Convertible Bonds		150,300		—		150,300		—
Investments Purchased with Proceeds from Securities Lending**		197,125		—		—		—
Money Market Funds		88,619		88,619		—		—
Total Investments*	$	15,452,337	$	88,619	$	15,166,593	$	—

Oakhurst Short Duration High Yield Credit Fund	Total		Level 1		Level 2		Level 3
Corporate Bonds	$	27,882,982	$	—	$	27,882,982	$	—
Foreign Corporate Bonds		5,490,692		—		5,490,692		—
Convertible Bonds		836,813		—		836,813		—
Asset-Backed Securities		582,423		—		582,423		—
Money Market Funds		1,260,581		1,260,581		—		—
Total Investments*	$	36,053,491	$	1,260,581	$	34,792,910	$	—

* 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.

27

Oakhurst Mutual Funds

Notes to Financial Statements

August 31, 2024

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

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

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

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 GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of 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 (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. 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.

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

28

Oakhurst Mutual Funds

Notes to Financial Statements

August 31, 2024

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

Effective October 30, 2023, under the terms of an investment advisory agreement between the Company, on behalf of the Funds, and the Adviser (the “Current Advisory Agreement”), the Adviser serves as the investment adviser to the Funds, and the Funds pay the Adviser a fee, which is computed and accrued daily and paid monthly, at the annual rate of 0.50%, 0.35%, and 0.75% of the average daily net assets of the Oakhurst Fixed Income Fund, Oakhurst Short Duration Bond Fund, and the Oakhurst Short Duration High Yield Credit Fund, respectively. Oakhurst Capital Advisors, LLC (the “Sub-Adviser”) serves as the investment sub-adviser to the Funds. Subject to the supervision of the Board, the Adviser manages the overall investment operations of the Funds, primarily in the form of oversight of the Sub-Adviser pursuant to the terms of the Current Advisory Agreement between the Adviser and the Company on behalf of the Funds. The Sub-Adviser is paid a fee equal to the annual rate of 0.475% of the Oakhurst Fixed Income Fund’s average daily net assets, 0.325% of the Oakhurst Short Duration Bond Fund’s average daily net assets, and 0.725% of the Oakhurst Short Duration High Yield Credit Fund’s average daily net assets. Compensation of the Sub-Adviser is paid by the Adviser (not the Funds) at the annual rate of the average value of a Fund’s daily net assets. The Sub-Adviser’s fee is reduced on a pro-rata basis to the extent that the Adviser reduces its advisory fees or reimburses expenses of the Funds.

Effective October 30, 2023, under an expense limitation agreement between the Company, on behalf of the Funds, and the Adviser (the “Current Expense Limitation Agreement”), the Adviser has contractually agreed until October 30, 2025 to reduce its investment advisory fees and to pay other operating expenses to the extent necessary to limit annual ordinary operating expenses (excluding brokerage commissions, taxes, interest, acquired fund fees and expenses and extraordinary expenses) to 0.60% (0.58% until October 30, 2024) of the average daily net assets allocable to the Institutional Class shares of the Oakhurst Fixed Income Fund, 0.60% of the average daily net assets allocable to the Institutional Class shares of the Oakhurst Short Duration Bond Fund, and 0.95% of the average daily net assets allocable to the Institutional Class shares of the Oakhurst Short Duration High Yield Credit Fund. During the period from October 30, 2023 through August 31, 2024, the Adviser reduced advisory fees for the Oakhurst Fixed Income Fund, Oakhurst Short Duration Bond Fund, and the Oakhurst Short Duration High Yield Credit Fund by $181,008, $108,148, and $94,367, respectively.

Prior to October 30, 2023, the Sub-Adviser served as the investment adviser to the Predecessor Funds pursuant to an investment advisory agreement between the F/m Funds Trust, on behalf of the Predecessor Funds, and the Sub-Adviser (the “Prior Advisory Agreement”). The fee structure under the Prior Advisory Agreement was identical to the fee structure under the Current Advisory Agreement. In addition, the Sub-Adviser contractually agreed through October 29, 2023 to limit the amount of the Predecessor Funds’ total annual operating expenses (excluding brokerage costs, taxes, borrowing costs, interest, acquired fund fees and expense and extraordinary expenses) pursuant to an expense limitation agreement (the “Prior Expense Limitation Agreement”) to 0.60% of the average daily net assets allocable to the Institutional Class shares of the Oakhurst Fixed Income Fund, 0.60% of the average daily net assets allocable to the Institutional Class shares of the Oakhurst Short Duration Bond Fund, and 0.95% of the average daily net assets allocable to the Institutional Class shares of the Oakhurst Short Duration High Yield Credit Fund. During the period from September 1, 2023 through October 29, 2023, the Sub-Adviser reduced advisory fees to the Predecessor Funds by $43,560, $32,009, and $25,807, for the Oakhurst Fixed Income Fund, the Oakhurst Short Duration Bond Fund, and the Oakhurst Short Duration High Yield Credit Fund, respectively.

Advisory fee reductions and expense reimbursements by the Adviser are subject to repayment by the Funds for a period of three years after such fees and expenses were incurred, provided that the repayments do not cause the Funds’ ordinary operating expenses (excluding brokerage commissions, taxes, interest, acquired fund fees and expenses and extraordinary expenses) to exceed the expense caps that were in effect when the fees and expenses were paid, waived, or absorbed by the Adviser, as well as the expense cap currently in effect. The advisory fees and expense waivers and/or reimbursement under the Prior Expense Limitation Agreement are not subject to repayment by the Funds.

Prior to October 30, 2023, the Adviser served as the investment sub-adviser to the Predecessor Funds pursuant to a sub-advisory agreement by and among F/m Funds Trust, on behalf of the Predecessor Funds, the Adviser and the Sub-Adviser (the “Prior Sub-Advisory Agreement”). Pursuant to the Prior Sub-Advisory Agreement, the Adviser received compensation from the Sub-Adviser for its services to the Predecessor Funds. The Adviser was not compensated directly by the Predecessor Funds.

29

Oakhurst Mutual Funds

Notes to Financial Statements

August 31, 2024

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

	Gross Advisory Fees		Waivers and/or Reimbursements			Recoupments		Net Advisory Fees
Oakhurst Fixed Income Fund	$	570,542	$	(224,568	)	$	—	$	345,974
Oakhurst Short Duration Bond Fund		71,777		(140,157	)		—		(68,380	)
Oakhurst Short Duration High Yield Credit Fund		282,199		(120,174	)		—		162,025

At the end of the current fiscal period, the Fund had amounts available for recoupment by the Adviser as follows:

	EXPIRATION
	August 31, 2027		Total
Oakhurst Fixed Income Fund	$	181,008	$	181,008
Oakhurst Short Duration Bond Fund	$	108,148	$	108,148
Oakhurst Short Duration High Yield Credit Fund	$	94,367	$	94,367

Ultimus Fund Solutions served as administrator for the Funds through October 27, 2023. Effective October 28, 2023, 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.

Ultimus Fund Solutions served as transfer and dividend disbursing agent for the Funds through October 27, 2023. Effective October 28, 2023, 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.

Ultimus Fund Distributors, LLC served as the principal underwriter and distributor of the Funds’ shares pursuant to a distribution agreement with F/m Funds Trust through October 27, 2023. Effective October 28, 2023, 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 the Company.

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. Key Bridge Compliance, LLC provided the Chief Compliance Officer and compliance services to F/m Funds Trust. Additionally, certain trustees of the Predecessor Funds were affiliated with the Adviser and were not paid by the Predecessor Funds for serving in such capacities. Employees of the Company 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 Statement of Operations.

30

Oakhurst Mutual Funds

Notes to Financial Statements

August 31, 2024

3. INVESTMENT TRANSACTIONS

During the current fiscal period ended August 31, 2024, cost of purchases and proceeds from sales and maturities of investment securities, other than short-term investments and U.S. government securities, were as follows:

	Oakhurst Fixed Income Fund		Oakhurst Short Duration Bond Fund		Oakhurst Short Duration High Yield Credit Fund
Purchases of investment securities	$	30,607,940	$	3,967,314	$	17,781,011
Proceeds from sales and maturities of investment securities		33,292,496		11,554,790		25,639,749

During the current fiscal period ended August 31, 2024, cost of purchases and proceeds from sales and maturities of U.S. government long-term securities were as follows:

	Oakhurst Fixed Income Fund		Oakhurst Short Duration Bond Fund		Oakhurst Short Duration High Yield Credit Fund
Purchases of U.S. government long-term securities	$	20,202,065	$	5,203,926	$	—
Proceeds from sales and maturities of U.S. government securities		12,655,167		3,802,882		—

4. FEDERAL INCOME TAX INFORMATION

Each Fund has qualified and intends to continue to qualify as a regulated investment company under the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, the Funds intend to distribute their taxable income and net realized gains, if any, to shareholders in accordance with timing requirements imposed by the Code. Therefore, no federal income tax provision is provided in the Funds’ financial statements.

In order to avoid imposition of the excise tax applicable to regulated investment companies, it is also each Fund’s intention to declare as dividends in each calendar year at least 98% of its net investment income (earned during the calendar year) and 98.2% of its net realized capital gains (earned during the twelve months ended October 31) plus undistributed amounts from prior years.

The following information is computed on a tax basis for each item as of August 31, 2024:

	Oakhurst Fixed Income Fund			Oakhurst Short Duration Bond Fund			Oakhurst Short Duration High Yield Credit Fund
Tax cost of investments	$	127,957,171		$	15,824,501		$	35,643,747
Gross unrealized appreciation		1,871,494			72,577			635,708
Gross unrealized depreciation		(5,577,166	)		(444,741	)		(225,964	)
Net unrealized appreciation/(depreciation) on investments		(3,705,672	)		(372,164	)		409,744
Undistributed ordinary income		226,365			42,851			13,297

31

Oakhurst Mutual Funds

Notes to Financial Statements

August 31, 2024

	Oakhurst Fixed Income Fund			Oakhurst Short Duration Bond Fund			Oakhurst Short Duration High Yield Credit Fund
Accumulated capital and other losses	$	(9,076,258	)	$	(4,996,826	)	$	(12,150,770	)
Distributions payable		(157,027	)		(1,073	)		(6,093	)
Total distributable earnings/(loss)	$	(12,712,592	)	$	(5,327,212	)	$	(11,733,822	)

The difference between the federal income tax cost of investments and the financial statement cost of investments for each Fund is due to certain timing differences in the recognition of capital gains and losses under income tax regulations and GAAP. These timing differences are temporary in nature and are due to the tax deferral of losses on wash sales.

The tax character of distributions paid to shareholders during the fiscal years ended August 31, 2023 and August 31, 2024 was as follows:

Year Ended	Ordinary Income		Long-Term Capital Gains		Total Distributions*
Oakhurst Fixed Income Fund:
August 31, 2023	$	4,008,527	$	—	$	4,008,527
August 31, 2024	$	4,548,812	$	—	$	4,548,812
Oakhurst Short Duration Bond Fund:
August 31, 2023	$	1,532,262	$	—	$	1,532,262
August 31, 2024	$	792,322	$	—	$	792,322
Oakhurst Short Duration High Yield Credit Fund:
August 31, 2023	$	3,601,448	$	—	$	3,601,448
August 31, 2024	$	2,418,079	$	—	$	2,418,079

* Total Distributions may not tie to the amounts listed on the Statements of Changes in Net Assets due to dividends payable amounts.

As of August 31, 2024, the Funds had the following capital loss carryforwards (“CLCFs”) for federal income tax purposes:

	Oakhurst Fixed Income Fund			Oakhurst Short Duration Bond Fund			Oakhurst Short Duration High Yield Credit Fund
Short-term loss carryforwards	$	(901,758	)	$	(1,981,555	)	$	(4,706,925	)
Long-term loss carryforwards		(8,174,500	)		(3,015,271	)		(7,443,845	)
Total	$	(9,076,258	)	$	(4,996,826	)	$	(12,150,770	)

These CLCFs may be carried forward indefinitely and are available to offset net realized capital gains in future years, thereby reducing future taxable capital gain distributions.

32

Oakhurst Mutual Funds

Notes to Financial Statements

August 31, 2024

The Funds recognize the tax benefits or expenses of uncertain tax positions only when the position is “more likely than not” to be sustained assuming examination by tax authorities. Management has reviewed each Fund’s tax positions taken on Federal income tax returns for the current and all open tax years (generally, three years) and has concluded that no provision for unrecognized tax benefits or expenses is required in these financial statements and does not expect this to change over the next year. Each Fund identifies its major tax jurisdiction as U.S. Federal.

Each Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses on the Statements of Operations. During the fiscal year ended August 31, 2024, the Funds did not incur any interest or penalties.

5. 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 102% of the current market value of the loaned domestic securities and 105% of the current market value of the loaned foreign 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 receive compensation in the form of loan fees owed by borrowers and income earned on collateral investments. A portion of the interest received on the loan collateral is retained by the Funds and the remainder is rebated to the borrower of the securities. Pursuant to the securities lending agreement between the Trust, on behalf of the Funds, and the Custodian, each Fund pays a fee to the Custodian for administrative and custodial fees, which is calculated daily and paid monthly, in the amount of 20% of the Fund’s net income. The net amount of interest earned, after the interest rebate and the allocation to the Custodian, is shown below. Collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable Net Asset Value of $1.00. The Funds will bear the risk of loss of the invested collateral. Investments purchased with collateral 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 net 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
Oakhurst Fixed Income Fund	$	—	$	—	$	861
Oakhurst Short Duration Bond Fund		193,061		197,125		3,870
Oakhurst Short Duration High Yield Credit Fund		—		—		8,591

33

Oakhurst Mutual Funds

Notes to Financial Statements

August 31, 2024

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 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
Oakhurst Fixed Income Fund	$	—	$	—	$	—	$	—		$	—	$	—
Oakhurst Short Duration Bond Fund		193,061		—		193,061		(193,061	)		—		—
Oakhurst Short Duration High Yield Credit Fund		—		—		—		—			—		—

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.

6. Risks Associated with Collateralized Mortgage Obligations

Oakhurst Fixed Income Fund and Oakhurst Short Duration Bond Fund have each adopted a fundamental policy to concentrate its investments in collateralized mortgage obligations (“CMOs”). This means each Fund generally aims to invest at least 25% of its total assets in agency and non-agency CMOs. The Funds’ investments in CMOs are subject to prepayment risk, especially when interest rates decline. Prepayment risk is the risk that the principal on CMOs, other asset-backed securities or any fixed-income security with an embedded call option may be prepaid at any time, which could reduce yield and market value. This could reduce the effective maturity of a CMO and cause the Funds to reinvest their assets at a lower prevailing interest rate. CMOs are also subject to extension risk, which is the risk that rising interest rates will increase the effective maturity of CMOs due to the deceleration of prepayments. CMOs may also be subject to risks unique to the housing industry, including mortgage lending practices, defaults, foreclosures and changes in real estate values. The Funds’ investments in CMOs are subject to default risk, prepayment and extension risk and market risk when interest rates rise. As a result of each Fund’s policy to concentrate in CMOs, the Funds will be subject to the risks associated with these securities to a greater degree than a fund that does not concentrate in CMOs. As of the end of the current fiscal period, Oakhurst Fixed Income Fund and Oakhurst Short Duration Bond Fund had 22.6% and 37.3%, respectively, of the value of their net assets invested in CMOs.

7. Risks Associated with Lower Rated Debt Securities

Oakhurst Short Duration High Yield Credit Fund invests primarily in lower-rated debt securities (commonly called “junk” bonds). These securities are often considered to be speculative and involve greater risk of default or price changes than higher-rated securities due to changes in the issuer’s creditworthiness. Prices of lower-rated securities have been found to be less sensitive to interest rate changes and more sensitive to adverse economic changes and individual corporate developments than more highly rated investments. An economic downturn tends to disrupt the market for lower-rated securities and may adversely affect their

34

Oakhurst Mutual Funds

Notes to Financial Statements

August 31, 2024

values. Such an economic downturn may be expected to result in increased defaults by the issuers of such securities. Securities rated below Baa by Moody’s Investors Service, Inc. or BBB by S&P Global Ratings or Fitch Ratings, Inc. are generally considered to be “junk” bonds.

8. Risks Associated with Rule 144A Securities

Rule 144A securities are securities that are exempt from registration in compliance with the Securities Act of 1933, as amended, and the rules thereunder, and may have legal restrictions on resale. Under Rule 144A, these privately placed securities may be resold to qualified institutional buyers (“QIBs”), subject to certain conditions. An insufficient number of QIBs interested in purchasing Rule 144A securities at a particular time could adversely affect the marketability of the securities and a Fund might be unable to dispose of the securities promptly or at a reasonable price. Please refer to the Schedule of Investments for further details regarding each Fund’s investments in 144A securities.

9. Bank Line of Credit

Oakhurst Fixed Income Fund had an uncommitted senior secured line of credit up to $6,000,000 with its custodian bank which expired on December 15, 2023. Oakhurst Short Duration Bond Fund had an uncommitted senior secured line of credit up to $3,000,000, with its custodian bank which expired on December 15, 2023. Oakhurst Short Duration High Yield Credit Fund had an uncommitted senior secured line of credit up to $3,500,000, with its custodian bank which expired on December 15, 2023. All portfolio securities held by each Fund were pledged as collateral for its line of credit. Borrowings under the lines of credit bore interest at a rate per annum equal to the bank’s Prime Rate at the time of borrowing. During the current fiscal period, none of the Funds borrowed under their respective lines of credit.

10. Subsequent Events

In preparing these financial statements, management has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

Subsequent to the end of the current fiscal period, the Funds paid the following distributions:

Fund	Record Date		EX-DATE/ PAY DATE		Distribution Rate Per Share
Oakhurst Fixed Income Fund		September 26, 2024		September 27, 2024	$	0.02451799
Oakhurst Short Duration Bond Fund		September 26, 2024		September 27, 2024	$	0.02730690
Oakhurst Short Duration High Yield Credit Fund		September 26, 2024		September 27, 2024	$	0.04437409

35

Oakhurst Mutual Funds

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of

The RBB Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Oakhurst Fixed Income Fund, Oakhurst Short Duration Bond Fund, and Oakhurst Short Duration High Yield Credit Fund (the “Funds”), each a series of The RBB Fund, Inc., as of August 31, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of their operations, the changes in net assets, and the financial highlights for each of the periods indicated above in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024, by correspondence with the custodian and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Funds’ auditor since 2017.

COHEN & COMPANY, LTD.

Cleveland, Ohio

October 29, 2024

36

Oakhurst Mutual Funds

Other Information

(Unaudited)

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 (1) the renewal of the investment advisory agreement between F/m and the Company (the “Investment Advisory Agreement”) on behalf of the Oakhurst Fixed Income Fund, Oakhurst Short Duration Bond Fund, and Oakhurst Short Duration High Yield Credit Fund (for this section only, each a “Fund” and collectively the “Funds”), and (2) the renewal of the sub-advisory agreement among F/m, the Company and Oakhurst Capital Advisors, LLC (the “Sub-Adviser”) (the “Sub-Advisory Agreement”), at a meeting of the Board held on May 15-16, 2024 (the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Advisory Agreement and the Sub-Advisory Agreement for an additional one-year term ending August 16, 2025. The Board’s decision to approve the Advisory Agreement and the Sub-Advisory Agreement reflects the exercise of its business judgment to continue the existing arrangement. In approving the Advisory Agreement and the Sub-Advisory Agreement, the Board considered information provided by F/m and the Sub-Adviser with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the renewal and approval of the Advisory Agreement with respect to the Funds, and the renewal and approval of the Sub-Advisory Agreement among the Company, F/m and the Sub-Advisers with respect to the Funds, the Directors took into account all 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 F/m, and discussed the aforementioned Agreements with counsel in executive sessions, at which no representatives of F/m or the Sub-Adviser were present. Among other things, the Directors considered (i) the nature, extent, and quality of services provided to the Funds by F/m and the Sub-Adviser; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) F/m’s and the Sub-Adviser’s investment philosophies and processes; (iv) F/m’s and the Sub-Adviser’s assets under management and client descriptions; (v) F/m’s and the Sub-Adviser’s soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) F/m’s and the Sub-Adviser’s advisory fee arrangements and other similarly managed clients, as applicable; (vii) F/m’s and the Sub-Adviser’s compliance procedures; (viii) F/m’s and the Sub-Adviser’s financial information and insurance coverage, as applicable; (ix) the extent to which economies of scale are relevant to the Funds; (x) a report prepared by Fuse Research Network, LLC comparing each Fund’s management fees and total expense ratios to a group of mutual funds deemed comparable to the Fund based primarily on investment strategy similarity (“Peer Group”) and comparing the performance of each Fund to the performance of its Peer Group; and (xi) a report comparing the performance of the Fund to the performance of its benchmark.

As part of their review, the Directors considered the nature, extent and quality of the services provided by F/m and the Sub-Adviser. The Directors concluded that F/m and the Sub-Adviser had substantial resources to provide services to the Funds, and that F/m’s and the Sub-Adviser’s services had been acceptable.

The Directors also considered the investment performance of the Funds. Information on the Funds’ investment performance was provided for the three-month, one-year, three-year, five-year, ten-year, and since inception periods ended December 31, 2023, as applicable. The Directors considered the Funds’ investment performance in light of their respective investment objectives and investment strategies. The Directors concluded that the investment performance of each of the Funds as compared to their respective benchmarks and Peer Groups was acceptable.

In reaching this conclusion, the Directors noted that the Oakhurst Fixed Income Fund outperformed its benchmark, the Bloomberg US Aggregate Bond Index, for the one-year, three-year, five-year, ten-year, and since-inception periods ended December 31, 2023, and underperformed its benchmark for the three-month period ended December 31, 2023. The Board noted that the Oakhurst Fixed Income Fund’s total return outperformed the median of its Peer Group for the one-year, three-year, ten-year, and since-inception periods ended December 31, 2023, and underperformed the median of its Peer Group for the three-month and five-year periods ended December 31, 2023.

The Directors noted that the Oakhurst Short Duration Bond Fund outperformed its primary benchmark, the ICE BofA U.S. Corp./Govt. 1-3 Years Bond Index, for the three-month, one-year, three-year, five-year, ten-year, and since-inception periods ended December 31, 2023. The Directors noted that the Oakhurst Short Duration Bond Fund outperformed the median of its Peer Group for the one-year, ten-year, and since-inception periods ended December 31, 2023, and underperformed the median of its Peer Group for the three-month, three-year, and five-year periods ended December 31, 2023.

37

Oakhurst Mutual Funds

Other Information

(Unaudited)

The Directors noted that the Oakhurst Short Duration High Yield Credit Fund underperformed its primary benchmark, the ICE BofA 1-5 Year U.S. Cash Pay High Yield Constrained Index, for the three-month, one-year, three-year, five-year and since-inception periods ended December 31, 2023. The Directors noted that the Oakhurst Short Duration High Yield Credit Fund outperformed the median of its Peer Group for the three-month and one-year periods ended December 31, 2023, equaled the median of its Peer Group for the since-inception period ended December 31, 2023, and underperformed the median of its Peer Group for the three-year and five-year periods ended December 3, 2023.

The Board also considered the advisory fee rate payable by the Funds under the Advisory Agreement. In this regard, information on the fees paid by a Fund and the Fund’s total operating expense ratios (before and after fee waivers and expense reimbursements) were compared to similar information for mutual funds advised by other, unaffiliated investment advisory firms. The Directors also considered the fees payable to the Sub-Adviser under the Sub-Advisory Agreement and the information provided by F/m on the services provided by the Sub-Adviser. In this regard, the Directors noted that the fees for the Sub-Adviser were paid directly by F/m and not by the Funds. The Directors noted that F/m had contractually agreed to waive management fees and reimburse expenses through at least December 31, 2024, to limit total annual operating expenses to agreed upon levels for the Fund.

The Directors noted that the Oakhurst Fixed Income Fund’s net advisory fee was above the median and ranked in the 4th quintile of its Peer Group and the Fund’s total net expenses were above the median and ranked in the 4th quintile of its Peer Group.

The Directors noted that the Oakhurst Short Duration Bond Fund’s net advisory fee was below the median and ranked in the 1st quintile of its Peer Group, and the Fund’s total net expenses was above the median and ranked in the 4th quintile of its Peer Group.

The Directors noted that the Oakhurst Short Duration High Yield Credit Fund’s net advisory fee was above the median and ranked in the 3rd quintile of its Peer Group, and the Fund’s total net expenses were above the median and ranked in the 5th quintile of its Peer Group.

After reviewing the information regarding F/m’s and the Sub-Adviser’s costs, profitability and economies of scale, and after considering the services to be provided by F/m and the Sub-Adviser, the Directors concluded that the advisory fees to be paid by the Funds to F/m and the sub-advisory fees to be paid to each Sub-Adviser were fair and reasonable and that the Investment Advisory Agreement and Sub-Advisory Agreement should be approved and continued for an additional one-year period ending August 16, 2025.

38

Investment Adviser

F/m Investments, LLC d/b/a Oakhurst Capital Management, LLC
3050 K Street, NW
Suite 201
Washington, DC 20007

Sub-Adviser

Oakhurst Capital Advisors, LLC
1875 Century Park E,
Suite 950
Los Angeles, CA 90067

Administrator and Transfer Agent

U.S.Bank Global Fund Services
P.O. Box 701
Milwaukee,Wisconsin 53201-0701

Principal Underwriter

Quasar Distributors, LLC
3 Canal Plaza, Suite 100
Portland, ME 04101

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, OH 44115

Legal Counsel

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

39

Financial Statements
August 31, 2024

F/m Opportunistic Income ETF | (Nasdaq: XFIX)

a series of The RBB Fund, Inc.

F/m Investments, LLC d/b/a North Slope Capital, LLC

Table of Contents

Schedule of Investments	1
Financial Statements	4
Notes to Financial Statements	8
Report of Independent Registered Public Accounting Firm	18
Shareholder Tax Information	19
Other Information	20

F/m Opportunistic Income ETF

Schedule of Investments

August 31, 2024

	Par		Value
CORPORATE BONDS — 75.1%
Consumer Discretionary — 9.0%
Ford Motor Co., 3.25%, 02/12/2032	$	1,843,000	$	1,569,730
VF Corp., 2.95%, 04/23/2030(a)		1,885,000		1,627,113
				3,196,843
Energy — 11.7%
Cheniere Energy Partners LP, 4.50%, 10/01/2029		1,643,000		1,606,797
Kinder Morgan, Inc., 5.55%, 06/01/2045		1,713,000		1,661,708
Phillips 66 Partners LP
3.61%, 02/15/2025		65,000		64,362
3.75%, 03/01/2028(a)		500,000		469,006
3.15%, 12/15/2029		365,000		318,683
				4,120,556
Finance and Insurance — 4.5%
Nationwide Financial Services, Inc., 6.75%, 05/15/2037		1,571,000		1,594,565
Financials — 9.2%
Bank of America Corp., 5.88% to 03/15/2028 then 3 mo. Term SOFR + 3.19%, Perpetual		1,631,000		1,619,692
JPMorgan Chase & Co., 4.60% to 02/01/2025 then 3 mo. Term SOFR + 3.13%, Perpetual		1,638,000		1,629,322
				3,249,014
Health Care — 4.8%
Viatris, Inc., 3.85%, 06/22/2040		2,218,000		1,693,870
Industrials — 4.7%
Concentrix Corp., 6.85%, 08/02/2033(a)		1,575,000		1,644,824
Information Technology — 6.6%
Kyndryl Holdings, Inc., 6.35%, 02/20/2034		1,605,000		1,689,405
VeriSign, Inc., 4.75%, 07/15/2027		661,000		658,905
				2,348,310
Manufacturing — 9.2%
Celanese US Holdings LLC, 6.33%, 07/15/2029		1,541,000		1,628,948
Dell, Inc., 6.50%, 04/15/2038		1,490,000		1,620,882
				3,249,830

The accompanying notes are an integral part of these financial statements.

1

F/m Opportunistic Income ETF

Schedule of Investments (COntinued)

August 31, 2024

	Par		Value
CORPORATE BONDS — 75.1% (Continued)
Mining, Quarrying, and Oil and Gas Extraction — 4.0%
Freeport Minerals Corp., 9.50%, 06/01/2031	$	1,128,000	$	1,398,754
Professional, Scientific, and Technical Services — 4.5%
Leidos, Inc., 5.75%, 03/15/2033		1,525,000		1,585,571
Utilities — 4.5%
Florida Power & Light Co., 3.80%, 12/15/2042		1,913,000		1,600,340
Wholesale Trade — 2.4%
Ricoh USA, Inc., 6.75%, 12/01/2025		875,000		860,095
TOTAL CORPORATE BONDS (Cost $25,237,000)				26,542,572
FOREIGN CORPORATE BONDS — 4.3%
Information Technology — 4.3%
Nokia Oyj, 6.63%, 05/15/2039		1,445,000		1,527,760
TOTAL FOREIGN CORPORATE BONDS (Cost $1,429,787)				1,527,760
MUNICIPAL BONDS — 0.4%
New Hampshire Business Finance Authority
3.25%, 04/01/2028		130,000		100,605
3.96%, 10/01/2031		40,000		36,227
TOTAL MUNICIPAL BONDS (Cost $145,506)				136,832

	Shares
EXCHANGE TRADED FUNDS — 18.8%
F/m 10-Year Investment Grade Corporate Bond ETF(c)		30,000	1,542,600
F/m 3-Year Investment Grade Corporate Bond ETF(c)		41,200	2,098,209
US Treasury 10 Year Note ETF(a)(c)		64,060	2,882,700
US Treasury 2 Year Note ETF(c)		2,600	126,269
TOTAL EXCHANGE TRADED FUNDS (Cost $6,542,334)			6,649,778

The accompanying notes are an integral part of these financial statements.

2

F/m Opportunistic Income ETF

Schedule of Investments (CONCLUDED)

August 31, 2024

	Units		Value
SHORT-TERM INVESTMENTS — 8.1%
Investments Purchased with Proceeds from Securities Lending — 8.1%
Mount Vernon Liquid Assets Portfolio, LLC, 5.42% (b)		2,860,737	$	2,860,737
TOTAL SHORT-TERM INVESTMENTS (Cost $2,860,737)				2,860,737
TOTAL INVESTMENTS — 106.7% (Cost $36,215,364)				37,717,679
Liabilities in Excess of Other Assets — (6.7)%				(2,374,582	)
TOTAL NET ASSETS — 100.0%			$	35,343,097

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

SOFR - Secured Overnight Financing Rate

(a) All or a portion of this security is on loan as of August 31, 2024. The total market value of these securities was $2,795,195 which represented 7.9% of net assets.

(b) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

(c) Affiliated company as defined by the Investment Company Act of 1940, as amended.

The accompanying notes are an integral part of these financial statements.

3

F/m Opportunistic Income ETF

Statement of Assets and Liabilities

August 31, 2024

ASSETS
Investments in securities of unaffiliated issuers, at value (cost $26,812,293)	$	28,207,164	(1)
Investments in securities of affiliated issuers, at value (cost $6,542,334) (See Note 8)		6,649,778
Investments purchased with proceeds from securities lending collateral, at value (cost $2,860,737)		2,860,737
Cash equivalents		115,895
Receivables for:
Interest		379,330
Securities lending		2,213
Total assets		38,215,117
LIABILITIES
Payables for:
Securities lending collateral (see Note 6)		2,860,737
Advisory fees		11,283
Total liabilities		2,872,020
Net assets	$	35,343,097
NET ASSETS CONSIST OF:
Par value	$	670
Paid-in capital		33,723,650
Total distributable earnings/(losses)		1,618,777
Net assets	$	35,343,097
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		670,000
Net asset value and redemption price per share	$	52.75

⁽¹⁾ Includes market value of securities on loan of $2,795,195

The accompanying notes are an integral part of these financial statements.

4

F/m Opportunistic Income ETF

Statement of Operations

FOR THE Period ENDED August 31, 2024⁽¹⁾

INVESTMENT INCOME
Interest income	$	1,617,416
Dividends from unaffiliated investments		20,783
Dividends from affiliated investments (See Note 8)		44,505
Securities lending income, net		3,501
Total investment income		1,686,205
EXPENSES
Advisory fees (Note 3)		108,078
Total expenses		108,078
Net investment income/(loss)		1,578,127
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments in unaffiliated issuers		(36,843	)
Net realized gain/(loss) from investments in affiliated issuers (See Note 8)		742
Net realized gain from redemption in-kind		178,748
Net change in unrealized appreciation/(depreciation) on investments of unaffiliated issuers		1,394,871
Net change in unrealized appreciation/(depreciation) on investments of affiliated issuers (See Note 8)		107,444
Net realized and unrealized gain/(loss)		1,644,962
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,223,089

⁽¹⁾ Inception date of the Fund was September 5, 2023.

The accompanying notes are an integral part of these financial statements.

5

F/m Opportunistic Income ETF

Statement of Changes in Net Assets

	FOR THE Period ENDED August 31, 2024(1)
INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
Net investment income/(loss)	$	1,578,127
Net realized gain/(loss) from investments		142,647
Net change in unrealized appreciation/(depreciation) on investments		1,502,315
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		3,223,089
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(1,425,564	)
Net decrease in net assets from dividends and distributions to shareholders		(1,425,564	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		39,262,915
Shares redeemed		(5,717,343	)
Net increase/(decrease) in net assets from capital share transactions		33,545,572
TOTAL INCREASE/(DECREASE) IN NET ASSETS		35,343,097
NET ASSETS:
Beginning of period	$	—
End of period	$	35,343,097
SHARE TRANSACTIONS:
Shares sold		780,000
Shares redeemed		(110,000	)
Net increase/(decrease) in shares		670,000

⁽¹⁾ Inception date of the Fund was September 5, 2023.

The accompanying notes are an integral part of these financial statements.

6

F/m Opportunistic Income 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 August 31,
	2024(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	50.00
Net investment income/(loss)(2)		2.85
Net realized and unrealized gain/(loss) from investments		2.45
Net increase/(decrease) in net assets resulting from operations		5.30
Dividends and distributions to shareholders from:
Net investment income		(2.55	)
Total dividends and distributions to shareholders		(2.55	)
Net asset value, end of period	$	52.75
Market value, end of period	$	52.88
Total investment return/(loss) on net asset value(3)		10.93	%(5)
Total investment return/(loss) on market price(4)		11.15	%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	35,343
Ratio of expenses to average net assets		0.39	%(6)
Ratio of net investment income/(loss) to average net assets		5.68	%(6)
Portfolio turnover rate		92	%(5)

⁽¹⁾ Inception date of the Fund was September 5, 2023.

⁽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.

7

F/m Opportunistic Income ETF

Notes to Financial Statements

August 31, 2024

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 an investment company 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 sixty-five separate investment portfolios, including the F/m Opportunistic Income ETF (the “Fund”). The Fund commenced investment operations on September 5, 2023.

RBB has authorized capital of one hundred billion shares of common stock of which 92.923 billion shares are currently classified into two hundred and thirty-six 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 maximize total return, including both income and appreciation, by identifying undervalued and opportunistic sectors and securities in the U.S. fixed income markets.

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 August 31, 2024, and the period covered by these Notes to Financial Statements is the fiscal period since the Fund’s inception from September 5, 2023 through August 31, 2024 (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. 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” or “Directors”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Units of Mount Vernon Liquid Assets Portfolio are not traded on an exchange and are valued at the investment company’s NAV per share.

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” or “F/m”) 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.

8

F/m Opportunistic Income ETF

Notes to Financial Statements (continued)

August 31, 2024

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
Corporate Bonds	$	26,542,572	$	—	$	26,542,572	$	—
Exchange Traded Funds		6,649,778		6,649,778		—		—
Foreign Corporate Bonds		1,527,760		—		1,527,760		—
Municipal Bonds		136,832		—		136,832		—
Investments Purchased with Proceeds from Securities Lending*		2,860,737		—		—		—
Total Investments**	$	37,717,679	$	6,649,778	$	28,207,164	$	—

* 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 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 Fund’s investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the Fund may ultimately realize. Further, such investments may be subject to legal and other restrictions on resale or otherwise less liquid than publicly traded securities.

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

The Fund 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 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 gains 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

9

F/m Opportunistic Income ETF

Notes to Financial Statements (continued)

August 31, 2024

of net assets of each class at the beginning of the day. Certain expenses are shared with The RBB Fund 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 — The Fund will distribute substantially all of its net investment income and net realized capital gains, if any, to its shareholders. The 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 the Fund at least annually. Brokers may make the DTC book-entry dividend reinvestment service available to their customers who own the 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 the 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 the 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 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.

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, based on experience, the risk of material loss from such claims is considered remote.

2. INVESTMENT POLICIES AND PRACTICES

The sections below describe some of the different types of investments that may be made by the Fund and the investment practices in which the Fund may engage.

Cash Equivalents and Short-Term InvestmentS - The Fund may invest in cash, cash equivalents, and a variety of short-term instruments in such proportions as warranted by prevailing market conditions and the Fund’s principal investment strategies. The Fund 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, the Fund may not be able to achieve its investment objective.

Illiquid Investments - Pursuant to Rule 22e-4 under the 1940 Act, the 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 the 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, 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 the Fund is carrying the investments. To the extent an investment held by the Fund is deemed to be an illiquid investment or a less liquid investment, the Fund will be exposed to a greater liquidity risk.

Inflation Protected Securities - The 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.

10

F/m Opportunistic Income ETF

Notes to Financial Statements (continued)

August 31, 2024

Other Investment Companies - The 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, the 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. The 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. These regulatory changes may adversely impact the Fund’s investment strategies and operations.

U.S. Government Securities - The 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.

Zero-Coupon and Step Coupon Securities - The 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.

CREDIT RISK - The value of your investment in the Fund may change in response to changes in the credit ratings of the Fund’s portfolio securities, including with respect to the underlying funds. Generally, investment risk and price volatility increase as a security’s credit rating declines. The financial condition of an issuer of a fixed income security held by the Fund may cause it to default or become unable to pay interest or principal due on the security.

Temporary Investments - During periods of adverse market or economic conditions, the 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, the Fund would not be pursuing its stated investment objective with its usual investment strategies. The 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.

11

F/m Opportunistic Income ETF

Notes to Financial Statements (continued)

August 31, 2024

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. The 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

The Fund pays all of its expenses other than those expressly assumed by the Adviser. Expenses of the 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 the Fund in accordance with the Fund’s respective investment objective and policies and formulates a continuing investment strategy for the Fund pursuant to the terms of the investment advisory agreement (the “Advisory Agreement”) between the Adviser and the Company on behalf of the 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. The Fund compensates the Adviser with a unitary management fee for its services at an annual rate of 0.39% of the Fund’s average daily net assets during the month. From the unitary management fee, the Adviser pays most of the expenses of the 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, distribution fees and expenses paid by the Fund under any distribution plan adopted, 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 the 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.

During the current fiscal period, investment advisory fees accrued were as follows:

ADVISORY FEES
$	108,078

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 (“Quasar”), 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.

Under the Fund’s 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 Fund or the Company. As of the end of the current fiscal period, there were no director and officer fees charged or paid by the Fund.

12

F/m Opportunistic Income ETF

Notes to Financial Statements (continued)

August 31, 2024

4. PURCHASES AND SALES OF INVESTMENT SECURITIES

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

Purchases of investment securities	$	32,961,323
Sales of investment securities		26,074,652

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

In-kind purchases of investment securities	$	32,466,840
Proceeds from in-kind sales of investment securities		5,141,802

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 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, 2024, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:

FEDERAL TAX COST		UNREALIZED APPRECIATION		UNREALIZED (DEPRECIATION)			NET UNREALIZED APPRECIATION/ (DEPRECIATION)
$	36,215,364	$	1,519,194	$	(16,879	)	$	1,502,315

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, 2024, there were permanent differences related to redemptions in-kind between distributable earnings/(loss) and paid-in capital, respectively for the Fund:

DISTRIBUTABLE EARNINGS/(LOSS)			PAID-IN-CAPITAL
$	(178,750	)	$	178,750

13

F/m Opportunistic Income ETF

Notes to Financial Statements (continued)

August 31, 2024

As of August 31, 2024, 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 Carryover			Qualified Late-year Loss
$	152,563	$	—	$	1,502,315	$	(36,101	)	$	—

The tax character of distributions paid during the fiscal year ended August 31, 2024 was as follows:

Ordinary Income		Long-Term Capital Gains
$	1,425,564	$	—

The Fund is permitted to carry forward capital losses for an unlimited period. Additionally, capital losses that are carried forward will retain their character as either short-term or long-term capital losses. As of August 31, 2024, the Fund had unexpiring short-term losses of $36,101.

6. SECURITIES LENDING

The Fund may make secured loans of its Fund securities to brokers, dealers and other financial institutions to earn additional income and receive cash collateral equal to at least 102% of the current market value of the loaned domestic securities and 105% of the current market value of the loaned foreign securities, as marked to market each day that the NAV of the Fund is determined. When the collateral falls below specified amounts, the Fund’s 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 Fund receives compensation in the form of loan fees owed by borrowers and income earned on collateral investments. A portion of the interest received on the loan collateral is retained by the Fund and the remainder is rebated to the borrower of the securities. Pursuant to the securities lending agreement between the Trust, on behalf of the Fund, and the Custodian, each Fund pays a fee to the Custodian for administrative and custodial fees, which is calculated daily and paid monthly, in the amount of 20% of the Fund’s net income. The net amount of interest earned, after the interest rebate and the allocation to the Custodian, is shown below. Collateral is invested in the Mount Vernon Liquid Assets Portfolio, LLC of which the investment objective is to seek to maximize income to the extent consistent with the preservation of capital and liquidity and maintain a stable Net Asset Value of $1.00. The Fund will bear the risk of loss of the invested collateral. Investments purchased with collateral are overnight and continuous. Securities lending will expose the Fund 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 net 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
F/m Opportunistic Income ETF	$	2,795,195	$	2,860,737	$	3,501

Securities lending transactions are entered into by the Fund’s securities lending agent on behalf of the Fund under a Master Securities Lending Agreement (“MSLA”) which permits the Fund’s securities lending agent on behalf of the Fund under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable on behalf of the Fund to

14

F/m Opportunistic Income ETF

Notes to Financial Statements (continued)

August 31, 2024

the same counterparty against amounts to be received and create one single net payment due to or from the Fund. The following table is a summary of the Fund’s open securities lending transactions which are subject to a MSLA as of the end of the reporting period:

							GROSS AMOUNTS NOT OFFSET IN THE STATEMENT OF ASSETS AND LIABILITIES
FUND	GROSS AMOUNTS OF RECOGNIZED ASSETS		GROSS AMOUNTS OFFSET IN THE STATEMENT OF ASSETS AND LIABILITIES		NET AMOUNTS OF ASSETS PRESENTED IN THE STATEMENT OF ASSETS AND LIABILITIES		FINANCIAL INSTRUMENTS1			CASH COLLATERAL RECEIVED		NET AMOUNT2
F/m Opportunistic Income ETF	$	2,795,195	$	—	$	2,795,195	$	(2,795,195	)	$	—	$	—

1 Amount disclosed is limited to the amount of assets presented in the Statement 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.

7. SHARE TRANSACTIONS

Shares of the Fund are listed and traded on the NASDAQ, Inc. (the “Exchange”). Market prices for the shares may be different from their NAV. The 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 the 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 Quasar. 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 the 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.

The 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 the 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 the Fund for the transaction costs associated with the cash transactions. Variable fees received by the Fund, if any, are displayed in the capital shares transactions section of the Statement of Changes in Net Assets.

15

F/m Opportunistic Income ETF

Notes to Financial Statements (continued)

August 31, 2024

8. TRANSACTIONS WITH AFFILIATES

The following issuers are affiliated with the Fund. Fund of funds are allowed to invest in other investment companies in excess of the limits imposed, if certain requirements, such as being part of the same group of investment companies, are met. As defined in Section (2)(a)(3) of the 1940 Act, such affiliated issuers are:

	September 5, 2023*				Additions				Reductions
Issuer Name	Share Balance		Cost		Share Balance		Cost		Share Balance			Proceeds
F/m 2-Year Investment Grade Corporate Bond ETF		—	$	—		33,800	$	1,694,741		(33,800	)	$	(1,694,654	)
F/m 3-Year Investment Grade Corporate Bond ETF		—		—		43,000		2,165,763		(1,800	)		(90,200	)
F/m 10-Year Investment Grade Corporate Bond ETF		—		—		30,000		1,507,200		—			—
U.S. Treasury 3 Month Bill ETF		—		—		310,120		15,478,131		(310,120	)		(15,479,286	)
U.S. Treasury 2 Year Note ETF		—		—		2,600		126,022		—			—
U.S. Treasury 7 Year Note ETF		—		—		8,680		418,310		(8,680	)		(416,550	)
U.S. Treasury 10 Year Note ETF		—		—		68,610		3,033,992		(4,550	)		(201,878	)
		—		—		496,810		24,424,159		(358,950	)		(17,882,568	)

* Inception date of the Fund was September 5, 2023.

16

F/m Opportunistic Income ETF

Notes to Financial Statements (CONCLUDED)

August 31, 2024

	AUGUST 31, 2024
Issuer Name	Dividend Income		Capital Gain Distribution		Net Change in Unrealized Appreciation/ (Depreciation)		Realized Gain/(Loss)			Share Balance		Value		Cost
F/m 2-Year Investment Grade Corporate Bond ETF	$	2,160	$	—	$	—	$	(87	)	$	—	$	—	$	—
F/m 3-Year Investment Grade Corporate Bond ETF		8,904		—		22,343		303			41,200		2,098,209		2,075,866
F/m 10-Year Investment Grade Corporate Bond ETF		6,070		—		35,400		—			30,000		1,542,600		1,507,200
U.S. Treasury 3 Month Bill ETF		19,219		—		—		1,155			—		—		—
U.S. Treasury 2 Year Note ETF		—		—		247		—			2,600		126,269		126,022
U.S. Treasury 7 Year Note ETF		—		—		—		(1,760	)		—		—		—
U.S. Treasury 10 Year Note ETF		8,152		—		49,454		1,131			64,060		2,882,700		2,833,246
	$	44,505	$	—	$	107,444	$	742		$	137,860	$	6,649,778	$	6,542,334

9. SUBSEQUENT EVENTS

In preparing these financial statements, the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued.

Subsequent to the end of the current fiscal period, the Fund paid the following distributions:

Record Date	Ex-Date	Pay Date	Distribution Rate Per Share
9/3/2024	9/3/2024	9/4/2024	$0.22772543
10/1/2024	10/1/2024	10/2/2024	$0.24258973

17

F/m Opportunistic Income ETF

Report of Independent Registered
Public Accounting Firm

To the Shareholders and Board of Directors of
The RBB Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of F/m Opportunistic Income ETF (the “Fund”), a series of The RBB Fund, Inc., as of August 31, 2024, the related statements of operations and changes in net assets, and the financial highlights for the period from September 5, 2023 (commencement of operations) through August 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2024, the results of its operations, the changes in net assets, and the financial highlights for the period indicated above, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024, by correspondence with the custodian. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor of one or more investment companies advised by F/M Investments, LLC since 2021.

COHEN & COMPANY, LTD.
Cleveland, Ohio
October 29, 2024

18

F/m Opportunistic Income ETF

Shareholder Tax Information

(Unaudited)

Certain tax information regarding the Fund is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable period ended August 31, 2024. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ending December 31, 2024. During the fiscal year ended August 31, 2024, the Fund paid ordinary income dividends, and did not pay long-term capital gains dividends to its shareholders.

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Because the Fund’s fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2024. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2025.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Fund, if any. In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting. Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.

19

F/m Opportunistic Income ETF

Other Information

(Unaudited)

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 filings 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 Fund trade on an exchange at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Fund is available, without charge, on the Fund’s website at www.fminvest.com/etfs/xfix.

20

Investment Adviser

F/m Investments, LLC d/b/a North Slope Capital, LLC
3050 K 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

Principal Underwriter

Quasar Distributors, LLC
3 Canal Plaza, Suite 100
Portland, ME 04101

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

Legal Counsel

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

21

FREE MARKET U.S. EQUITY FUND
FREE MARKET INTERNATIONAL EQUITY FUND
FREE MARKET FIXED INCOME FUND

of

The RBB Fund, Inc.

Financial Statements

August 31, 2024

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

FREE MARKET U.S. EQUITY FUND

Portfolio of Investments

AUGUST 31, 2024

	Shares		Value
OPEN-END FUNDS — 100.0%
iShares Core S&P 500 ETF		620,081	$	351,430,907
iShares MSCI USA Value Factor ETF		3,699,472		399,653,960
U.S. Large Cap Value Portfolio III - Class Institutional(a)		19,819,560		644,333,898
U.S. Large Cap Value Series(b)		2,825,615		240,685,924
U.S. Large Company Portfolio - Class Institutional(a)		7,646,066		287,033,316
U.S. Micro Cap Portfolio - Class Institutional(c)		22,609,423		650,473,086
U.S. Small Cap Portfolio - Class Institutional(c)		13,351,197		647,666,560
U.S. Small Cap Value Portfolio - Class Institutional(c)		22,115,591		1,079,019,682
TOTAL OPEN-END FUNDS (Cost $2,465,972,771)				4,300,297,333
SHORT-TERM INVESTMENTS — 0.1%
Money Market Funds — 0.1%
Invesco Government & Agency Portfolio - Class Institutional, 5.19% (d)		3,316,794		3,316,794
TOTAL SHORT-TERM INVESTMENTS (Cost $3,316,794)				3,316,794
TOTAL INVESTMENTS — 100.1% (Cost $2,469,289,565)				4,303,614,127
Liabilities in Excess of Other Assets — (0.1)%				(2,428,528	)
TOTAL NET ASSETS — 100.0%			$	4,301,185,599

Percentages are stated as a percent of net assets.

(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.

(d) The rate shown represents the 7-day effective yield as of August 31, 2024.

ETF Exchange-Traded Fund

Portfolio holdings are subject to change at any time.

1

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

FREE MARKET FUNDS

FREE MARKET INTERNATIONAL EQUITY FUND

Portfolio of Investments

AUGUST 31, 2024

	Shares		Value
OPEN-END FUNDS — 99.9%
Dimensional International Small Cap ETF(a)		10,798,589	$	283,678,933
Canadian Small Company Series(b)		2,108,704		41,103,028
DFA International Small Cap Value Portfolio - Class Institutional(c)		55,524,361		1,321,479,796
DFA International Value Portfolio III - Class Institutional (d)		26,315,159		500,514,321
DFA International Value Series(b)		13,260,640		488,389,388
Emerging Markets Small Cap Portfolio - Class Institutional(c)		6,501,987		157,543,151
Emerging Markets Value Portfolio - Class Institutional(c)		4,903,650		157,112,949
iShares Core MSCI EAFE ETF(a)		2,120,454		163,677,844
iShares Core MSCI Emerging Markets ETF		3,086,448		168,087,958
TOTAL OPEN-END FUNDS (Cost $2,571,703,270)				3,281,587,368

	Units
SHORT-TERM INVESTMENTS — 1.9%
Investments Purchased with Proceeds from Securities Lending — 1.8%
Mount Vernon Liquid Assets Portfolio, LLC, 5.42%(e)		60,371,483		60,371,482
	Shares
Money Market Funds — 0.1%
Invesco Government & Agency Portfolio - Class Institutional, 5.19% (f)		3,494,131		3,494,131
TOTAL SHORT-TERM INVESTMENTS (Cost $63,865,613)				63,865,613
TOTAL INVESTMENTS — 101.8% (Cost $2,635,568,883)				3,345,452,981
Liabilities in Excess of Other Assets — (1.8)%				(62,004,762	)
TOTAL NET ASSETS — 100.0%			$	3,283,448,219

Percentages are stated as a percent of net assets.

(a) All or a portion of this security is on loan as of August 31, 2024. At August 31, 2024, the total market value of these securities was $59,175,552 which represented 1.8% of net assets.

(b) A portfolio of Dimensional Investment Group Inc.

(c) A portfolio of DFA Investment Trust Company.

(d) A portfolio of DFA Investment Dimensions Group Inc.

(e) The rate shown is as of August 31, 2024.

(f) The rate shown represents the 7-day effective yield as of August 31, 2024.

ETF Exchange-Traded Fund

Portfolio holdings are subject to change at any time.

2

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

FREE MARKET FUNDS

FREE MARKET FIXED INCOME FUND

Portfolio of Investments

AUGUST 31, 2024

	Shares		Value
OPEN-END FUNDS — 99.5%
DFA One-Year Fixed Income Portfolio - Class Institutional(a)		40,595,446	$	415,291,417
DFA Two-Year Global Fixed Income Portfolio - Class Institutional(a)		72,133,191		721,331,912
Dimensional Inflation-Protected Securities ETF(b)		3,459,553		144,300,377
iShares 1-3 Year Treasury Bond ETF(b)		1,387,785		114,908,598
iShares 1-5 Year Investment Grade Corporate Bond ETF(b)		13,273,190		694,586,033
iShares 3-7 Year Treasury Bond ETF(b)		1,469,507		174,459,871
iShares 5-10 Year Investment Grade Corporate Bond ETF(b)		3,297,917		174,987,476
iShares Core International Aggregate Bond ETF(b)		8,487,881		435,343,416
TOTAL OPEN-END FUNDS (Cost $2,920,832,785)				2,875,209,100

	Units
SHORT-TERM INVESTMENTS — 2.1%
Investments Purchased with Proceeds from Securities Lending — 1.6%
Mount Vernon Liquid Assets Portfolio, LLC, 5.42%(c)		45,081,700		45,081,700
	Shares
Money Market Funds — 0.5%
Invesco Government & Agency Portfolio - Class Institutional, 5.19% (d)		15,509,502		15,509,502
TOTAL SHORT-TERM INVESTMENTS (Cost $60,591,202)				60,591,202
TOTAL INVESTMENTS — 101.6% (Cost $2,981,423,987)				2,935,800,302
Liabilities in Excess of Other Assets — (1.6)%				(44,862,228	)
TOTAL NET ASSETS — 100.0%			$	2,890,938,074

Percentages are stated as a percent of net assets.

(a) A portfolio of DFA Investment Dimensions Group Inc.

(b) All or a portion of this security is on loan as of August 31, 2024. At August 31, 2024, the total market value of these securities was $44,071,104 which represented 1.5% of net assets.

(c) The rate shown is as of August 31, 2024.

(d) The rate shown represents the 7-day effective yield as of August 31, 2024.

ETF Exchange-Traded Fund

Portfolio holdings are subject to change at any time.

3

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

FREE MARKET FUNDS

Statements of Assets and Liabilities

AUGUST 31, 2024

	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 $2,465,972,771, $2,571,703,270 and $2,920,832,785, respectively)	$	4,300,297,333	$	3,281,587,368	$	2,875,209,100
Short-term investments, at value (cost $3,316,794, $3,494,131 and $15,509,502, respectively)		3,316,794		3,494,131		15,509,502
Investments purchased with proceeds from securities lending collateral (cost $—, $60,371,482 and $45,081,700, respectively)		—		60,371,482		45,081,700
Receivables for:
Capital shares sold		1,372,632		1,168,529		1,216,415
Dividends and interest		13		19,129		2,480,644
Prepaid expenses and other assets		172,483		120,416		110,521
Total assets		4,305,159,255		3,346,761,055		2,939,607,882
LIABILITIES
Payables for:
Capital shares redeemed		1,923,704		1,420,757		1,622,583
Advisory fees		1,721,118		1,321,467		1,203,984
Administration and accounting fees		141,534		105,776		111,300
Transfer agent fees		5,651		7,788		7,856
Securities lending collateral (see Note 6)		—		60,371,482		45,081,700
Investments purchased		—		—		500,000
Other accrued expenses and liabilities		181,649		85,566		142,385
Total liabilities		3,973,656		63,312,836		48,669,808
Net assets	$	4,301,185,599	$	3,283,448,219	$	2,890,938,074
NET ASSETS CONSIST OF:
Par value	$	174,161	$	264,240	$	285,469
Paid-in capital		2,309,260,075		2,459,133,575		2,948,937,925
Total distributable earnings/(loss)		1,991,751,363		824,050,404		(58,285,320	)
Net assets	$	4,301,185,599	$	3,283,448,219	$	2,890,938,074
CAPITAL SHARES:
Net assets	$	4,301,185,599	$	3,283,448,219	$	2,890,938,074
Shares outstanding ($0.001 par value, 700,000,000 shares authorized)		174,160,756		264,239,592		285,468,934
Net asset value, offering and redemption price per share	$	24.70	$	12.43	$	10.13

4

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

FREE MARKET FUNDS

Statements of Operations

FOR THE Year ENDED AUGUST 31, 2024

	Free Market U.S. Equity Fund		Free Market International Equity Fund		Free Market Fixed Income Fund
INVESTMENT INCOME
Dividends from non-affiliated funds	$	62,528,752	$	102,476,812	$	103,397,366
Interest income		247,464		269,011		769,707
Securities lending income		27,974		184,440		156,457
Total investment income		62,804,190		102,930,263		104,323,530
EXPENSES
Advisory fees (Note 2)		19,003,981		14,615,451		13,737,559
Administration and accounting fees (Note 2)		556,767		450,429		390,760
Director fees		422,578		329,344		312,975
Officer fees		285,794		221,480		210,714
Legal fees		190,499		147,836		142,697
Custodian fees (Note 2)		99,521		81,312		79,522
Registration and filing fees		89,566		72,350		71,513
Transfer agent fees (Note 2)		66,537		71,342		70,768
Printing and shareholder reporting fees		57,485		56,001		52,805
Audit and tax service fees		42,623		43,448		41,997
Other expenses		165,464		238,488		108,612
Total expenses		20,980,815		16,327,481		15,219,922
Net investment income/(loss)		41,823,375		86,602,782		89,103,608
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Non-affiliated funds		71,585,093		27,470,048		(18,576,023	)
Capital gain distributions from non-affiliated fund investments		64,832,047		1,394,269		—
Net change in unrealized appreciation/(depreciation) on:
Non-affiliated funds		551,485,192		379,850,519		99,079,963
Net realized and unrealized gain/(loss) on investments		687,902,332		408,714,836		80,503,940
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	729,725,707	$	495,317,618	$	169,607,548

5

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 Year Ended August 31, 2024			For the Year Ended August 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	41,823,375		$	40,625,266
Net realized gain/(loss) from investments		136,417,140			125,519,038
Net change in unrealized appreciation/(depreciation) on investments		551,485,192			167,184,995
Net increase/(decrease) in net assets resulting from operations		729,725,707			333,329,299
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(155,017,081	)		(254,085,784	)
Net decrease in net assets from dividends and distributions to shareholders		(155,017,081	)		(254,085,784	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		476,286,979			478,766,781
Reinvestment of distributions		154,979,410			253,858,591
Shares redeemed		(583,688,219	)		(425,824,595	)
Net increase/(decrease) in net assets from capital shares		47,578,170			306,800,777
Total increase/(decrease) in net assets		622,286,796			386,044,292
NET ASSETS:
Beginning of period		3,678,898,803			3,292,854,511
End of period	$	4,301,185,599		$	3,678,898,803
SHARES TRANSACTIONS:
Shares sold		21,414,430			23,305,151
Dividends and distributions reinvested		6,949,749			13,098,999
Shares redeemed		(26,322,345	)		(20,585,763	)
Net increase/(decrease) in shares outstanding		2,041,834			15,818,387

6

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

FREE MARKET INTERNATIONAL EQUITY FUND

Statements of Changes in Net Assets

	For the Year Ended August 31, 2024			For the Year Ended August 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	86,602,782		$	70,936,748
Net realized gain/(loss) from investments		28,864,317			1,605,191
Net change in unrealized appreciation/(depreciation) on investments		379,850,519			317,867,303
Net increase/(decrease) in net assets resulting from operations		495,317,618			390,409,242
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(71,432,283	)		(86,538,910	)
Net decrease in net assets from dividends and distributions to shareholders		(71,432,283	)		(86,538,910	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		386,235,877			387,653,039
Reinvestment of distributions		71,413,639			86,521,788
Shares redeemed		(423,715,477	)		(347,793,059	)
Net increase/(decrease) in net assets from capital shares		33,934,039			126,381,768
Total increase/(decrease) in net assets		457,819,374			430,252,100
NET ASSETS:
Beginning of period		2,825,628,845			2,395,376,745
End of period	$	3,283,448,219		$	2,825,628,845
SHARES TRANSACTIONS:
Shares sold		34,170,229			38,443,413
Dividends and distributions reinvested		6,416,320			8,874,030
Shares redeemed		(37,820,659	)		(33,803,982	)
Net increase/(decrease) in shares outstanding		2,765,890			13,513,461

7

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

FREE MARKET FIXED INCOME FUND

Statements of Changes in Net Assets

	For the Year Ended August 31, 2024			For the Year Ended August 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	89,103,608		$	46,630,289
Net realized gain/(loss) from investments		(18,576,023	)		(4,986,787	)
Net change in unrealized appreciation/(depreciation) on investments		99,079,963			68,242
Net increase/(decrease) in net assets resulting from operations		169,607,548			41,711,744
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(82,530,062	)		(42,935,911	)
Net decrease in net assets from dividends and distributions to shareholders		(82,530,062	)		(42,935,911	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		414,922,883			409,425,077
Reinvestment of distributions		82,496,375			42,929,725
Shares redeemed		(478,913,639	)		(414,939,183	)
Net increase/(decrease) in net assets from capital shares		18,505,619			37,415,619
Total increase/(decrease) in net assets		105,583,105			36,191,452
NET ASSETS:
Beginning of period		2,785,354,969			2,749,163,517
End of period	$	2,890,938,074		$	2,785,354,969
SHARES TRANSACTIONS:
Shares sold		41,907,589			42,009,136
Dividends and distributions reinvested		8,351,711			4,445,055
Shares redeemed		(48,478,845	)		(42,657,402	)
Net increase/(decrease) in shares outstanding		1,780,455			3,796,789

8

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 Year Ended August 31, 2024			For the Year Ended August 31, 2023			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020
Per Share Operating Performance
Net asset value, beginning of period	$	21.37		$	21.07		$	23.59		$	16.06		$	16.90
Net investment income/(loss)(1)		0.24			0.24			0.21			0.21			0.17
Net realized and unrealized gain/(loss) on investments		4.00			1.68			(1.69	)		7.62			—	(2)
Net increase/(decrease) in net assets resulting from operations		4.24			1.92			(1.48	)		7.83			0.17
Dividends and distributions to shareholders from:
Net investment income		(0.25	)		(0.21	)		(0.41	)		(0.08	)		(0.16	)
Net realized capital gains		(0.66	)		(1.41	)		(0.63	)		(0.22	)		(0.85	)
Total dividends and distributions to shareholders		(0.91	)		(1.62	)		(1.04	)		(0.30	)		(1.01	)
Net asset value, end of period	$	24.70		$	21.37		$	21.07		$	23.59		$	16.06
Total investment return/(loss)(3)		20.30	%		9.92	%		(6.77	)%		49.28	%		0.32	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	4,301,186		$	3,678,899		$	3,292,855		$	3,635,318		$	2,839,337
Ratio of expenses to average net assets(4)		0.54	%		0.55	%		0.56	%		0.55	%		0.56	%
Ratio of net investment income/(loss) to average net assets(4)		1.08	%		1.18	%		0.92	%		1.05	%		1.05	%
Portfolio turnover rate		4	%		2	%		7	%		5	%		14	%

(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.

9

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 Year Ended August 31, 2024			For the Year Ended August 31, 2023			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020
Per Share Operating Performance
Net asset value, beginning of period	$	10.81		$	9.66		$	11.60		$	8.89		$	9.09
Net investment income/(loss)(1)		0.33			0.27			0.34			0.18			0.19
Net realized and unrealized gain/(loss) on investments		1.57			1.22			(2.13	)		2.84			(0.13	)
Net increase/(decrease) in net assets resulting from operations		1.90			1.49			(1.79	)		3.02			0.06
Dividends and distributions to shareholders from:
Net investment income		(0.28	)		(0.34	)		(0.15	)		(0.13	)		(0.14	)
Net realized capital gains		—			—			—			(0.18	)		(0.12	)
Total dividends and distributions to shareholders		(0.28	)		(0.34	)		(0.15	)		(0.31	)		(0.26	)
Net asset value, end of period	$	12.43		$	10.81		$	9.66		$	11.60		$	8.89
Total investment return/(loss)(2)		17.86	%		15.82	%		(15.63	)%		34.43	%		0.30	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	3,283,448		$	2,825,629		$	2,395,377		$	2,682,213		$	2,153,655
Ratio of expenses to average net assets(3)		0.55	%		0.55	%		0.56	%		0.56	%		0.58	%
Ratio of net investment income/(loss) to average net assets(3)		2.92	%		2.68	%		3.08	%		1.70	%		2.13	%
Portfolio turnover rate		13	%		3	%		2	%		5	%		28	%

(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.

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

10

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 Year Ended August 31, 2024			For the Year Ended August 31, 2023			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020
Per Share Operating Performance
Net asset value, beginning of period	$	9.82		$	9.82		$	10.56		$	10.61		$	10.47
Net investment income/(loss)(1)		0.32			0.17			0.05			0.03			0.15
Net realized and unrealized gain/(loss) on investments		0.29			(0.01	)		(0.74	)		—	(2)		0.16
Net increase/(decrease) in net assets resulting from operations		0.61			0.16			(0.69	)		0.03			0.31
Dividends and distributions to shareholders from:
Net investment income		(0.30	)		(0.16	)		(0.05	)		(0.05	)		(0.17	)
Net realized capital gains		—			—			—			(0.03	)		—
Return of capital		—			—			—			—	(2)		—
Total dividends and distributions to shareholders		(0.30	)		(0.16	)		(0.05	)		(0.08	)		(0.17	)
Net asset value, end of period	$	10.13		$	9.82		$	9.82		$	10.56		$	10.61
Total investment return/(loss)(3)		6.30	%		1.62	%		(6.51	)%		0.31	%		2.98	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	2,890,938		$	2,785,355		$	2,749,164		$	2,820,610		$	2,307,909
Ratio of expenses to average net assets(4)		0.55	%		0.55	%		0.56	%		0.56	%		0.56	%
Ratio of net investment income/(loss) to average net assets(4)		3.20	%		1.72	%		0.51	%		0.27	%		1.39	%
Portfolio turnover rate		8	%		3	%		3	%		2	%		46	%

(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.

11

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

FREE MARKET FUNDS

Notes to Financial Statements

AUGUST 31, 2024

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 an investment company 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 sixty-five 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 92.923 billion shares are currently classified into two hundred and thirty-six classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

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 August 31, 2024, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2024 (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 Funds’ 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” or “Directors”). 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

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Notes to Financial Statements (Continued)

AUGUST 31, 2024

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 current fiscal period, in valuing the Funds’ investments carried at fair value:

FREE MARKET U.S. EQUITY Fund

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Open-End Funds	$	4,059,611,409	$	—	$	—	$	4,059,611,409
Investments Measured at Net Asset Value*		—		—		—		240,685,924
Investments Purchased with Proceeds From Securities Lending Collateral*		—		—		—		—
Short-Term Investments		3,316,794		—		—		3,316,794
Total Investments**	$	4,062,928,203	$	—	$	—	$	4,303,614,127

* 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

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Open-End Funds	$	2,752,094,952	$	—	$	—	$	2,752,094,952
Investments Measured at Net Asset Value*		—		—		—		529,492,416
Investments Purchased with Proceeds From Securities Lending Collateral*		—		—		—		60,371,482
Short-Term Investments		3,494,131		—		—		3,494,131
Total Investments**	$	2,755,589,083	$	—	$	—	$	3,345,452,981

* 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.

13

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

AUGUST 31, 2024

FREE MARKET FIXED INCOME Fund

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Open-End Funds	$	2,875,209,100	$	—	$	—	$	2,875,209,100
Investments Measured at Net Asset Value*		—		—		—		—
Investments Purchased with Proceeds From Securities Lending Collateral*		—		—		—		45,081,700
Short-Term Investments		15,509,502		—		—		15,509,502
Total Investments**	$	2,890,718,602	$	—	$	—	$	2,935,800,302

* 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 (the “Trust”), a series trust

14

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

AUGUST 31, 2024

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. 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.

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.

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

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FREE MARKET FUNDS

Notes to Financial Statements (Continued)

AUGUST 31, 2024

During the current fiscal period, investment advisory fees accrued were as follows:

FUND	ADVISORY FEES
Free Market U.S. Equity Fund	$	19,003,981
Free Market International Equity Fund		14,615,451
Free Market Fixed Income Fund		13,737,559

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 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 purchase and sales of investment securities (excluding short-term investments) of the Funds were as follows:

	Purchases		Sales
Free Market U.S. Equity Fund	$	138,801,469	$	141,739,786
Free Market International Equity Fund		414,199,307		378,269,317
Free Market Fixed Income Fund		254,454,846		232,746,990

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.

16

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

AUGUST 31, 2024

As of August 31, 2024, 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	$	2,424,962,605	$	1,900,629,558	$	(21,978,036	)	$	1,878,651,522
Free Market International Equity Fund		2,541,914,986		837,789,581		(34,251,586	)		803,537,995
Free Market Fixed Income Fund		2,982,159,803		17,662,748		(64,022,249	)		(46,359,501	)

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, 2024, 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	$	113,099,841	$	113,099,841
Free Market International Equity Fund		89,087,106		89,087,106
Free Market Fixed Income Fund		11,889,373		11,889,373

As of August 31, 2024, 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	$	14,101,181	$	98,998,660	$	—		$	1,878,651,522
Free Market International Equity Fund		89,087,106		—		(68,574,697	)		803,537,995
Free Market Fixed Income Fund		11,889,373		—		(23,815,192	)		(46,359,501	)

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 years ended August 31, 2023 and August 31, 2024 were as follows:

		Ordinary Income		Long-Term Gains		RETURN OF CAPITAL		Total
Free Market U.S. Equity Fund	2024	$	42,924,002	$	112,093,079	$	—	$	155,017,081
	2023		33,276,666		220,809,118		—		254,085,784
Free Market International Equity Fund	2024		71,432,283		—		—		71,432,283
	2023		86,538,910		—		—		86,538,910
Free Market Fixed Income Fund	2024		82,530,062		—		—		82,530,062
	2023		42,935,911		—		—		42,935,911

Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

17

FREE MARKET FUNDS

Notes to Financial Statements (Continued)

AUGUST 31, 2024

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, 2024, the Free Market International Equity Fund had $16,264,666 of short-term capital loss carryforwards and $52,310,031 of long-term capital loss carryforwards, the Free Market Fixed Income Fund had $4,159,113 of short-term capital loss carryforwards and $19,656,079 of long-term capital loss carryforwards.

6. 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 102% 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 current fiscal 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
Free Market U.S. Equity Fund	$	—	$	—	$	27,974
Free Market International Equity Fund		59,175,552		60,371,482		184,440
Free Market Fixed Income Fund		44,071,104		45,081,700		156,457

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 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
Free Market U.S. Equity Fund	$	—	$	—	$	—	$	—		$	—	$	—
Free Market International Equity Fund		59,175,552		—		59,175,552		(59,175,552	)		—		—
Free Market Fixed Income Fund		44,071,104		—		44,071,104		(44,071,104	)		—		—

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.

18

FREE MARKET FUNDS

Notes to Financial Statements (Concluded)

AUGUST 31, 2024

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 that there were no subsequent events requiring recognition or disclosure in the financial statements.

19

FREE MARKET FUNDS

Report of Independent Registered Public Accounting Firm

To the Board of Directors of The RBB Fund, Inc. and Shareholders of Free Market U.S. Equity Fund, Free Market International Equity Fund and Free Market Fixed Income Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Free Market U.S. Equity Fund, Free Market International Equity Fund and Free Market Fixed Income Fund (three of the funds constituting The RBB Fund, Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2024 and each of the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian and investment manager of investee funds. We believe that our audits provide a reasonable basis for our opinions.

Philadelphia, Pennsylvania
October 29, 2024

We have served as the auditor of one or more Matson Money, Inc. investment companies since 2008.

20

FREE MARKET FUNDS

Shareholder Tax Information

(Unaudited)

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2024 were as follows:

	Ordinary Income		Long-Term CAPITAL GAINS		RETURN OF CAPITAL		Total
Free Market U.S. Equity Fund	$	42,924,002	$	112,093,079	$	—	$	155,017,081
Free Market International Equity Fund		71,432,283		—		—		71,432,283
Free Market Fixed Income Fund		82,530,062		—		—		82,530,062

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) are 0.00% for each Fund.

The percentage of total ordinary income dividends qualifying for the 15% dividend income tax rate is 100% for the Free Market U.S. Equity Fund and 91.22% for the Free Market International Equity Fund.

The percentage of total ordinary dividends qualifying for the corporate dividends received deduction is 100% for the Free Market U.S. Equity Fund.

The percentage of qualified interest income related dividends not subject to withholding tax for non-resident aliens and foreign corporations is 65.55% for the Free Market Fixed Income Fund. A total of 26.45% of the dividend distributed during the fiscal year was derived from U.S. Government securities, which is generally exempt from state income tax for the Free Market Fixed Income Fund.

Because each Fund’s fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2024. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2025.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Funds, if any. The Free Market International Equity Fund passed through foreign tax credits of $10,825,272 and earned $74,603,378 of gross foreign source income during the fiscal year.

In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Funds.

21

FREE MARKET FUNDS

Other Information

(Unaudited)

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 renewal of the investment advisory agreement between Matson Money and the Company (the “Investment Advisory Agreement”) on behalf of the Free Market U.S. Equity Fund, Free Market International Equity Fund and Free Market Fixed Income Fund, (for this section only, each a “Fund” and collectively the “Funds”), at a meeting of the Board held on May 15-16, 2024 (the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement for an additional one-year term. The Board’s decision to approve the Investment Advisory Agreement reflects the exercise of its business judgment to continue the existing arrangement. In approving the Investment Advisory Agreement, the Board considered information provided by Matson Money with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the renewal and approval of the Investment Advisory Agreement between the Company and Matson Money with respect to the Funds, 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 Matson Money, and discussed the aforementioned Agreement with counsel in executive sessions, at which no representatives of Matson Money were present. Among other things, the Directors considered (i) the nature, extent, and quality of Matson Money’s services provided to the Funds; (ii) descriptions of the experience and qualifications of Matson Money’s personnel providing those services; (iii) Matson Money’s investment philosophies and processes; (iv) Matson Money’s assets under management and client descriptions; (v) Matson Money’s current advisory fee arrangements with the Company and other similarly managed clients; (vi) Matson Money’s compliance procedures; (vii) Matson Money’s financial information, insurance coverage and profitability analysis related to providing advisory services to the Funds; (viii) the extent to which economies of scale are relevant to the Funds; (ix) a report prepared by Fuse Research Network, LLC comparing each Fund’s management fees and total expense ratios to a group of mutual funds deemed comparable to each Fund based primarily on investment strategy similarity (“Peer Group”) and comparing the performance of each Fund to the performance of its Peer Group; and (x) a report comparing the performance of each Fund to the performance of its primary and composite benchmarks.

As part of their review, the Directors considered the nature, extent and quality of the services provided by Matson Money. The Directors concluded that Matson Money had substantial resources to provide services to the Funds and that Matson Money’s services had been acceptable.

The Directors also considered the investment performance of the Funds and Matson Money. Information on the Funds’ investment performance was provided for the three-month, one-year, three-year, five-year, ten-year, and since-inception periods ended December 31, 2023, as applicable. The Directors considered the Funds’ investment performance in light of their respective investment objectives and investment strategies. The Directors concluded that the investment performance of each of the Funds as compared to their respective benchmarks and Peer Groups was acceptable.

In reaching this conclusion, the Directors observed that the Free Market U.S. Equity Fund outperformed its primary benchmark, the Russell 2500 Index, for the three-year, five-year, and since-inception periods ended December 31, 2023, and underperformed its benchmark for the three-month, one-year, and ten-year periods ended December 31, 2023. The Directors noted that the Free Market U.S. Equity Fund outperformed the median of its Peer Group for the three-month, one-year, three-year, and since-inception periods ended December 31, 2023, and underperformed its Peer Group for the five-year and ten-year periods ended December 31, 2023.

The Directors noted that the Free Market International Equity Fund outperformed its primary benchmark, the MSCI World ex-US Index, for the three-year and since-inception periods ended December 31, 2023, and underperformed its benchmark for the three-month, one-year, five-year, and ten-year periods ended December 31, 2023. The Directors noted that the Free Market International Equity Fund outperformed the median of its Peer Group for the three-year period ended December 31, 2023, and underperformed the median of its Peer Group for the three-month, one-year, five-year, ten-year and since-inception periods ended December 31, 2023.

22

FREE MARKET FUNDS

Other Information (Concluded)

(Unaudited)

The Directors noted that the Free Market Fixed Income Fund outperformed its primary benchmark, the FTSE World Government Bond 1-5 Years, for the three-month and one-year periods ended December 31, 2023, and underperformed its benchmark for the three-year, five-year, ten-year, and since-inception periods ended December 31, 2023. The Directors noted that the Free Market Fixed Income Fund underperformed the median of its Peer Group for the three-month, one-year, three-year, five-year, ten-year, and since-inception periods ended December 31, 2023.

The Board also considered the advisory fee rates payable by the Funds under the Investment Advisory Agreement. In this regard, information on the fees paid by the Funds and the Funds’ total operating expense ratios (before and after the voluntary fee waiver and expense reimbursements) were compared to similar information for mutual funds advised by other, unaffiliated investment advisory firms.

The Directors noted that the Free Market U.S. Equity Fund’s net advisory fee and total net expenses (including acquired fund fees and expenses) both ranked below the median and in the 1st quintile of its Peer Group.

The Directors noted that the net advisory fee of the Free Market International Equity Fund ranked below the median and in the 2nd quintile of its Peer Group, and the Fund’s total net expenses (including acquired fund fees and expenses) were below the median and in the 1st quintile of its Peer Group.

The Directors noted that the net advisory fee of the Free Market Fixed Income Fund ranked above the median and in the 5th quintile of its Peer Group, and the Fund’s total net expenses (including acquired fund fees and expenses) were above the median and in the 4th quintile of its Peer Group.

In addition, the Directors took note that Matson Money had voluntarily agreed to waive its advisory fee and reimburse expenses in order to limit total annual Fund operating expenses to 1.13%, 1.35% and 1.00% of the average daily net assets of the Free Market U.S. Equity Fund, Free Market International Equity Fund and Free Market Fixed Income Fund, respectively.

After reviewing the information regarding the Funds’ costs, profitability and economies of scale, and after considering Matson Money’s services, the Directors concluded that the investment advisory fees to be paid by the Funds were fair and reasonable and that the Investment Advisory Agreement should be approved and continued for an additional one year period ending August 16, 2025.

23

Investment Adviser

Matson Money, Inc.
5955 Deerfield Blvd.
Mason, OH 45040

Administrator and Transfer Agent

U.S. Bank Global Fund Services
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

MATSON MONEY U.S. EQUITY VI PORTFOLIO
MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO
MATSON MONEY FIXED INCOME VI PORTFOLIO

of

The RBB Fund, Inc.

Financial Statements

August 31, 2024

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

MATSON MONEY U.S. EQUITY VI PORTFOLIO

Portfolio of Investments

August 31, 2024

	Shares		Value
OPEN-END FUNDS — 99.2%
U.S. Large Cap Value Portfolio III - Class Institutional(a)		226,934	$	7,377,627
U.S. Large Company Portfolio - Class Institutional(a)		103,661		3,891,420
U.S. Micro Cap Portfolio – Class Institutional(b)		148,443		4,270,714
U.S. Small Cap Portfolio – Class Institutional(b)		88,273		4,282,108
U.S. Small Cap Value Portfolio – Class Institutional(b)		58,482		2,853,324
VA U.S. Large Value Portfolio(b)		30,654		1,146,170
VA U.S. Targeted Value Portfolio(b)		175,341		4,266,044
TOTAL OPEN-END FUNDS (Cost $21,413,676)				28,087,407
SHORT-TERM INVESTMENTS — 0.9%
Money Market Funds — 0.9%
STIT-Government & Agency Portfolio - Class Institutional, 5.19%(c)		242,702		242,702
TOTAL SHORT-TERM INVESTMENTS (Cost $242,702)				242,702
TOTAL INVESTMENTS — 100.1% (Cost $21,656,378)				28,330,109
Liabilities in Excess of Other Assets — (0.1)%(d)				(25,435	)
TOTAL NET ASSETS — 100.0%			$	28,304,674

Percentages are stated as a percent of net assets.

(a) A portfolio of Dimensional Investment Group Inc.

(b) A portfolio of DFA Investment Trust Company.

(c) The rate shown represents the 7-day effective yield as of August 31, 2024.

(d) Represents less than 0.05% of net assets.

Portfolio holdings are subject to change at any time.

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

1

MATSON MONEY VI PORTFOLIOS

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

Portfolio of Investments

August 31, 2024

	Shares		Value
OPEN-END FUNDS — 99.4%
DFA International Small Cap Value Portfolio - Class Institutional(a)		247,442	$	5,889,112
DFA International Value Portfolio III - Class Institutional(b)		333,095		6,335,464
Emerging Markets Small Cap Portfolio - Class Institutional(a)		41,678		1,009,868
Emerging Markets Value Portfolio - Class Institutional(a)		31,630		1,013,432
iShares Core MSCI EAFE ETF(c)		10,935		844,073
iShares Core MSCI Emerging Markets ETF		19,929		1,085,333
VA International Small Portfolio(a)		273,868		3,579,456
VA International Value Portfolio(a)		68,932		1,056,032
TOTAL OPEN-END FUNDS (Cost $16,953,776)				20,812,770
	UNITS
SHORT-TERM INVESTMENTS — 4.8%
Investments Purchased with Proceeds from Securities Lending — 3.9%
Mount Vernon Liquid Assets Portfolio, LLC, 5.42%(d)		821,284		821,284
	Shares
Money Market Funds — 0.9%
STIT-Government & Agency Portfolio - Class Institutional, 5.19% (e)		194,498		194,498
TOTAL SHORT-TERM INVESTMENTS (Cost $1,015,782)				1,015,782
TOTAL INVESTMENTS — 104.2% (Cost $17,969,558)				21,828,552
Liabilities in Excess of Other Assets — (4.2)%				(871,519	)
TOTAL NET ASSETS — 100.0%			$	20,957,033

Percentages are stated as a percent of net assets.

(a) A portfolio of DFA Investment Trust Company.

(b) A portfolio of DFA Investment Dimensions Group Inc.

(c) All or a portion of this security is on loan as of August 31, 2024. At August 31, 2024, the total market value of these securities was $805,015 which represented 3.8% of net assets.

(d) The rate shown is as of August 31, 2024.

(e) The rate shown represents the 7-day effective yield as of August 31, 2024.

ETF Exchange-Traded Fund

Portfolio holdings are subject to change at any time.

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

2

MATSON MONEY VI PORTFOLIOS

MATSON MONEY FIXED INCOME VI PORTFOLIO

Portfolio of Investments

August 31, 2024

	Shares		Value
OPEN-END FUNDS — 98.7%
DFA One-Year Fixed Income Portfolio - Class Institutional(a)		289,452	$	2,961,097
DFA Two-Year Global Fixed Income Portfolio - Class Institutional(a)		387,370		3,873,702
Dimensional Inflation-Protected Securities ETF		30,829		1,285,899
iShares 1-3 Year Treasury Bond ETF		12,519		1,036,573
iShares 1-5 Year Investment Grade Corporate Bond ETF		118,461		6,199,064
iShares 3-7 Year Treasury Bond ETF		13,036		1,547,634
iShares 5-10 Year Investment Grade Corporate Bond ETF		29,153		1,546,858
iShares Core International Aggregate Bond ETF		75,522		3,873,524
VA Global Bond Portfolio(a)		256,707		2,585,040
VA Short-Term Fixed Income Portfolio(a)		49,758		517,485
TOTAL OPEN-END FUNDS (Cost $25,910,608)				25,426,876
SHORT-TERM INVESTMENTS — 1.3%
Money Market Funds — 1.3%
STIT-Government & Agency Portfolio - Class Institutional, 5.19% (b)		326,158		326,158
TOTAL SHORT-TERM INVESTMENTS (Cost $326,158)				326,158
TOTAL INVESTMENTS — 100.0% (Cost $26,236,766)				25,753,034
Liabilities in Excess of Other Assets — (0.0)%				(30	)
TOTAL NET ASSETS — 100.0%			$	25,753,004

Percentages are stated as a percent of net assets.

(a) A portfolio of DFA Investment Dimensions Group Inc.

(b) The rate shown represents the 7-day effective yield as of August 31, 2024.

ETF Exchange-Traded Fund

Portfolio holdings are subject to change at any time.

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

3

MATSON MONEY VI PORTFOLIOS

Statements of Assets and Liabilities

August 31, 2024

	MATSON MONEY U.S. EQUITY VI PORTFOLIO		MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO		MATSON MONEY FIXED INCOME VI PORTFOLIO
ASSETS
Investments in non-affiliated funds, at value (cost $21,413,676, $16,953,776 and $25,910,608, respectively)	$	28,087,407	$	20,812,770	$	25,426,876
Short-term investments, at value (cost $242,702, $194,498 and $326,158, respectively)		242,702		194,498		326,158
Investments purchased with proceeds from securities lending collateral (cost $—, $821,284 and $—, respectively)		—		821,284		—
Receivables for:
Investments sold		36,006		810		64,797
Dividends and interest		—		52		14,008
Prepaid expenses and other assets		520		64		473
Total assets		28,366,635		21,829,478		25,832,312
LIABILITIES
Payables for:
Audit Fees	$	35,918	$	35,914	$	35,913
Advisory fees		11,726		8,659		11,084
Capital shares redeemed		8,116		2,178		26,376
Administration and accounting fees		3,452		3,144		3,507
Transfer agent fees		673		556		700
Securities lending collateral (see Note 6)		—		821,284		—
Other accrued expenses and liabilities		2,076		710		1,728
Total liabilities		61,961		872,445		79,308
Net assets	$	28,304,674	$	20,957,033	$	25,753,004
NET ASSETS CONSIST OF:
Par value	$	807	$	742	$	1,051
Paid-in capital		19,729,387		17,283,397		26,615,740
Total distributable earnings/(loss)		8,574,480		3,672,894		(863,787	)
Net assets	$	28,304,674	$	20,957,033	$	25,753,004
CAPITAL SHARES:
Net assets	$	28,304,674	$	20,957,033	$	25,753,004
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		806,715		742,314		1,051,418
Net asset value, offering and redemption price per share	$	35.09	$	28.23	$	24.49

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

4

MATSON MONEY VI PORTFOLIOS

Statements of Operations

FOR THE Year ENDED August 31, 2024

	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	$	428,541	$	746,373	$	1,011,936
Interest income		13,530		10,484		21,798
Securities lending income		—		1,329		5,246
Total investment income		442,071		758,186		1,038,980
EXPENSES
Advisory fees (Note 2)		138,890		103,360		134,682
Audit and tax service fees		36,340		36,129		36,128
Administration and accounting fees (Note 2)		17,337		16,488		17,289
Printing and shareholder reporting fees		3,237		3,024		3,116
Director fees		3,054		2,279		2,979
Custodian fees (Note 2)		2,782		2,560		2,449
Officer fees		2,165		1,606		2,119
Legal fees		1,363		1,007		1,361
Other expenses		4,955		4,571		4,919
Total expenses		210,123		171,024		205,042
Net investment income/(loss)		231,948		587,162		833,938
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Non-affiliated funds		1,375,562		350,082		(324,337	)
Capital gain distributions from non-affiliated fund investments		859,417		16,616		—
Net change in unrealized appreciation/(depreciation) on:
Non-affiliated funds		2,699,915		2,366,865		1,087,837
Net realized and unrealized gain/(loss) on investments		4,934,894		2,733,563		763,460
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	5,166,842	$	3,320,725	$	1,597,398

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

5

MATSON MONEY U.S. EQUITY VI PORTFOLIO

Statements of Changes in Net Assets

	FOR THE YEAR ENDED AUGUST 31, 2024			FOR THE YEAR ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	231,948		$	251,488
Net realized gain/(loss) from investments		2,234,979			1,833,022
Net change in unrealized appreciation/(depreciation) on investments		2,699,915			656,457
Net increase/(decrease) in net assets resulting from operations		5,166,842			2,740,967
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(2,176,502	)		(2,775,746	)
Net decrease in net assets from dividends and distributions to shareholders		(2,176,502	)		(2,775,746	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,413,824			1,602,156
Reinvestment of distributions		2,176,501			2,775,746
Shares redeemed		(7,046,852	)		(4,389,190	)
Net increase/(decrease) in net assets from capital shares		(2,456,527	)		(11,288	)
Total increase/(decrease) in net assets		533,813			(46,067	)
NET ASSETS:
Beginning of period		27,770,861			27,816,928
End of period	$	28,304,674		$	27,770,861
SHARES TRANSACTIONS:
Shares sold		75,772			53,564
Dividends and distributions reinvested		68,790			96,851
Shares redeemed		(217,257	)		(142,873	)
Net increase/(decrease) in shares outstanding		(72,695	)		7,542

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

6

MATSON MONEY INTERNATIONAL EQUITY VI PORTFOLIO

Statements of Changes in Net Assets

	FOR THE YEAR ENDED AUGUST 31, 2024			FOR THE YEAR ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	587,162		$	526,970
Net realized gain/(loss) from investments		366,698			(219,290	)
Net change in unrealized appreciation/(depreciation) on investments		2,366,865			2,773,306
Net increase/(decrease) in net assets resulting from operations		3,320,725			3,080,986
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(638,754	)		(663,764	)
Net decrease in net assets from dividends and distributions to shareholders		(638,754	)		(663,764	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		1,745,197			1,869,280
Reinvestment of distributions		638,754			663,764
Shares redeemed		(4,460,211	)		(3,699,124	)
Net increase/(decrease) in net assets from capital shares		(2,076,260	)		(1,166,080	)
Total increase/(decrease) in net assets		605,711			1,251,142
NET ASSETS:
Beginning of period		20,351,322			19,100,180
End of period	$	20,957,033		$	20,351,322
SHARES TRANSACTIONS:
Shares sold		66,262			84,786
Dividends and distributions reinvested		25,168			29,553
Shares redeemed		(168,854	)		(154,187	)
Net increase/(decrease) in shares outstanding		(77,424	)		(39,848	)

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

7

MATSON MONEY FIXED INCOME VI PORTFOLIO

Statements of Changes in Net Assets

	FOR THE YEAR ENDED AUGUST 31, 2024			FOR THE YEAR ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	833,938		$	439,628
Net realized gain/(loss) from investments		(324,337	)		(193,139	)
Net change in unrealized appreciation/(depreciation) on investments		1,087,837			127,777
Net increase/(decrease) in net assets resulting from operations		1,597,398			374,266
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(721,924	)		(338,690	)
Net decrease in net assets from dividends and distributions to shareholders		(721,924	)		(338,690	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		2,993,093			2,633,205
Reinvestment of distributions		721,924			338,690
Shares redeemed		(5,764,504	)		(4,379,286	)
Net increase/(decrease) in net assets from capital shares		(2,049,487	)		(1,407,391	)
Total increase/(decrease) in net assets		(1,174,013	)		(1,371,815	)
NET ASSETS:
Beginning of period		26,927,017			28,298,832
End of period	$	25,753,004		$	26,927,017
SHARES TRANSACTIONS:
Shares sold		125,742			112,199
Dividends and distributions reinvested		30,435			14,630
Shares redeemed		(241,074	)		(186,124	)
Net increase/(decrease) in shares outstanding		(84,897	)		(59,295	)

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

8

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 YEAR ENDED AUGUST 31, 2024			FOR THE YEAR ENDED AUGUST 31, 2023			FOR THE YEAR ENDED AUGUST 31, 2022			FOR THE YEAR ENDED AUGUST 31, 2021			FOR THE YEAR ENDED AUGUST 31, 2020
Per Share Operating Performance
Net asset value, beginning of period	$	31.58		$	31.90		$	36.70		$	25.62		$	27.08
Net investment income/(loss)(1)		0.27			0.28			0.23			0.25			0.22
Net realized and unrealized gain/(loss) on investments		5.74			2.62			(2.37	)		12.06			(0.04	)
Net increase/(decrease) in net assets resulting from operations		6.01			2.90			(2.14	)		12.31			0.18
Dividends and distributions to shareholders from:
Net investment income		(0.33	)		(0.26	)		(0.34	)		(0.29	)		(0.24	)
Net realized capital gains		(2.17	)		(2.96	)		(2.32	)		(0.94	)		(1.40	)
Total dividends and distributions to shareholders		(2.50	)		(3.22	)		(2.66	)		(1.23	)		(1.64	)
Net asset value, end of period	$	35.09		$	31.58		$	31.90		$	36.70		$	25.62
Total investment return/(loss)(2)		19.90	%		10.14	%		(6.64	)%		49.31	%		(0.02	)%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	28,305		$	27,771		$	27,817		$	31,796		$	25,070
Ratio of expenses to average net assets with waivers, if any(3)		0.76	%		0.74	%		0.73	%		0.74	%		0.76	%
Ratio of expenses to average net assets without waivers, if any(3)		0.76	%		0.74	%		0.73	%		0.74	%		0.76	%
Ratio of net investment income/(loss) to average net assets(3)		0.84	%		0.90	%		0.65	%		0.77	%		0.86	%
Portfolio turnover rate		8	%		9	%		15	%		18	%		18	%

(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.

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

9

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 YEAR ENDED AUGUST 31, 2024			FOR THE YEAR ENDED AUGUST 31, 2023			FOR THE YEAR ENDED AUGUST 31, 2022			FOR THE YEAR ENDED AUGUST 31, 2021			FOR THE YEAR ENDED AUGUST 31, 2020
Per Share Operating Performance
Net asset value, beginning of period	$	24.83		$	22.22		$	28.00		$	21.35		$	22.27
Net investment income/(loss)(1)		0.73			0.61			0.73			0.37			0.42
Net realized and unrealized gain/(loss) on investments		3.46			2.73			(4.87	)		6.80			(0.25	)
Net increase/(decrease) in net assets resulting from operations		4.19			3.34			(4.14	)		7.17			0.17
Dividends and distributions to shareholders from:
Net investment income		(0.79	)		(0.50	)		(0.82	)		(0.35	)		(0.52	)
Net realized capital gains		—			(0.23	)		(0.82	)		(0.17	)		(0.57	)
Total dividends and distributions to shareholders		(0.79	)		(0.73	)		(1.64	)		(0.52	)		(1.09	)
Net asset value, end of period	$	28.23		$	24.83		$	22.22		$	28.00		$	21.35
Total investment return/(loss)(2)		17.23	%		15.39	%		(15.66	)%		33.96	%		0.17	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	20,957		$	20,351		$	19,100		$	22,780		$	18,559
Ratio of expenses to average net assets with waivers, if any(3)		0.83	%		0.80	%		0.80	%		0.80	%		0.83	%
Ratio of expenses to average net assets without waivers, if any(3)		0.83	%		0.80	%		0.80	%		0.80	%		0.83	%
Ratio of net investment income/(loss) to average net assets(3)		2.84	%		2.60	%		2.86	%		1.48	%		1.99	%
Portfolio turnover rate		6	%		11	%		11	%		18	%		26	%

(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.

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

10

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 YEAR ENDED AUGUST 31, 2024			FOR THE YEAR ENDED AUGUST 31, 2023			FOR THE YEAR ENDED AUGUST 31, 2022			FOR THE YEAR ENDED AUGUST 31, 2021			FOR THE YEAR ENDED AUGUST 31, 2020
Per Share Operating Performance
Net asset value, beginning of period	$	23.70		$	23.67		$	25.55		$	25.66		$	25.38
Net investment income/(loss)(1)		0.74			0.37			0.10			0.02			0.43
Net realized and unrealized gain/(loss) on investments		0.69			(0.05	)		(1.90	)		0.04			0.27
Net increase/(decrease) in net assets resulting from operations		1.43			0.32			(1.80	)		0.06			0.70
Dividends and distributions to shareholders from:
Net investment income		(0.64	)		(0.29	)		(0.08	)		(0.16	)		(0.42	)
Net realized capital gains		—			—			—			—			—
Return of capital		—			—			—			(0.01	)		—
Total dividends and distributions to shareholders		(0.64	)		(0.29	)		(0.08	)		(0.17	)		(0.42	)
Net asset value, end of period	$	24.49		$	23.70		$	23.67		$	25.55		$	25.66
Total investment return/(loss)(2)		6.12	%		1.36	%		(7.08	)%		0.22	%		2.80	%
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	25,753		$	26,927		$	28,299		$	33,103		$	27,323
Ratio of expenses to average net assets with waivers, if any(3)		0.76	%		0.74	%		0.73	%		0.73	%		0.74	%
Ratio of expenses to average net assets without waivers, if any(3)		0.76	%		0.74	%		0.73	%		0.73	%		0.74	%
Ratio of net investment income/(loss) to average net assets(3)		3.10	%		1.59	%		0.39	%		0.07	%		1.69	%
Portfolio turnover rate		15	%		8	%		7	%		8	%		46	%

(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.

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

11

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements

August 31, 2024

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 an investment company 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 sixty-five 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 92.923 billion shares are currently classified into two hundred and thirty-six classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

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 August 31, 2024, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2024 (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 Funds’ 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 SEC’s 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” or “Directors”). 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.

12

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (continued)

August 31, 2024

The Board has adopted a pricing and valuation policy for use by each Portfolio and its Valuation Designee (as defined below) in calculating a Portfolio’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 current fiscal period, in valuing the Portfolios’ investments carried at fair value:

MATSON MONEY U.S. EQUITY VI PORTFOLIO

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Open-end Funds	$	22,675,193	$	—	$	—	$	22,675,193
Investments Measured at Net Asset Value*		—		—		—		5,412,214
Investments Purchased with Proceeds From Securities Lending Collateral*		—		—		—		—
Short-Term Investments		242,702		—		—		242,702
Total Investments**	$	22,917,895	$	—	$	—	$	28,330,109

* 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

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Open-end Funds	$	16,177,282	$	—	$	—	$	16,177,282
Investments Measured at Net Asset Value*		—		—		—		4,635,488
Investments Purchased with Proceeds From Securities Lending Collateral*		—		—		—		821,284
Short-Term Investments		194,498		—		—		194,498
Total Investments**	$	16,371,780	$	—	$	—	$	21,828,552

* 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.

13

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (Continued)

August 31, 2024

MATSON MONEY FIXED INCOME VI PORTFOLIO

	LEVEL 1		LEVEL 2		LEVEL 3		TOTAL
Open-end Funds	$	22,324,351	$	—	$	—	$	22,324,351
Investments Measured at Net Asset Value*		—		—		—		3,102,525
Investments Purchased with Proceeds From Securities Lending Collateral*		—		—		—		—
Short-Term Investments		326,158		—		—		326,158
Total Investments**	$	22,650,509	$	—	$	—	$	25,753,034

* 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

14

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (Continued)

August 31, 2024

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 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.

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.

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

15

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (Continued)

August 31, 2024

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, 2024 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2024.

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	$	138,890
Matson Money International Equity VI Portfolio		103,360
Matson Money Fixed Income VI Portfolio		134,682

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 Portfolios’ 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 by the Company 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.

16

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (CONTINUED)

August 31, 2024

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	$	2,166,974	$	5,690,720
Matson Money International Equity VI Portfolio		1,235,290		3,320,390
Matson Money Fixed Income VI Portfolio		4,005,071		5,882,874

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, 2024, 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 Portfolio	$	21,868,690	$	6,678,753	$	(217,334	)	$	6,461,419
Matson Money International Equity Portfolio		17,658,748		4,030,350		(681,830	)		3,348,520
Matson Money Fixed Income Portfolio		26,437,012		289,502		(973,480	)		(683,978	)

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.

As of August 31, 2024, there were no permanent differences between distributable earnings/(loss) and paid in capital.

As of August 31, 2024, 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)
Matson Money U.S. Equity Portfolio	$	32,566	$	2,080,495	$	—		$	6,461,419
Matson Money International Equity Portfolio		101,036		223,338		—			3,348,520
Matson Money Fixed Income Portfolio		232,765		—		(412,574	)		(683,978	)

17

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (CONTINUED)

August 31, 2024

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 years ended August 31, 2023 and August 31, 2024 were as follows:

		ORDINARY INCOME		LONG-TERM GAINS		RETURN OF CAPITAL		TOTAL
Matson Money U.S. Equity Portfolio	2024	$	284,964	$	1,891,538		—	$	2,176,502
	2023		225,930		2,549,816		—		2,775,746
Matson Money International Equity Portfolio	2024		638,754		—		—		638,754
	2023		453,501		210,263		—		663,764
Matson Money Fixed Income Portfolio	2024		721,924		—		—		721,924
	2023		338,690		—		—		338,690

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 Portfolios 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, 2024, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2024. The Matson Money Fixed Income Portfolio deferred qualified late-year losses of $412,574, which will be treated as arising on the first business day of the following fiscal year.

The Portfolios 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, 2024, the Portfolios had no unexpiring short-term or long-term losses.

6. SECURITIES LENDING

The Portfolios 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 102% of the current market value of the loaned securities, as marked to market each day that the NAV of the Portfolios is determined. When the collateral falls below specified amounts, the Portfolios’ 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 Portfolios will pay administrative and custodial fees in connection with the loan of securities. Collateral is invested in short-term investments and the Portfolios 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 Portfolios 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 current fiscal 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
Matson Money U.S. Equity Portfolio	$	—	$	—	$	—
Matson Money Internation Equity Portfolio		805,015		821,284		1,329
Matson Money Fixed Income Portfolio		—		—		5,246

18

MATSON MONEY VI PORTFOLIOS

Notes to Financial Statements (concluded)

August 31, 2024

Securities lending transactions are entered into by the Portfolios’ securities lending agent on behalf of the Portfolios under a Master Securities Lending Agreement (“MSLA”) which permits the Portfolios’ securities lending agent on behalf of the Portfolios under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset amounts payable on behalf of the Portfolios to the same counterparty against amounts to be received and create one single net payment due to or from the Portfolios. The following table is a summary of the Portfolios’ 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
PORTFOLIO	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
Matson Money U.S. Equity Portfolio	$	—	$	—	$	—	$	—		$	—	$	—
Matson Money International Equity Portfolio		805,015		—		805,015		(805,015	)		—		—
Matson Money Fixed Income Portfolio		—		—		—		—			—		—

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.

7. Subsequent Events

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

19

MATSON MONEY VI PORTFOLIOS

Report of Independent registered public Accounting firm

To the Board of Directors of The RBB Fund, Inc. and Shareholders of Matson Money U.S. Equity VI Portfolio, Matson Money International Equity VI Portfolio and Matson Money Fixed Income VI Portfolio

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of Matson Money U.S. Equity VI Portfolio, Matson Money International Equity VI Portfolio and Matson Money Fixed Income VI Portfolio (three of the funds constituting The RBB Fund, Inc., hereafter collectively referred to as the “Funds”) as of August 31, 2024, the related statements of operations for the year ended August 31, 2024, the statements of changes in net assets for each of the two years in the period ended August 31, 2024, including the related notes and the financial highlights for each of the five years in the period ended August 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of August 31, 2024, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended August 31, 2024 and each of the financial highlights for each of the five years in the period ended August 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian and investment manager of investee funds. We believe that our audits provide a reasonable basis for our opinions.

Philadelphia, Pennsylvania
October 29, 2024

We have served as the auditor of one or more Matson Money, Inc. investment companies since 2008.

20

MATSON MONEY VI PORTFOLIOS

Shareholder Tax Information
(Unaudited)

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2024 were as follows:

	Ordinary Income		Long-Term CAPITAL GAINS		Return of Capital		Total
Matson Money U.S. Equity Portfolio	$	284,964	$	1,891,538	$	—	$	2,176,502
Matson Money International Equity Portfolio		638,754		—		—		638,754
Matson Money Fixed Income Portfolio		721,924		—		—		721,924

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) are 0.00% for each Portfolio.

The percentage of total ordinary income dividends qualifying for the 15% dividend income tax rate is 100% for the Matson Money U.S. Equity VI Portfolio and 93.40% for the Matson Money International Equity VI Portfolio.

The percentage of total ordinary dividends qualifying for the corporate dividends received deduction is 100% for the Matson Money U.S. Equity VI Portfolio.

The percentage of qualified interest income related dividends not subject to withholding tax for non-resident aliens and foreign corporations is 51.17% for the Matson Money Fixed Income VI Portfolio.

Because each Portfolio’s fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2024. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2025.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Portfolios, if any. The Matson Money International Equity VI Portfolio passed through foreign tax credits of $50,835 and earned $671,293 of gross foreign source income during the fiscal year.

In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Portfolios.

21

MATSON MONEY VI PORTFOLIOS

Other Information

(Unaudited)

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 renewal of the investment advisory agreement between Matson Money and the Company (the “Investment Advisory Agreement”) on behalf of the Matson Money U.S. Equity VI Portfolio, Matson Money International Equity VI Portfolio and Matson Money Fixed Income VI Portfolio (for this section only, each a “Fund” and collectively the “Funds”), at a meeting of the Board held on May 15-16, 2024 (the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement for an additional one-year term ending August 16, 2025. The Board’s decision to approve the Investment Advisory Agreement reflects the exercise of its business judgment to continue the existing arrangement. In approving the Investment Advisory Agreement, the Board considered information provided by Matson Money with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the renewal and approval of the Investment Advisory Agreement between the Company and Matson Money with respect to the Portfolios, 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 Matson Money, and discussed the aforementioned Investment Advisory Agreement with counsel in executive sessions, at which no representatives of Matson Money were present. Among other things, the Directors considered (i) the nature, extent, and quality of Matson Money’s services provided to the Portfolios; (ii) descriptions of the experience and qualifications of Matson Money’s personnel providing those services; (iii) Matson Money’s investment philosophies and processes; (iv) Matson Money’s assets under management and client descriptions; (v) Matson Money’s current advisory fee arrangements with the Company and other similarly managed clients; (vi) Matson Money’s compliance procedures; (vii) Matson Money’s financial information, insurance coverage and profitability analysis related to providing advisory services to the Portfolios; (viii) the extent to which economies of scale are relevant to the Portfolios; (ix) a report prepared by Fuse Research Network, LLC comparing each Portfolio’s management fees and total expense ratios to a group of mutual funds deemed comparable to the Portfolio based primarily on investment strategy similarity (“Peer Group”) and comparing the performance of each Portfolio to the performance of its Peer Group; and (x) a report comparing the performance of each Portfolio to the performance of its primary and composite benchmarks.

As part of their review, the Directors considered the nature, extent and quality of the services provided by Matson Money. The Directors concluded that Matson Money had substantial resources to provide services to the Portfolios and that Matson Money’s services had been acceptable.

The Directors also considered the investment performance of the Portfolios and Matson Money. Information on the Portfolios’ investment performance was provided for the three-month, one-year, three-year, five-year, and since-inception periods ended December 31, 2024, as applicable. The Directors considered the Portfolios’ investment performance in light of their respective investment objectives and investment strategies. The Directors concluded that the investment performance of each of the Portfolios as compared to their respective benchmarks and Peer Groups was acceptable.

The Directors noted that the Matson Money U.S. Equity VI Portfolio outperformed its primary benchmark, the Russell 2500 Index, for the three-year and five-year periods ended December 31, 2023, and underperformed its benchmark for the three-month, one-year and since inception periods ended December 31, 2023. The Directors noted that the Matson Money U.S. Equity VI Portfolio outperformed the median of its Peer Group for the three-month, one-year, three-year, and since-inception periods ended December 31, 2023 and underperformed the median of its Peer Group for the five-year period ended December 31, 2023.

The Directors noted that the Matson Money International Equity VI Portfolio outperformed its primary benchmark, the MSCI World ex-US Index, for the three-year period ended December 31, 2023, and underperformed its benchmark for the three-month, one-year, five-year and since-inception periods ended December 31, 2023. The Directors noted that the Matson

22

MATSON MONEY VI PORTFOLIOS

Other Information (Concluded)

(Unaudited)

Money International Equity VI Portfolio outperformed the median of its Peer Group for the three-year period ended December 31, 2023, and underperformed the median of its Peer Group for the three-month, one-year, five-year, and since-inception periods ended December 31, 2023.

The Directors noted that the Matson Money Fixed Income VI Portfolio outperformed its primary benchmark, the FTSE World Government Bond 1-5 Years, for the three-month and one-year periods ended December 31, 2023, and underperformed its benchmark for the three-year, five-year, and since-inception periods ended December 31, 2023. The Directors noted that the Matson Money Fixed Income VI Portfolio outperformed the median of its Peer Group for the three-month period ended December 31, 2023, and underperformed the median of its Peer Group for the one-year, three-year, five-year, and since-inception periods ended December 31, 2023.

The Board also considered the advisory fee rates payable by the Portfolios under the Investment Advisory Agreement. In this regard, information on the fees paid by the Portfolios and the Portfolios’ total operating expense ratios (before and after fee waivers and expense reimbursements) were compared to similar information for mutual funds advised by other, unaffiliated investment advisory firms.

The Directors noted that the net advisory fee of the Matson Money U.S. Equity VI Portfolio ranked below the median and in the 2nd quintile of its Peer Group, and the Portfolio’s total net expenses (including acquired fund fees and expenses) were above the median and in the 4th quintile of its Peer Group.

The Directors noted that the net advisory fee of the Matson Money International Equity VI Portfolio ranked below the median and in the 4th quintile of its Peer Group, and the Portfolio’s total net expenses (including acquired fund fees and expenses) were above the median and in the 5th quintile of its Peer Group.

The Directors noted that the net advisory fee of the Matson Money Fixed Income VI Portfolio ranked above the median and in the 3rd quintile of its Peer Group, and the Portfolio’s total net expenses (including acquired fund fees and expenses) were above the median and in the 5th quintile of its Peer Group.

In addition, the Directors noted that Matson Money had contractually agreed to waive management fees and reimburse expenses through at least December 31, 2024 to limit total annual operating expenses to agreed upon levels for the Matson Money U.S. Equity VI Portfolio, Matson Money International Equity VI Portfolio, and Matson Money Fixed Income VI Portfolio.

After reviewing the information regarding the Portfolios’ costs, profitability and economies of scale, and after considering Matson Money’s services, the Directors concluded that the investment advisory fees to be paid by the Portfolios were fair and reasonable and that the Investment Advisory Agreement should be approved and continued for an additional one year period ending August 16, 2025.

23

Investment Adviser

Matson Money, Inc.
5955 Deerfield Blvd.
Mason, OH 45040

Administrator and Transfer Agent

U.S. Bank Global Fund Services
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

Financial Statements

Motley Fool Asset Management ETFs
Series of The RBB Fund, Inc.

8/31/24

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

Schedules of Investments	1
Financial Statements	30
Notes to Financial Statements	46
Report of Independent Registered Public Accounting Firm	59
Shareholder Tax Information	61
Notice to Shareholders	62

Motley Fool global opportunities ETF

Schedule of Investments

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS — 94.7%
Argentina — 2.2%
MercadoLibre, Inc. (a)		4,795	$	9,885,660
Australia — 1.5%
Atlassian Corp. - Class A (a)		39,751		6,582,765
Canada — 9.8%
Brookfield Asset Management Ltd. – Class A		261,214		10,647,083
Canadian National Railway Co. (b)		115,890		13,654,160
Waste Connections, Inc.		101,209		18,875,478
				43,176,721
China — 1.7%
Yum China Holdings, Inc.		216,296		7,312,968
France — 1.9%
Vivendi		766,495		8,595,691
Germany — 2.2%
Symrise		75,276		9,906,160
Ireland — 6.0%
ICON PLC (a)		52,805		17,006,378
Kerry Group PLC - Class A		76,975		7,726,005
Kerry Group PLC - Class A		19,529		1,899,687
				26,632,070
Japan — 3.4%
Nintendo Co. Ltd.		274,280		14,825,642
Kenya — 0.1%
Safaricom PLC		4,000,000		450,485
Netherlands — 3.1%
Universal Music Group		525,208		13,718,748
Philippines — 2.6%
International Container Terminal Services, Inc.		1,610,522		11,364,004
Spain — 3.0%
Cellnex Telecom (c)		338,325		13,063,275
Taiwan — 1.9%
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		47,659		8,183,050

The accompanying notes are an integral part of these financial statements.

1

Motley Fool global opportunities ETF

Schedule of Investments (continued)

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS (continued)
United Arab Emirates — 0.0%(d)
NMC Health PLC (a)(e)		485,482	$	0
United Kingdom — 7.1%
London Stock Exchange Group PLC		89,050		11,987,320
Rentokil Initial PLC - ADR (b)		448,276		14,447,936
System1 Group PLC (a)		459,245		4,704,390
				31,139,646
United States — 48.2%(f)
Alphabet, Inc. - Class C		94,401		15,586,549
Amazon.com, Inc. (a)		114,105		20,367,742
American Tower Corp.		62,958		14,106,369
Aon PLC - Class A		30,054		10,330,161
Axon Enterprise, Inc. (a)		66,060		24,109,918
BioMarin Pharmaceutical, Inc. (a)		82,350		7,511,144
Comcast Corp. - Class A		215,388		8,522,903
Costco Wholesale Corp.		16,191		14,448,525
DexCom, Inc. (a)		181,675		12,597,345
Equinix, Inc.		14,044		11,717,752
Fastenal Co.		128,190		8,752,813
Mastercard, Inc. - Class A		32,076		15,503,614
Salesforce, Inc.		40,252		10,179,731
SBA Communications Corp.		24,808		5,622,981
Starbucks Corp.		97,592		9,229,275
Waters Corp. (a)		21,568		7,470,077
Watsco, Inc. (b)		34,075		16,199,937
				212,256,836
TOTAL COMMON STOCKS (Cost $248,904,202)				417,093,721
PREFERRED STOCKS — 2.1%
Germany — 2.1%
Dr. Ing. H.c. F. Porsche 0.00% (c)		119,977		9,394,982
TOTAL PREFERRED STOCKS (Cost $11,323,002)				9,394,982

The accompanying notes are an integral part of these financial statements.

2

Motley Fool global opportunities ETF

Schedule of Investments (concluded)

AUGUST 31, 2024

	Units		Value
SHORT-TERM INVESTMENTS — 7.7%
Investments Purchased with Proceeds from Securities Lending — 7.7%
Mount Vernon Liquid Assets Portfolio, LLC, 5.42% (g)		34,052,359	$	34,052,359
TOTAL SHORT-TERM INVESTMENTS (Cost $34,052,359)				34,052,359
TOTAL INVESTMENTS — 104.5% (Cost $294,279,563)				460,541,062
Liabilities in Excess of Other Assets — (4.5)%				(20,078,590	)
TOTAL NET ASSETS — 100.0%			$	440,462,472

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR — American Depositary Receipt

PLC — Public Limited Company

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of August 31, 2024. At August 31, 2024, the total market value of these securities was $33,637,720 which represented 7.6% of net assets.

(c) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of August 31, 2024, the value of these securities total $22,458,257 or 5.1% of the Fund’s net assets.

(d) Represents less than 0.05% of net assets.

(e) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of August 31, 2024.

(f) To the extent that the Fund invests a significant portion of its assets in the securities of companies of a single country or region, it is more likely to be impacted by events or conditions affecting the country or region.

(g) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

The accompanying notes are an integral part of these financial statements.

3

Motley Fool mid-cap growth ETF

Schedule of Investments

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS — 98.4%
Aerospace & Defense — 6.0%
Axon Enterprise, Inc. (a)		33,277	$	12,145,107
Air Freight & Logistics — 2.6%
GXO Logistics, Inc. (a)(b)		105,018		5,256,151
Automobile Components — 3.3%
Gentex Corp. (b)		214,062		6,706,563
Biotechnology — 5.4%
BioMarin Pharmaceutical, Inc. (a)		65,105		5,938,227
Ultragenyx Pharmaceutical, Inc. (a)(b)		89,678		5,091,917
				11,030,144
Building Products — 2.2%
Trex Co., Inc. (a)		71,679		4,568,819
Capital Markets — 6.0%
Morningstar, Inc.		14,587		4,576,963
StoneX Group, Inc. (a)		92,666		7,678,305
				12,255,268
Chemicals — 2.5%
Eastman Chemical Co.		49,762		5,094,136
Financial Services — 3.4%
Toast, Inc. - Class A (a)(b)		275,596		6,851,317
Ground Transportation — 3.7%
RXO, Inc. (a)		261,690		7,447,697
Health Care Equipment & Supplies — 10.0%
Cooper Cos., Inc. (a)		71,175		7,525,333
DexCom, Inc. (a)		76,925		5,333,979
Globus Medical, Inc. - Class A (a)		104,046		7,564,144
				20,423,456
Health Care Providers & Services — 3.1%
HealthEquity, Inc. (a)		79,555		6,329,396
Health Care REITs — 1.8%
Alexandria Real Estate Equities, Inc. (b)		30,916		3,696,626

The accompanying notes are an integral part of these financial statements.

4

Motley Fool mid-cap growth ETF

Schedule of Investments (Continued)

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS (continued)
Insurance — 10.9%
Brown & Brown, Inc.		122,066	$	12,832,799
Goosehead Insurance, Inc. - Class A (a)(b)		109,534		9,238,097
				22,070,896
Life Sciences Tools & Services — 2.9%
Waters Corp. (a)		16,817		5,824,568
Professional Services — 7.1%
Broadridge Financial Solutions, Inc.		45,390		9,661,715
TransUnion		48,600		4,704,966
				14,366,681
Real Estate Management & Development — 2.3%
CoStar Group, Inc. (a)		59,664		4,612,027
Software — 11.1%
Alarm.com Holdings, Inc. (a)		97,708		5,817,534
Guidewire Software, Inc. (a)		32,342		4,811,519
Tyler Technologies, Inc. (a)		20,305		11,936,701
				22,565,754
Specialized REITs — 3.6%
SBA Communications Corp.		32,144		7,285,759
Specialty Retail — 1.8%
Tractor Supply Co.		13,854		3,706,638
Trading Companies & Distributors — 8.7%
Fastenal Co.		103,468		7,064,795
Herc Holdings, Inc.		32,700		4,786,299
Watsco, Inc. (b)		12,110		5,757,336
				17,608,430
TOTAL COMMON STOCKS (Cost $126,514,287)			$	199,845,433

The accompanying notes are an integral part of these financial statements.

5

Motley Fool mid-cap growth ETF

Schedule of Investments (CONCLUDED)

AUGUST 31, 2024

	Units		Value
SHORT-TERM INVESTMENTS — 14.2%
Investments Purchased with Proceeds from Securities Lending — 14.2%
Mount Vernon Liquid Assets Portfolio, LLC, 5.42% (c)		28,802,749	$	28,802,749
TOTAL SHORT-TERM INVESTMENTS (Cost $28,802,749)				28,802,749
TOTAL INVESTMENTS — 112.6% (Cost $155,317,036)				228,648,182
Liabilities in Excess of Other Assets — (12.6)%				(25,509,210	)
TOTAL NET ASSETS — 100.0%			$	203,138,972

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

REIT — Real Estate Investment Trust

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of August 31, 2024. At August 31, 2024, the total market value of these securities was $28,330,814 which represented 13.9% of net assets.

(c) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

The accompanying notes are an integral part of these financial statements.

6

Motley Fool 100 Index ETF

Schedule of Investments

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS — 99.7%
Altaba, Inc. - Escrow Shares (a)(b)		8,565	$	13,276
Aerospace & Defense — 0.4%
TransDigm Group, Inc.		2,499		3,431,652
Air Freight & Logistics — 0.3%
FedEx Corp.		11,101		3,316,646
Automobiles — 2.9%
Tesla, Inc. (b)		132,762		28,425,672
Banks — 3.0%
JPMorgan Chase & Co.		115,471		25,957,881
Truist Financial Corp.		59,447		2,643,013
				28,600,894
Beverages — 0.2%
Monster Beverage Corp. (b)		46,293		2,181,789
Biotechnology — 2.2%
Amgen, Inc.		24,633		8,223,234
Biogen, Inc. (b)		6,177		1,264,803
Gilead Sciences, Inc.		56,733		4,481,907
Moderna, Inc. (b)		14,825		1,147,455
Vertex Pharmaceuticals, Inc. (b)		11,691		5,797,450
				20,914,849
Broadline Retail — 5.4%
Amazon.com, Inc. (b)		278,890		49,781,865
Coupang, Inc. (b)		76,492		1,694,298
eBay, Inc. (c)		21,628		1,278,215
				52,754,378
Capital Markets — 1.9%
Charles Schwab Corp.		71,944		4,683,554
CME Group, Inc.		16,240		3,503,618
Intercontinental Exchange, Inc.		25,546		4,126,956
Moody’s Corp.		8,110		3,955,572
Nasdaq, Inc.		24,676		1,778,646
				18,048,346

The accompanying notes are an integral part of these financial statements.

7

Motley Fool 100 Index ETF

Schedule of Investments (continued)

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS (continued)
Chemicals — 0.8%
Ecolab, Inc.		12,830	$	3,248,300
Sherwin-Williams Co.		11,520		4,255,142
				7,503,442
Commercial Services & Supplies — 1.0%
Cintas Corp.		4,607		3,709,188
Copart, Inc. (b)		44,280		2,345,069
Waste Management, Inc.		18,057		3,828,806
				9,883,063
Communications Equipment — 0.5%
Arista Networks, Inc. (b)		14,340		5,067,469
Consumer Staples Distribution & Retail — 1.7%
Costco Wholesale Corp.		17,872		15,948,615
Electronic Equipment, Instruments & Components — 0.2%
Corning, Inc.		36,664		1,534,388
Entertainment — 2.3%
Electronic Arts, Inc.		11,805		1,792,235
Netflix, Inc. (b)		17,372		12,183,852
ROBLOX Corp. - Class A (b)		25,246		1,110,571
Walt Disney Co.		73,442		6,637,688
Warner Bros Discovery, Inc. (b)(c)		104,827		821,844
				22,546,190
Financial Services — 9.8%
Berkshire Hathaway, Inc. - Class B (b)		95,958		45,668,331
Block, Inc. (b)		24,420		1,613,674
Mastercard, Inc. - Class A		42,501		20,542,433
PayPal Holdings, Inc. (b)		42,035		3,044,595
Visa, Inc. - Class A		86,132		23,804,301
				94,673,334
Ground Transportation — 1.5%
Old Dominion Freight Line, Inc.		9,287		1,790,534
Uber Technologies, Inc. (b)		81,019		5,924,919
Union Pacific Corp.		27,636		7,077,303
				14,792,756

The accompanying notes are an integral part of these financial statements.

8

Motley Fool 100 Index ETF

Schedule of Investments (continued)

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS (continued)
Health Care Equipment & Supplies — 1.7%
Align Technology, Inc. (b)		3,185	$	755,546
Becton Dickinson & Co.		13,264		3,215,326
DexCom, Inc. (b)		15,322		1,062,427
IDEXX Laboratories, Inc. (b)		3,533		1,700,539
Intuitive Surgical, Inc. (b)		15,777		7,772,223
ResMed, Inc. (c)		6,227		1,525,740
				16,031,801
Health Care Providers & Services — 3.7%
CVS Health Corp.		56,008		3,205,898
HCA Healthcare, Inc.		11,631		4,601,107
McKesson Corp.		5,760		3,231,821
UnitedHealth Group, Inc.		42,078		24,834,436
				35,873,262
Health Care Technology — 0.2%
Veeva Systems, Inc. - Class A (b)		6,866		1,486,077
Hotels, Restaurants & Leisure — 2.2%
Airbnb, Inc. - Class A (b)		25,047		2,938,264
Booking Holdings, Inc.		1,318		5,152,365
Chipotle Mexican Grill, Inc. (b)		56,726		3,181,194
DoorDash, Inc. - Class A (b)		17,448		2,245,732
Marriott International, Inc. - Class A		12,642		2,966,951
Starbucks Corp.		51,151		4,837,350
				21,321,856
Industrial Conglomerates — 0.3%
3M Co.		24,576		3,310,141
Insurance — 0.3%
Aflac, Inc. (c)		25,998		2,869,139
Interactive Media & Services — 10.3%
Alphabet, Inc. - Class C		329,638		54,426,530
Meta Platforms, Inc. - Class A		87,867		45,805,946
				100,232,476

The accompanying notes are an integral part of these financial statements.

9

Motley Fool 100 Index ETF

Schedule of Investments (continued)

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS (continued)
IT Services — 0.5%
Cognizant Technology Solutions Corp. - Class A		21,268	$	1,654,013
Gartner, Inc. (b)		3,276		1,611,661
MongoDB, Inc. (b)(c)		2,910		846,199
Snowflake, Inc. - Class A (b)		6,697		764,998
				4,876,871
Life Sciences Tools & Services — 0.1%
Illumina, Inc. (b)		6,772		889,841
Machinery — 0.2%
Cummins, Inc.		5,834		1,825,167
Media — 0.2%
Trade Desk, Inc. - Class A (b)		20,890		2,183,632
Oil, Gas & Consumable Fuels — 0.2%
Kinder Morgan, Inc.		94,945		2,047,964
Pharmaceuticals — 3.9%
Bristol-Myers Squibb Co.		78,398		3,915,980
Eli Lilly & Co.		35,375		33,960,708
				37,876,688
Real Estate Management & Development — 0.1%
CoStar Group, Inc. (b)		17,431		1,347,416
Semiconductors & Semiconductor Equipment — 12.4%
Advanced Micro Devices, Inc. (b)		63,932		9,497,738
Broadcom, Inc.		183,358		29,854,349
Lam Research Corp.		5,285		4,339,038
NVIDIA Corp.		644,597		76,945,544
				120,636,669
Software — 15.0%
Adobe Systems, Inc. (b)		17,572		10,093,532
Autodesk, Inc. (b)		9,908		2,560,227
Crowdstrike Holdings, Inc. - Class A (b)		9,335		2,588,409
Datadog, Inc. - Class A (b)		14,297		1,662,169
Fair Isaac Corp. (b)		1,025		1,773,527
Fortinet, Inc. (b)		32,673		2,506,346
Intuit, Inc.		12,531		7,897,788

The accompanying notes are an integral part of these financial statements.

10

Motley Fool 100 Index ETF

Schedule of Investments (continued)

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS (continued)
Software (continued)
Microsoft Corp.		197,421	$	82,352,196
Palo Alto Networks, Inc. (b)		14,746		5,348,669
Roper Technologies, Inc.		4,824		2,674,474
Salesforce, Inc.		38,300		9,686,070
ServiceNow, Inc. (b)		9,450		8,079,750
Synopsys, Inc. (b)		6,108		3,173,595
Workday, Inc. - Class A (b)		11,348		2,986,680
Zoom Video Communications, Inc. - Class A (b)		13,187		910,958
Zscaler, Inc. (b)		5,928		1,185,481
				145,479,871
Specialized REITs — 1.3%
American Tower Corp.		21,574		4,833,870
Crown Castle, Inc.		19,428		2,176,325
Digital Realty Trust, Inc.		12,813		1,942,579
Equinix, Inc.		4,322		3,606,104
				12,558,878
Specialty Retail — 1.7%
Home Depot, Inc.		45,199		16,655,831
Technology Hardware, Storage & Peripherals — 9.7%
Apple, Inc.		410,940		94,105,260
Textiles, Apparel & Luxury Goods — 0.5%
NIKE, Inc. - Class B (c)		60,013		5,000,283
Wireless Telecommunication Services — 1.1%
T-Mobile US, Inc.		54,954		10,920,459
TOTAL COMMON STOCKS (Cost $624,698,031)				967,166,341

The accompanying notes are an integral part of these financial statements.

11

Motley Fool 100 Index ETF

Schedule of Investments (Concluded)

AUGUST 31, 2024

	Units		Value
SHORT-TERM INVESTMENTS — 1.1%
Investments Purchased with Proceeds from Securities Lending — 1.1%
Mount Vernon Liquid Assets Portfolio, LLC, 5.42% (d)		10,257,974	$	10,257,974
TOTAL SHORT-TERM INVESTMENTS (Cost $10,257,974)				10,257,974
TOTAL INVESTMENTS — 100.8% (Cost $634,956,005)				977,424,315
Liabilities in Excess of Other Assets — (0.8)%				(7,539,477	)
TOTAL NET ASSETS — 100.0%			$	969,884,838

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

REIT — Real Estate Investment Trust

(a) Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $13,276 or 0.0% of net assets as of August 31, 2024.

(b) Non-income producing security.

(c) All or a portion of this security is on loan as of August 31, 2024. At August 31, 2024, the total market value of these securities was $10,202,881 which represented 1.1% of net assets.

(d) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

The accompanying notes are an integral part of these financial statements.

12

MOTLEY FOOL Small-Cap Growth ETF

Schedule of Investments

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS — 99.4%
Aerospace & Defense — 8.7%
Axon Enterprise, Inc. (a)		9,409	$	3,434,003
Leonardo DRS, Inc. (a)		118,368		3,378,222
				6,812,225
Air Freight & Logistics — 3.6%
GXO Logistics, Inc. (a)		55,712		2,788,386
Automobile Components — 4.9%
Fox Factory Holding Corp. (a)		36,738		1,487,154
Gentex Corp.		75,312		2,359,525
				3,846,679
Banks — 3.1%
Live Oak Bancshares, Inc. (b)		57,217		2,459,759
Biotechnology — 3.8%
Ultragenyx Pharmaceutical, Inc. (a)		52,913		3,004,400
Building Products — 2.3%
Trex Co., Inc. (a)		27,813		1,772,801
Capital Markets — 3.4%
StoneX Group, Inc. (a)		32,366		2,681,847
Electronic Equipment, Instruments & Components — 1.9%
IPG Photonics Corp. (a)		21,130		1,444,658
Financial Services — 3.5%
Toast, Inc. - Class A (a)(b)		109,056		2,711,132
Ground Transportation — 5.9%
Landstar System, Inc.		7,452		1,360,437
RXO, Inc. (a)		114,440		3,256,962
				4,617,399
Health Care Equipment & Supplies — 13.8%
Globus Medical, Inc. - Class A (a)		51,400		3,736,780
Inari Medical, Inc. (a)(b)		56,160		2,427,797
Penumbra, Inc. (a)		9,877		1,998,315
UFP Technologies, Inc. (a)(b)		7,680		2,620,646
				10,783,538

The accompanying notes are an integral part of these financial statements.

13

MOTLEY FOOL Small-Cap Growth ETF

Schedule of Investments (CONTINUED)

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services — 3.2%
HealthEquity, Inc. (a)		31,842	$	2,533,349
Health Care Technology — 1.3%
Certara, Inc. (a)(b)		85,248		1,044,288
Industrial REITs — 2.6%
STAG Industrial, Inc.		51,019		2,070,351
Insurance — 4.2%
Goosehead Insurance, Inc. - Class A (a)(b)		39,338		3,317,767
Oil, Gas & Consumable Fuels — 3.3%
Northern Oil & Gas, Inc. (b)		63,888		2,541,465
Personal Care Products — 2.1%
BellRing Brands, Inc. (a)		28,800		1,610,784
Semiconductors & Semiconductor Equipment — 3.0%
SiTime Corp. (a)(b)		13,344		1,930,343
Wolfspeed, Inc. (a)(b)		45,794		446,491
				2,376,834
Software — 16.1%
Alarm.com Holdings, Inc. (a)		56,020		3,335,431
DoubleVerify Holdings, Inc. (a)		52,897		1,042,071
LiveRamp Holdings, Inc. (a)		46,944		1,216,789
nCino, Inc. (a)		52,640		1,577,094
Q2 Holdings, Inc. (a)(b)		33,286		2,470,154
Smartsheet, Inc. - Class A (a)		59,859		2,921,119
				12,562,658
Textiles, Apparel & Luxury Goods — 2.4%
Crocs, Inc. (a)		12,859		1,879,600
Trading Companies & Distributors — 6.3%
Herc Holdings, Inc.		14,256		2,086,651
Watsco, Inc. (b)		5,946		2,826,848
				4,913,499
TOTAL COMMON STOCKS (Cost $68,204,891)				77,773,419

The accompanying notes are an integral part of these financial statements.

14

MOTLEY FOOL Small-Cap Growth ETF

Schedule of Investments (Concluded)

AUGUST 31, 2024

	Units		Value
SHORT-TERM INVESTMENTS — 27.4%
Investments Purchased with Proceeds from Securities Lending — 27.4%
Mount Vernon Liquid Assets Portfolio, LLC, 5.42% (c)		21,476,806	$	21,476,806
TOTAL SHORT-TERM INVESTMENTS (Cost $21,476,806)				21,476,806
TOTAL INVESTMENTS — 126.8% (Cost $89,681,697)				99,250,225
Liabilities in Excess of Other Assets — (26.8)%				(21,001,545	)
TOTAL NET ASSETS — 100.0%			$	78,248,680

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

REIT — Real Estate Investment Trust

(a) Non-income producing security.

(b) All or a portion of this security is on loan as of August 31, 2024. At August 31, 2024, the total market value of these securities was $20,968,235 which represented 26.8% of net assets.

(c) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

The accompanying notes are an integral part of these financial statements.

15

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS — 99.8%
Air Freight & Logistics — 0.1%
GXO Logistics, Inc. (a)		529	$	26,477
Beverages — 0.5%
Boston Beer Co., Inc. - Class A (a)		50		13,586
Monster Beverage Corp. (a)		4,444		209,446
				223,032
Biotechnology — 2.4%
Exelixis, Inc. (a)		1,383		36,000
Gilead Sciences, Inc.		6,760		534,040
Neurocrine Biosciences, Inc. (a)		557		70,772
Vertex Pharmaceuticals, Inc. (a)		1,018		504,816
				1,145,628
Broadline Retail — 4.8%
Amazon.com, Inc. (a)		11,920		2,127,720
eBay, Inc.		2,308		136,403
Etsy, Inc. (a)		528		29,087
				2,293,210
Capital Markets — 0.6%
Cboe Global Markets, Inc.		465		95,511
Nasdaq, Inc.		2,215		159,657
PJT Partners, Inc. - Class A		139		17,167
				272,335
Chemicals — 2.2%
Balchem Corp.		136		24,076
Ecolab, Inc.		1,366		345,844
RPM International, Inc.		728		84,630
Sherwin-Williams Co.		1,534		566,614
				1,021,164
Commercial Services & Supplies — 2.1%
Cintas Corp.		606		487,902
Rollins, Inc.		2,582		129,565
Waste Management, Inc.		1,820		385,913
				1,003,380

The accompanying notes are an integral part of these financial statements.

16

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments (Continued)

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS (continued)
Communications Equipment — 1.0%
Arista Networks, Inc. (a)		1,341	$	473,883
Consumer Staples Distribution & Retail — 4.9%
Casey’s General Stores, Inc.		234		84,781
Costco Wholesale Corp.		2,527		2,255,044
				2,339,825
Distributors — 0.1%
LKQ Corp.		1,371		57,020
Entertainment — 3.5%
Electronic Arts, Inc.		1,338		203,135
Netflix, Inc. (a)		2,090		1,465,822
				1,668,957
Financial Services — 9.9%
Jack Henry & Associates, Inc.		371		64,194
Mastercard, Inc. - Class A		4,896		2,366,432
Visa, Inc. - Class A		8,091		2,236,110
				4,666,736
Food Products — 0.1%
Darling Ingredients, Inc. (a)		615		25,664
Ground Transportation — 2.0%
Landstar System, Inc.		177		32,313
Old Dominion Freight Line, Inc.		1,044		201,283
RXO, Inc. (a)		497		14,145
Union Pacific Corp.		2,682		686,833
				934,574
Health Care Equipment & Supplies — 3.4%
Becton Dickinson & Co.		1,232		298,649
IDEXX Laboratories, Inc. (a)		531		255,586
Insulet Corp. (a)		351		71,172
Intuitive Surgical, Inc. (a)		1,632		803,972
ResMed, Inc.		726		177,885
STAAR Surgical Co. (a)		243		8,041
				1,615,305

The accompanying notes are an integral part of these financial statements.

17

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments (Continued)

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS (continued)
Health Care Providers & Services — 8.2%
CVS Health Corp.		5,561	$	318,311
HCA Healthcare, Inc.		1,500		593,385
McKesson Corp.		573		321,499
UnitedHealth Group, Inc.		4,484		2,646,457
				3,879,652
Health Care Technology — 0.3%
Veeva Systems, Inc. - Class A (a)		655		141,768
Household Durables — 0.1%
Dream Finders Homes, Inc. - Class A (a)		418		13,982
Meritage Homes Corp.		161		31,889
				45,871
Interactive Media & Services — 9.3%
Alphabet, Inc. - Class C		12,272		2,026,230
Meta Platforms, Inc. - Class A		4,330		2,257,272
Pinterest, Inc. - Class A (a)		3,252		104,194
				4,387,696
IT Services — 1.4%
Cognizant Technology Solutions Corp. - Class A		2,455		190,925
EPAM Systems, Inc. (a)		258		51,796
Gartner, Inc. (a)		433		213,019
GoDaddy, Inc. - Class A (a)		763		127,734
MongoDB, Inc. (a)		340		98,869
				682,343
Machinery — 0.1%
Tennant Co.		107		10,451
Toro Co.		487		45,096
				55,547
Media — 0.6%
New York Times Co. - Class A		851		46,745
Trade Desk, Inc. - Class A (a)		2,134		223,067
				269,812
Personal Care Products — 0.1%
elf Beauty, Inc. (a)		294		44,038

The accompanying notes are an integral part of these financial statements.

18

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments (Continued)

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS (continued)
Pharmaceuticals — 5.0%
Eli Lilly & Co.		2,478	$	2,378,930
Professional Services — 0.0%(b)
TaskUS, Inc. - Class A (a)		473		6,291
Upwork, Inc. (a)		644		6,208
				12,499
Semiconductors & Semiconductor Equipment — 9.6%
Broadcom, Inc.		11,992		1,952,538
Cirrus Logic, Inc. (a)		276		40,210
Impinj, Inc. (a)		124		20,844
Lam Research Corp.		576		472,902
NVIDIA Corp.		16,751		1,999,567
Universal Display Corp.		236		45,718
				4,531,779
Software — 15.6%
Adobe Systems, Inc. (a)		2,817		1,618,113
Appfolio, Inc. - Class A (a)		175		40,598
Autodesk, Inc. (a)		1,188		306,979
DocuSign, Inc. (a)		1,071		63,414
Fair Isaac Corp. (a)		175		302,797
Fortinet, Inc. (a)		4,277		328,089
HubSpot, Inc. (a)		244		121,773
Manhattan Associates, Inc. (a)		267		70,603
Microsoft Corp.		4,893		2,041,066
Nutanix, Inc. - Class A (a)		1,581		99,904
Palo Alto Networks, Inc. (a)		1,618		586,881
Pegasystems, Inc.		485		34,377
Samsara, Inc. - Class A (a)		2,475		101,648
ServiceNow, Inc. (a)		997		852,435
Synopsys, Inc. (a)		862		447,878
Workday, Inc. - Class A (a)		1,322		347,937
Zuora, Inc. - Class A (a)		710		6,241
				7,370,733
Specialty Retail — 5.4%
Camping World Holdings, Inc. - Class A		176		3,861
Home Depot, Inc.		6,007		2,213,580

The accompanying notes are an integral part of these financial statements.

19

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Schedule of Investments (Concluded)

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS (continued)
Specialty Retail (continued)
Stitch Fix, Inc. - Class A (a)		506	$	1,913
Tractor Supply Co.		497		132,972
Ulta Beauty, Inc. (a)		227		80,095
Wayfair, Inc. - Class A (a)		554		23,573
Williams-Sonoma, Inc.		494		66,359
Winmark Corp.		37		13,342
				2,535,695
Technology Hardware, Storage & Peripherals — 5.1%
Apple, Inc.		10,125		2,318,625
Pure Storage, Inc. - Class A (a)		1,898		97,348
				2,415,973
Textiles, Apparel & Luxury Goods — 1.2%
NIKE, Inc. - Class B		6,245		520,333
Skechers USA, Inc. - Class A (a)		683		46,772
Under Armour, Inc. - Class A (a)		2,306		17,733
				584,838
Trading Companies & Distributors — 0.2%
Watsco, Inc.		199		94,609
TOTAL COMMON STOCKS (Cost $36,977,146)				47,198,973
TOTAL INVESTMENTS — 99.8% (Cost $36,977,146)				47,198,973
Other Assets in Excess of Liabilities — 0.2%				127,365
TOTAL NET ASSETS — 100.0%			$	47,326,338

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

(a) Non-income producing security.

(b) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

20

MOTLEY FOOL next index ETF

Schedule of Investments

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS — 99.7%
Aerospace & Defense — 4.9%
AeroVironment, Inc. (a)		396	$	80,689
Axon Enterprise, Inc. (a)		1,070		390,518
HEICO Corp.		1,710		438,718
Rocket Lab USA, Inc. (a)		6,975		43,733
Textron, Inc.		2,702		246,422
				1,200,080
Air Freight & Logistics — 0.3%
GXO Logistics, Inc. (a)		1,551		77,628
Automobile Components — 0.7%
BorgWarner, Inc.		3,227		109,944
Phinia, Inc.		649		31,126
XPEL, Inc. (a)		391		16,926
				157,996
Banks — 0.7%
Axos Financial, Inc. (a)		809		56,169
Western Alliance Bancorp		1,545		126,195
				182,364
Beverages — 0.7%
Boston Beer Co., Inc. - Class A (a)		167		45,377
Celsius Holdings, Inc. (a)		3,299		125,461
				170,838
Biotechnology — 5.6%
2seventy bio, Inc. (a)		729		3,550
Alnylam Pharmaceuticals, Inc. (a)		1,791		470,478
AnaptysBio, Inc. (a)		387		14,741
BioMarin Pharmaceutical, Inc. (a)		2,690		245,355
Bluebird Bio, Inc. (a)		2,729		1,532
Bridgebio Pharma, Inc. (a)		2,649		73,775
Editas Medicine, Inc. (a)		1,165		4,357
Emergent BioSolutions, Inc. (a)		743		6,174
Exact Sciences Corp. (a)		2,613		161,196
Exelixis, Inc. (a)		4,124		107,348
Ionis Pharmaceuticals, Inc. (a)		2,065		98,459

The accompanying notes are an integral part of these financial statements.

21

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS (continued)
Biotechnology (continued)
Neurocrine Biosciences, Inc. (a)		1,425	$	181,061
				1,368,026
Broadline Retail — 0.4%
Etsy, Inc. (a)		1,657		91,284
Building Products — 0.4%
Trex Co., Inc. (a)		1,540		98,160
Capital Markets — 4.8%
Affiliated Managers Group, Inc.		452		78,571
Cboe Global Markets, Inc.		1,490		306,046
FactSet Research Systems, Inc.		542		229,180
Houlihan Lokey, Inc.		973		152,391
Interactive Brokers Group, Inc. - Class A		1,516		195,397
Jefferies Financial Group, Inc.		3,003		180,030
PJT Partners, Inc. - Class A		340		41,990
				1,183,605
Chemicals — 1.2%
Balchem Corp.		460		81,434
RPM International, Inc.		1,824		212,040
				293,474
Commercial Services & Supplies — 1.5%
Healthcare Services Group, Inc. (a)		1,043		11,359
Rollins, Inc.		6,857		344,084
				355,443
Communications Equipment — 0.7%
Ubiquiti, Inc.		858		166,040
Construction & Engineering — 0.5%
MasTec, Inc. (a)		1,103		124,782
Consumer Finance — 0.5%
Nelnet, Inc. - Class A		516		59,639
Upstart Holdings, Inc. (a)		1,244		52,870
				112,509

The accompanying notes are an integral part of these financial statements.

22

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS (continued)
Consumer Staples Distribution & Retail — 0.8%
Casey’s General Stores, Inc.		526	$	190,575
Distributors — 0.6%
LKQ Corp.		3,779		157,169
Diversified Consumer Services — 0.5%
Chegg, Inc. (a)		1,449		3,130
Duolingo, Inc. (a)		611		129,880
				133,010
Diversified Telecommunication Services — 0.0%(b)
Bandwidth, Inc. - Class A (a)		382		6,555
Electronic Equipment, Instruments & Components — 2.7%
Cognex Corp.		2,432		98,204
Coherent Corp. (a)		2,161		168,450
Evolv Technologies Holdings, Inc. (a)		2,212		8,715
IPG Photonics Corp. (a)		647		44,235
Littelfuse, Inc.		352		95,815
Zebra Technologies Corp. - Class A (a)		729		251,782
				667,201
Energy Equipment & Services — 0.2%
Core Laboratories, Inc.		664		12,988
Oceaneering International, Inc. (a)		1,436		38,757
				51,745
Entertainment — 3.5%
Live Nation Entertainment, Inc. (a)		3,252		317,623
Roku, Inc. (a)		1,938		131,338
Take-Two Interactive Software, Inc. (a)		2,479		400,879
				849,840
Financial Services — 2.7%
Euronet Worldwide, Inc. (a)		649		70,033
Jack Henry & Associates, Inc.		1,032		178,567
Marqeta, Inc. - Class A (a)		7,336		39,101
Toast, Inc. - Class A (a)		7,860		195,400
Walker & Dunlop, Inc.		479		51,282

The accompanying notes are an integral part of these financial statements.

23

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS (continued)
Financial Services (continued)
WEX, Inc. (a)		596	$	113,848
				648,231
Food Products — 2.0%
Darling Ingredients, Inc. (a)		2,264		94,477
Freshpet, Inc. (a)		687		93,432
McCormick & Co., Inc.		3,767		301,473
				489,382
Ground Transportation — 2.1%
Landstar System, Inc.		507		92,558
RXO, Inc. (a)		1,666		47,414
U-Haul Holding Co. (a)		2,686		190,760
XPO, Inc. (a)		1,648		188,894
				519,626
Health Care Equipment & Supplies — 3.1%
Globus Medical, Inc. - Class A (a)		1,912		139,003
Inari Medical, Inc. (a)		823		35,578
Insulet Corp. (a)		992		201,148
Masimo Corp. (a)		754		88,610
QuidelOrtho Corp. (a)		949		40,095
Solventum Corp. (a)		2,445		156,749
STAAR Surgical Co. (a)		697		23,064
TransMedics Group, Inc. (a)		468		78,652
				762,899
Health Care Providers & Services — 1.8%
Fulgent Genetics, Inc. (a)		426		9,610
Guardant Health, Inc. (a)		1,732		44,305
HealthEquity, Inc. (a)		1,234		98,177
Progyny, Inc. (a)		1,350		31,711
Quest Diagnostics, Inc.		1,572		246,757
				430,560
Health Care Technology — 0.6%
Doximity, Inc. - Class A (a)		2,626		96,584
GoodRx Holdings, Inc. - Class A (a)		5,312		41,965

The accompanying notes are an integral part of these financial statements.

24

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS (continued)
Health Care Technology (continued)
Teladoc, Inc. (a)		2,401	$	17,215
				155,764
Hotels, Restaurants & Leisure — 4.0%
Cava Group, Inc. (a)		1,616		184,289
Dave & Buster’s Entertainment, Inc. (a)		561		17,582
Hyatt Hotels Corp. - Class A		1,433		217,701
Planet Fitness, Inc. - Class A (a)		1,241		100,782
Sweetgreen, Inc. - Class A (a)		1,606		50,766
Texas Roadhouse, Inc.		946		159,637
Vail Resorts, Inc.		535		97,209
Wingstop, Inc.		417		161,008
				988,974
Household Durables — 2.3%
Dream Finders Homes, Inc. - Class A (a)		1,328		44,422
iRobot Corp. (a)		408		2,986
Meritage Homes Corp.		515		102,006
NVR, Inc. (a)		46		421,933
				571,347
Household Products — 0.2%
Spectrum Brands Holdings, Inc.		414		39,048
Industrial REITs — 0.4%
STAG Industrial, Inc.		2,579		104,656
Insurance — 2.1%
Kinsale Capital Group, Inc.		329		161,569
Lemonade, Inc. (a)		999		18,511
Markel Group, Inc. (a)		185		296,126
Safety Insurance Group, Inc.		212		18,772
Trupanion, Inc. (a)		594		27,164
				522,142
Interactive Media & Services — 1.9%
Bumble, Inc. - Class A (a)		1,786		11,984
Match Group, Inc. (a)		3,572		132,914
Pinterest, Inc. - Class A (a)		9,670		309,827
				454,725

The accompanying notes are an integral part of these financial statements.

25

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS (continued)
IT Services — 5.3%
Cloudflare, Inc. - Class A (a)		4,810	$	395,093
DigitalOcean Holdings, Inc. (a)		1,292		48,360
EPAM Systems, Inc. (a)		786		157,797
Fastly, Inc. - Class A (a)		1,936		11,655
GoDaddy, Inc. - Class A (a)		1,997		334,318
Okta, Inc. (a)		2,381		187,456
Twilio, Inc. - Class A (a)		2,425		152,193
				1,286,872
Leisure Products — 0.6%
Hasbro, Inc.		1,972		134,412
Life Sciences Tools & Services — 0.5%
Mesa Laboratories, Inc.		77		10,294
Repligen Corp. (a)		792		119,537
				129,831
Machinery — 3.7%
Chart Industries, Inc. (a)		595		72,828
Middleby Corp. (a)		761		107,012
Proto Labs, Inc. (a)		360		11,009
RBC Bearings, Inc. (a)		412		122,714
Tennant Co.		272		26,566
Toro Co.		1,471		136,215
Westinghouse Air Brake Technologies Corp.		2,497		423,416
				899,760
Media — 0.6%
Boston Omaha Corp. - Class A (a)		446		6,374
New York Times Co. - Class A		2,326		127,767
PubMatic, Inc. - Class A (a)		707		11,029
				145,170
Oil, Gas & Consumable Fuels — 0.9%
Clean Energy Fuels Corp. (a)		3,161		9,768
EQT Corp.		6,043		202,501
Excelerate Energy, Inc. - Class A		357		6,508
Vitesse Energy, Inc.		419		10,835
				229,612

The accompanying notes are an integral part of these financial statements.

26

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS (continued)
Passenger Airlines — 0.3%
Alaska Air Group, Inc. (a)		1,796	$	64,854
Hawaiian Holdings, Inc. (a)		735		12,730
				77,584
Personal Care Products — 0.5%
elf Beauty, Inc. (a)		793		118,783
Pharmaceuticals — 0.8%
Viatris, Inc.		16,854		203,596
Professional Services — 3.7%
Broadridge Financial Solutions, Inc.		1,675		356,540
NV5 Global, Inc. (a)		229		22,014
Paycom Software, Inc.		803		130,712
Robert Half, Inc.		1,460		91,498
SS&C Technologies Holdings, Inc.		3,503		263,040
TaskUS, Inc. - Class A (a)		1,246		16,572
Upwork, Inc. (a)		1,884		18,162
				898,538
Real Estate Management & Development — 0.8%
Redfin Corp. (a)		1,692		15,803
Zillow Group, Inc. - Class C (a)		3,321		183,652
				199,455
Retail REITs — 0.1%
Retail Opportunity Investments Corp.		1,805		27,598
Semiconductors & Semiconductor Equipment — 4.8%
Cirrus Logic, Inc. (a)		756		110,142
Enphase Energy, Inc. (a)		1,873		226,708
First Solar, Inc. (a)		1,515		344,465
Impinj, Inc. (a)		393		66,063
Silicon Laboratories, Inc. (a)		453		53,622
Skyworks Solutions, Inc.		2,271		248,879
Universal Display Corp.		672		130,180
				1,180,059
Software — 11.7%
Alarm.com Holdings, Inc. (a)		710		42,273
Appfolio, Inc. - Class A (a)		514		119,243

The accompanying notes are an integral part of these financial statements.

27

MOTLEY FOOL next index ETF

Schedule of Investments (Continued)

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS (continued)
Software (continued)
Appian Corp. - Class A (a)		1,025	$	33,251
Asana, Inc. - Class A (a)		3,231		45,428
Blackbaud, Inc. (a)		715		59,774
BlackLine, Inc. (a)		997		49,401
Box, Inc. - Class A (a)		2,052		66,895
Braze, Inc. - Class A (a)		1,440		64,483
Confluent, Inc. - Class A (a)		4,174		88,572
DocuSign, Inc. (a)		2,899		171,650
Gitlab, Inc. - Class A (a)		2,251		106,697
HubSpot, Inc. (a)		722		360,329
Manhattan Associates, Inc. (a)		871		230,319
Nutanix, Inc. - Class A (a)		3,493		220,723
Pegasystems, Inc.		1,204		85,340
Q2 Holdings, Inc. (a)		852		63,227
Samsara, Inc. - Class A (a)		7,797		320,223
Smartsheet, Inc. - Class A (a)		1,959		95,599
Tyler Technologies, Inc. (a)		601		353,310
UiPath, Inc. - Class A (a)		8,108		104,431
Unity Software, Inc. (a)		5,134		84,044
Varonis Systems, Inc. (a)		1,579		89,371
Zuora, Inc. - Class A (a)		2,098		18,441
				2,873,024
Specialty Retail — 7.7%
Camping World Holdings, Inc. - Class A		640		14,042
CarMax, Inc. (a)		2,227		188,293
Carvana Co. (a)		1,657		249,577
Chewy, Inc. - Class A (a)		6,171		176,182
Designer Brands, Inc. - Class A		818		5,432
Five Below, Inc. (a)		780		58,835
GameStop Corp. - Class A (a)		6,035		141,340
RH (a)		263		66,723
Sleep Number Corp. (a)		318		4,837
Stitch Fix, Inc. - Class A (a)		1,731		6,543
Tractor Supply Co.		1,526		408,281
Ulta Beauty, Inc. (a)		676		238,520
Wayfair, Inc. - Class A (a)		1,728		73,526
Williams-Sonoma, Inc.		1,821		244,615

The accompanying notes are an integral part of these financial statements.

28

MOTLEY FOOL next index ETF

Schedule of Investments (Concluded)

AUGUST 31, 2024

	Shares		Value
COMMON STOCKS (continued)
Specialty Retail (continued)
Winmark Corp.		52	$	18,751
				1,895,497
Technology Hardware, Storage & Peripherals — 1.0%
Pure Storage, Inc. - Class A (a)		4,604		236,139
Textiles, Apparel & Luxury Goods — 0.8%
Skechers USA, Inc. - Class A (a)		2,161		147,985
Under Armour, Inc. - Class A (a)		6,103		46,932
				194,917
Trading Companies & Distributors — 1.5%
Watsco, Inc.		527		250,546
WESCO International, Inc.		720		119,074
				369,620
TOTAL COMMON STOCKS (Cost $24,624,583)				24,426,145
TOTAL INVESTMENTS — 99.7% (Cost $24,624,583)				24,426,145
Other Assets in Excess of Liabilities — 0.3%				88,426
TOTAL NET ASSETS — 100.0%			$	24,514,571

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard (“GICS^®”) was developed by and/or is the exclusive property of MSCI, Inc. (“MSCI”) and Standard & Poor’s Financial Services LLC (“S&P”). GICS^® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

REIT — Real Estate Investment Trust

(a) Non-income producing security.

(b) Represents less than 0.05% of net assets.

The accompanying notes are an integral part of these financial statements.

29

Motley Fool ETFs

Statements of Assets and Liabilities

AUGUST 31, 2024

	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 $260,227,204, $126,514,287, $624,698,031 and $68,204,891 respectively)^	$	426,488,703	$	199,845,433	$	967,166,341	$	77,773,419
Investments purchased with proceeds from securities lending collateral (cost $34,052,359, $28,802,749, $10,257,974 and $21,476,806 respectively)		34,052,359		28,802,749		10,257,974		21,476,806
Cash and cash equivalents		13,848,001		3,330,333		2,494,703		507,825
Receivables for:
Dividends and tax reclaims		436,106		106,527		608,889		23,412
Total assets		474,825,169		232,085,042		980,527,907		99,781,462
LIABILITIES
Payables for:
Securities lending collateral (see Note 7)		34,052,359		28,802,749		10,257,974		21,476,806
Advisory fees		310,338		143,321		385,095		55,976
Total liabilities		34,362,697		28,946,070		10,643,069		21,532,782
Net assets	$	440,462,472	$	203,138,972	$	969,884,838	$	78,248,680
NET ASSETS CONSIST OF:
Par value	$	14,044	$	7,118	$	17,625	$	2,400
Paid-in capital		221,243,963		100,813,106		633,389,138		85,998,034
Total distributable earnings/(losses)		219,204,465		102,318,748		336,478,075		(7,751,754	)
Net assets	$	440,462,472	$	203,138,972	$	969,884,838	$	78,248,680
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		14,043,873		7,117,511		17,625,000		2,400,000
Net asset value, price per share	$	31.36	$	28.54	$	55.03	$	32.60
^ Includes market value of securities on loan	$	33,637,720	$	28,330,814	$	10,202,881	$	20,968,235

The accompanying notes are an integral part of these financial statements.

30

Motley Fool ETFs

Statements of Assets and Liabilities (concluded)

AUGUST 31, 2024

	Motley Fool Capital Efficiency 100 Index ETF		Motley Fool Next Index ETF
ASSETS
Investments in securities of unaffiliated issurers, at value (cost $36,977,146 and $24,624,583 respectively)^	$	47,198,973	$	24,426,145
Cash and cash equivalents		113,021		84,560
Receivables for:
Dividends and tax reclaims		33,546		14,317
Total assets		47,345,540		24,525,022
LIABILITIES
Payables for:
Advisory fees		19,202		10,451
Total liabilities		19,202		10,451
Net assets	$	47,326,338	$	24,514,571
NET ASSETS CONSIST OF:
Par value	$	1,850	$	1,350
Paid-in capital		37,448,697		26,530,059
Total distributable earnings/(losses)		9,875,791		(2,016,838	)
Net assets	$	47,326,338	$	24,514,571
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		1,850,000		1,350,000
Net asset value, price per share	$	25.58	$	18.16

The accompanying notes are an integral part of these financial statements.

31

Motley Fool ETFs

Statements of Operations

FOR THE YEAR ENDED AUGUST 31, 2024

	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	$	6,149,134		$	1,748,100		$	5,449,722	$	506,939
Less foreign taxes withheld		(397,309	)		—			—		—
Securities lending income		56,860			42,484			28,436		34,158
Total investment income		5,808,685			1,790,584			5,478,158		541,097
EXPENSES
Advisory fees (Note 3)		3,631,316			1,633,412			3,573,161		665,835
Total expenses		3,631,316			1,633,412			3,573,161		665,835
Net investment income/(loss)		2,177,369			157,172			1,904,997		(124,738	)
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		73,740,037			30,724,805			5,115,735		(11,531,737	)
Foreign currency transactions		(659,548	)		—			—		—
Redemption in-kind		28,177,786			13,067,346			30,127,251		4,418,984
Net change in unrealized appreciation/(depreciation) on:
Investments		(21,782,537	)		(10,270,372	)		169,139,961		16,332,435
Foreign currency translation		62,086			—			—		—
Net realized and unrealized gain		79,537,824			33,521,779			204,382,947		9,219,682
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	81,715,193		$	33,678,951		$	206,287,944	$	9,094,944

The accompanying notes are an integral part of these financial statements.

32

Motley Fool ETFs

Statements of Operations (CONCLUDED)

FOR THE YEAR ENDED AUGUST 31, 2024

	Motley Fool Capital Efficiency 100 Index ETF		Motley Fool NEXT INDEX ETF
INVESTMENT INCOME
Dividends	$	315,068	$	162,605
Total investment income		315,068		162,605
EXPENSES
Advisory fees (Note 3)		170,046		129,230
Total expenses		170,046		129,230
Net investment income/(loss)		145,022		33,375
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Investments		743,150		(121,916	)
Redemption in-kind		1,705,327		408,441
Net change in unrealized appreciation/(depreciation) on:
Investments		7,226,975		3,254,754
Net realized and unrealized gain		9,675,452		3,541,279
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS	$	9,820,474	$	3,574,654

The accompanying notes are an integral part of these financial statements.

33

MOTLEY FOOL Global Opportunities ETF
Statements of Changes in Net Assets

	FOR THE YEAR ENDED AUGUST 31, 2024			FOR THE YEAR ENDED AUGUST 31, 2023
OPERATIONS
Net investment income/(loss)	$	2,177,369		$	1,883,189
Net realized gain from investments and foreign currency transactions		101,258,275			20,808,505
Net change in unrealized appreciation/(depreciation) on investments, foreign currency translation and assets and liabilities denominated in foreign currencies		(21,720,451	)		21,314,343
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		81,715,193			44,006,037
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total dividends and distributions to shareholders		(23,006,101	)		(2,705,256	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		7,701,448			1,935,173
Shares redeemed		(55,914,052	)		(46,922,013	)
Net decrease in net assets from capital share transactions		(48,212,604	)		(44,986,840	)
TOTAL INCREASE/(DECREASE) IN NET ASSETS		10,496,488			(3,686,059	)
NET ASSETS:
Beginning of period	$	429,965,984		$	433,652,043
End of period	$	440,462,472		$	429,965,984
SHARES TRANSACTIONS:
Shares sold		275,000			75,000
Shares redeemed		(1,950,000	)		(1,875,000	)
Net increase/(decrease) in shares outstanding		(1,675,000	)		(1,800,000	)

The accompanying notes are an integral part of these financial statements.

34

MOTLEY FOOL Mid-Cap Growth ETF
Statements of Changes in Net Assets

	FOR THE YEAR ENDED AUGUST 31, 2024			FOR THE YEAR ENDED AUGUST 31, 2023
OPERATIONS
Net investment income/(loss)	$	157,172		$	569,856
Net realized gain from investments and foreign currency transactions		43,792,151			17,160,148
Net change in unrealized depreciation on investments, foreign currency translation, and assets and liabilities denominated in foreign currencies		(10,270,372	)		(2,432,722	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		33,678,951			15,297,282
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total dividends and distributions to shareholders		(4,987,801	)		—
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		8,257,740
Shares redeemed		(28,155,655	)		(29,995,560	)
Net decrease in net assets from capital share transactions		(19,897,915	)		(29,995,560	)
TOTAL INCREASE/(DECREASE) IN NET ASSETS		8,793,235			(14,698,278	)
NET ASSETS:
Beginning of period	$	194,345,737		$	209,044,015
End of period	$	203,138,972		$	194,345,737
SHARES TRANSACTIONS:
Shares sold		300,000			—
Shares redeemed		(1,075,000	)		(1,325,000	)
Net increase/(decrease) in shares outstanding		(775,000	)		(1,325,000	)

The accompanying notes are an integral part of these financial statements.

35

Motley Fool 100 Index ETF

Statements of Changes in Net Assets

	FOR THE YEAR ENDED AUGUST 31, 2024			FOR THE YEAR ENDED AUGUST 31, 2023
OPERATIONS:
Net investment income	$	1,904,997		$	1,549,001
Net realized gain from investments		35,242,986			10,767,400
Net change in unrealized appreciation/(depreciation) on investments		169,139,961			78,108,704
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		206,287,944			90,425,105
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(846,637	)		(1,701,998	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		255,012,722			76,561,270
Shares redeemed		(40,092,155	)		(33,030,150	)
Net increase/(decrease) in net assets from capital share transactions		214,920,567			43,531,120
TOTAL INCREASE/(DECREASE) IN NET ASSETS		420,361,874			132,254,227
NET ASSETS:
Beginning of period		549,522,964			417,268,737
End of period	$	969,884,838		$	549,522,964
SHARES TRANSACTIONS:
Shares sold		5,225,000			1,950,000
Shares redeemed		(825,000	)		(1,000,000	)
Net increase/(decrease) in shares outstanding		4,400,000			950,000

The accompanying notes are an integral part of these financial statements.

36

Motley Fool Small-Cap Growth ETF

Statements of Changes in Net Assets

	FOR THE YEAR ENDED AUGUST 31, 2024			FOR THE YEAR ENDED AUGUST 31, 2023
OPERATIONS:
Net investment income/(loss)	$	(124,738	)	$	102,230
Net realized gain/(loss) from investments		(7,112,753	)		(3,442,931	)
Net change in unrealized appreciation/(depreciation) on investments		16,332,435			13,349,768
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		9,094,944			10,009,067
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(2,037	)		(227,522	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		15,776,198			691,953
Shares redeemed		(19,475,617	)		(15,668,161	)
Net increase/(decrease) in net assets from capital share transactions		(3,699,419	)		(14,976,208	)
TOTAL INCREASE/(DECREASE) IN NET ASSETS		5,393,488			(5,194,663	)
NET ASSETS:
Beginning of period		72,855,192			78,049,855
End of period	$	78,248,680		$	72,855,192
SHARES TRANSACTIONS:
Shares sold		550,000			25,000
Shares redeemed		(650,000	)		(625,000	)
Net increase/(decrease) in shares outstanding		(100,000	)		(600,000	)

The accompanying notes are an integral part of these financial statements.

37

MOTLEY FOOL CAPITAL EFFICIENCY 100 INDEX ETF

Statements of Changes in Net Assets

	FOR THE YEAR ENDED AUGUST 31, 2024			FOR THE YEAR ENDED AUGUST 31, 2023
OPERATIONS:
Net investment income	$	145,022		$	107,613
Net realized gain/(loss) from investments		2,448,477			(527,598	)
Net change in unrealized appreciation/(depreciation) on investments		7,226,975			4,912,480
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		9,820,474			4,492,495
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(109,818	)		(76,457	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		20,561,140			474,105
Shares redeemed		(5,405,930	)		(3,183,860	)
Net increase/(decrease) in net assets from capital share transactions		15,155,210			(2,709,755	)
TOTAL INCREASE/(DECREASE) IN NET ASSETS		24,865,866			1,706,283
NET ASSETS:
Beginning of period		22,460,472			20,754,189
End of period	$	47,326,338		$	22,460,472
SHARES TRANSACTIONS:
Shares sold		900,000			25,000
Shares redeemed		(225,000	)		(200,000	)
Net increase/(decrease) in shares outstanding		675,000			(175,000	)

The accompanying notes are an integral part of these financial statements.

38

MOTLEY FOOL NEXT INDEX ETF

Statements of Changes in Net Assets

	FOR THE YEAR ENDED AUGUST 31, 2024			FOR THE YEAR ENDED AUGUST 31, 2023
OPERATIONS:
Net investment income	$	33,375		$	44,071
Net realized gain/(loss) from investments		286,525			(1,362,880	)
Net change in unrealized appreciation/(depreciation) on investments		3,254,754			2,748,952
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS		3,574,654			1,430,143
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(46,367	)		(64,299	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		420,680			—
Shares redeemed		(8,616,947	)		(4,861,270	)
Net increase/(decrease) in net assets from capital share transactions		(8,196,267	)		(4,861,270	)
TOTAL INCREASE/(DECREASE) IN NET ASSETS		(4,667,980	)		(3,495,426	)
NET ASSETS:
Beginning of period		29,182,551			32,677,977
End of period	$	24,514,571		$	29,182,551
SHARES TRANSACTIONS:
Shares sold		25,000			—
Shares redeemed		(525,000	)		(325,000	)
Net increase/(decrease) in shares outstanding		(500,000	)		(325,000	)

The accompanying notes are an integral part of these financial statements.

39

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.

	YEARS ENDED AUGUST 31,
	2024			2023			2022			2021			2020
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	27.35		$	24.75		$	37.03		$	30.17		$	25.09
Net investment income/(loss)(1)		0.15			0.11			0.30			(0.05	)		—	*
Net realized and unrealized gain/(loss) from investments		5.36			2.65			(10.00	)		9.03			6.21
Net increase/(decrease) in net assets resulting from operations		5.51			2.76			(9.70	)		8.98			6.21
Dividends and distributions to shareholders from:
Net investment income		(0.10	)		(0.06	)		(0.77	)		—			(0.04	)
Net realized capital gains		(1.40	)		(0.10	)		(1.81	)		(2.12	)		(1.09	)
Total dividends and distributions to shareholders		(1.50	)		(0.16	)		(2.58	)		(2.12	)		(1.13	)
Net asset value, end of period	$	31.36		$	27.35		$	24.75		$	37.03		$	30.17
Market value, end of period	$	31.30		$	27.32		$	24.74		$	—		$	—
Total investment return/(loss) on net asset value (2)		21.00	%		11.24	%		(27.61	)%		30.86	%		25.64	%
Total investment return/(loss) on market value (3)		20.86	%		11.19	%		(27.65	)%		—	%		—	%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	440,462		$	429,966		$	433,652		$	181,509		$	122,406
Ratio of expenses to average net assets		0.85	%		0.85	%		0.87	%		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	%		0.85	%		0.88	%		0.98	%		1.00	%
Ratio of net investment income/(loss) to average net assets		0.51	%		0.45	%		1.08	%		(0.16	)%		(0.01	)%
Ratio of net investment income/(loss) to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees)		0.51	%		0.45	%		1.07	%		(0.19	)%		(0.06	)%
Portfolio turnover rate		38	%		4	%		14	%		12	%		10	%

* 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.

The accompanying notes are an integral part of these financial statements.

40

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.

	YEARS ENDED AUGUST 31,
	2024			2023			2022			2021			2020
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	24.62		$	22.68		$	33.20		$	29.79		$	24.48
Net investment income/(loss)(1)		0.02			0.07			(0.04	)		(0.09	)		(0.02	)
Net realized and unrealized gain/(loss) from investments		4.54			1.87			(8.38	)		6.90			6.79
Net increase/(decrease) in net assets resulting from operations		4.56			1.94			(8.42	)		6.81			6.77
Dividends and distributions to shareholders from:
Net investment income		(0.06	)		—			—			—			—
Net realized capital gains		(0.58	)		—			(2.10	)		(3.40	)		(1.46	)
Total dividends and distributions to shareholders		(0.64	)		—			(2.10	)		(3.40	)		(1.46	)
Net asset value, end of period	$	28.54		$	24.62		$	22.68		$	33.20		$	29.79
Market value, end of period	$	28.52		$	24.58		$	22.62		$	—		$	—
Total investment return/(loss) on net asset value(2)		18.95	%		8.58	%		(26.66	)%		24.38	%		28.77	%
Total investment return/(loss) on market value(3)		19.06	%		8.65	%		(26.84	)%		—	%		—	%
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	203,139		$	194,346		$	209,044		$	54,460		$	39,488
Ratio of expenses to average net assets		0.85	%		0.85	%		0.90	%		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	%		0.85	%		0.88	%		0.98	%		1.00	%
Ratio of net investment income/(loss) to average net assets		0.08	%		0.29	%		(0.17	)%		(0.30	)%		(0.06	)%
Ratio of net investment income/(loss) to average net assets (before waivers and reimbursement of expenses and/or recapture of previously waived fees)		0.08	%		0.29	%		(0.15	)%		(0.33	)%		(0.11	)%
Portfolio turnover rate		31	%		18	%		2	%		15	%		14	%

* 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.

The accompanying notes are an integral part of these financial statements.

41

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.

	YEARS ENDED AUGUST 31,
	2024			2023			2022			2021			2020
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	41.55		$	33.99		$	42.16		$	33.67		$	22.46
Net investment income/(loss)(1)		0.13			0.13			0.08			0.05			0.11
Net realized and unrealized gain/(loss) from investments		13.41			7.57			(8.15	)		8.59			11.23
Net increase/(decrease) in net assets resulting from operations		13.54			7.70			(8.07	)		8.64			11.34
Dividends and distributions to shareholders from:
Net investment income		(0.06	)		(0.14	)		(0.02	)		(0.10	)		(0.13	)
Net realized capital gains		—			—			(0.08	)		(0.05	)		—
Total dividends and distributions to shareholders		(0.06	)		(0.14	)		(0.10	)		(0.15	)		(0.13	)
Net asset value, end of period	$	55.03		$	41.55		$	33.99		$	42.16		$	33.67
Market value, end of period	$	54.97		$	41.53		$	34.00		$	42.20		$	33.66
Total investment return/(loss) on net asset value(2)		32.61	%		22.71	%		(19.18	)%		25.74	%		50.67	%
Total investment return/(loss) on market price(3)		32.54	%		22.63	%		(19.24	)%		25.91	%		50.89	%
RATIO/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	969,885		$	549,523		$	417,269		$	528,011		$	337,547
Ratio of expenses to average net assets		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Ratio of net investment income/(loss) to average net assets		0.27	%		0.37	%		0.20	%		0.15	%		0.43	%
Portfolio turnover rate		24	%		6	%		15	%		23	%		26	%

⁽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.

The accompanying notes are an integral part of these financial statements.

42

MOTLEY FOOL Small-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.

	YEARS ENDED AUGUST 31,
	2024			2023			2022			2021			2020
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	29.14		$	25.18		$	40.73		$	32.59		$	23.33
Net investment income/(loss)(1)		(0.04	)		0.04			(0.15	)		(0.19	)		(0.07	)
Net realized and unrealized gain/(loss) from investments		3.50			4.00			(14.53	)		10.48			9.67
Net increase/(decrease) in net assets resulting from operations		3.46			4.04			(14.68	)		10.29			9.60
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	$	32.60		$	29.14		$	25.18		$	40.73		$	32.59
Market value, end of period	$	32.60		$	29.17		$	25.18		$	40.74		$	32.68
Total investment return/(loss) on net asset value(2)		11.87	%		16.13	%		(36.66	)%		32.00	%		41.58	%
Total investment return/(loss) on market price(3)		11.77	%		16.21	%		(36.65	)%		31.54	%		41.88	%
RATIO/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	78,249		$	72,855		$	78,050		$	189,382		$	106,745
Ratio of expenses to average net assets		0.85	%		0.85	%		0.85	%		0.85	%		0.85	%
Ratio of net investment income/(loss) to average net assets		(0.16	)%		0.15	%		(0.46	)%		(0.51	)%		(0.29	)%
Portfolio turnover rate		30	%		62	%		11	%		21	%		27	%

* 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.

The accompanying notes are an integral part of these financial statements.

43

Motley Fool CAPITAL EFFICIENCY 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 year Ended august 31,			For the year Ended august 31,			For the Period Ended august 31,
	2024			2023			2022(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	19.12		$	15.37		$	20.00
Net investment income/(loss)(2)		0.10			0.09			0.05
Net realized and unrealized gain/(loss) from investments		6.45			3.72			(4.68	)
Net increase/(decrease) in net assets resulting from operations		6.55			3.81			(4.63	)
Dividends and distributions to shareholders from:
Net investment income		(0.09	)		(0.06	)		—
Total dividends and distributions to shareholders		(0.09	)		(0.06	)		—
Net asset value, end of period	$	25.58		$	19.12		$	15.37
Market value, end of period	$	25.61		$	19.15		$	15.38
Total investment return/(loss) on net asset value(3)		34.44	%		24.81	%		(23.13	)%(5)
Total investment return/(loss) on market price(4)		34.34	%		24.99	%		(23.09	)%(5)
RATIO/SUPPLEMENTAL DATA		.
Net assets, end of period (000’s omitted)	$	47,326		$	22,460		$	20,754
Ratio of expenses to average net assets		0.50	%		0.50	%		0.50	%(6)
Ratio of net investment income/(loss) to average net assets		0.43	%		0.53	%		0.50	%(6)
Portfolio turnover rate		35	%		25	%		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.

44

MOTLEY FOOL NEXT 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 year Ended august 31,			For the year Ended august 31,			For the period Ended august 31,
	2024			2023			2022(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	15.77		$	15.02		$	20.00
Net investment income/(loss)(2)		0.02			0.02			0.03
Net realized and unrealized gain/(loss) from investments		2.40			0.76			(5.01	)
Net increase/(decrease) in net assets resulting from operations		2.42			0.78			(4.98	)
Dividends and distributions to shareholders from:
Net investment income		(0.03	)		(0.03	)		—
Total dividends and distributions to shareholders		(0.03	)		(0.03	)		—
Net asset value, end of period	$	18.16		$	15.77		$	15.02
Market value, end of period	$	18.15		$	15.78		$	15.01
Total investment return/(loss) on net asset value(3)		15.31	%		5.21	%		(24.88	)%(5)
Total investment return/(loss) on market price(4)		15.18	%		5.39	%		(24.97	)%(5)
RATIO/SUPPLEMENTAL DATA
Net assets, end of period (000’s omitted)	$	24,515		$	29,183		$	32,678
Ratio of expenses to average net assets		0.50	%		0.50	%		0.50	%(6)
Ratio of net investment income/(loss) to average net assets		0.13	%		0.15	%		0.26	%(6)
Portfolio turnover rate		18	%		27	%		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.

45

Motley Fool Asset Management ETFs

Notes to Financial Statements

AUGUST 31, 2024

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 an investment company 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 sixty-five 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 92.923 billion shares are currently classified into two hundred and thirty-six 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 August 31, 2024, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2024 (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

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on that day, securities traded principally on an exchange or on NASDAQ will be valued at the mean of the last bid and ask prices prior to the market close. Fixed income securities are valued using an independent pricing service, which considers such factors as security prices, yields, maturities and ratings, and are deemed representative of market values at the close of the market. Foreign securities are valued based on prices from the primary market in which they are traded, and are translated from the local currency into U.S. dollars using current exchange rates. If market quotations are unavailable or deemed unreliable, securities will be valued in accordance with procedures adopted by the Company’s Board of Directors (the “Board”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments. Such procedures use fundamental valuation methods, which may include, but are not limited to, an analysis of the effect of any restrictions on the resale of the security, industry analysis and trends, significant changes in the issuer’s financial position, and any other event which could have a significant impact on the value of the security. Determination of fair value involves subjective judgment as the actual market value of a particular security can be established only by negotiations between the parties in a sales transaction, and the difference between the recorded fair value and the value that would be received in a sale could be significant.

The 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 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

	LEVEL 1		LEVEL 2		LEVEL 3		Total
Assets:
Common Stocks	$	417,093,721	$	—	$	0	$	417,093,721
Preferred Stocks		9,394,982		—		—		9,394,982
Investments Purchased with Proceeds From Securities Lending Collateral (a)		—		—		—		34,052,359
Total Assets	$	426,488,703	$	—	$	—	$	460,541,062

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MID-CAP GROWTH FUND

	LEVEL 1		LEVEL 2		LEVEL 3		Total
Assets:
Common Stocks	$	199,845,433	$	—	$	—	$	199,845,433
Investments Purchased with Proceeds From Securities Lending Collateral (a)				—		—		28,802,749
Total Assets	$	199,845,433	$	—	$	—	$	228,648,182

FOOL 100 FUND

	LEVEL 1		LEVEL 2		LEVEL 3		Total
Assets:
Common Stocks	$	967,153,065	$	—	$	13,276	$	967,166,341
Investments Purchased with Proceeds From Securities Lending Collateral (a)				—		—		10,257,974
Total Assets	$	967,153,065	$	—	$	13,276	$	977,424,315

SMALL-CAP GROWTH FUND

	LEVEL 1		LEVEL 2		LEVEL 3		Total
Assets:
Common Stocks	$	77,773,419	$	—	$	—	$	77,773,419
Investments Purchased with Proceeds From Securities Lending Collateral (a)		—		—		—		21,476,806
Total Assets	$	77,773,419	$	—	$	—	$	99,250,225

CAPITAL EFFICIENCY FUND

	LEVEL 1		LEVEL 2		LEVEL 3		Total
Assets:
Common Stocks	$	47,198,973	$	—	$	—	$	47,198,973
Total Assets	$	47,198,973	$	—	$	—	$	47,198,973

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NEXT FUND

	LEVEL 1		LEVEL 2		LEVEL 3		Total
Assets:
Common Stocks	$	24,426,145	$	—	$	—	$	24,426,145
Total Assets	$	24,426,145	$	—	$	—	$	24,426,145

Refer to the Schedule of Investments for industry classifications.

(a) 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 listed in the Schedule of Investments.

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

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

For fair valuations using significant unobservable inputs, U.S. generally accepted accounting principles (“U.S. GAAP”) requires each Fund to present a reconciliation of the beginning to ending balances for reported market values that presents changes attributable to total realized and unrealized gains or losses, purchase and sales, and transfers in and out of Level 3 during the period. Transfers in and out between levels are based on values at the end of the period. A reconciliation of Level 3 investments and related disclosures are 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 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 (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, including investment advisory fees, are accrued daily and taken into account for the purpose of determining the NAV of each Fund.

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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.

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.

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.

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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 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

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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.

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

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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	%

During the current fiscal period, investment advisory fees accrued were as follows:

FUND	GROSS ADVISORY FEES		RECOUPMENT/ WAIVERS		NET ADVISORY FEES
Global Opportunities Fund	$	3,631,316	$	—	$	3,631,316
Mid-Cap Growth Fund		1,633,412		—		1,633,412
Fool 100 Fund		3,573,161		—		3,573,161
Small-Cap Growth Fund		665,835		—		665,835
Capital Efficiency Fund		170,046		—		170,046
Next Fund		129,230		—		129,230

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. During the current fiscal period, director and officer fees charged to the Funds were paid by the Adviser out of each Fund’s unitary fee.

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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.

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	$	158,893,864	$	180,541,208
Mid-Cap Growth Fund		58,997,491		65,524,875
Fool 100 Fund		176,114,679		170,284,951
Small-Cap Growth Fund		28,238,882		22,855,067
Capital Efficiency Fund		12,846,856		11,846,009
Next Fund		4,764,198		5,181,933

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	$	7,428,580	$	55,963,180
Mid-Cap Growth Fund		7,824,521		27,287,734
Fool 100 Fund		248,186,529		39,388,187
Small-Cap Growth Fund		14,527,952		18,649,915
Capital Efficiency Fund		19,546,440		5,330,503
Next Fund		404,519		8,253,830

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.

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AUGUST 31, 2024

As of August 31, 2024, 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	$	294,396,604	$	182,697,242	$	(16,552,784	)	$	166,144,458
Mid-Cap Growth Fund		155,317,036		75,749,999		(2,418,853	)		73,331,146
Fool 100 Fund		645,764,427		353,845,571		(22,185,683	)		331,659,888
Small-Cap Growth Fund		89,878,141		17,620,813		(8,248,729	)		9,372,084
Capital Efficiency Fund		37,237,277		10,790,564		(828,868	)		9,961,696
Next Fund		24,638,698		4,552,624		(4,765,177	)		(212,553	)

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, 2024, 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	$	(28,172,666	)	$	28,172,666
Mid-Cap Growth Fund		(13,067,346	)		13,067,346
Fool 100 Fund		(30,058,743	)		30,058,743
Small-Cap Growth Fund		(4,429,097	)		4,429,097
Capital Efficiency Fund		(1,689,960	)		1,689,960
Next Fund		(347,899	)		347,899

As of August 31, 2024, the components of distributable earnings on a tax basis were as follows:

FUND	UNDISTRIBUTED ORDINARY INCOME		UNDISTRIBUTED LONG-TERM CAPITAL GAINS		CAPITAL Loss Carryover			Qualified Late-Year LOSS DEFERRAL			UNREALIZED APPRECIATION/ (DEPRECIATION)			Total
Global Opportunities Fund	$	5,617,271	$	47,442,736	$	—		$	—		$	166,144,458		$	219,204,465
Mid-Cap Growth Fund		157,172		28,830,430		—			—			73,331,146			102,318,748
Fool 100 Fund		3,031,288		1,786,899		—			—			331,659,888			336,478,075
Small-Cap Growth Fund		—		—		(16,995,261	)		(128,577	)		9,372,084			(7,751,754	)
Capital Efficiency Fund		109,143		—		(195,048	)		—			9,961,696			9,875,791
Next Fund		17,732		—		(1,822,017	)		—			(212,553	)		(2,016,838	)

The differences between the book and tax basis components of distributable earnings (losses) relate primarily to the timing of recognition of income and gains for federal income tax purposes.

55

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

AUGUST 31, 2024

The tax character of dividends and distributions paid during the fiscal years ended August 31, 2023 and August 31, 2024 was as follows:

FUND	Tax year		ORDINARY INCOME		LONG-TERM CAPITAL GAIN		TOTAL
Global Opportunities Fund		2024	$	1,589,216	$	21,416,885	$	23,006,101
		2023		1,203,987		1,501,269		2,705,256
Mid-Cap Growth Fund		2024		486,537		4,501,264		4,987,801
		2023		—		—		—
Fool 100 Fund		2024		846,637		—		846,637
		2023		1,701,998		—		1,701,998
Small-Cap Growth Fund		2024		2,037		—		2,037
		2023		—		227,522		227,522
Capital Efficiency Fund		2024		109,818		—		109,818
		2023		76,457		—		76,457
Next Fund		2024		46,367		—		46,367
		2023		64,299		—		64,299

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, 2024 any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2024. The Small-Cap Growth Fund deferred $128,577 post October loss 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, 2024, the Small-Cap fund had $122,332 of short term capital loss carryforwards and $16,872,929 of long-term capital loss carryforwards, the Capital Efficiency Fund had $195,048 of short-term capital loss carryforwards, and the Next Fund had $1,301,761 of short-term capital loss carryforwards and $520,256 of long-term capital loss carryforwards.

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

56

Motley Fool Asset Management ETFs

Notes to Financial Statements (continued)

AUGUST 31, 2024

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 $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	$	33,637,720	$	34,052,359	$	56,860
Mid-Cap Growth Fund		28,330,814		28,802,749		42,484
Fool 100 Fund		10,202,881		10,257,974		28,436
Small-Cap Growth Fund		20,968,235		21,476,806		34,158

57

Motley Fool Asset Management ETFs

Notes to Financial Statements (concluded)

AUGUST 31, 2024

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 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	$	33,637,720	$	—	$	33,637,720	$	(33,637,720	)	$	—	$	—
Mid-Cap Growth Fund		28,330,814		—		28,330,814		(28,330,814	)		—		—
Fool 100 Fund		10,202,881		—		10,202,881		(10,202,881	)		—		—
Small-Cap Growth Fund		20,968,235		—		20,968,235		(20,968,235	)		—		—

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. 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.

58

Motley Fool Asset Management ETFs

Report of Independent Registered
Public Accounting Firm

To the Board of Directors of
The RBB Fund, Inc.
and the Shareholders of the Motley Fool ETFs

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of the 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, and Motley Fool Next Index ETF (the “Funds”), each a series of The RBB Fund, Inc., including the schedules of investments, as of August 31, 2024, the related statements of operations, the statements of changes in net assets and the financial highlights for each of the periods indicated in the table below, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of August 31, 2024, the results of their operations, the changes in their net assets, and their financial highlights for the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Individual Funds constituting Motley Fool ETFs	Statement of operations	Statements of changes in net assets	Financial highlights
Motley Fool Global Opportunities ETF, Motley Fool Mid-Cap Growth ETF, Motley Fool 100 Index ETF, and Motley Fool Small-Cap Growth ETF	For the year ended August 31, 2024	For each of the two years in the period ended August 31, 2024	For each of the five years in the period ended August 31, 2024
Motley Fool Capital Efficiency 100 Index ETF and Motley Fool Next Index ETF	For the year ended August 31, 2024	For each of the two years in the period ended August 31, 2024	For each of the two years in the period ended August 31, 2024 and for the period December 30, 2021 (commencement of operations) through August 31, 2022

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We have served as the auditor of one or more of the funds in the Trust since 2011.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Funds are not required to have, nor were we engaged to perform, an audit of the Funds’ internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting

59

Motley Fool Asset Management ETFs

Report of Independent Registered
Public Accounting Firm (CONCLUDED)

principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024 by correspondence with the custodian. We believe that our audits provide a reasonable basis for our opinion.

TAIT, WELLER & BAKER LLP

Philadelphia, Pennsylvania
October 30, 2024

60

Motley Fool Asset Management ETFs

Shareholder Tax Information

(Unaudited)

Certain tax information regarding the Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable period ended August 31, 2024. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ending December 31, 2024. During the fiscal year ended August 31, 2024, the following dividends and distributions were paid by the Funds:

FUND	ORDINARY INCOME		LONG-TERM capital gain
Global Opportunities Fund	$	1,589,216	$	21,416,885
Mid-Cap Growth Fund		486,537		4,501,264
Fool 100 Fund		846,637		—
Small-Cap Growth Fund		2,037		—
Capital Efficiency Fund		109,818		—
Next Fund		46,367		—

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Under the Jobs and Growth Tax relief Reconciliation Act of 2003 the following percentages of ordinary dividends paid during the fiscal year ended August 31, 2024 are designated as “qualified dividend income,” as defined in the Act, and are subject to reduced tax rates:

Global Opportunities Fund	85%
Mid-Cap Growth Fund	100%
Fool 100 Fund	100%
Small-Cap Growth Fund	100%
Capital Efficiency Fund	100%
Next Fund	100%

The percentage of total ordinary income dividends paid qualifying for the corporate dividends received deduction for the Funds are as follows:

Global Opportunities Fund	60%
Mid-Cap Growth Fund	100%
Fool 100 Fund	100%
Small-Cap Growth Fund	100%
Capital Efficiency Fund	100%
Next Fund	100%

Because the Funds’ fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2024. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2025.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Funds, if any.

In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Funds.

61

Motley Fool Asset Management ETFs

Notice to Shareholders

(Unaudited)

APPROVAL OF INVESTMENT ADVISORY AGREEMENT

As required by the 1940 Act, the Board of the Company, 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 renewal of the investment advisory agreements between Motley Fool Asset Management, LLC (“MFAM”) and the Company (the “Investment Advisory Agreement”) on behalf of the Motley Fool Mid-Cap Growth ETF, the Motley Fool Global Opportunities ETF, the Motley Fool Small-Cap Growth ETF, Motley Fool 100 Index ETF, Motley Fool Capital Efficiency 100 Index ETF and Motley Fool Next Index ETF (for this section only, each a “Fund” and collectively the “Funds”), at a meeting of the Board held on May 15-16, 2024 (the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement for an additional one-year term. The Board’s decision to approve the Investment Advisory Agreement reflects the exercise of its business judgment to continue the existing arrangements. In approving the Investment Advisory Agreement, the Board considered information provided by MFAM with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the renewal and approval of the Investment Advisory Agreement between the Company and MFAM with respect to the Funds, 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 MFAM and discussed the Investment Advisory Agreement with counsel in executive sessions, at which no representatives of MFAM were present. Among other things, the Directors considered (i) the nature, extent, and quality of MFAM’s services provided to the Funds; (ii) descriptions of the experience and qualifications of MFAM’s personnel providing those services; (iii) MFAM’s investment philosophies and processes; (iv) MFAM’s assets under management and client descriptions; (v) MFAM’s soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) MFAM’s advisory fee arrangement with the Company and other similarly managed clients; (vii) MFAM’s compliance policies and procedures; (viii) MFAM’s financial information, insurance coverage and profitability analysis related to providing advisory services to the Funds; (ix) the extent to which economies of scale are relevant to the Funds; (x) a report prepared by Fuse Research Network, LLC comparing each Fund’s management fees and total expense ratios to a group of mutual funds deemed comparable to each Fund based primarily on investment strategy similarity (“Peer Group”) and comparing the performance of each Fund to the performance of its Peer Group; and (xi) a report comparing the performance of the Funds to the performance of their respective benchmark.

As part of their review, the Directors considered the nature, extent and quality of the services provided by MFAM. The Directors concluded that MFAM had substantial resources to provide services to the Funds and that MFAM’s services had been acceptable.

The Directors also considered the investment performance of the Funds. Information on the Funds’ investment performance was provided for the three-month, one-year, three-year, five-year, and since inception periods ended December 31, 2023, as applicable. The Directors considered the Funds’ investment performance in light of their respective investment objectives and investment strategies. The Directors concluded that the investment performance of each of the Funds as compared to their respective benchmarks and Peer Groups was acceptable.

The Directors then noted the performance of the Motley Fool 100 Index ETF, Motley Fool Capital Efficiency 100 Index ETF, and Motley Fool Next Index ETF. The Directors considered that because each of the aforementioned Funds was designed to track the performance of its respective index, the relevant consideration was the extent to which such Fund tracked its index before fees and expenses. The Board also noted that the performance of the index did not take into account the expenses incurred when purchasing or selling securities, which expenses would lower the performance of a fund seeking to replicate some or all of the holdings of the index. The Board noted that for the three-month, one-year, three-year, and since-inception periods ended December 31, 2023, as applicable, each of the aforementioned Fund’s performance was in line with its index before fees and expenses.

The Directors noted that the Motley Fool 100 Index ETF outperformed the median of its Peer Group for the three-month, one-year, three-year, five-year and since-inception periods ended December 31, 2023.

The Directors noted that the Motley Fool Capital Efficiency 100 Index ETF outperformed the median of its Peer Group for the three-month, one-year, and since-inception periods ended December 31, 2023.

62

Motley Fool Asset Management ETFs

Notice to Shareholders (Concluded)

(Unaudited)

The Directors noted that the Motley Fool Next Index ETF outperformed the median of its Peer Group for the three-month and one-year periods ended December 31, 2023, and underperformed the median of its Peer Group for the since-inception period ended December 31, 2023.

The Directors noted that the Motley Fool Global Opportunities ETF outperformed its primary benchmark, the FTSE Global All Cap Net Tax Index, for the three-month, one-year, five-year, and since inception periods ended December 31, 2023, and underperformed its benchmark for the three-year period ended December 31, 2023. The Directors noted that the Motley Fool Global Opportunities ETF outperformed the median of its Peer Group for the one-year, five-year, and since-inception periods ended December 31, 2023, and underperformed the median of its Peer Group for the three-year period ended December 31, 2023.

The Directors noted that the Motley Fool Mid-Cap Growth ETF underperformed its primary benchmark, the Russell Midcap Growth Index, for the three-month, one-year, three-year, five-year and since inception periods ended December 31, 2023. The Directors noted that the Motley Fool Mid-Cap Growth ETF outperformed the median of its Peer Group for the one-year period ended December 31, 2023, equaled the performance of the median of its Peer Group for the since-inception period ended December 31, 2023, and underperformed the median of its Peer Group for the three-month, three-year, and five-year periods ended December 31, 2023.

The Directors noted that the Motley Fool Small-Cap Growth ETF outperformed its primary benchmark, the Russell 2000 Growth Index, for the one-year, five-year, and since-inception periods ended December 31, 2023, and underperformed its benchmark for the three-month and three-year periods ended December 31, 2023. The Directors noted that the Motley Fool Small-Cap Growth ETF outperformed the median of its Peer Group for the one-year period ended December 31, 2023, equaled the performance of the median of its Peer Group for the since-inception period ended December 31, 2023, and underperformed the median of its Peer Group for the three-month, three-year, and five-year periods ended December 31, 2023.

The Board also considered the advisory fee rates payable by the Funds under the Investment Advisory Agreement. In this regard, information on the fees paid by the Funds and the Funds’ total operating expense ratios were compared to similar information for ETFs advised by other, unaffiliated investment advisory firms.

The Directors noted that the net advisory fee of the Motley Fool Mid-Cap Growth ETF ranked above the median and in the 5th quintile of its Peer Group, and the Fund’s total net expenses were above the median and in the 5th quintile of its Peer Group.

The Directors noted that the net advisory fee of the Motley Fool Global Opportunities ETF ranked above the median and in the 5th quintile of its Peer Group, and the Fund’s total net expenses were below the median and in the 2nd quintile of its Peer Group.

The Directors noted that the net advisory fee of the Motley Fool Small-Cap Growth ETF ranked above the median and in the 3rd quintile of its Peer Group, and the Fund’s total net expenses were below the median and in the 1st quintile of its Peer Group.

The Directors noted that the net advisory fee of the Motley Fool 100 Index ETF equaled the median and in the 3rd quintile of its Peer Group, and the Fund’s total net expenses were below the median and in the 2nd quintile of its Peer Group.

The Directors noted that the net advisory fee of the Motley Fool Capital Efficiency 100 Index ETF equaled the median and in the 3rd quintile of its Peer Group, and the Fund’s total net expenses equaled the median and ranked in the 3rd quintile of its Peer Group.

The Directors noted that both the net advisory fee and total net expenses of the Motley Fool Next Index ETF ranked above the median and in the 4th quintile of its Peer Group.

The Board also took into consideration that the advisory fee for each Fund was a “unitary fee,” meaning those Funds paid no expenses other than the advisory fee and certain other costs such as interest, brokerage and extraordinary expenses. The Board noted that MFAM continued to be responsible for compensating the Funds’ other service providers and paying other expenses of the Funds out of its own fees and resources.

After reviewing the information regarding the Funds’ costs, profitability and economies of scale, and after considering MFAM’s services, the Directors concluded that the investment advisory fees to be paid by the Funds were fair and reasonable and that the Investment Advisory Agreement should be approved and continued for an additional one year period ending August 16, 2025.

63

Investment Adviser

Motley Fool Asset Management, LLC
2000 Duke Street
Suite 275
Alexandria, VA 22314

Administrator and Transfer Agent

U.S. Bank Global Fund Services
P.O. Box 701
Milwaukee, WI 53201

Principal Underwriter

Quasar Distributors, LLC
3 Canal Plaza, Suite 100
Portland, ME 04101

Custodian

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

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

64

Optima Strategic Credit Fund

of

THE RBB FUND, INC.

Financial Statements

August 31, 2024

Optima Strategic Credit Fund

Table of Contents

Schedule of Investments	1
Schedule of Credit Default Swaps	2
Statement of Assets And Liabilities	3
Statement of Operations	4
Statements of Changes in Net Assets	5
Financial Highlights	6
Notes To Financial Statements	7
Report of Independent Registered Public Accounting Firm	15
Shareholder Tax Information	16
Other Information	17

Optima Strategic Credit Fund

Schedule of Investments

as of August 31, 2024

	Shares		Value
SHORT-TERM INVESTMENTS — 76.9%
Money Market Funds — 76.9%
First American Treasury Obligations Fund - Class X, 5.18%(a)		16,454,390	$	16,454,390
TOTAL SHORT-TERM INVESTMENTS (Cost $16,454,390)				16,454,390
TOTAL INVESTMENTS — 76.9% (Cost $16,454,390)			$	16,454,390
Other Assets in Excess of Liabilities — 23.1%				4,931,426
TOTAL NET ASSETS — 100.0%			$	21,385,816

Percentages are stated as a percent of net assets.

^(a) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

The accompanying notes are an integral part of the financial statements.
1

Optima Strategic Credit Fund

Schedule of Credit Default Swaps

August 31, 2024

Reference Obligation*	Financing Rate Received (Paid)		Rating of Reference Entity		Maturity Date		Notional Amount(b)		Value(c)		Upfront Payments (Receipts)		Unrealized Appreciation (Depreciation)
Sell Protection(a):
MARKIT CDX North American High Yield (Series #42)		5.00% Quarterly		B/BB(d)		06/20/2029		20,000,000	$	1,478,029	$	1,039,511	$	438,518
									$	1,478,029	$	1,039,511	$	438,518

* Centrally cleared swap.

The Fund has recorded an asset of $19,218 as of August 31, 2024 related to the current day’s variation margin related to these contracts.

^(a) If the Fund is a seller of protection and a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either ⁽ⁱ⁾ pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation of underlying securities comprising the referenced index.

^(b) The maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

^(c) The prices and resulting values for credit default swap agreements on credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement.

^(d) Rating provided by Markit

The accompanying notes are an integral part of the financial statements.
2

Optima Strategic Credit Fund

Statement of Assets And Liabilities

August 31, 2024

ASSETS
Short-term investments, at value (cost $16,454,390)	$	16,454,390
Cash and cash equivalents		250,000
Deposit at broker for swap contracts		4,685,752
Receivables for:
Interest		53,064
Variation margin on centrally cleared swaps		19,218
Prepaid expenses and other assets		1,720
Total assets		21,464,144
LIABILITIES
Payables for:
Audit expenses		24,541
Broker fees		22,334
Administration and accounting services fees		10,098
Advisory fees		6,334
Transfer agent fees		5,739
Printing and shareholder reporting fees		2,626
Capital shares redeemed		2,014
Custodian fees		194
Other accrued expenses and liabilities		4,448
Total liabilities		78,328
Net assets		21,385,816
NET ASSETS CONSIST OF:
Par value	$	2,175
Paid-in capital		22,457,329
Total distributable earnings/(losses)	$	(1,073,688	)
Net assets	$	21,385,816
FOUNDERS CLASS SHARES:
Net assets	$	21,385,816
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		2,175,009
Net asset value, offering and redemption price per share	$	9.83

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

Optima Strategic Credit Fund

Statement of Operations

For the Year Ended August 31, 2024

INVESTMENT INCOME
Interest	$	1,240,311
Broker interest income		137,525
Total investment income		1,377,836
EXPENSES
Broker expenses		240,833
Advisory fees (Note 2)		130,215
Transfer agent fees (Note 2)		52,318
Administration and accounting services fees (Note 2)		40,380
Registration and filing fees		26,808
Audit fees and tax services		20,500
Officer fees		16,975
Director fees		16,906
Legal fees		10,763
Printing and shareholder reporting fees		6,199
Custodian fees (Note 2)		533
Broker interest expense		339
Other expenses		9,090
Total expenses before waivers and/or reimbursements		571,859
Waivers and reimbursements (Note 2)		(34,140	)
Net expenses after waivers and/or reimbursements		537,719
Net investment income/(loss)		840,117
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from:
Short-term investments		(1,476	)
Swap contracts		120,869
Net change in unrealized appreciation/(depreciation) from:
Short-term investments		14,070
Swap contracts		438,518
Net realized and unrealized gain/(loss) from investments		571,981
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	1,412,098

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

Optima Strategic Credit Fund

Statements of Changes in Net Assets

	For the Year Ended August 31, 2024			For the Year Ended August 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	840,117		$	957,345
Net realized gain/(loss) from investments and swap contracts		119,393			(1,108,197	)
Net change in unrealized appreciation/(depreciation) on investments		452,588			172,530
Net increase/(decrease) in net assets resulting from operations		1,412,098			21,678
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(1,717,031	)		(606,258	)
Net decrease in net assets from dividends and distributions to shareholders		(1,717,031	)		(606,258	)
CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		3,195,352			11,485,654
Proceeds from reinvestment of distributions		1,717,030			606,258
Shares redeemed		(30,588,784	)		(5,242,501	)
Net increase/(decrease) in net assets from capital share transactions		(25,676,402	)		6,849,411
Total increase/(decrease) in net assets		(25,981,335	)		6,264,831
NET ASSETS:
Beginning of period		47,367,151			41,102,320
End of period	$	21,385,816		$	47,367,151
SHARE TRANSACTIONS:
Shares sold		329,159			1,162,982
Shares reinvested		179,648			61,989
Shares redeemed		(3,178,245	)		(534,927	)
Net increase/(decrease) in shares outstanding		(2,669,438	)		690,044

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

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 Year Ended August 31, 2024			For the Year Ended August 31, 2023			For the Period December 29, 2021(1) to August 31, 2022
Per Share Operating Performance
Net asset value, beginning of period	$	9.78		$	9.89		$	10.00
Net investment income/(loss)(2)		0.31			0.19			—
Net realized and unrealized gain/(loss) from investments		0.25			(0.18	)		(0.11	)
Net increase/(decrease) in net assets resulting from operations		0.56			0.01			(0.11	)
Total dividends and distributions to shareholders		(0.51	)		(0.12	)		—
Net asset value, end of period	$	9.83		$	9.78		$	9.89
Total investment return/(loss)(3)		5.95	%		0.12	%		(1.10	)%(4)
Ratios/Supplemental Data
Net assets, end of period (000’s omitted)	$	21,386		$	47,367		$	41,102
Ratio of expenses to average net assets with waivers and/or reimbursements		2.06	%		1.61	%		1.48	%(5)
Ratio of expenses to average net assets without waivers and/or reimbursements		2.20	%		1.61	%		1.94	%(5)
Ratio of expenses to average net assets with waivers and reimbursements (excluding broker and interest expense)		1.13	%		1.18	%		1.25	%(5)
Ratio of expenses to average net assets without waivers and reimbursements (excluding broker and interest expense)		1.27	%		1.18	%		1.71	%(5)
Ratio of net investment income/(loss) to average net assets		3.23	%		1.94	%		0.03	%(5)
Portfolio turnover rate		0	%		0	%		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.
6

Optima Strategic Credit Fund

Notes To Financial Statements

August 31, 2024

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 an investment company 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 sixty-five 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 92.923 billion shares are currently classified into two hundred and thirty-six 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 August 31, 2024, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2024 (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 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.).

● 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.

7

Optima Strategic Credit Fund

Notes To Financial Statements (Continued)

August 31, 2024

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:

	LEVEL 1		LEVEL 2		LEVEL 3		Total
Investments:
Money Market Funds	$	16,454,390	$	—	$	—	$	16,454,390
Total Investments	$	16,454,390	$	—	$	—	$	16,454,390
Other Financial Instruments:
Credit Default Swaps*	$	—	$	438,518	$	—	$	438,518
Total Other Financial Instruments	$	—	$	438,518	$	—	$	438,518

* The fair value of the Fund’s investment represents the net unrealized appreciation (depreciation) as of August 31, 2024.

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.

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 (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

8

Optima Strategic Credit Fund

Notes To Financial Statements (Continued)

August 31, 2024

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 credit default swaps 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 centrally cleared swaps, the daily change in valuation, and upfront payments, if any, are recorded as a receivable or payable for variation margin on the Statement of Assets and Liabilities. 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 quarterly notional value of credit default swaps in the Fund during the current fiscal period was as follows:

Portfolio
Optima Strategic Credit Fund	$	9,742,000

For the current fiscal period, the Fund invested in derivative contracts, which are reflected in the Statement of Assets and Liabilites, as follows:

				DERIVATIVE ASSETS
RISK		DERIVATIVE TYPE		STATEMENT OF ASSETS AND LIABILITIES LOCATION		NET UNREALIZED APPRECATION (DEPRECIATION)
	Credit		Swap contracts		Variation margin receivable on swap contracts	$	438,518	*

* Includes cumulative appreciation/(depreciation) as reported on the Schedule of Credit Default Swaps. For centrally cleared credit default swap contracts, only current day’s variation margin is reported within the Statement of Assets and Liabilities.

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 APPRECATION (DEPRECIATION)
Credit		Swap contracts		Swap contracts	$	120,869	$	438,518

9

Optima Strategic Credit Fund

Notes To Financial Statements (Continued)

August 31, 2024

Dividends and Distributions to Shareholders — Dividends from net investment income, if any, are declared and paid monthly. 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 Anthony Capital Management, LLC (the “Sub-Adviser”) and on the Sub-Adviser’s 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.

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.

10

Optima Strategic Credit Fund

Notes To Financial Statements (Continued)

August 31, 2024

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, 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 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.

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 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

11

Optima Strategic Credit Fund

Notes To Financial Statements (Continued)

August 31, 2024

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, 2024 and may not be terminated without the approval of the Board. The Adviser may discontinue these arrangements at any time after December 31, 2024.

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
$130,215	$(34,140)	$96,075

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 current fiscal period, the Fund had amounts available for recoupment as follows:

Expiration

AUGUST 31,
2027

$34,140

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,

12

Optima Strategic Credit Fund

Notes To Financial Statements (Continued)

August 31, 2024

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. 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, 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 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, 2024, 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)
$16,454,390	$0	$0	$0

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, 2024, 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
$890,630	$0	$0	$(1,964,318)	$0	$0

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.

13

Optima Strategic Credit Fund

Notes To Financial Statements (Concluded)

August 31, 2024

The tax character of dividends and distributions paid during the fiscal years ended August 31, 2023 and August 31, 2024 were as follows:

	Ordinary Income	Long-Term Gains	Total
2023	$606,258	$0	$606,258
2024	1,717,031	0	1,717,031

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, 2024, the Fund had unexpiring short-term losses of $1,964,318 to offset future capital gains.

6. Subsequent Events

In preparing these financial statements, management of the Fund has evaluated events and transactions for potential recognition or disclosure through the date the financial statements were issued, and has determined that there was the following subsequent event: The Fund paid the following distribution:

RECORD DATE	EX-DATE	PAY DATE	DISTRIBUTION RATE PER SHARE
September 26, 2024	September 27, 2024	September 27, 2024	$0.00792420

14

Optima Strategic Credit Fund

Report of Independent Registered Public Accounting Firm

To the Shareholders and Board of Directors of
The RBB Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments and schedule of credit default swaps, of Optima Strategic Credit Fund (the “Fund”), a series of The RBB Fund, Inc., as of August 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the two years in the period then ended and the period from December 29, 2021 (commencement of operations) through August 31, 2022, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of August 31, 2024, the results of its operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the periods indicated above, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024, by correspondence with the custodians and broker. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Fund’s auditor since 2022.

COHEN & COMPANY, LTD.
Cleveland, Ohio
October 29, 2024

15

Optima Strategic Credit Fund

Shareholder Tax Information

(Unaudited)

Certain tax information regarding the Fund is required to be provided to shareholders based upon the Fund’s income and distributions for the taxable year ended August 31, 2024. The information and distribution reported herein may differ from information and distributions taxable to the shareholders for the calendar year ended December 31, 2024. During the fiscal year ended August 31, 2024, the Fund paid $1,717,031 in ordinary income dividends to its shareholders. Dividends from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the Fund is 0%.

Because the Fund’s fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2024. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2025. Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Fund, if any.

In general, dividends received by tax exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting. Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Fund.

16

Optima Strategic Credit Fund

Other Information

(Unaudited)

APPROVAL OF INVESTMENT ADVISORY AGREEMENT – OPTIMA STRATEGIC CREDIT FUND

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 Fund and the approval of the sub-advisory agreement between the Adviser, the Company and the Sub-Adviser (the “Sub-Advisory Agreement”), at a meeting of the Board held on May 15-16, 2024 (the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement and the Sub-Advisory Agreement for an additional one-year term ending August 16, 2025. In approving the Investment Advisory Agreement and the Sub-Advisory Agreement, the Board considered information provided by the Adviser and the Sub-Adviser with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the renewal and approval of the Investment Advisory Agreement between the Company and the Adviser with respect to the Fund, and the Investment Sub-Advisory Agreement by and among the Company, the Adviser and the Sub-Adviser with respect to the Fund, the Directors took into account all 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 the Sub-Adviser, and discussed the aforementioned Agreements with counsel in executive sessions, at which no representatives of the Adviser or the Sub-Adviser were present. Among other things, the Directors considered (i) the nature, extent, and quality of services provided to the Fund by the Adviser and the Sub-Adviser; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) the Adviser’s and the Sub-Adviser’s investment philosophies and processes; (iv) the Adviser’s and the Sub-Adviser’s assets under management and client descriptions; (v) the Adviser’s and the Sub-Adviser’s soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) the Adviser’s and the Sub-Adviser’s advisory fee arrangements with the Company and other similarly managed clients, as applicable; (vii) the Adviser’s and the Sub-Adviser’s compliance procedures; (viii) the Adviser’s and the Sub-Adviser’s financial information and insurance coverage, as applicable, and the Adviser’s profitability analysis; (ix) the extent to which economies of scale are relevant to the Fund; (x) a report prepared by Fuse Research Network, LLC comparing the Fund’s management fees and total expense ratios to a group of mutual funds deemed comparable to the Fund based primarily on investment strategy similarity (“Peer Group”) and comparing the performance of the Fund to the performance of its Peer Group; and (xi) a report comparing the performance of the Fund to the performance of its benchmark.

As part of their review, the Directors considered the nature, extent and quality of the services provided by the Adviser and the Sub-Adviser. The Directors concluded that the Adviser and the Sub-Adviser had substantial resources to provide services to the Fund.

The Directors also considered the investment performance of the Fund. Information on the Fund’s investment performance was provided for the three-month, one-year, and since-inception periods ended December 31, 2023. The Directors considered the Fund’s investment performance in light of its investment objectives and investment strategies. The Directors concluded that the investment performance of the Fund as compared to its benchmark and Peer Group was acceptable.

In reaching this conclusion, the Directors observed that the Fund outperformed its primary benchmark for the since-inception period ended December 31, 2023, and underperformed its benchmark for the three-month and one-year periods ended December 31, 2023. The Directors noted that the Free Market U.S. Equity Fund outperformed the median of its Peer Group for the since-inception period ended December 31, 2023, and underperformed its Peer Group for the three-month and one-year periods ended December 31, 2023.

The Board also considered the advisory fee rate payable by the Fund under the Investment Advisory Agreement. In this regard, information on the fees paid by the Fund and the Fund’s total operating expense ratios (before and after fee waivers and expense reimbursements) were compared to similar information for mutual funds advised by other,

17

Optima Strategic Credit Fund

Other Information (Concluded)

(Unaudited)

unaffiliated investment advisory firms. The Directors noted that the Fund’s net advisory fee was below the median and ranked in the 1st quintile of its Peer Group, and the Fund’s total net expenses (including acquired fund fees and expenses) equaled the median and ranked in the 3rd quintile of its Peer Group.

The Directors also considered the fees payable to the Sub-Adviser under the Sub-Advisory Agreement and the information provided by the Adviser on the services provided by the Sub-Adviser. In this regard, the Directors noted that the fees for the Sub-Adviser were paid directly by the Adviser and not by the Fund. The Directors noted that the Adviser had contractually agreed to waive management fees and reimburse expenses through at least December 31, 2024, to limit total annual operating expenses to agreed upon levels for the Fund.

After reviewing the information regarding the Adviser’s and the Sub-Adviser’s costs, profitability and economies of scale, and after considering the services to be provided by the Adviser and the Sub-Adviser, the Directors concluded that the investment advisory fees to be paid by the Fund to the Adviser and the sub-advisory fees to be paid by the Adviser to the Sub-Adviser were fair and reasonable and that the Investment Advisory Agreement and Sub-Advisory Agreement should be approved and continued for an additional one-year period ending August 16, 2025.

18

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
3 Canal Plaza, Suite 100
Portland, ME 04101

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

SGI U.S. LARGE 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.

Financial Statements

August 31, 2024

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

PORTFOLIO of Investments

as of August 31, 2024

	NUMBER OF Shares		Value
COMMON STOCKS — 98.2%
Aerospace/Defense — 1.7%
Lockheed Martin Corp.		6,001	$	3,409,168
TransDigm Group, Inc.		371		509,461
				3,918,629
Beverages — 1.2%
Coca-Cola Co.		38,344		2,778,790
Biotechnology — 9.0%
Incyte Corp.(a)		55,453		3,641,044
Regeneron Pharmaceuticals, Inc.(a)		6,113		7,242,010
United Therapeutics Corp.(a)		25,119		9,132,012
Vertex Pharmaceuticals, Inc.(a)		2,058		1,020,542
				21,035,608
Building Materials — 3.9%
Builders FirstSource, Inc.(a)		7,278		1,266,372
Owens Corning		43,531		7,344,986
Trane Technologies PLC		1,390		502,707
				9,114,065
Chemicals — 0.3%
LyondellBasell Industries NV - Class A		6,437		635,332
Commercial Services — 3.3%
Automatic Data Processing, Inc.		28,003		7,726,308
Cosmetics & Personal Care — 3.3%
Colgate-Palmolive Co.		72,136		7,682,484
Diversified Financial Services — 3.1%
Interactive Brokers Group, Inc. - Class A		29,667		3,823,779
Mastercard, Inc. - Class A		7,070		3,417,214
				7,240,993
Electric — 3.7%
AES Corp.		26,168		448,258
DTE Energy Co.		22,638		2,830,203
Evergy, Inc.		52,442		3,101,420
NextEra Energy, Inc.		11,659		938,666
Sempra		16,234		1,334,110
				8,652,657
Engineering & Construction — 0.7%
EMCOR Group, Inc.		4,170		1,639,060
Environmental Control — 1.4%
Republic Services, Inc.		4,641		966,303
Waste Management, Inc.		10,805		2,291,092
				3,257,395
Food — 2.9%
Hershey Co.		1,921	$	370,868
Kroger Co., (The)		59,413		3,161,366
Performance Food Group Co.(a)		14,831		1,106,986
Sysco Corp.		28,445		2,217,857
				6,857,077
Freight & Logistics — 3.7%
FedEx Corp.		8,243		2,462,761
Union Pacific Corp.		18,409		4,714,361
United Parcel Service, Inc. - Class B		11,849		1,523,189
				8,700,311
Gas — 0.2%
Atmos Energy Corp.		3,579		467,918
Hand/Machine Tools — 0.2%
Snap-on, Inc.		1,296		367,727
Healthcare-Services — 3.3%
Elevance Health, Inc.		13,037		7,260,175
HCA Healthcare, Inc.		1,288		509,520
				7,769,695
Home Builders — 3.2%
DR Horton, Inc.		4,945		933,418
Lennar Corp. - Class A		6,083		1,107,471
NVR, Inc.(a)		585		5,365,889
				7,406,778
Insurance — 14.1%
Allstate Corp., (The)		18,404		3,477,252
American Financial Group, Inc.		12,760		1,704,991
American International Group, Inc.		5,694		438,723
Arch Capital Group Ltd.(a)		45,691		5,167,195
Berkshire Hathaway, Inc. - Class B(a)		1,037		493,529
Cincinnati Financial Corp.		3,003		411,501
Everest Group Ltd.		21,217		8,322,156
MetLife, Inc.		7,507		581,642
Progressive Corp.		35,722		9,009,088
Reinsurance Group of America, Inc.		10,422		2,300,761
RenaissanceRe Holdings Ltd.		1,456		370,974
Unum Group		8,252		457,904
				32,735,716
Iron/Steel — 0.2%
Reliance, Inc.		1,772		507,944
Mining — 1.1%
Freeport-McMoRan, Inc.		57,750		2,557,170

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

SGI U.S. LARGE CAP EQUITY FUND

PORTFOLIO of Investments (Concluded)

as of August 31, 2024

	NUMBER OF Shares		Value
Oil & Gas — 2.8%
Coterra Energy, Inc.		16,397	$	398,939
Devon Energy Corp.		74,017		3,314,481
EOG Resources, Inc.		8,273		1,065,728
Marathon Petroleum Corp.		4,640		821,837
Ovintiv, Inc.		9,405		402,816
Valero Energy Corp.		2,814		412,898
				6,416,699
Online Services — 14.4%
Alphabet, Inc. - Class A		43,868		7,167,154
Amazon.com, Inc.(a)		20,104		3,588,564
GoDaddy, Inc. - Class A(a)		29,925		5,009,744
Meta Platforms, Inc. - Class A		10,936		5,701,046
Spotify Technology SA(a)		6,925		2,374,444
				23,840,952
Pharmaceuticals — 10.4%
Cardinal Health, Inc.		55,823		6,292,369
Eli Lilly & Co.		4,255		4,084,885
McKesson Corp.		10,565		5,927,810
Merck & Co., Inc.		43,857		5,194,862
Neurocrine Biosciences, Inc.(a)		21,607		2,745,385
				24,245,311
Pipelines — 0.2%
Cheniere Energy, Inc.		2,489		461,112
REITS — 0.2%
Simon Property Group, Inc.		2,857		478,119
Retail — 4.9%
Costco Wholesale Corp.		2,449		2,185,439
Ferguson Enterprises, Inc.		1,969		405,043
Lululemon Athletica, Inc.(a)		5,968		1,548,517
Ross Stores, Inc.		7,925		1,193,584
Texas Roadhouse, Inc.		2,636		444,825
Ulta Beauty, Inc.(a)		3,884		1,370,430
Walmart, Inc.		30,805		2,379,070
Wingstop, Inc.		4,661		1,799,659
				11,326,567
Software — 5.2%
Adobe Systems, Inc.(a)		895		514,097
AppLovin Corp. - Class A(a)		24,105		2,238,631
Atlassian Corp. - Class A(a)		3,196		529,258
DocuSign, Inc.(a)		7,190		425,720
HubSpot, Inc.(a)		663		330,884
Nutanix, Inc. - Class A(a)		7,637		482,582
ServiceNow, Inc.(a)		3,490		2,983,950
Veeva Systems, Inc. - Class A(a)		8,718		1,886,924
Software — 5.2% (continued)
Workday, Inc. - Class A(a)		1,963	$	516,642
Zoom Video Communications, Inc. - Class A(a)		33,155		2,290,347
				12,199,035
Technology — 2.5%
Accenture PLC - Class A		6,586		2,252,083
Apple, Inc.		6,215		1,423,235
EPAM Systems, Inc.(a)		1,582		317,602
Leidos Holdings, Inc.		11,386		1,804,795
				5,797,715
Telecommunications — 1.3%
Motorola Solutions, Inc.		6,833		3,020,459
TOTAL COMMON STOCKS (Cost $196,334,734)				228,837,626
EXCHANGE TRADED FUNDS — 1.2%
iShares MSCI Min Vol USA ETF		29,495		2,693,483
TOTAL EXCHANGE TRADED FUNDS (Cost $2,678,070)				2,693,483
TOTAL INVESTMENTS — 99.4% (Cost $199,012,804)				231,531,109
Other Assets in Excess of Liabilities — 0.6%				1,427,273
TOTAL NET ASSETS — 100.0%			$	232,958,382

Percentages are stated as a percent of net assets.

NV - Naamloze Vennootschap

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SA - Sociedad Anónima

ETF - Exchange-Traded Fund

^(a) Non-income producing security.

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

SGI GLOBAL EQUITY FUND

PORTFOLIO of Investments

as of August 31, 2024

	NUMBER OF Shares		Value
COMMON STOCKS — 97.0%
Aerospace/Defense — 3.1%
Lockheed Martin Corp.		4,418	$	2,509,866
Northrop Grumman Corp.		1,649		862,773
				3,372,639
Auto Manufacturers — 1.9%
Honda Motor Co. Ltd., - ADR		62,975		2,075,026
Banks — 3.0%
Credicorp Ltd.		9,718		1,733,205
HDFC Bank, Ltd. - ADR		8,455		516,685
Popular, Inc.		6,742		691,055
Shinhan Financial Group Co., Ltd. - ADR		7,890		334,931
				3,275,876
Beverages — 4.5%
Coca-Cola Co.		40,299		2,920,468
Coca-Cola Femsa SAB de CV - ADR		22,875		1,926,990
				4,847,458
Biotechnology — 4.6%
Exelixis, Inc.(a)		21,785		567,064
United Therapeutics Corp.(a)		7,971		2,897,857
Vertex Pharmaceuticals, Inc.(a)		2,955		1,465,355
				4,930,276
Building Materials — 0.9%
Boise Cascade Co.		1,908		258,763
UFP Industries, Inc.		5,801		705,808
				964,571
Commercial Services — 0.2%
Automatic Data Processing, Inc.		794		219,072
Cosmetics & Personal Care — 3.7%
Colgate-Palmolive Co.		37,534		3,997,371
Diversified Financial Services — 2.0%
AerCap Holdings NV		7,047		686,519
CME Group, Inc.		3,293		710,432
Enact Holdings, Inc.		22,072		784,659
				2,181,610
Electric — 1.2%
Consolidated Edison, Inc.		4,528		459,864
Evergy, Inc.		13,873		820,449
				1,280,313
Electronics — 1.2%
Amphenol Corp. - Class A		12,093		815,673
Keysight Technologies, Inc.(a)		3,101		477,926
				1,293,599
Environmental Control — 2.8%
Republic Services, Inc.		3,230	$	672,518
Waste Management, Inc.		11,022		2,337,105
				3,009,623
Food — 4.5%
Flowers Foods, Inc.		18,440		428,546
Kroger Co., (The)		53,037		2,822,099
Sysco Corp.		4,024		313,751
Tyson Foods, Inc. - Class A		20,004		1,286,457
				4,850,853
Gas — 1.3%
National Fuel Gas Co.		22,764		1,360,377
Healthcare-Services — 3.4%
Centene Corp.(a)		3,862		304,441
Chemed Corp.		500		293,085
Elevance Health, Inc.		1,437		800,251
Ensign Group, Inc.		1,574		238,241
Humana, Inc.		1,974		699,724
Molina Healthcare, Inc.(a)		1,814		634,519
UnitedHealth Group, Inc.		1,252		738,930
				3,709,191
Household Products/Wares — 1.0%
Kimberly-Clark Corp.		7,362		1,064,987
Insurance — 14.2%
Allstate Corp., (The)		9,916		1,873,529
American International Group, Inc.		6,396		492,812
Arch Capital Group Ltd.(a)		2,146		242,691
Axis Capital Holdings Ltd.		14,731		1,176,712
Berkshire Hathaway, Inc. - Class B(a)		3,007		1,431,091
Cincinnati Financial Corp.		7,940		1,088,018
Everest Group Ltd.		3,613		1,417,163
Loews Corp.		6,420		526,055
MetLife, Inc.		28,041		2,172,617
Progressive Corp.		16,878		4,256,632
Reinsurance Group of America, Inc.		1,537		339,308
Unum Group		5,351		296,927
				15,313,555
Lodging — 0.9%
H World Group Ltd. - ADR		31,734		965,983
Mining — 3.2%
Agnico Eagle Mines Ltd.		4,928		401,484
Rio Tinto PLC - ADR		48,675		3,079,667
				3,481,151

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

SGI GLOBAL EQUITY FUND

PORTFOLIO of Investments (Concluded)

as of August 31, 2024

	NUMBER OF Shares		Value
Oil & Gas — 1.8%
Cenovus Energy, Inc.		78,136	$	1,448,642
Petroleo Brasileiro SA - ADR		21,566		328,450
Shell PLC - ADR		3,179		227,807
				2,004,899
Online Services— 3.2%
Alphabet, Inc. - Class C		9,481		1,565,408
GoDaddy, Inc. - Class A(a)		2,355		394,250
JD.com, Inc. - ADR		31,903		861,381
Vipshop Holdings Ltd. - ADR		47,183		591,675
				3,412,714
Pharmaceuticals — 14.5%
AstraZeneca PLC - ADR		6,334		554,985
BellRing Brands, Inc.(a)		8,656		484,130
Cardinal Health, Inc.		16,284		1,835,532
Dr Reddy’s Laboratories Ltd. - ADR		27,857		2,325,224
Eli Lilly & Co.		256		245,765
McKesson Corp.		4,251		2,385,151
Merck & Co., Inc.		14,424		1,708,523
Neurocrine Biosciences, Inc.(a)		8,996		1,143,032
Novo Nordisk AS - ADR		11,012		1,532,430
Takeda Pharmaceutical Co., Ltd. - ADR		236,425		3,520,368
				15,735,140
REITS — 0.1%
Welltower, Inc.		1,120		135,162
Retail — 4.4%
Casey’s General Stores, Inc.		554		200,720
Costco Wholesale Corp.		1,221		1,089,596
McDonald’s Corp.		6,736		1,944,414
O’Reilly Automotive, Inc.(a)		349		394,359
Walmart, Inc.		15,098		1,166,019
				4,795,108
Semiconductors — 1.1%
Micron Technology, Inc.		4,987		479,949
QUALCOMM, Inc.		4,046		709,264
				1,189,213
Software — 3.8%
Electronic Arts, Inc.		8,061		1,223,821
Microsoft Corp.		6,807		2,839,472
				4,063,293
Technology— 2.8%
Apple, Inc.		5,643		1,292,247
Check Point Software Technologies Ltd.(a)		6,017		1,158,273
Logitech International SA		6,750		614,317
				3,064,837
Telecommunications — 6.5%
Chunghwa Telecom Co., Ltd. - ADR		14,552	$	562,435
Cisco Systems, Inc.		4,328		218,737
Motorola Solutions, Inc.		2,716		1,200,581
Nice Ltd. - ADR(a)		8,980		1,560,185
Telefonica Brasil SA - ADR		134,444		1,243,607
Telkom Indonesia Persero Tbk PT - ADR		41,944		822,102
TIM SA - ADR		47,940		763,205
T-Mobile US, Inc.		3,586		712,610
				7,083,462
Transportation — 1.2%
Canadian National Railway Co., (Canada)		5,360		631,515
Union Pacific Corp.		2,578		660,200
				1,291,715
TOTAL COMMON STOCKS (Cost $92,113,182)				104,969,074
EXCHANGE TRADED FUNDS — 1.1%
iShares MSCI Global Min Vol Factor ETF		9,839		1,116,431
TOTAL EXCHANGE TRADED FUNDS (Cost $1,114,925)				1,116,431
TOTAL INVESTMENTS — 98.1% (Cost $93,228,107)				106,085,505
Other Assets in Excess of Liabilities — 1.9%				2,101,705
TOTAL NET ASSETS — 100.0%			$	108,187,210

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

NV - Naamloze Vennootschap

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SA - Sociedad Anónima

SAB de CV - Sociedad Anónima Bursátil de Capital Variable

ETF - Exchange-Traded Fund

TBK PT - Terbuka Perseroan Terbatas

^(a) Non-income producing security.

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

SGI PRUDENT GROWTH FUND

PORTFOLIO of Investments

as of August 31, 2024

	NUMBER OF Shares		Value
EXCHANGE TRADED FUNDS — 50.2%
iShares 20+ Year Treasury Bond ETF		13,100	$	1,264,019
iShares Core U.S. Aggregate Bond ETF		25,360		2,542,340
iShares iBoxx $ High Yield Corporate Bond ETF		16,197		1,285,070
SGI Dynamic Tactical ETF(a)		43,460		1,326,834
SGI Enhanced Core ETF(a)		88,610		2,286,138
SGI Enhanced Global Income ETF(a)		90,340		2,414,788
SGI U.S. Large Cap Core ETF(a)		68,160		2,401,618
TOTAL EXCHANGE TRADED FUNDS (Cost $12,351,165)				13,520,807
OPEN END FUNDS — 47.2%
SGI Global Equity Fund - Class I(a)		59,563		2,403,963
SGI Small Cap Core Fund - Class I(a)(b)		67,104		2,166,132
SGI U.S. Large Cap Equity Fund - Class I(a)(c)		375,480		8,162,944
TOTAL OPEN END FUNDS (Cost $10,712,773)				12,733,039
TOTAL INVESTMENTS — 97.4% (Cost $23,063,938)				26,253,846
Other Assets in Excess of Liabilities— 2.6%				675,292
TOTAL NET ASSETS — 100.0%			$	26,929,138

Percentages are stated as a percent of net assets.

ETF - Exchange-Traded Fund

^(a) Affiliated company as defined by the Investment Company Act of 1940. See Note 6.

^(b) Non-income producing security.

^(c) Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

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

SGI PEAK GROWTH FUND

PORTFOLIO of Investments

as of August 31, 2024

	NUMBER OF Shares		Value
OPEN END FUNDS — 60.9%
SGI Global Equity Fund - Class I(a)		97,995	$	3,955,071
SGI Small Cap Core Fund - Class I(a)(b)		150,204		4,848,588
SGI U.S. Large Cap Equity Fund - Class I(a)(c)		379,835		8,257,603
TOTAL OPEN END FUNDS (Cost $14,175,604)				17,061,262
EXCHANGE TRADED FUNDS — 38.4%
SGI Dynamic Tactical ETF(a)		89,110		2,720,528
SGI Enhanced Core ETF(a)		10,750		277,350
SGI Enhanced Global Income ETF(a)		155,590		4,158,921
SGI U.S. Large Cap Core ETF(a)		102,610		3,615,463
TOTAL EXCHANGE TRADED FUNDS (Cost $9,514,145)				10,772,262
TOTAL INVESTMENTS — 99.3% (Cost $23,689,749)				27,833,524
Other Assets in Excess of Liabilities— 0.7%				173,659
TOTAL NET ASSETS — 100.0%			$	28,007,183

Percentages are stated as a percent of net assets.

ETF - Exchange-Traded Fund

^(a) Affiliated company as defined by the Investment Company Act of 1940. See Note 6.

^(b) Non-income producing security.

^(c) Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

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

SGI SMALL CAP CORE FUND

PORTFOLIO of Investments

as of August 31, 2024

	NUMBER OF Shares		Value
COMMON STOCKS — 98.3%
Agriculture — 1.2%
Andersons, Inc.		13,088	$	667,096
Fresh Del Monte Produce, Inc.		27,726		810,708
Vital Farms, Inc.(a)		1,347		42,363
				1,520,167
Airlines — 0.4%
SkyWest, Inc.(a)		6,140		476,096
Apparel — 1.6%
Kontoor Brands, Inc.		17,681		1,323,423
Ralph Lauren Corp.		2,111		361,530
Rocky Brands, Inc.		10,708		345,226
				2,030,179
Auto Parts & Equipment — 0.9%
Miller Industries, Inc.		10,020		608,314
Visteon Corp.(a)		5,442		550,894
				1,159,208
Banks — 6.5%
Bank of NT Butterfield & Son Ltd.		32,627		1,247,983
Bankwell Financial Group, Inc.		2,479		75,560
Business First Bancshares, Inc.		15,793		385,665
Civista Bancshares, Inc.		3,610		61,262
CNB Financial Corp.		2,578		62,671
Financial Institutions, Inc.		15,060		391,861
First Business Financial Services, Inc.		1,616		73,318
First Internet Bancorp		1,785		64,778
Hancock Whitney Corp.		27,750		1,491,007
HBT Financial, Inc.		2,790		62,552
Independent Bank Corp.		10,318		349,574
Metropolitan Bank Holding Corp.(a)		6,238		322,567
Midland States Bancorp, Inc.		11,224		255,570
OFG Bancorp		33,762		1,552,714
Popular, Inc.		12,229		1,253,473
QCR Holdings, Inc.		3,526		271,960
Republic Bancorp, Inc. - Class A		992		63,389
Third Coast Bancshares, Inc.(a)		6,637		169,974
				8,155,878
Beverages — 0.8%
Coca Cola Bottling Co.		781		1,048,414
Biotechnology — 1.9%
ANI Pharmaceuticals, Inc.(a)		19,704		1,256,130
Vericel Corp.(a)		20,831		1,075,921
				2,332,051
Building Materials — 3.7%
AZEK Co., Inc., (The)(a)		1,451	$	61,856
Boise Cascade Co.		10,439		1,415,737
Gibraltar Industries, Inc.(a)		3,535		246,284
Louisiana-Pacific Corp.		12,523		1,215,357
Masterbrand, Inc.(a)		20,343		326,302
UFP Industries, Inc.		10,626		1,292,865
				4,558,401
Chemicals — 1.1%
AdvanSix, Inc.		7,666		226,607
AZZ.		3,289		273,546
Minerals Technologies, Inc.		10,926		842,395
				1,342,548
Commercial Services — 5.6%
Arlo Technologies, Inc.(a)		4,189		49,179
Barrett Business Services, Inc.		24,456		892,889
Grand Canyon Education, Inc.(a)		3,097		449,096
Heidrick & Struggles International, Inc.		16,230		626,478
Herc Holdings, Inc.		9,287		1,359,338
Korn/Ferry International		19,735		1,441,642
Progyny, Inc.(a)		8,248		193,745
TriNet Group, Inc.		6,236		641,248
Upbound Group, Inc		37,997		1,265,300
Willdan Group, Inc.(a)		1,993		75,953
				6,994,868
Distribution/Wholesale — 1.3%
H&E Equipment Services, Inc.		23,150		1,114,671
Resideo Technologies, Inc.(a)		20,856		420,457
Rush Enterprises, Inc. - Class B		2,377		111,814
				1,646,942
Diversified Financial Services — 4.1%
Enact Holdings, Inc.		33,080		1,175,994
Enova International, Inc.(a)		15,525		1,330,958
Evercore, Inc. - Class A		2,586		635,483
Pagseguro Digital Ltd. - Class A(a)		4,826		53,424
PennyMac Financial Services, Inc.		5,305		572,940
Regional Management Corp.		6,392		214,324
Virtus Investment Partners, Inc.		5,354		1,133,228
				5,116,351
Electric — 0.5%
Clearway Energy, Inc. - Class A		20,969		563,437
Electrical Components & Equipment — 0.1%
Insteel Industries, Inc.		1,948		67,011

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

SGI SMALL CAP CORE FUND

PORTFOLIO of Investments (CONtinued)

as of August 31, 2024

	NUMBER OF Shares		Value
Electronics — 1.4%
Avnet, Inc.		23,082	$	1,273,664
Bel Fuse, Inc. - Class B		6,095		413,424
Benchmark Electronics, Inc.		1,494		63,510
				1,750,598
Engineering & Construction — 2.6%
EMCOR Group, Inc.		3,614		1,420,519
Frontdoor, Inc.(a)		28,915		1,390,233
Primoris Services Corp.		8,634		487,303
				3,298,055
Environmental Control — 0.7%
Energy Recovery, Inc.(a)		54,019		877,269
Food — 2.0%
John B Sanfilippo & Son, Inc.		7,578		718,925
Pilgrim’s Pride Corp.(a)		31,437		1,464,336
Seneca Foods Corp. - Class A(a)		4,520		272,420
				2,455,681
Forest Products & Paper — 1.2%
Sylvamo Corp.		18,891		1,494,089
Gas — 2.1%
National Fuel Gas Co.		22,919		1,369,639
New Jersey Resources Corp.		14,347		664,410
Southwest Gas Holdings, Inc.		8,698		632,519
				2,666,568
Multi-Utilities — 0.1%
Avista Corp.		1,730		66,847
Healthcare-Products — 3.0%
Castle Biosciences, Inc.(a)		30,441		903,184
Inspire Medical Systems, Inc.(a)		4,472		804,155
iRadimed Corp.		7,258		340,836
LeMaitre Vascular, Inc.		6,192		559,076
Omnicell, Inc.(a)		5,075		225,736
RxSight, Inc.(a)		8,437		475,762
Tactile Systems Technology, Inc.(a)		18,710		256,140
Utah Medical Products, Inc.		2,678		182,077
				3,746,966
Healthcare-Services — 2.7%
Addus HomeCare Corp.(a)		9,877		1,313,740
Astrana Health, Inc.(a)		13,003		621,413
National HealthCare Corp.		6,329		867,896
Pennant Group, Inc.(a)		7,119		243,897
Viemed Healthcare, Inc.(a)		33,973		258,195
				3,305,141
Home Builders — 8.8%
Beazer Homes USA, Inc.(a)		40,298	$	1,260,521
Century Communities, Inc.		12,845		1,285,399
Forestar Group, Inc.(a)		32,002		990,142
Hovnanian Enterprises, Inc. - Class A(a)		6,346		1,372,196
Landsea Homes Corp.(a)		28,301		337,065
M/I Homes, Inc.(a)		8,873		1,414,090
Meritage Homes Corp.		7,229		1,431,848
Taylor Morrison Home Corp.(a)		21,396		1,440,593
Tri Pointe Homes, Inc.(a)		31,741		1,410,570
				10,942,424
Household Products/Wares — 0.0%(b)
Quanex Building Products Corp.		2,073		57,277
Insurance — 4.1%
Brighthouse Financial, Inc.(a)		9,532		437,519
Essent Group Ltd.		22,340		1,436,238
Fidelis Insurance Holdings, Ltd.		13,161		243,742
Horace Mann Educators Corp.		19,271		686,240
NMI Holdings, Inc. - Class A(a)		36,323		1,491,786
Palomar Holdings, Inc.(a)		2,751		272,954
Universal Insurance Holdings, Inc.		26,556		568,033
				5,136,512
Internet — 0.1%
Cargurus, Inc.(a)		2,645		76,652
Lodging — 0.3%
Travel + Leisure Co.		9,282		410,821
Machinery-Construction & Mining — 2.3%
Hyster-Yale Materials Handling, Inc.		5,678		357,487
Oshkosh Corp.		11,709		1,263,518
Terex Corp.		22,141		1,256,945
				2,877,950
Machinery-Diversified — 1.8%
Albany International Corp. - Class A		685		64,499
Columbus McKinnon Corp.		7,309		250,041
Gorman-Rupp Co.		12,058		470,021
Mueller Water Products, Inc. - Class A		67,193		1,442,634
				2,227,195
Metal Fabricate/Hardware — 0.9%
Mueller Industries, Inc.		12,625		917,963
Northwest Pipe Co.(a)		5,812		255,612
				1,173,575

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

SGI SMALL CAP CORE FUND

PORTFOLIO of Investments (CONtinued)

as of August 31, 2024

	NUMBER OF Shares		Value
Mining — 0.1%
Caledonia Mining Corp. PLC		4,675	$	60,681
Constellium SE(a)		2,806		47,057
				107,738
Miscellaneous Manufacturing — 0.9%
Federal Signal Corp.		7,999		755,826
Trinity Industries, Inc.		12,023		396,879
				1,152,705
Multi-National — 0.5%
Banco Latinoamericano de Comercio Exterior SA		19,959		625,715
Office Furnishings — 1.1%
HNI Corp.		25,050		1,348,942
Interface, Inc.		3,726		70,347
				1,419,289
Oil & Gas — 2.7%
Berry Corp.		45,453		281,354
Matador Resources Co.		13,662		774,909
Murphy Oil Corp.		1,444		53,832
Permian Resources Corp.		62,329		887,565
Riley Exploration Permian, Inc.		8,899		253,621
SM Energy Co.		11,773		537,202
VAALCO Energy, Inc.		81,665		531,574
				3,320,057
Pharmaceuticals — 3.1%
Alkermes PLC(a)		6,366		181,113
Amphastar Pharmaceuticals, Inc.(a)		1,508		73,500
BellRing Brands, Inc.(a)		23,682		1,324,534
Catalyst Pharmaceuticals Partners, Inc.(a)		75,237		1,523,549
Harmony Biosciences Holdings, Inc.(a)		19,263		693,083
Nature’s Sunshine Products, Inc.(a)		4,705		64,929
				3,860,708
Real Estate — 0.2%
RMR Group, Inc. - Class A		9,145		233,106
REITS — 5.8%
Alexander & Baldwin, Inc.		41,283		816,991
American Assets Trust, Inc.		14,611		398,150
Apple Hospitality REIT, Inc.		4,141		59,796
CareTrust REIT, Inc.		42,006		1,255,139
Chatham Lodging Trust		27,974		239,457
EPR Properties		27,988		1,328,590
Innovative Industrial Properties, Inc.		5,449		677,202
Kilroy Realty Corp.		13,498		489,573
NexPoint Residential Trust, Inc.		9,697		458,668
REITS — (Continued)
Park Hotels & Resorts, Inc.		4,051	$	61,899
Ryman Hospitality Properties, Inc.		7,444		773,878
TPG RE Finance Trust, Inc.		67,374		610,408
Xenia Hotels & Resorts, Inc.		4,627		65,889
				7,235,640
Retail — 3.7%
Abercrombie & Fitch Co. - Class A(a)		428		63,160
American Eagle Outfitters, Inc.		11,129		229,035
BlueLinx Holdings, Inc.(a)		11,545		1,161,889
Buckle, Inc.		23,728		994,203
GMS, Inc.(a)		13,619		1,181,993
PC Connection, Inc.		10,443		763,174
Shoe Carnival, Inc.		6,308		255,096
				4,648,550
Savings & Loans — 1.2%
Axos Financial, Inc.(a)		19,681		1,366,452
FS Bancorp, Inc.		1,434		62,852
				1,429,304
Semiconductors — 3.8%
ACM Research, Inc. - Class A(a)		25,878		466,839
Alpha & Omega Semiconductor Ltd.(a)		17,374		726,407
Amkor Technology, Inc.		40,998		1,348,834
Axcelis Technologies, Inc.(a)		7,297		797,781
Ultra Clean Holdings, Inc.(a)		35,631		1,343,289
Vishay Precision Group, Inc.(a)		1,985		54,806
				4,737,956
Software — 3.4%
Appfolio, Inc. - Class A(a)		3,225		748,168
CommVault Systems, Inc(a)		8,020		1,246,308
Health Catalyst, Inc(a)		66,544		478,451
SEMrush Holdings, Inc. - Class A(a)		11,664		160,263
Smartsheet, Inc. - Class A(a)		17,983		877,571
Viant Technology, Inc. - Class A(a)		27,736		308,702
Weave Communications, Inc(a)		35,965		405,685
				4,225,148
Technology — 0.1%
Grid Dynamics Holdings, Inc.(a)		5,044		70,213
Rapid7, Inc.(a)		1,457		55,089
				125,302

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

SGI SMALL CAP CORE FUND

PORTFOLIO of Investments (COncluded)

as of August 31, 2024

	NUMBER OF Shares		Value
Telecommunications — 1.0%
A10 Networks, Inc.		4,298	$	59,183
Aviat Networks, Inc.(a)		5,160		141,642
Credo Technology Group Holding Ltd.(a)		2,363		82,492
IDT Corp. - Class B		16,678		639,768
Preformed Line Products Co.		2,693		322,972
				1,246,057
Transportation — 6.9%
Ardmore Shipping Corp.		61,881		1,168,313
Costamare, Inc.		45,491		645,517
Covenant Logistics Group, Inc.		8,961		471,976
Golden Ocean Group Ltd.		32,617		401,189
Hub Group, Inc. - Class A		26,147		1,232,308
Matson, Inc.		10,242		1,416,469
Scorpio Tankers, Inc.		16,892		1,208,454
Teekay Corp.(a)		78,699		653,989
Teekay Tankers Ltd. - Class A		24,189		1,375,870
Universal Logistics Holdings, Inc.		1,458		61,630
				8,635,715
TOTAL COMMON STOCKS (Cost $107,022,964)				122,578,161
TOTAL INVESTMENTS — 98.3% (Cost $107,022,964)				122,578,161
Other Assets in Excess of Liabilities— 1.7%				2,141,982
TOTAL NET ASSETS — 100.0%			$	124,720,143

Percentages are stated as a percent of net assets.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SA - Sociedad Anónima

^(a) Non-income producing security.

^(b) Represents less than 0.05% of net assets.

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

SUMMIT GLOBAL INVESTMENTS

Statements of Assets and Liabilities

August 31, 2024

	SGI U.S. Large Cap Equity Fund		SGI Global Equity Fund
ASSETS
Investments, at fair value
Unaffiliated investments (cost $199,012,804 and $93,228,107, respectively)	$	231,531,109	$	106,085,505
Affiliated investments (cost $— and $—, respectively)		—		—
Cash and cash equivalents		1,781,859		1,996,384
Receivables for:
Capital shares sold		153,304		50,437
Dividends		183,873		284,699
Prepaid and other expenses		36,763		16,310
Total assets	$	233,686,908	$	108,433,335
LIABILITIES
Payables for:
Capital shares redeemed	$	406,591	$	129,458
Advisory fees		134,390		31,233
Other accrued expenses and liabilities		187,545		85,434
Total liabilities		728,526		246,125
Net assets	$	232,958,382	$	108,187,210
NET ASSETS CONSIST OF:
Par value	$	10,721	$	2,680
Paid-in capital		161,792,729		78,665,886
Total distributable earnings/(loss)		71,154,932		29,518,644
Net assets	$	232,958,382	$	108,187,210
CLASS I SHARES:
Net assets applicable to Class I Shares	$	211,533,891	$	108,187,210
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		9,732,331		2,680,343
Net asset value, offering and redemption price per share	$	21.74	$	40.36
CLASS A Shares:
Net assets applicable to Class A Shares	$	19,601,423	$	—
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		900,319		—
Net asset value, offering and redemption price per share	$	21.77	$	—
Maximum offering price per share (100/94.75 of $21.77)	$	22.98	$	—
CLASS C Shares:
Net assets applicable to Class C Shares	$	1,823,068	$	—
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		87,897	$	—
Net asset value, offering and redemption price per share	$	20.74	$	—

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

SUMMIT GLOBAL INVESTMENTS

Statements of Assets and Liabilities (Concluded)

August 31, 2024

	SGI prudent growth Fund		SGI PEAK GROWTH FUND		SGI SMALL CAP core FUND
ASSETS
Investments, at fair value
Unaffiliated investments (cost $4,934,949, $—, and $107,022,964, respectively)	$	5,091,429	$	—	$	122,578,161
Affiliated investments (cost $18,128,989, $23,689,749, and $—, respectively) (Note 6)		21,162,417		27,833,524		—
Cash and cash equivalents		715,464		215,381		2,205,620
Receivables for:
Capital shares sold		2,087		2,712		51,355
Dividends		1,351		1,088		131,659
Prepaid and other expenses		13,817		13,866		25,910
Total assets	$	26,986,565	$	28,066,571	$	124,992,705
LIABILITIES
Payables for:
Capital shares redeemed	$	—	$	—	$	104,263
Advisory fees		16,573		17,319		83,398
Other accrued expenses and liabilities		40,854		42,069		84,901
Total liabilities		57,427		59,388		272,562
Net assets	$	26,929,138	$	28,007,183	$	124,720,143
NET ASSETS CONSIST OF:
Par value	$	2,257	$	2,226	$	3,864
Paid-in capital		23,403,072		23,954,729		109,301,624
Total distributable earnings/(loss)		3,523,809		4,050,228		15,414,655
Net assets	$	26,929,138	$	28,007,183	$	124,720,143
CLASS I SHARES:
Net assets applicable to Class I Shares	$	26,929,138	$	28,007,183	$	124,720,143
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		2,257,422		2,225,854		3,863,816
Net asset value, offering and redemption price per share	$	11.93	$	12.58	$	32.28

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

SUMMIT GLOBAL INVESTMENTS

Statements of Operations

FOR THE Year ENDED August 31, 2024

	SGI U.S. Large Cap Equity Fund			SGI Global Equity Fund
INVESTMENT INCOME
Dividends:
Dividends from unaffiliated investments	$	4,257,728		$	2,925,623	(1)
Dividends from affiliated investments (Note 6)		—			—
Interest		274,091			107,727
Total investment income		4,531,819			3,033,350
EXPENSES:
Advisory fees (Note 2)		1,912,790			926,566
Transfer agent fees (Note 2)		360,986			190,993
Administration and accounting fees (Note 2)		121,123			72,306
Legal fees		77,391			38,953
Distribution fees - Class A Shares		63,975			—
Printing and shareholder reporting fees		—			—
Officer fees		55,899			29,606
Director fees		55,550			27,923
Registration and filing fees		52,057			24,738
Audit and tax service fees		36,536			34,251
Custodian fees (Note 2)		27,347			24,090
Distribution fees - Class C Shares		20,456			—
Other expenses		38,866			22,725
Total expenses before waivers and reimbursements		2,822,976			1,392,151
Less: waivers and reimbursements (Note 2)		(60,639	)		(280,270	)
Net expenses after waivers and reimbursements		2,762,337			1,111,881
Net investment income/(loss)		1,769,482			1,921,469
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments
Unaffiliated investments		73,139,764			17,759,717
Affiliated investments (Note 6)		—			—
Distributions from affiliated investments		—			—
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		(12,203,845	)		5,342,595
Affiliated investments (Note 6)		—			—
Net realized and unrealized gain/(loss) on investments		60,935,919			23,102,312
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	62,705,401		$	25,023,781

(1) Net of foreign withholding taxes of $127,771.

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

SUMMIT GLOBAL INVESTMENTS

Statements of Operations (Concluded)

FOR THE Year ENDED August 31, 2024

	SGI Prudent Growth Fund			SGI Peak Growth Fund			SGI Small Cap Core Fund
INVESTMENT INCOME
Dividends:
Dividends from unaffiliated investments	$	190,740		$	19,951		$	1,869,166	(1)
Dividends from affiliated investments (Note 6)		178,287			180,376			—
Interest		39,716			22,578			100,603
Total investment income		408,743			222,905			1,969,769
EXPENSES:
Advisory fees (Note 2)		179,498			175,697			1,131,092
Transfer agent fees (Note 2)		29,050			27,661			135,746
Administration and accounting fees (Note 2)		23,135			21,277			62,978
Legal fees		6,618			6,354			36,760
Distribution fees - Class A Shares		—			—			—
Printing and shareholder reporting fees		634			—			—
Officer fees		5,389			4,986			20,701
Director fees		4,689			4,093			21,839
Registration and filing fees		25,230			25,146			29,372
Audit and tax service fees		33,374			33,374			32,465
Custodian fees (Note 2)		1,340			—			23,725
Distribution fees - Class C Shares		—			—			—
Other expenses		3,625			6,297			8,445
Total expenses before waivers and reimbursements		312,582			304,885			1,503,123
Less: waivers and reimbursements (Note 2)		—			—			(38,656	)
Net expenses after waivers and reimbursements		312,582			304,885			1,464,467
Net investment income/(loss)		96,161			(81,980	)		505,302
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments
Unaffiliated investments		(129,295	)		93,908			5,490,049
Affiliated investments (Note 6)		753,939			368,368			—
Distributions from affiliated investments		138,238			178,437			—
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		312,778			(8,583	)		13,527,450
Affiliated investments (Note 6)		2,597,563			3,709,763			—
Net realized and unrealized gain/(loss) on investments		3,673,223			4,341,893			19,017,499
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,769,384		$	4,259,913		$	19,522,801

(1) Net of foreign withholding taxes of $3,220.

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

SGI U.S. LARGE CAP EQUITY FUND

Statements of Changes in Net Assets

	FOR THE Year ENDED AUGUST 31, 2024			FOR THE Year ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	1,769,482		$	3,909,918
Net realized gain/(loss) on investments
Unaffiliated investments		73,139,764			17,344,683
Affiliated investments (Note 6)		—			—
Distributions from affiliated investments (Note 6)		—			—
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		(12,203,845	)		1,974,967
Affiliated investments (Note 6)		—			—
Net increase/(decrease) in net assets resulting from operations		62,705,401			23,229,568
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Distributable earnings
Class I Shares		(14,011,048	)		(19,244,500	)
Class A Shares		(1,193,012	)		(1,382,773	)
Class C Shares		(86,619	)		(96,977	)
Total distributable earnings		(15,290,679	)		(20,724,250	)
Net decrease in net assets from dividends and distributions to shareholders		(15,290,679	)		(20,724,250	)

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

SGI U.S. LARGE CAP EQUITY FUND

Statements of Changes in Net Assets (Concluded)

	FOR THE Year ENDED AUGUST 31, 2024			FOR THE Year ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		113,718,663			48,850,931
Reinvestment of distributions		13,978,703			19,066,017
Shares redeemed		(310,127,753	)		(110,308,065	)
Total from Class I Shares		(182,430,387	)		(42,391,117	)
Class A Shares
Proceeds from shares sold		610,987			6,201,827
Reinvestment of distributions		1,192,151			1,381,238
Shares redeemed		(17,914,478	)		(4,889,029	)
Total from Class A Shares		(16,111,340	)		2,694,036
Class C Shares
Proceeds from shares sold		52,424			121,554
Reinvestment of distributions		86,007			96,321
Shares redeemed		(985,310	)		(473,379	)
Total from Class C Shares		(846,879	)		(255,504	)
Net increase/(decrease) in net assets from capital share transactions		(199,388,606	)		(39,952,585	)
Total increase/(decrease) in net assets		(151,973,884	)		(37,447,267	)
NET ASSETS:
Beginning of Period		384,932,266			422,379,533
End of Period	$	232,958,382		$	384,932,266
SHARES TRANSACTIONS:
Class I Shares
Shares sold		5,823,434			2,762,128
Shares reinvested		766,779			1,069,285
Shares redeemed		(16,380,384	)		(6,239,269	)
Total from Class I Shares		(9,790,171	)		(2,407,856	)
Class A Shares
Shares sold		33,263			350,650
Shares reinvested		65,363			77,361
Shares redeemed		(933,980	)		(274,723	)
Total from Class A Shares		(835,354	)		153,288
Class C Shares
Shares sold		2,891			7,199
Shares reinvested		4,965			5,649
Shares redeemed		(53,399	)		(28,153	)
Total from Class C Shares		(45,543	)		(15,305	)
Net increase/(decrease) in shares outstanding		(10,671,068	)		(2,269,873	)

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

SGI GLOBAL EQUITY FUND

Statements of Changes in Net Assets

	FOR THE Year ENDED AUGUST 31, 2024			FOR THE Year ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	1,921,469		$	1,780,348
Net realized gain/(loss) on investments
Unaffiliated investments		17,759,717			(1,631,160	)
Affiliated investments (Note 6)		—			—
Distributions from affiliated investments (Note 6)		—			—
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		5,342,595			8,032,739
Affiliated investments (Note 6)		—			—
Net increase/(decrease) in net assets resulting from operations		25,023,781			8,181,927
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(2,003,073	)		(4,229,443	)
Net decrease in net assets from dividends and distributions to shareholders		(2,003,073	)		(4,229,443	)
INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		42,758,330			42,896,182
Reinvestment of distributions		2,000,278			4,221,767
Shares redeemed		(109,889,057	)		(19,033,537	)
Net increase/(decrease) in net assets from capital share transactions		(65,130,449	)		28,084,412
Total increase/(decrease) in net assets		(42,109,741	)		32,036,896
NET ASSETS:
Beginning of Period		150,296,951			118,260,055
End of Period	$	108,187,210		$	150,296,951
SHARES TRANSACTIONS:
Class I Shares
Shares sold		1,193,962			1,284,747
Shares reinvested		56,601			128,236
Shares redeemed		(2,976,690	)		(572,849	)
Net increase/(decrease) in shares outstanding		(1,726,127	)		840,134

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

SGI PRUDENT GROWTH FUND

Statements of Changes in Net Assets

	FOR THE Year ENDED AUGUST 31, 2024			FOR THE Year ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	96,161		$	47,006
Net realized gain/(loss) on investments
Unaffiliated investments		(129,295	)		(105,023	)
Affiliated investments (Note 6)		753,939			(193,894	)
Distributions from affiliated investments (Note 6)		138,238			182,199
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		312,778			176,986
Affiliated investments (Note 6)		2,597,563			809,842
Net increase/(decrease) in net assets resulting from operations		3,769,384			917,116
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(114,358	)		(23,212	)
Net decrease in net assets from dividends and distributions to shareholders		(114,358	)		(23,212	)
INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		8,845,365			8,960,109
Reinvestment of distributions		114,358			23,212
Shares redeemed		(6,902,378	)		(4,187,290	)
Net increase/(decrease) in net assets from capital share transactions		2,057,345			4,796,031
Total increase/(decrease) in net assets		5,712,371			5,689,935
NET ASSETS:
Beginning of Period		21,216,767			15,526,832
End of Period	$	26,929,138		$	21,216,767
SHARES TRANSACTIONS:
Class I Shares
Shares sold		813,262			893,341
Shares reinvested		10,579			2,400
Shares redeemed		(631,006	)		(416,101	)
Net increase/(decrease) in shares outstanding		192,835			479,640

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

SGI PEAK GROWTH FUND

Statements of Changes in Net Assets

	FOR THE Year ENDED AUGUST 31, 2024			FOR THE Year ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	(81,980	)	$	(81,588	)
Net realized gain/(loss) on investments
Unaffiliated investments		93,908			37,722
Affiliated investments (Note 6)		368,368			(106,896	)
Distributions from affiliated investments (Note 6)		178,437			211,725
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		(8,583	)		84,217
Affiliated investments (Note 6)		3,709,763			761,919
Net increase/(decrease) in net assets resulting from operations		4,259,913			907,099
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		(131,475	)		(1,109	)
Net decrease in net assets from dividends and distributions to shareholders		(131,475	)		(1,109	)
INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		8,526,607			7,812,686
Reinvestment of distributions		131,475			1,109
Shares redeemed		(4,333,988	)		(2,153,372	)
Net increase/(decrease) in net assets from capital share transactions		4,324,094			5,660,423
Total increase/(decrease) in net assets		8,452,532			6,566,413
NET ASSETS:
Beginning of Period		19,554,651			12,988,238
End of Period	$	28,007,183		$	19,554,651
SHARES TRANSACTIONS:
Class I Shares
Shares sold		752,701			752,103
Shares reinvested		11,676			113
Shares redeemed		(380,709	)		(209,678	)
Net increase/(decrease) in shares outstanding		(383,668	)		542,538

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

SGI SMALL CAP CORE FUND

Statements of Changes in Net Assets

	FOR THE Year ENDED AUGUST 31, 2024			FOR THE Year ENDED AUGUST 31, 2023
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	505,302		$	226,440
Net realized gain/(loss) on investments
Unaffiliated investments		5,490,049			3,864,198
Affiliated investments (Note 6)		—			—
Distributions from affiliated investments (Note 6)		—			—
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		13,527,450			3,754,938
Affiliated investments (Note 6)		—			—
Net increase/(decrease) in net assets resulting from operations		19,522,801			7,845,576
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Total distributable earnings		—			(554,990	)
Net decrease in net assets from dividends and distributions to shareholders		—			(554,990	)
INCREASE/(DECREASE) IN NET ASSETS DERIVED FROM CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		61,310,708			20,090,886
Reinvestment of distributions		—			548,528
Shares redeemed		(59,615,025	)		(14,264,163	)
Net increase/(decrease) in net assets from capital share transactions		1,695,683			6,375,251
Total increase/(decrease) in net assets		21,218,484			13,665,837
NET ASSETS:
Beginning of Period		103,501,659			89,835,822
End of Period	$	124,720,143		$	103,501,659
SHARES TRANSACTIONS:
Class I Shares
Shares sold		2,139,509			767,765
Shares reinvested		—			21,544
Shares redeemed		(2,038,827	)		(545,180	)
Net increase/(decrease) in shares outstanding		100,682			244,129

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

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 Year Ended August 31, 2024			For the Year Ended August 31, 2023			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020
Per Share Operating Performance:
Net Asset Value, Beginning of Period	$	18.00		$	17.85		$	23.21		$	19.55		$	18.24
Income/(Loss) from Investment Operations:
Net investment income/(loss) (1)		0.13			0.18			0.17			0.03			0.14
Net realized and unrealized gain/(loss) on investments (2)		4.47			0.88			(2.27	)		3.76			1.66
Net increase/(decrease) in net assets resulting from operations		4.60			1.06			(2.10	)		3.79			1.80
Dividends and distributions to shareholders from:
Net investment income		(0.17	)		(0.20	)		(0.04	)		(0.08	)		(0.18	)
Net realized capital gain		(0.69	)		(0.71	)		(3.22	)		(0.05	)		(0.31	)
Total dividends and distributions to shareholders		(0.86	)		(0.91	)		(3.26	)		(0.13	)		(0.49	)
Net Asset Value, end of Period	$	21.74		$	18.00		$	17.85		$	23.21		$	19.55
Total investment return/(loss) (3)		26.51	%		6.02	%		(10.71	)%		19.46	%		10.10	%
Supplemental Data:
Net assets, end of period (000’s omitted)	$	211,534		$	351,360		$	391,548		$	506,159		$	556,511
Ratios to Average Net Assets:
Ratio of expenses to average net assets with waivers and reimbursements		0.98	%		0.98	%		0.92	%		0.87	%		0.85	%
Ratio of expenses to average net assets without waivers and reimbursements		1.00	%		0.97	%		0.96	%		0.87	%		0.85	%
Ratio of net investment income/(loss) to average net assets		0.68	%		0.99	%		0.85	%		0.15	%		0.76	%
Portfolio turnover rate(4)		194	%		88	%		133	%		91	%		129	%

(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) 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 financial statements.
23

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 Year Ended August 31, 2024			For the Year Ended August 31, 2023			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020
Per Share Operating Performance:
Net Asset Value, Beginning of Period	$	18.02		$	17.88		$	23.25		$	19.59		$	18.29
Income/(Loss) from Investment Operations:
Net investment income/(loss) (1)		0.08			0.13			0.12			(0.02	)		0.08
Net realized and unrealized gain/(loss) on investments (2)		4.48			0.87			(2.27	)		3.77			1.67
Net increase/(decrease) in net assets resulting from operations		4.56			1.00			(2.15	)		3.75			1.75
Dividends and distributions to shareholders from:
Net investment income		(0.12	)		(0.15	)		—			(0.04	)		(0.14	)
Net realized capital gain		(0.69	)		(0.71	)		(3.22	)		(0.05	)		(0.31	)
Total dividends and distributions to shareholders		(0.81	)		(0.86	)		(3.22	)		(0.09	)		(0.45	)
Net Asset Value, end of Period	$	21.77		$	18.02		$	17.88		$	23.25		$	19.59
Total investment return/(loss) (3)		26.19	%		5.69	%		(10.89	)%		19.20	%		9.78	%
Supplemental Data:
Net assets, end of period (000’s omitted)	$	19,601		$	31,276		$	28,285		$	29,423		$	23,424
Ratios to Average Net Assets:
Ratio of expenses to average net assets with waivers and reimbursements		1.22	%		1.23	%		1.17	%		1.12	%		1.10	%
Ratio of expenses to average net assets without waivers and reimbursements		1.25	%		1.22	%		1.21	%		1.12	%		1.10	%
Ratio of net investment income/(loss) to average net assets		0.40	%		0.74	%		0.64	%		(0.09	)%		0.47	%
Portfolio turnover rate(4)		194	%		88	%		133	%		91	%		129	%

(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. Total investment return does not reflect any applicable sales charge.

(4) 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 financial statements.
24

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 Year Ended August 31, 2024			For the Year Ended August 31, 2023			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020
Per Share Operating Performance:
Net Asset Value, Beginning of Period	$	17.22		$	17.12		$	22.54		$	19.11		$	17.79
Income/(Loss) from Investment Operations:
Net investment income/(loss) (1)		(0.06	)		—			(0.03	)		(0.17	)		(0.05	)
Net realized and unrealized gain/(loss) on investments (2)		4.27			0.83			(2.17	)		3.65			1.71
Net increase/(decrease) in net assets resulting from operations		4.21			0.83			(2.20	)		3.48			1.66
Dividends and distributions to shareholders from:
Net investment income		—			(0.02	)		—			0.00			(0.03	)
Net realized capital gain		(0.69	)		(0.71	)		(3.22	)		(0.05	)		(0.31	)
Total dividends and distributions to shareholders		(0.69	)		(0.73	)		(3.22	)		(0.05	)		(0.34	)
Net Asset Value, end of Period	$	20.74		$	17.22		$	17.12		$	22.54		$	19.11
Total investment return/(loss) (3)		25.23	%		4.93	%		(11.54	)%		18.25	%		9.47	%
Supplemental Data:
Net assets, end of period (000’s omitted)	$	1,823		$	2,297		$	2,546		$	2,917		$	2,915
Ratios to Average Net Assets:
Ratio of expenses to average net assets with waivers and reimbursements		1.97	%		1.98	%		1.92	%		1.87	%		1.85	%
Ratio of expenses to average net assets without waivers and reimbursements		2.00	%		1.97	%		1.96	%		1.87	%		1.85	%
Ratio of net investment income/(loss) to average net assets		(0.35	)%		(0.01	)%		(0.15	)%		(0.84	)%		(0.26	)%
Portfolio turnover rate(4)		194	%		88	%		133	%		91	%		129	%

(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) 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 financial statements.
25

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 Year Ended August 31, 2024			For the Year Ended August 31, 2023			For the Year Ended August 31, 2022			For the Year Ended August 31, 2021			For the Year Ended August 31, 2020
Per Share Operating Performance:
Net Asset Value, Beginning of Period	$	34.11		$	33.16		$	38.33		$	32.93		$	32.62
Income/(Loss) from Investment Operations:
Net investment income/(loss) (1)		0.52			0.45			0.45			0.38			0.41
Net realized and unrealized gain/(loss) on Investments (2)		6.18			1.62			(3.77	)		5.24			1.06
Net increase/(decrease) in net assets resulting from operations		6.70			2.07			(3.32	)		5.62			1.47
Dividends and distributions to shareholders from:
Net investment income		(0.45	)		(0.31	)		(0.58	)		(0.22	)		(0.85	)
Net realized capital gain		—			(0.81	)		(1.27	)		—			(0.31	)
Total dividends and distributions to shareholders		(0.45	)		(1.12	)		(1.85	)		(0.22	)		(1.16	)
Net Asset Value, end of period	$	40.36		$	34.11		$	33.16		$	38.33		$	32.93
Total investment return/(loss) (3)		19.84	%		6.39	%		(9.20	)%		17.15	%		4.53	%
Supplemental Data:
Net assets, end of period (000’s omitted)	$	108,187		$	150,297		$	118,260		$	112,035		$	58,262
Ratios to Average Net Assets:
Ratio of expenses to average net assets with waivers and reimbursements		0.84	%		0.84	%		0.84	%		0.97	%		0.84	%
Ratio of expenses to average net assets without waivers and reimbursements		1.05	%		1.00	%		1.01	%		1.10	%		0.98	%
Ratio of net investment income/(loss) to average net assets		1.45	%		1.37	%		1.24	%		1.26	%		1.32	%
Portfolio turnover rate(4)		102	%		96	%		87	%		88	%		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) Portfolio turnover is calculated for the Fund, as a whole, for the entire period.

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

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 Year Ended August 31, 2024			For the Year Ended August 31, 2023			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	$	10.28		$	9.80		$	11.69		$	10.60		$	10.00
Income/(Loss) from Investment Operations:
Net investment income/(loss) (2)		0.06			0.03			0.02			(0.07	)		(0.03	)
Net realized and unrealized gain/(loss) on Investments (3)		1.64			0.46			(1.26	)		1.16			0.63
Net increase/(decrease) in net assets resulting from operations		1.70			0.49			(1.24	)		1.09			0.60
Dividends and distributions to shareholders from:
Net investment income		(0.05	)		(0.01	)		(0.40	)		—	(4)		—
Net realized capital gain		—			—			(0.25	)		—	(4)		—
Total dividends and distributions to shareholders		(0.05	)		(0.01	)		(0.65	)		—			—
Net Asset Value, end of period	$	11.93		$	10.28		$	9.80		$	11.69		$	10.60
Total investment return/(loss) (5)		16.62	%		5.04	%		(11.26	)%		10.34	%		6.00	%(7)
Supplemental Data:
Net assets, end of period (000’s omitted)	$	26,929		$	21,217		$	15,527		$	10,807		$	6,408
Ratios to Average Net Assets:
Ratio of expenses to average net assets with waivers and reimbursements		1.31	%		1.47	%		1.70	%		1.70	%		1.70	%(6)
Ratio of expenses to average net assets without waivers and reimbursements		1.31	%		1.37	%		1.61	%		1.75	%		3.97	%(6)
Ratio of net investment income/(loss) to average net assets		0.52	%		0.26	%		0.23	%		(0.67	)%		(1.08	)%(6)
Portfolio turnover rate(8)		61	%		61	%		67	%		170	%		6	%(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 is calculated for the Fund, as a whole, for the entire period.

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

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 Year Ended August 31, 2024			For the Year Ended August 31, 2023			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	$	10.61		$	9.99		$	12.63		$	10.94		$	10.00
Income/(Loss) from Investment Operations:
Net investment income/(loss) (2)		(0.03	)		(0.06	)		(0.03	)		(0.14	)		(0.04	)
Net realized and unrealized gain/(loss) on Investments (3)		2.07			0.68			(1.27	)		1.83			0.98
Net increase/(decrease) in net assets resulting from operations		2.04			0.62			(1.30	)		1.69			0.94
Dividends and distributions to shareholders from:
Net investment income		(0.01	)		—	(4)		(0.75	)		—			—
Net realized capital gain		(0.06	)		—			(0.59	)		—			—
Total dividends and distributions to shareholders		(0.07	)		—			(1.34	)		—			—
Net Asset Value, end of period	$	12.58		$	10.61		$	9.99		$	12.63		$	10.94
Total investment return/(loss) (5)		19.25	%		6.22	%		(11.64	)%		15.45	%		9.40	%(6)
Supplemental Data:
Net assets, end of period (000’s omitted)	$	28,007		$	19,555		$	12,988		$	10,940		$	7,327
Ratios to Average Net Assets:
Ratio of expenses to average net assets with waivers and reimbursements		1.30	%		1.53	%		1.70	%		1.70	%		1.70	%(7)
Ratio of expenses to average net assets without waivers and reimbursements		1.30	%		1.48	%		1.58	%		1.74	%		3.52	%(7)
Ratio of net investment income/(loss) to average net assets		(0.26	)%		(0.55	)%		(0.29	)%		(1.17	)%		(1.58	)%(7)
Portfolio turnover rate(8)		44	%		26	%		88	%		178	%		5	%(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 is calculated for the Fund, as a whole, for the entire period.

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

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.

	CLASS I SHARES
	For the Year Ended August 31, 2024			For the Year Ended August 31, 2023			For the Year Ended August 31, 2022			FOR THE YEAR ENDED AUGUST 31, 2021(1)			FOR THE YEAR ENDED AUGUST 31, 2020
Per Share Operating Performance:
Net Asset Value, Beginning of Period	$	27.50		$	25.53		$	38.64		$	28.16		$	25.67
Income/(Loss) from Investment Operations:
Net investment income/(loss) (2)		0.12			0.06			(0.10	)		(0.15	)		(0.10	)
Net realized and unrealized gain/(loss) on Investments (3)		4.66			2.06			(2.97	)		12.33			2.68
Net increase/(decrease) in net assets resulting from operations		4.78			2.12			(3.07	)		12.18			2.58
Dividends and distributions to shareholders from:
Net investment income		—			—			—			(0.07	)		—
Net realized capital gain		—			(0.15	)		(10.04	)		(1.63	)		(0.09	)
Total dividends and distributions to shareholders		—			(0.15	)		(10.04	)		(1.70	)		(0.09	)
Net Asset Value, end of period	$	32.28		$	27.50		$	25.53		$	38.64		$	28.16
Total investment return/(loss) (4)		17.38	%		8.37	%		(9.93	)%		44.61	%		10.04	%
Supplemental Data:
Net assets, end of period (000’s omitted)	$	124,720		$	103,502		$	89,836		$	97,409		$	57,109
Ratios to Average Net Assets:
Ratio of expenses to average net assets with waivers and reimbursements		1.23	%		1.23	%		1.23	%		1.07	%		1.25	%
Ratio of expenses to average net assets without waivers and reimbursements (5)		1.26	%		1.25	%		1.33	%		1.12	%		1.38	%
Ratio of net investment income/(loss) to average net assets		0.42	%		0.24	%		(0.34	)%		(0.37	)%		(0.38	)%
Portfolio turnover rate (6)		211	%		197	%		270	%		314	%		302	%

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

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

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements

August 31, 2024

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 sixty-five separate investment portfolios, including the SGI U.S. Large 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 and the SGI U.S. Large Cap Equity Fund commenced investment operations on October 1, 1999 and February 29, 2012, respectively. The SGI Global Equity Fund commenced investment operations on April 1, 2009. 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 and the SGI Global Equity Fund 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 92.923 billion shares are currently classified into two hundred and thirty-six classes of common stock. Each class represents an interest in an active or inactive investment portfolio of the Company.

The investment objective of each of the SGI U.S. Large Cap Equity Fund, the SGI Global Equity Fund, the SGI Prudent Growth Fund and the SGI Small Cap Core Fund is to seek long-term capital appreciation. The investment objective of the SGI Peak Growth Fund is to seek 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 August 31, 2024, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2024 (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 defined below) in accordance with procedures adopted by the Company’s Board of Directors (the “Board” or “Directors”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

30

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (Continued)

August 31, 2024

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 current fiscal period, in valuing each Fund’s investments carried at fair value:

	Level 1		Level 2		Level 3		Total
SGI U.S. Large Cap Equity Fund
Investments:
Common Stocks	$	228,837,626	$	—	$	—	$	228,837,626
Exchange Traded Funds		2,693,483		—		—		2,693,483
Total Investments	$	231,531,109	$	—	$	—	$	231,531,109
SGI Global Equity Fund
Investments:
Common Stocks	$	104,969,074	$	—	$	—	$	104,969,074
Exchange Traded Funds		1,116,431		—		—		1,116,431
Total Investments	$	106,085,505	$	—	$	—	$	106,085,505
SGI PRUDENT GROWTH Fund
Investments:
Exchange Traded Funds	$	13,520,807	$	—	$	—	$	13,520,807
Open End Funds		12,733,039		—		—		12,733,039
Total Investments	$	26,253,846	$	—	$	—	$	26,253,846
SGI PEAK GROWTH FUND
Investments:
Open End Funds	$	17,061,262	$	—	$	—	$	17,061,262
Exchange Traded Funds		10,772,262		—		—		10,772,262
Total Investments	$	27,833,524	$	—	$	—	$	27,833,524

31

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (Continued)

August 31, 2024

	Level 1		Level 2		Level 3		Total
SGI SMALL CAP core Fund
Investments:
Common Stocks	$	122,578,161	$	—	$	—	$	122,578,161
Total Investments	$	122,578,161	$	—	$	—	$	122,578,161

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 (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.

32

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (Continued)

August 31, 2024

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.

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.

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, 2024 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 Fund’s 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 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’ 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.

33

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (Continued)

August 31, 2024

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	$	1,912,790	$	(88,693	)	$	28,054	$	1,852,151
SGI Global Equity Fund		926,566		(280,270	)		—		646,296
SGI Prudent Growth Fund		179,498		—			—		179,498
SGI Peak Growth Fund		175,697		—			—		175,697
SGI Small Cap Core Fund		1,131,092		(59,572	)		20,916		1,092,436

As of the end of the reporting period, the Funds had amounts available for recoupment by the Adviser as follows:

	Expiration
FUND	August 31, 2025		August 31, 2026		August 31, 2027		Total
SGI U.S. Large Cap Equity Fund	$	39,816	$	87,307	$	88,693	$	215,816
SGI Global Equity Fund		209,841		210,693		280,270		700,804
SGI Prudent Growth Fund		—		—		—		—
SGI Peak Growth Fund		—		—		—		—
SGI Small Cap Core Fund		88,935		21,348		59,572		169,855

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.

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SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (continued)

August 31, 2024

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 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	$	517,970,715	$	726,825,196
SGI Global Equity Fund		132,702,082		196,818,801
SGI Prudent Growth Fund		16,820,687		14,284,818
SGI Peak Growth Fund		14,673,379		10,064,772
SGI Small Cap Core Fund		250,071,000		248,319,094

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, 2024, 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)
SGI U.S. Large Cap Equity Fund	$	199,541,743	$	34,789,934	$	(2,800,568	)	$	31,989,366
SGI Global Equity Fund		93,544,581		14,809,973		(2,269,049	)		12,540,924
SGI Prudent Growth Fund		23,236,885		3,189,908		(172,947	)		3,016,961
SGI Peak Growth Fund		24,123,868		4,143,776		(434,120	)		3,709,656
SGI Small Cap Core Fund		107,242,820		17,091,856		(1,756,515	)		15,335,341

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.

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SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (continued)

August 31, 2024

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.

The following permanent differences as of August 31, 2024, primarily attributable to Net Operating Losses and Deemed Distributions due to Shareholder Redemptions, were reclassified among the following accounts:

FUND	Distributable Earnings/(loss)			Paid-in Capital
SGI U.S. Large Cap Equity Fund	$	(34,860,265	)	$	34,860,265
SGI Global Equity Fund		—			—
SGI Prudent Growth Fund		76			(76	)
SGI Peak Growth Fund		—			—
SGI Small Cap Core Fund		24,302			(24,302	)

As of August 31, 2024, 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	$	30,480,926	$	8,684,640	$	—		$	—	$	—		$	31,989,366
SGI Global Equity Fund		4,396,891		12,580,829		—			—		—			12,540,924
SGI Prudent Growth Fund		485,985		29,896		—			—		(9,033	)		3,016,961
SGI Peak Growth Fund		100,150		251,652		—			—		(11,230	)		3,709,656
SGI Small Cap Core Fund		529,604		—		(450,290	)		—		—			15,335,341

The differences between the book and tax basis components of distributable earnings relate primarily to wash sales and investments in passive foreign investment companies.

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2024 was as follows:

			2024
FUND	Ordinary Income		Long-Term Gains		TOTAL
SGI U.S. Large Cap Equity Fund	$	3,031,713	$	12,258,966	$	15,290,679
SGI Global Equity Fund		2,003,073		—		2,003,073
SGI Prudent Growth Fund		114,358		—		114,358
SGI Peak Growth Fund		14,474		117,001		131,475
SGI Small Cap Core Fund		—		—		—

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SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (continued)

August 31, 2024

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2023 was as follows:

			2023
FUND	Ordinary Income		Long-Term Gains		TOTAL
SGI U.S. Large Cap Equity Fund	$	4,425,439	$	16,298,811	$	20,724,250
SGI Global Equity Fund		1,176,535		3,052,908		4,229,443
SGI Prudent Growth Fund		23,212		—		23,212
SGI Peak Growth Fund		—		1,109		1,109
SGI Small Cap Core Fund		—		554,990		554,990

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, 2024, the SGI Small Cap Core Fund had $450,290 of short-term loss carryovers. During the fiscal year, the SGI Prudent Growth Fund utilized $180,794 and the SGI Small Cap Core Fund utilized $5,472,890 of carry forward capital losses.

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, 2024, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2024.

FUND		Late-year ordinary loss deferral		post-october capital loss deferral
SGI U.S. Large Cap Equity Fund	2024	$	—	$	—
SGI Global Equity Fund	2024		—		—
SGI Prudent Growth Fund	2024		—		—
SGI Peak Growth Fund	2024		—		—
SGI Small Cap Core Fund	2024		—		—

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SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (Continued)

August 31, 2024

6. 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 1940 Act; such issuers are:

	August 31, 2023				Additions				Reductions
Issuer Name	Share Balance		Cost		Share Balance		Cost		Share Balance			Cost
SGI Prudent Growth Fund
SGI Dynamic Tactical ETF		148,890	$	3,792,279		19,269	$	515,703		(124,699	)	$	(3,204,968	)
SGI Enhanced Core ETF		—		—		101,600		2,554,682		(12,990	)		(329,591	)
SGI Enhanced Global Income ETF		—		—		93,670		2,409,572		(3,330	)		(87,660	)
SGI Global Equity Fund		141,279		4,638,412		20,444		727,075		(102,160	)		(3,509,307	)
SGI Small Cap Core Fund		69,840		2,021,405		41,190		1,166,426		(43,925	)		(1,439,874	)
SGI U.S. Large Cap Core ETF		72,890		1,876,034		11,993		372,499		(16,723	)		(482,335	)
SGI U.S. Large Cap Equity Fund		140,420		2,510,834		269,722		5,296,890		(34,661	)		(699,089	)
SGI U.S. Small Cap Equity Fund		72,077		738,593		7,809		86,609		(79,886	)		(825,202	)
		645,396	$	15,577,557		565,697	$	13,129,456		(418,374	)	$	(10,578,026	)

Issuer Name	Share Balance		Cost		Share Balance		Cost		Share Balance			Cost
SGI Peak Growth Fund
SGI Dynamic Tactical ETF		75,030	$	1,904,297		17,000	$	460,681		(2,920	)	$	(77,430	)
SGI Enhanced Core ETF		—		—		10,750		270,211		—			—
SGI Enhanced Global Income ETF		—		—		155,590		4,002,371		—			—
SGI Global Equity Fund		169,059		5,518,092		45,130		1,617,928		(116,194	)		(4,053,117	)
SGI Small Cap Core Fund		149,014		4,229,239		84,579		2,417,378		(83,389	)		(2,654,799	)
SGI U.S. Large Cap Core ETF		55,530		1,425,836		50,025		1,611,804		(2,945	)		(83,626	)
SGI U.S. Large Cap Equity Fund		192,484		3,461,172		206,384		4,024,159		(19,033	)		(384,448	)
SGI U.S. Small Cap Equity Fund		100,486		1,018,503		11,230		125,469		(111,716	)		(1,143,972	)
		741,603	$	17,557,139		580,688	$	14,530,001		(336,197	)	$	(8,397,392	)

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Notes to Financial Statements (Continued)

August 31, 2024

	August 31, 2024
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 Dynamic Tactical ETF	$	38,005	$	—	$	137,516		$	345,825			43,460	$	1,326,834	$	1,103,014
SGI Enhanced Core ETF		20,010		—		61,048			908			88,610		2,286,138		2,225,091
SGI Enhanced Global Income ETF		16,336		—		92,876			(1,344	)		90,340		2,414,788		2,321,912
SGI Global Equity Fund		67,242		—		367,152			337,692			59,562		2,403,963		1,856,181
SGI Small Cap Core Fund		—		—		518,988			(115,793	)		67,104		2,166,132		1,747,957
SGI U.S. Large Cap Core ETF		5,702		28,170		470,532			59,882			68,160		2,401,618		1,766,199
SGI U.S. Large Cap Equity Fund		25,508		102,169		1,037,584			(14,652	)		375,480		8,162,944		7,108,635
SGI U.S. Small Cap Equity Fund		5,484		7,899		(88,133	)		141,421			—		—		—
	$	178,287	$	138,238	$	2,597,563		$	753,939			792,716	$	21,162,417	$	18,128,989

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SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (CONCLUDED)

August 31, 2024

	August 31, 2024
Issuer Name	Dividend Income		Capital Gain Distribution		Net Change in Unrealized Appreciation/ (Depreciation)			Realized Gain/(Loss)			Share Balance		Value		Cost
SGI Peak Growth Fund
SGI Dynamic Tactical ETF	$	19,685	$	—	$	382,744		$	1,880			89,110	$	2,720,528	$	2,287,548
SGI Enhanced Core ETF		2,322				7,139			—			10,750		277,350		270,211
SGI Enhanced Global Income ETF		27,956				156,550			—			155,590		4,158,921		4,002,371
SGI Global Equity Fund		82,669		—		623,663			312,427			97,995		3,955,071		3,082,903
SGI Small Cap Core Fund		—		—		988,112			(140,893	)		150,204		4,848,588		3,991,818
SGI U.S. Large Cap Core ETF		4,405		21,760		532,445			5,759			102,610		3,615,463		2,954,014
SGI U.S. Large Cap Equity Fund		35,670		145,631		1,153,186			(18,605	)		379,835		8,257,603		7,100,882
SGI U.S. Small Cap Equity Fund		7,669		11,046		(134,076	)		207,800			—		—		—
	$	180,376	$	178,437	$	3,709,763		$	368,368			986,094	$	27,833,524	$	23,689,747

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 that there were no significant events requiring recognition or disclosure in the financial statements.

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SUMMIT GLOBAL INVESTMENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders of SGI U.S. Large Cap Equity Fund, SGI Global Equity Fund, SGI Prudent Growth Fund, SGI Peak Growth Fund, and SGI Small Cap Core Fund, and Board of Directors of The RBB Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of SGI U.S. Large Cap Equity Fund, SGI Global Equity Fund, SGI Prudent Growth Fund, SGI Peak Growth Fund, and SGI Small Cap Core Fund (collectively referred to as the “Funds”) (five of the portfolios constituting The RBB Fund, Inc. (the “Company”)), including the portfolios of investments, as of August 31, 2024, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (five of the portfolios constituting The RBB Fund, Inc.) at August 31, 2024, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual portfolio constituting The RBB Fund, Inc.	Statement of operations	Statements of changes in net assets	Financial highlights
SGI U.S. Large Cap Equity Fund SGI Global Equity Fund	For the year ended August 31, 2024	For each of the two years in the period ended August 31, 2024	For each of the five years in the period ended August 31, 2024
SGI Small Cap Core Fund	For the year ended August 31, 2024	For each of the two years in the period ended August 31, 2024	For each of the four years in the period ended August 31, 2024
SGI Prudent Growth Fund SGI Peak Growth Fund	For the year ended August 31, 2024	For each of the two years in the period ended August 31, 2024	For each of the four years in the period ended August 31, 2024 and the period June 8, 2020 (commencement of operations) through August 31, 2020

The financial highlights of SGI Small Cap Core Fund for each of the periods presented through August 31, 2020, were audited by other auditors whose report dated October 27, 2020, expressed an unqualified opinion on those financial statements.

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on each of the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Concluded)

included confirmation of securities owned as of August 31, 2024, by correspondence with the custodian. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Summit Global Investments investment companies since 2012.

Philadelphia, Pennsylvania
October 30, 2024

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SHAREHOLDER TAX INFORMATION (UNAUDITED)

Certain tax information is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable year ended August 31, 2024. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ending December 31, 2024. During the fiscal year ended August 31, 2024, the tax character of distributions paid by the Funds were as follows:

FUND		Ordinary Income		Long-Term Gains
SGI U.S. Large Cap Equity Fund	2024	$	3,031,713	$	12,258,966
SGI Global Equity Fund	2024		2,003,073		—
SGI Prudent Growth Fund	2024		114,358		—
SGI Peak Growth Fund	2024		14,474		117,001
SGI Small Cap Core Fund	2024		—		—

Distributions from net investment income and short-term capital gains are treated as ordinary income for federal income tax purposes.

Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentages of ordinary dividends paid during the fiscal year ended August 31, 2024 are designated as “qualified dividend income,” as defined in the Act, and are subject to reduced tax rates:

SGI U.S. Large Cap Equity Fund	69.10	%
SGI Global Equity Fund	53.70	%
SGI Prudent Growth Fund	12.69	%
SGI Peak Growth Fund	85.38	%
SGI Small Cap Core Fund	0.00	%

The percentage of total ordinary income dividends paid qualifying for corporate dividends received deduction for each Fund is as follows:

SGI U.S. Large Cap Equity Fund	69.03	%
SGI Global Equity Fund	25.74	%
SGI Prudent Growth Fund	7.60	%
SGI Peak Growth Fund	39.91	%
SGI Small Cap Core Fund	0.00	%

The percentage of qualified interest income related dividends not subject to withholding tax for non-resident aliens and foreign corporations is as follows:

SGI U.S. Large Cap Equity Fund	0.00	%
SGI Global Equity Fund	0.00	%
SGI Prudent Growth Fund	0.00	%
SGI Peak Growth Fund	0.00	%
SGI Small Cap Core Fund	0.00	%

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SUMMIT GLOBAL INVESTMENTS

SHAREHOLDER TAX INFORMATION (UNAUDITED) (Concluded)

The percentage of ordinary income distributions designated as qualified short-term gains pursuant to the American Job Creation Act of 2004 is as follows:

SGI U.S. Large Cap Equity Fund	0.00	%
SGI Global Equity Fund	0.00	%
SGI Prudent Growth Fund	17.80	%
SGI Peak Growth Fund	0.00	%
SGI Small Cap Core Fund	0.00	%

Because the Funds’ fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2024. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2025.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Funds, if any.

In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting.

Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Funds.

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Other Information (Unaudited)

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 renewal of the investment advisory agreements between Summit Global Investments, LLC (“Summit”) and the Company (the “Investment Advisory Agreements”) on behalf of the SGI U.S. Large Cap Equity Fund, SGI Global Equity Fund, SGI Peak Growth Fund, SGI Prudent Growth Fund, and SGI Small Cap Core Fund (each a “Fund” and together the “Funds”), at a meeting of the Board held on May 15-16, 2024 (for this section only, the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreements for an additional one-year term ending August 16, 2025. The Board’s decision to approve the Investment Advisory Agreements reflects the exercise of its business judgment to continue the existing arrangement. In approving the Investment Advisory Agreements, the Board considered information provided by Summit with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the renewal and approval of the Investment Advisory Agreements between the Company and Summit with respect to the Funds, 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 Summit, and discussed the Investment Advisory Agreements with counsel in executive sessions, at which no representatives of Summit were present. Among other things, the Directors considered (i) the nature, extent, and quality of Summit’s services provided to the Funds; (ii) descriptions of the experience and qualifications of Summit’s personnel providing those services; (iii) Summit’s investment philosophies and processes; (iv) Summit’s assets under management and client descriptions; (v) Summit’s soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) Summit’s current advisory fee arrangement with the Company and other similarly managed clients; (vii) Summit’s compliance procedures; (viii) Summit’s financial information, insurance coverage and profitability analysis related to providing advisory services to the Funds; (ix) the extent to which economies of scale are relevant to the Funds; (x) a report prepared by FUSE Research Network, LLC comparing each Fund’s management fees and total expense ratios to a group of mutual funds deemed comparable to the Fund based primarily on investment strategy similarity (“Peer Group”) and comparing the performance of each Fund to the performance of its Peer Group; and (xi) a report comparing the performance of each Fund to the performance of its benchmark.

As part of their review, the Directors considered the nature, extent and quality of the services provided by Summit. The Directors concluded that Summit had substantial resources to provide services to the Funds and that Summit’s services had been acceptable.

The Directors also considered the investment performance of the Funds. Information on the Funds’ investment performance was provided for the three-month, one-year, three-year, five-year, ten-year, and since inception periods ended December 31, 2023, as applicable. The Directors considered the Funds’ investment performance in light of their respective investment objectives and investment strategies. The Directors concluded that the investment performance of each of the Funds as compared to their respective benchmarks and Peer Groups was acceptable.

The Directors noted that the SGI U.S. Large Cap Equity Fund outperformed its benchmark, the S&P 500^® Low Volatility Index, for the three-month, one-year, five-year, and ten-year periods ended December 31, 2023 and underperformed its benchmark for the three-year and since inception periods ended December 31, 2023. The Directors also noted that the SGI U.S. Large Cap Equity Fund underperformed the median of its Peer Group for the three-month, one-year, three-year, five-year, ten-year, and since-inception periods ended December 31, 2023.

The Directors noted that the SGI Global Equity Fund’s investment performance outperformed its benchmark, the MSCI ACWI Minimum Volatility (USD) Index, for the three-month, one-year, three-year, five-year, and since-inception periods ended December 31, 2023, and underperformed its benchmark for the ten-year period ended December 31,

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SUMMIT GLOBAL INVESTMENTS

Other Information (Unaudited) (Concluded)

2023. The Directors also noted that the SGI Global Equity Fund outperformed the median of its Peer Group for the since-inception period ended December 31, 2023, and underperformed the median of its Peer Group for the three-month, one-year, three-year, five-year, and ten-year periods ended December 31, 2023.

The Directors noted that the SGI Small Cap Core Fund’s investment performance outperformed its benchmark, the Russell 2000^® Index, for the three-month, one-year, three-year, five-year, ten-year, and since-inception periods ended December 31, 2023. The Directors also noted that the SGI Small Cap Core Fund outperformed the median of its Peer Group for the three-month, one-year, five-year, ten-year, and since-inception periods ended December 31, 2023, and underperformed the median of its Peer Group for the three-year period ended December 31, 2023.

Next, the Directors noted that the SGI Peak Growth Fund’s investment performance underperformed its benchmark, the S&P 500 Index, for the three-month, one-year, three-year and since-inception periods ended December 31, 2023. The Directors also noted that the SGI Peak Growth Fund underperformed the median of its Peer Group for the three-month, one-year, three-year and since-inception periods ended December 31, 2023.

Finally, the Directors noted that the SGI Prudent Growth Fund’s investment performance underperformed its benchmark, the S&P 500 Index, for the three-month, one-year, three-year and since-inception periods ended December 31, 2023. The Directors also noted that the SGI Prudent Growth Fund underperformed the median of its Peer Group for the three-month, one-year, three-year and since-inception periods ended December 31, 2023.

The Board also considered the advisory fee rates payable by the Funds under the Investment Advisory Agreements. In this regard, information on the fees paid by the Funds and the Funds’ total operating expense ratios (before and after fee waivers and expense reimbursements) were compared to similar information for mutual funds advised by other, unaffiliated investment advisory firms. The Directors noted that Summit had contractually agreed to waive management fees and reimburse expenses through at least December 31, 2024 for the Funds to limit total annual operating expenses to agreed upon levels for each Fund.

The Directors noted that the SGI U.S. Large Cap Equity Fund’s net advisory fee and total net expenses were each above the median of its Peer Group and each ranked in the 5th quintile of its Peer Group.

The Directors noted that the SGI Global Equity Fund’s net advisory fee was above the median of its Peer Group and ranked in the 3rd quintile of its Peer Group, and its total net expenses was above the median of its Peer Group and ranked in the 3rd quintile of its Peer Group.

The Directors noted that the SGI Small Cap Core Fund’s net advisory fee and total net expenses were each above the median of its Peer Group and each ranked in the 5th quintile of its Peer Group.

The Directors noted that the net advisory fee of the SGI Peak Growth Fund ranked below the median and in the 3rd quintile of its Peer Group, and the Fund’s total net expenses (including acquired fund fees and expenses) were above the median and in the 5th quintile of its Peer Group.

The Directors noted that the net advisory fee of the SGI Prudent Growth Fund ranked above the median and in the 5th quintile of its Peer Group, and the Fund’s total net expenses (including acquired fund fees and expenses) were above the median and in the 5th quintile of its Peer Group.

After reviewing information relating to Summit’s costs, profitability and economies of scale, and after considering the services to be provided by Summit, the Directors concluded that the investment advisory fees to be paid by the Funds to Summit were fair and reasonable and that the Investment Advisory Agreements should be approved and continued for an additional one-year period ending August 16, 2025.

46

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
3 Canal Plaza, Suite 100
Portland, ME 04101

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 U.S. LARGE CAP CORE ETF

SGI DYNAMIC TACTICAL ETF

SGI ENHANCED GLOBAL INCOME ETF

SGI ENHANCED CORE ETF

SGI ENHANCED NASDAQ-100 ETF

of

The RBB Fund, Inc.

Financial Statements

August 31, 2024

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 CORE ETF

Portfolio of Investments

August 31, 2024

	Shares		Value
COMMON STOCKS — 97.5%
Aerospace/Defense — 0.4%
TransDigm Group, Inc.		247	$	339,183
Auto Manufacturers — 0.8%
Cummins, Inc.		597		186,771
Ford Motor Co.		14,976		167,581
General Motors Co.		3,915		194,889
PACCAR, Inc.		1,742		167,546
				716,787
Banks — 2.1%
Bank of America Corp.		33,933		1,382,770
Citigroup, Inc.		3,015		188,859
JPMorgan Chase & Co.		842		189,282
Popular, Inc.		1,868		191,470
				1,952,381
Beverages — 0.5%
Coca-Cola Co.		6,330		458,735
Biotechnology — 4.6%
Regeneron Pharmaceuticals, Inc.(a)		1,895		2,244,988
United Therapeutics Corp.(a)		4,915		1,786,848
Vertex Pharmaceuticals, Inc.(a)		435		215,712
				4,247,548
Building Materials — 1.4%
Louisiana-Pacific Corp.		1,918		186,142
Owens Corning		4,488		757,260
Trane Technologies PLC		908		328,387
				1,271,789
Chemicals — 0.5%
LyondellBasell Industries NV - Class A		4,348		429,148
Commercial Services — 1.9%
Automatic Data Processing, Inc.		6,306		1,739,889
Cosmetics & Personal Care — 0.8%
Colgate-Palmolive Co.		6,667		710,036
Distribution/Wholesale — 0.2%
WW Grainger, Inc.		179		176,301
Diversified Financial Services — 4.4%
American Express Co.		773		199,936
Ameriprise Financial, Inc.		435		195,506
Interactive Brokers Group, Inc., Class A - Class A		1,467		189,082
Mastercard, Inc. - Class A		6,734		3,254,812
Synchrony Financial		3,850		193,501
				4,032,837
Electric — 1.1%
American Electric Power Co., Inc.		1,860		186,521
Exelon Corp.		7,966		303,425
Sempra		6,635		545,264
				1,035,210
Electronics — 0.2%
Amphenol Corp. - Class A		2,740	$	184,813
Environmental Control — 0.3%
Waste Management, Inc.		1,479		313,607
Food — 4.0%
Kroger Co., (The)		29,768		1,583,955
Pilgrim’s Pride Corp.(a)		36,104		1,681,724
Sysco Corp.		4,941		385,250
				3,650,929
Freight & Logistics — 1.9%
CSX Corp.		6,026		206,511
FedEx Corp.		651		194,499
Union Pacific Corp.		5,305		1,358,558
				1,759,568
Healthcare-Products — 0.2%
Intuitive Surgical, Inc.(a)		372		183,258
Healthcare-Services — 2.6%
Centene Corp.(a)		2,516		198,336
Elevance Health, Inc.		1,076		599,214
HCA Healthcare, Inc.		595		235,376
Humana, Inc.		2,588		917,368
Medpace Holdings, Inc.(a)		470		166,977
Universal Health Services, Inc. - Class B		1,071		254,866
				2,372,137
Home Builders — 1.4%
DR Horton, Inc.		1,274		240,480
Lennar Corp. - Class A		3,662		666,704
NVR, Inc.(a)		20		183,449
PulteGroup, Inc.		1,553		204,453
				1,295,086
Insurance — 9.2%
Allstate Corp., (The)		16,727		3,160,399
American Financial Group, Inc.		4,042		540,092
American International Group, Inc.		2,439		187,925
Arch Capital Group Ltd.(a)		3,864		436,980
Berkshire Hathaway, Inc. - Class B(a)		1,608		765,279
Everest Group Ltd.		502		196,904
Hartford Financial Services Group Inc., (The)		1,956		227,092
MetLife, Inc.		2,469		191,298
Progressive Corp.		9,684		2,442,305
Prudential Financial, Inc.		1,425		172,653
Unum Group		3,955		219,463
				8,540,390
Machinery-Construction & Mining — 0.2%
Caterpillar, Inc.		597		212,592

The accompanying notes are an integral part of the financial statements.
1

SGI U.S. LARGE CAP CORE ETF

Portfolio of Investments (Continued)

August 31, 2024

	Shares		Value
Media — 0.5%
Comcast Corp. - Class A		6,014	$	237,974
Walt Disney Co.		2,095		189,346
				427,320
Mining — 0.4%
Freeport-McMoRan, Inc.		3,846		170,301
Newmont Corp.		4,259		227,388
				397,689
Oil & Gas — 1.2%
Chord Energy Corp.		1,184		175,741
ConocoPhillips		1,635		186,047
Diamondback Energy, Inc.		1,056		206,036
EOG Resources, Inc.		1,664		214,356
Matador Resources Co.		3,422		194,096
Ovintiv, Inc.		4,160		178,173
				1,154,449
Online Services — 14.4%
Alphabet, Inc. - Class A		26,370		4,308,331
Amazon.com, Inc.(a)		24,369		4,349,867
Booking Holdings, Inc.		48		187,643
Meta Platforms, Inc. - Class A		7,264		3,786,796
Netflix, Inc.(a)		278		194,975
Spotify Technology SA(a)		1,415		485,175
				13,312,787
Pharmaceuticals — 3.9%
AbbVie, Inc.		1,200		235,572
The Cigna Group		554		200,443
Eli Lilly & Co.		2,193		2,105,324
Neurocrine Biosciences, Inc.(a)		8,539		1,084,965
				3,626,304
Real Estate — 0.2%
CBRE Group, Inc. - Class A(a)		1,781		205,064
REITS — 2.5%
Host Hotels & Resorts, Inc.		10,108		178,911
Simon Property Group, Inc.		12,791		2,140,574
				2,319,485
Retail — 4.9%
Bath & Body Works, Inc.		5,374		165,304
Costco Wholesale Corp.		2,602		2,321,973
Ferguson Enterprises, Inc.		870		178,968
Home Depot, Inc.		1,597		588,494
Ross Stores, Inc.		2,150		323,812
Target Corp.		1,161		178,353
Texas Roadhouse, Inc.		1,078		181,913
TJX Cos., Inc.		1,679		196,896
Walmart, Inc.		2,780		214,699
Wingstop, Inc.		495		191,124
				4,541,536
Semiconductors — 13.8%
Advanced Micro Devices, Inc.(a)		1,506	$	223,731
Amkor Technology, Inc.		5,629		185,194
Applied Materials, Inc.		9,118		1,798,617
Broadcom, Inc.		2,128		346,481
KLA Corp.		273		223,704
Lam Research Corp.		1,958		1,607,538
Monolithic Power Systems, Inc.		222		207,499
NVIDIA Corp.		42,322		5,051,977
QUALCOMM, Inc.		17,549		3,076,340
				12,721,081
Software — 11.7%
Adobe, Inc.(a)		865		496,865
AppLovin Corp. - Class A(a)		2,247		208,679
Autodesk, Inc.(a)		729		188,374
Intuit, Inc.		535		337,189
Microsoft Corp.		13,733		5,728,584
Oracle Corp.		1,322		186,785
Salesforce.com, Inc.		752		190,181
ServiceNow, Inc.(a)		532		454,860
Veeva Systems, Inc. - Class A(a)		12,210		2,642,732
Workday, Inc. - Class A(a)		745		196,076
Zoom Video Communications, Inc. - Class A(a)		2,422		167,312
				10,797,637
Technology — 4.6%
Apple, Inc.		16,867		3,862,543
Cognizant Technology Solutions Corp. - Class A		2,387		185,637
Leidos Holdings, Inc.		1,246		197,503
				4,245,683
Telecommunications — 0.7%
Arista Networks, Inc.(a)		1,709		603,926
TOTAL COMMON STOCKS (Cost $84,624,724)				89,975,185

The accompanying notes are an integral part of the financial statements.
2

SGI U.S. LARGE CAP CORE ETF

Portfolio of Investments (CONCLUDED)

August 31, 2024

	Shares		Value
EXCHANGE TRADED FUNDS — 1.2%
iShares Core S&P 500 ETF		1,952	$	1,106,296
TOTAL EXCHANGE TRADED FUNDS (Cost $1,098,057)				1,106,296
TOTAL INVESTMENTS — 98.7% (Cost $85,722,781)				91,081,481
Other Assets in Excess of Liabilities — 1.3%				1,210,089
TOTAL NET ASSETS — 100.0%			$	92,291,570

Percentages are stated as a percent of net assets.

ETF - Exchange-Traded Fund

NV - Naamloze Vennootschap

PLC - Public Limited Company

REIT - Real Estate Investment Trust

SA - Sociedad Anónima

^(a) Non-income producing security.

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

SGI DYNAMIC TACTICAL ETF

Portfolio of Investments

August 31, 2024

	Shares		Value
EXCHANGE TRADED FUNDS — 99.7%
iShares Core MSCI EAFE ETF		39,707	$	3,064,983
iShares Core U.S. Aggregate Bond ETF		120,602		12,090,351
iShares MSCI USA Min Vol Factor ETF		65,812		6,009,952
PGIM Ultra Short Bond ETF		57,505		2,862,024
Schwab US Dividend Equity ETF		56,865		4,806,798
SGI Enhanced Nasdaq-100 ETF(a)(b)		206,880		5,263,151
SGI U.S. Large Cap Core ETF(b)(c)		598,640		21,093,080
Vanguard Small-Cap ETF		18,118		4,229,104
TOTAL EXCHANGE TRADED FUNDS (Cost $54,134,107)				59,419,443
TOTAL INVESTMENTS — 99.7% (Cost $54,134,107)				59,419,443
Assets in Excess of Other Liabilities — 0.3%				189,294
TOTAL NET ASSETS — 100.0%			$	59,608,737

Percentages are stated as a percent of net assets.

ETF - Exchange-Traded Fund

^(a) Non-income producing security.

^(b) Affiliated company as defined by the Investment Company Act of 1940. See Note 6.

^(c) Fair value of this security exceeds 25% of the Fund’s net assets. Additional information for this security, including the financial statements, is available from the SEC’s EDGAR database at www.sec.gov.

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

SGI ENHANCED GLOBAL INCOME ETF

Portfolio of Investments

August 31, 2024

	Shares		Value
COMMON STOCKS — 98.0%
Aerospace/Defense — 0.5%
Lockheed Martin Corp.		638	$	362,448
Banks — 11.4%
Banco Bilbao Vizcaya Argentaria SA - ADR		72,812		775,448
Banco Santander SA - ADR		63,918		318,312
Bancolombia SA - ADR		53,646		1,775,146
Bank of New York Mellon Corp.		5,629		384,010
Citizens Financial Group, Inc.		8,653		372,512
ICICI Bank Ltd. - ADR		17,294		506,887
ING Groep NV - ADR		19,581		356,570
JPMorgan Chase & Co.		3,242		728,802
Shinhan Financial Group Co. Ltd. - ADR		39,039		1,657,205
UBS Group AG		17,551		539,869
Woori Financial Group, Inc. - ADR		10,218		370,198
				7,784,959
Beverages — 3.2%
Coca-Cola Co.		6,271		454,459
Coca-Cola Femsa SAB de CV - ADR		11,272		949,553
PepsiCo, Inc.		4,437		767,069
				2,171,081
Building Materials — 0.5%
UFP Industries, Inc.		2,940		357,710
Commercial Services — 0.9%
Automatic Data Processing, Inc.		2,263		624,384
Cosmetics/Personal Care — 1.5%
Colgate-Palmolive Co.		5,474		582,981
Unilever PLC - ADR		7,366		477,243
				1,060,224
Diversified Financial Services — 2.1%
American Express Co.		1,364		352,799
Janus Henderson Group PLC		9,186		345,485
Mastercard, Inc. - Class A		700		338,338
TPG, Inc. Class A		7,633		385,085
				1,421,707
Electric — 3.4%
American Electric Power Co., Inc.		3,734		374,445
Cia Energetica de Minas Gerais - ADR		329,040		674,532
Clearway Energy, Inc. - Class C		12,756		369,414
Entergy Corp.		2,865		345,777
Evergy, Inc.		9,450		558,873
				2,323,041
Electronics — 2.0%
Amphenol Corp. - Class A		15,452	$	1,042,237
Honeywell International, Inc.		1,515		314,984
				1,357,221
Food — 0.4%
Sysco Corp.		3,711		289,347
Healthcare-Services — 0.5%
Elevance Health, Inc.		635		353,625
Home Builders — 1.3%
DR Horton, Inc.		1,830		345,431
Lennar Corp. - Class A		3,027		551,095
				896,526
Insurance — 4.3%
Allstate Corp.		1,849		349,350
American Financial Group, Inc.		4,781		638,837
American International Group, Inc.		4,271		329,081
Berkshire Hathaway, Inc. - Class B(a)		734		349,325
Corebridge Financial, Inc.		11,053		326,727
Progressive Corp.		1,555		392,171
Prudential Financial, Inc.		4,499		545,099
				2,930,590
Machinery-Diversified — 0.4%
Deere & Co.		708		273,104
Mining — 3.3%
Rio Tinto PLC - ADR		35,194		2,226,724
Oil & Gas — 7.8%
Civitas Resources, Inc.		20,400		1,251,132
EOG Resources, Inc.		3,687		474,960
Equinor ASA - ADR		72,625		1,952,886
Permian Resources Corp. Class A		22,063		314,177
Petroleo Brasileiro SA - ADR		60,943		928,162
Shell PLC Class A - ADR		5,208		373,205
				5,294,522
Online Services — 11.1%
Alibaba Group Holding Ltd. - ADR		8,063		671,970
Alphabet, Inc. - Class C		12,944		2,137,184
Amazon.com, Inc.(a)		5,749		1,026,197
JD.com, Inc. - ADR		10,681		288,387
Meta Platforms, Inc. - Class A		5,119		2,668,586
PDD Holdings, Inc. - ADR(a)		3,882		373,099
Shopify, Inc. - Class A(a)		5,505		407,755
				7,573,178
Pharmaceuticals — 9.3%
AbbVie, Inc.		3,567		700,238
Bristol-Myers Squibb Co.		14,475		723,026
Eli Lilly & Co.		2,803		2,690,936
Novo Nordisk AS - ADR		15,877		2,209,443
				6,323,643

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

SGI ENHANCED GLOBAL INCOME ETF

Portfolio of Investments (concluded)

August 31, 2024

	Shares		Value
Private Equity — 0.6%
Brookfield Corp.		8,097	$	407,117
Real Estate — 1.3%
CBRE Group, Inc. - Class A(a)		7,555		869,883
Retail — 3.5%
Ferguson Enterprises, Inc.		3,237		665,883
Home Depot, Inc.		2,735		1,007,848
TJX Companies, Inc.		5,912		693,300
				2,367,031
Semiconductors — 9.2%
Applied Materials, Inc.		4,904		967,363
Broadcom, Inc.		358		58,289
Lam Research Corp.		1,177		966,329
Micron Technology, Inc.		9,579		921,883
NVIDIA Corp.		7,951		949,111
QUALCOMM, Inc.		7,963		1,395,914
Taiwan Semiconductor Manufacturing Co. Ltd. - ADR		5,884		1,010,283
				6,269,172
Software — 3.4%
Microsoft Corp.		4,626		1,929,690
SAP SE - ADR		1,721		378,121
				2,307,811
Technology — 6.4%
Apple, Inc.		11,139		2,550,831
Infosys Ltd. - ADR		64,169		1,493,855
Logitech International S.A.		3,731		339,558
				4,384,244
Telecommunications — 3.9%
TELUS Corp.		64,509		1,041,175
TIM SA - ADR		101,316		1,612,951
				2,654,126
Transportation — 5.8%
CSX Corp.		40,039		1,372,136
FedEx Corp.		2,239		668,946
Frontline PLC		39,129		944,574
TFI International, Inc.		2,446		362,326
Union Pacific Corp.		2,537		649,700
				3,997,682
TOTAL COMMON STOCKS (Cost $64,343,973)				66,881,100
SHORT-TERM INVESTMENTS — 0.8%
Money Market Funds — 0.8%
First American Government Obligations Fund - Class X, 5.22%(b)		557,853	$	557,853
TOTAL SHORT-TERM INVESTMENTS (Cost $557,853)				557,853
TOTAL INVESTMENTS — 98.8% (Cost $64,901,826)				67,438,953
Other Assets in Excess of Liabilities — 1.2%				799,675
TOTAL NET ASSETS — 100.0%			$	68,238,628

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

AG - Aktiengesellschaft

ASA - Advanced Subscription Agreement

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

SAB de CV - Sociedad Anónima Bursátil de Capital Variable

^(a) Non-income producing security.

^(b) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

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

SGI ENHANCED CORE ETF

Portfolio of Investments

August 31, 2024

	Shares		Value
SHORT-TERM INVESTMENTS — 73.1%
Money Market Funds — 73.1%
Fidelity Government Cash Reserves, 5.00%(a)		21,435,573	$	21,435,573
First American Government Obligations Fund - Class X, 5.22%(a)		2,564,614		2,564,614
JPMorgan Liquid Assets Money Market Fund - Class I, 5.25%(a)		25,647		25,647
PIMCO Government Money Market Fund - Class M(a)		21,440,169		21,440,169
T Rowe Price US Treasury Money Fund, Inc. - Class I, 5.04%(a)		45,516		45,516
Vanguard Federal Money Market Fund - Class I, 5.25%(a)		24,465,521		24,465,521
Vanguard Treasury Money Market Fund - Class I, 5.25%(a)		24,465,871		24,465,871
TOTAL SHORT-TERM INVESTMENTS (Cost $94,442,911)				94,442,911
TOTAL INVESTMENTS — 73.1% (Cost $94,442,911)				94,442,911
Other Assets in Excess of Liabilities — 26.9%				34,814,124
TOTAL NET ASSETS — 100.0%			$	129,257,035

Percentages are stated as a percent of net assets.

^(a) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

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

SGI ENHANCED CORE ETF

Portfolio of Investments

August 31, 2024

	Notional Amount			Contracts			Value
WRITTEN OPTIONS — 0.0%(a)(b)(c)
Call Options — 0.0%(a)
S&P 500 Index(b)(c)
Expiration: 09/03/2024; Exercise Price: $5,735.00	$	(197,694,000	)		(350	)	$	(1,750	)
Expiration: 09/03/2024; Exercise Price: $5,750.00		(16,380,360	)		(29	)		(145	)
Expiration: 09/04/2024; Exercise Price: $5,800.00		(141,210,000	)		(250	)		(1,750	)
Expiration: 09/06/2024; Exercise Price: $5,830.00		(90,374,400	)		(160	)		(1,600	)
Total Call Options								(5,245	)
Put Options — 0.0%(a)
S&P 500 Index(b)(c)
Expiration: 09/03/2024; Exercise Price: $5,225.00		(112,968,000	)		(200	)		(2,000	)
Expiration: 09/03/2024; Exercise Price: $5,235.00		(28,242,000	)		(50	)		(500	)
Expiration: 09/03/2024; Exercise Price: $5,250.00		(338,904,000	)		(600	)		(6,000	)
Total Put Options								(8,500	)
TOTAL WRITTEN OPTIONS (Premiums received $14,948)							$	(13,745	)

Percentages are stated as a percent of net assets.

^(a) Represents less than 0.05% of net assets.

^(b) 100 shares per contract.

^(c) Exchange-traded.

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

SGI ENHANCED NASDAQ-100 ETF

Portfolio of Investments

August 31, 2024

	Shares		Value
SHORT-TERM INVESTMENTS — 4.7%
Money Market Funds — 4.7%
First American Government Obligations Fund - Class X, 5.22%(a)		500,034	$	500,034
TOTAL SHORT-TERM INVESTMENTS (Cost $500,034)				500,034
TOTAL INVESTMENTS — 4.7% (Cost $500,034)				500,034
Other Assets in Excess of Liabilities — 95.3%				10,053,478
TOTAL NET ASSETS — 100.0%			$	10,553,512

Percentages are stated as a percent of net assets.

^(a) The rate shown represents the 7-day annualized effective yield as of August 31, 2024.

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

SGI ENHANCED NASDAQ-100 ETF

Portfolio of Investments

August 31, 2024

	Notional Amount			Contracts			Value
WRITTEN OPTIONS — 0.0%(a)(b)(c)
Call Options — 0.0%(a)
S&P 500 Index, Expiration: 09/03/2024; Exercise Price: $5,740.00(b)(c)	$	(6,778,080	)		(12	)	$	(60	)
Put Options — 0.0% (a)
S&P 500 Index, Expiration: 09/03/2024; Exercise Price: $5,250.00(b)(c)		(16,945,200	)		(30	)		(300	)
TOTAL WRITTEN OPTIONS (Premiums received $308)							$	(360	)

Percentages are stated as a percent of net assets.

^(a) Represents less than 0.05% of net assets.

^(b) 100 shares per contract.

^(c) Exchange-traded.

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

SGI ENHANCED NASDAQ-100 ETF

Portfolio of Investments

August 31, 2024

Futures contracts outstanding as of August 31, 2024 were as follows:

Description	Contracts Purchased		Expiration Date		Notional		Value / Unrealized Appreciation (Depreciation)(1)
Micro E-Mini Nasdaq 100 Future Sept 2024		5		09/20/2024	$	196,230	$	(597	)
Nasdaq 100 Index		25		09/20/2024		9,811,500		(98,010	)
Total Unrealized Appreciation (Depreciation)							$	(98,607	)

⁽¹⁾ The Fund has recorded an asset of $1,260,940 as of August 31, 2024 related to the current day’s variation margin related to these contracts. Deposit at broker for futures contracts is reported within the Statement of Assets and Liabilities.

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

SUMMIT GLOBAL INVESTMENTS

Statements of Assets and Liabilities

August 31, 2024

	SGI U.S. Large Cap CORE ETF		SGI DYNAMIC TACTICAL ETF
ASSETS
Investments, at fair value
Unaffiliated investments (cost $85,722,781 and $30,675,940, respectively)	$	91,081,481	$	33,063,212
Affiliated investments (cost $— and $23,458,167, respectively) (see Note 7)		—		26,356,231
Short-term investments, at value (cost $— and $—, respectively)		—		—
Cash and cash equivalents		1,186,483		236,281
Deposit at broker for futures contracts		—		—
Deposit at broker for options		—		—
Receivables for:
Investments sold		—		—
Dividends and interest		88,887		1,014
Total Assets	$	92,356,851	$	59,656,738
LIABILITIES
Written options, at value (premiums received $— and $—, respectively)	$	—	$	—
Payables for:
Advisory fees		65,281		48,001
Investments purchased		—		—
Broker interest		—		—
Total Liabilities		65,281		48,001
Net assets	$	92,291,570	$	59,608,737
NET ASSETS CONSIST OF:
Par value	$	2,620	$	1,950
Paid-in capital		80,519,895		51,859,337
Total distributable earnings/(losses)		11,769,055		7,747,450
Net assets	$	92,291,570	$	59,608,737
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		2,620,000		1,950,000
Net asset value and redemption price per share	$	35.23	$	30.57

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

SUMMIT GLOBAL INVESTMENTS

Statements of Assets and Liabilities (CONCLUDED)

August 31, 2024

	SGI ENHANCED GLOBAL INCOME ETF		SGI ENHANCED CORE ETF		SGI ENHANCED NASDAQ-100 ETF
ASSETS
Investments, at fair value
Unaffiliated investments (cost $64,343,973, $— and $—, respectively)	$	66,881,100	$	—	$	—
Affiliated investments (cost $—, $—, and $—, respectively) (Note 6)		—		—		—
Short-term investments, at value (cost $557,853, $94,442,911, and $500,034, respectively)		557,853		94,442,911		500,034
Cash and cash equivalents		—		—		—
Deposit at broker for futures contracts		—		—		1,260,940
Deposit at broker for options		615,846		34,408,660		8,766,339
Receivables for:
Investments sold		10,846		—		1,512
Dividends and interest		236,215		519,528		33,323
Total Assets	$	68,301,860	$	129,371,099	$	10,562,148
LIABILITIES
Written options, at value (premiums received $—, $14,948, and $308, respectively)	$	—	$	13,745	$	360
Payables for:
Advisory fees		54,760		100,319		8,276
Investments purchased		771		—		—
Broker interest		7,701		—		—
Total Liabilities		63,232		114,064		8,636
Net assets	$	68,238,628	$	129,257,035	$	10,553,512
NET ASSETS CONSIST OF:
Par value	$	2,545	$	5,010	$	415
Paid-in Capital		65,224,756		126,476,778		10,515,488
Total distributable earnings/(losses)		3,011,327		2,775,247		37,609
Net assets	$	68,238,628	$	129,257,035	$	10,553,512
Shares outstanding ($0.001 par value, 100,000,000 shares authorized)		2,545,000		5,010,000		415,000
Net asset value and redemption price per share	$	26.81	$	25.80	$	25.43

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

SUMMIT GLOBAL INVESTMENTS

Statements of Operations

FOR THE Year ENDED August 31, 2024

	SGI U.S. Large Cap CORE ETF			SGI DYNAMIC TACTICAL ETF
INVESTMENT INCOME
Dividends
Dividends from unaffiliated investments	$	1,302,674	(1)	$	1,384,797
Dividends from affiliated investments (Note 6)		—			80,642
Interest		66,088			19,002
Total investment income		1,368,762			1,484,441
EXPENSES
Advisory fees (Note 2)		795,489			797,772
Broker interest expense		—			—
Total expenses		795,489			797,772
Net investment income/(loss)		573,273			686,669
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments
Unaffiliated investments		5,256,994			1,443,073
Affiliated investments (Note 6)		—			1,167,462
Distributions from affiliated investments (Note 6)		—			398,373
Written options		—			—
Futures contracts		—			—
Net realized gain from redemption in-kind		16,117,021			8,237,739
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		2,451,191			490,066
Affiliated investments (Note 6)		—			2,408,213
Written options		—			—
Futures contracts		—			—
Net realized and unrealized gain/(loss) on investments		23,825,206			14,144,926
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	24,398,479		$	14,831,595

⁽¹⁾ Net of foreign withholding taxes of $182.

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

SUMMIT GLOBAL INVESTMENTS

Statements of Operations (Concluded)

FOR THE Period ENDED August 31, 2024⁽¹⁾

	SGI ENHANCED GLOBAL INCOME ETF			SGI ENHANCED core ETF		SGI ENHANCED NASDAQ-100 ETF
INVESTMENT INCOME
Dividends
Dividends from unaffiliated investments	$	932,149	(2)	$	1,701,683	$	517
Dividends from affiliated investments (Note 6)		—			—		—
Interest		29,633			429,027		60,576
Total investment income		961,782			2,130,710		61,093
EXPENSES
Advisory fees (Note 2)		261,368			405,684		15,052
Broker interest expense		43,016			3,491		3,012
Total expenses		304,384			409,175		18,064
Net investment income/(loss)		657,398			1,721,535		43,029
NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS
Net realized gain/(loss) from investments
Unaffiliated investments		(408,372	)		—		8,698
Affiliated investments (Note 6)		—			—		—
Distributions from affiliated investments (Note 6)		—			—		—
Written options		661,045			1,933,544		72,659
Futures contracts		—			—		11,882
Net realized gain from redemption in-kind		—			—		—
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		2,537,127			—		—
Affiliated investments (Note 6)		—			—		—
Written options		—			1,203		(52	)
Futures contracts		—			—		(98,607	)
Net realized and unrealized gain/(loss) on investments		2,789,800			1,934,747		(5,420	)
NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS	$	3,447,198		$	3,656,282	$	37,609

⁽¹⁾ Inception date of the SGI Enhanced Global Income ETF, SGI Enhanced Core ETF and SGI Enhanced Nasdaq-100 ETF was February 28, 2024, February 28, 2024 and June 13, 2024, respectively.

⁽²⁾ Net of foreign withholding taxes of $65,249.

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

SGI U.S. LARGE CAP CORE ETF

StatementS of Changes in Net Assets

	FOR THE Year ENDED AUGUST 31, 2024			FOR THE PERIOD ENDED AUGUST 31, 2023(1)
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	573,273		$	260,042
Net realized gain/(loss) on investments
Unaffiliated investments		5,256,994			2,283,197
Affiliated investments (Note 6)		—			—
Distributions from affiliated investments (Note 6)		—			—
Written options		—			—
Futures contracts		—			—
Net realized gain from redemption in-kind		16,117,021			—
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		2,451,191			2,907,509
Affiliated investments (Note 6)		—			—
Written options		—			—
Futures contracts		—			—
Net increase/(decrease) in net assets resulting from operations		24,398,479			5,450,748
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(1,544,660	)		—
Net decrease in net assets from dividends and distributions to shareholders		(1,544,660	)		—
INCREASE/(DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		106,414,001			103,405,429
Shares redeemed		(135,001,112	)		(10,831,315	)
Net increase/(decrease) in net assets from capital shares		(28,587,111	)		92,574,114
Total increase/(decrease) in net assets		(5,733,292	)		98,024,862
NET ASSETS:
Beginning of period		98,024,862			—
End of period	$	92,291,570		$	98,024,862
SHARES TRANSACTIONS:
Shares sold		3,385,000			3,890,000
Shares redeemed		(4,265,000	)		(390,000	)
Net increase/(decrease) in shares outstanding		(880,000	)		3,500,000

⁽¹⁾ Inception date of the Fund was March 30, 2023.

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

SGI DYNAMIC TACTICAL ETF

StatementS of Changes in Net Assets

	FOR THE Year ENDED AUGUST 31, 2024			FOR THE PERIOD ENDED AUGUST 31, 2023(1)
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	686,669		$	408,384
Net realized gain/(loss) on investments
Unaffiliated investments		1,443,073			(699,494	)
Affiliated investments (Note 6)		1,167,462			2,621
Distributions from affiliated investments (Note 6)		398,373			—
Written options		—			—
Futures contracts		—			—
Net realized gain from redemption in-kind		8,237,739			—
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		490,066			1,897,206
Affiliated investments (Note 6)		2,408,213			489,851
Written options		—			—
Futures contracts		—			—
Net increase/(decrease) in net assets resulting from operations		14,831,595			2,098,568
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(972,668	)		—
Net decrease in net assets from dividends and distributions to shareholders		(972,668	)		—
INCREASE/(DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		23,648,762			109,300,356
Shares redeemed		(88,294,403	)		(1,003,473	)
Net increase/(decrease) in net assets from capital shares		(64,645,641	)		108,296,883
Total increase/(decrease) in net assets		(50,786,714	)		110,395,451
NET ASSETS:
Beginning of period		110,395,451			—
End of period	$	59,608,737		$	110,395,451
SHARES TRANSACTIONS:
Shares sold		845,000			4,290,000
Shares redeemed		(3,145,000	)		(40,000	)
Net increase/(decrease) in shares outstanding		(2,300,000	)		4,250,000

⁽¹⁾ Inception date of the Fund was March 29, 2023.

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

SGI ENHANCED GLOBAL INCOME ETF

Statement of Changes in Net Assets

	FOR THE Period ENDED AUGUST 31, 2024(1)
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	657,398
Net realized gain/(loss) on investments
Unaffiliated investments		(408,372	)
Affiliated investments (Note 6)		—
Distributions from affiliated investments (Note 6)		—
Written options		661,045
Futures contracts		—
Net realized gain from redemption in-kind		—
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		2,537,127
Affiliated investments (Note 6)		—
Written options		—
Futures contracts		—
Net increase/(decrease) in net assets resulting from operations		3,447,198
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(435,871	)
Net decrease in net assets from dividends and distributions to shareholders		(435,871	)
INCREASE/(DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		65,227,301
Shares redeemed		—
Net increase/(decrease) in net assets from capital shares		65,227,301
Total increase/(decrease) in net assets		68,238,628
NET ASSETS:
Beginning of period		—
End of period	$	68,238,628
SHARES TRANSACTIONS:
Shares sold		2,545,000
Shares redeemed		—
Net increase/(decrease) in shares outstanding		2,545,000

⁽¹⁾ Inception date of the Fund was February 28, 2024.

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

SGI ENHANCED CORE ETF

Statement of Changes in Net Assets

	FOR THE Period ENDED AUGUST 31, 2024(1)
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	1,721,535
Net realized gain/(loss) on investments
Unaffiliated investments		—
Affiliated investments (Note 6)		—
Distributions from affiliated investments (Note 6)		—
Written options		1,933,544
Futures contracts		—
Net realized gain from redemption in-kind		—
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		—
Affiliated investments (Note 6)		—
Written options		1,203
Futures contracts		—
Net increase/(decrease) in net assets resulting from operations		3,656,282
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		(881,035	)
Net decrease in net assets from dividends and distributions to shareholders		(881,035	)
INCREASE/(DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		126,982,104
Shares redeemed		(500,316	)
Net increase/(decrease) in net assets from capital shares		126,481,788
Total increase/(decrease) in net assets		129,257,035
NET ASSETS:
Beginning of period		—
End of period	$	129,257,035
SHARES TRANSACTIONS:
Shares sold		5,030,000
Shares redeemed		(20,000	)
Net increase/(decrease) in shares outstanding		5,010,000

⁽¹⁾ Inception date of the Fund was February 28, 2024.

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

SGI ENHANCED NASDAQ-100 ETF

Statement of Changes in Net Assets

	FOR THE Period ENDED AUGUST 31, 2024(1)
INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income/(loss)	$	43,029
Net realized gain/(loss) on investments
Unaffiliated investments		8,698
Affiliated investments (Note 6)		—
Distributions from affiliated investments (Note 6)		—
Written options		72,659
Futures contracts		11,882
Net realized gain from redemption in-kind		—
Net change in unrealized appreciation/(depreciation) on investments
Unaffiliated investments		—
Affiliated investments (Note 6)		—
Written options		(52	)
Futures contracts		(98,607	)
Net increase/(decrease) in net assets resulting from operations		37,609
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:
Total distributable earnings		—
Net decrease in net assets from dividends and distributions to shareholders		—
INCREASE/(DECREASE) IN NET ASSETS FROM CAPITAL SHARE TRANSACTIONS:
Proceeds from shares sold		10,515,903
Shares redeemed		—
Net increase/(decrease) in net assets from capital shares		10,515,903
Total increase/(decrease) in net assets		10,553,512
NET ASSETS:
Beginning of period		—
End of period	$	10,553,512
SHARES TRANSACTIONS:
Shares sold		415,000
Shares redeemed		—
Net increase/(decrease) in shares outstanding		415,000

⁽¹⁾ Inception date of the Fund was June 13, 2024.

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

SGI U.S. LARGE CAP CORE ETF

Financial Highlights

Contained below is per share operating performance data for 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 Year Ended August 31, 2024			For the Period Ended August 31, 2023(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	28.01		$	25.00
Net investment income/(loss) (2)		0.19			0.11
Net realized and unrealized gain/(loss) from investments		7.47			2.90
Net increase/(decrease) in net assets resulting from operations		7.66			3.01
Dividends and distributions to shareholder from:
Net investment income		(0.07	)		—
Net realized capital gains		(0.37	)		—
Total dividends and distributions to shareholders		(0.44	)		—
Net asset value, end of period	$	35.23		$	28.01
Market value, end of period	$	35.24		$	28.00
Total investment return/(loss) on net asset value (3)		27.67	%		12.03	%(5)
Total investment return/(loss) on market price (4)		27.72	%		12.00	%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s)	$	92,292		$	98,025
Ratio of expenses to average net assets		0.85	%		0.85	%(6)
Ratio of expenses to average net assets (excluding dividend and interest expense)		0.85	%		0.85	%(6)
Ratio of net investment income/(loss) to average net assets		0.61	%		1.01	%(6)
Portfolio turnover rate		225	%		95	%(5)

(1) Inception date of the Fund was March 30, 2023.

(2) The selected per share data is calculated based on average shares outstanding method for the period.

(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 the financial statements.
21

SGI DYNAMIC TACTICAL ETF

Financial Highlights

Contained below is per share operating performance data for 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 Year Ended August 31, 2024			For the Period Ended August 31, 2023(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	25.98		$	25.00
Net investment income/(loss) (2)		0.22			0.13
Net realized and unrealized gain/(loss) from investments		4.61			0.85
Net increase/(decrease) in net assets resulting from operations		4.83			0.98
Dividends and distributions to shareholder from:
Net investment income		(0.24	)		—
Net realized capital gains		—			—
Total dividends and distributions to shareholders		(0.24	)		—
Net asset value, end of period	$	30.57		$	25.98
Market value, end of period	$	30.53		$	26.05
Total investment return/(loss) on net asset value (3)		18.75	%		3.90	%(5)
Total investment return/(loss) on market price (4)		18.25	%		4.20	%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s)	$	59,609		$	110,395
Ratio of expenses to average net assets		0.95	%		0.95	%(6)
Ratio of expenses to average net assets (excluding dividend and interest expense)		0.95	%		0.95	%(6)
Ratio of net investment income/(loss) to average net assets		0.82	%		1.18	%(6)
Portfolio turnover rate		167	%		66	%(5)

(1) Inception date of the Fund was March 29, 2023.

(2) The selected per share data is calculated based on average shares outstanding method for the period.

(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 the financial statements.
22

SGI ENHANCED GLOBAL INCOME ETF

Financial Highlights

Contained below is per share operating performance data for share 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 August 31, 2024(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	25.00
Net investment income/(loss) (2)		0.32
Net realized and unrealized gain/(loss) from investments		1.68
Net increase/(decrease) in net assets resulting from operations		2.00
Dividends and distributions to shareholder from:
Net investment income		(0.19	)
Net realized capital gains		—
Total dividends and distributions to shareholders		(0.19	)
Net asset value, end of period	$	26.81
Market value, end of period	$	26.73
Total investment return/(loss) on net asset value (3)		8.01	%(5)
Total investment return/(loss) on market price (4)		7.69	%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s)	$	68,239
Ratio of expenses to average net assets		1.14	%(6)
Ratio of expenses to average net assets (excluding dividend and interest expense)		0.98	%(6)
Ratio of net investment income/(loss) to average net assets		2.46	%(6)
Portfolio turnover rate (7)		158	%(5)

(1) Inception date of the Fund was February 28, 2024.

(2) The selected per share data is calculated based on average shares outstanding method for the period.

(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.

(7) Portfolio turnover rate excludes all securities, including options, whose maturities or expiration dates at the time of acquisition were one year or less and is calculated for the Fund, as a whole, for the entire period.

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

SGI ENHANCED CORE ETF

Financial Highlights

Contained below is per share operating performance data for share 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 August 31, 2024(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	25.00
Net investment income/(loss) (2)		0.53
Net realized and unrealized gain/(loss) from investments		0.49
Net increase/(decrease) in net assets resulting from operations		1.02
Dividends and distributions to shareholder from:
Net investment income		(0.22	)
Net realized capital gains		—
Total dividends and distributions to shareholders		(0.22	)
Net asset value, end of period	$	25.80
Market value, end of period	$	25.80
Total investment return/(loss) on net asset value (3)		4.10	%(5)
Total investment return/(loss) on market price (4)		4.11	%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s)	$	129,257
Ratio of expenses to average net assets		0.99	%(6)
Ratio of expenses to average net assets (excluding dividend and interest expense)		0.98	%(6)
Ratio of net investment income/(loss) to average net assets		4.16	%(6)
Portfolio turnover rate (7)		0	%(5)

(1) Inception date of the Fund was February 28, 2024.

(2) The selected per share data is calculated based on average shares outstanding method for the period.

(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.

(7) Portfolio turnover rate excludes all securities, including options, whose maturities or expiration dates at the time of acquisition were one year or less and is calculated for the Fund, as a whole, for the entire period.

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

SGI ENHANCED NASDAQ-100 ETF

Financial Highlights

Contained below is per share operating performance data for share 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 August 31, 2024(1)
PER SHARE OPERATING PERFORMANCE
Net asset value, beginning of period	$	25.00
Net investment income/(loss) (2)		0.15
Net realized and unrealized gain/(loss) from investments		0.28
Net increase/(decrease) in net assets resulting from operations		0.43
Dividends and distributions to shareholder from:
Net investment income		—
Net realized capital gains		—
Total dividends and distributions to shareholders		—
Net asset value, end of period	$	25.43
Market value, end of period	$	25.44
Total investment return/(loss) on net asset value (3)		1.70	%(5)
Total investment return/(loss) on market price (4)		1.76	%(5)
RATIOS/SUPPLEMENTAL DATA
Net assets, end of period (000’s)	$	10,554
Ratio of expenses to average net assets		1.18	%(6)
Ratio of expenses to average net assets (excluding dividend and interest expense)		0.98	%(6)
Ratio of net investment income/(loss) to average net assets		2.80	%(6)
Portfolio turnover rate (7)		0	%(5)

(1) Inception date of the Fund was June 13, 2024.

(2) The selected per share data is calculated based on average shares outstanding method for the period.

(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.

(7) Portfolio turnover rate excludes all securities, including options, whose maturities or expiration dates at the time of acquisition were one year or less and is calculated for the Fund, as a whole, for the entire period.

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

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements

August 31, 2024

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 an investment company 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 sixty-five separate investment portfolios, including the SGI U.S. Large Cap Core ETF, SGI Dynamic Tactical ETF, SGI Enhanced Global Income ETF, SGI Enhanced Core ETF and the SGI Enhanced Nasdaq-100 ETF (each, a “Fund” and collectively, the “Funds”), which commenced investment operations on March 30, 2023, March 29, 2023, February 28, 2024, February 28, 2024 and June 13, 2024, respectively.

RBB has authorized capital of one hundred billion shares of common stock of which 92.923 billion shares are currently classified into two hundred and thirty-six classes of common stock. Each class represents an interest in an active or inactive RBB investment portfolio.

The investment objective of the SGI U.S. Large Cap Core ETF and the SGI Dynamic Tactical ETF is to provide long-term capital appreciation. The investment objective of the SGI Enhanced Global Income ETF and the SGI Enhanced Nasdaq-100 ETF is to seek income and capital appreciation. The objective of the SGI Enhanced Core ETF is to seek income.

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 SGI U.S. Large Cap Core ETF and the SGI Dynamic Tactical ETF is August 31, 2024, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2024 (the “current fiscal period”).

The end of the reporting period for SGI Enhanced Global Income ETF and SGI Enhanced Core ETF is August 31, 2024 and the period covered by these Notes to Financial Statements is from the inception period of February 28, 2024 through August 31, 2024 (the “current fiscal period”).

The end of the reporting period for the SGI Enhanced Nasdaq-100 ETF is August 31, 2024 and the period covered by these Notes to Financial Statements is from the inception period of June 13, 2024 through August 31, 2024 (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). 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. 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 the Valuation Designee (as defined below) in accordance with procedures adopted by the

26

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Notes to Financial Statements (Continued)

August 31, 2024

Company’s Board of Directors (the “Board” or “Directors”). Relying on prices supplied by pricing services or dealers or using fair valuation may result in values that are higher or lower than the values used by other investment companies and investors to price the same investments.

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 Global Investments, LLC (the “Adviser” or “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 current fiscal period, in valuing each Fund’s investments carried at fair value:

	Level 1		Level 2		Level 3		Total
SGI U.S. LARGE CAP CORE ETF
Investments:
Common Stocks	$	89,975,185	$	—	$	—	$	89,975,185
Exchange Traded Funds		1,106,296		—		—		1,106,296
Total Investments	$	91,081,481	$	—	$	—	$	91,081,481
SGI DYNAMIC TACTICAL ETF
Investments:
Exchange Traded Funds	$	59,419,443	$	—	$	—	$	59,419,443
Total Investments	$	59,419,443	$	—	$	—	$	59,419,443
SGI ENHANCED GLOBAL INCOME ETF
Investments:
Common Stocks	$	66,881,100	$	—	$	—	$	66,881,100
Money Market Funds		557,853		—		—		557,853
Total Investments	$	67,438,953	$	—	$	—	$	67,438,953

27

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (Continued)

August 31, 2024

	Level 1			Level 2		Level 3		Total
SGI ENHANCED CORE ETF
Assets:
Investments:
Money Market Funds	$	94,442,911		$	—	$	—	$	94,442,911
Total Investments	$	94,442,911		$	—	$	—	$	94,442,911
Liabilities:
Derivatives:
Written Options	$	(13,745	)	$	—	$	—	$	(13,745	)
Total Derivatives	$	(13,745	)	$	—	$	—	$	(13,745	)
SGI ENHANCED NASDAQ-100 ETF
Assets:
Investments:
Money Market Funds	$	500,034		$	—	$	—	$	500,034
Total Investments	$	500,034		$	—	$	—	$	500,034
Liabilities:
Derivatives:
Futures - Equity Contracts	$	(98,607	)	$	—	$	—	$	(98,607	)
Written Options		(360	)		—		—		(360	)
Total Derivatives	$	(98,967	)	$	—	$	—	$	(98,967	)

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.

28

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (Continued)

August 31, 2024

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 options and futures contracts.

During the current fiscal period, the SGI Enhanced Core ETF used options contracts to seek income in accordance with its investment objective.

During the current fiscal period, the SGI Enhanced Nasdaq-100 ETF used long futures contracts and options contracts to seek capital appreciation and income in accordance with its investment objective.

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

The following table lists the fair values of the Funds’ derivative holdings as of the end of the current fiscal period, grouped by contract type and risk exposure category.

FUND	DERIVATIVE TYPE	STATEMENT OF ASSETS AND LIABILITIES LOCATION		VALUE
SGI Enhanced Core ETF	Written Options		Written options, at fair value	$	(13,745	)
Total Value - Liabilities				$	(13,745	)
SGI Enhanced Nasdaq-100 ETF	Written Options		Written options, at fair value	$	(360	)
SGI Enhanced Nasdaq-100 ETF	Futures Contracts (a)		Deposit at broker for futures contract		(98,607	)
Total Value - Liabilities				$	(98,967	)

^(a) This amount represent the cumulative appreciation/(depreciation) of futures contracts as reported on the 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.

FUND	DERIVATIVE TYPE	STATEMENT OF OPERATIONS LOCATION		VALUE
SGI Enhanced Core ETF	Written Options		Net realized gain/(loss) from written options	$	1,933,544
Total Realized Gain/(Loss)				$	1,933,544
SGI Enhanced Nasdaq-100 ETF	Written Options		Net realized gain/(loss) from written options	$	72,659
SGI Enhanced Nasdaq-100 ETF	Futures Contracts		Net realized gain/(loss) from futures contracts		11,882
Total Realized Gain/(Loss)				$	84,541

29

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (Continued)

August 31, 2024

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.

FUND	DERIVATIVE TYPE	STATEMENT OF OPERATIONS LOCATION		VALUE
SGI Enhanced Core ETF	Written Options		Net change in unrealized appreciation/(depreciation) on written options	$	1,203
Total Change in Unrealized Appreciation/(Depreciation)				$	1,203
SGI Enhanced Nasdaq-100 ETF	Written Options		Net change in unrealized appreciation/(depreciation) on written options	$	(52	)
SGI Enhanced Nasdaq-100 ETF	Futures Contracts		Net change in unrealized appreciation/(depreciation) on futures contracts		(98,607	)
Total Change in Unrealized Appreciation/(Depreciation)				$	(98,659	)

During the current fiscal period, the Funds’ quarterly average volume of derivatives were as follows:

FUND	WRITTEN OPTIONS (PREMIUMS RECEIVED)		LONG FUTURES NOTIONAL AMOUNT
SGI Enhanced Core ETF	$	13,844	$	—
SGI Enhanced Global Income ETF		4,051		—
SGI Enhanced Nasdaq-100 ETF		308		10,007,730

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

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 (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.

30

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (Continued)

August 31, 2024

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 quarterly 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.

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 Funds, as a full derivatives user (as defined in Rule 18f-4), are subject to the full requirements of Rule 18f-4. The Funds are required to comply with Rule 18f-4 and has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4.

WRITTEN OPTIONS — 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.

FUTURES CONTRACTS — The Funds use futures contracts in the normal course of pursuing their investment objective. Upon entering into a futures contract, a 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, a 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 a Fund as an unrealized gain or loss. When the contract is closed, a Fund records a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transactions and a Fund basis in the contract. Futures contracts have market risks, including the risk that the change in the value

31

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Notes to Financial Statements (Continued)

August 31, 2024

of the contract may not correlate with changes in the value of the underlying securities. Use of long futures contracts subjects a Fund to risk of loss in excess of the amount shown on the Statement of Assets and Liabilities, up to the notional value of the futures contract. Use of short futures contracts subjects a Fund to unlimited risk of loss.

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 Adviser to the Funds. SG Trading Solutions, LLC (“SG Trading Solutions” or “Sub-Adviser”) serves as the investment sub-adviser to the Funds. 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 (each, an “Advisory Agreement” and together, the “Advisory Agreements”). The Funds compensate the Adviser with a unitary management fee for its services at an annual rate of 0.85%, 0.95%, 0.98%, 0.98% and 0.98% of the average daily net assets of the SGI U.S. Large Cap Core ETF, the SGI Dynamic Tactical ETF, the SGI Enhanced Global Income ETF, the SGI Enhanced Core ETF and the SGI Enhanced Nasdaq-100 ETF, respectively. The fee is paid monthly in arrears. From the unitary management fee, the Adviser pays most of the expenses of each Fund, including the cost of sub-advisory fees to SG Trading Solutions, transfer agency, custody, fund administration, legal, audit and other services. However, under each Investment 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 Sub-Adviser is an affiliate of the Adviser. The Sub-Adviser implements rigorous quantitative and fundamental analysis to achieve best execution, and is subject to oversight by the Adviser and the Board. Under the Sub-Advisory Agreement, the Sub-Adviser receives a fee from the Adviser, calculated daily and paid monthly, equal to 0.05% of the average daily net assets of each Fund. During the current fiscal period, investment advisory fees accrued were as follows:

FUND	ADVISORY FEES
SGI U.S. Large Cap Core ETF	$	795,489
SGI Dynamic Tactical ETF		797,772
SGI Enhanced Global Income ETF		261,368
SGI Enhanced Core ETF		405,684
SGI Enhanced Nasdaq-100 ETF		15,052

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.

32

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (Continued)

August 31, 2024

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.

Under the Funds’ unitary fee, the Adviser compensates Fund Services and the Custodian for services provided.

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 Funds or the Company. As of the end of the current fiscal period, there were no director and officer fees charged or paid by the Funds. During the current fiscal period, director and officer fees charged to the Funds were paid by the Adviser out of each Fund’s unitary fee.

4. PURCHASES AND SALES OF INVESTMENT SECURITIES

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

FUND	Purchases		Sales
SGI U.S. Large Cap Core ETF	$	198,193,523	$	199,908,287
SGI Dynamic Tactical ETF		140,773,596		139,680,097
SGI Enhanced Global Income ETF		101,361,909		79,138,684
SGI Enhanced Core ETF		—		—
SGI Enhanced Nasdaq-100 ETF		—		1,256,653

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 of in-kind transactions (excluding short-term investments) of the Funds were as follows:

FUND	Purchases		Sales
SGI U.S. Large Cap Core ETF	$	105,564,560	$	133,185,626
SGI Dynamic Tactical ETF		22,586,336		88,052,768
SGI Enhanced Global Income ETF		43,022,301		—
SGI Enhanced Core ETF		—		—
SGI Enhanced Nasdaq-100 ETF		1,247,954		—

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.

33

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (Continued)

August 31, 2024

As of August 31, 2024, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the SGI U.S. Large Cap Core ETF, the SGI Dynamic Tactical ETF, the SGI Enhanced Global Income ETF, the SGI Enhanced Core ETF and the SGI Enhanced Nasdaq-100 ETF were as follows:

FUND	Federal Tax Cost		Unrealized Appreciation		Unrealized (Depreciation)			Net Unrealized Appreciation/ (Depreciation)
SGI U.S. Large Cap Core ETF	$	86,194,647	$	6,548,510	$	(1,661,676	)	$	4,886,834
SGI Dynamic Tactical ETF		54,177,445		5,309,057		(67,059	)		5,241,998
SGI Enhanced Global Income ETF		65,035,476		4,105,477		(1,702,000	)		2,403,477
SGI Enhanced Core ETF		94,443,194		—		—			—
SGI Enhanced Nasdaq-100 ETF		500,034		—		—			—

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.

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.

The following permanent differences as of August 31, 2024, primarily attributable to in-kind redemptions gain and loss, were reclassified among the following accounts:

FUND	Distributable Earnings/(loss)			Paid-in Capital
SGI U.S. Large Cap Core ETF	$	(15,388,091	)	$	15,388,091
SGI Dynamic Tactical ETF		(8,197,114	)		8,197,114
SGI Enhanced Global Income ETF		—			—
SGI Enhanced Core ETF		—			—
SGI Enhanced Nasdaq-100 ETF		—			—

As of August 31, 2024, 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 Core ETF	$	6,833,121	$	49,100	$	—		$	—	$	—	$	4,886,834
SGI Dynamic Tactical ETF		2,002,460		502,993		—			—		—		5,241,998
SGI Enhanced Global Income ETF		231,881		375,969		—			—		—		2,403,477
SGI Enhanced Core ETF		1,620,288		1,154,959		—			—		—		—
SGI Enhanced Nasdaq-100 ETF		43,029		—		(5,420	)		—		—		—

34

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (Continued)

August 31, 2024

The differences between the book and tax basis components of distributable earnings relate primarily to wash sales.

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2024 was a follows:

FUND	ORDINARY INCOME		LONG-TERM GAINS		TOTAL
SGI U.S. Large Cap Core ETF	$	1,543,545	$	1,115	$	1,544,660
SGI Dynamic Tactical ETF		972,668		—		972,668
SGI Enhanced Global Income ETF		435,871		—		435,871
SGI Enhanced Core ETF		881,035		—		881,035
SGI Enhanced Nasdaq-100 ETF		—		—		—

Dividends from net investment income and short-term capital gains are treated as ordinary income dividends 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, 2024, the SGI Enhanced Nasdaq-100 ETF had $5,420 of long-term loss carryovers. During the fiscal year, the SGI Dynamic Tactical ETF utilized $499,102 of carry forward capital losses.

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, 2024, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2024. As of August 31, 2024 the Funds had no tax basis qualified late-year loss deferral.

6. 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 1940 Act; such issuers are:

	August 31, 2023				Additions				Reductions
Issuer Name	Share Balance		Cost		Share Balance		Cost		Share Balance			Cost
SGI Dynamic Tactical ETF
SGI Small Cap Core Fund		—	$	—		282,196	$	7,410,455		(282,196	)	$	7,410,455
SGI U.S. Large Cap Core ET		829,146		22,726,237		766,626		22,494,350		(997,132	)		26,974,854
SGI Enhanced Nasdaq-100 ETF		—		—		245,468		6,183,410		(38,588	)		970,976
		829,146	$	22,726,237		1,294,290	$	36,088,215		(1,317,916	)	$	35,356,285

35

SUMMIT GLOBAL INVESTMENTS

Notes to Financial Statements (CONCLUDED))

August 31, 2024

	August 31, 2024
Issuer Name	Dividend Income		Capital Gain Distribution		Net Change in Unrealized Appreciation/ (Depreciation)		Realized Gain/(Loss)			Share Balance		Value		Cost
SGI Dynamic Tactical ETF
SGI Small Cap Core Fund	$	—	$	—	$	—	$	42,329			—	$	—	$	—
SGI U.S. Large Cap Core ETF		80,642		398,373		2,357,496		4,615,629			598,640		21,093,080		18,245,733
SGI Enhanced Nasdaq-100 ETF		—		—		50,717		(42,869	)		206,880		5,263,151		5,212,434
	$	80,642	$	398,373	$	2,408,213	$	4,615,089			805,520	$	26,356,231	$	23,458,167

7. SHARE TRANSACTIONS

Shares of the SGI U.S. Large Cap Core ETF are listed and traded on the NYSE. Shares of the SGI Dynamic Tactical ETF, SGI Enhanced Global Income ETF, SGI Enhanced Core ETF and SGI Enhanced Nasdaq-100 ETF are listed and traded on the NASDAQ, 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 5,000 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.

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.

36

SUMMIT GLOBAL INVESTMENTS

Report of Independent Registered
Public Accounting Firm

To the Shareholders of SGI U.S. Large Cap Core ETF, SGI Dynamic Tactical ETF, SGI Enhanced Core ETF, SGI Enhanced Global Income ETF, and SGI Enhanced Nasdaq-100 ETF and Board of Directors of The RBB Fund, Inc.

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities of SGI U.S. Large Cap Core ETF, SGI Dynamic Tactical ETF, SGI Enhanced Core ETF, SGI Enhanced Global Income ETF, and SGI Enhanced Nasdaq-100 ETF (collectively referred to as the “Funds”) (five of the portfolios constituting The RBB Fund, Inc. (the “Company”)), including the portfolios of investments, as of August 31, 2024, and the related statements of operations and changes in net assets, and the financial highlights for each of the periods indicated in the table below and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds (five of the portfolios constituting The RBB Fund, Inc.) at August 31, 2024, and the results of their operations, changes in net assets and financial highlights for each of the periods indicated in the table below, in conformity with U.S. generally accepted accounting principles.

Individual portfolio constituting The RBB Fund, Inc.	Statement of operations	Statements of changes in net assets	Financial highlights
SGI U.S. Large Cap Core ETF	For the year ended August 31, 2024	For the year ended August 31, 2024, and for the period from March 30, 2023 (commencement of operations) through August 31, 2023
SGI Dynamic Tactical ETF	For the year ended August 31, 2024	For the year ended August 31, 2024, and for the period from March 29, 2023 (commencement of operations) through August 31, 2023
SGI Enhanced Core ETF SGI Enhanced Global Income ETF	For the period from February 28, 2024 (commencement of operations) through August 31, 2024
SGI Enhanced Nasdaq-100 ETF	For the period from June 13, 2024 (commencement of operations) through August 31, 2024

Basis for Opinion

These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on each of the Fund’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of the Company’s internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion.

37

SUMMIT GLOBAL INVESTMENTS

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM (Concluded)

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of August 31, 2024, by correspondence with the custodian and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Summit Global Investment investments companies since 2012.

Philadelphia, Pennsylvania
October 30, 2024

38

SUMMIT GLOBAL INVESTMENTS

Shareholder Tax Information (UNAUDITED)

Certain tax information regarding the Funds is required to be provided to shareholders based upon the Funds’ income and distributions for the taxable period ended August 31, 2024. The information and distributions reported herein may differ from information and distributions taxable to the shareholders for the calendar year ending December 31, 2024. During the fiscal year ended August 31, 2024, the tax character of distributions paid by the Funds were as follows:

FUND		Ordinary Income		Long-Term Gains
SGI U.S. Large Cap Core ETF	2024	$	1,543,545	$	1,115
SGI Dynamic Tactical ETF	2024		972,668		—
SGI Enhanced Global Income ETF	2024		435,871		—
SGI Enhanced Core ETF	2024		881,035		—
SGI Enhanced Nasdaq-100 ETF	2024		—		—

Distributions from net investment income and short-term capital gains are treated as ordinary income dividends for federal income tax purposes.

Under the Jobs and Growth Tax Relief Reconciliation Act of 2003, the following percentages of ordinary dividends paid during the fiscal year ended Agusut 31, 2024 are designated as “qualified dividend income,” as defined in the Act, and are subject to reduced tax rates.

SGI U.S. Large Cap Core ETF	25.00	%
SGI Dynamic Tactical ETF	31.80	%
SGI Enhanced Global Income ETF	100.00	%
SGI Enhanced Core ETF	0.00	%
SGI Enhanced Nasdaq-100 ETF	0.00	%

The percentage of total ordinary income dividends paid qualifying for corporate dividends received deduction for each Fund is as follows:    

SGI U.S. Large Cap Core ETF	25.76	%
SGI Dynamic Tactical ETF	9.42	%
SGI Enhanced Global Income ETF	42.00	%
SGI Enhanced Core ETF	0.00	%
SGI Enhanced Nasdaq-100 ETF	0.00	%

The percentage of qualified interest income related dividends not subject to withholding tax for non-resident aliens and foreign corporations is as follows:

SGI U.S. Large Cap Core ETF	0.00	%
SGI Dynamic Tactical ETF	0.00	%
SGI Enhanced Global Income ETF	0.00	%
SGI Enhanced Core ETF	0.00	%
SGI Enhanced Nasdaq-100 ETF	0.00	%

39

SUMMIT GLOBAL INVESTMENTS

Shareholder Tax Information (UNAUDITED) (CONCLUDED)

The percentage of ordinary income distributions designated as qualified short-term gains pursuant to the American Job Creation Act of 2004 is as follows:

SGI U.S. Large Cap Core ETF	83.15	%
SGI Dynamic Tactical ETF	0.00	%
SGI Enhanced Global Income ETF	0.00	%
SGI Enhanced Core ETF	0.00	%
SGI Enhanced Nasdaq-100 ETF	0.00	%

Because the Funds’ fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2024. The second notification, which will reflect the amount, if any, to be used by calendar year taxpayers on their U.S. federal income tax returns, will be made in conjunction with Form 1099-DIV and will be mailed in January 2025.

Foreign shareholders will generally be subject to U.S. withholding tax on the amount of their ordinary income dividends. They will generally not be entitled to a foreign tax credit or deduction for the withholding taxes paid by the Funds, if any.

In general, dividends received by tax-exempt recipients (e.g., IRAs and Keoghs) need not be reported as taxable income for U.S. federal income tax purposes. However, some retirement trusts (e.g., corporate, Keogh and 403(b)(7) plans) may need this information for their annual information reporting. Shareholders are advised to consult their own tax advisers with respect to the tax consequences of their investment in the Funds.

40

SUMMIT GLOBAL INVESTMENTS

Other Information (Unaudited)

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 (1) the renewal of the investment advisory agreement between Summit and the Company (the “Investment Advisory Agreement”) on behalf of the SGI U.S. Large Cap Core ETF and the SGI Dynamic Tactical ETF (each a “Fund” and together the “Funds”), and (2) the renewal of the sub-advisory agreement among Summit, the Company and SG Trading Solutions, LLC (the “Sub-Adviser”) (the “Sub-Advisory Agreement”), at a meeting of the Board held on May 15-16, 2024 (the “Meeting”). At the Meeting, the Board, including all of the Independent Directors, approved the Investment Advisory Agreement and the Sub-Advisory Agreement for an additional one-year term ending August 16, 2025. The Board’s decision to approve the Investment Advisory Agreement and the Sub-Advisory Agreement reflects the exercise of its business judgment to continue the existing arrangement. In approving the Investment Advisory Agreement and the Sub-Advisory Agreement, the Board considered information provided by Summit and the Sub-Adviser with the assistance and advice of counsel to the Independent Directors and the Company.

In considering the renewal and approval of the Investment Advisory Agreement between the Company and Summit with respect to the Funds, and the Sub-Advisory Agreement among the Company, Summit, and the Sub-Adviser with respect to the Funds, the Directors took into account all 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 Summit, and discussed the aforementioned Agreements with counsel in executive sessions, at which no representatives of Summit or the Sub-Adviser were present. Among other things, the Directors considered (i) the nature, extent, and quality of services provided to the Fund by Summit and the Sub-Adviser; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) Summit’s and the Sub-Adviser’s investment philosophies and processes; (iv) Summit’s and the Sub-Adviser’s assets under management and client descriptions; (v) Summit’s and the Sub-Adviser’s soft dollar commission and trade allocation policies, including information on the types of research and services obtained in connection with soft dollar commissions; (vi) Summit’s and the Sub-Adviser’s advisory fee arrangements and other similarly managed clients, as applicable; (vii) Summit’s and the Sub-Adviser’s compliance procedures; (viii) Summit’s and the Sub-Adviser’s financial information and insurance coverage, as applicable; (ix) the extent to which economies of scale are relevant to the Funds; (x) a report prepared by Fuse Research Network, LLC comparing each Fund’s management fees and total expense ratios to a group of mutual funds deemed comparable to the Fund based primarily on investment strategy similarity (“Peer Group”) and comparing the performance of each Fund to the performance of its Peer Group; and (xi) a report comparing the performance of the Funds to the performance of its respective benchmark.

As part of their review, the Directors considered the nature, extent and quality of the services provided by Summit and the Sub-Adviser. The Directors concluded that Summit and the Sub-Adviser had substantial resources to provide services to the Fund, and that Summit’s and the Sub-Adviser’s services had been acceptable.

The Directors also considered the investment performance of the Funds. Information on the Funds’ investment performance was provided for the three-month and since inception periods ended December 31, 2023. The Directors considered the Funds’ investment performance in light of their respective investment objectives and investment strategies. The Directors concluded that the investment performance of each of the Funds as compared to their respective benchmarks and Peer Groups was acceptable.

The Directors noted that the SGI U.S. Large Cap Core ETF outperformed its primary benchmark, the S&P 500 Index, for the since-inception period ended December 31, 2023, and underperformed its benchmark for the three-month period ended December 31, 2023. The Directors noted that the SGI U.S. Large Cap Core ETF outperformed the performance of the median of its Peer Group for the three-month and one-year periods ended December 31, 2023.

41

SUMMIT GLOBAL INVESTMENTS

Other Information (Unaudited) (concluded)

The Directors noted that the SGI Dynamic Tactical ETF underperformed its primary benchmark, the S&P 500 Index, for the three-month and since-inception periods ended December, 2023. The Directors noted that the SGI Dynamic Tactical ETF outperformed the performance of the median of its Peer Group for the three-month period ended December 31, 2023, and underperformed the median of its Peer Group for the since-inception period ended December 31, 2023.

The Board also considered the advisory fee rate payable by the Funds under the Investment Advisory Agreement and Sub-Advisory Agreement. In this regard, information on the fees paid by the Fund and the Fund’s total operating expense ratios were compared to similar information for mutual funds advised by other, unaffiliated investment advisory firms.

The Directors noted that the SGI U.S. Large Cap Core ETF’s net advisory fee was above the median of its Peer Group and ranked in the 5th quintile of its Peer Group, and its total net expenses was above the median of its Peer Group and ranked in the 5th quintile of its Peer Group.

The Directors noted that the SGI Dynamic Tactical ETF’s net advisory fee was above the median of its Peer Group and ranked in the 5th quintile of its Peer Group, and its total net expenses (including acquired fund fees and expenses) was below the median of its Peer Group and ranked in the 2nd quintile of its Peer Group.

The Directors also considered the fees payable to the Sub-Adviser under the Sub-Advisory Agreement and the information provided by Summit on the services provided by the Sub-Adviser. In this regard, the Directors noted that the fees for the Sub-Adviser were paid directly by Summit and not by the Funds.

The Board also took into consideration that the advisory fee for each Fund was a “unitary fee,” meaning those Funds paid no expenses other than the advisory fee and certain other costs such as interest, brokerage and extraordinary expenses. The Board noted that Summit continued to be responsible for compensating the Funds’ other service providers and paying other expenses of the Funds out of its own fees and resources.

After reviewing the information regarding Summit’s and the Sub-Adviser’s costs, profitability and economies of scale, and after considering the services to be provided by Summit and the Sub-Adviser, the Directors concluded that the investment advisory fees to be paid by the Fund to Summit and the sub-advisory fees to be paid by Summit to the Sub-Adviser were fair and reasonable and that the Investment Advisory Agreement and Sub-Advisory Agreement should be approved and continued for an additional one-year period ending August 16, 2025.

42

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
3 Canal Plaza, Suite 100
Portland, ME 04101

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

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

This information is included in Item 7 of this Form, as part of the financial statements.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

This information is included in Item 7 of this Form, as part of the financial statements.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

This information is included in Item 7 of this Form, as part of the financial statements.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

3

Item 15. 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.

Item 16. 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, as amended (the “1940 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, as amended. 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 1940 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

Not applicable.

Item 19. Exhibits.

(a)(1) Senior Officer Code of Ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.

(a)(2) Not applicable.

(a)(3) A separate certification for each Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2(a) under the 1940 Act is attached hereto.

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes Oxley Act of 2002. Furnished herewith.

4

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	11/12/2024

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	11/12/2024
By (Signature and Title)*	/s/ James Shaw
	James Shaw, Chief Financial Officer
	(Principal Financial Officer)
Date	11/12/2024

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

5