# EDGAR Filing Document

**Accession Number:** 0001618627
**File Stem:** 0001398344-25-020538
**Filing Date:** 2025-11
**Character Count:** 733487
**Document Hash:** 202d8c465243dc226adf05224f1ce58a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-020538.hdr.sgml**: 20251107

**ACCESSION NUMBER**: 0001398344-25-020538

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 55

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251107

**DATE AS OF CHANGE**: 20251107

**EFFECTIVENESS DATE**: 20251107

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RBB Fund Trust
- **CENTRAL INDEX KEY:** 0001618627

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23011
- **FILM NUMBER:** 251462963

**BUSINESS ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202
- **BUSINESS PHONE:** 609-731-6256

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PENN Capital Funds Trust
- **DATE OF NAME CHANGE:** 20140904

## Series and Classes Contracts Data

### Penn Capital Special Situations Small Cap Equity Fund (Series ID: S000048027)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000151488 | Institutional Class | PSCNX           |

### Penn Capital Short Duration High Income Fund (Series ID: S000058052)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000190040 | Institutional Class | PSHNX           |

### P/E GLOBAL ENHANCED INTERNATIONAL FUND (Series ID: S000077983)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000238704 | Institutional Class | PEIEX           |

### Torray Equity Income Fund (Series ID: S000079134)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000240014 | Torray Equity Income Fund | TORYX           |

### Longview Advantage ETF (Series ID: S000086399)

| Class ID   | Class Name             | Ticker Symbol   |
|:---|:---|:---|
| C000251942 | Longview Advantage ETF | EBI             |

### First Eagle Global Equity ETF (Series ID: S000089122)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000255627 | First Eagle Global Equity ETF | FEGE            |

### First Eagle Overseas Equity ETF (Series ID: S000089123)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000255628 | First Eagle Overseas Equity ETF | FEOE            |

### Tweedy, Browne Insider + Value ETF (Series ID: S000089439)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000255972 | Tweedy, Browne Insider + Value ETF | COPY            |

### Advent Convertible Bond ETF (Series ID: S000091735)

| Class ID   | Class Name                  | Ticker Symbol   |
|:---|:---|:---|
| C000259469 | Advent Convertible Bond ETF | ACVT            |

### Twin Oak Endure ETF (Series ID: S000092956)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000261006 | Twin Oak Endure ETF |  |

?xml version='1.0' encoding='ASCII'? 2025-07-30192603_AdventConvertibleBondETF_TF_TSRAnnual

As filed with the Securities and Exchange Commission on 11/7/2025

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES**

**<u>811-23011</u>**

Investment Company Act file number

**<u>The RBB FUND TRUST</u>**

(Exact name of registrant as specified in charter)

**<u>615 East Michigan Street</u>**

**<u>Milwaukee, WI 53202</u>**

(Address of principal executive offices) (Zip code)

**<u>Steven Plump, President</u>**

**c/o U.S. Bank Global Fund Services**

**615 East Michigan Street**

**Milwaukee, WI 53202**

(Name and address of agent for service)

**<u>(609) 731-6256</u>**

Registrant's telephone number, including area code

Date of fiscal year end: August 31

Date of reporting period: August 31, 2025

**<u>Item 1. Reports to Stockholders.</u>**

(a) ---

| | | |
|:---|:---|:---|
| ![image](img580522_202510161503818.jpg) | **Advent Convertible Bond ETF**  | ![image](img528572_202510271745693.jpg) |
| ![image](img580522_202510161503818.jpg) | ACVT (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img528572_202510271745693.jpg) |
| ![image](img580522_202510161503818.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img528572_202510271745693.jpg) |

---

This annual shareholder report contains important information about the Advent Convertible Bond ETF (the "Fund") for the period of April 29, 2025, to August 31, 2025. You can find additional information about the Fund at https://www.adventetf.com/. 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\*** |
| Advent Convertible Bond ETF | $23 | 0.65% |

---

\* Annualized

\*\* Inception date of the Fund was April 29, 2025. Costs of a $10,000 investment in the Fund for a full annual period would have been higher.

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

Since its inception in late April 2025, the Fund outperformed its broad-based benchmark, the Bloomberg U.S. Aggregate Index, and performed in-line with its secondary benchmark, the ICE BofA Yield Alternative U.S. Convertible Index. The Fund was established during a time of considerable uncertainty in the investing environment, due to the U.S. economic outlook, which was affected by slowing job creation and tariff policy. As those uncertainties were alleviated over the following months, the Fund and its benchmarks benefited from compressing corporate credit spreads and rising equity valuations, resulting in appreciation of convertible securities.

&nbsp;&nbsp;&nbsp;&nbsp;The Fund has a lower duration than the broad-based benchmark; thus, it benefited less from the decline in corporate credit spreads than the benchmark. However, this was more than offset by both appreciation in the underlying equities of the Fund's convertible securities holdings and the steepening of the Treasury yield curve, which proved to be a headwind for the benchmark's longer-maturity holdings.

Against the secondary benchmark, the Fund had strong relative performance in the consumer discretionary and industrials sectors, where the selection of certain issues appreciated from both resilient consumer demand in their niches and a reduction in potential tariff impacts. The Fund trailed the benchmark contribution in the health care sector as certain holdings had either meaningful tariff costs or complications in the approval of anticipated drugs by the Food and Drug Administration.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Wayfair |
| ↑ | Coinbase Global |
| ↑ | Lumentum |
| ↑ | ON Semiconductor |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | PG&E Corp |
| ↓ | Travere Therapeutics |
| ↓ | Dropbox |
| ↓ | Akamai Technologies |

---

**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.

Advent Convertible Bond ETF PAGE 1 TSR-AR-75526L845

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5194img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception<br>(04/29/2025)** |
| **Advent Convertible Bond ETF NAV** | 7.13 |
| **Bloomberg U.S. Aggregate Bond Index** | 1.70 |
| **ICE BofA Yield Alternative US Convertible Index** | 6.79 |

---

Visit https://www.adventetf.com/ 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, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $27463011 |
| **Number of Holdings** | 54 |
| **Net Advisory Fee** | $55784 |
| **Portfolio Turnover** | 69% |
| **Average Credit Quality** | BBB- |
| **Effective Duration** | 2.32 years |
| **Weighted Average Maturity** | 2.63 years |
| **Distribution Yield** | 1.89% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| Wells Fargo & Co.  | 4.6% |
| Bank of America Corp.  | 4.6% |
| Workiva, Inc.  | 3.6% |
| Shift4 Payments, Inc.  | 3.6% |
| Penn Entertainment, Inc.  | 3.3% |
| NCL Corp. Ltd.  | 3.3% |
| DraftKings Holdings, Inc.  | 3.2% |
| Rivian Automotive, Inc.  | 3.1% |
| Progress Software Corp.  | 3.0% |
| Marriott Vacations Worldwide Corp.  | 2.7% |

---

---

| | |
|:---|:---|
| **Credit Breakdown** | **(% of Net Assets)** |
| AAA  | 0% |
| AA  | 0% |
| A  | 0% |
| BBB  | 18.07% |
| BB  | 6.70% |
| B  | 0% |
| CCC and below  | 0% |
| Cash & Cash Equivalent  | 0.87% |
| Not rated  | 74.37% |

---

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

Advent Convertible Bond ETF PAGE 2 TSR-AR-75526L845

------

**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 1-800-716-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Advent Convertible Bond ETF PAGE 3 TSR-AR-75526L845

------

---

| | | |
|:---|:---|:---|
| ![image](img367588_202504171259516.jpg) | **First Eagle Global Equity ETF**  | ![image](img341967_202503101830257.jpg) |
| ![image](img367588_202504171259516.jpg) | FEGE (Principal U.S. Listing Exchange: NYSE)  | ![image](img341967_202503101830257.jpg) |
| ![image](img367588_202504171259516.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img341967_202503101830257.jpg) |

---

This annual shareholder report contains important information about the First Eagle Global Equity ETF (the "Fund") for the period of December 19, 2024, to August 31, 2025. You can find additional information about the Fund at www.firsteagle.com/funds/global-equity-etf. 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\*** |
| First Eagle Global Equity ETF | $39\*\* | 0.50% |

---

\* Annualized

\*\* Inception date of the Fund was December 19, 2024. Costs of a $10,000 investment in the Fund for a full annual period would have been higher.

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

Trump's election victory in late 2024 initially fueled risk appetites as markets hoped the campaign trail promises of pro-growth deregulation and stimulative tax policy would bolster earnings and economic growth. But this optimism began to fade as it became clear that the new administration's policy timeline prioritized tariffs and program cuts over stimulative measures, and a "sell America" trade began to emerge in mid-February as non-US markets surged amid a US dollar decline. This trade reached a crescendo with Trump's early April "Liberation Day" tariffs announcement, which prompted a sharply lower turn among major equity indexes globally. A subsequent delay in the most punitive tariffs eased tensions enough to draw investors back and reignite risk appetites, as markets reached record highs over the summer. We remain cognizant of the many heightened uncertainties in this environment, including the potential resurgence of inflation, growing sovereign debt and escalating geopolitical tensions and conflicts. With clarity in short supply, we highlight the importance of exposure to assets that have the potential to demonstrate resilience across multiple states of the world.

First Eagle Global Equity ETF posted a return of 21.58% (NAV) from its December 19, 2024 inception through August 31, 2025, while the MSCI World Index increased 14.17%. Our equity holdings contributed to performance, and gold-related securities were also a contributor. All geographic regions contributed to performance; North America and developed Europe were the leading contributors while Japan and developed Asia excluding Japan were the weakest-performing regions. Materials, consumer staples and financials were the largest contributors by equity sector, while real estate was flattish and healthcare and communication service were the next weakest-performing sectors.

The five largest contributors to the performance of the First Eagle Global ETF during this period included Wheaton Precious Metals Corp. (Metals & Mining, Canada), British American Tobacco plc (Tobacco, United Kingdom), Newmont Corp. (Metals & Mining, United States), Philip Morris International, Inc. (Tobacco, United States) and Oracle Corp. (Software, United States). In aggregate they contributed 6.29% to performance in this period.

The five largest detractors in this period were Salesforce, Inc. (Software, United States), Becton, Dickinson and Company (Medical Instruments & Supplies, United States), Elevance Health, Inc. (Healthcare, United States), SMC Corporation (Specialty Industrial Machinery, Japan) and Shimano Inc (Leisure Products, Japan). In aggregate they detracted 1.15% from performance in this period.

Indexes are unmanaged and do not incur management fees or other operating expenses. One cannot invest directly in an index.

**HOW DID THE FUND PERFORM SINCE INCEPTION?\***

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

First Eagle Global Equity ETF PAGE 1 TSR-AR-75526L886

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5250img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception<br>(12/19/2024)** |
| **First Eagle Global Equity ETF** | 21.58 |
| **MSCI WORLD INDEX Net (USD)** | 14.17 |

---

Visit www.firsteagle.com/funds/global-equity-etf 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, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $492047997 |
| **Number of Holdings** | 84 |
| **Net Advisory Fee** | $692926 |
| **Portfolio Turnover** | 12% |

---

Visit www.firsteagle.com/funds/global-equity-etf for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Consumer Staples  | 16.0% |
| Industrials  | 12.4% |
| Health Care  | 12.3% |
| Financials  | 12.0% |
| Information Technology  | 10.9% |
| Materials  | 10.3% |
| Communication Services  | 9.2% |
| Energy  | 7.9% |
| Consumer Discretionary  | 6.7% |
| Cash & Other  | 2.3% |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| Oracle Corp.  | 3.0% |
| Meta Platforms, Inc.  | 2.9% |
| Alphabet, Inc.  | 2.8% |
| Samsung Electronics Co. Ltd.  | 2.8% |
| British American Tobacco PLC  | 2.7% |
| Becton Dickinson & Co.  | 2.6% |
| Prosus NV  | 2.3% |
| Philip Morris International, Inc.  | 2.3% |
| HCA Healthcare, Inc.  | 2.3% |
| Wheaton Precious Metals Corp.  | 2.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.firsteagle.com/funds/global-equity-etf.

**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 the Fund or your financial intermediary.

First Eagle Global Equity ETF PAGE 2 TSR-AR-75526L886

------

---

| | | |
|:---|:---|:---|
| ![image](img367589_202504171300486.jpg) | **First Eagle Overseas Equity ETF**  | ![image](img341967_202503101830257.jpg) |
| ![image](img367589_202504171300486.jpg) | FEOE (Principal U.S. Listing Exchange: NYSE) | ![image](img341967_202503101830257.jpg) |
| ![image](img367589_202504171300486.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img341967_202503101830257.jpg) |

---

This annual shareholder report contains important information about the First Eagle Overseas Equity ETF (the "Fund") for the period of December 19, 2024, to August 31, 2025. You can find additional information about the Fund at www.firsteagle.com/funds/overseas-equity-etf. 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\*** |
| First Eagle Overseas Equity ETF | $40\*\* | 0.50% |

---

\* Annualized

\*\* Inception date of the Fund was December 19, 2024. Costs of a $10,000 investment in the Fund for a full annual period would have been higher.

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

Trump's election victory in late 2024 initially fueled risk appetites as markets hoped the campaign trail promises of pro-growth deregulation and stimulative tax policy would bolster earnings and economic growth. But this optimism began to fade as it became clear that the new administration's policy timeline prioritized tariffs and program cuts over stimulative measures, and a "sell America" trade began to emerge in mid-February as non-US markets surged amid a US dollar decline. This trade reached a crescendo with Trump's early April "Liberation Day" tariffs announcement, which prompted a sharply lower turn among major equity indexes globally. A subsequent delay in the most punitive tariffs eased tensions enough to draw investors back and reignite risk appetites, as markets reached record highs over the summer. We remain cognizant of the many heightened uncertainties in this environment, including the potential resurgence of inflation, growing sovereign debt and escalating geopolitical tensions and conflicts. With clarity in short supply, we highlight the importance of exposure to assets that have the potential to demonstrate resilience across multiple states of the world.

First Eagle Overseas Equity ETF posted a return of 27.22% (NAV) from its December 19, 2024 inception through August 31, 2025, while the MSCI EAFE Index increased 23.60%. Our equity holdings contributed to performance, and gold-related securities were also a contributor. All geographic regions contributed to performance; developed Europe and North America were the leading contributors while Japan and developed Asia excluding Japan were the weakest-performing regions. Materials, consumer staples and financials were the largest contributors by equity sector, while healthcare was flat and communication service and real estate were the next weakest-performing sectors.

The five largest contributors to the performance of the First Eagle Overseas Equity ETF during this period included British American Tobacco plc (Tobacco, United Kingdom), Imperial Oil Limited (Oil & Gas, Canada), Wheaton Precious Metals Corp. (Metals & Mining, Canada), Newmont Corp. (Metals & Mining, United States) and BAE Systems PLC (Aerospace Defense, United Kingdom). In aggregate they contributed 8.17% to performance in this period.

The five largest detractors in this period were and Shimano Inc (Leisure Products, Japan), SMC Corporation (Specialty Industrial Machinery, Japan), AG Anadolu Grubu Holding AS (Industrial Conglomerate, Turkey), Merck KGaA (Drug Manufacturer, Germany) and Hoshizaki Corporation (Specialty Industrial Machinery, Japan). In aggregate they detracted 1.32% from performance in this period.

Indexes are unmanaged and do not incur management fees or other operating expenses. One cannot invest directly in an index.

**HOW DID THE FUND PERFORM SINCE INCEPTION?\***

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

First Eagle Overseas Equity ETF PAGE 1 TSR-AR-75526L878

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5251img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception<br>(12/19/2024)** |
| **First Eagle Overseas Equity ETF** | 27.22 |
| **MSCI EAFE Net (USD)** | 23.60 |

---

Visit www.firsteagle.com/funds/overseas-equity-etf 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, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $264986900 |
| **Number of Holdings** | 68 |
| **Net Advisory Fee** | $303133 |
| **Portfolio Turnover** | 10% |

---

Visit www.firsteagle.com/funds/overseas-equity-etf for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Consumer Staples  | 22.2% |
| Industrials  | 15.2% |
| Financials  | 14.9% |
| Materials  | 13.1% |
| Consumer Discretionary  | 12.4% |
| Energy  | 7.8% |
| Information Technology  | 7.3% |
| Health Care  | 4.0% |
| Real Estate  | 1.5% |
| Cash & Other  | 1.6% |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| British American Tobacco PLC  | 4.4% |
| Imperial Oil Ltd.  | 4.0% |
| Shell PLC  | 3.9% |
| Samsung Electronics Co. Ltd.  | 3.7% |
| Prosus NV  | 3.0% |
| Wheaton Precious Metals Corp.  | 2.4% |
| Reckitt Benckiser Group PLC  | 2.3% |
| Unilever PLC  | 2.2% |
| Newmont Corp.  | 2.2% |
| LVMH Moet Hennessy Louis Vuitton SE  | 2.2% |

---

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.firsteagle.com/funds/overseas-equity-etf.

**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 the Fund or your financial intermediary.

First Eagle Overseas Equity ETF PAGE 2 TSR-AR-75526L878

------

---

| | | |
|:---|:---|:---|
| ![image](img367623_202504171807560.jpg) | **Longview Advantage ETF**  | ![image](img367630_202504171822884.jpg) |
| ![image](img367623_202504171807560.jpg) | EBI (Principal U.S. Listing Exchange: NASDAQ)  | ![image](img367630_202504171822884.jpg) |
| ![image](img367623_202504171807560.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img367630_202504171822884.jpg) |

---

This annual shareholder report contains important information about the Longview Advantage ETF (the "Fund") for the period of February 26, 2025, to August 31, 2025. You can find additional information about the Fund at https://longviewresearchpartners.com/documents/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PERIOD FROM FEBRUARY 26, 2025 TO AUGUST 31, 2025 \*\*** (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\*** |
| Longview Advantage ETF | $13 | 0.24% |

---

\* Annualized

\*\* Inception date of the Fund was February 26, 2025. Costs of a $10,000 investment in the Fund for a full annual period would have been higher.

**HOW DID THE FUND PERFORM DURING THE PERIOD AND WHAT AFFECTED ITS PERFORMANCE?**

For the period from February 26, 2025, through August 31, 2025, the Fund generated a total return of 7.83%. While positive in absolute terms, the Fund lagged its benchmark, the Bloomberg 3000 Index, by 1.46% over the same period.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The Fund is designed to provide broad U.S. equity exposure while systematically tilting toward segments of the market with strong evidence of delivering long-term premiums—namely smaller-capitalization stocks, value-oriented companies, and firms with higher profitability. During this reporting period, these exposures detracted from performance. Large-cap growth stocks led the market, while value and smaller-capitalization companies lagged, creating a headwind for the Fund's systematic positioning. In particular, the largest drag came from the Fund's emphasis on large-cap value and higher-profitability companies, both of which underperformed the broader market.

We view these results as consistent with the Fund's disciplined approach. Short-term underperformance can occur when certain market segments dominate returns, but maintaining exposure to diversified and persistent sources of return—value, size, and profitability—remains central to the Fund's objective of delivering superior risk-adjusted returns over longer periods.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | NVIDIA Corp |
| ↑ | Microsoft Corp |
| ↑ | Alphabet Inc |
| ↑ | Meta Platforms Inc |
| ↑ | GE Vernova Inc |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Dimensional US Targeted Value ETF |
| ↓ | EA Bridgeway Omni Small-Cap Value ETF |
| ↓ | Dimensional US Core Equity 2 ETF |
| ↓ | John Hancock Multi-Factor Mid Cap ETF |
| ↓ | Vanguard Small-Cap ETF |

---

Longview Advantage ETF PAGE 1 TSR-AR-75526L852

------

**HOW DID THE FUND PERFORM SINCE INCEPTION?\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund 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)

![image](ts5255img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception<br>(02/26/2025)** |
| **Longview Advantage ETF** | 7.83 |
| **Bloomberg US 3000 Total Return Index** | 9.30 |

---

Visit https://longviewresearchpartners.com/documents/ 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, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $537808229 |
| **Number of Holdings** | 1822 |
| **Net Advisory Fee** | $372987 |
| **Portfolio Turnover** | 7% |

---

Visit https://longviewresearchpartners.com/documents/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Information Technology  | 21.2% |
| Financials  | 15.8% |
| Industrials  | 11.8% |
| Consumer Discretionary  | 10.2% |
| Communication Services  | 9.5% |
| Health Care  | 7.4% |
| Energy  | 7.0% |
| Consumer Staples  | 4.2% |
| Materials  | 3.0% |
| Cash & Other  | 9.9% |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| Dimensional US Core Equity 2 ETF  | 5.3% |
| NVIDIA Corp.  | 5.3% |
| Mount Vernon Liquid Assets Portfolio, LLC  | 5.0% |
| Microsoft Corp.  | 4.5% |
| Apple, Inc.  | 4.2% |
| Avantis U.S. Small Cap Value ETF  | 2.4% |
| Alphabet, Inc.  | 2.4% |
| Meta Platforms, Inc.  | 2.3% |
| Amazon.com, Inc.  | 2.0% |
| JPMorgan Chase & Co.  | 1.3% |

---

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

Longview Advantage ETF PAGE 2 TSR-AR-75526L852

------

**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 The Fund or your financial intermediary.

Longview Advantage ETF PAGE 3 TSR-AR-75526L852

------

---

| | | |
|:---|:---|:---|
| ![image](img173038_202504171257919.jpg) | **P/E Global Enhanced International Fund**  | ![image](img124764_202509051927826.jpg) |
| ![image](img173038_202504171257919.jpg) | Institutional Class \| PEIEX  | ![image](img124764_202509051927826.jpg) |
| ![image](img173038_202504171257919.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img124764_202509051927826.jpg) |

---

This annual shareholder report contains important information about the P/E Global Enhanced International Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://www.peglobalenhancedinternationalfund.com/. You can also request this information by contacting us at 1-855-610-4766.

**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 | $104 | 1.00% |

---

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

For the twelve-month period ended August 31, 2025, the Fund underperformed its benchmark, the MSCI EAFE Total Return Index. As part of its investment objective to seek total returns, the Fund seeks to augment passive international equity exposures with active currency positions, providing a distinct, diversifying source of potential alpha within the space. More specifically, the Fund's investment strategy seeks to combine the performance of 1) certain U.S. Dollar hedged global equity index futures and 2) the Advisor's proprietary FX Strategy, which is focused on providing exposure to international currency markets.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Fund performance was driven largely by the MSCI EAFE, which posted strong performance during the period. FX Strategy performance was mainly driven by Euro positioning.

**POSITIONING**

FX Strategy positioning remained net long USD during the period, driven by a variety of factors. Firstly, growth prospects for the U.S. have stabilized and have even improved relative to global counterparts. Secondly, interest rate differentials, between the U.S. and other developed countries, remain attractive. Thirdly, speculators hold extreme levels of short U.S. Dollar positions. Finally, the U.S. Dollar weakness has made the Euro very expensive on a trade-weighted basis.

**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 net asset value 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)

![image](ts5287img003.jpg)

P/E Global Enhanced International Fund PAGE 1 TSR-AR-75526L100

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(12/28/2022)** |
| **Institutional Class (without sales charge)** | 7.16 | 12.59 |
| **MSCI EAFE Net Index (USD)** | 13.87 | 16.62 |

---

Visit https://www.peglobalenhancedinternationalfund.com/ 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, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $31514808 |
| **Number of Holdings** | 14 |
| **Net Advisory Fee** | $101820 |
| **Portfolio Turnover (excludes derivatives)** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of net assets)** |
| United States Treasury Bill  | 79.2% |
| MSCI EAFE Index  | 2.1% |
| Japanese Yen/US Dollar Cross Currency Rate  | 0.7% |
| New Zealand Dollar/US Dollar Cross Currency Rate  | 0.1% |
| Canadian Dollar/US Dollar Cross Currency Rate  | 0.0% |
| US Dollar/Norwegian Krone Cross Currency Rate  | 0.0% |
| Mexican Peso/US Dollar Cross Currency Rate  | 0.0% |
| US Dollar/Swedish Krona Cross Currency Rate  | 0.0% |
| British Pound/US Dollar Cross Currency Rate  | 0.0% |
| Swiss Franc/US Dollar Cross Currency Rate  | -0.1% |

---

---

| | |
|:---|:---|
| **Component Risk Allocation (includes futures contracts)<sup>1</sup>**  | **(% of portfolio risk)** |
| Currencies  | 58% |
| Equities  | 24% |
| Fixed Income  | 18% |

---

1 Component Risk is used to describe the contribution of each sector's risk to the overall portfolio risk. In some cases, a sector may 'hedge' the portfolio, and thus reduce risk, in which case the Component Risk for that sector would be negative.

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

**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 1-855-610-4766, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

P/E Global Enhanced International Fund PAGE 2 TSR-AR-75526L100

------

---

| | | |
|:---|:---|:---|
| ![image](img173045_202410180956971.jpg) | **Penn Capital Short Duration High Income Fund**  | ![image](img132909_202503031239398.jpg) |
| ![image](img173045_202410180956971.jpg) | Institutional Class \| PSHNX  | ![image](img132909_202503031239398.jpg) |
| ![image](img173045_202410180956971.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132909_202503031239398.jpg) |

---

This annual shareholder report contains important information about the Penn Capital Short Duration High Income Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://penncapital.com/mutual-funds. You can also request this information by contacting us at 1-844-302-7366.

**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 | $56 | 0.54% |

---

\* Annualized

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

For the fiscal year ended August 31, 2025 (the "Period"), the Penn Capital Short Duration High Income Fund (the "Short Duration Fund") generated a 7.10% return, outperforming its benchmark, ICE BofA 1-3 Year BB US Cash Pay High Yield Index, which returned 6.76%. The Short Duration Fund maintains an average portfolio maturity of three years or less and excludes CCC-rated bonds. The portfolio will typically underperform the broad short duration market, which includes triple CCC-rated bonds, during low quality rallies and outperform during low quality sell-offs. During the Period, lower rated bonds outperformed higher rated bonds. The portfolio benefited from strong security selection in Transportation, Media, and Leisure. Within Transportation, American Airlines which showed improved liquidity and strong revenues allowing accelerating debt reduction, and VistaJet, a private aviation company, which refinanced its capital structure to improve liquidity and minimize near time financing risk. Within Media, Gray Media posted better than feared results and benefited from a heavy political ad cycle and Clear Channel Communications improved their capital structure and extended maturities with a refinancing and asset sales. Within Leisure, Lindblad Expeditions benefited from strong bookings growth and cash generation. The largest detractors from security selection performance were Healthcare, Auto, and Basic Industry. Within Health Care, supplies distributor Owens & Minor struggled due to its high leverage and thin margins while a series of botched acquisition/disposition transactions created a blurry outlook. Within Auto, supplier American Axle & Manufacturing faced persistent revenue pressure due to the cyclical auto market. Within Basic Industry, wood pulp mill operator Mercer International saw losses due to lower pulp prices, soft demand, and adverse FX movement.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | American Airlines Corp. 7.25% 15-Feb-2028 |
| ↑ | CCO Holdings Capital Corp. 5.0% 01-Feb-2028 |
| ↑ | Vistajet Malta Finance Plc 7.875% 01-May-2027 |
| ↑ | Gray Media, Inc. 10.5% 15-Jul-2029 |
| ↑ | Lindblad Expeditions Holdings, Inc. 9.0% 15-May-2028 |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Gray Escrow, Inc. 7.0% 15-May-2027 |
| ↓ | Bloomin' Brands, Inc. 5.125% 15-Apr-2029 |
| ↓ | Mercer International Inc. 12.875% 01-Oct-2028 |
| ↓ | American Axle & Manufacturing, Inc. 6.875% 01-Jul-2028 |
| ↓ | Owens & Minor, Inc. 4.5% 31-Mar-2029 |

---

Penn Capital Short Duration High Income Fund PAGE 1 TSR-AR-707269882

------

**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 net asset value 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)

![image](ts5288img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br>(07/17/2017)** |
| **Institutional Class** | 7.10 | 4.98 | 3.83 |
| **Bloomberg U.S. Aggregate Bond Index\*\*** | 3.14 | -0.68 | 1.57 |
| **ICE BofA 1-3 Year BB US Cash Pay High Yield Total Return Index** | 6.76 | 4.65 | 4.51 |

---

Visit https://penncapital.com/mutual-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 Bloomberg U.S. Aggregate Bond Index replaced the ICE BofA 1-3 Year BB US Cash Pay High Yield Index as the Fund's primary benchmark to represent a broad-based securities market index.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $17834706 |
| **Number of Holdings** | 92 |
| **Net Advisory Fee** | -$60953 |
| **Portfolio Turnover** | 59% |

---

Visit https://penncapital.com/mutual-funds for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| OneMain Finance Corp.  | 3.5% |
| Acadia Healthcare Co., Inc.  | 2.6% |
| CCO Holdings LLC / CCO Holdings Capital Corp.  | 2.6% |
| California Resources Corp.  | 2.4% |
| American Airlines, Inc.  | 2.3% |
| Owens-Brockway Glass Container, Inc.  | 2.0% |
| Nexstar Media, Inc.  | 2.0% |
| Travel + Leisure Co.  | 1.9% |
| Harvest Midstream I LP  | 1.9% |
| PRA Group, Inc.  | 1.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Consumer Discretionary  | 20.1% |
| Energy  | 15.9% |
| Financials  | 13.7% |
| Communications  | 13.6% |
| Materials  | 9.3% |
| Industrials  | 8.2% |
| Health Care  | 6.7% |
| Consumer Staples  | 3.7% |
| Technology  | 2.5% |
| Cash & Other  | 6.3% |

---

Penn Capital Short Duration High Income Fund PAGE 2 TSR-AR-707269882

------

**Material Fund Changes:**

Effective November 30, 2024, The RBB Fund Trust entered into an amended Interim Advisory Agreement ("Interim Advisory Agreement") with Penn Capital Management, LLC ("Penn Capital") with respect to the Fund. Pursuant to the amended Interim Advisory Agreement, Penn Capital did not receive any fees for its management of the Fund between November 30, 2024 and January 14, 2025, when shareholders of the Fund approved a new advisory agreement.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://penncapital.com/mutual-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 1-844-302-7366, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Penn Capital Short Duration High Income Fund PAGE 3 TSR-AR-707269882

------

---

| | | |
|:---|:---|:---|
| ![image](img173045_202410180956971.jpg) | **Penn Capital Special Situations Small Cap Equity Fund**  | ![image](img132909_202503031239398.jpg) |
| ![image](img173045_202410180956971.jpg) | Institutional Class \| PSCNX  | ![image](img132909_202503031239398.jpg) |
| ![image](img173045_202410180956971.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img132909_202503031239398.jpg) |

---

This annual shareholder report contains important information about the Penn Capital Special Situations Small Cap Equity Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://penncapital.com/mutual-funds. You can also request this information by contacting us at 1-844-302-7366.

**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 | $120 | 1.09% |

---

\* Annualized

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

For the twelve-month fiscal period ended August 31, 2025, the Penn Capital Special Situations Small Cap Equity Fund (the "Special Situations Fund") generated a 20.34% return, outperforming the 8.20% return of its benchmark, the Bloomberg 2000 Index. Top contributing sectors in the period were the Information Technology, Health Care, and Consumer Discretionary sectors. Within Information Technology, 3D sensor and software company, Lumentum Holdings, accelerated revenue growth with record shipments and raised its outlook tied to "physical AI" adoption across industrial/robotics and smart infrastructure. In Health Care, a spine-focused medical device company, Alphatec Holdings, sustained double-digit top line growth and gained market share, invested capital aggressively in people and inventory to take advantage of industry disruption, and achieved its first profitable quarter. Within Consumer Discretionary, technology and data provider for sports betting, SportRadar Group AG, had record results, raised guidance, and gained U.S. momentum supported by product innovation and a pending rights acquisition. The top detracting sectors in the fiscal period were the Energy, Industrials and Utilities sectors. Within Energy, an oilfield services and equipment provider, Weatherford International, declined due to declining oil prices and a weak macro outlook. Within Industrials, RXO, a freight broker, suffered as it was disproportionately exposed to tariffs angst which led to a conservative outlook for the year. Within Utilities, the Special Situations Fund had no exposure while the sector performed positively, leading to negative contribution.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Ouster, Inc. |
| ↑ | Carpenter Technology Corporation |
| ↑ | Alphatec Holdings, Inc |
| ↑ | Sportradar Group AG Class A |
| ↑ | Lumentum Holdings, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | RXO, Inc. |
| ↓ | Forward Air Corporation |
| ↓ | Community Health Systems, Inc. |
| ↓ | Weatherford International plc |
| ↓ | Select Water Solutions, Inc. Class A |

---

Penn Capital Special Situations Small Cap Equity Fund PAGE 1 TSR-AR-707269304

------

**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 net asset value 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)

![image](ts5289img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **Since Inception<br>(12/17/2015)** |
| **Institutional Class** | 20.34 | 17.11 | 12.00 |
| **Russell 3000 Total Return Index\*\*** | 15.84 | 14.11 | 14.09 |
| **Bloomberg US 2000 Total Return Index** | 8.20 | 11.27 | 9.83 |

---

Visit https://penncapital.com/mutual-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 Bloomberg US 2000 Index as the Fund's primary benchmark to represent a broad-based securities market index.

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $70175667 |
| **Number of Holdings** | 78 |
| **Net Advisory Fee** | $165880 |
| **Portfolio Turnover** | 91% |

---

Visit https://penncapital.com/mutual-funds for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| Penn Entertainment, Inc.  | 2.8% |
| Weatherford International PLC  | 2.4% |
| Alphatec Holdings, Inc.  | 2.0% |
| Ameris Bancorp  | 1.9% |
| Dycom Industries, Inc.  | 1.9% |
| Amentum Holdings, Inc.  | 1.9% |
| Mirum Pharmaceuticals, Inc.  | 1.8% |
| Newmark Group, Inc.  | 1.8% |
| Extreme Networks, Inc.  | 1.8% |
| Rush Street Interactive, Inc.  | 1.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Consumer Discretionary  | 19.5% |
| Financials  | 16.4% |
| Industrials  | 14.2% |
| Information Technology  | 13.3% |
| Health Care  | 9.7% |
| Energy  | 7.9% |
| Communication Services  | 6.7% |
| Materials  | 5.1% |
| Consumer Staples  | 3.2% |
| Cash & Other  | 4.0% |

---

Penn Capital Special Situations Small Cap Equity Fund PAGE 2 TSR-AR-707269304

------

**Material Fund Changes:**

Effective November 30, 2024, The RBB Fund Trust entered into an amended Interim Advisory Agreement ("Interim Advisory Agreement") with Penn Capital Management, LLC ("Penn Capital") with respect to the Fund. Pursuant to the amended Interim Advisory Agreement, Penn Capital did not receive any fees for its management of the Fund between November 30, 2024 and January 14, 2025, when shareholders of the Fund approved a new advisory agreement.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://penncapital.com/mutual-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 1-844-302-7366, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Penn Capital Special Situations Small Cap Equity Fund PAGE 3 TSR-AR-707269304

------

---

| | | |
|:---|:---|:---|
| ![image](img173035_202410171731193.jpg) | **Torray Equity Income Fund**  | ![image](img173034_202509051248504.jpg) |
| ![image](img173035_202410171731193.jpg) | TORYX  | ![image](img173034_202509051248504.jpg) |
| ![image](img173035_202410171731193.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img173034_202509051248504.jpg) |

---

This annual shareholder report contains important information about Torray Equity Income Fund (the "Fund") for the period of September 1, 2024, to August 31, 2025. You can find additional information about the Fund at https://funds.torray.com/literature/. You can also request this information by contacting us at 1-800-626-9769.

***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\*** |
| Torray Equity Income Fund | $100 | 0.95% |

---

\* Annualized

**HOW DID THE FUND PERFORM DURING THE LAST SIX MONTHS AND WHAT AFFECTED ITS PERFORMANCE?**

The Torray Equity Income Fund ("the Fund") advanced 10.08% in the fiscal year ended August 31, 2025 (the "Period"), in line with 10.10% for the Morningstar US Large-Mid Cap Broad Value Total Return USD Index for the Period. Fund results were led by strength in Financials, Information Technology and Health Care, offset by weakness in Communication Services, Consumer Discretionary and Industrials.

Portfolio activity was higher than usual in the past six months as the Fund made changes consistent with its recently updated investment objective, which includes a focus on the level and growth of current income. The investment approach remains similar to that employed by the Fund since inception in 1990, but with a greater emphasis on dividend-paying common stocks and equity-equivalent securities such as preferred and convertible preferred shares. To highlight this new income focus, the Fund's name was changed to the Torray Equity Income Fund, effective August 31, 2025.

The market has experienced significant volatility in 2025, dropping 20% from February to April and then rising 32% from the April low to set record highs by the end of August, as measured by the Standard & Poor's 500 Index. The spring weakness provided an opportunity to begin building a higher income portfolio by replacing certain holdings with securities of similar quality, but with higher dividend yields and/or better dividend growth prospects. For example, several holdings in the Financial sector which had held up well were sold to fund new acquisitions. Financials now represent 25% of the portfolio, down from 35% in our last report. Of the top ten names shown below, four are new to the portfolio - Blackstone Group, Broadcom Limited, Chevron Corporation and CNA Financial. We believe these positions are an attractive combination of growth and income, an aspect of the larger portfolio which is being emphasized.

With the sharp advance in equity markets since the April low, share prices are generally more fully valued than when we last reported. In our view, the Fund is well-positioned to participate in up markets and provide reasonable downside protection when the inevitable volatility returns. We believe this balance creates the potential for satisfactory returns over full market cycles.

Thank you for your investment in the Fund.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Broadcom Inc. |
| ↑ | Blackstone Inc. |
| ↑ | JPMorgan Chase & Co. |
| ↑ | American Express Company |
| ↑ | Hewlett Packard Enterprise Co. Conv Pfd Series C |

---

Torray Equity Income Fund PAGE 1 TSR-AR-75526L506

------

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | UnitedHealth Group Incorporated |
| ↓ | Lennar Corporation Class B |
| ↓ | Hewlett Packard Enterprise Co. |
| ↓ | Schlumberger Limited |
| ↓ | Keysight Technologies Inc |

---

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

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund. The chart uses total return net asset value 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)

![image](ts5321img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Torray Equity Income Fund** | 10.08 | 14.78 | 9.41 |
| **S&P 500 Total Return Index** | 15.88 | 14.74 | 14.60 |
| **Morningstar US Large-Mid Cap Broad Value Total Return USD Index** | 10.10 | 14.12 | 12.01 |

---

Visit https://funds.torray.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, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $362328680 |
| **Number of Holdings** | 26 |
| **Net Advisory Fee** | $2893244 |
| **Portfolio Turnover** | 57% |

---

Torray Equity Income Fund PAGE 2 TSR-AR-75526L506

------

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| Phillips 66  | 5.9% |
| CNA Financial Corp.  | 5.1% |
| American Express Co.  | 5.1% |
| Broadcom, Inc.  | 4.9% |
| Blackstone, Inc.  | 4.8% |
| Texas Instruments, Inc.  | 4.8% |
| Home Depot, Inc.  | 4.6% |
| Hewlett Packard Enterprise Co., Series C Conv Pfd., 7.625%  | 4.4% |
| Chevron Corp.  | 4.2% |
| Amgen, Inc.  | 4.1% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Financials  | 27.1% |
| Health Care  | 18.8% |
| Information Technology  | 14.1% |
| Energy  | 14.0% |
| Consumer Discretionary  | 7.9% |
| Real Estate  | 6.4% |
| Consumer Staples  | 3.3% |
| Utilities  | 3.3% |
| Industrials  | 2.8% |
| Cash & Other  | 2.3% |

---

**Changes to Fund's Investment Objective or Goals:**

Effective as of August 31, 2025, the investment objective of the Fund was changed. The Fund's original investment objectives were to build investor wealth over extended periods and to minimize shareholder capital gains tax liability by limiting the realization of long- and short-term gains. The new investment objective of the Fund is to seek to build investor wealth over time, with a particular focus on the level and growth of current income.

**Changes to the Fund's Principal Investment Strategy:**

The Fund views common stock ownership as an investment in a business, and therefore invests for the long term. The Fund seeks to invest in securities when it believes valuations are modest relative to earnings, cash flow or asset values. The Fund invests principally in common stock of large capitalization domestic companies characterized by operating profitability, conservative financial structures, sustainable dividend policies and shareholder-oriented management. Investments are held as long as the issuers' fundamentals remain intact, and the Fund believes issuers' shares are reasonably valued. The Fund pursues its objective by investing, under normal circumstances, at least 80% of its net assets (including borrowings for investment purposes) in equity securities, such as common stocks, preferred stocks, and convertible preferred stocks. This 80% investment policy is not fundamental and may be changed by the Board of Trustees without shareholder approval.

**Fund Name Change:**

The name of the Fund was changed from the "Torray Fund" to the "Torray Equity Income Fund".

**Other Material Fund Changes:**

The Fund usually holds 20-25 stocks, with positions in individual issuers generally ranging between 3% and 5% (previously 2% and 4%) of the Fund's assets. Generally, positions in individual issuers will not exceed 6% (previously 5%) of Fund assets.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://funds.torray.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 1-800-626-9769, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Torray Equity Income Fund PAGE 3 TSR-AR-75526L506

------

---

| | | |
|:---|:---|:---|
| ![image](img367496_202504152208361.jpg) | **Tweedy, Browne Insider + Value ETF** | ![image](img341887_202504251616972.jpg) |
| ![image](img367496_202504152208361.jpg) | COPY (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img341887_202504251616972.jpg) |
| ![image](img367496_202504152208361.jpg) | Annual Shareholder Report \| August 31, 2025 | ![image](img341887_202504251616972.jpg) |

---

This annual shareholder report contains important information about the Tweedy, Browne Insider + Value ETF (the "Fund") for the period of December 26, 2024, to August 31, 2025. You can find additional information about the Fund at http://www.tweedyetfs.com/etf-overview/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE PERIOD DECEMBER 26, 2024, TO AUGUST 31, 2025?\*\*** (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\*** |
| Tweedy, Browne Insider + Value ETF | $61 | 0.80% |

---

\* Annualized

\*\* Inception date of the Fund was December 26, 2024. Costs of a $10,000 investment in the Fund for a full annual period would have been higher.

**HOW DID THE FUND PERFORM DURING THE PERIOD AND WHAT AFFEECTED ITS PERFORMANCE?**

**Market Overview**

While it remains early days for the Tweedy, Browne Insider + Value ETF, the Fund has made considerable financial progress since its launch on December 26, 2024, producing a return through August 31, 2025 of 22.00% versus a return of 11.66% for its primary benchmark, the MSCI World Index (in USD).

In this relatively buoyant period for risk asset valuations, global equity markets continued to advance rather aggressively, benefiting from continued enthusiasm around prospects for artificial intelligence, moderating inflationary pressures, resilient corporate earnings, and improving investor sentiment toward non-U.S. equities.

**What Impacted Performance During the Period**

From a regional and country perspective, the Fund's European holdings responded favorably to declining energy prices, easing monetary policy signals, and the prospect of increased governmental spending on infrastructure and defense, while U.K. equities rebounded on the back of attractive valuations. Canadian and Korean markets, in contrast, faced headwinds from commodity volatility, softer export demand, and continued tariff uncertainty.

The Financial sector was the single largest contributor to the Fund's positive performance, with banks leading the way. Strength across large European and Canadian banks and other select U.S. financials reflected resilient earnings and attractive valuations. The Fund's insurance and capital market's holdings also provided meaningful support, underscoring the breadth of the sector's contribution.

Industrials also provided a meaningful contribution to returns, led by machinery and construction & engineering holdings, which advanced on steady demand. Air freight and logistics contributed positively, as did the Fund's Materials holdings. Metals and mining holdings drove the bulk of the gain in Materials, supported by continued strength in commodity-linked franchises. Chemicals and paper & forest products added incrementally, though construction materials and packaging names were weaker. In Energy, oil & gas companies were strong performers, while energy equipment & services lagged somewhat.

On the other side of the ledger, certain health care equipment and transportation-related holdings detracted modestly, though these impacts were relatively contained in comparison with the gains elsewhere. From a geographic perspective, the United Kingdom, Canada, South Korea, Spain, and Austria were notable sources of strength, while Bermuda and Australia weighed slightly.

As an unhedged portfolio (at least for now), the Fund's significant exposures to the euro, British pound, and Swedish krona

Tweedy, Browne Insider + Value ETF PAGE 1 TSR-SAR-75526L860

------

provided a tailwind as these currencies all advanced meaningfully against the U.S. dollar during the period. Additional gains in the Canadian dollar, South Korean won, and several other smaller currencies added to returns, though to a lesser extent given their more modest portfolio weights.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | DPM Metals |
| ↑ | Banco Santander |
| ↑ | Stonex Group |
| ↑ | BAWAG Group |
| ↑ | Erste Group Bank |
| ↑ | Bankinter |
| ↑ | Norion Bank |
| ↑ | HCI Group |
| ↑ | Hyundai Glovis |
| ↑ | British American Tobacco |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Centene |
| ↓ | HighPeak Energy |
| ↓ | Embecta |
| ↓ | Fifth Third Bancorp |
| ↓ | Conduit Holdings |
| ↓ | Douglas |
| ↓ | Crocs |
| ↓ | Heartland Express |
| ↓ | Orion |
| ↓ | Eurazeo |

---

**HOW DID THE FUND PERFORM SINCE INCEPTION?\***

The $10,000 chart reflects a hypothetical $10,000 investment in the Fund and assumes the maximum sales charge. The chart uses total return net asset value 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)

![image](ts5322img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception<br>(12/26/2024)** |
| **Tweedy, Browne Insider + Value ETF** | 22.00 |
| **MSCI WORLD INDEX Net (USD)** | 11.66 |

---

\* ***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.*

Tweedy, Browne Insider + Value ETF PAGE 2 TSR-SAR-75526L860

------

**KEY FUND STATISTICS** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $144204454 |
| **Number of Holdings** | 179 |
| **Net Advisory Fee** | $245447 |
| **Portfolio Turnover** | 7% |

---

Visit http://www.tweedyetfs.com/etf-overview/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| BAWAG Group AG  | 1.4% |
| StoneX Group Inc  | 1.3% |
| Dundee Precious Metals Inc  | 1.2% |
| Erste Group Bank AG  | 1.2% |
| Burberry Group PLC  | 1.2% |
| Banco Santander SA  | 1.1% |
| HCI Group, Inc.  | 1.0% |
| Hyundai Glovis Co. Ltd.  | 0.9% |
| Bankinter SA  | 0.9% |
| KT Corp  | 0.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Financials  | 28.9% |
| Consumer Discretionary  | 14.8% |
| Energy  | 11.6% |
| Industrials  | 11.3% |
| Materials  | 10.4% |
| Communication Services  | 5.9% |
| Consumer Staples  | 5.2% |
| Health Care  | 3.9% |
| Information Technology  | 3.8% |
| 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 http://www.tweedyetfs.com/etf-overview/.

**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 the Fund or your financial intermediary.

Tweedy, Browne Insider + Value ETF PAGE 3 TSR-SAR-75526L860

------

---

| | | |
|:---|:---|:---|
| ![image](img584055_202510241412348.jpg) | **Twin Oak Endure ETF**  | ![image](img230286_202506271636273.jpg) |
| ![image](img584055_202510241412348.jpg) | Cboe BZX Exchange, Inc. \| SPYA  | ![image](img230286_202506271636273.jpg) |
| ![image](img584055_202510241412348.jpg) | Annual Shareholder Report \| August 31, 2025  | ![image](img230286_202506271636273.jpg) |

---

This annual shareholder report contains important information about the Twin Oak Endure ETF (the "Fund") for the period of June 2, 2025, to August 31, 2025. You can find additional information about the Fund at https://twinoaketfs.com/SPYA. 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\*** |
| Twin Oak Endure ETF | $13\*\* | 0.49% |

---

\* Annualized

\*\* Amount shown reflects the expenses of the Fund from June 2, 2025 (commencement of operations) through August 31, 2025. 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?**

Since inception to the period ended August 31, 2025, the Fund underperformed its broad-based benchmark, the S&P 500 Index, and overperformed its secondary benchmark, the Cboe S&P 500 95-110 Collar Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

Since the Fund's inception on June 2, 2025 and through the end of August 2025, the Fund has delivered a year-to-date total return of 7.42% and has achieved a since-inception return that reflected the Fund's total return objective while managing downside risk and volatility. The Fund's standard deviation of 7.5% relative to a standard deviation for the S&P 500 Index of 9.6% over the same period demonstrated the lower volatility while maintaining its upside participation. The Fund's performance has been driven primarily by its equity exposure, through individual positions, ETF holdings, and derivatives, as well as its hedging portfolio which included calls and collars for the period. As the domestic equity market moved steadily higher over the period, the Fund lagged due to its hedging portfolio. The hedging portfolio, while successful in reducing the Fund's volatility, detracted from the Fund's relative performance due to the capped upside and cost of hedging, a trade-off of its risk-managed design.

**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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5952img003.jpg)

Twin Oak Endure ETF PAGE 1 TSR-AR-75526L811

------

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception<br>(06/02/2025)** |
| **Twin Oak Endure ETF (at Net Asset Value)** | 7.42 |
| **S&P 500 TR** | 9.16 |
| **Cboe S&P 500 95-110 Collar Index** | 7.25 |

---

Visit https://twinoaketfs.com/SPYA 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, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $117774636 |
| **Number of Holdings** | 39 |
| **Net Advisory Fee** | $212534 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of August 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| Vanguard S&P 500 ETF  | 50.4% |
| Snowflake, Inc.  | 9.7% |
| Maplebear, Inc.  | 8.9% |
| United States Treasury Bill  | 8.4% |
| Microsoft Corp.  | 6.1% |
| Natera, Inc.  | 4.7% |
| Block, Inc.  | 4.0% |
| DoorDash, Inc.  | 3.6% |
| NU Holdings Ltd.  | 2.2% |
| SPDR S&P 500 ETF Trust  | 0.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| ETF Equity  | 51.4% |
| Information  | 10.1% |
| Professional, Scientific, and Technical Services  | 9.9% |
| Transportation and Warehousing  | 8.9% |
| Health Care and Social Assistance  | 4.7% |
| Retail Trade  | 3.6% |
| Administrative and Support and Waste Management and Remediation Services  | 2.9% |
| Cash & Other  | 8.6% |

---

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

**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 the Fund or your financial intermediary.

Twin Oak Endure ETF PAGE 2 TSR-AR-75526L811

------

(b) Not applicable.

**<u>Item 2. Code of Ethics.</u>**

The registrant has adopted a code of ethics that applies to the registrant's Principal Executive Officer and Principal Financial Officer. The registrant has made amendments to its code of ethics during the period covered by this report, including clarifying which of the registrant's officers are covered. 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.

**<u>Item 3. Audit Committee Financial Expert.</u>**

The registrant's board of trustees 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.

**<u>Item 4. Principal Accountant Fees and Services.</u>**

<u>Audit Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(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 2025 | Fiscal Year 2024 |
| PricewaterhouseCoopers LLP | $86000 | NA |
| Tait, Weller & Baker | $33000 | $70000 |
| Cohen & Co | $62500 | $30500 |

---

<u>Audit-Related Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(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 semi-annual reports for Tait, Weller & Baker and Cohen & Co. were as
 follows:

---

| | | |
|:---|:---|:---|
| | Fiscal Year 2025 | Fiscal Year 2024 |
| PricewaterhouseCoopers LLP | $0 | NA |
| Tait, Weller & Baker | $1000 | $2000 |
| Cohen & Co | $900 | $600 |

---

<u>Tax Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(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 2025 | Fiscal Year 2024 |
| PricewaterhouseCoopers LLP | $24000 | NA |
| Tait, Weller & Baker | $7000 | $14000 |
| Cohen & Co | $14500 | $7500 |

---

<u>All Other Fees</u>

&nbsp;&nbsp;&nbsp;&nbsp;(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 2025 | Fiscal Year 2024 |
| PricewaterhouseCoopers LLP | $0 | NA |
| Tait, Weller & Baker | $0 | $0 |
| Cohen & Co | $0 | $0 |

---

(e)(1) <u>Pre-Approval of Audit and Permitted Non-Audit Services</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(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%.

&nbsp;&nbsp;&nbsp;&nbsp;(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 2025 | Fiscal Year 2024 |
| PricewaterhouseCoopers LLP | $24000 | NA |
| Tait, Weller & Baker | $8000 | $16000 |
| Cohen & Co | $15400 | $8100 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**<u>Item 5. Audit Committee of Listed Registrants.</u>**

Not applicable.

**<u>Item 6. Investments.</u>**

(a) The registrant's Schedule of Investments is included as part of the report to shareholders filed under Item 7(a) of this Form.

(b) Not applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.</u>**

(a) **FINANCIAL STATEMENTS**

**August 31, 2025** 

**Advent Convertible Bond ETF** 

**Ticker: ACVT** 

**A series of The RBB Fund Trust** 

**Advent Convertible Bond ETF** 

**Schedule of Investments** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **PAR** | **Value** |
|  **CONVERTIBLE BONDS — 88.4%** | **CONVERTIBLE BONDS — 88.4%** | **CONVERTIBLE BONDS — 88.4%** |
|  **Automobiles — 4.8%** | **Automobiles — 4.8%** | **Automobiles — 4.8%** |
|  Rivian Automotive, Inc., 3.63%, 10/15/2030  | $967000 | $853514 |
|  Winnebago Industries, Inc., 3.25%, 01/15/2030  | 518000 | 464646 |
|  |  | 1318160 |
|  **Biotechnology — 4.3%** | **Biotechnology — 4.3%** | **Biotechnology — 4.3%** |
|  Bridgebio Pharma, Inc., 2.25%, 02/01/2029  | 228000 | 224494 |
|  Ionis Pharmaceuticals, Inc., 1.75%, 06/15/2028  | 572000 | 627986 |
|  Travere Therapeutics, Inc., 2.25%, 03/01/2029  | 330000 | 333187 |
|  |  | 1185667 |
|  **Broadline Retail — 1.1%** | **Broadline Retail — 1.1%** | **Broadline Retail — 1.1%** |
|  Etsy, Inc., 0.13%, 09/01/2027  | 323000 | 294592 |
|  **Capital Markets — 1.7%** | **Capital Markets — 1.7%** | **Capital Markets — 1.7%** |
|  Coinbase Global, Inc., 0.50%, 06/01/2026  | 429000 | 461138 |
|  **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** | **Electric Utilities — 1.3%** |
|  FirstEnergy Corp., 4.00%, 05/01/2026  | 347000 | 355588 |
|  **Electronic Equipment, Instruments & Components — 3.3%** | **Electronic Equipment, Instruments & Components — 3.3%** | **Electronic Equipment, Instruments & Components — 3.3%** |
|  Itron, Inc., 0.00%, 03/15/2026 <sup>(a)</sup>  | 266000 | 283091 |
|  Vishay Intertechnology, Inc., 2.25%, 09/15/2030  | 696000 | 630132 |
|  |  | 913223 |
|  **Financial Services — 8.3%** | **Financial Services — 8.3%** | **Financial Services — 8.3%** |
|  Block, Inc., 0.25%, 11/01/2027  | 510000 | 461962 |
|  Global Payments, Inc., 1.50%, 03/01/2031  | 583000 | 544814 |
|  PennyMac Corp., 5.50%, 03/15/2026  | 301000 | 300249 |
|  Shift4 Payments, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp; 0.00%, 12/15/2025 <sup>(a)</sup>  | 435000 | 499598 |
| &nbsp;&nbsp;&nbsp; 0.50%, 08/01/2027  | 470000 | 484805 |
|  |  | 2291428 |
|  **Ground Transportation — 2.4%** | **Ground Transportation — 2.4%** | **Ground Transportation — 2.4%** |
|  Lyft, Inc., 0.63%, 03/01/2029  | 275000 | 301027 |
|  Uber Technologies, Inc., 0.00%, 12/15/2025 <sup>(a)</sup>  | 294000 | 346479 |
|  |  | 647506 |
|  **Health Care Equipment & Supplies — 4.2%** | **Health Care Equipment & Supplies — 4.2%** | **Health Care Equipment & Supplies — 4.2%** |
|  Dexcom, Inc., 0.38%, 05/15/2028  | 261000 | 241686 |
|  Haemonetics Corp., 2.50%, 06/01/2029  | 500000 | 469650 |
|  **Health Care Equipment & Supplies — 4.2% (continued)** | **Health Care Equipment & Supplies — 4.2% (continued)** | **Health Care Equipment & Supplies — 4.2% (continued)** |
|  Lantheus Holdings, Inc., 2.63%, 12/15/2027  | $426000 | $454187 |
|  |  | 1165523 |
|  **Health Care Providers & Services — 1.1%** | **Health Care Providers & Services — 1.1%** | **Health Care Providers & Services — 1.1%** |
|  NeoGenomics, Inc., 0.25%, 01/15/2028  | 340000 | 291928 |
|  **Health Care Technology — 2.6%** | **Health Care Technology — 2.6%** | **Health Care Technology — 2.6%** |
|  Evolent Health, Inc., 3.50%, 12/01/2029  | 347000 | 287663 |
|  Teladoc Health, Inc., 1.25%, 06/01/2027  | 474000 | 440773 |
|  |  | 728436 |
|  **Hotel & Resort REITs — 2.5%** | **Hotel & Resort REITs — 2.5%** | **Hotel & Resort REITs — 2.5%** |
|  Pebblebrook Hotel Trust, 1.75%, 12/15/2026  | 707000 | 678007 |
|  **Hotels, Restaurants & Leisure — 19.4%** | **Hotels, Restaurants & Leisure — 19.4%** | **Hotels, Restaurants & Leisure — 19.4%** |
|  Airbnb, Inc., 0.00%, 03/15/2026 <sup>(a)</sup>  | 382000 | 372832 |
|  Cheesecake Factory, Inc., 0.38%, 06/15/2026  | 600000 | 613616 |
|  DraftKings Holdings, Inc., 0.00%, 03/15/2028 <sup>(a)</sup>  | 965000 | 890568 |
|  Expedia Group, Inc., 0.00%, 02/15/2026 <sup>(a)</sup>  | 275000 | 277058 |
|  Marriott Vacations Worldwide Corp., 3.25%, 12/15/2027  | 774000 | 739958 |
|  NCL Corp. Ltd., 1.13%, 02/15/2027  | 883000 | 918341 |
|  Penn Entertainment, Inc., 2.75%, 05/15/2026  | 853000 | 919601 |
|  Shake Shack, Inc., 0.00%, 03/01/2028 <sup>(a)</sup>  | 625000 | 607615 |
|  |  | 5339589 |
|  **Household Durables — 1.7%** | **Household Durables — 1.7%** | **Household Durables — 1.7%** |
|  Meritage Homes Corp., 1.75%, 05/15/2028  | 448000 | 468638 |
|  **IT Services — 1.8%** | **IT Services — 1.8%** | **IT Services — 1.8%** |
|  Akamai Technologies, Inc., 1.13%, 02/15/2029  | 510000 | 486030 |
|  **Media — 1.0%** | **Media — 1.0%** | **Media — 1.0%** |
|  Cable One, Inc., 0.00%, 03/15/2026 <sup>(a)</sup>  | 299000 | 289282 |
|  **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** | **Oil, Gas & Consumable Fuels — 1.1%** |
|  Northern Oil & Gas, Inc., 3.63%, 04/15/2029  | 307000 | 309840 |

---

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

**Advent Convertible Bond ETF** 

**Schedule of Investments (Concluded)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **PAR** | **Value** |
|  **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** | **Pharmaceuticals — 1.2%** |
|  Amphastar Pharmaceuticals, Inc., 2.00%, 03/15/2029  | $347000 | $322154 |
|  **Professional Services — 2.6%** | **Professional Services — 2.6%** | **Professional Services — 2.6%** |
|  Upwork, Inc., 0.25%, 08/15/2026  | 750000 | 712500 |
|  **Semiconductors & Semiconductor Equipment — 4.3%** | **Semiconductors & Semiconductor Equipment — 4.3%** | **Semiconductors & Semiconductor Equipment — 4.3%** |
|  MKS, Inc., 1.25%, 06/01/2030  | 440000 | 443080 |
|  ON Semiconductor Corp., 0.50%, 03/01/2029  | 788000 | 729885 |
|  |  | 1172965 |
|  **Software — 16.2%** | **Software — 16.2%** | **Software — 16.2%** |
|  Confluent, Inc., 0.00%, 01/15/2027 <sup>(a)</sup>  | 457000 | 428028 |
|  Five9, Inc., 1.00%, 03/15/2029  | 671000 | 598137 |
|  PagerDuty, Inc., 1.50%, 10/15/2028  | 453000 | 444644 |
|  Progress Software Corp., 3.50%, 03/01/2030  | 806000 | 827359 |
|  Q2 Holdings, Inc., 0.75%, 06/01/2026  | 409000 | 439619 |
|  Rapid7, Inc., 1.25%, 03/15/2029  | 326000 | 290969 |
|  Vertex, Inc., 0.75%, 05/01/2029  | 405000 | 416323 |
|  Workiva, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp; 1.13%, 08/15/2026  | 621000 | 717007 |
| &nbsp;&nbsp;&nbsp; 1.25%, 08/15/2028  | 285000 | 276949 |
|  |  | 4439035 |
|  **Technology Hardware, Storage & Peripherals — 1.5%** | **Technology Hardware, Storage & Peripherals — 1.5%** | **Technology Hardware, Storage & Peripherals — 1.5%** |
|  Super Micro Computer, Inc., 3.50%, 03/01/2029  | 422000 | 417602 |
|  **TOTAL CONVERTIBLE BONDS** (Cost $23,704,768)  |  | 24288831 |
|  | **SHARES** |  |
|  **CONVERTIBLE PREFERRED STOCKS — 10.3%** | **CONVERTIBLE PREFERRED STOCKS — 10.3%** | **CONVERTIBLE PREFERRED STOCKS — 10.3%** |
|  **Banks — 9.2%**  |  |  |
|  Bank of America Corp., Series L, 7.25%, Perpetual  | 1007 | 1255779 |
|  Wells Fargo & Co., Series L, 7.50%, Perpetual  | 1040 | 1263600 |
|  |  | 2519379 |
|  **Financial Services — 1.1%** | **Financial Services — 1.1%** | **Financial Services — 1.1%** |
|  AMG Capital Trust II, 5.15%, 10/15/2037  | 5377 | 311527 |
|  **TOTAL CONVERTIBLE PREFERRED STOCKS** (Cost $2,706,446)  |  | 2830906 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **MONEY MARKET FUNDS — 0.8%** | **MONEY MARKET FUNDS — 0.8%** | **MONEY MARKET FUNDS — 0.8%** |
|  First American Government Obligations Fund - Class X, 4.22%<sup>(b)</sup>  | 214385 | $214385 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $214,385)  |  | 214385 |
|  **TOTAL INVESTMENTS — 99.5%** (Cost $26,625,599)  |  | 27334122 |
|  Other Assets in Excess of Liabilities — 0.5%  |  | 128889 |
|  **TOTAL NET ASSETS — 100.0%** |  | $27463011 |

---

Par amount is in USD unless otherwise indicated.&nbsp;&nbsp;&nbsp;&nbsp;

Percentages are stated as a percent of net assets.&nbsp;&nbsp;&nbsp;&nbsp;

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> 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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Zero coupon bonds make no
 periodic interest payments.

&nbsp;&nbsp;&nbsp;&nbsp;(b) The rate shown represents
 the 7-day annualized effective yield as of August 31, 2025.

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

**Advent Convertible Bond ETF** 

**Statement of Assets and Liabilities** 

**As of AUGUST 31, 2025**

---

| | |
|:---|:---|
|  | **Advent <br> Convertible <br> Bond ETF** |
|  **ASSETS:** | **ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value  | $27334122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  | 118991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable  | 20837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold  | 4322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets**  | 27478272 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to adviser  | 15261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities**  | 15261 |
|  **NET ASSETS**  | $27463011 |
|  **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $26662702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | 800309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets  | $27463011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $27463011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued and outstanding<sup>(a)</sup>  | 1030000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share  | $26.66 |
|  **COST:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at cost  | $26625599 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Unlimited shares authorized
 without par value.

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

**Advent Convertible Bond ETF** 

**Statement of Operations** 

**For the PERIOD ended AUGUST 31, 2025**

---

| | |
|:---|:---|
|  | **Advent <br> Convertible <br> Bond ETF<sup>(a)</sup>** |
|  **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income  | $155260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income  | 60361 |
|  Total investment income  | 215621 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee  | 68657 |
|  Total expenses  | 68657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser  | (12873) |
|  Net expenses  | 55784 |
|  **NET INVESTMENT INCOME**  | 159837 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 49107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | 587415 |
|  Net realized gain (loss)  | 636522 |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 708523 |
|  Net change in unrealized appreciation (depreciation)  | 708523 |
|  Net realized and unrealized gain (loss)  | 1345045 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $1504882 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was April 29, 2025.

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

**Advent Convertible Bond ETF** 

**Statement of Changes in Net Assets** 

---

| | |
|:---|:---|
|  | **Period ended <br> August 31, <br> 2025<sup>(a)</sup>**  |
|  **OPERATIONS:** | **OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $159837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 636522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 708523 |
|  Net increase (decrease) in net assets from operations  | 1504882 |
|  **Distributions to Shareholders:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From earnings  | (117727) |
|  Total distributions to shareholders  | (117727) |
|  **CAPITAL TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 31036354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (5025550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ETF transaction fees  | 65052 |
|  Net increase (decrease) in net assets from capital transactions  | 26075856 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 27463011 |
|  **NET ASSETS:** |  |
|  Beginning of the period  |  |
|  End of the period  | $27463011 |
|  **SHARES TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 1220000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (190000) |
|  Total increase (decrease) in shares outstanding  | 1030000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was April 29, 2025.

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

**Advent Convertible Bond ETF** 

**Financial Highlights** 

Contained below is per share operating performance data for the Fund 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.<br>

---

| | |
|:---|:---|
|  | **Period ended <br> August 31, <br> 2025<sup>(a)</sup>**  |
|  **PER SHARE DATA:** |  |
|  Net asset value, beginning of period  | $25.00 |
|  **INVESTMENT OPERATIONS:** |  |
|  Net investment income<sup>(b)</sup>  | 0.16 |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 1.55 |
|  Total from investment operations  | 1.71 |
|  **LESS DISTRIBUTIONS FROM:** |  |
|  Net investment income  | (0.12) |
|  Total distributions  | (0.12) |
|  ETF transaction fees per share  | 0.07 |
|  Net asset value, end of period  | $26.66 |
|  **TOTAL RETURN<sup>(d)</sup>** | 7.13% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |
|  Net assets, end of period (in thousands)  | $27463 |
|  Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup>  | 0.80% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup>  | 0.65% |
|  Ratio of net investment income (loss) to average net assets  |  |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup>  | 1.86% |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup>  | 1.71% |
|  Portfolio turnover rate<sup>(d)(f)</sup>  | 69% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was April 29, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per
 share has been calculated based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Realized and unrealized
 gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
 period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized for periods less
 than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Portfolio turnover rate
 excludes in-kind transactions.

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

**Advent Convertible Bond ETF** 

**Notes to Financial Statements** 

**As of AUGUST 31, 2025**

**1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES** 

The RBB Fund Trust, (the "Trust") was organized as a Delaware statutory trust on August 29, 2014, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust 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, the Trust has ten separate investment portfolios, including the Advent Convertible Bond ETF (the "Fund"), which commenced investment operations on April 29, 2025.

The investment objective of the Fund is to provide a total return, from income and appreciation, by investing in U.S. convertible securities and U.S. Dollar-denominated ("USD") convertible securities.

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, 2025, and the period covered by these Notes to Financial Statements is since inception on April 29, 2025 through August 31, 2025 (the "current fiscal period").

**PORTFOLIO VALUATION** — The Fund values its investments at fair value. The Fund's 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 factors such 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). 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 Trust's Board of Trustees (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 Advent Capital Management, LLC, the Fund's investment adviser (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.

**Advent Convertible Bond ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of AUGUST 31, 2025**

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** |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Convertible Bonds | $— | $24288831 | $— | $24288831 |
| &nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | 2519379 | 311527 |  | 2830906 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 214385 |  |  | 214385 |
|  **Total Investments** | $2733764 | $24600358 | $— | $27334122 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

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 and related disclosures are 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.

**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. Investment advisory fees are accrued daily and paid monthly. Pursuant to a separate contractual arrangement, the adviser is liable and responsible for administrator fees, custody, the independent trustees and counsel to the independent trustees and the officers of the Trust. Expenses and fees, including investment advisory 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 distributes all net investment income, if any, monthly and net realized capital gains, if any, annually. Distributions to shareholders are 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

**Advent Convertible Bond ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of AUGUST 31, 2025**

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** — 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 POLICIES AND PRACTICES** 

The Fund's investment objective and principal investment strategies are described in the Prospectus. The sections below describe some of the different types of investments that may be made by the Fund as part of its principal and non-principal investment strategies. The following information supplements, and should be read in conjunction with, the Prospectus.

**ACTIVE MANAGEMENT RISK –** The Fund is subject to management risk as an actively-managed investment portfolio. The Adviser's investment approach may fail to produce the intended result.

**Convertible Securities** – Convertible securities are hybrid securities that combine the investment characteristics of bonds and common stocks. Convertible securities involve risks similar to those of both fixed income and equity securities. The market price of a convertible security generally tends to behave like that of a regular debt security; that is, if market interest rates rise, the value of a convertible security usually falls. In addition, convertible securities are subject to the risk that the issuer will not be able to pay interest, principal or dividends when due, and their market value may change based on changes in the issuer's credit rating or the market's perception of the issuer's creditworthiness. Because a convertible security derives a portion of its value from the common stock into which it may be converted, a convertible security is also subject to the same types of market and issuer risks that apply to the underlying common stock, including the potential for increased volatility in the price of the convertible security.

**SYNTHETIC CONVERTIBLES RISK –** A synthetic convertible is a convertible security with an underlying issuer which is not and does not own the conversion equity. The value of a synthetic convertible security may respond differently to market fluctuations than a convertible security because a synthetic convertible security is composed of two or more separate securities, each with its own market value. Synthetic convertible securities may be structured to have features that limit the options of the holder or otherwise differ from those of traditional convertible securities. In addition, synthetic convertible securities may be more illiquid than traditional convertible securities.

**CONVERTIBLE PREFERRED STOCK RISK –** Convertible preferred stocks are share issuances of a company which rank above that of common stock, below that of most debt issuances, and provide the option to convert into common stock at predetermined times. Because convertible preferred stock ranks below most classes of debt, their value is subject to fluctuation should an issuer have difficulty paying interest or principal when due or other episodes that affect the market's perception of the issuer's creditworthiness. Convertible preferred stock may have longer maturities that raise interest rate risk, reduce the bond value of the security, and place more value on the equity option.

**MANDATORY CONVERTIBLE BOND RISK –** Mandatory convertible bonds have a required conversion to the underlying equity upon the maturity of the bond. Although they generally rank equal to traditional convertible bonds during their term, the required conversion to equity results in a greater level of variation in the security's value at the end of the term. As a result, mandatory convertible bonds are subject to also subject to the same types of market and issuer risks that apply to the underlying common stock.

**Advent Convertible Bond ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of AUGUST 31, 2025**

**3. INVESTMENT ADVISER AND OTHER SERVICES** 

The Trust has an agreement (the "Advisory Agreement") with the Adviser to furnish investment advisory services and to pay for certain operating expenses of the Fund. Pursuant to the Advisory Agreement between the Trust and the Adviser, the Adviser is entitled to receive, on a monthly basis, an annual advisory fee equal to 0.80% of the Fund's average daily net assets. The Adviser has contractually agreed to waive its fee so as to limit the Fund's current operating expenses (excluding certain items discussed below) to an annual rate, expressed as a percentage of the Fund's average annual net assets, of 0.65% (the "Expense Cap"). For purposes of this Expense Cap, 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, if any, brokerage commissions, extraordinary items, interest, and taxes. This Expense Cap is in effect until April 30, 2026 and may not be terminated without the approval of the Board.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as administrator for the Fund.

Fund Services serves as the Fund's transfer and dividend disbursing agent.

U.S. Bank, N.A. (the "Custodian") provides certain custodial services to the Fund.

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.

**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** | **SALES** |
| $38047543 | $13324067 |

---

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 Fund were as follows:

---

| | |
|:---|:---|
| **PURCHASES** | **SALES** |
| $– $| 3937795 |

---

**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.

**Advent Convertible Bond ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of AUGUST 31, 2025**

As of August 31, 2025, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:

---

| | |
|:---|:---|
|  Gross unrealized appreciation | $760885 |
|  Gross unrealized (depreciation) | (63265) |
|  Net unrealized appreciation | $697620 |
|  Cost | $26636502 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax treatment of passive foreign investment companies.

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $102689 |
|  Undistributed long-term capital gain |  |
|  Net unrealized appreciation/(depreciation)  | 697620 |
|  Total accumulated earnings | $800309 |

---

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.

---

| | |
|:---|:---|
|  | **August 31, <br> 2025** |
|  Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp; Ordinary Income | $117727 |
| &nbsp;&nbsp;&nbsp; Long-Term Capital Gains |  |
|  | $117727 |

---

As of August 31, 2025, the Fund did not have any capital loss carryovers. A regulated investment company 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 taxable period ended August 31, 2025, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2025. As of August 31, 2025, the Fund had no tax basis post October losses or qualified late-year losses.

**6. SHARE TRANSACTIONS** 

Shares of the Fund are listed and traded on the NYSE Arca, 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

**Advent Convertible Bond ETF** 

**NOTES TO FINANCIAL STATEMENTS (concluded)** 

**As of AUGUST 31, 2025**

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 such 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.

**7. NEW ACCOUNTING PRONOUNCEMENT** 

The Trust has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -- Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund in the Trust operates in one segment. The segment derives its revenues from each Fund's investments made in accordance with the defined investment strategy of each Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's financial statements.

**8. 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 <br> per share** |
| 9/2/2025 | 9/2/2025 | 9/3/2025 | $0.02056574 |
| 10/1/2025 | 10/1/2025 | 10/2/2025 | $0.04122095 |

---

**Advent Convertible Bond ETF** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Board of Directors of The RBB Fund Trust and Shareholders of Advent Convertible Bond ETF

***Opinion on the Financial Statements*** 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Advent Convertible Bond ETF (one of the funds constituting The RBB Fund Trust, referred to hereafter as the "Fund") as of August 31, 2025, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period April 29, 2025 (inception date) through August 31, 2025 (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, 2025, and the results of its operations, changes in its net assets, and the financial highlights for the period April 29, 2025 (inception date) through August 31, 2025 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 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 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 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. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 30, 2025

We have served as the auditor of one or more investment companies advised by Advent Capital Management, LLC since 2003.

**Advent Convertible Bond ETF** 

**Other Information** 

**As of AUGUST 31, 2025 (unaudited)**

**Proxy Voting** 

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling (800) 617-0004 and on the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**Quarterly Portfolio Schedules** 

The Trust files its complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Trust'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.adventetf.com.

**Advent Convertible Bond ETF** 

**TAX INFORMATION** 

**As of august 31, 2025 (unaudited)**

We are required to advise you within 60 days of the Fund's fiscal year end regarding the Federal tax status of certain distributions received by shareholders during such fiscal year. The information below is provided for the Fund's fiscal year ended August 31, 2025. All designations are based on financial information available as of the date of this annual report and, accordingly are subject to change. For each item it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

**Qualified Dividend Income/Dividends Received Deduction** 

For the fiscal year ended August 31, 2025, certain dividends paid by the Fund may be reported as qualified dividend income and may be eligible for taxation at capital gain rates. The percentage of dividends declared from ordinary income designated as qualified dividend income was 0% for the Fund.

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended August 31, 2025, was 0% for the Fund.

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 was 0%.

Dividends and distributions received by retirement plans such as IRA's, Keogh-type plans and 403(b) plans need not be reported as taxable income. However, many retirement plan trusts may need this information for their information reporting.

**Advent Convertible Bond ETF** 

**Approval of Investment Advisory AGREEMENT** 

**As of AUGUST 31, 2025 (unaudited)**

As required by the 1940 Act, the Board, including all of the Trustees who were not "interested persons" of the Trust, as defined in the 1940 Act (the "Independent Trustees"), considered the approval of a new Investment Advisory Agreement (the "Investment Advisory Agreement") by and between Advent Capital Management, LLC ("Advent") and the Trust, on behalf of the Fund. At the meeting of the Board held on February 5-6, 2025 (the "Meeting"), the Board, including all of the Independent Trustees, approved the Investment Advisory Agreement for an initial period ending August 16, 2026. The Board's decision to approve the Investment Advisory Agreement reflected the exercise of its business judgment. In approving the Investment Advisory Agreement, the Board considered information provided by Advent, with the assistance and advice of counsel to the Independent Trustees and the Trust.

In considering the approval of the Investment Advisory Agreement between the Trust and Advent with respect to the Fund, the Trustees took into account all materials provided prior to and during the Meeting and at other meetings throughout the past year, and the discussions held during the Meeting. The Independent Trustees reviewed these materials with management of Advent and discussed the Investment Advisory Agreement with counsel in executive sessions, at which no representatives of Advent were present. The Trustees considered whether approval of the Investment Advisory Agreement would be in the best interests of the Fund and its shareholders and the overall fairness of the Investment Advisory Agreement. Among other things, the Trustees considered (i) the nature, extent, and quality of services to be provided to the Fund by Advent; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) Advent's investment philosophies and processes; (iv) Advent's AUM and client descriptions; (v) Advent's soft dollar commission and trade allocation policies, as applicable; (vi) Advent's advisory fee arrangements with the Trust and other similarly managed clients, as applicable; (vii) Advent's compliance procedures; (viii) Advent's financial information and insurance coverage; (ix) Advent's profitability analysis relating to its proposed provision of services to the Fund; and (x) the extent to which economies of scale are relevant to the Fund. The Trustees 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 Trustees considered the nature, extent, and quality of the services to be provided by Advent. The Trustees concluded that Advent had sufficient resources to provide services to the Fund.

The Trustees also took into consideration that the advisory fee for the Fund was a "unitary fee," meaning the Fund would pay no expenses other than the advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses. The Trustees noted that Advent would be responsible for compensating the Fund's other service providers and paying other expenses of the Fund out of the unitary fee.

After reviewing the information regarding Advent's estimated costs, profitability and economies of scale, and after considering the services to be provided by Advent, the Trustees concluded that the investment advisory fees to be paid by the Fund to Advent were fair and reasonable and that the Investment Advisory Agreement should be approved for an initial period ending August 16, 2026.

**Investment Adviser** 

Advent Capital Management, LLC

888 Seventh Avenue, 31st Floor

New York, NY 10019

**Administrator And Transfer Agent** 

U.S. Bank Global Fund Services

615 E. Michigan Street

Milwaukee, WI 53202

**Custodian** 

U.S. Bank, N.A.

1555 North River Center Drive, Suite 302

Milwaukee, WI 53212

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

Two Commerce Square

2001 Market Street, Suite 1800

Philadelphia, PA 19103

**Underwriter** 

Quasar Distributors, LLC

190 Middle Street, Suite 301

Portland, Maine 04101

**Legal Counsel** 

Faegre Drinker Biddle & Reath LLP

One Logan Square, Suite 2000

Philadelphia, Pennsylvania 19103-6996

![](fp0094048-7_i.jpg)

**Financial Statements** 

First Eagle Global Equity ETF

(New York Stock Exchange – FEGE)

First Eagle Overseas Equity ETF

(New York Stock Exchange – FEOE)

**of The RBB Fund Trust** 

**August 31, 2025** 

**First Eagle Global Equity ETF** 

**Sector Classification** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Value** | **% of Net<br> Assets** |
|  Consumer Staples  | $79112991 | 16.0% |
|  Industrials  | 60817596 | 12.4 |
|  Health Care  | 60767733 | 12.3 |
|  Financials  | 59317857 | 12.0 |
|  Information Technology  | 53223627 | 10.9 |
|  Materials  | 50373852 | 10.3 |
|  Communication Services  | 45751745 | 9.2 |
|  Energy  | 38225749 | 7.9 |
|  Consumer Discretionary  | 32957911 | 6.7 |
|  Real Estate  | 9485877 | 1.9 |
|  Other Assets in Excess of Liabilities  | 2013059 | 0.4 |
|  | $492047997 | 100.0% |

---

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

**First Eagle Global Equity ETF** 

**SCHEDULE OF INVESTMENTS** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
|  **COMMON STOCKS — 98.3%** | **COMMON STOCKS — 98.3%** | **COMMON STOCKS — 98.3%** |
|  **Brazil — 0.8%** | **Brazil — 0.8%** | **Brazil — 0.8%** |
|  Ambev SA - ADR  | 1741675 | $3901352 |
|  **Canada — 9.1%**  |  |  |
|  Agnico Eagle Mines Ltd.  | 30440 | 4388848 |
|  Barrick Mining Corp.  | 290209 | 7728266 |
|  Franco-Nevada Corp.  | 18362 | 3460615 |
|  Imperial Oil Ltd.  | 111064 | 10078127 |
|  Nutrien Ltd.  | 64265 | 3702949 |
|  Power Corp. of Canada  | 109510 | 4635247 |
|  Wheaton Precious Metals Corp.  | 108404 | 10885930 |
|  |  | 44879982 |
|  **France — 2.4%** |  |  |
|  Danone SA  | 68038 | 5665787 |
|  LVMH Moet Hennessy Louis Vuitton SE  | 7454 | 4395991 |
|  Pernod Ricard SA  | 16310 | 1854689 |
|  |  | 11916467 |
|  **Germany — 1.5%** |  |  |
|  adidas AG  | 4660 | 906900 |
|  Merck KGaA  | 49885 | 6320467 |
|  |  | 7227367 |
|  **Hong Kong — 3.3%** |  |  |
|  AIA Group Ltd.  | 390000 | 3672118 |
|  Alibaba Group Holding Ltd.  | 382400 | 5675541 |
|  CK Asset Holdings Ltd.  | 548500 | 2583660 |
|  Jardine Matheson Holdings Ltd.  | 73395 | 4447003 |
|  |  | 16378322 |
|  **Ireland — 1.3%** |  |  |
|  Medtronic PLC  | 68735 | 6379295 |
|  **Japan — 6.9%** |  |  |
|  FANUC Corp.  | 153700 | 4369764 |
|  Hoshizaki Corp.  | 60600 | 2348041 |
|  Mitsubishi Electric Corp.  | 242900 | 5871054 |
|  MS&AD Insurance Group Holdings, Inc.  | 217000 | 5112136 |
|  Secom Co. Ltd.  | 125500 | 4652608 |
|  Shimano, Inc.  | 28600 | 3197564 |
|  SMC Corp.  | 15500 | 4809636 |
|  Sompo Holdings, Inc.  | 116500 | 3771158 |
|  |  | 34131961 |
|  **Mexico — 1.2%** |  |  |
|  Fomento Economico Mexicano SAB de CV - ADR  | 68735 | 5955200 |
|  **Netherlands — 2.8%** |  |  |
|  Heineken NV  | 27960 | 2257028 |
|  Prosus NV  | 185235 | 11444319 |
|  |  | 13701347 |
|  **South Korea — 3.5%** |  |  |
|  NAVER Corp.  | 21093 | $3254414 |
|  Samsung Electronics Co. Ltd.  | 273757 | 13724771 |
|  |  | 16979185 |
|  **Sweden — 1.0%** |  |  |
|  Investor AB  | 163100 | 5020781 |
|  **Switzerland — 4.2%** |  |  |
|  Cie Financiere Richemont SA  | 42012 | 7337596 |
|  Nestle SA  | 50095 | 4719943 |
|  Schindler Holding AG  | 20112 | 7470207 |
|  SGS SA  | 12815 | 1306244 |
|  |  | 20833990 |
|  **Taiwan — 1.7%** |  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR  | 35019 | 8084837 |
|  **United Kingdom — 11.8%** |  |  |
|  BAE Systems PLC  | 238053 | 5654829 |
|  British American Tobacco PLC  | 237115 | 13412352 |
|  Diageo PLC  | 94071 | 2605243 |
|  Haleon PLC  | 1091605 | 5354303 |
|  Lloyds Banking Group PLC  | 4000610 | 4299847 |
|  Reckitt Benckiser Group PLC  | 94365 | 7053205 |
|  Shell PLC  | 127015 | 4694133 |
|  Unilever PLC  | 129315 | 8130126 |
|  Willis Towers Watson PLC  | 21137 | 6907360 |
|  |  | 58111398 |
|  **United States — 46.8%<sup>(b)</sup>** |  |  |
|  Alphabet, Inc. - Class C  | 65408 | 13966570 |
|  American Express Co.  | 12851 | 4257279 |
|  Analog Devices, Inc.  | 16563 | 4162448 |
|  Bank of New York Mellon Corp.  | 80966 | 8550010 |
|  Becton Dickinson & Co.  | 66112 | 12758294 |
|  Berkshire Hathaway, Inc. - Class B <sup>(a)</sup>  | 10024 | 5041872 |
|  Bio-Rad Laboratories, Inc. - Class A <sup>(a)</sup>  | 16830 | 5013320 |
|  CH Robinson Worldwide, Inc.  | 78055 | 10045679 |
|  Colgate-Palmolive Co.  | 59503 | 5002417 |
|  Comcast Corp. - Class A  | 235668 | 8005642 |
|  Cummins, Inc.  | 11074 | 4412325 |
|  Dollar General Corp.  | 39802 | 4328866 |
|  Elevance Health, Inc.  | 23511 | 7491780 |
|  Equity Residential  | 62910 | 4159609 |
|  Expeditors International of Washington, Inc.  | 45049 | 5430206 |
|  Exxon Mobil Corp.  | 53739 | 6141830 |
|  Fidelity National Financial, Inc.  | 32619 | 1952900 |
|  HCA Healthcare, Inc.  | 27488 | 11104053 |

---

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

**First Eagle Global Equity ETF** 

**SCHEDULE OF INVESTMENTS (CONCLUDED)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
|  **United States — 46.8%<sup>(b)</sup>** **(continued)** | **United States — 46.8%<sup>(b)</sup>** **(continued)** | **United States — 46.8%<sup>(b)</sup>** **(continued)** |
|  International Flavors & Fragrances, Inc.  | 40983 | $2766762 |
|  Meta Platforms, Inc. - Class A  | 19586 | 14468178 |
|  Microsoft Corp.  | 2922 | 1480548 |
|  Newmont Corp.  | 121316 | 9025910 |
|  Noble Corp. PLC  | 216703 | 6245380 |
|  Omnicom Group, Inc.  | 39078 | 3060980 |
|  ONEOK, Inc.  | 43179 | 3298012 |
|  Oracle Corp.  | 64917 | 14679681 |
|  Philip Morris International, Inc.  | 66907 | 11182167 |
|  PPG Industries, Inc.  | 39689 | 4414607 |
|  Royal Gold, Inc.  | 22274 | 3999965 |
|  Salesforce, Inc.  | 22769 | 5834556 |
|  Schlumberger NV  | 210865 | 7768267 |
|  Texas Instruments, Inc.  | 25962 | 5256786 |
|  Universal Health Services, Inc. - Class B  | 34950 | 6346221 |
|  US Bancorp  | 60580 | 2958121 |
|  Walt Disney Co.  | 25308 | 2995961 |
|  Weyerhaeuser Co.  | 106015 | 2742608 |
|  |  | 230349810 |
|  **TOTAL COMMON STOCKS** (Cost $444,499,696)  |  | 483851294 |
|  **PREFERRED STOCKS — 1.3%** |  |  |
|  **Brazil — 0.7%** |  |  |
|  Itausa SA, 0.00%  | 1512830 | $3139028 |
|  **Germany — 0.6%** |  |  |
|  Henkel AG & Co. KGaA, 0.00%  | 36115 | 3044616 |
|  **TOTAL PREFERRED STOCKS** (Cost $5,671,267)  |  | 6183644 |
|  **TOTAL INVESTMENTS — 99.6%** (Cost $450,170,963)  |  | 490034938 |
|  Other Assets in Excess of Liabilities — 0.4%  |  | 2013059 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $492047997 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company 

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> 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 such country or region.

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

**FIRST EAGLE OVERSEAS EQUITY ETF** 

**Sector Classification** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Value** | **% of Net<br> Assets** |
|  Consumer Staples  | $59002517 | 22.2% |
|  Industrials  | 40466230 | 15.2 |
|  Financials  | 39464548 | 14.9 |
|  Materials  | 34708838 | 13.1 |
|  Consumer Discretionary  | 32856167 | 12.4 |
|  Energy  | 20728188 | 7.8 |
|  Information Technology  | 19189310 | 7.3 |
|  Health Care  | 10382121 | 4.0 |
|  Real Estate  | 4083903 | 1.5 |
|  Communication Services  | 2058058 | 0.8 |
|  Other Assets in Excess of Liabilities  | 2047020 | 0.8 |
|  | $264986900 | 100.0% |

---

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

**FIRST EAGLE OVERSEAS EQUITY ETF** 

**SCHEDULE OF INVESTMENTS** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
|  **COMMON STOCKS — 96.2%** | **COMMON STOCKS — 96.2%** | **COMMON STOCKS — 96.2%** |
|  **Brazil — 1.5%** | **Brazil — 1.5%** | **Brazil — 1.5%** |
|  Ambev SA - ADR  | 1766387 | $3956707 |
|  **Canada — 12.8%** |  |  |
|  Agnico Eagle Mines Ltd.  | 9162 | 1320980 |
|  Barrick Mining Corp.  | 197593 | 5261901 |
|  Franco-Nevada Corp.  | 11457 | 2159257 |
|  Imperial Oil Ltd.  | 115819 | 10509603 |
|  Nutrien Ltd.  | 70619 | 4069067 |
|  Power Corp. of Canada  | 102493 | 4338237 |
|  Wheaton Precious Metals Corp.  | 63309 | 6357490 |
|  |  | 34016535 |
|  **Faroe Islands — 0.3%** |  |  |
|  Bakkafrost P/F  | 19955 | 865921 |
|  **Finland — 0.4%** |  |  |
|  Kesko Oyj - Class B  | 51806 | 1148524 |
|  **France — 5.8%** |  |  |
|  Danone SA  | 60481 | 5036487 |
|  Legrand SA  | 18207 | 2771191 |
|  LVMH Moet Hennessy Louis Vuitton SE  | 9898 | 5837338 |
|  Pernod Ricard SA  | 15684 | 1783503 |
|  |  | 15428519 |
|  **Germany — 2.4%** |  |  |
|  adidas AG  | 4356 | 847738 |
|  Merck KGaA  | 42555 | 5391750 |
|  |  | 6239488 |
|  **Hong Kong — 5.6%** |  |  |
|  AIA Group Ltd.  | 314600 | 2962176 |
|  Alibaba Group Holding Ltd.  | 302900 | 4495610 |
|  CK Asset Holdings Ltd.  | 438000 | 2063159 |
|  Jardine Matheson Holdings Ltd.  | 85625 | 5188019 |
|  |  | 14708964 |
|  **Japan — 15.1%** |  |  |
|  FANUC Corp.  | 149200 | 4241826 |
|  Hirose Electric Co. Ltd.  | 15500 | 2026164 |
|  Hoshizaki Corp.  | 62700 | 2429409 |
|  Kansai Paint Co. Ltd.  | 259300 | 4395334 |
|  Mitsubishi Electric Corp.  | 229800 | 5554419 |
|  MS&AD Insurance Group Holdings, Inc.  | 181900 | 4285242 |
|  Nihon Kohden Corp.  | 97600 | 1094849 |
|  Secom Co. Ltd.  | 122000 | 4522854 |
|  Shimano, Inc.  | 27300 | 3052220 |
|  SMC Corp.  | 12000 | 3723589 |
|  Sompo Holdings, Inc.  | 87500 | 2832415 |
|  TIS, Inc.  | 52600 | 1762819 |
|  |  | 39921140 |
|  **Mexico — 1.9%** |  |  |
|  Fomento Economico Mexicano SAB de CV - ADR  | 57805 | $5008225 |
|  **Netherlands — 3.8%** |  |  |
|  Heineken NV  | 26022 | 2100586 |
|  Prosus NV  | 127080 | 7851346 |
|  |  | 9951932 |
|  **Norway — 0.9%** |  |  |
|  Orkla ASA  | 220340 | 2461581 |
|  **Singapore — 2.1%** |  |  |
|  United Overseas Bank Ltd.  | 133118 | 3650863 |
|  UOL Group Ltd.  | 348029 | 2020744 |
|  |  | 5671607 |
|  **South Korea — 6.0%** |  |  |
|  Hyundai Mobis Co. Ltd.  | 11452 | 2623601 |
|  NAVER Corp.  | 13339 | 2058058 |
|  NongShim Co. Ltd.  | 4262 | 1256911 |
|  Samsung Electronics Co. Ltd.  | 195848 | 9818814 |
|  |  | 15757384 |
|  **Sweden — 3.1%** |  |  |
|  Industrivarden AB  | 38669 | 1537853 |
|  Investor AB  | 153003 | 4709961 |
|  Svenska Handelsbanken AB - Class A  | 154753 | 1989086 |
|  |  | 8236900 |
|  **Switzerland — 6.1%** |  |  |
|  Cie Financiere Richemont SA  | 30375 | 5305138 |
|  Nestle SA  | 47272 | 4453960 |
|  Schindler Holding AG  | 14059 | 5221939 |
|  SGS SA  | 11535 | 1175773 |
|  |  | 16156810 |
|  **Taiwan — 2.1%** |  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR  | 24176 | 5581513 |
|  **Thailand — 0.7%** |  |  |
|  Bangkok Bank PCL - NVDR  | 411001 | 1972855 |
|  **Turkey — 0.4%** |  |  |
|  AG Anadolu Grubu Holding AS  | 1663530 | 1160297 |
|  **United Kingdom — 21.0%** |  |  |
|  BAE Systems PLC  | 188466 | 4476914 |
|  Berkeley Group Holdings PLC  | 58432 | 2843176 |
|  British American Tobacco PLC  | 207200 | 11720217 |
|  Diageo PLC  | 63455 | 1757350 |
|  Haleon PLC  | 794197 | 3895522 |
|  Lloyds Banking Group PLC  | 3461662 | 3720587 |

---

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

**FIRST EAGLE OVERSEAS EQUITY ETF** 

**SCHEDULE OF INVESTMENTS (CONCLUDED)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
|  **United Kingdom — 21.0% (continued)** | **United Kingdom — 21.0% (continued)** | **United Kingdom — 21.0% (continued)** |
|  Reckitt Benckiser Group PLC  | 81941 | $6124588 |
|  Shell PLC  | 276497 | 10218585 |
|  Unilever PLC  | 93563 | 5882373 |
|  Willis Towers Watson PLC  | 15054 | 4919497 |
|  |  | 55558809 |
|  **United States — 4.2%** |  |  |
|  Newmont Corp.  | 78926 | 5872095 |
|  Philip Morris International, Inc.  | 15808 | 2641991 |
|  Royal Gold, Inc.  | 15197 | 2729077 |
|  |  | 11243163 |
|  **TOTAL COMMON STOCKS** (Cost $238,270,668)  |  | 255046874 |
|  **PREFERRED STOCKS — 3.0%** |  |  |
|  **Brazil — 1.0%** |  |  |
|  Itausa SA, 0.00%  | 1226917 | $2545776 |
|  **Germany — 2.0%** |  |  |
|  FUCHS SE, 0.00%  | 53004 | 2543637 |
|  Henkel AG & Co. KGaA, 0.00%  | 33256 | 2803593 |
|  |  | 5347230 |
|  **TOTAL PREFERRED STOCKS** (Cost $7,675,529)  |  | 7893006 |
|  **TOTAL INVESTMENTS — 99.2%** (Cost $245,946,197)  |  | 262939880 |
|  Other Assets in Excess of Liabilities — 0.8%  |  | 2047020 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $264986900 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

ASA - Advanced Subscription Agreement

NVDR - Non-Voting Depositary Receipt

PCL - Public Company Limited

PLC - Public Limited Company

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

**FIRST EAGLE ETFS** 

**Statements of Assets and Liabilities** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **First Eagle <br> Global <br> Equity ETF** | **First Eagle <br> Overseas <br> Equity ETF** |
|  **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value  | $490034938 | $262939880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash - interest bearing deposit account  | 1502990 | 1542130 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable  | 616359 | 536805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency, at value  | 500609 | 1219020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend tax reclaims receivable  | 78911 | 58443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  | 5036 | 3273 |
|  Total assets  | 492738843 | 266299551 |
|  **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased  | 501145 | 1219320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to adviser  | 189701 | 93331 |
|  Total liabilities  | 690846 | 1312651 |
|  **NET ASSETS**  | $492047997 | $264986900 |
|  **NET ASSETS CONSISTS OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $450467693 | $246856639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | 41580304 | 18130261 |
|  Total net assets  | $492047997 | $264986900 |
|  Net assets  | $492047997 | $264986900 |
|  Shares issued and outstanding<sup>(a)</sup>  | 11650000 | 6020000 |
|  Net asset value per share  | $42.24 | $44.02 |
|  **COST:** |  |  |
|  Investments, at cost  | $450170963 | $245946197 |
|  Foreign currency, at cost  | $500859 | $1219123 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Unlimited shares authorized
 without par value.

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

**FIRST EAGLE ETFS** 

**Statements of Operations** 

**For the Period Ended August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **First Eagle <br> Global <br> Equity ETF<sup>(a)</sup>** | **First Eagle <br> Overseas <br> Equity ETF<sup>(a)</sup>** |
|  **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income  | $3229787 | $1811925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Issuance fees  | (510) | (216) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Dividend withholding taxes  | (164485) | (129559) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income  | 19958 | 15023 |
|  **Total investment income** | 3084750 | 1697173 |
|  **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee  | 1094824 | 478950 |
|  Total expenses  | 1094824 | 478950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser  | (401898) | (175817) |
|  Net expenses  | 692926 | 303133 |
|  **NET INVESTMENT INCOME**  | 2391824 | 1394040 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (643012) | (213470) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | (35801) | (47147) |
|  Net realized gain (loss)  | (678813) | (260617) |
|  Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 39863975 | 16993683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | 3318 | 3155 |
|  Net change in unrealized appreciation (depreciation)  | 39867293 | 16996838 |
|  Net realized and unrealized gain (loss)  | 39188480 | 16736221 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $41580304 | $18130261 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was December 19, 2024.

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

**First eagle Global Equity ETF** 

**Statement of Changes in Net Assets** 

---

| | |
|:---|:---|
|  | **FOR THE <br> period<br> ENDED<br> AUGUST 31, <br> 2025<sup>(** **a** **)</sup>** |
|  **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $2391824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (678813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 39867293 |
|  **Net increase (decrease) in net assets from operations**  | 41580304 |
|  **CAPITAL TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 450433273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ETF transaction fees  | 34420 |
|  Net increase (decrease) in net assets from capital transactions  | 450467693 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 492047997 |
|  **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of the period  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of the period  | $492047997 |
|  **SHARES TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 11650000 |
|  Total increase (decrease) in shares outstanding  | 11650000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was December 19, 2024.

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

**First Eagle Overseas Equity ETF** 

**Statement of Changes in Net Assets** 

---

| | |
|:---|:---|
|  | **FOR THE <br> period<br> ENDED<br> AUGUST 31, <br> 2025<sup>(** **a** **)</sup>** |
|  **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $1394040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (260617) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 16996838 |
|  **Net increase (decrease) in net assets from operations**  | 18130261 |
|  **CAPITAL TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 246817863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ETF transaction fees  | 38776 |
|  Net increase (decrease) in net assets from capital transactions  | 246856639 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 264986900 |
|  **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of the period  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of the period  | $264986900 |
|  **SHARES TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 6020000 |
|  Total increase (decrease) in shares outstanding  | 6020000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was December 19, 2024.

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

**First eagle Global Equity 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.

---

| | |
|:---|:---|
|  | **Period <br> ended <br> August 31,<br> 2025<sup>(** **a** **)</sup>** |
|  **PER SHARE DATA:** |  |
|  Net asset value, beginning of period  | $34.74 |
|  **INVESTMENT OPERATIONS:** |  |
|  Net investment income<sup>(b)</sup>  | 0.47 |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 7.02 |
|  Total from investment operations  | 7.49 |
|  **LESS DISTRIBUTIONS FROM:** |  |
|  ETF transaction fees per share  | 0.01 |
|  Net asset value, end of period  | $42.24 |
|  **TOTAL RETURN<sup>(d)</sup>** | 21.58% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |
|  Net assets, end of period (in thousands)  | $492048 |
|  Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement<sup>(e)</sup>  | 0.79% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(e)</sup>  | 0.50% |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup>  | 1.77% |
|  Portfolio turnover rate<sup>(d)(f)</sup>  | 12% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was December 19, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per
 share has been calculated based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Realized and unrealized
 gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
 period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized for periods less
 than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Portfolio turnover rate
 excludes in-kind transactions.<sup></sup>

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

**First Eagle Overseas Equity 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.

---

| | |
|:---|:---|
|  | **Period <br> ended <br> August 31,<br> 2025<sup>(** **a** **)</sup>** |
|  **PER SHARE DATA:** |  |
|  Net asset value, beginning of period  | $34.60 |
|  **INVESTMENT OPERATIONS:** |  |
|  Net investment income<sup>(b)</sup>  | 0.66 |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 8.74 |
|  Total from investment operations  | 9.40 |
|  **LESS DISTRIBUTIONS FROM:** |  |
|  ETF transaction fees per share  | 0.02 |
|  Net asset value, end of period  | $44.02 |
|  **TOTAL RETURN<sup>(d)</sup>**  | 27.22% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |
|  Net assets, end of period (in thousands)  | $264987 |
|  Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement<sup>(e)</sup>  | 0.79% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(e)</sup>  | 0.50% |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup>  | 2.30% |
|  Portfolio turnover rate<sup>(d)(f)</sup>  | 10% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was December 19, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Net investment income per
 share has been calculated based on average shares outstanding during the period.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Realized and unrealized
 gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the
 period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Not annualized for periods
 less than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Annualized for periods less
 than one year.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Portfolio turnover rate
 excludes in-kind transactions.

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

**FIRST EAGLE ETFS** 

**Notes to the Financial Statements** 

**AUGUST 31, 2025**

**1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES** 

The RBB Fund Trust, (the "Trust") was organized as a Delaware statutory trust on August 29, 2014, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust 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, the Trust has ten separate investment portfolios, including the First Eagle Global Equity ETF and the First Eagle Overseas Equity ETF (each a "Fund" and together the "Funds"). The First Eagle Global Equity ETF and First Eagle Overseas ETF each commenced investment operations on December 19, 2024.

The investment objective of the First Eagle Global Equity Fund is to seek long-term growth of capital by investing primarily in equities of U.S. and non-U.S. issuers.

The investment objective of the First Eagle Overseas Equity Fund is to seek long-term grown of capital by investing primarily in equities of non-U.S. issuers.

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, 2025, and the period covered by these Notes to Financial Statements is the since inception period from December 19, 2024 through August 31, 2025 (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. 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 Trust's Board of Trustees (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.

**FIRST EAGLE ETFS** 

**Notes to the Financial Statements (continued)** 

**AUGUST 31, 2025**

**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:

**First Eagle Global Equity ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
|  <u><u>Investments:</u></u> |  |  |  |  |
|  Common Stock | $483851294 | $— | $— | $483851294 |
|  Preferred Stocks | 6183644 |  |  | 6183644 |
|  **Total Investments\*** | $490034938 | $— | $— | $490034938 |

---

**First Eagle Overseas Equity ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
|  <u><u>Investments:</u></u> |  |  |  |  |
|  Common Stock | $255046874 | $— | $— | $255046874 |
|  Preferred Stocks | 7893006 |  |  | 7893006 |
|  **Total Investments\*** | $262939880 | $— | $— | $262939880 |

---

\* Refer to the Schedule of Investments for industry classifications.

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.

**FIRST EAGLE ETFS** 

**Notes to the Financial Statements (continued)** 

**AUGUST 31, 2025**

**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. Investment advisory fees are accrued daily and paid monthly. Pursuant to a separate contractual arrangement, the adviser is liable and responsible for administrator fees, custody, the independent trustees and counsel to the independent trustees and the officers of the Trust. Expenses and fees, including investment advisory 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 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.

**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 (the "Code"), and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

**CASH** — 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.

**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.

**FOREIGN SECURITIES** — The First Eagle Global Equity ETF and the First Eagle Overseas Equity ETF 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.

**FIRST EAGLE ETFS** 

**Notes to the Financial Statements (continued)** 

**AUGUST 31, 2025**

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.

**EQUITY SECURITIES** — The equity securities in which each Fund may invest include common stock, units of trusts and partnerships, real estate investment trusts (REITs), listed depository receipts, secondary offerings, equity ETFs, warrants and similar rights. The value of each Fund's portfolio holdings may fluctuate in response to the risk that the prices of equity securities rise and fall daily. These price movements may result from factors affecting individual companies, industries or the securities market as a whole. In addition, equity markets tend to move in cycles, which may cause stock prices to fall over short or extended periods of time. Equity securities generally have greater price volatility than debt securities.

**3. INVESTMENT adviser and other services** 

First Eagle Investment Management, LLC (the "Adviser" or "First Eagle") serves as the investment adviser to the Fund. Exchange Traded Concepts, LLC (the "Sub-Adviser") serves as the investment sub-adviser to each Fund. Subject to the supervision of the Board, the Adviser manages the overall investment operations of each 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 Trust on behalf of each Fund. The Adviser compensates the Sub-Adviser for its services.

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.

---

| | |
|:---|:---|
| **FUND** | **ADVISORY FEE** |
|  First Eagle Global Equity ETF | 0.79% |
|  First Eagle Overseas Equity ETF | 0.79% |

---

From the Advisory Fee, the Adviser pays most of the expenses of each Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services. However, the Adviser is not responsible for interest expenses, brokerage commissions and other trading expenses, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business.

**FIRST EAGLE ETFS** 

**Notes to the Financial Statements (continued)** 

**AUGUST 31, 2025**

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 0.50% 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 a Fund's net Total Annual Fund Operating Expenses to exceed 0.50%, as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. This contractual limitation is in effect until December 31, 2025, and may not be terminated prior to that date without the approval of the Board.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as administrator for the Funds.

Fund Services serves as the Funds' transfer and dividend disbursing agent.

U.S. Bank, N.A. (the "Custodian") provides certain custodial services to the Funds.

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.

**TRANSACTIONS WITH AFFILIATES** — Advisers to investment companies, including the 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 Trustees. 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** |
|  First Eagle Global Equity ETF | $62643350 | $25227805 |
|  First Eagle Overseas Equity ETF | 48398921 | 9924509 |

---

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** |
|  First Eagle Global Equity ETF | $413478516 | $— |
|  First Eagle Overseas Equity ETF | 207695942 |  |

---

**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

**FIRST EAGLE ETFS** 

**Notes to the Financial Statements (continued)** 

**AUGUST 31, 2025**

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, 2025, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Funds were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUND** | **Federal<br> Tax Cost** | **Unrealized <br> Appreciation** | **Unrealized <br> (Depreciation)** | **Net Unrealized <br> Appreciation/ <br> (Depreciation)** |
|  First Eagle Global Equity ETF  | $450393400 | $49360042 | $(9715186) | $39644856 |
|  First Eagle Overseas Equity ETF  | 246616141 | 21270786 | (4943892) | 16326894 |

---

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, 2025, primarily attributed to foreign currency. There were no permanent differences between distributable earnings/(loss) and paid in capital.

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUND** | **Undistributed <br> Ordinary <br> Income** | **Undistributed <br> Long-term <br> capital gains** | **Capital Loss <br> Carry <br> Forward** | **Net <br> Unrealized <br> Appreciation/ <br> (Depreciation)** | **Qualified <br> Late-Year <br> Losses** |
|  First Eagle Global Equity ETF  | $2557810 | $– $| (622362) | $41580304 | $— |
|  First Eagle Overseas Equity ETF  | 2021896 | – | (218529) | 18130261 |  |

---

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2025 was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUND** | **Ordinary <br> Income** | **Long-Term <br> CAPITAL Gains** | **Foreign Tax <br> Credit** | **TOTAL** |
|  First Eagle Global Equity ETF  | $– $|  | $164485 | $164485 |
|  First Eagle Overseas Equity ETF  | – |  | 129559 | 129559 |

---

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, 2025, the First Eagle Global Equity ETF had $622,362 of short-term capital loss carryforwards and no long-term capital loss carry forward, the First Eagle Overseas Equity ETF had $218,529 of short-term capital loss carryforwards and no long-term capital loss carry forward.

**6. SHARE TRANSACTIONS** 

Shares of the Funds are listed and traded on the New York Stock Exchange (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

**FIRST EAGLE ETFS** 

**Notes to the Financial Statements (CONCLUDED)** 

**AUGUST 31, 2025**

Fund. Creation Units may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with the Distributor. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from each Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

Each Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the Global Equity Fund and Overseas Equity Fund is $500 and $750, respectively, 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 such 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. Significant Events during the Financial Year** 

On August 15, 2025, private equity funds managed by Genstar Capital acquired a majority investment in First Eagle Holdings, including a buyout of all interests held by funds indirectly controlled by Blackstone and Corsair and certain related co-investors in a transaction announced by First Eagle on March 3, 2025. Genstar Capital is a private equity firm focused on investments in targeted segments of the financial services, healthcare, industrials, and software industries. The transaction did not result in any change in the portfolio management of either Fund or in either Fund's investment objectives or policies.

**8. New Accounting Pronouncement** 

The Trust has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -- Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund in the Trust operates in one segment. The segment derives its revenues from each Fund's investments made in accordance with the defined investment strategy of each Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's financial statements.

**9. Subsequent Events** 

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

**FIRST EAGLE ETFS** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors of The RBB Fund Trust and Shareholders of First Eagle Global Equity ETF and First Eagle Overseas Equity ETF

**Opinions on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of First Eagle Global Equity ETF and First Eagle Overseas Equity ETF (two of the funds constituting The RBB Fund Trust, hereafter collectively referred to as the "Funds") as of August 31, 2025, the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period December 19, 2024 (inception date) through August 31, 2025 (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, 2025, and the results of each of their operations, changes in each of their net assets, and each of the financial highlights for the period December 19, 2024 (inception date) through August 31, 2025 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, 2025 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 opinions.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 30, 2025

We have served as the auditor of one or more investment companies advised by First Eagle Investment Management, LLC since 2006.

**FIRST EAGLE ETFS** 

**SHAREHOLDER TAX INFORMATION** 

**AUGUST 31, 2025 (UNAUDITED)**

The tax character of dividends and distributions paid during the fiscal year ended August 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Ordinary<br> Income** | **Long-Term<br> CAPITAL GAINS** | **FOREIGN TAX <br> CREDIT** | **Total** |
|  First Eagle Global Equity ETF | $– $|  | $164485 | $164485 |
|  First Eagle Overseas Equity ETF | – |  | 129559 | 129559 |

---

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, 2025 are designated as "qualified dividend income," as defined in the Act, and are subject to reduced tax rates:

---

| | |
|:---|:---|
|  First Eagle Global Equity ETF  | 0% |
|  First Eagle Overseas Equity ETF  | 0% |

---

The percentage of total ordinary income dividends paid qualifying for the corporate dividends received deduction for the Funds is as follows:

---

| | |
|:---|:---|
|  First Eagle Global Equity ETF  | 0% |
|  First Eagle Overseas Equity ETF  | 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:

---

| | |
|:---|:---|
|  First Eagle Global Equity ETF  | 0% |
|  First Eagle Overseas Equity ETF  | 0% |

---

Because the Funds' fiscal year is not the calendar year, another notification will be sent with respect to calendar year 2025. 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 2026.

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.

**FIRST EAGLE ETFS** 

**NOTICE TO SHAREHOLDERS** 

**AUGUST 31, 2025 (UNAUDITED)**

**INFORMATION ON PROXY VOTING** 

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available (i) without charge, upon request, by calling 1-800-617-0004; and (ii) on the SEC's website at http://www.sec.gov.

**QUARTERLY SCHEDULE OF INVESTMENTS** 

The Company files a complete schedule of portfolio holdings with the SEC for the first and third fiscal quarters of each fiscal year (quarters ended November 30 and May 31) as an exhibit to its report on Form N-PORT. The Company's Form 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 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.firsteagle.com.

**FIRST EAGLE ETFS** 

**OTHER INFORMATION** 

**AUGUST 31, 2025 (UNAUDITED)**

**Approval of Investment Advisory Agreement** 

As required by the 1940 Act, the Board, including all of the Trustees who are not "interested persons" of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"), considered (a) the approval of a new investment advisory agreement (the "New Advisory Agreement") between First Eagle and the Trust on behalf of the First Eagle Global Equity ETF and First Eagle Overseas Equity ETF (each, a "Fund" and together the "Funds"), and (b) the approval of a new investment sub-advisory agreement (the "New Sub-Advisory Agreement") between First Eagle and Exchange Traded Concepts, LLC ("ETC") on behalf of the Funds, that would take effect following the transaction in which funds managed by Genstar Capital will make a majority investment in First Eagle Holdings, Inc., the parent of First Eagle, resulting in a change of control of First Eagle, and assignment of the existing advisory agreement between the Trust and First Eagle under the 1940 Act (the "Transaction"). The Board considered information provided by First Eagle with the assistance and advice of counsel to the Independent Trustees and the Trust and considered their legal responsibilities with regard to all factors deemed to be relevant to the Funds, including, but not limited to the following: (1) the quality of services provided to the Funds; (2) the performance of the Funds; (3) the fact that the Transaction is not expected to affect the manner in which the Funds are advised; (4) the fact that the current investment management team will continue to manage the Funds; (5) the fact that the fee structure under the New Investment Advisory Agreements would be identical to the fee structure under the prior investment advisory agreement; and (6) other factors deemed relevant.

In considering the approval of the New Advisory Agreement and New Sub-Advisory Agreement, the Trustees took into account all the materials provided prior to and during the meetings held on November 13-14, 2024 and May 13-14, 2025 (the "Meeting") and at other meetings throughout the past year, the presentations made during the Meeting, and the discussions held during the Meeting. Among other things, the Trustees considered (i) the nature, extent and quality of the services provided by First Eagle and ETC to the Funds; (ii) descriptions of the experience and qualifications of FEIM's and ETC's personnel providing those services; (iii) First Eagle's and ETC's investment philosophies and processes; (iv) First Eagle's and ETC's assets under management and client descriptions; (v) First Eagle's and ETC's advisory fee arrangements with the Funds; (vi) First Eagle's and ETC's compliance policies and procedures; (vii) First Eagle's and ETC's soft dollar commission and trade allocation policies, as applicable; (viii) First Eagle's and ETC's financial information, insurance coverage and profitability analysis related to provision of advisory services to the Funds; (ix) the extent to which economies of scale are relevant to the Funds; (x) information regarding each Fund's fees relative to other funds with similar investments and structure; and (xi) information regarding the performance of each Fund relative to its benchmark index and other funds with similar investments and structure, though noting that performance information was limited as the Funds' commenced operations on December 19, 2024.

The Trustees evaluated the nature, extent and quality of the services provided by First Eagle and that First Eagle would provide under the New Advisory Agreement, on the basis of the functions that First Eagle performs, and the quality and stability of the staff committed to those functions, First Eagle's compliance record and financial condition and its background and history in providing services to the Funds. The Trustees also considered the fact that First Eagle has not experienced any significant legal, compliance or regulatory difficulties. Based on the information provided and the Trustees' prior experience with First Eagle, the Trustees concluded that the nature and extent of the services that First Eagle currently provides and will provide under the New Advisory Agreement, as well as the quality of those services, are satisfactory.

In this regard, the Trustees considered representations by First Eagle that the Transaction would not lead to a reduction in the quality or scope of services provided to the Funds. The Trustees took into account that there would be no change (including changes to the fee structure) that would adversely impact First Eagle's ability to provide the same quality of services as were provided in the past; that the New Advisory Agreement is materially the same as the existing investment advisory agreement; that First Eagle was sufficiently capitalized following the Transaction to continue its operations; that there are no material litigation, or regulatory or administrative proceedings pending against First Eagle or its principal executive officers related to services that First Eagle provides to the Funds alleging violations of securities or related laws, fraudulent conduct, breach of fiduciary duty, or similar violations; that there are no pending regulatory inquiries by the SEC or other regulators involving First Eagle related to services that First Eagle provides to the Funds;

**FIRST EAGLE ETFS** 

**OTHER INFORMATION (CONTINUED)** 

**AUGUST 31, 2025 (UNAUDITED)**

that there are no material compliance issues since the approval of the existing investment advisory agreement; that the Funds would not bear any expenses related to the Transaction, including expenses related to the proxy statement; and that there are no planned fee increases for the Funds over the next two years.

The Trustees also considered whether the arrangements comply 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), First Eagle represented that it was not aware of any current plans to reconstitute the Board of the Trust following the Transaction. Thus, at least 75% of the Trustees of the Trust would not be "interested persons" (as defined in the 1940 Act) of First Eagle for a period of three years after closing of the Transaction and would be in compliance with this provision of Section 15(f). With respect to the second condition of Section 15(f), First Eagle represented that the Transaction will not have an economic impact on First Eagle's ability to provide services to the Funds and no fee increases were contemplated. Thus, the Trustees found that the Transaction would not result in an "unfair burden" (as defined in Section 15(f)) during the two-year period following the closing of the Transaction. First Eagle represented that neither it nor any interested person of First Eagle would receive any compensation from the Funds or their shareholders, except as permitted pursuant to Section 15(f).

The Trustees reviewed information concerning each Fund's investment performance, both absolutely as well as compared to its benchmark index and to other funds with similar investments and structure but noted that performance information was limited, as each Fund commenced operations on December 19, 2024.

The Trustees examined fee information for each Fund, including a comparison of such information to other similarly situated funds, and the total expense ratio of each Fund. In this regard, the Trustees noted that the investment advisory fee, which was a "unitary fee," and the existing expense limitation arrangement, were not expected to change as a result of the Transaction or approval of the New Advisory Agreement. The Trustees noted that under the unitary fee structure, the Funds paid no expenses other than the advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses. The Trustees noted that First Eagle would be responsible for compensating the Funds' other service providers and paying other expenses of the Funds out of the unitary fee, including the sub-advisory fees paid to ETC under the New Sub-Advisory Agreement. The Trustees also reviewed analyses of First Eagle's and ETC's estimated profitability related to their provision of advisory services to the Funds. Based on the information provided, the Trustees concluded that the investment advisory fees to be paid by the Funds to First Eagle and the investment sub-advisory fees to be paid by First Eagle to ETC were fair and reasonable in light of the nature and quality of the services provided.

In considering the overall fairness of the New Advisory Agreement and New Sub-Advisory Agreement, the Trustees assessed the degree to which economies of scale that would be expected to be realized if the Funds' assets increase, whether the Funds were large enough to generate economies of scale, and the extent to which fee levels would reflect those economies of scale for the benefit of the Funds' shareholders. The Trustees determined that the fee schedules in the New Advisory Agreement and New Sub-Advisory Agreement were reasonable and appropriate.

In addition to the above factors, the Trustees also considered other benefits received by First Eagle and ETC from their management of the Funds, including, without limitation, the ability to market its advisory services for similar products in the future.

**FIRST EAGLE ETFS** 

**OTHER INFORMATION (concluded)** 

**AUGUST 31, 2025 (UNAUDITED)**

No single factor was determinative of the Board's decision to approve the New Advisory Agreement and New Sub-Advisory Agreement; rather, each Trustee based their determination on the total mix of information available to them. Based on a consideration of all the factors in their totality, the Trustees, including all of the Independent Trustees, approved the New Advisory Agreement and New Sub-Advisory Agreement, with the New Advisory Agreement being subject to shareholder approval, for an initial term ending August 16, 2026.

**PROXY VOTING RESULTS OF SPECIAL MEETING OF SHAREHOLDERS OF THE FIRST EAGLE GLOBAL EQUITY ETF** 

A special meeting of shareholders (the "Special Meeting") of the First Eagle Global Equity (for this section only, the "Fund"), a series of The RBB Fund Trust (the "Trust"), was held on June 30, 2025 as adjourned to August 14, 2025. At the Special Meeting, shareholders voted on one proposal: Proposal – to approve the proposed investment advisory agreement between the Trust, on behalf of the First Eagle Global Equity ETF and First Eagle Investment Management, LLC (the "Adviser").

The approval of a new investment advisory agreement for the Fund was required as a result of the change in control of the Adviser.

All Fund shareholders of record at the close of business on May 5, 2025 (the "Record Date") were entitled to vote. As of the Record Date, the Fund had 4,740,000 shares outstanding.

Proposal – to approve the proposed investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser was approved by the shareholders as follows:

Of the 2,419,728 shares present by proxy, 1,959,412 shares or 80.98% voted in favor (representing 41.34% of total outstanding shares), 24,291 shares or 1.00% voted against (representing 0.51% of total outstanding shares), and 436,025 shares or 18.02% abstained from voting (representing 9.20% of total outstanding shares).

Accordingly, shareholders of the Fund approved the new investment advisory agreement.

**PROXY VOTING RESULTS OF SPECIAL MEETING OF SHAREHOLDERS OF THE FIRST EAGLE OVERSEAS EQUITY ETF** 

A special meeting of shareholders (the "Special Meeting") of the First Eagle Overseas Equity (for this section only, the "Fund"), a series of The RBB Fund Trust (the "Trust"), was held on June 30, 2025 as adjourned to July 28, 2025. At the Special Meeting, shareholders voted on one proposal: Proposal – to approve the proposed investment advisory agreement between the Trust, on behalf of the First Eagle Overseas Equity ETF and First Eagle Investment Management, LLC (the "Adviser").

The approval of a new investment advisory agreement for the Fund was required as a result of the change in control of the Adviser.

All Fund shareholders of record at the close of business on May 5, 2025 (the "Record Date") were entitled to vote. As of the Record Date, the Fund had 2,020,000 shares outstanding.

Proposal – to approve the proposed investment advisory agreement between the Trust, on behalf of the Fund, and the Adviser was approved by the shareholders as follows:

Of the 1,028,070 shares present by proxy, 896,066 shares or 87.16% voted in favor (representing 44.36% of total outstanding shares), 27,084 shares or 2.63% voted against (representing 1.34% of total outstanding shares), and 104,920 shares or 10.21% abstained from voting (representing 5.19% of total outstanding shares).

Accordingly, shareholders of the Fund approved the new investment advisory agreement.

[THIS PAGE INTENTIONALLY LEFT BLANK.]

**Investment Adviser** 

First Eagle Investment Management, LLC

1345 Avenue of the Americas

New York, New York 10105

**Investment Sub-Adviser** 

Exchange Traded Concepts, LLC

10900 Hefner Pointe Drive, Suite 400

Oklahoma City, Oklahoma 73120

**Administrator and Transfer Agent** 

U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, WI 53201

**Principal Underwriter** 

Quasar Distributors, LLC

190 Middle Street, Suite 301

Portland, Maine 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, Suite 1800

2001 Market Street

Philadelphia, Pennsylvania 19103

**Legal Counsel** 

Faegre Drinker Biddle & Reath LLP

One Logan Square, Suite 2000

Philadelphia, PA 19103-6996

**Longview Advantage ETF** 

**A Series of** 

**THE RBB FUND TRUST** 

**(Ticker: NASDAQ - EBI)** 

**Financial Statements** 

**August 31, 2025** 

**Longview Advantage ETF** 

**Schedule of Investments** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1%** | **COMMON STOCKS — 92.1%** | **COMMON STOCKS — 92.1%** |
|  **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** | **Aerospace & Defense — 0.9%** |
|  AAR Corp. <sup>(a)</sup> | 378 | $28599 |
|  AeroVironment, Inc. <sup>(a)</sup> | 22 | 5310 |
|  AerSale Corp. <sup>(a)</sup> | 6014 | 51901 |
|  Astronics Corp. <sup>(a)</sup> | 44 | 1600 |
|  ATI, Inc. <sup>(a)</sup> | 1038 | 80487 |
|  Axon Enterprise, Inc. <sup>(a)</sup> | 30 | 22419 |
|  Boeing Co. <sup>(a)</sup> | 1639 | 384641 |
|  BWX Technologies, Inc.  | 497 | 80534 |
|  Cadre Holdings, Inc.  | 7 | 216 |
|  Curtiss-Wright Corp.  | 240 | 114756 |
|  Ducommun, Inc. <sup>(a)</sup> | 191 | 17423 |
|  General Dynamics Corp.  | 792 | 257059 |
|  General Electric Co.  | 4383 | 1206202 |
|  HEICO Corp.  | 35 | 10921 |
|  HEICO Corp. - Class A  | 142 | 34791 |
|  Hexcel Corp.  | 498 | 31449 |
|  Howmet Aerospace, Inc.  | 1485 | 258538 |
|  Huntington Ingalls Industries, Inc.  | 232 | 62823 |
|  Kratos Defense & Security Solutions, Inc. <sup>(a)</sup> | 62 | 4082 |
|  L3Harris Technologies, Inc.  | 481 | 133535 |
|  Leonardo DRS, Inc.  | 650 | 27079 |
|  Loar Holdings, Inc. <sup>(a)</sup> | 4 | 283 |
|  Lockheed Martin Corp.  | 501 | 228271 |
|  Mercury Systems, Inc. <sup>(a)</sup> | 28 | 1891 |
|  Moog, Inc. - Class A  | 282 | 55230 |
|  National Presto Industries, Inc.  | 3 | 314 |
|  Northrop Grumman Corp.  | 776 | 457871 |
|  RTX Corp.  | 5342 | 847241 |
|  Spirit AeroSystems Holdings, Inc. - Class A <sup>(a)</sup> | 389 | 16179 |
|  Textron, Inc.  | 2325 | 186372 |
|  TransDigm Group, Inc.  | 121 | 169264 |
|  V2X, Inc. <sup>(a)</sup> | 1529 | 87917 |
|  VSE Corp.  | 193 | 31343 |
|  Woodward, Inc.  | 357 | 88115 |
|  |  | 4984656 |
|  **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** | **Air Freight & Logistics — 0.6%** |
|  CH Robinson Worldwide, Inc.  | 1355 | 174388 |
|  Expeditors International of Washington, Inc.  | 2665 | 321239 |
|  FedEx Corp.  | 8053 | 1860807 |
|  Forward Air Corp. <sup>(a)</sup> | 64 | 1922 |
|  GXO Logistics, Inc. <sup>(a)</sup> | 602 | 31695 |
|  Hub Group, Inc. - Class A  | 121 | 4528 |
|  Radiant Logistics, Inc. <sup>(a)</sup> | 38 | 246 |
|  United Parcel Service, Inc. - Class B  | 10196 | 891538 |
|  |  | 3286363 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Automobile Components — 1.0%** | **Automobile Components — 1.0%** | **Automobile Components — 1.0%** |
|  Adient PLC <sup>(a)</sup> | 183 | $4538 |
|  American Axle & Manufacturing Holdings, Inc. <sup>(a)(b)</sup> | 379 | 2206 |
|  Aptiv PLC <sup>(a)</sup> | 29907 | 2378504 |
|  Autoliv, Inc.  | 14 | 1737 |
|  BorgWarner, Inc.  | 8533 | 364871 |
|  Dana, Inc.  | 23429 | 472329 |
|  Dorman Products, Inc. <sup>(a)</sup> | 575 | 93029 |
|  Garrett Motion, Inc.  | 53 | 688 |
|  Gentex Corp.  | 2980 | 83470 |
|  Gentherm, Inc. <sup>(a)</sup> | 592 | 21768 |
|  Goodyear Tire & Rubber Co. <sup>(a)</sup> | 32517 | 275744 |
|  LCI Industries  | 2554 | 269243 |
|  Lear Corp.  | 6199 | 681890 |
|  Magna International, Inc.  | 14 | 643 |
|  Modine Manufacturing Co. <sup>(a)(b)</sup> | 55 | 7487 |
|  Motorcar Parts of America, Inc. <sup>(a)</sup> | 26 | 387 |
|  Patrick Industries, Inc.  | 2356 | 263519 |
|  Phinia, Inc.  | 4114 | 240587 |
|  Standard Motor Products, Inc.  | 498 | 19327 |
|  Strattec Security Corp. <sup>(a)(b)</sup> | 5 | 329 |
|  Visteon Corp.  | 2614 | 324031 |
|  XPEL, Inc. <sup>(a)</sup> | 4 | 149 |
|  |  | 5506476 |
|  **Automobiles — 1.1%** | **Automobiles — 1.1%** | **Automobiles — 1.1%** |
|  Ford Motor Co.  | 168596 | 1984375 |
|  General Motors Co.  | 38703 | 2267609 |
|  Rivian Automotive, Inc. - Class A <sup>(a)(b)</sup> | 6 | 81 |
|  Tesla, Inc. <sup>(a)</sup> | 3541 | 1182234 |
|  Thor Industries, Inc.  | 3586 | 393026 |
|  Winnebago Industries, Inc.  | 93 | 3346 |
|  |  | 5830671 |
|  **Banks — 3.9%** | **Banks — 3.9%** | **Banks — 3.9%** |
|  1st Source Corp.  | 7 | 451 |
|  Amalgamated Financial Corp.  | 1676 | 48420 |
|  Ameris Bancorp  | 599 | 43895 |
|  Arrow Financial Corp.  | 40 | 1189 |
|  Associated Banc-Corp.  | 1894 | 51081 |
|  Atlantic Union Bankshares Corp.  | 885 | 31621 |
|  Axos Financial, Inc. <sup>(a)</sup> | 5222 | 476299 |
|  Banc of California, Inc. <sup>(b)</sup> | 1301 | 22013 |
|  BancFirst Corp.  | 411 | 54651 |
|  Bancorp, Inc. <sup>(a)</sup> | 1797 | 137003 |
|  Bank First Corp.  | 217 | 28193 |
|  Bank of America Corp.  | 24928 | 1264847 |
|  Bank of Hawaii Corp.  | 411 | 27997 |
|  Bank of NT Butterfield & Son Ltd.  | 5127 | 231330 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Banks — 3.9% (continued)** | **Banks — 3.9% (continued)** | **Banks — 3.9% (continued)** |
|  Bank OZK  | 5349 | $280662 |
|  Bank7 Corp.  | 396 | 19646 |
|  BankUnited, Inc.  | 818 | 32057 |
|  Banner Corp.  | 307 | 20578 |
|  BayCom Corp.  | 1 | 30 |
|  Beacon Financial Corp. <sup>(b)</sup> | 680 | 17768 |
|  BOK Financial Corp.  | 228 | 25401 |
|  Brookline Bancorp, Inc.  | 3 | 33 |
|  Burke & Herbert Financial Services Corp.  | 22 | 1398 |
|  Business First Bancshares, Inc.  | 1 | 25 |
|  Byline Bancorp, Inc.  | 17 | 491 |
|  Cadence Bank  | 15254 | 574161 |
|  California BanCorp <sup>(a)</sup> | 9 | 152 |
|  Capital Bancorp, Inc.  | 4 | 136 |
|  Capital City Bank Group, Inc.  | 2 | 88 |
|  Capitol Federal Financial, Inc.  | 657 | 4257 |
|  Carter Bankshares, Inc. <sup>(a)</sup> | 5 | 97 |
|  Cathay General Bancorp  | 617 | 30794 |
|  Central Pacific Financial Corp.  | 1 | 31 |
|  ChoiceOne Financial Services, Inc.  | 8 | 247 |
|  Citigroup, Inc.  | 7422 | 716742 |
|  Citizens Financial Group, Inc.  | 2832 | 148057 |
|  City Holding Co.  | 354 | 45482 |
|  Civista Bancshares, Inc.  | 3 | 64 |
|  CNB Financial Corp.  | 1 | 26 |
|  Coastal Financial Corp. <sup>(a)</sup> | 171 | 19579 |
|  Colony Bankcorp, Inc.  | 3 | 51 |
|  Columbia Banking System, Inc. <sup>(b)</sup> | 9201 | 246311 |
|  Columbia Financial, Inc. <sup>(a)</sup> | 14 | 210 |
|  Comerica, Inc.  | 1217 | 85896 |
|  Commerce Bancshares, Inc.  | 1403 | 86902 |
|  Community Financial System, Inc.  | 462 | 27669 |
|  Community Trust Bancorp, Inc.  | 4 | 234 |
|  Community West Bancshares  | 4 | 85 |
|  ConnectOne Bancorp, Inc.  | 1 | 26 |
|  Cullen/Frost Bankers, Inc.  | 633 | 81676 |
|  Customers Bancorp, Inc. <sup>(a)(b)</sup> | 533 | 38211 |
|  CVB Financial Corp.  | 1287 | 25907 |
|  Dime Community Bancshares, Inc.  | 1 | 31 |
|  East West Bancorp, Inc.  | 5924 | 622849 |
|  Enterprise Financial Services Corp.  | 312 | 19107 |
|  Equity Bancshares, Inc. - Class A  | 1605 | 65051 |
|  Farmers & Merchants Bancorp, Inc./Archbold OH  | 2 | 53 |
|  Farmers National Banc Corp.  | 19 | 288 |
|  FB Financial Corp.  | 325 | 17446 |
|  Fidelity D&D Bancorp, Inc.  | 1 | 44 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Banks — 3.9% (continued)** | **Banks — 3.9% (continued)** | **Banks — 3.9% (continued)** |
|  Fifth Third Bancorp  | 4665 | $213517 |
|  First BanCorp  | 3035 | 67468 |
|  First Bancorp, Inc.  | 2 | 54 |
|  First Bancorp/Southern Pines NC  | 12 | 655 |
|  First Bank/Hamilton NJ  | 9 | 151 |
|  First Busey Corp.  | 712 | 17586 |
|  First Business Financial Services, Inc.  | 22 | 1151 |
|  First Citizens BancShares, Inc. - Class A  | 35 | 69437 |
|  First Commonwealth Financial Corp.  | 1221 | 21673 |
|  First Community Bankshares, Inc.  | 3 | 114 |
|  First Financial Bancorp  | 842 | 22296 |
|  First Financial Bankshares, Inc.  | 1084 | 40292 |
|  First Financial Corp.  | 1 | 59 |
|  First Hawaiian, Inc.  | 1389 | 36045 |
|  First Horizon Corp.  | 6152 | 139035 |
|  First Interstate BancSystem, Inc. - Class A  | 953 | 31182 |
|  First Merchants Corp.  | 525 | 21798 |
|  First Mid Bancshares, Inc.  | 337 | 13628 |
|  First United Corp.  | 3 | 112 |
|  Firstsun Capital Bancorp <sup>(a)(b)</sup> | 2 | 76 |
|  Five Star Bancorp  | 2 | 65 |
|  FNB Corp.  | 3669 | 61236 |
|  FS Bancorp, Inc.  | 4 | 171 |
|  Fulton Financial Corp.  | 1654 | 32518 |
|  German American Bancorp, Inc.  | 12 | 501 |
|  Glacier Bancorp, Inc.  | 674 | 33127 |
|  Great Southern Bancorp, Inc.  | 2 | 127 |
|  Guaranty Bancshares, Inc.  | 4 | 197 |
|  Hancock Whitney Corp.  | 899 | 56565 |
|  Hanmi Financial Corp.  | 269 | 6768 |
|  HBT Financial, Inc.  | 663 | 17563 |
|  Heritage Commerce Corp.  | 2 | 21 |
|  Heritage Financial Corp./WA  | 13 | 318 |
|  Hilltop Holdings, Inc.  | 387 | 13576 |
|  Home Bancorp, Inc.  | 2 | 112 |
|  Home BancShares, Inc.  | 1701 | 50622 |
|  HomeTrust Bancshares, Inc.  | 2 | 83 |
|  Hope Bancorp, Inc.  | 541 | 6021 |
|  Horizon Bancorp, Inc.  | 9 | 152 |
|  Huntington Bancshares, Inc.  | 10632 | 189356 |
|  Independent Bank Corp.  | 379 | 27102 |
|  Independent Bank Corp./MI  | 33 | 1085 |
|  International Bancshares Corp. <sup>(b)</sup> | 1004 | 71826 |
|  JPMorgan Chase & Co.  | 23838 | 7185250 |
|  KeyCorp  | 616 | 11926 |
|  Lakeland Financial Corp.  | 216 | 14785 |
|  Live Oak Bancshares, Inc.  | 7 | 271 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Banks — 3.9% (continued)** | **Banks — 3.9% (continued)** | **Banks — 3.9% (continued)** |
|  M&T Bank Corp.  | 610 | $123013 |
|  Mechanics Bancorp - Class A <sup>(a)</sup> | 10 | 139 |
|  Mercantile Bank Corp.  | 34 | 1674 |
|  Metrocity Bankshares, Inc.  | 24 | 719 |
|  Mid Penn Bancorp, Inc.  | 4 | 121 |
|  National Bank Holdings Corp. - Class A  | 317 | 12433 |
|  NBT Bancorp, Inc.  | 399 | 17664 |
|  Nicolet Bankshares, Inc. <sup>(b)</sup> | 368 | 50891 |
|  Northeast Bank  | 581 | 64235 |
|  Northeast Community Bancorp, Inc.  | 1169 | 26361 |
|  Northfield Bancorp, Inc.  | 2 | 24 |
|  Northrim BanCorp, Inc.  | 23 | 2163 |
|  Northwest Bancshares, Inc.  | 1106 | 13991 |
|  Oak Valley Bancorp  | 6 | 171 |
|  OceanFirst Financial Corp.  | 2 | 37 |
|  OFG Bancorp  | 2370 | 106057 |
|  Old National Bancorp  | 3425 | 78398 |
|  Old Second Bancorp, Inc.  | 741 | 13679 |
|  Origin Bancorp, Inc.  | 1 | 39 |
|  Orrstown Financial Services, Inc.  | 3 | 104 |
|  Pacific Premier Bancorp, Inc.  | 1017 | 24906 |
|  Park National Corp.  | 303 | 52046 |
|  Parke Bancorp, Inc.  | 2 | 45 |
|  Pathward Financial, Inc.  | 1222 | 97112 |
|  PCB Bancorp  | 4 | 88 |
|  Peoples Bancorp, Inc.  | 591 | 18285 |
|  Peoples Financial Services Corp.  | 3 | 157 |
|  Pinnacle Financial Partners, Inc.  | 312 | 30333 |
|  Plumas Bancorp  | 12 | 521 |
|  PNC Financial Services Group, Inc.  | 1596 | 331074 |
|  Popular, Inc.  | 1271 | 159688 |
|  Preferred Bank/Los Angeles CA  | 1220 | 115168 |
|  Prosperity Bancshares, Inc.  | 913 | 63116 |
|  Provident Financial Services, Inc.  | 134 | 2659 |
|  Red River Bancshares, Inc.  | 3 | 196 |
|  Regions Financial Corp.  | 5111 | 139990 |
|  Renasant Corp.  | 715 | 27978 |
|  S&T Bancorp, Inc.  | 498 | 19676 |
|  Seacoast Banking Corp. of Florida  | 753 | 23426 |
|  ServisFirst Bancshares, Inc.  | 360 | 31734 |
|  Shore Bancshares, Inc.  | 1566 | 26919 |
|  Sierra Bancorp  | 47 | 1441 |
|  Simmons First National Corp. - Class A  | 1129 | 23461 |
|  South Plains Financial, Inc.  | 1 | 41 |
|  Southside Bancshares, Inc.  | 12 | 375 |
|  SouthState Corp.  | 911 | 92977 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Banks — 3.9% (continued)** | **Banks — 3.9% (continued)** | **Banks — 3.9% (continued)** |
|  Stellar Bancorp, Inc.  | 16 | $495 |
|  Stock Yards Bancorp, Inc.  | 240 | 19370 |
|  Synovus Financial Corp.  | 4490 | 231729 |
|  Texas Capital Bancshares, Inc. <sup>(a)</sup> | 281 | 24326 |
|  TFS Financial Corp.  | 32 | 450 |
|  Third Coast Bancshares, Inc. <sup>(a)</sup> | 49 | 1952 |
|  Tompkins Financial Corp.  | 1404 | 98477 |
|  Towne Bank  | 612 | 22454 |
|  TriCo Bancshares  | 4 | 182 |
|  Truist Financial Corp.  | 2388 | 111806 |
|  TrustCo Bank Corp. NY  | 1 | 40 |
|  Trustmark Corp.  | 3059 | 123186 |
|  UMB Financial Corp. <sup>(b)</sup> | 618 | 75334 |
|  United Bankshares, Inc.  | 1420 | 54443 |
|  United Community Banks, Inc.  | 1079 | 36039 |
|  Unity Bancorp, Inc.  | 171 | 8952 |
|  Univest Financial Corp.  | 1 | 32 |
|  US Bancorp  | 10835 | 529073 |
|  Valley National Bancorp  | 4389 | 45909 |
|  Veritex Holdings, Inc.  | 160 | 5496 |
|  WaFd, Inc.  | 5333 | 167723 |
|  Webster Financial Corp.  | 1754 | 109134 |
|  Wells Fargo & Co.  | 26643 | 2189522 |
|  WesBanco, Inc.  | 932 | 30570 |
|  Westamerica BanCorp  | 1288 | 64413 |
|  Western Alliance Bancorp  | 3698 | 331156 |
|  Wintrust Financial Corp.  | 1244 | 170789 |
|  WSFS Financial Corp.  | 529 | 30835 |
|  Zions Bancorp NA  | 7240 | 419992 |
|  |  | 20851916 |
|  **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
|  Boston Beer Co., Inc. - Class A <sup>(a)</sup> | 6 | 1327 |
|  Brown-Forman Corp. - Class B <sup>(b)</sup> | 253 | 7575 |
|  Celsius Holdings, Inc. <sup>(a)</sup> | 13 | 817 |
|  Coca-Cola Co.  | 8591 | 592693 |
|  Coca-Cola Consolidated, Inc.  | 2900 | 339996 |
|  Keurig Dr Pepper, Inc.  | 3271 | 95153 |
|  Molson Coors Beverage Co. - Class B  | 10972 | 553976 |
|  Monster Beverage Corp. <sup>(a)</sup> | 2159 | 134743 |
|  National Beverage Corp. <sup>(a)</sup> | 59 | 2481 |
|  PepsiCo, Inc.  | 8626 | 1282255 |
|  Vita Coco Co., Inc. <sup>(a)</sup> | 2 | 72 |
|  |  | 3011088 |
|  **Biotechnology — 1.6%** | **Biotechnology — 1.6%** | **Biotechnology — 1.6%** |
|  AbbVie, Inc.  | 6217 | 1308057 |
|  ACADIA Pharmaceuticals, Inc. <sup>(a)</sup> | 17809 | 462856 |
|  ADMA Biologics, Inc. <sup>(a)</sup> | 2552 | 44048 |
|  Akebia Therapeutics, Inc. <sup>(a)</sup> | 39 | 123 |
|  Alkermes PLC <sup>(a)</sup> | 3763 | 109014 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Biotechnology — 1.6% (continued)** | **Biotechnology — 1.6% (continued)** | **Biotechnology — 1.6% (continued)** |
|  Alnylam Pharmaceuticals, Inc. <sup>(a)</sup> | 1 | $447 |
|  Amgen, Inc.  | 3246 | 933907 |
|  Arcellx, Inc. <sup>(a)</sup> | 4 | 278 |
|  Biogen, Inc. <sup>(a)</sup> | 429 | 56722 |
|  BioMarin Pharmaceutical, Inc. <sup>(a)</sup> | 1297 | 75576 |
|  Bridgebio Pharma, Inc. <sup>(a)(b)</sup> | 25 | 1294 |
|  Catalyst Pharmaceuticals, Inc. <sup>(a)</sup> | 3692 | 76018 |
|  Emergent BioSolutions, Inc. <sup>(a)</sup> | 79 | 656 |
|  Exelixis, Inc. <sup>(a)</sup> | 25491 | 953873 |
|  Gilead Sciences, Inc.  | 19532 | 2206530 |
|  Halozyme Therapeutics, Inc. <sup>(a)</sup> | 8763 | 641013 |
|  Immunovant, Inc. <sup>(a)</sup> | 41 | 602 |
|  Incyte Corp. <sup>(a)</sup> | 14559 | 1231837 |
|  Krystal Biotech, Inc. <sup>(a)</sup> | 3 | 443 |
|  Madrigal Pharmaceuticals, Inc. <sup>(a)</sup> | 121 | 52980 |
|  MiMedx Group, Inc. <sup>(a)</sup> | 3 | 21 |
|  Moderna, Inc. <sup>(a)</sup> | 36 | 867 |
|  Natera, Inc. <sup>(a)</sup> | 82 | 13797 |
|  Neurocrine Biosciences, Inc. <sup>(a)</sup> | 886 | 123686 |
|  PTC Therapeutics, Inc. <sup>(a)</sup> | 19 | 937 |
|  Puma Biotechnology, Inc. <sup>(a)</sup> | 4876 | 24575 |
|  Regeneron Pharmaceuticals, Inc.  | 20 | 11614 |
|  Rigel Pharmaceuticals, Inc. <sup>(a)</sup> | 1082 | 42036 |
|  Stoke Therapeutics, Inc. <sup>(a)</sup> | 19 | 375 |
|  TG Therapeutics, Inc. <sup>(a)</sup> | 165 | 4839 |
|  United Therapeutics Corp. <sup>(a)</sup> | 40 | 12190 |
|  Veracyte, Inc. <sup>(a)</sup> | 2 | 61 |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup> | 7 | 2737 |
|  Viking Therapeutics, Inc. <sup>(a)(b)</sup> | 84 | 2272 |
|  |  | 8396281 |
|  **Broadline Retail — 2.2%** | **Broadline Retail — 2.2%** | **Broadline Retail — 2.2%** |
|  Amazon.com, Inc. <sup>(a)</sup> | 48092 | 11013068 |
|  Contextlogic Holdings, Inc. <sup>(a)</sup> | 282 | 2093 |
|  Coupang, Inc. <sup>(a)</sup> | 52 | 1486 |
|  Dillard's, Inc. - Class A  | 582 | 310136 |
|  eBay, Inc.  | 4143 | 375397 |
|  Groupon, Inc. <sup>(a)</sup> | 221 | 5768 |
|  Kohl's Corp. <sup>(b)</sup> | 169 | 2545 |
|  Macy's, Inc.  | 15823 | 209338 |
|  MercadoLibre, Inc. <sup>(a)</sup> | 1 | 2473 |
|  Ollie's Bargain Outlet Holdings, Inc. <sup>(a)</sup> | 610 | 77372 |
|  Savers Value Village, Inc. <sup>(a)</sup> | 784 | 9479 |
|  |  | 12009155 |
|  **Building Products — 0.8%** | **Building Products — 0.8%** | **Building Products — 0.8%** |
|  A O Smith Corp.  | 2331 | 166177 |
|  AAON, Inc.  | 1 | 83 |
|  Advanced Drainage Systems, Inc.  | 2249 | 323789 |
|  Allegion PLC <sup>(b)</sup> | 1931 | 327884 |
|  American Woodmark Corp. <sup>(a)</sup> | 11 | 710 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Building Products — 0.8% (continued)** | **Building Products — 0.8% (continued)** | **Building Products — 0.8% (continued)** |
|  Apogee Enterprises, Inc.  | 192 | $8443 |
|  Armstrong World Industries, Inc.  | 923 | 180696 |
|  AZZ, Inc.  | 636 | 71798 |
|  Builders FirstSource, Inc. <sup>(a)(b)</sup> | 169 | 23437 |
|  Carlisle Cos., Inc. <sup>(b)</sup> | 629 | 242725 |
|  Carrier Global Corp.  | 8183 | 533532 |
|  CSW Industrials, Inc.  | 46 | 12583 |
|  Fortune Brands Innovations, Inc.  | 1710 | 100069 |
|  Gibraltar Industries, Inc. <sup>(a)</sup> | 233 | 14583 |
|  Griffon Corp.  | 5378 | 409589 |
|  Hayward Holdings, Inc. <sup>(a)</sup> | 1904 | 30616 |
|  Insteel Industries, Inc.  | 53 | 2034 |
|  Janus International Group, Inc. <sup>(a)</sup> | 10475 | 108416 |
|  Johnson Controls International PLC  | 3693 | 394745 |
|  Lennox International, Inc.  | 138 | 76985 |
|  Masco Corp.  | 53 | 3890 |
|  Masterbrand, Inc. <sup>(a)</sup> | 1677 | 21315 |
|  Owens Corning  | 276 | 41447 |
|  Quanex Building Products Corp.  | 190 | 4041 |
|  Resideo Technologies, Inc. <sup>(a)</sup> | 15769 | 536934 |
|  Simpson Manufacturing Co., Inc.  | 300 | 57336 |
|  Tecnoglass, Inc.  | 323 | 23443 |
|  Trane Technologies PLC  | 1244 | 517006 |
|  Trex Co., Inc. <sup>(a)</sup> | 745 | 45914 |
|  UFP Industries, Inc.  | 350 | 35340 |
|  Zurn Elkay Water Solutions Corp.  | 1492 | 67677 |
|  |  | 4383237 |
|  **Capital Markets — 2.7%** | **Capital Markets — 2.7%** | **Capital Markets — 2.7%** |
|  Acadian Asset Management, Inc.  | 6 | 306 |
|  Affiliated Managers Group, Inc.  | 237 | 53282 |
|  Ameriprise Financial, Inc.  | 1647 | 847892 |
|  Ares Management Corp. - Class A  | 13 | 2330 |
|  Artisan Partners Asset Management, Inc. - Class A  | 1439 | 67331 |
|  Bank of New York Mellon Corp.  | 15173 | 1602269 |
|  BGC Group, Inc. - Class A  | 4687 | 45980 |
|  Blackrock, Inc.  | 451 | 508340 |
|  Blackstone, Inc.  | 3337 | 571962 |
|  Carlyle Group, Inc.  | 1107 | 71468 |
|  Cboe Global Markets, Inc.  | 298 | 70313 |
|  Charles Schwab Corp.  | 5559 | 532775 |
|  CME Group, Inc.  | 728 | 194019 |
|  Cohen & Steers, Inc.  | 164 | 12113 |
|  Coinbase Global, Inc. - Class A <sup>(a)</sup> | 676 | 205869 |
|  Diamond Hill Investment Group, Inc.  | 626 | 91246 |
|  DigitalBridge Group, Inc.  | 77 | 879 |
|  Donnelley Financial Solutions, Inc. <sup>(a)</sup> | 1464 | 83111 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Capital Markets — 2.7% (continued)** | **Capital Markets — 2.7% (continued)** | **Capital Markets — 2.7% (continued)** |
|  Evercore, Inc. - Class A  | 9 | $2894 |
|  FactSet Research Systems, Inc.  | 245 | 91463 |
|  Federated Hermes, Inc.  | 114 | 6053 |
|  Franklin Resources, Inc.  | 2755 | 70693 |
|  Goldman Sachs Group, Inc.  | 2136 | 1591854 |
|  Hamilton Lane, Inc. - Class A  | 113 | 17440 |
|  Houlihan Lokey, Inc.  | 499 | 99426 |
|  Interactive Brokers Group, Inc. - Class A  | 32 | 1992 |
|  Intercontinental Exchange, Inc.  | 1592 | 281147 |
|  Invesco Ltd.  | 2783 | 60920 |
|  Janus Henderson Group PLC  | 1350 | 59832 |
|  Jefferies Financial Group, Inc.  | 1468 | 95200 |
|  KKR & Co., Inc.  | 454 | 63328 |
|  Lazard, Inc.  | 2083 | 119064 |
|  LPL Financial Holdings, Inc.  | 758 | 276276 |
|  MarketAxess Holdings, Inc.  | 11 | 2022 |
|  Moelis & Co. - Class A  | 3595 | 259235 |
|  Moody's Corp.  | 387 | 197277 |
|  Morgan Stanley  | 21556 | 3243747 |
|  Morningstar, Inc.  | 90 | 23618 |
|  MSCI, Inc.  | 625 | 354825 |
|  Nasdaq, Inc.  | 1214 | 115014 |
|  Northern Trust Corp.  | 978 | 128392 |
|  Piper Sandler Cos.  | 3 | 1001 |
|  PJT Partners, Inc. - Class A  | 7 | 1253 |
|  Raymond James Financial, Inc.  | 34 | 5761 |
|  Robinhood Markets, Inc. - Class A <sup>(a)</sup> | 374 | 38907 |
|  S&P Global, Inc.  | 675 | 370197 |
|  SEI Investments Co.  | 1149 | 101434 |
|  State Street Corp.  | 1980 | 227641 |
|  StepStone Group, Inc. - Class A  | 2 | 124 |
|  Stifel Financial Corp.  | 1898 | 218820 |
|  StoneX Group, Inc. <sup>(a)</sup> | 1544 | 157751 |
|  T Rowe Price Group, Inc.  | 1082 | 116445 |
|  Tradeweb Markets, Inc. - Class A  | 382 | 47124 |
|  UBS Group AG  | 4 | 162 |
|  Victory Capital Holdings, Inc. - Class A <sup>(b)</sup> | 973 | 69355 |
|  Virtu Financial, Inc. - Class A  | 16288 | 682793 |
|  Virtus Investment Partners, Inc.  | 523 | 105348 |
|  WisdomTree, Inc. <sup>(b)</sup> | 959 | 13052 |
|  |  | 14280365 |
|  **Chemicals — 0.9%** | **Chemicals — 0.9%** | **Chemicals — 0.9%** |
|  AdvanSix, Inc.  | 31 | 665 |
|  Air Products and Chemicals, Inc.  | 171 | 50293 |
|  Avient Corp.  | 58 | 2169 |
|  Axalta Coating Systems Ltd. <sup>(a)</sup> | 6285 | 196469 |
|  Balchem Corp.  | 187 | 30311 |
|  Cabot Corp.  | 1249 | 101868 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Chemicals — 0.9% (continued)** | **Chemicals — 0.9% (continued)** | **Chemicals — 0.9% (continued)** |
|  CF Industries Holdings, Inc.  | 10661 | $923562 |
|  Chemours Co. <sup>(b)</sup> | 934 | 14384 |
|  Core Molding Technologies, Inc. <sup>(a)</sup> | 164 | 3149 |
|  Corteva, Inc.  | 2200 | 163218 |
|  Dow, Inc.  | 1067 | 26280 |
|  DuPont de Nemours, Inc.  | 1124 | 86458 |
|  Eastman Chemical Co.  | 568 | 39953 |
|  Ecolab, Inc.  | 698 | 193374 |
|  Ecovyst, Inc. <sup>(a)</sup> | 10825 | 98399 |
|  Element Solutions, Inc.  | 1840 | 47325 |
|  FMC Corp.  | 17 | 665 |
|  Hawkins, Inc.  | 342 | 57227 |
|  HB Fuller Co.  | 5551 | 338889 |
|  Huntsman Corp.  | 310 | 3460 |
|  Innospec, Inc.  | 30 | 2628 |
|  International Flavors & Fragrances, Inc.  | 538 | 36320 |
|  Koppers Holdings, Inc.  | 1022 | 29618 |
|  Linde PLC  | 1452 | 694477 |
|  LyondellBasell Industries NV - Class A  | 326 | 18370 |
|  Minerals Technologies, Inc. <sup>(b)</sup> | 945 | 61850 |
|  Mosaic Co.  | 5411 | 180727 |
|  NewMarket Corp.  | 1068 | 883193 |
|  Perimeter Solutions, Inc. <sup>(a)</sup> | 323 | 7232 |
|  PPG Industries, Inc.  | 1280 | 142374 |
|  Quaker Chemical Corp.  | 3 | 435 |
|  Rayonier Advanced Materials, Inc. <sup>(a)</sup> | 217 | 1209 |
|  RPM International, Inc.  | 1150 | 144107 |
|  Sensient Technologies Corp.  | 404 | 45838 |
|  Sherwin-Williams Co.  | 584 | 213645 |
|  Stepan Co.  | 804 | 40224 |
|  |  | 4880365 |
|  **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** | **Commercial Services & Supplies — 0.6%** |
|  ABM Industries, Inc.  | 539 | 26503 |
|  ACCO Brands Corp.  | 48 | 193 |
|  Brady Corp. - Class A  | 54 | 4216 |
|  BrightView Holdings, Inc. <sup>(a)</sup> | 4887 | 70373 |
|  Brink's Co.  | 3280 | 367491 |
|  Casella Waste Systems, Inc. - Class A <sup>(a)</sup> | 383 | 37748 |
|  CECO Environmental Corp. <sup>(a)(b)</sup> | 117 | 5334 |
|  Cintas Corp.  | 779 | 163613 |
|  Clean Harbors, Inc. <sup>(a)</sup> | 799 | 193526 |
|  Copart, Inc. <sup>(a)</sup> | 921 | 44954 |
|  CoreCivic, Inc. <sup>(a)</sup> | 73 | 1480 |
|  Deluxe Corp.  | 141 | 2772 |
|  Driven Brands Holdings, Inc. <sup>(a)</sup> | 41 | 755 |
|  Ennis, Inc.  | 321 | 5865 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Commercial Services & Supplies — 0.6% (continued)** | **Commercial Services & Supplies — 0.6% (continued)** | **Commercial Services & Supplies — 0.6% (continued)** |
|  Enviri Corp. <sup>(a)(b)</sup> | 592 | $6690 |
|  GEO Group, Inc. <sup>(a)</sup> | 594 | 12320 |
|  Healthcare Services Group, Inc. <sup>(a)</sup> | 8 | 125 |
|  HNI Corp.  | 5314 | 238811 |
|  Interface, Inc.  | 5956 | 159144 |
|  MillerKnoll, Inc.  | 25 | 528 |
|  MSA Safety, Inc.  | 656 | 111914 |
|  OPENLANE, Inc. <sup>(a)</sup> | 19857 | 574264 |
|  Pitney Bowes, Inc.  | 588 | 7127 |
|  Quad/Graphics, Inc.  | 186 | 1239 |
|  Republic Services, Inc.  | 1505 | 352125 |
|  Rollins, Inc.  | 528 | 29853 |
|  Steelcase, Inc. - Class A  | 10219 | 171066 |
|  Tetra Tech, Inc. <sup>(b)</sup> | 495 | 18028 |
|  UniFirst Corp.  | 114 | 20271 |
|  Veralto Corp.  | 912 | 96845 |
|  Vestis Corp.  | 4 | 19 |
|  Waste Connections, Inc.  | 259 | 47866 |
|  Waste Management, Inc.  | 1755 | 397314 |
|  |  | 3170372 |
|  **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** | **Communications Equipment — 0.6%** |
|  ADTRAN Holdings, Inc. <sup>(a)</sup> | 15 | 141 |
|  Arista Networks, Inc. <sup>(a)</sup> | 2267 | 309559 |
|  Calix, Inc. <sup>(a)</sup> | 8 | 476 |
|  Ciena Corp. <sup>(a)</sup> | 367 | 34487 |
|  Cisco Systems, Inc.  | 22439 | 1550311 |
|  Digi International, Inc. <sup>(a)</sup> | 463 | 16075 |
|  Extreme Networks, Inc. <sup>(a)</sup> | 25 | 535 |
|  F5, Inc. <sup>(a)</sup> | 642 | 201036 |
|  Harmonic, Inc. <sup>(a)</sup> | 36 | 346 |
|  Lumentum Holdings, Inc. <sup>(a)</sup> | 64 | 8500 |
|  Motorola Solutions, Inc.  | 466 | 220166 |
|  NETGEAR, Inc. <sup>(a)</sup> | 97 | 2635 |
|  NetScout Systems, Inc. <sup>(a)</sup> | 8 | 199 |
|  Ribbon Communications, Inc. <sup>(a)</sup> | 6743 | 27511 |
|  Viasat, Inc. <sup>(a)</sup> | 30191 | 976075 |
|  Viavi Solutions, Inc. <sup>(a)</sup> | 323 | 3643 |
|  |  | 3351695 |
|  **Construction & Engineering — 0.6%** | **Construction & Engineering — 0.6%** | **Construction & Engineering — 0.6%** |
|  AECOM  | 2791 | 348568 |
|  Ameresco, Inc. - Class A <sup>(a)</sup> | 1484 | 37738 |
|  API Group Corp. <sup>(a)</sup> | 3373 | 120349 |
|  Arcosa, Inc.  | 446 | 44132 |
|  Argan, Inc.  | 272 | 62076 |
|  Bowman Consulting Group Ltd. <sup>(a)</sup> | 9 | 385 |
|  Centuri Holdings, Inc. <sup>(a)</sup> | 3870 | 82199 |
|  Comfort Systems USA, Inc.  | 451 | 317224 |
|  Concrete Pumping Holdings, Inc.  | 108 | 752 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Construction & Engineering — 0.6% (continued)** | **Construction & Engineering — 0.6% (continued)** | **Construction & Engineering — 0.6% (continued)** |
|  Construction Partners, Inc. - Class A <sup>(a)</sup> | 20 | $2398 |
|  Dycom Industries, Inc. <sup>(a)</sup> | 1060 | 267618 |
|  EMCOR Group, Inc.  | 376 | 233120 |
|  Everus Construction Group, Inc. <sup>(a)</sup> | 2045 | 160410 |
|  Fluor Corp. <sup>(a)</sup> | 724 | 29698 |
|  Granite Construction, Inc. <sup>(b)</sup> | 532 | 57323 |
|  Great Lakes Dredge & Dock Corp. <sup>(a)</sup> | 6351 | 74053 |
|  IES Holdings, Inc. <sup>(a)</sup> | 287 | 100252 |
|  Limbach Holdings, Inc. <sup>(a)(b)</sup> | 43 | 4926 |
|  MasTec, Inc. <sup>(a)</sup> | 1200 | 218028 |
|  MYR Group, Inc. <sup>(a)</sup> | 424 | 79402 |
|  NWPX Infrastructure, Inc. <sup>(a)</sup> | 11 | 583 |
|  Orion Group Holdings, Inc. <sup>(a)</sup> | 19 | 141 |
|  Primoris Services Corp.  | 1201 | 142378 |
|  Quanta Services, Inc.  | 272 | 102805 |
|  Sterling Infrastructure, Inc. <sup>(a)</sup> | 171 | 47629 |
|  Valmont Industries, Inc.  | 910 | 334079 |
|  WillScot Holdings Corp.  | 4773 | 115697 |
|  |  | 2983963 |
|  **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
|  CRH PLC  | 4893 | 552664 |
|  Eagle Materials, Inc.  | 727 | 167864 |
|  James Hardie Industries PLC <sup>(a)(b)</sup> | 1113 | 22405 |
|  Knife River Corp. <sup>(a)(b)</sup> | 123 | 9963 |
|  Martin Marietta Materials, Inc.  | 192 | 118349 |
|  United States Lime & Minerals, Inc.  | 8 | 1007 |
|  Vulcan Materials Co.  | 367 | 106856 |
|  |  | 979108 |
|  **Consumer Finance — 1.2%** | **Consumer Finance — 1.2%** | **Consumer Finance — 1.2%** |
|  Ally Financial, Inc.  | 4053 | 166376 |
|  American Express Co.  | 3539 | 1172400 |
|  Atlanticus Holdings Corp. <sup>(a)</sup> | 1179 | 78639 |
|  Bread Financial Holdings, Inc.  | 629 | 41634 |
|  Capital One Financial Corp.  | 60 | 13633 |
|  Credit Acceptance Corp. <sup>(a)</sup> | 80 | 41178 |
|  Dave, Inc. <sup>(a)</sup> | 156 | 33262 |
|  Enova International, Inc. <sup>(a)</sup> | 4131 | 501090 |
|  EZCORP, Inc. - Class A <sup>(a)(b)</sup> | 321 | 5351 |
|  FirstCash Holdings, Inc.  | 9002 | 1325725 |
|  Green Dot Corp. - Class A <sup>(a)</sup> | 190 | 2645 |
|  LendingClub Corp. <sup>(a)</sup> | 49 | 842 |
|  LendingTree, Inc. <sup>(a)</sup> | 658 | 44711 |
|  Navient Corp.  | 1154 | 15821 |
|  Nelnet, Inc. - Class A  | 422 | 54273 |
|  NerdWallet, Inc. - Class A <sup>(a)</sup> | 8 | 83 |
|  OneMain Holdings, Inc.  | 13924 | 861339 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Consumer Finance — 1.2% (continued)** | **Consumer Finance — 1.2% (continued)** | **Consumer Finance — 1.2% (continued)** |
|  OppFi, Inc.  | 12 | $123 |
|  PRA Group, Inc. <sup>(a)</sup> | 1 | 17 |
|  PROG Holdings, Inc.  | 60 | 2114 |
|  Regional Management Corp.  | 11 | 482 |
|  SLM Corp. <sup>(b)</sup> | 26991 | 844279 |
|  SoFi Technologies, Inc. <sup>(a)</sup> | 2907 | 74245 |
|  Synchrony Financial  | 15323 | 1169758 |
|  Upstart Holdings, Inc. <sup>(a)</sup> | 5 | 366 |
|  World Acceptance Corp. <sup>(a)(b)</sup> | 373 | 63943 |
|  |  | 6514329 |
|  **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** | **Consumer Staples Distribution & Retail — 1.8%** |
|  Albertsons Cos., Inc. - Class A  | 60827 | 1183693 |
|  Andersons, Inc.  | 2357 | 96401 |
|  BJ's Wholesale Club Holdings, Inc. <sup>(a)(b)</sup> | 3661 | 357606 |
|  Casey's General Stores, Inc.  | 499 | 246765 |
|  Chefs' Warehouse, Inc. <sup>(a)</sup> | 1261 | 79620 |
|  Costco Wholesale Corp.  | 1077 | 1015956 |
|  Dollar General Corp.  | 3439 | 374026 |
|  Dollar Tree, Inc. <sup>(a)</sup> | 3342 | 364846 |
|  Grocery Outlet Holding Corp. <sup>(a)</sup> | 17 | 308 |
|  Ingles Markets, Inc. - Class A  | 217 | 14689 |
|  Kroger Co.  | 43913 | 2979058 |
|  Maplebear, Inc. <sup>(a)</sup> | 877 | 38036 |
|  Natural Grocers by Vitamin Cottage, Inc.  | 179 | 6883 |
|  Performance Food Group Co. <sup>(a)</sup> | 2801 | 284021 |
|  PriceSmart, Inc.  | 482 | 51699 |
|  SpartanNash Co.  | 5 | 134 |
|  Sprouts Farmers Market, Inc. <sup>(a)</sup> | 1186 | 166680 |
|  Sysco Corp.  | 3159 | 254205 |
|  Target Corp.  | 2637 | 253099 |
|  United Natural Foods, Inc. <sup>(a)</sup> | 7864 | 222394 |
|  US Foods Holding Corp. <sup>(a)</sup> | 4627 | 359055 |
|  Village Super Market, Inc. - Class A  | 2435 | 88342 |
|  Walmart, Inc.  | 12423 | 1204783 |
|  Weis Markets, Inc.  | 288 | 20635 |
|  |  | 9662934 |
|  **Containers & Packaging — 1.2%** | **Containers & Packaging — 1.2%** | **Containers & Packaging — 1.2%** |
|  Amcor PLC  | 79043 | 682141 |
|  AptarGroup, Inc.  | 694 | 96653 |
|  Avery Dennison Corp.  | 5426 | 931373 |
|  Ball Corp.  | 1540 | 81066 |
|  Crown Holdings, Inc.  | 17261 | 1715398 |
|  Graphic Packaging Holding Co. <sup>(b)</sup> | 9500 | 211565 |
|  Greif, Inc. - Class A  | 5965 | 389574 |
|  Greif, Inc. - Class B  | 1 | 68 |
|  International Paper Co.  | 1203 | 59765 |
|  Myers Industries, Inc.  | 5113 | 85592 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Containers & Packaging — 1.2% (continued)** | **Containers & Packaging — 1.2% (continued)** | **Containers & Packaging — 1.2% (continued)** |
|  O-I Glass, Inc. <sup>(a)</sup> | 21100 | $274089 |
|  Packaging Corp. of America  | 4084 | 890149 |
|  Sealed Air Corp.  | 9571 | 310770 |
|  Silgan Holdings, Inc.  | 9720 | 456062 |
|  Smurfit WestRock PLC  | 136 | 6441 |
|  Sonoco Products Co.  | 9878 | 466736 |
|  TriMas Corp.  | 34 | 1315 |
|  |  | 6658757 |
|  **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
|  Genuine Parts Co.  | 2405 | 335088 |
|  LKQ Corp.  | 7103 | 231700 |
|  Pool Corp.  | 276 | 85756 |
|  |  | 652544 |
|  **Diversified Consumer Services — 0.6%** | **Diversified Consumer Services — 0.6%** | **Diversified Consumer Services — 0.6%** |
|  ADT, Inc.  | 101756 | 886295 |
|  Adtalem Global Education, Inc. <sup>(a)</sup> | 806 | 105546 |
|  American Public Education, Inc. <sup>(a)</sup> | 10 | 302 |
|  Bright Horizons Family Solutions, Inc. <sup>(a)</sup> | 327 | 38599 |
|  Carriage Services, Inc.  | 2754 | 120570 |
|  Graham Holdings Co. - Class B  | 100 | 108605 |
|  Grand Canyon Education, Inc. <sup>(a)</sup> | 542 | 109251 |
|  H&R Block, Inc.  | 17 | 856 |
|  Laureate Education, Inc. <sup>(a)</sup> | 25722 | 706840 |
|  Lincoln Educational Services Corp. <sup>(a)</sup> | 3 | 56 |
|  Matthews International Corp. - Class A  | 5060 | 124324 |
|  Mister Car Wash, Inc. <sup>(a)</sup> | 648 | 3700 |
|  OneSpaWorld Holdings Ltd.  | 131 | 2957 |
|  Perdoceo Education Corp.  | 1447 | 47375 |
|  Service Corp. International  | 12303 | 975013 |
|  Strategic Education, Inc.  | 98 | 7972 |
|  Stride, Inc. <sup>(a)(b)</sup> | 790 | 128920 |
|  Universal Technical Institute, Inc. <sup>(a)</sup> | 1875 | 49856 |
|  |  | 3417037 |
|  **Diversified REITs — 0.0%<sup>(c)</sup>** | **Diversified REITs — 0.0%<sup>(c)</sup>** | **Diversified REITs — 0.0%<sup>(c)</sup>** |
|  Alexander & Baldwin, Inc.  | 232 | 4487 |
|  Armada Hoffler Properties, Inc.  | 145 | 1055 |
|  |  | 5542 |
|  **Diversified Telecommunication Services — 1.8%** | **Diversified Telecommunication Services — 1.8%** | **Diversified Telecommunication Services — 1.8%** |
|  AT&T, Inc.  | 157978 | 4627176 |
|  ATN International, Inc.  | 692 | 11764 |
|  Bandwidth, Inc. - Class A <sup>(a)</sup> | 65 | 975 |
|  Cogent Communications Holdings, Inc.  | 172 | 6576 |
|  GCI Liberty, Inc. - Class A <sup>(a)</sup> | 3 | 112 |
|  GCI Liberty, Inc. - Class C <sup>(a)</sup> | 5 | 183 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Diversified Telecommunication Services — 1.8% (continued)** | **Diversified Telecommunication Services — 1.8% (continued)** | **Diversified Telecommunication Services — 1.8% (continued)** |
|  IDT Corp. - Class B  | 572 | $36648 |
|  Iridium Communications, Inc.  | 9700 | 241433 |
|  Liberty Global Ltd. - Class A <sup>(a)</sup> | 169 | 1984 |
|  Liberty Latin America Ltd. - Class C <sup>(a)(b)</sup> | 779 | 6419 |
|  Lumen Technologies, Inc. <sup>(a)</sup> | 214 | 1064 |
|  Shenandoah Telecommunications Co.  | 8 | 106 |
|  Sunrise Communications AG - ADR  | 43 | 2703 |
|  Uniti Group, Inc. <sup>(a)</sup> | 288 | 1814 |
|  Verizon Communications, Inc.  | 102185 | 4519642 |
|  |  | 9458599 |
|  **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** | **Electric Utilities — 1.0%** |
|  ALLETE, Inc.  | 21 | 1347 |
|  Alliant Energy Corp.  | 3469 | 225728 |
|  American Electric Power Co., Inc.  | 3158 | 350601 |
|  Constellation Energy Corp.  | 1076 | 331387 |
|  Duke Energy Corp.  | 4617 | 565536 |
|  Edison International  | 178 | 9991 |
|  Entergy Corp.  | 4138 | 364516 |
|  Evergy, Inc.  | 3915 | 278983 |
|  Eversource Energy  | 1837 | 117697 |
|  Exelon Corp.  | 9578 | 418367 |
|  FirstEnergy Corp.  | 2541 | 110838 |
|  Genie Energy Ltd. - Class B  | 26 | 398 |
|  Hawaiian Electric Industries, Inc. <sup>(a)</sup> | 103 | 1335 |
|  IDACORP, Inc. <sup>(b)</sup> | 1481 | 185273 |
|  MGE Energy, Inc.  | 490 | 41724 |
|  NextEra Energy, Inc.  | 10442 | 752346 |
|  NRG Energy, Inc.  | 1149 | 167248 |
|  OGE Energy Corp.  | 3796 | 169529 |
|  Otter Tail Corp.  | 532 | 44683 |
|  PG&E Corp.  | 8077 | 123417 |
|  Pinnacle West Capital Corp.  | 1679 | 150035 |
|  Portland General Electric Co.  | 1403 | 60020 |
|  PPL Corp.  | 4392 | 160176 |
|  Southern Co.  | 6172 | 569676 |
|  TXNM Energy, Inc.  | 48 | 2719 |
|  Xcel Energy, Inc.  | 4194 | 303604 |
|  |  | 5507174 |
|  **Electrical Equipment — 1.7%** | **Electrical Equipment — 1.7%** | **Electrical Equipment — 1.7%** |
|  Acuity, Inc.  | 237 | 77373 |
|  Allient, Inc.  | 1101 | 49963 |
|  AMETEK, Inc.  | 478 | 88334 |
|  Atkore, Inc.  | 1536 | 89380 |
|  Bloom Energy Corp. - Class A <sup>(a)(b)</sup> | 9989 | 528818 |
|  Eaton Corp. PLC  | 1764 | 615883 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Electrical Equipment — 1.7% (continued)** | **Electrical Equipment — 1.7% (continued)** | **Electrical Equipment — 1.7% (continued)** |
|  Emerson Electric Co.  | 1741 | $229812 |
|  EnerSys  | 3409 | 349934 |
|  GE Vernova, Inc.  | 7883 | 4832043 |
|  Generac Holdings, Inc. <sup>(a)</sup> | 69 | 12782 |
|  Hubbell, Inc. <sup>(b)</sup> | 156 | 67235 |
|  LSI Industries, Inc.  | 3 | 69 |
|  NEXTracker, Inc. - Class A <sup>(a)</sup> | 10631 | 715041 |
|  nVent Electric PLC  | 719 | 64990 |
|  Powell Industries, Inc. <sup>(b)</sup> | 25 | 6654 |
|  Power Solutions International, Inc. <sup>(a)</sup> | 6 | 497 |
|  Regal Rexnord Corp. <sup>(b)</sup> | 104 | 15530 |
|  Rockwell Automation, Inc.  | 3960 | 1359983 |
|  Sensata Technologies Holding PLC  | 74 | 2408 |
|  Shoals Technologies Group, Inc. - Class A <sup>(a)</sup> | 2 | 13 |
|  Thermon Group Holdings, Inc. <sup>(a)</sup> | 554 | 14692 |
|  Vertiv Holdings Co. - Class A  | 181 | 23087 |
|  Vicor Corp. <sup>(a)</sup> | 7 | 358 |
|  |  | 9144879 |
|  **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** | **Electronic Equipment, Instruments & Components — 0.8%** |
|  Advanced Energy Industries, Inc.  | 74 | 11076 |
|  Amphenol Corp. - Class A  | 3861 | 420308 |
|  Arrow Electronics, Inc. <sup>(a)</sup> | 465 | 58743 |
|  Avnet, Inc.  | 633 | 34543 |
|  Badger Meter, Inc.  | 284 | 51949 |
|  Bel Fuse, Inc. - Class B  | 3 | 404 |
|  Belden, Inc.  | 583 | 75907 |
|  Benchmark Electronics, Inc.  | 1 | 41 |
|  CDW Corp.  | 902 | 148614 |
|  Climb Global Solutions, Inc.  | 4 | 494 |
|  Cognex Corp.  | 16 | 703 |
|  Coherent Corp. <sup>(a)</sup> | 2131 | 192792 |
|  Corning, Inc.  | 2630 | 176289 |
|  Crane NXT Co.  | 1338 | 79919 |
|  CTS Corp.  | 7 | 297 |
|  Daktronics, Inc. <sup>(a)</sup> | 2 | 35 |
|  Fabrinet <sup>(a)</sup> | 300 | 99387 |
|  Flex Ltd. <sup>(a)(b)</sup> | 530 | 28419 |
|  Insight Enterprises, Inc. <sup>(a)</sup> | 67 | 8721 |
|  Itron, Inc. <sup>(a)(b)</sup> | 1010 | 124169 |
|  Jabil, Inc.  | 1060 | 217120 |
|  Keysight Technologies, Inc. <sup>(a)</sup> | 484 | 79100 |
|  Kimball Electronics, Inc. <sup>(a)</sup> | 299 | 8632 |
|  Knowles Corp. <sup>(a)</sup> | 17 | 363 |
|  Littelfuse, Inc.  | 9 | 2338 |
|  Mirion Technologies, Inc. <sup>(a)</sup> | 1532 | 31406 |
|  Napco Security Technologies, Inc.  | 12 | 457 |
|  Novanta, Inc. <sup>(a)</sup> | 1 | 116 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Electronic Equipment, Instruments & Components — 0.8% (continued)** | **Electronic Equipment, Instruments & Components — 0.8% (continued)** | **Electronic Equipment, Instruments & Components — 0.8% (continued)** |
|  OSI Systems, Inc. <sup>(a)</sup> | 450 | $103522 |
|  Plexus Corp. <sup>(a)</sup> | 452 | 61929 |
|  Ralliant Corp. <sup>(a)</sup> | 328 | 13714 |
|  Sanmina Corp. <sup>(a)</sup> | 900 | 105768 |
|  TD SYNNEX Corp.  | 5349 | 792026 |
|  TE Connectivity PLC  | 487 | 100565 |
|  Teledyne Technologies, Inc. <sup>(a)</sup> | 187 | 100638 |
|  Trimble, Inc. <sup>(a)</sup> | 1612 | 130282 |
|  TTM Technologies, Inc. <sup>(a)</sup> | 2514 | 112049 |
|  Vishay Intertechnology, Inc.  | 91 | 1407 |
|  Vishay Precision Group, Inc. <sup>(a)</sup> | 94 | 2671 |
|  Vontier Corp.  | 21604 | 927028 |
|  Zebra Technologies Corp. - Class A <sup>(a)</sup> | 343 | 108762 |
|  |  | 4412703 |
|  **Energy Equipment & Services — 1.0%** | **Energy Equipment & Services — 1.0%** | **Energy Equipment & Services — 1.0%** |
|  Archrock, Inc.  | 5286 | 130881 |
|  Aris Water Solutions, Inc. - Class A  | 168 | 4077 |
|  Atlas Energy Solutions, Inc. <sup>(b)</sup> | 232 | 2717 |
|  Baker Hughes Co.  | 3121 | 141693 |
|  Bristow Group, Inc. <sup>(a)</sup> | 2693 | 103707 |
|  Cactus, Inc. - Class A  | 109 | 4573 |
|  Expro Group Holdings NV <sup>(a)</sup> | 2059 | 25676 |
|  Halliburton Co.  | 49250 | 1119452 |
|  Helix Energy Solutions Group, Inc. <sup>(a)</sup> | 878 | 5786 |
|  Helmerich & Payne, Inc.  | 286 | 5974 |
|  Innovex International, Inc. <sup>(a)</sup> | 85 | 1467 |
|  Kodiak Gas Services, Inc.  | 1184 | 42375 |
|  Liberty Energy, Inc.  | 3 | 34 |
|  Nabors Industries Ltd. <sup>(a)</sup> | 21 | 783 |
|  Natural Gas Services Group, Inc.  | 1188 | 31078 |
|  Noble Corp. PLC  | 218 | 6283 |
|  NOV, Inc.  | 12210 | 162271 |
|  Oceaneering International, Inc. <sup>(a)</sup> | 3791 | 92500 |
|  Oil States International, Inc. <sup>(a)</sup> | 466 | 2610 |
|  Patterson-UTI Energy, Inc.  | 1332 | 7739 |
|  ProFrac Holding Corp. - Class A <sup>(a)</sup> | 62 | 248 |
|  Ranger Energy Services, Inc. - Class A  | 277 | 3953 |
|  RPC, Inc.  | 631 | 3010 |
|  Schlumberger NV  | 28961 | 1066923 |
|  Seadrill Ltd. <sup>(a)</sup> | 15 | 479 |
|  Select Water Solutions, Inc.  | 12 | 102 |
|  TechnipFMC PLC  | 49585 | 1822745 |
|  TETRA Technologies, Inc. <sup>(a)</sup> | 9973 | 46873 |
|  Tidewater, Inc. <sup>(a)</sup> | 3018 | 181684 |
|  Valaris Ltd. <sup>(a)</sup> | 5068 | 251728 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Energy Equipment & Services — 1.0% (continued)** | **Energy Equipment & Services — 1.0% (continued)** | **Energy Equipment & Services — 1.0% (continued)** |
|  Weatherford International PLC  | 3918 | $249596 |
|  |  | 5519017 |
|  **Entertainment — 0.6%** | **Entertainment — 0.6%** | **Entertainment — 0.6%** |
|  Atlanta Braves Holdings, Inc. - Class C <sup>(a)</sup> | 110 | 4948 |
|  Cinemark Holdings, Inc. <sup>(b)</sup> | 12365 | 319017 |
|  Electronic Arts, Inc.  | 681 | 117098 |
|  IMAX Corp. <sup>(a)</sup> | 731 | 20877 |
|  Liberty Media Corp.-Liberty Formula One - Class A <sup>(a)</sup> | 83 | 7480 |
|  Liberty Media Corp.-Liberty Formula One - Class C <sup>(a)</sup> | 419 | 41858 |
|  Liberty Media Corp.-Liberty Live - Class A <sup>(a)</sup> | 78 | 7380 |
|  Liberty Media Corp.-Liberty Live - Class C <sup>(a)</sup> | 2040 | 198655 |
|  Live Nation Entertainment, Inc. <sup>(a)</sup> | 25 | 4162 |
|  Madison Square Garden Entertainment Corp. <sup>(a)</sup> | 12 | 488 |
|  Madison Square Garden Sports Corp. <sup>(a)</sup> | 9 | 1781 |
|  Marcus Corp.  | 202 | 3119 |
|  Netflix, Inc. <sup>(a)</sup> | 995 | 1202209 |
|  ROBLOX Corp. - Class A <sup>(a)</sup> | 6 | 748 |
|  Roku, Inc. <sup>(a)</sup> | 8 | 772 |
|  Sphere Entertainment Co. <sup>(a)</sup> | 9 | 408 |
|  Spotify Technology SA <sup>(a)</sup> | 852 | 580962 |
|  TKO Group Holdings, Inc.  | 19 | 3602 |
|  Walt Disney Co.  | 5140 | 608473 |
|  Warner Bros Discovery, Inc. <sup>(a)</sup> | 1058 | 12315 |
|  Warner Music Group Corp. - Class A <sup>(b)</sup> | 25 | 834 |
|  |  | 3137186 |
|  **Financial Services — 2.9%** | **Financial Services — 2.9%** | **Financial Services — 2.9%** |
|  Affirm Holdings, Inc. <sup>(a)</sup> | 35 | 3096 |
|  Alerus Financial Corp.  | 10 | 223 |
|  Apollo Global Management, Inc.  | 423 | 57625 |
|  Berkshire Hathaway, Inc. - Class B <sup>(a)</sup> | 12612 | 6343584 |
|  Block, Inc. <sup>(a)</sup> | 139 | 11070 |
|  Cantaloupe, Inc. <sup>(a)</sup> | 15 | 163 |
|  Cass Information Systems, Inc.  | 4 | 172 |
|  Corebridge Financial, Inc. <sup>(b)</sup> | 19512 | 678432 |
|  Corpay, Inc. <sup>(a)</sup> | 517 | 168371 |
|  Enact Holdings, Inc.  | 1308 | 49246 |
|  Equitable Holdings, Inc.  | 1051 | 55976 |
|  Essent Group Ltd.  | 2019 | 126672 |
|  Euronet Worldwide, Inc. <sup>(a)</sup> | 5520 | 514409 |
|  EVERTEC, Inc.  | 8167 | 291398 |
|  Federal Agricultural Mortgage Corp. - Class C  | 301 | 63081 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Financial Services — 2.9% (continued)** | **Financial Services — 2.9% (continued)** | **Financial Services — 2.9% (continued)** |
|  Fidelity National Information Services, Inc.  | 1991 | $138992 |
|  Fiserv, Inc. <sup>(a)</sup> | 967 | 133620 |
|  Flywire Corp. <sup>(a)</sup> | 7 | 92 |
|  Global Payments, Inc.  | 178 | 15810 |
|  HA Sustainable Infrastructure Capital, Inc.  | 117 | 3304 |
|  International Money Express, Inc. <sup>(a)</sup> | 20 | 290 |
|  Jack Henry & Associates, Inc.  | 418 | 68243 |
|  Jackson Financial, Inc. - Class A  | 677 | 66888 |
|  Marqeta, Inc. - Class A <sup>(a)</sup> | 13 | 83 |
|  Mastercard, Inc. - Class A  | 1885 | 1122122 |
|  Merchants Bancorp  | 697 | 22597 |
|  MGIC Investment Corp.  | 13866 | 385891 |
|  Mr Cooper Group, Inc. <sup>(a)</sup> | 5567 | 1049546 |
|  NCR Atleos Corp. <sup>(a)</sup> | 6665 | 264067 |
|  NMI Holdings, Inc. <sup>(a)</sup> | 8586 | 337859 |
|  Onity Group, Inc. <sup>(a)</sup> | 623 | 25773 |
|  Paymentus Holdings, Inc. - Class A <sup>(a)(b)</sup> | 3 | 117 |
|  Payoneer Global, Inc. <sup>(a)</sup> | 88 | 612 |
|  PayPal Holdings, Inc. <sup>(a)</sup> | 5387 | 378113 |
|  PennyMac Financial Services, Inc.  | 350 | 38535 |
|  Radian Group, Inc.  | 12520 | 436698 |
|  Rocket Cos., Inc. - Class A <sup>(b)</sup> | 123 | 2186 |
|  Sezzle, Inc. <sup>(a)</sup> | 8 | 757 |
|  Shift4 Payments, Inc. - Class A <sup>(a)(b)</sup> | 734 | 66376 |
|  Toast, Inc. - Class A <sup>(a)</sup> | 28 | 1263 |
|  Velocity Financial, Inc. <sup>(a)</sup> | 160 | 3053 |
|  Visa, Inc. - Class A <sup>(b)</sup> | 6169 | 2170131 |
|  Voya Financial, Inc.  | 757 | 56843 |
|  Walker & Dunlop, Inc.  | 111 | 9440 |
|  Western Union Co. <sup>(b)</sup> | 15524 | 134593 |
|  WEX, Inc. <sup>(a)</sup> | 1555 | 266449 |
|  |  | 15563861 |
|  **Food Products — 1.2%** | **Food Products — 1.2%** | **Food Products — 1.2%** |
|  Archer-Daniels-Midland Co.  | 2305 | 144385 |
|  Bunge Global SA <sup>(b)</sup> | 4916 | 414025 |
|  Calavo Growers, Inc.  | 5 | 137 |
|  Cal-Maine Foods, Inc.  | 5864 | 678113 |
|  Conagra Brands, Inc.  | 2302 | 44037 |
|  Darling Ingredients, Inc. <sup>(a)</sup> | 12960 | 440121 |
|  Dole PLC  | 8112 | 119409 |
|  Flowers Foods, Inc. <sup>(b)</sup> | 3887 | 58460 |
|  Fresh Del Monte Produce, Inc.  | 553 | 20063 |
|  Freshpet, Inc. <sup>(a)</sup> | 80 | 4466 |
|  General Mills, Inc.  | 10899 | 537648 |
|  Hershey Co.  | 1648 | 302820 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Food Products — 1.2% (continued)** | **Food Products — 1.2% (continued)** | **Food Products — 1.2% (continued)** |
|  Hormel Foods Corp.  | 2336 | $59428 |
|  Ingredion, Inc.  | 3733 | 483573 |
|  J & J Snack Foods Corp.  | 31 | 3459 |
|  J M Smucker Co.  | 10 | 1105 |
|  John B Sanfilippo & Son, Inc.  | 244 | 15835 |
|  Kraft Heinz Co. <sup>(b)</sup> | 205 | 5734 |
|  Lamb Weston Holdings, Inc.  | 16177 | 930663 |
|  Marzetti Co.  | 263 | 48024 |
|  McCormick & Co., Inc.  | 838 | 58970 |
|  Mission Produce, Inc. <sup>(a)</sup> | 1 | 12 |
|  Mondelez International, Inc. - Class A  | 5072 | 311624 |
|  Pilgrim's Pride Corp. <sup>(b)</sup> | 7848 | 348844 |
|  Post Holdings, Inc. <sup>(a)</sup> | 7081 | 801215 |
|  Seaboard Corp.  | 1 | 3969 |
|  Seneca Foods Corp. - Class A <sup>(a)</sup> | 754 | 85353 |
|  Simply Good Foods Co. <sup>(a)</sup> | 274 | 7845 |
|  The Campbell's Co.  | 3142 | 100324 |
|  Tootsie Roll Industries, Inc.  | 26 | 1045 |
|  Tyson Foods, Inc. - Class A  | 7932 | 450379 |
|  Utz Brands, Inc.  | 23 | 309 |
|  Vital Farms, Inc. <sup>(a)</sup> | 12 | 613 |
|  WK Kellogg Co.  | 3712 | 85079 |
|  |  | 6567086 |
|  **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** |
|  Atmos Energy Corp.  | 1028 | 170782 |
|  Chesapeake Utilities Corp.  | 755 | 93303 |
|  MDU Resources Group, Inc.  | 3115 | 50743 |
|  National Fuel Gas Co. <sup>(b)</sup> | 2321 | 201323 |
|  New Jersey Resources Corp.  | 109 | 5155 |
|  Northwest Natural Holding Co.  | 718 | 29819 |
|  ONE Gas, Inc.  | 938 | 71757 |
|  Southwest Gas Holdings, Inc.  | 837 | 66860 |
|  Spire, Inc.  | 1427 | 109308 |
|  UGI Corp.  | 4652 | 161145 |
|  |  | 960195 |
|  **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** | **Ground Transportation — 0.9%** |
|  ArcBest Corp.  | 462 | 34077 |
|  Avis Budget Group, Inc. <sup>(a)(b)</sup> | 15 | 2373 |
|  Covenant Logistics Group, Inc.  | 1921 | 46354 |
|  CSX Corp.  | 30308 | 985313 |
|  FTAI Infrastructure, Inc.  | 342 | 1642 |
|  Heartland Express, Inc.  | 697 | 5987 |
|  JB Hunt Transport Services, Inc.  | 1751 | 253877 |
|  Knight-Swift Transportation Holdings, Inc.  | 51 | 2239 |
|  Landstar System, Inc.  | 219 | 28980 |
|  Lyft, Inc. - Class A <sup>(a)</sup> | 197 | 3195 |
|  Norfolk Southern Corp.  | 1933 | 541201 |
|  Old Dominion Freight Line, Inc.  | 168 | 25363 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Ground Transportation — 0.9% (continued)** | **Ground Transportation — 0.9% (continued)** | **Ground Transportation — 0.9% (continued)** |
|  Ryder System, Inc.  | 5373 | $1007545 |
|  Saia, Inc. <sup>(a)</sup> | 25 | 7412 |
|  Schneider National, Inc. - Class B  | 1386 | 34262 |
|  Uber Technologies, Inc. <sup>(a)</sup> | 1911 | 179156 |
|  U-Haul Holding Co.  | 5019 | 262193 |
|  U-Haul Holding Co. <sup>(a)</sup> | 9 | 518 |
|  Union Pacific Corp.  | 4410 | 985944 |
|  Universal Logistics Holdings, Inc.  | 3 | 78 |
|  Werner Enterprises, Inc.  | 305 | 8799 |
|  XPO, Inc. <sup>(a)</sup> | 2158 | 279893 |
|  |  | 4696401 |
|  **Health Care Equipment & Supplies — 0.8%** | **Health Care Equipment & Supplies — 0.8%** | **Health Care Equipment & Supplies — 0.8%** |
|  Abbott Laboratories  | 7620 | 1010869 |
|  Alcon AG  | 81 | 6465 |
|  Align Technology, Inc. <sup>(a)</sup> | 127 | 18029 |
|  Artivion, Inc. <sup>(a)</sup> | 10 | 439 |
|  Axogen, Inc. <sup>(a)</sup> | 121 | 1953 |
|  Baxter International, Inc.  | 1424 | 35159 |
|  Becton Dickinson & Co.  | 266 | 51333 |
|  Boston Scientific Corp. <sup>(a)</sup> | 1881 | 198445 |
|  CONMED Corp.  | 14 | 761 |
|  Cooper Cos., Inc. <sup>(a)</sup> | 18 | 1213 |
|  Dexcom, Inc. <sup>(a)</sup> | 418 | 31492 |
|  Edwards Lifesciences Corp. <sup>(a)</sup> | 961 | 78168 |
|  Embecta Corp.  | 40 | 579 |
|  Envista Holdings Corp. <sup>(a)</sup> | 53 | 1123 |
|  GE HealthCare Technologies, Inc.  | 1193 | 87960 |
|  Glaukos Corp. <sup>(a)</sup> | 33 | 3162 |
|  Globus Medical, Inc. - Class A <sup>(a)</sup> | 15 | 919 |
|  Haemonetics Corp. <sup>(a)(b)</sup> | 3715 | 202616 |
|  Hologic, Inc. <sup>(a)</sup> | 2650 | 177868 |
|  ICU Medical, Inc. <sup>(a)</sup> | 71 | 9064 |
|  IDEXX Laboratories, Inc. <sup>(a)</sup> | 168 | 108711 |
|  Inmode Ltd. <sup>(a)</sup> | 4 | 60 |
|  Insulet Corp. <sup>(a)</sup> | 176 | 59819 |
|  Integer Holdings Corp. <sup>(a)(b)</sup> | 161 | 17367 |
|  Intuitive Surgical, Inc. <sup>(a)</sup> | 1007 | 476608 |
|  Lantheus Holdings, Inc. <sup>(a)</sup> | 330 | 18117 |
|  LeMaitre Vascular, Inc.  | 35 | 3338 |
|  LivaNova PLC <sup>(a)</sup> | 1533 | 86415 |
|  Masimo Corp. <sup>(a)</sup> | 26 | 3632 |
|  Medtronic PLC  | 3759 | 348873 |
|  Merit Medical Systems, Inc. <sup>(a)(b)</sup> | 172 | 15573 |
|  Omnicell, Inc. <sup>(a)</sup> | 43 | 1401 |
|  Orthofix Medical, Inc. <sup>(a)</sup> | 183 | 2741 |
|  Penumbra, Inc. <sup>(a)</sup> | 31 | 8452 |
|  QuidelOrtho Corp. <sup>(a)</sup> | 949 | 27227 |
|  ResMed, Inc.  | 335 | 91961 |
|  Solventum Corp. <sup>(a)</sup> | 12107 | 884901 |
|  STERIS PLC  | 557 | 136498 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Health Care Equipment & Supplies — 0.8% (continued)** | **Health Care Equipment & Supplies — 0.8% (continued)** | **Health Care Equipment & Supplies — 0.8% (continued)** |
|  Stryker Corp.  | 331 | $129557 |
|  Tactile Systems Technology, Inc. <sup>(a)</sup> | 4 | 53 |
|  TransMedics Group, Inc. <sup>(a)(b)</sup> | 46 | 5288 |
|  UFP Technologies, Inc. <sup>(a)</sup> | 2 | 420 |
|  Zimmer Biomet Holdings, Inc.  | 1021 | 108328 |
|  Zimvie, Inc. <sup>(a)</sup> | 8 | 151 |
|  |  | 4453108 |
|  **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** | **Health Care Providers & Services — 1.8%** |
|  Acadia Healthcare Co., Inc. <sup>(a)(b)</sup> | 17 | 390 |
|  AdaptHealth Corp. <sup>(a)</sup> | 815 | 7734 |
|  Addus HomeCare Corp. <sup>(a)</sup> | 9 | 1037 |
|  Astrana Health, Inc. <sup>(a)</sup> | 2 | 64 |
|  BrightSpring Health Services, Inc. <sup>(a)</sup> | 958 | 22695 |
|  Brookdale Senior Living, Inc. <sup>(a)</sup> | 30140 | 232078 |
|  Cencora, Inc.  | 669 | 195087 |
|  Centene Corp. <sup>(a)</sup> | 2650 | 76956 |
|  Chemed Corp.  | 72 | 32972 |
|  Cigna Group  | 6226 | 1873217 |
|  Concentra Group Holdings Parent, Inc.  | 8285 | 197183 |
|  CorVel Corp. <sup>(a)</sup> | 143 | 12734 |
|  CVS Health Corp.  | 15471 | 1131704 |
|  Elevance Health, Inc.  | 1149 | 366129 |
|  Encompass Health Corp.  | 2732 | 332648 |
|  Ensign Group, Inc.  | 400 | 68712 |
|  HCA Healthcare, Inc.  | 455 | 183802 |
|  HealthEquity, Inc. <sup>(a)</sup> | 500 | 44665 |
|  Henry Schein, Inc. <sup>(a)</sup> | 1061 | 73824 |
|  Hims & Hers Health, Inc. <sup>(a)</sup> | 243 | 10291 |
|  Humana, Inc.  | 176 | 53444 |
|  Labcorp Holdings, Inc.  | 387 | 107582 |
|  LifeStance Health Group, Inc. <sup>(a)</sup> | 11 | 60 |
|  McKesson Corp.  | 29 | 19913 |
|  Molina Healthcare, Inc. <sup>(a)</sup> | 846 | 152982 |
|  National HealthCare Corp.  | 53 | 6015 |
|  National Research Corp.  | 18 | 265 |
|  Option Care Health, Inc. <sup>(a)</sup> | 2169 | 62207 |
|  Owens & Minor, Inc. <sup>(a)</sup> | 157 | 769 |
|  Pediatrix Medical Group, Inc. <sup>(a)</sup> | 177 | 3046 |
|  Pennant Group, Inc. <sup>(a)</sup> | 4 | 96 |
|  Premier, Inc. - Class A <sup>(b)</sup> | 571 | 14789 |
|  Progyny, Inc. <sup>(a)</sup> | 48 | 1136 |
|  Quest Diagnostics, Inc.  | 1124 | 204163 |
|  RadNet, Inc. <sup>(a)</sup> | 290 | 20810 |
|  Select Medical Holdings Corp. <sup>(b)</sup> | 703 | 9146 |
|  Surgery Partners, Inc. <sup>(a)</sup> | 33 | 749 |
|  Tenet Healthcare Corp. <sup>(a)</sup> | 12664 | 2334355 |
|  UnitedHealth Group, Inc.  | 1281 | 396944 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Health Care Providers & Services — 1.8% (continued)** | **Health Care Providers & Services — 1.8% (continued)** | **Health Care Providers & Services — 1.8% (continued)** |
|  Universal Health Services, Inc. - Class B  | 7103 | $1289763 |
|  US Physical Therapy, Inc.  | 37 | 3067 |
|  |  | 9545223 |
|  **Health Care REITs — 0.0%<sup>(c)</sup>** | **Health Care REITs — 0.0%<sup>(c)</sup>** | **Health Care REITs — 0.0%<sup>(c)</sup>** |
|  Healthpeak Properties, Inc.  | 24 | 431 |
|  Omega Healthcare Investors, Inc.  | 92 | 3916 |
|  Ventas, Inc.  | 3 | 204 |
|  |  | 4551 |
|  **Health Care Technology — 0.0%<sup>(c)</sup>** | **Health Care Technology — 0.0%<sup>(c)</sup>** | **Health Care Technology — 0.0%<sup>(c)</sup>** |
|  Certara, Inc. <sup>(a)</sup> | 29 | 314 |
|  Doximity, Inc. - Class A <sup>(a)</sup> | 620 | 42123 |
|  Evolent Health, Inc. - Class A <sup>(a)</sup> | 246 | 2374 |
|  Veeva Systems, Inc. - Class A <sup>(a)</sup> | 98 | 26382 |
|  Waystar Holding Corp. <sup>(a)</sup> | 5 | 189 |
|  |  | 71382 |
|  **Hotel & Resort REITs — 0.0%<sup>(c)</sup>** | **Hotel & Resort REITs — 0.0%<sup>(c)</sup>** | **Hotel & Resort REITs — 0.0%<sup>(c)</sup>** |
|  DiamondRock Hospitality Co.  | 490 | 4194 |
|  Park Hotels & Resorts, Inc. <sup>(b)</sup> | 447 | 5257 |
|  Xenia Hotels & Resorts, Inc.  | 87 | 1229 |
|  |  | 10680 |
|  **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** | **Hotels, Restaurants & Leisure — 1.8%** |
|  Accel Entertainment, Inc. <sup>(a)</sup> | 7150 | 82868 |
|  Airbnb, Inc. - Class A <sup>(a)</sup> | 1035 | 135099 |
|  Aramark  | 14953 | 584812 |
|  BJ's Restaurants, Inc. <sup>(a)</sup> | 637 | 21378 |
|  Bloomin' Brands, Inc.  | 272 | 1999 |
|  Booking Holdings, Inc.  | 32 | 179170 |
|  Boyd Gaming Corp.  | 8680 | 745265 |
|  Brightstar Lottery PLC <sup>(b)</sup> | 12513 | 208216 |
|  Brinker International, Inc. <sup>(a)</sup> | 1282 | 199966 |
|  Caesars Entertainment, Inc. <sup>(a)</sup> | 164 | 4390 |
|  Carnival Corp. <sup>(a)</sup> | 49637 | 1582924 |
|  Cheesecake Factory, Inc. <sup>(b)</sup> | 4781 | 293840 |
|  Chipotle Mexican Grill, Inc. <sup>(a)</sup> | 1753 | 73871 |
|  Choice Hotels International, Inc.  | 16 | 1913 |
|  Churchill Downs, Inc. <sup>(a)</sup> | 1982 | 205593 |
|  Cracker Barrel Old Country Store, Inc. <sup>(b)</sup> | 2468 | 147636 |
|  Darden Restaurants, Inc.  | 946 | 195765 |
|  Dave & Buster's Entertainment, Inc. <sup>(a)</sup> | 4091 | 105016 |
|  Domino's Pizza, Inc.  | 17 | 7791 |
|  DoorDash, Inc. - Class A <sup>(a)</sup> | 69 | 16922 |
|  DraftKings, Inc. - Class A <sup>(a)</sup> | 216 | 10364 |
|  Dutch Bros, Inc. - Class A <sup>(a)</sup> | 54 | 3879 |
|  El Pollo Loco Holdings, Inc. <sup>(a)</sup> | 1690 | 17965 |
|  Expedia Group, Inc. <sup>(b)</sup> | 325 | 69810 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Hotels, Restaurants & Leisure — 1.8% (continued)** | **Hotels, Restaurants & Leisure — 1.8% (continued)** | **Hotels, Restaurants & Leisure — 1.8% (continued)** |
|  First Watch Restaurant Group, Inc. <sup>(a)</sup> | 515 | $9703 |
|  Flutter Entertainment PLC <sup>(a)</sup> | 19 | 5836 |
|  Global Business Travel Group I <sup>(a)</sup> | 95 | 792 |
|  Golden Entertainment, Inc.  | 2 | 50 |
|  Hilton Grand Vacations, Inc. <sup>(a)</sup> | 7278 | 345851 |
|  Hilton Worldwide Holdings, Inc.  | 70 | 19324 |
|  Hyatt Hotels Corp. - Class A  | 781 | 112683 |
|  Las Vegas Sands Corp.  | 298 | 17174 |
|  Life Time Group Holdings, Inc. <sup>(a)</sup> | 1530 | 42718 |
|  Light & Wonder, Inc. <sup>(a)(b)</sup> | 5043 | 466326 |
|  Marriott International, Inc. - Class A  | 311 | 83304 |
|  Marriott Vacations Worldwide Corp.  | 2855 | 223118 |
|  MGM Resorts International <sup>(a)</sup> | 20614 | 818170 |
|  Monarch Casino & Resort, Inc.  | 253 | 26395 |
|  Norwegian Cruise Line Holdings Ltd. <sup>(a)</sup> | 23471 | 583020 |
|  Papa John's International, Inc.  | 23 | 1120 |
|  Penn Entertainment, Inc. <sup>(a)</sup> | 2751 | 55653 |
|  Planet Fitness, Inc. - Class A <sup>(a)</sup> | 11 | 1153 |
|  Portillo's, Inc. - Class A <sup>(a)</sup> | 49 | 347 |
|  RCI Hospitality Holdings, Inc.  | 52 | 1935 |
|  Red Rock Resorts, Inc. - Class A  | 1421 | 87917 |
|  Royal Caribbean Cruises Ltd.  | 2281 | 828505 |
|  Rush Street Interactive, Inc. <sup>(a)</sup> | 138 | 3077 |
|  Shake Shack, Inc. - Class A <sup>(a)</sup> | 16 | 1696 |
|  Starbucks Corp.  | 3398 | 299670 |
|  Target Hospitality Corp. <sup>(a)</sup> | 18 | 163 |
|  Texas Roadhouse, Inc.  | 851 | 146840 |
|  Travel + Leisure Co.  | 737 | 46586 |
|  United Parks & Resorts, Inc. <sup>(a)</sup> | 1 | 53 |
|  Vail Resorts, Inc. <sup>(b)</sup> | 1989 | 325798 |
|  Wendy's Co.  | 429 | 4552 |
|  Wingstop, Inc.  | 34 | 11156 |
|  Wyndham Hotels & Resorts, Inc. <sup>(b)</sup> | 1762 | 152607 |
|  Wynn Resorts Ltd.  | 10 | 1267 |
|  Yum China Holdings, Inc.  | 441 | 19721 |
|  Yum! Brands, Inc.  | 486 | 71427 |
|  |  | 9712159 |
|  **Household Durables — 0.9%** | **Household Durables — 0.9%** | **Household Durables — 0.9%** |
|  Beazer Homes USA, Inc. <sup>(a)</sup> | 114 | 2868 |
|  Cavco Industries, Inc. <sup>(a)(b)</sup> | 91 | 48275 |
|  Century Communities, Inc.  | 95 | 6259 |
|  Champion Homes, Inc. <sup>(a)</sup> | 6 | 453 |
|  Cricut, Inc. - Class A  | 150 | 855 |
|  DR Horton, Inc.  | 518 | 87791 |
|  Dream Finders Homes, Inc. - Class A <sup>(a)</sup> | 8882 | 246831 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Household Durables — 0.9% (continued)** | **Household Durables — 0.9% (continued)** | **Household Durables — 0.9% (continued)** |
|  Ethan Allen Interiors, Inc.  | 524 | $15463 |
|  Garmin Ltd.  | 1374 | 332261 |
|  Green Brick Partners, Inc. <sup>(a)</sup> | 3966 | 276986 |
|  Hamilton Beach Brands Holding Co. - Class A  | 533 | 7856 |
|  Hovnanian Enterprises, Inc. - Class A <sup>(a)</sup> | 381 | 53477 |
|  Installed Building Products, Inc. <sup>(b)</sup> | 47 | 12306 |
|  KB Home <sup>(b)</sup> | 2393 | 152075 |
|  La-Z-Boy, Inc.  | 304 | 11239 |
|  Leggett & Platt, Inc.  | 422 | 4055 |
|  Lennar Corp. - Class A  | 67 | 8920 |
|  Lennar Corp. - Class B  | 210 | 26708 |
|  LGI Homes, Inc. <sup>(a)</sup> | 19 | 1176 |
|  M/I Homes, Inc. <sup>(a)</sup> | 1268 | 186726 |
|  Meritage Homes Corp.  | 1178 | 91519 |
|  Mohawk Industries, Inc. <sup>(a)</sup> | 1386 | 183908 |
|  Newell Brands, Inc.  | 122 | 722 |
|  NVR, Inc. <sup>(a)</sup> | 22 | 178588 |
|  PulteGroup, Inc.  | 6012 | 793704 |
|  SharkNinja, Inc. <sup>(a)</sup> | 423 | 49474 |
|  Taylor Morrison Home Corp. <sup>(a)</sup> | 10578 | 712640 |
|  Toll Brothers, Inc.  | 2652 | 368628 |
|  TopBuild Corp. <sup>(a)</sup> | 1239 | 521322 |
|  Tri Pointe Homes, Inc. <sup>(a)</sup> | 3549 | 125386 |
|  Whirlpool Corp. <sup>(b)</sup> | 1849 | 172234 |
|  |  | 4680705 |
|  **Household Products — 0.4%** | **Household Products — 0.4%** | **Household Products — 0.4%** |
|  Central Garden & Pet Co. <sup>(a)</sup> | 2 | 73 |
|  Central Garden & Pet Co. - Class A <sup>(a)</sup> | 1486 | 49083 |
|  Church & Dwight Co., Inc.  | 703 | 65491 |
|  Clorox Co.  | 22 | 2600 |
|  Colgate-Palmolive Co.  | 7573 | 636662 |
|  Energizer Holdings, Inc.  | 10720 | 295443 |
|  Kimberly-Clark Corp.  | 1555 | 200813 |
|  Oil-Dri Corp. of America  | 635 | 37706 |
|  Procter & Gamble Co.  | 6694 | 1051226 |
|  Reynolds Consumer Products, Inc.  | 403 | 9354 |
|  Spectrum Brands Holdings, Inc.  | 7 | 399 |
|  WD-40 Co.  | 198 | 42776 |
|  |  | 2391626 |
|  **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** | **Independent Power and Renewable Electricity Producers — 0.1%** |
|  AES Corp.  | 13917 | 188436 |
|  Brookfield Renewable Corp.  | 3371 | 113603 |
|  Clearway Energy, Inc. - Class A  | 3 | 85 |
|  Clearway Energy, Inc. - Class C  | 3281 | 97807 |
|  Ormat Technologies, Inc.  | 737 | 67723 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Independent Power and Renewable Electricity Producers — 0.1% (continued)** | **Independent Power and Renewable Electricity Producers — 0.1% (continued)** | **Independent Power and Renewable Electricity Producers — 0.1% (continued)** |
|  Talen Energy Corp. <sup>(a)</sup> | 56 | $21219 |
|  Vistra Corp.  | 1540 | 291229 |
|  |  | 780102 |
|  **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** |
|  3M Co.  | 1975 | 307172 |
|  Honeywell International, Inc.  | 2746 | 602747 |
|  |  | 909919 |
|  **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** |
|  Innovative Industrial Properties, Inc.  | 18 | 1020 |
|  LXP Industrial Trust  | 171 | 1553 |
|  Prologis, Inc.  | 2721 | 309595 |
|  |  | 312168 |
|  **Insurance — 5.1%** | **Insurance — 5.1%** | **Insurance — 5.1%** |
|  Aflac, Inc.  | 545 | 58239 |
|  Allstate Corp.  | 8756 | 1781408 |
|  American Coastal Insurance Corp.  | 2859 | 31592 |
|  American Financial Group, Inc.  | 1436 | 195095 |
|  American International Group, Inc.  | 14535 | 1181986 |
|  AMERISAFE, Inc.  | 6 | 277 |
|  Aon PLC - Class A  | 922 | 338374 |
|  Arch Capital Group Ltd.  | 2850 | 260860 |
|  Arthur J Gallagher & Co.  | 337 | 102027 |
|  Assurant, Inc.  | 1074 | 231565 |
|  Assured Guaranty Ltd.  | 316 | 25975 |
|  Axis Capital Holdings Ltd.  | 10127 | 998320 |
|  Baldwin Insurance Group, Inc. - Class A <sup>(a)</sup> | 583 | 18464 |
|  Brighthouse Financial, Inc. <sup>(a)</sup> | 2699 | 127555 |
|  Brown & Brown, Inc.  | 874 | 84734 |
|  Chubb Ltd.  | 1524 | 419207 |
|  Cincinnati Financial Corp.  | 2517 | 386611 |
|  CNO Financial Group, Inc.  | 11168 | 440801 |
|  Donegal Group, Inc. - Class A  | 3694 | 66086 |
|  Employers Holdings, Inc.  | 83 | 3591 |
|  Erie Indemnity Co. - Class A  | 5 | 1772 |
|  Everest Group Ltd.  | 12 | 4103 |
|  F&G Annuities & Life, Inc.  | 69 | 2385 |
|  Fidelis Insurance Holdings Ltd.  | 1 | 17 |
|  Fidelity National Financial, Inc.  | 25527 | 1528301 |
|  First American Financial Corp.  | 918 | 60588 |
|  Genworth Financial, Inc. <sup>(a)</sup> | 4783 | 40990 |
|  Globe Life, Inc.  | 9514 | 1331484 |
|  Greenlight Capital Re Ltd. - Class A <sup>(a)</sup> | 1 | 13 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Insurance — 5.1% (continued)** | **Insurance — 5.1% (continued)** | **Insurance — 5.1% (continued)** |
|  Hamilton Insurance Group Ltd. - Class B <sup>(a)</sup> | 4122 | $98268 |
|  Hanover Insurance Group, Inc.  | 2916 | 505868 |
|  Hartford Insurance Group, Inc.  | 16335 | 2161284 |
|  HCI Group, Inc.  | 1039 | 173212 |
|  Heritage Insurance Holdings, Inc. <sup>(a)</sup> | 5038 | 114715 |
|  Horace Mann Educators Corp.  | 790 | 36324 |
|  Investors Title Co.  | 7 | 1738 |
|  Kemper Corp.  | 6207 | 333006 |
|  Kingstone Cos., Inc.  | 7 | 94 |
|  Kingsway Financial Services, Inc. <sup>(a)</sup> | 6 | 86 |
|  Kinsale Capital Group, Inc.  | 214 | 97894 |
|  Lincoln National Corp.  | 1948 | 83628 |
|  Loews Corp.  | 845 | 81796 |
|  Manulife Financial Corp.  | 8199 | 252119 |
|  Markel Group, Inc. <sup>(a)</sup> | 87 | 170438 |
|  Marsh & McLennan Cos., Inc.  | 2029 | 417588 |
|  Mercury General Corp.  | 2048 | 158372 |
|  MetLife, Inc.  | 19836 | 1613857 |
|  Old Republic International Corp.  | 5161 | 206285 |
|  Oscar Health, Inc. - Class A <sup>(a)</sup> | 1251 | 20842 |
|  Palomar Holdings, Inc. <sup>(a)</sup> | 364 | 44779 |
|  Primerica, Inc.  | 3281 | 883705 |
|  Principal Financial Group, Inc.  | 25982 | 2091811 |
|  Progressive Corp.  | 3996 | 987252 |
|  Prudential Financial, Inc.  | 6225 | 682633 |
|  Reinsurance Group of America, Inc.  | 506 | 98564 |
|  RenaissanceRe Holdings Ltd. <sup>(b)</sup> | 2792 | 678428 |
|  RLI Corp.  | 108 | 7315 |
|  Root, Inc. <sup>(a)</sup> | 132 | 12173 |
|  Safety Insurance Group, Inc.  | 54 | 3997 |
|  Selective Insurance Group, Inc.  | 114 | 8918 |
|  Selectquote, Inc. <sup>(a)</sup> | 2315 | 5232 |
|  SiriusPoint Ltd. <sup>(a)</sup> | 3972 | 74356 |
|  Skyward Specialty Insurance Group, Inc. <sup>(a)</sup> | 376 | 18161 |
|  Stewart Information Services Corp.  | 293 | 21342 |
|  Sun Life Financial, Inc. <sup>(b)</sup> | 15 | 876 |
|  Tiptree, Inc.  | 1776 | 41647 |
|  Travelers Cos., Inc.  | 10551 | 2864702 |
|  Trupanion, Inc. <sup>(a)</sup> | 39 | 1808 |
|  United Fire Group, Inc.  | 19 | 584 |
|  Universal Insurance Holdings, Inc.  | 2847 | 69438 |
|  Unum Group  | 30425 | 2125491 |
|  W R Berkley Corp.  | 1546 | 110833 |
|  White Mountains Insurance Group Ltd.  | 16 | 29283 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Insurance — 5.1% (continued)** | **Insurance — 5.1% (continued)** | **Insurance — 5.1% (continued)** |
|  Willis Towers Watson PLC  | 235 | $76796 |
|  |  | 27189958 |
|  **Interactive Media & Services — 4.7%** | **Interactive Media & Services — 4.7%** | **Interactive Media & Services — 4.7%** |
|  Alphabet, Inc. - Class A  | 44811 | 9540710 |
|  Alphabet, Inc. - Class C  | 16225 | 3464524 |
|  Angi, Inc. <sup>(a)</sup> | 26 | 461 |
|  Bumble, Inc. - Class A <sup>(a)</sup> | 1 | 6 |
|  Cargurus, Inc. <sup>(a)</sup> | 111 | 3841 |
|  Cars.com, Inc. <sup>(a)</sup> | 7 | 91 |
|  EverQuote, Inc. - Class A <sup>(a)</sup> | 9 | 209 |
|  Meta Platforms, Inc. - Class A  | 16650 | 12299355 |
|  Pinterest, Inc. - Class A <sup>(a)</sup> | 32 | 1172 |
|  QuinStreet, Inc. <sup>(a)</sup> | 94 | 1474 |
|  Shutterstock, Inc.  | 19 | 398 |
|  Snap, Inc. - Class A <sup>(a)(b)</sup> | 128 | 914 |
|  TripAdvisor, Inc. <sup>(a)</sup> | 177 | 3083 |
|  Yelp, Inc. <sup>(a)</sup> | 1054 | 33328 |
|  Ziff Davis, Inc. <sup>(a)</sup> | 496 | 18952 |
|  ZoomInfo Technologies, Inc. <sup>(a)</sup> | 79 | 861 |
|  |  | 25369379 |
|  **IT Services — 0.8%** | **IT Services — 0.8%** | **IT Services — 0.8%** |
|  Accenture PLC - Class A  | 896 | 232933 |
|  Akamai Technologies, Inc. <sup>(a)</sup> | 913 | 72246 |
|  Amdocs Ltd.  | 1637 | 140078 |
|  ASGN, Inc. <sup>(a)</sup> | 55 | 2984 |
|  Cloudflare, Inc. - Class A <sup>(a)</sup> | 7 | 1461 |
|  Cognizant Technology Solutions Corp. - Class A  | 1701 | 122897 |
|  DXC Technology Co. <sup>(a)</sup> | 2155 | 31140 |
|  EPAM Systems, Inc. <sup>(a)</sup> | 297 | 52379 |
|  Gartner, Inc. <sup>(a)</sup> | 460 | 115547 |
|  GoDaddy, Inc. - Class A <sup>(a)</sup> | 2280 | 338147 |
|  International Business Machines Corp.  | 3137 | 763828 |
|  Kyndryl Holdings, Inc. <sup>(a)</sup> | 48432 | 1539653 |
|  MongoDB, Inc. <sup>(a)</sup> | 17 | 5365 |
|  Okta, Inc. <sup>(a)</sup> | 7509 | 696610 |
|  Shopify, Inc. - Class A <sup>(a)</sup> | 8 | 1130 |
|  Snowflake, Inc. - Class A <sup>(a)</sup> | 1 | 239 |
|  Twilio, Inc. - Class A <sup>(a)</sup> | 845 | 89241 |
|  VeriSign, Inc.  | 30 | 8201 |
|  |  | 4214079 |
|  **Leisure Products — 0.2%** | **Leisure Products — 0.2%** | **Leisure Products — 0.2%** |
|  Acushnet Holdings Corp. <sup>(b)</sup> | 1395 | 106927 |
|  Brunswick Corp./DE  | 35 | 2226 |
|  Hasbro, Inc.  | 5 | 406 |
|  JAKKS Pacific, Inc.  | 2 | 35 |
|  Latham Group, Inc. <sup>(a)</sup> | 4 | 32 |
|  Mattel, Inc. <sup>(a)</sup> | 37686 | 689654 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Leisure Products — 0.2% (continued)** | **Leisure Products — 0.2% (continued)** | **Leisure Products — 0.2% (continued)** |
|  Peloton Interactive, Inc. - Class A <sup>(a)</sup> | 102 | $775 |
|  Polaris, Inc.  | 1971 | 111519 |
|  YETI Holdings, Inc. <sup>(a)</sup> | 1112 | 39098 |
|  |  | 950672 |
|  **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** | **Life Sciences Tools & Services — 0.5%** |
|  Agilent Technologies, Inc.  | 769 | 96633 |
|  Avantor, Inc. <sup>(a)(b)</sup> | 67 | 902 |
|  Azenta, Inc. <sup>(a)</sup> | 69 | 2107 |
|  Bio-Rad Laboratories, Inc. - Class A <sup>(a)</sup> | 10 | 2979 |
|  Bio-Techne Corp. <sup>(b)</sup> | 578 | 31576 |
|  Charles River Laboratories International, Inc. <sup>(a)</sup> | 401 | 65487 |
|  Danaher Corp.  | 1553 | 319638 |
|  ICON PLC <sup>(a)</sup> | 115 | 20463 |
|  Illumina, Inc. <sup>(a)</sup> | 2921 | 291983 |
|  IQVIA Holdings, Inc. <sup>(a)</sup> | 3522 | 672033 |
|  Medpace Holdings, Inc. <sup>(a)</sup> | 201 | 95578 |
|  Repligen Corp. <sup>(a)</sup> | 67 | 8195 |
|  Revvity, Inc.  | 73 | 6578 |
|  Sotera Health Co. <sup>(a)</sup> | 4350 | 71210 |
|  Standard BioTools, Inc. <sup>(a)</sup> | 222 | 280 |
|  Thermo Fisher Scientific, Inc.  | 2019 | 994802 |
|  Waters Corp. <sup>(a)</sup> | 50 | 15090 |
|  West Pharmaceutical Services, Inc.  | 16 | 3951 |
|  |  | 2699485 |
|  **Machinery — 2.6%** | **Machinery — 2.6%** | **Machinery — 2.6%** |
|  Aebi Schmidt Holding AG  | 591 | 7263 |
|  AGCO Corp.  | 12 | 1298 |
|  Alamo Group, Inc.  | 254 | 53711 |
|  Albany International Corp. - Class A  | 202 | 12829 |
|  Allison Transmission Holdings, Inc.  | 1956 | 170778 |
|  Astec Industries, Inc.  | 6 | 278 |
|  Atmus Filtration Technologies, Inc.  | 853 | 37976 |
|  Blue Bird Corp. <sup>(a)</sup> | 1655 | 96635 |
|  Caterpillar, Inc.  | 6824 | 2859529 |
|  Chart Industries, Inc. <sup>(a)</sup> | 4131 | 823556 |
|  CNH Industrial NV  | 98314 | 1125695 |
|  Crane Co.  | 294 | 54478 |
|  Cummins, Inc.  | 2776 | 1106069 |
|  Deere & Co.  | 3042 | 1456023 |
|  Donaldson Co., Inc.  | 2027 | 161491 |
|  Douglas Dynamics, Inc.  | 3170 | 106734 |
|  Dover Corp.  | 348 | 62243 |
|  Energy Recovery, Inc. <sup>(a)</sup> | 6 | 85 |
|  Enerpac Tool Group Corp.  | 361 | 15285 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Machinery — 2.6% (continued)** | **Machinery — 2.6% (continued)** | **Machinery — 2.6% (continued)** |
|  Enpro, Inc.  | 321 | $70225 |
|  Esab Corp.  | 419 | 48340 |
|  ESCO Technologies, Inc.  | 389 | 78154 |
|  Federal Signal Corp.  | 440 | 54116 |
|  Flowserve Corp.  | 2048 | 109896 |
|  Fortive Corp.  | 634 | 30343 |
|  Franklin Electric Co., Inc.  | 357 | 34936 |
|  Gates Industrial Corp. PLC <sup>(a)</sup> | 9682 | 247472 |
|  Gorman-Rupp Co.  | 418 | 17878 |
|  Graco, Inc.  | 924 | 78900 |
|  Greenbrier Cos., Inc.  | 28 | 1306 |
|  Helios Technologies, Inc.  | 13 | 705 |
|  Hillenbrand, Inc.  | 148 | 3758 |
|  Hillman Solutions Corp. <sup>(a)</sup> | 150 | 1482 |
|  IDEX Corp.  | 371 | 61030 |
|  Illinois Tool Works, Inc.  | 1360 | 359924 |
|  Ingersoll Rand, Inc.  | 591 | 46943 |
|  ITT, Inc.  | 705 | 120026 |
|  JBT Marel Corp.  | 402 | 57603 |
|  Kadant, Inc. <sup>(b)</sup> | 144 | 46552 |
|  Kennametal, Inc.  | 7190 | 154082 |
|  L B Foster Co. - Class A <sup>(a)</sup> | 7 | 182 |
|  Lincoln Electric Holdings, Inc.  | 813 | 197258 |
|  Lindsay Corp.  | 304 | 41718 |
|  Luxfer Holdings PLC  | 2709 | 36355 |
|  Manitowoc Co., Inc. <sup>(a)</sup> | 89 | 881 |
|  Mayville Engineering Co., Inc. <sup>(a)</sup> | 718 | 10483 |
|  Middleby Corp. <sup>(a)(b)</sup> | 574 | 78552 |
|  Miller Industries, Inc.  | 8 | 337 |
|  Mueller Industries, Inc.  | 2103 | 201762 |
|  Mueller Water Products, Inc. - Class A <sup>(b)</sup> | 1683 | 44364 |
|  Nordson Corp.  | 32 | 7203 |
|  Oshkosh Corp.  | 8552 | 1191892 |
|  Otis Worldwide Corp.  | 2504 | 216296 |
|  PACCAR, Inc.  | 956 | 95581 |
|  Parker-Hannifin Corp.  | 420 | 318927 |
|  Park-Ohio Holdings Corp.  | 6 | 121 |
|  Pentair PLC  | 1077 | 115810 |
|  Proto Labs, Inc. <sup>(a)</sup> | 364 | 18131 |
|  RBC Bearings, Inc. <sup>(a)</sup> | 242 | 94370 |
|  REV Group, Inc.  | 1747 | 92958 |
|  Snap-on, Inc.  | 278 | 90417 |
|  SPX Technologies, Inc. <sup>(a)</sup> | 386 | 72224 |
|  Standex International Corp.  | 71 | 14489 |
|  Stanley Black & Decker, Inc.  | 156 | 11589 |
|  Tennant Co.  | 248 | 20346 |
|  Terex Corp.  | 2935 | 146574 |
|  Timken Co.  | 4795 | 370318 |
|  Titan International, Inc. <sup>(a)</sup> | 22 | 194 |
|  Toro Co.  | 1481 | 120050 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Machinery — 2.6% (continued)** | **Machinery — 2.6% (continued)** | **Machinery — 2.6% (continued)** |
|  Trinity Industries, Inc.  | 3943 | $112060 |
|  Watts Water Technologies, Inc. - Class A  | 298 | 82516 |
|  Westinghouse Air Brake Technologies Corp.  | 620 | 119970 |
|  Worthington Enterprises, Inc.  | 57 | 3751 |
|  Xylem, Inc.  | 431 | 61012 |
|  |  | 13764318 |
|  **Marine Transportation — 0.0%<sup>(c)</sup>** | **Marine Transportation — 0.0%<sup>(c)</sup>** | **Marine Transportation — 0.0%<sup>(c)</sup>** |
|  Costamare, Inc.  | 2103 | 24058 |
|  Genco Shipping & Trading Ltd.  | 3398 | 57222 |
|  Kirby Corp. <sup>(a)</sup> | 745 | 72414 |
|  Matson, Inc.  | 33 | 3434 |
|  |  | 157128 |
|  **Media — 1.5%** | **Media — 1.5%** | **Media — 1.5%** |
|  Cable One, Inc.  | 30 | 4844 |
|  Charter Communications, Inc. - Class A <sup>(a)</sup> | 1634 | 433958 |
|  Comcast Corp. - Class A  | 116709 | 3964605 |
|  EchoStar Corp. - Class A <sup>(a)(b)</sup> | 1832 | 113199 |
|  EW Scripps Co. - Class A <sup>(a)</sup> | 845 | 2527 |
|  Fox Corp. - Class A  | 3070 | 183279 |
|  Fox Corp. - Class B  | 60 | 3273 |
|  Gannett Co., Inc. <sup>(a)</sup> | 1323 | 5437 |
|  Gray Media, Inc.  | 6815 | 41776 |
|  Integral Ad Science Holding Corp. <sup>(a)</sup> | 4 | 36 |
|  Interpublic Group of Cos., Inc.  | 15047 | 403861 |
|  John Wiley & Sons, Inc. - Class A  | 5713 | 231833 |
|  Liberty Broadband Corp. - Class A <sup>(a)</sup> | 77 | 4672 |
|  Liberty Broadband Corp. - Class C <sup>(a)</sup> | 731 | 44489 |
|  Magnite, Inc. <sup>(a)</sup> | 500 | 12975 |
|  New York Times Co. - Class A  | 868 | 51941 |
|  News Corp. - Class A  | 4573 | 134492 |
|  News Corp. - Class B <sup>(b)</sup> | 62 | 2100 |
|  Nexstar Media Group, Inc.  | 4798 | 981335 |
|  Omnicom Group, Inc. <sup>(b)</sup> | 12524 | 981005 |
|  Paramount Skydance Corp. <sup>(a)(b)</sup> | 99 | 1455 |
|  Scholastic Corp.  | 2 | 51 |
|  Sinclair, Inc. <sup>(b)</sup> | 6740 | 97528 |
|  Sirius XM Holdings, Inc.  | 133 | 3144 |
|  Stagwell, Inc. <sup>(a)</sup> | 340 | 1918 |
|  TEGNA, Inc.  | 18059 | 382851 |
|  Trade Desk, Inc. - Class A <sup>(a)</sup> | 710 | 38809 |
|  WideOpenWest, Inc. <sup>(a)</sup> | 1913 | 9737 |
|  |  | 8137130 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** | **Metals & Mining — 0.7%** |
|  Alcoa Corp.  | 13384 | $430831 |
|  Barrick Mining Corp.  | 400 | 10652 |
|  Caledonia Mining Corp. PLC  | 2289 | 58553 |
|  Carpenter Technology Corp.  | 483 | 116345 |
|  Century Aluminum Co. <sup>(a)</sup> | 4431 | 98944 |
|  Cleveland-Cliffs, Inc. <sup>(a)</sup> | 376 | 4042 |
|  Commercial Metals Co.  | 1684 | 97116 |
|  Compass Minerals International, Inc. <sup>(a)</sup> | 13140 | 250317 |
|  Freeport-McMoRan, Inc.  | 3344 | 148474 |
|  Hecla Mining Co.  | 4435 | 37742 |
|  Kaiser Aluminum Corp.  | 1666 | 129731 |
|  Metallus, Inc. <sup>(a)</sup> | 810 | 13308 |
|  Newmont Corp.  | 25003 | 1860223 |
|  Nucor Corp.  | 847 | 125974 |
|  Ramaco Resources, Inc.  | 16 | 415 |
|  Reliance, Inc.  | 464 | 137186 |
|  Royal Gold, Inc.  | 787 | 141329 |
|  Ryerson Holding Corp.  | 1 | 23 |
|  Southern Copper Corp.  | 558 | 53575 |
|  Steel Dynamics, Inc.  | 1243 | 162734 |
|  SunCoke Energy, Inc.  | 3509 | 27090 |
|  Warrior Met Coal, Inc.  | 56 | 3424 |
|  Worthington Steel, Inc.  | 2743 | 91342 |
|  |  | 3999370 |
|  **Mortgage Real Estate Investment Trusts (REITs) — 0.0%<sup>(c)</sup>** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%<sup>(c)</sup>** | **Mortgage Real Estate Investment Trusts (REITs) — 0.0%<sup>(c)</sup>** |
|  BrightSpire Capital, Inc.  | 322 | 1868 |
|  Chimera Investment Corp.  | 302 | 4279 |
|  Claros Mortgage Trust, Inc.  | 448 | 1658 |
|  Dynex Capital, Inc.  | 196 | 2474 |
|  Ladder Capital Corp.  | 478 | 5554 |
|  MFA Financial, Inc.  | 315 | 3213 |
|  New York Mortgage Trust, Inc.  | 462 | 3336 |
|  PennyMac Mortgage Investment Trust  | 182 | 2240 |
|  Redwood Trust, Inc.  | 769 | 4706 |
|  |  | 29328 |
|  **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
|  Ameren Corp.  | 1959 | 195469 |
|  Avista Corp.  | 1336 | 48818 |
|  Black Hills Corp.  | 968 | 57896 |
|  CenterPoint Energy, Inc.  | 6247 | 235574 |
|  CMS Energy Corp.  | 1709 | 122313 |
|  Consolidated Edison, Inc.  | 2056 | 201961 |
|  Dominion Energy, Inc.  | 4166 | 249543 |
|  DTE Energy Co.  | 983 | 134327 |
|  NiSource, Inc.  | 3796 | 160457 |
|  Northwestern Energy Group, Inc.  | 974 | 56015 |
|  Public Service Enterprise Group, Inc.  | 2256 | 185737 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Multi-Utilities — 0.4% (continued)** | **Multi-Utilities — 0.4% (continued)** | **Multi-Utilities — 0.4% (continued)** |
|  Sempra  | 2390 | $197318 |
|  Unitil Corp.  | 193 | 9063 |
|  WEC Energy Group, Inc.  | 2160 | 230062 |
|  |  | 2084553 |
|  **Office REITs — 0.0%<sup>(c)</sup>** | **Office REITs — 0.0%<sup>(c)</sup>** | **Office REITs — 0.0%<sup>(c)</sup>** |
|  Douglas Emmett, Inc.  | 203 | 3291 |
|  Equity Commonwealth <sup>(d)</sup> | 94 | 0 |
|  |  | 3291 |
|  **Oil, Gas & Consumable Fuels — 6.0%** | **Oil, Gas & Consumable Fuels — 6.0%** | **Oil, Gas & Consumable Fuels — 6.0%** |
|  Antero Midstream Corp.  | 7238 | 128764 |
|  Antero Resources Corp. <sup>(a)</sup> | 3086 | 98505 |
|  APA Corp. <sup>(b)</sup> | 16335 | 379299 |
|  Ardmore Shipping Corp.  | 34 | 395 |
|  Berry Corp.  | 76 | 254 |
|  California Resources Corp.  | 4650 | 231012 |
|  Cheniere Energy, Inc.  | 1699 | 410852 |
|  Chevron Corp.  | 43172 | 6933423 |
|  Chord Energy Corp.  | 257 | 28242 |
|  Civitas Resources, Inc.  | 100 | 3678 |
|  CNX Resources Corp. <sup>(a)</sup> | 9194 | 268465 |
|  Comstock Resources, Inc. <sup>(a)</sup> | 4603 | 74246 |
|  ConocoPhillips  | 44002 | 4354878 |
|  Coterra Energy, Inc.  | 39237 | 958952 |
|  Crescent Energy Co. - Class A  | 123 | 1173 |
|  CVR Energy, Inc.  | 39 | 1189 |
|  Devon Energy Corp.  | 33248 | 1200253 |
|  DHT Holdings, Inc.  | 14309 | 167701 |
|  Diamondback Energy, Inc.  | 117 | 17405 |
|  Dorian LPG Ltd.  | 11 | 352 |
|  DT Midstream, Inc.  | 951 | 99075 |
|  Enbridge, Inc.  | 49 | 2369 |
|  EOG Resources, Inc.  | 21298 | 2658416 |
|  EQT Corp.  | 3766 | 195229 |
|  Excelerate Energy, Inc. - Class A  | 3 | 73 |
|  Expand Energy Corp.  | 184 | 17807 |
|  Exxon Mobil Corp.  | 34800 | 3977292 |
|  Granite Ridge Resources, Inc.  | 7101 | 39482 |
|  Gulfport Energy Corp. <sup>(a)</sup> | 3 | 522 |
|  HF Sinclair Corp.  | 689 | 35056 |
|  International Seaways, Inc.  | 3929 | 178455 |
|  Kinder Morgan, Inc.  | 8955 | 241606 |
|  Kinetik Holdings, Inc.  | 6 | 251 |
|  Kosmos Energy Ltd. <sup>(a)</sup> | 35 | 63 |
|  Magnolia Oil & Gas Corp. - Class A  | 81511 | 2027994 |
|  Marathon Petroleum Corp.  | 9594 | 1724138 |
|  Matador Resources Co.  | 10436 | 525557 |
|  Murphy Oil Corp.  | 8792 | 218569 |
|  NACCO Industries, Inc. - Class A  | 2 | 78 |
|  Nordic American Tankers Ltd. <sup>(b)</sup> | 1306 | 4062 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Oil, Gas & Consumable Fuels — 6.0% (continued)** | **Oil, Gas & Consumable Fuels — 6.0% (continued)** | **Oil, Gas & Consumable Fuels — 6.0% (continued)** |
|  Northern Oil & Gas, Inc. <sup>(b)</sup> | 1710 | $44734 |
|  Occidental Petroleum Corp.  | 21718 | 1033994 |
|  ONEOK, Inc.  | 1483 | 113272 |
|  Ovintiv, Inc.  | 31737 | 1336762 |
|  Par Pacific Holdings, Inc. <sup>(a)</sup> | 63 | 2182 |
|  Peabody Energy Corp. <sup>(b)</sup> | 15 | 261 |
|  Permian Resources Corp.  | 87563 | 1251275 |
|  Phillips 66  | 984 | 131443 |
|  Range Resources Corp.  | 3437 | 117786 |
|  REX American Resources Corp. <sup>(a)</sup> | 30 | 1877 |
|  Riley Exploration Permian, Inc.  | 1289 | 37716 |
|  Scorpio Tankers, Inc.  | 1520 | 76608 |
|  SFL Corp. Ltd.  | 9536 | 77528 |
|  Shell PLC - ADR  | 600 | 44328 |
|  SM Energy Co.  | 445 | 12705 |
|  Suncor Energy, Inc. <sup>(b)</sup> | 3 | 124 |
|  Talos Energy, Inc. <sup>(a)</sup> | 388 | 3833 |
|  Targa Resources Corp.  | 754 | 126491 |
|  Teekay Corp. Ltd.  | 7219 | 59196 |
|  Teekay Tankers Ltd.  | 2296 | 112894 |
|  Texas Pacific Land Corp.  | 6 | 5601 |
|  VAALCO Energy, Inc.  | 254 | 986 |
|  Valero Energy Corp.  | 784 | 119176 |
|  Viper Energy, Inc. - Class A  | 487 | 19421 |
|  Vital Energy, Inc. <sup>(a)</sup> | 4 | 71 |
|  Vitesse Energy, Inc.  | 3205 | 85285 |
|  Williams Cos., Inc.  | 5344 | 309311 |
|  World Kinect Corp.  | 980 | 26274 |
|  |  | 32356266 |
|  **Paper & Forest Products — 0.0%<sup>(c)</sup>** | **Paper & Forest Products — 0.0%<sup>(c)</sup>** | **Paper & Forest Products — 0.0%<sup>(c)</sup>** |
|  Louisiana-Pacific Corp.  | 27 | 2568 |
|  Sylvamo Corp.  | 81 | 3737 |
|  |  | 6305 |
|  **Passenger Airlines — 0.7%** | **Passenger Airlines — 0.7%** | **Passenger Airlines — 0.7%** |
|  Alaska Air Group, Inc. <sup>(a)</sup> | 101 | 6341 |
|  American Airlines Group, Inc. <sup>(a)</sup> | 1063 | 14212 |
|  Copa Holdings SA - Class A <sup>(b)</sup> | 67 | 7862 |
|  Delta Air Lines, Inc.  | 18895 | 1167333 |
|  Frontier Group Holdings, Inc. <sup>(a)(b)</sup> | 2 | 10 |
|  SkyWest, Inc. <sup>(a)</sup> | 4241 | 514857 |
|  Southwest Airlines Co.  | 23734 | 780849 |
|  Sun Country Airlines Holdings, Inc. <sup>(a)</sup> | 98 | 1298 |
|  United Airlines Holdings, Inc. <sup>(a)</sup> | 12328 | 1294440 |
|  |  | 3787202 |
|  **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** | **Personal Care Products — 0.1%** |
|  Coty, Inc. - Class A <sup>(a)</sup> | 51 | 218 |
|  Edgewell Personal Care Co.  | 3691 | 88658 |
|  elf Beauty, Inc. <sup>(a)</sup> | 21 | 2625 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Personal Care Products — 0.1% (continued)** | **Personal Care Products — 0.1% (continued)** | **Personal Care Products — 0.1% (continued)** |
|  Estee Lauder Cos., Inc. - Class A  | 513 | $47058 |
|  Interparfums, Inc.  | 398 | 45746 |
|  Kenvue, Inc.  | 5137 | 106387 |
|  Nature's Sunshine Products, Inc. <sup>(a)</sup> | 5 | 84 |
|  Nu Skin Enterprises, Inc. - Class A  | 645 | 7850 |
|  |  | 298626 |
|  **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** | **Pharmaceuticals — 2.7%** |
|  Amphastar Pharmaceuticals, Inc. <sup>(a)</sup> | 43 | 1317 |
|  ANI Pharmaceuticals, Inc. <sup>(a)</sup> | 258 | 24123 |
|  AstraZeneca PLC - ADR  | 28 | 2237 |
|  Bristol-Myers Squibb Co.  | 13673 | 645092 |
|  Collegium Pharmaceutical, Inc. <sup>(a)</sup> | 6289 | 244013 |
|  Corcept Therapeutics, Inc. <sup>(a)</sup> | 228 | 15896 |
|  Elanco Animal Health, Inc. <sup>(a)(b)</sup> | 42165 | 773728 |
|  Eli Lilly & Co.  | 1393 | 1020484 |
|  Harmony Biosciences Holdings, Inc. <sup>(a)</sup> | 758 | 27963 |
|  Harrow, Inc. <sup>(a)</sup> | 11 | 429 |
|  Innoviva, Inc. <sup>(a)</sup> | 7187 | 146830 |
|  Jazz Pharmaceuticals PLC <sup>(a)</sup> | 6798 | 868445 |
|  Johnson & Johnson  | 8620 | 1527205 |
|  Ligand Pharmaceuticals, Inc. <sup>(a)</sup> | 34 | 5498 |
|  Merck & Co., Inc.  | 49692 | 4180091 |
|  Organon & Co.  | 1035 | 9750 |
|  Pacira BioSciences, Inc. <sup>(a)</sup> | 48 | 1280 |
|  Perrigo Co. PLC  | 1975 | 46887 |
|  Pfizer, Inc.  | 152903 | 3785878 |
|  Phibro Animal Health Corp. - Class A  | 9233 | 342267 |
|  Prestige Consumer Healthcare, Inc. <sup>(a)</sup> | 7862 | 534931 |
|  SIGA Technologies, Inc.  | 265 | 2223 |
|  Supernus Pharmaceuticals, Inc. <sup>(a)</sup> | 1203 | 54279 |
|  Viatris, Inc.  | 135 | 1424 |
|  Zoetis, Inc.  | 1074 | 167974 |
|  |  | 14430244 |
|  **Professional Services — 1.0%** | **Professional Services — 1.0%** | **Professional Services — 1.0%** |
|  Amentum Holdings, Inc. <sup>(a)</sup> | 515 | 12849 |
|  Automatic Data Processing, Inc.  | 1076 | 327158 |
|  Barrett Business Services, Inc.  | 9 | 439 |
|  Booz Allen Hamilton Holding Corp.  | 264 | 28702 |
|  Broadridge Financial Solutions, Inc.  | 475 | 121419 |
|  CACI International, Inc. - Class A <sup>(a)</sup> | 316 | 151591 |
|  Concentrix Corp.  | 7253 | 382668 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Professional Services — 1.0% (continued)** | **Professional Services — 1.0% (continued)** | **Professional Services — 1.0% (continued)** |
|  CRA International, Inc.  | 126 | $24414 |
|  CSG Systems International, Inc.  | 4367 | 280187 |
|  Dayforce, Inc. <sup>(a)</sup> | 310 | 21629 |
|  Equifax, Inc.  | 274 | 67486 |
|  ExlService Holdings, Inc. <sup>(a)</sup> | 996 | 43605 |
|  Exponent, Inc.  | 1 | 71 |
|  First Advantage Corp. <sup>(a)(b)</sup> | 7 | 114 |
|  FTI Consulting, Inc. <sup>(a)</sup> | 188 | 31704 |
|  GEE Group, Inc. <sup>(a)</sup> | 1017 | 200 |
|  Genpact Ltd.  | 4640 | 210378 |
|  Heidrick & Struggles International, Inc.  | 28 | 1423 |
|  Huron Consulting Group, Inc. <sup>(a)</sup> | 632 | 86559 |
|  IBEX Holdings Ltd. <sup>(a)</sup> | 2294 | 67742 |
|  ICF International, Inc.  | 5 | 491 |
|  Insperity, Inc.  | 80 | 4418 |
|  Jacobs Solutions, Inc.  | 1199 | 175330 |
|  KBR, Inc.  | 7446 | 375725 |
|  Kforce, Inc.  | 6 | 196 |
|  Korn Ferry  | 1158 | 85854 |
|  Legalzoom.com, Inc. <sup>(a)</sup> | 2660 | 29473 |
|  Leidos Holdings, Inc.  | 7389 | 1336818 |
|  ManpowerGroup, Inc.  | 55 | 2332 |
|  Maximus, Inc.  | 3795 | 333656 |
|  Mistras Group, Inc. <sup>(a)</sup> | 619 | 5918 |
|  Parsons Corp. <sup>(a)(b)</sup> | 15 | 1201 |
|  Paychex, Inc.  | 1195 | 166649 |
|  Paycom Software, Inc.  | 866 | 196712 |
|  Paylocity Holding Corp. <sup>(a)</sup> | 272 | 48751 |
|  Robert Half, Inc.  | 36 | 1343 |
|  Science Applications International Corp.  | 4955 | 583203 |
|  SS&C Technologies Holdings, Inc.  | 1804 | 159943 |
|  TransUnion  | 776 | 68598 |
|  TriNet Group, Inc.  | 58 | 4200 |
|  Upwork, Inc. <sup>(a)</sup> | 7 | 108 |
|  Verisk Analytics, Inc.  | 378 | 101349 |
|  Verra Mobility Corp. <sup>(a)</sup> | 1356 | 33697 |
|  Willdan Group, Inc. <sup>(a)</sup> | 210 | 23071 |
|  |  | 5599374 |
|  **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** | **Real Estate Management & Development — 0.1%** |
|  Anywhere Real Estate, Inc. <sup>(a)</sup> | 6672 | 40766 |
|  CBRE Group, Inc. - Class A <sup>(a)</sup> | 784 | 127102 |
|  Compass, Inc. - Class A <sup>(a)</sup> | 253 | 2297 |
|  CoStar Group, Inc. <sup>(a)</sup> | 91 | 8144 |
|  Cushman & Wakefield PLC <sup>(a)</sup> | 17638 | 278151 |
|  Howard Hughes Holdings, Inc. <sup>(a)</sup> | 676 | 51558 |
|  Jones Lang LaSalle, Inc. <sup>(a)</sup> | 429 | 131090 |
|  Kennedy-Wilson Holdings, Inc.  | 309 | 2719 |
|  Newmark Group, Inc. - Class A  | 1939 | 35309 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Real Estate Management & Development — 0.1% (continued)** | **Real Estate Management & Development — 0.1% (continued)** | **Real Estate Management & Development — 0.1% (continued)** |
|  St Joe Co.  | 12 | $606 |
|  Zillow Group, Inc. - Class A <sup>(a)</sup> | 18 | 1467 |
|  Zillow Group, Inc. - Class C <sup>(a)(b)</sup> | 58 | 4890 |
|  |  | 684099 |
|  **Residential REITs — 0.0%<sup>(c)</sup>** | **Residential REITs — 0.0%<sup>(c)</sup>** | **Residential REITs — 0.0%<sup>(c)</sup>** |
|  Elme Communities  | 79 | 1349 |
|  **Retail REITs — 0.0%<sup>(c)</sup>** | **Retail REITs — 0.0%<sup>(c)</sup>** | **Retail REITs — 0.0%<sup>(c)</sup>** |
|  Curbline Properties Corp.  | 51 | 1149 |
|  Macerich Co.  | 1160 | 21344 |
|  Phillips Edison & Co., Inc.  | 1300 | 45747 |
|  Regency Centers Corp.  | 86 | 6235 |
|  Saul Centers, Inc.  | 117 | 3998 |
|  Simon Property Group, Inc.  | 34 | 6143 |
|  Tanger, Inc.  | 668 | 22832 |
|  Urban Edge Properties  | 126 | 2607 |
|  |  | 110055 |
|  **Semiconductors & Semiconductor Equipment — 7.7%** | **Semiconductors & Semiconductor Equipment — 7.7%** | **Semiconductors & Semiconductor Equipment — 7.7%** |
|  ACM Research, Inc. - Class A <sup>(a)</sup> | 99 | 2794 |
|  Advanced Micro Devices, Inc. <sup>(a)</sup> | 3398 | 552617 |
|  Allegro MicroSystems, Inc. <sup>(a)(b)</sup> | 61 | 1882 |
|  Ambarella, Inc. <sup>(a)</sup> | 34 | 2804 |
|  Amkor Technology, Inc.  | 7465 | 180578 |
|  Analog Devices, Inc.  | 944 | 237237 |
|  Applied Materials, Inc.  | 4491 | 721973 |
|  Axcelis Technologies, Inc. <sup>(a)</sup> | 289 | 23132 |
|  Broadcom, Inc.  | 15801 | 4699059 |
|  Cirrus Logic, Inc. <sup>(a)</sup> | 541 | 61777 |
|  Diodes, Inc. <sup>(a)</sup> | 58 | 3157 |
|  Enphase Energy, Inc. <sup>(a)</sup> | 52 | 1960 |
|  Entegris, Inc.  | 17 | 1424 |
|  First Solar, Inc. <sup>(a)</sup> | 67 | 13078 |
|  FormFactor, Inc. <sup>(a)</sup> | 131 | 3824 |
|  GLOBALFOUNDRIES, Inc. <sup>(a)</sup> | 18 | 601 |
|  KLA Corp.  | 976 | 851072 |
|  Kulicke & Soffa Industries, Inc.  | 145 | 5437 |
|  Lam Research Corp.  | 5002 | 500950 |
|  Lattice Semiconductor Corp. <sup>(a)</sup> | 57 | 3784 |
|  MACOM Technology Solutions Holdings, Inc. <sup>(a)</sup> | 202 | 25886 |
|  Marvell Technology, Inc.  | 3151 | 198088 |
|  Microchip Technology, Inc.  | 1554 | 101010 |
|  Micron Technology, Inc.  | 21447 | 2552407 |
|  MKS, Inc.  | 1753 | 181155 |
|  Monolithic Power Systems, Inc.  | 5 | 4179 |
|  NVIDIA Corp.  | 162995 | 28390469 |
|  ON Semiconductor Corp. <sup>(a)</sup> | 161 | 7984 |
|  Onto Innovation, Inc. <sup>(a)</sup> | 38 | 4028 |
|  PDF Solutions, Inc. <sup>(a)</sup> | 77 | 1575 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Semiconductors & Semiconductor Equipment — 7.7% (continued)** | **Semiconductors & Semiconductor Equipment — 7.7% (continued)** | **Semiconductors & Semiconductor Equipment — 7.7% (continued)** |
|  Penguin Solutions, Inc. <sup>(a)(b)</sup> | 1216 | $29342 |
|  Photronics, Inc. <sup>(a)</sup> | 2956 | 67012 |
|  Power Integrations, Inc.  | 38 | 1714 |
|  Qorvo, Inc. <sup>(a)</sup> | 78 | 7075 |
|  QUALCOMM, Inc.  | 9720 | 1562296 |
|  Rambus, Inc. <sup>(a)</sup> | 995 | 73401 |
|  Semtech Corp. <sup>(a)</sup> | 57 | 3311 |
|  Silicon Laboratories, Inc. <sup>(a)</sup> | 7 | 940 |
|  SkyWater Technology, Inc. <sup>(a)</sup> | 8 | 96 |
|  Skyworks Solutions, Inc.  | 462 | 34622 |
|  Synaptics, Inc. <sup>(a)</sup> | 4 | 279 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR  | 17 | 3925 |
|  Teradyne, Inc.  | 40 | 4730 |
|  Texas Instruments, Inc.  | 2394 | 484737 |
|  Universal Display Corp.  | 12 | 1663 |
|  Veeco Instruments, Inc. <sup>(a)</sup> | 5 | 123 |
|  |  | 41611187 |
|  **Software — 6.6%** | **Software — 6.6%** | **Software — 6.6%** |
|  8x8, Inc. <sup>(a)</sup> | 833 | 1649 |
|  A10 Networks, Inc.  | 46 | 815 |
|  ACI Worldwide, Inc. <sup>(a)</sup> | 606 | 29906 |
|  Adeia, Inc.  | 16032 | 241121 |
|  Adobe, Inc. <sup>(a)</sup> | 508 | 181204 |
|  Alarm.com Holdings, Inc. <sup>(a)</sup> | 39817 | 2334471 |
|  Appfolio, Inc. - Class A <sup>(a)</sup> | 224 | 62133 |
|  AppLovin Corp. - Class A <sup>(a)</sup> | 651 | 311562 |
|  Atlassian Corp. - Class A <sup>(a)</sup> | 15 | 2667 |
|  Aurora Innovation, Inc. <sup>(a)</sup> | 248 | 1396 |
|  Autodesk, Inc. <sup>(a)</sup> | 378 | 118957 |
|  AvePoint, Inc. <sup>(a)</sup> | 75 | 1227 |
|  Bentley Systems, Inc. - Class B  | 333 | 18531 |
|  BILL Holdings, Inc. <sup>(a)</sup> | 2 | 93 |
|  BlackLine, Inc. <sup>(a)</sup> | 23 | 1251 |
|  Box, Inc. - Class A <sup>(a)(b)</sup> | 102 | 3328 |
|  Cadence Design Systems, Inc. <sup>(a)</sup> | 338 | 118445 |
|  CCC Intelligent Solutions Holdings, Inc. <sup>(a)</sup> | 1412 | 13979 |
|  Cleanspark, Inc. <sup>(a)(b)</sup> | 400 | 3788 |
|  Clear Secure, Inc. - Class A <sup>(b)</sup> | 1560 | 56644 |
|  Commvault Systems, Inc. <sup>(a)</sup> | 9 | 1680 |
|  Crowdstrike Holdings, Inc. - Class A <sup>(a)</sup> | 40 | 16948 |
|  CyberArk Software Ltd. <sup>(a)</sup> | 300 | 135978 |
|  Datadog, Inc. - Class A <sup>(a)</sup> | 4 | 547 |
|  Digital Turbine, Inc. <sup>(a)</sup> | 58 | 244 |
|  Docusign, Inc. <sup>(a)</sup> | 331 | 25375 |
|  Dolby Laboratories, Inc. - Class A  | 809 | 57989 |
|  Dropbox, Inc. - Class A <sup>(a)</sup> | 49 | 1424 |
|  Dynatrace, Inc. <sup>(a)</sup> | 604 | 30562 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Software — 6.6% (continued)** | **Software — 6.6% (continued)** | **Software — 6.6% (continued)** |
|  EverCommerce, Inc. <sup>(a)</sup> | 5 | $58 |
|  Fair Isaac Corp. <sup>(a)</sup> | 113 | 171945 |
|  Five9, Inc. <sup>(a)</sup> | 306 | 8238 |
|  Fortinet, Inc. <sup>(a)</sup> | 711 | 56006 |
|  Gen Digital, Inc.  | 77848 | 2351010 |
|  Guidewire Software, Inc. <sup>(a)</sup> | 1 | 217 |
|  I3 Verticals, Inc. - Class A <sup>(a)</sup> | 625 | 19656 |
|  InterDigital, Inc. <sup>(b)</sup> | 2556 | 694491 |
|  Intuit, Inc.  | 665 | 443555 |
|  Life360, Inc. <sup>(a)</sup> | 1 | 90 |
|  LiveRamp Holdings, Inc. <sup>(a)</sup> | 82 | 2289 |
|  Manhattan Associates, Inc. <sup>(a)</sup> | 15 | 3232 |
|  Microsoft Corp.  | 47976 | 24308959 |
|  Mitek Systems, Inc. <sup>(a)</sup> | 26 | 264 |
|  nCino, Inc. <sup>(a)(b)</sup> | 12 | 385 |
|  NCR Voyix Corp. <sup>(a)</sup> | 706 | 9305 |
|  Nutanix, Inc. - Class A <sup>(a)</sup> | 102 | 6855 |
|  Olo, Inc. - Class A <sup>(a)</sup> | 5 | 51 |
|  OneSpan, Inc.  | 6 | 91 |
|  Oracle Corp.  | 7419 | 1677659 |
|  Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 1899 | 297592 |
|  Palo Alto Networks, Inc. <sup>(a)</sup> | 2135 | 406760 |
|  Pegasystems, Inc.  | 448 | 24286 |
|  Progress Software Corp.  | 1591 | 73647 |
|  PTC, Inc. <sup>(a)</sup> | 233 | 49746 |
|  Qualys, Inc. <sup>(a)</sup> | 238 | 32323 |
|  Red Violet, Inc.  | 1 | 50 |
|  Riot Platforms, Inc. <sup>(a)(b)</sup> | 156 | 2147 |
|  Roper Technologies, Inc.  | 256 | 134735 |
|  Salesforce, Inc.  | 2217 | 568106 |
|  Samsara, Inc. - Class A <sup>(a)</sup> | 1 | 36 |
|  Sapiens International Corp. NV  | 18 | 772 |
|  ServiceNow, Inc. <sup>(a)</sup> | 105 | 96333 |
|  Sprinklr, Inc. - Class A <sup>(a)</sup> | 22 | 190 |
|  SPS Commerce, Inc. <sup>(a)</sup> | 51 | 5625 |
|  Synopsys, Inc. <sup>(a)</sup> | 7 | 4225 |
|  Teradata Corp. <sup>(a)</sup> | 83 | 1741 |
|  Tyler Technologies, Inc. <sup>(a)</sup> | 26 | 14635 |
|  Unity Software, Inc. <sup>(a)</sup> | 32 | 1261 |
|  Verint Systems, Inc. <sup>(a)</sup> | 190 | 3874 |
|  Vertex, Inc. - Class A <sup>(a)</sup> | 36 | 930 |
|  Workday, Inc. - Class A <sup>(a)</sup> | 511 | 117949 |
|  Zoom Communications, Inc. <sup>(a)</sup> | 685 | 55773 |
|  Zscaler, Inc. <sup>(a)</sup> | 3 | 831 |
|  |  | 35421837 |
|  **Specialized REITs — 0.0%<sup>(c)</sup>** | **Specialized REITs — 0.0%<sup>(c)</sup>** | **Specialized REITs — 0.0%<sup>(c)</sup>** |
|  Crown Castle, Inc.  | 169 | 16755 |
|  CubeSmart  | 53 | 2169 |
|  Equinix, Inc.  | 4 | 3145 |
|  Four Corners Property Trust, Inc.  | 52 | 1346 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Specialized REITs — 0.0%<sup>(c)</sup>** **(continued)** | **Specialized REITs — 0.0%<sup>(c)</sup>** **(continued)** | **Specialized REITs — 0.0%<sup>(c)</sup>** **(continued)** |
|  Iron Mountain, Inc.  | 214 | $19758 |
|  Millrose Properties, Inc.  | 2565 | 90570 |
|  SBA Communications Corp.  | 202 | 41380 |
|  VICI Properties, Inc.  | 71 | 2398 |
|  Weyerhaeuser Co.  | 933 | 24137 |
|  |  | 201658 |
|  **Specialty Retail — 2.0%** | **Specialty Retail — 2.0%** | **Specialty Retail — 2.0%** |
|  Abercrombie & Fitch Co. - Class A <sup>(a)(b)</sup> | 1143 | 106905 |
|  Academy Sports & Outdoors, Inc. <sup>(b)</sup> | 6994 | 374529 |
|  American Eagle Outfitters, Inc.  | 79 | 1022 |
|  Arhaus, Inc. <sup>(a)</sup> | 27 | 317 |
|  Arko Corp.  | 7 | 35 |
|  Asbury Automotive Group, Inc. <sup>(a)</sup> | 1930 | 485472 |
|  AutoNation, Inc. <sup>(a)</sup> | 5153 | 1128919 |
|  AutoZone, Inc. <sup>(a)</sup> | 47 | 197331 |
|  Best Buy Co., Inc.  | 1746 | 128575 |
|  Boot Barn Holdings, Inc. <sup>(a)</sup> | 121 | 21510 |
|  Buckle, Inc.  | 3338 | 188897 |
|  Build-A-Bear Workshop, Inc.  | 2186 | 132931 |
|  Burlington Stores, Inc. <sup>(a)</sup> | 656 | 190686 |
|  Caleres, Inc.  | 715 | 10725 |
|  Camping World Holdings, Inc. - Class A  | 37 | $648 |
|  CarMax, Inc. <sup>(a)</sup> | 110 | 6749 |
|  Carvana Co. <sup>(a)</sup> | 253 | 94096 |
|  Chewy, Inc. - Class A <sup>(a)</sup> | 41 | 1679 |
|  Dick's Sporting Goods, Inc. <sup>(b)</sup> | 5945 | 1265096 |
|  Five Below, Inc. <sup>(a)</sup> | 653 | 94750 |
|  Floor & Decor Holdings, Inc. - Class A <sup>(a)</sup> | 15 | 1229 |
|  Foot Locker, Inc. <sup>(a)</sup> | 163 | 4026 |
|  Gap, Inc.  | 28376 | 624556 |
|  Genesco, Inc. <sup>(a)</sup> | 84 | 2686 |
|  Group 1 Automotive, Inc.  | 1718 | 798492 |
|  Home Depot, Inc.  | 2996 | 1218683 |
|  Lands' End, Inc. <sup>(a)</sup> | 522 | 7496 |
|  Lithia Motors, Inc.  | 2369 | 797595 |
|  Lowe's Cos., Inc.  | 2455 | 633537 |
|  MarineMax, Inc. <sup>(a)</sup> | 8 | 211 |
|  Murphy USA, Inc.  | 138 | 51957 |
|  National Vision Holdings, Inc. <sup>(a)</sup> | 1208 | 27712 |
|  ODP Corp. <sup>(a)</sup> | 170 | 3444 |
|  O'Reilly Automotive, Inc. <sup>(a)</sup> | 825 | 85536 |
|  Penske Automotive Group, Inc.  | 999 | 184226 |
|  Petco Health & Wellness Co., Inc. <sup>(a)</sup> | 212 | 846 |
|  Revolve Group, Inc. <sup>(a)</sup> | 1 | 22 |
|  RH <sup>(a)</sup> | 27 | 6093 |
|  Ross Stores, Inc.  | 1549 | 227951 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Specialty Retail — 2.0% (continued)** | **Specialty Retail — 2.0% (continued)** | **Specialty Retail — 2.0% (continued)** |
|  Sally Beauty Holdings, Inc. <sup>(a)</sup> | 7986 | $110686 |
|  Shoe Carnival, Inc.  | 165 | 3448 |
|  Signet Jewelers Ltd. <sup>(b)</sup> | 82 | 7220 |
|  Sonic Automotive, Inc. - Class A  | 3838 | 315445 |
|  TJX Cos., Inc.  | 3620 | 494528 |
|  Tractor Supply Co.  | 2297 | 141863 |
|  Ulta Beauty, Inc. <sup>(a)</sup> | 413 | 203497 |
|  Upbound Group, Inc.  | 4910 | 124763 |
|  Urban Outfitters, Inc. <sup>(a)</sup> | 2126 | 142612 |
|  Valvoline, Inc. <sup>(a)</sup> | 2447 | 94895 |
|  Victoria's Secret & Co. <sup>(a)(b)</sup> | 94 | 2164 |
|  Wayfair, Inc. - Class A <sup>(a)</sup> | 21 | 1567 |
|  Williams-Sonoma, Inc.  | 747 | 140578 |
|  Zumiez, Inc. <sup>(a)</sup> | 9 | 155 |
|  |  | 10890591 |
|  **Technology Hardware, Storage & Peripherals — 4.7%** | **Technology Hardware, Storage & Peripherals — 4.7%** | **Technology Hardware, Storage & Peripherals — 4.7%** |
|  Apple, Inc.  | 97311 | 22589775 |
|  Corsair Gaming, Inc. <sup>(a)</sup> | 223 | 1991 |
|  Dell Technologies, Inc. - Class C  | 18 | 2199 |
|  Diebold Nixdorf, Inc. <sup>(a)</sup> | 4588 | 280373 |
|  Hewlett Packard Enterprise Co.  | 2136 | 48209 |
|  HP, Inc.  | 968 | 27627 |
|  IonQ, Inc. <sup>(a)(b)</sup> | 94 | 4018 |
|  NetApp, Inc.  | 159 | 17934 |
|  Pure Storage, Inc. - Class A <sup>(a)</sup> | 14 | 1086 |
|  Seagate Technology Holdings PLC  | 750 | 125550 |
|  Super Micro Computer, Inc. <sup>(a)(b)</sup> | 9 | 374 |
|  Turtle Beach Corp. <sup>(a)</sup> | 219 | 3465 |
|  Western Digital Corp.  | 23697 | 1903817 |
|  |  | 25006418 |
|  **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
|  Birkenstock Holding PLC <sup>(a)</sup> | 324 | 16890 |
|  Capri Holdings Ltd. <sup>(a)</sup> | 79 | 1627 |
|  Columbia Sportswear Co.  | 21 | 1170 |
|  Crocs, Inc. <sup>(a)(b)</sup> | 5601 | 488407 |
|  G-III Apparel Group Ltd. <sup>(a)</sup> | 197 | 5319 |
|  Hanesbrands, Inc. <sup>(a)</sup> | 563 | 3553 |
|  Kontoor Brands, Inc.  | 1433 | 110699 |
|  Levi Strauss & Co. - Class A  | 1 | 22 |
|  Lululemon Athletica, Inc. <sup>(a)</sup> | 36 | 7279 |
|  NIKE, Inc. - Class B  | 3596 | 278223 |
|  Oxford Industries, Inc.  | 126 | 5550 |
|  PVH Corp. <sup>(b)</sup> | 43 | 3626 |
|  Ralph Lauren Corp.  | 1386 | 411545 |
|  Rocky Brands, Inc.  | 90 | 2739 |
|  Tapestry, Inc.  | 1432 | 145806 |
|  Under Armour, Inc. - Class A <sup>(a)</sup> | 49 | 245 |
|  Under Armour, Inc. - Class C <sup>(a)</sup> | 14 | 69 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Textiles, Apparel & Luxury Goods — 0.3% (continued)** | **Textiles, Apparel & Luxury Goods — 0.3% (continued)** | **Textiles, Apparel & Luxury Goods — 0.3% (continued)** |
|  VF Corp.  | 38 | $575 |
|  Wolverine World Wide, Inc.  | 134 | 4280 |
|  |  | 1487624 |
|  **Tobacco — 0.1%** | **Tobacco — 0.1%** | **Tobacco — 0.1%** |
|  Altria Group, Inc.  | 1806 | 121381 |
|  Philip Morris International, Inc.  | 1299 | 217102 |
|  Turning Point Brands, Inc.  | 625 | 62188 |
|  Universal Corp.  | 3471 | 194202 |
|  |  | 594873 |
|  **Trading Companies & Distributors — 1.2%** | **Trading Companies & Distributors — 1.2%** | **Trading Companies & Distributors — 1.2%** |
|  Air Lease Corp.  | 14513 | 873828 |
|  Alta Equipment Group, Inc.  | 128 | 1068 |
|  Applied Industrial Technologies, Inc.  | 280 | 73802 |
|  BlueLinx Holdings, Inc. <sup>(a)</sup> | 3 | 248 |
|  Boise Cascade Co.  | 90 | 7830 |
|  Core & Main, Inc. - Class A <sup>(a)</sup> | 4177 | 270335 |
|  Custom Truck One Source, Inc. <sup>(a)</sup> | 7857 | 48242 |
|  Distribution Solutions Group, Inc. <sup>(a)</sup> | 6 | 193 |
|  DNOW, Inc. <sup>(a)</sup> | 1866 | 29856 |
|  DXP Enterprises, Inc. <sup>(a)</sup> | 1295 | 161720 |
|  Fastenal Co.  | 2101 | 104336 |
|  Ferguson Enterprises, Inc.  | 1099 | 254034 |
|  FTAI Aviation Ltd.  | 33 | 5077 |
|  GATX Corp.  | 4488 | 755375 |
|  Global Industrial Co.  | 702 | 26206 |
|  GMS, Inc. <sup>(a)</sup> | 1318 | 144888 |
|  Hudson Technologies, Inc. <sup>(a)</sup> | 2 | 20 |
|  McGrath RentCorp  | 614 | 74595 |
|  MRC Global, Inc. <sup>(a)</sup> | 6671 | 100599 |
|  MSC Industrial Direct Co., Inc. - Class A <sup>(b)</sup> | 554 | 49987 |
|  NPK International, Inc. <sup>(a)</sup> | 66 | 686 |
|  Rush Enterprises, Inc. - Class A  | 4347 | 249518 |
|  Rush Enterprises, Inc. - Class B  | 9 | 522 |
|  SiteOne Landscape Supply, Inc. <sup>(a)</sup> | 205 | 29364 |
|  Titan Machinery, Inc. <sup>(a)</sup> | 4 | 80 |
|  Transcat, Inc. <sup>(a)</sup> | 3 | 252 |
|  United Rentals, Inc.  | 2099 | 2007358 |
|  Watsco, Inc.  | 102 | 41043 |
|  WESCO International, Inc.  | 3733 | 820663 |
|  Willis Lease Finance Corp. <sup>(b)</sup> | 115 | 17098 |
|  WW Grainger, Inc.  | 145 | 146957 |
|  |  | 6295780 |
|  **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
|  American States Water Co.  | 486 | 36222 |
|  American Water Works Co., Inc.  | 1192 | 171064 |
|  California Water Service Group  | 906 | 42519 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (concluded)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** | **COMMON STOCKS — 92.1% (continued)** |
|  **Water Utilities — 0.1% (continued)** | **Water Utilities — 0.1% (continued)** | **Water Utilities — 0.1% (continued)** |
|  Consolidated Water Co. Ltd.  | 13 | $432 |
|  Essential Utilities, Inc.  | 4234 | 167285 |
|  H2O America  | 395 | 19896 |
|  Middlesex Water Co.  | 225 | 12046 |
|  York Water Co.  | 11 | 342 |
|  |  | 449806 |
|  **Wireless Telecommunication Services — 0.9%** | **Wireless Telecommunication Services — 0.9%** | **Wireless Telecommunication Services — 0.9%** |
|  Array Digital Infrastructure, Inc.  | 29 | 1561 |
|  Gogo, Inc. <sup>(a)</sup> | 73 | 802 |
|  Telephone and Data Systems, Inc.  | 13101 | 525219 |
|  T-Mobile US, Inc.  | 16199 | 4081986 |
|  |  | 4609568 |
|  **TOTAL COMMON STOCKS** (Cost $357,028,979) |  | 495097131 |
|  **EXCHANGE TRADED FUNDS — 7.8%** | **EXCHANGE TRADED FUNDS — 7.8%** | **EXCHANGE TRADED FUNDS — 7.8%** |
|  Avantis U.S. Small Cap Value ETF<sup>(b)</sup> | 131439 | 13124184 |
|  Dimensional US Core Equity 2 ETF | 758884 | 28647871 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $34,942,274) |  | 41772055 |
|  **CLOSED-END FUNDS — 0.0%<sup>(c)</sup>** | **CLOSED-END FUNDS — 0.0%<sup>(c)</sup>** | **CLOSED-END FUNDS — 0.0%<sup>(c)</sup>** |
|  Ares Capital Corp. | 1910 | 42784 |
|  Central Securities Corp. | 469 | 23445 |
|  Hercules Capital, Inc.<sup>(b)</sup> | 4500 | 87840 |
|  Main Street Capital Corp.<sup>(b)</sup> | 265 | 17567 |
|  Tortoise Energy Infrastructure Corp. | 400 | 17052 |
|  **TOTAL CLOSED-END FUNDS** (Cost $99,904) |  | 188688 |
|  **RIGHTS — 0.0%<sup>(c)</sup>** | **RIGHTS — 0.0%<sup>(c)</sup>** | **RIGHTS — 0.0%<sup>(c)</sup>** |
|  SYCAMORE PARTNERS LLC - RIGHT, Expires 08/28/2026, Exercise Price $3.00 <sup>(a)(d)</sup> | 123 | 0 |
|  **TOTAL RIGHTS** (Cost $0) |  | 0 |

---

---

| | | |
|:---|:---|:---|
|  | **Units** | **Value** |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.0%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.0%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 5.0%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 4.48%<sup>(e)</sup>  | 26884810 | $26884810 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $26,884,810)  |  | 26884810 |
|  | **Shares** |  |
|  **MONEY MARKET FUNDS — 0.0%<sup>(c)</sup>** | **MONEY MARKET FUNDS — 0.0%<sup>(c)</sup>** | **MONEY MARKET FUNDS — 0.0%<sup>(c)</sup>** |
|  First American Government Obligations Fund - Class X, 4.22%<sup>(e)</sup>  | 241961 | 241961 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $241,961)  |  | 241961 |
|  **TOTAL INVESTMENTS — 104.9%** (Cost $419,197,928)  |  | 564184645 |
|  Liabilities in Excess of Other Assets — (4.9)%  |  | (26376416) |
|  **TOTAL NET ASSETS — 100.0%**  |  | $537808229 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> 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

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> All or a portion of this security is on loan as of August 31, 2025. The fair value of these securities was $26,267,936. 

<sup>(c)</sup> Represents less than 0.05% of net assets. 

<sup>(d)</sup> 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, 2025. 

<sup>(e)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

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

**Longview Advantage ETF** 

**Statement of Assets and Liabilities** 

**As of AUGUST 31, 2025**

---

| | |
|:---|:---|
|  **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value  | $564184645 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable  | 665112 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security lending income receivable  | 2354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend tax reclaims receivable  | 1347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 564853736 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  | 26884810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to adviser  | 67114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for audit and tax service fees  | 59200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for administration and accounting fees  | 18020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for printing and shareholder reporting fees  | 4600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for transfer agent fees  | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for legal fees  | 567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for expenses and other liabilities  | 10500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 27045507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS  | $537808229 |
|  **NET ASSETS CONSISTS OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $617677657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | (79869428) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets  | $537808229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $537808229 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued and outstanding<sup>(a)</sup>  | 10021830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share  | $53.66 |
|  **COST:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at cost  | $419197928 |
|  **LOANED SECURITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; at value (included in investments)  | $26267936 |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp;Unlimited shares authorized without par value.

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

**Longview Advantage ETF** 

**Statement of Operations** 

**For the period ended AUGUST 31, 2025<sup>(** **a** **)</sup>**

---

| | |
|:---|:---|
|  **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income  | $4090739 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Issuance fees  | (41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Dividend withholding taxes  | (3538) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income  | 25318 |
|  Total investment income  | 4112478 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee  | 621646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and accounting fees  | 68000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organizational costs  | 65000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax service fees  | 59500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reporting fees  | 13000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expense  | 16293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 845439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser  | (248659) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 596780 |
|  **NET INVESTMENT INCOME**  | 3515698 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (2344226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | 115823043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distributions received from other investment companies  | 1584 |
|  Net realized gain (loss)  | 113480401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on:  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (78674053) |
|  Net realized and unrealized gain (loss)  | 34806348 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $38322046 |

---

<sup>(a)</sup> Inception date of the Fund was February 26, 2025.

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

**Longview Advantage ETF** 

**Statement of Changes in Net Assets** 

---

| | |
|:---|:---|
|  | **FOR THE <br> PERIOD ENDED <br> AUGUST 31, <br> 2025<sup>(a)</sup>** |
|  **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $3515698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 113480401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (78674053) |
|  Net increase (decrease) in net assets from operations  | 38322046 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From earnings  | (2375507) |
|  Total distributions to shareholders  | (2375507) |
|  **CAPITAL TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 781449175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (279587485) |
|  Net increase (decrease) in net assets from capital transactions  | 501861690 |
|  **NET INCREASE (DECREASE) IN NET ASSETS** | 537808229 |
|  **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of the period  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of the period  | $537808229 |
|  **SHARES TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 16321830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (6300000) |
|  Total increase (decrease) in shares outstanding  | 10021830 |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was February 26, 2025.

 

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

**Longview Advantage 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 <br> Period <br> ENDED<br> AUGUST 31, <br> 2025<sup>(** **a** **)</sup>** |
|  **PER SHARE DATA:** |  |
|  Net asset value, beginning of period  | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |
|  Net investment income<sup>(b)(c)</sup>  | 0.35 |
|  Net realized and unrealized gain (loss) on investments  | 3.55 |
|  Total from investment operations  | 3.90 |
|  **LESS DISTRIBUTIONS FROM:** |  |
|  Net investment income  | (0.24) |
|  Total distributions  | (0.24) |
|  Net asset value, end of period  | $53.66 |
|  **TOTAL RETURN**<sup>(d)</sup>  | 7.83% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |
|  Net assets, end of period (in thousands)  | $537808 |
|  Ratio of expenses to average net assets: |  |
|  Before expense reimbursement/recoupment<sup>(e)(f)</sup>  | 0.34% |
|  After expense reimbursement/recoupment<sup>(e)(f)</sup>  | 0.24% |
|  Ratio of net investment income (loss) to average net assets<sup>(e)(f)</sup>  | 1.42% |
|  Portfolio turnover rate<sup>(d)(g)</sup>  | 7% |

---

<sup>(a)</sup> Inception date of the Fund was February 26, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests. 

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests. 

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

**Longview Advantage ETF** 

**Notes to Financial Statements** 

**As of AUGUST 31, 2025**

**1. Organization And Significant Accounting Policies** 

The RBB Fund Trust, (the "Trust") was organized as a Delaware statutory trust on August 29, 2014, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust 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, the Trust has ten separate investment portfolios, including the Longview Advantage ETF (the "Fund"), which commenced investment operations on February 26, 2025.

The investment objective of the Fund is to seek total return.

In connection with the Fund's launch, a contribution of securities was made by certain investors (the "Initial Investors") to the Fund. Each Initial Investor simultaneously and separately transferred solely a pool of diversified securities ("Contributed Assets") to the Fund in exchange for Fund shares with a net asset value ("NAV") equal to the market value of the Contributed Assets on the day of the contribution (the "Contribution"). Each of the Initial Investors' basis in the ETF shares received with respect to the Contribution is equal to each of the Initial Investors' basis in the Contributed Assets.

On February 26, 2025 ("Contribution Date"), the Initial Investors completed a tax-free contribution under Section 351(a) of the Internal Revenue Code of 1986, as amended. The Initial Investors contributed a total market value of $439,841,525 on the Contribution Date, which was comprised of a cost basis of assets contributed of $216,180,742 and unrealized appreciation of $223,660,783. The Contribution resulted in the issuance of 8,796,830 Fund shares to the Initial Investors.

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, 2025, and the period covered by these Notes to Financial Statements is the since inception period from February 26, 2025 through August 31, 2025 (the "current fiscal period").

**PORTFOLIO VALUATION** — The Fund values its investments at fair value. The Fund's 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 factors such 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 Trust's Board of Trustees (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, LLC 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 Hill Investment Group Partners, LLC d/b/a Longview Research Partners, the Fund's investment adviser (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

**Longview Advantage ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of AUGUST 31, 2025**

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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments:** | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
|  Common Stocks | $495097131 | $— | $— | $495097131 |
|  Exchange Traded Funds | 41772055 |  |  | 41772055 |
|  Closed-End Funds | 188688 |  |  | 188688 |
|  Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> |  |  |  | 26884810 |
|  Money Market Funds | 241961 |  |  | 241961 |
|  Total Investments | $537299835 | $— | $— | $564184645 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories. 

<sup>(a)</sup> 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 amount of $26,884,810 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments. 

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 current fiscal period. Transfers in and out between levels are based on values at the end of the current fiscal period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers are disclosed if the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

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

**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

**Longview Advantage ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of AUGUST 31, 2025**

assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the current fiscal 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, Inc. ("RBB") a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Trust or RBB 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 the Trust and RBB, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the 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.

**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.

**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 POLICIES AND PRACTICES** 

The Fund's investment objective and principal investment strategies are described in the Prospectus. The sections below describe some of the different types of investments that may be made by the Fund as part of its principal and non-principal investment strategies. The following information supplements, and should be read in conjunction with, the Prospectus.

**Longview Advantage ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of AUGUST 31, 2025**

With respect to the Fund's investments, unless otherwise noted, if a percentage limitation on investment is adhered to at the time of investment or contract, a subsequent increase or decrease as a result of market movement or redemption will not result in a violation of such investment limitation.

There can be no guarantee that the Fund will achieve its investment objective. The Fund may not necessarily invest in all of the instruments or use all of the investment techniques permitted by the Prospectus and this SAI, or invest in such instruments or engage in such techniques to the full extent permitted by the Fund's investment policies and limitations.

**Principal Investment Policies and Risks** 

**Cyber Security Risk.** The Fund and its service providers may be prone to operational and information security risks resulting from breaches in cyber security. A breach in cyber security refers to both intentional and unintentional events that may cause the Fund to lose proprietary information, suffer data corruption, or lose operational capacity. Breaches in cyber security include, among other behaviors, stealing or corrupting data maintained online or digitally, denial of service attacks on websites, the unauthorized release of confidential information or various other forms of cyber-attacks. Cyber security breaches affecting the Fund, Adviser, custodian, transfer agent, intermediaries and other third-party service providers may adversely impact the Fund. For instance, cyber security breaches may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential business information, impede trading, subject the Fund to regulatory fines or financial losses and/or cause reputational damage. The Fund may also incur additional costs for cyber security risk management purposes. Similar types of cyber security risks are also present for issuers of securities in which the Fund may invest, which could result in material adverse consequences for such issuers and may cause the Fund's investment in such companies to lose value. While the Fund and its service providers have established information technology and data security programs and have in place business continuity plans and other systems designed to prevent losses and mitigate cyber security risk, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified or that cyber-attacks may be highly sophisticated. Furthermore, the Fund has limited ability to prevent or mitigate cyber security incidents affecting third-party service providers, and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser.

**Exchange-Traded Funds.** The Fund may hold shares of other open-end investment companies whose shares are listed for trading on a national securities exchange. ETF shares typically trade like shares of common stock and provide investment results that generally correspond to the price and yield performance of the component stocks of a widely recognized index. There can be no assurance, however, that this can be accomplished, as it may not be possible for an ETF to replicate the composition and relative weightings of the securities of its corresponding index. Additionally, some ETFs are actively-managed by an investment adviser and/or sub-advisers and do not seek to provide investment results that correspond to an index.

ETFs are subject to risks of an investment in a broadly based portfolio of common stocks, including the risk that the general level of stock prices may decline, thereby adversely affecting the value of such investment. An actively-managed ETF may not perform as well as its investment adviser and/or sub-advisers expect, and/or the actively-managed ETF's portfolio management practices might not work to achieve the desired result. Individual shares of an ETF are generally not redeemable at their NAV, but trade on an exchange during the day at prices that are normally close to, but not the same as, their NAV. There is no assurance that an active trading market will be maintained for the shares of an ETF or that market prices of the shares of an ETF will be close to their NAVs. The existence of extreme market volatility or potential lack of an active trading market for an ETF's shares could result in such shares trading at a significant premium or discount to their NAV. In addition, the purchase of shares of ETFs may result in duplication of expenses, including advisory fees, in addition to a mutual fund's or ETF's own expenses.

Investments in securities of ETFs beyond the limitations set forth in Section 12(d)(1)(A) of the 1940 Act are subject to certain terms and conditions described below. Section 12(d)(1)(A) states that a mutual fund may not acquire shares of other investment companies, such as ETFs, in excess of: 3% of the total outstanding voting stock of the investment company; 5% of its total assets invested in the investment company; or more than 10% of the fund's total assets were to be invested in the aggregate in all investment companies. The purchase of shares of ETFs may result in duplication of expenses, including

**Longview Advantage ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of AUGUST 31, 2025**

advisory fees, in addition to a mutual fund's own expenses. Rule 12d1-4 under the 1940 Act ("Rule 12d1-4") allows funds to invest in other investment companies in excess of some of the limitations discussed above, subject to certain limitations and conditions. An acquiring fund relying on Rule 12d-4 must enter into a fund of funds investment agreement with the acquired fund. Rule 12d1-4 outlines the requirements for fund of funds agreements and specifies certain reporting responsibilities of the acquiring fund's adviser. The Fund expects to rely on Rule 12d1-4 to the extent the Adviser deems such reliance necessary or appropriate.

**Equity Securities.** Equity securities represent ownership interests in a company and consist of common stocks, preferred stocks, warrants to acquire common stock, and securities convertible into common stock. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Fund invests will cause the NAV of the Fund to fluctuate. The Fund purchases equity securities traded in the U.S. on registered exchanges or the over-the-counter market. Equity securities are described in more detail below:

● **Common Stock.** Common stock represents an equity or ownership interest in an issuer. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds and preferred stock take precedence over the claims of those who own common stock.

● **Preferred Stock.** Preferred stock represents an equity or ownership interest in an issuer that pays dividends at a specified rate and that has precedence over common stock in the payment of dividends. In the event an issuer is liquidated or declares bankruptcy, the claims of owners of bonds take precedence over the claims of those who own preferred and common stock.

● **Warrants.** Warrants are instruments that entitle the holder to buy an equity security at a specific price for a specific period of time. Changes in the value of a warrant do not necessarily correspond to changes in the value of its underlying security. The price of a warrant may be more volatile than the price of its underlying security, and a warrant may offer greater potential for capital appreciation as well as capital loss. Warrants do not entitle a holder to dividends or voting rights with respect to the underlying security and do not represent any rights in the assets of the issuing company. A warrant ceases to have value if it is not exercised prior to its expiration date. These factors can make warrants more speculative than other types of investments.

● **Convertible Securities.** Convertible securities are bonds, debentures, notes, preferred stocks or other securities that may be converted or exchanged (by the holder or by the issuer) into shares of the underlying common stock (or cash or securities of equivalent value) at a stated exchange ratio. A convertible security may also be called for redemption or conversion by the issuer after a particular date and under certain circumstances (including a specified price) established upon issue. If a convertible security held by the Fund is called for redemption or conversion, the Fund could be required to tender it for redemption, convert it into the underlying common stock, or sell it to a third party.

Convertible securities generally have less potential for gain or loss than common stocks. Convertible securities generally provide yields higher than the underlying common stocks, but generally lower than comparable non-convertible securities. Because of this higher yield, convertible securities generally sell at a price above their "conversion value," which is the current market value of the stock to be received upon conversion. The difference between this conversion value and the price of convertible securities will vary over time depending on changes in the value of the underlying common stocks and interest rates. When the underlying common stocks decline in value, convertible securities will tend not to decline to the same extent because of the interest or dividend payments and the repayment of principal at maturity for certain types of convertible securities. However, securities that are convertible other than at the option of the holder generally do not limit the potential for loss to the same extent as securities convertible at the option of the holder. When the underlying common stocks rise in value, the value of convertible securities may also be expected to increase. At the same time, however, the difference between the market value of convertible securities and their conversion value will narrow, which means that the value of convertible securities will generally not increase to the same extent as the value of the underlying common stocks. Because convertible securities may also be interest-rate sensitive, their value may increase as <br>

**Longview Advantage ETF** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**As of AUGUST 31, 2025**

interest rates fall and decrease as interest rates rise. Convertible securities are also subject to credit risk, and are often lower-quality securities.

● **Small-Cap and Medium Cap Stocks.** The Fund may invest in securities of companies with small- and mid-size capitalizations which tend to be riskier than securities of companies with large capitalizations. This is because small- and mid-cap companies typically have smaller product lines and less access to liquidity than large cap companies, and are therefore more sensitive to economic downturns. In addition, growth prospects of small- and mid-cap companies tend to be less certain than large cap companies, and the dividends paid on small- and mid-cap stocks are frequently negligible. Moreover, small- and mid-cap stocks have, on occasion, fluctuated in the opposite direction of large cap stocks or the general stock market. Consequently, securities of small- and mid-cap companies tend to be more volatile than those of large-cap companies. The market for small-cap securities may be thinly traded and as a result, greater fluctuations in the price of small-cap securities may occur.

**Investment Company Shares.** The Fund may hold shares of other investment companies to the extent permitted by applicable law and subject to certain restrictions. These investment companies typically incur fees that are separate from those fees incurred directly by the Fund. The Fund's purchase of such investment company securities results in the layering of expenses, such that shareholders would indirectly bear a proportionate share of the operating expenses of such investment companies, including advisory fees, in addition to paying the Fund's expenses. Unless an exception is available, Section 12(d)(1)(A) of the 1940 Act prohibits a fund from (i) acquiring more than 3% of the voting shares of any one investment company, (ii) investing more than 5% of its total assets in any one investment company, and (iii) investing more than 10% of its total assets in all investment companies combined. These limits will not apply to the investment of uninvested cash balances in shares of registered or unregistered money market funds whether affiliated or unaffiliated. The foregoing exemption, however, only applies to an unregistered money market fund that (i) limits its investments to those in which a money market fund may invest under Rule 2a-7 of the 1940 Act, and (ii) undertakes to comply with all the other provisions of Rule 2a-7.

The Fund may hold shares of other investment companies that seek to track the composition and/or performance of specific indexes or portions of specific indexes. Certain of these investment companies, known as ETFs, are traded on a securities exchange. The market prices of index-based investments will fluctuate in accordance with changes in the underlying portfolio securities of the investment company and also due to supply and demand of the investment company's shares on the exchange upon which the shares are traded. Index-based investments may not replicate or otherwise match the composition or performance of their specified index due to transaction costs, among other things.

Investments by the Fund in other investment companies, including ETFs, will be subject to the limitations of the 1940 Act. Pursuant to Rule 12d1-4 and procedures approved by the Board, the Fund may invest in other investment companies beyond the limits contained in the 1940 Act, subject to certain conditions imposed by Rule 12d1-4 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.

Certain investment companies whose securities are purchased by the Fund may not be obligated to redeem such securities in an amount exceeding 1% of the investment company's total outstanding securities during any period of less than 30 days. Therefore, such securities that exceed this amount may be illiquid.

**Large Shareholder Purchase and Redemption Risk.** The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Such large shareholder redemptions may cause the Fund to sell its securities at times when it would not otherwise do so, which may negatively impact the Fund's NAV and liquidity. Similarly, large share purchases may adversely affect the Fund's performance to the extent that the Fund is delayed in investing new cash and is required to maintain a larger cash position than it ordinarily would. In addition, a large redemption could result in the Fund's current expenses being allocated over a smaller asset base, leading to an increase in the Fund's expense ratio. However, this risk may be limited to the extent that the Adviser and the Fund have entered into a fee waiver and/or expense reimbursement arrangement.

**Special Note Regarding Market Events.** Periods of unusually high financial market volatility and restrictive credit conditions, at times limited to a particular sector or geographic area, have occurred in the past and may be expected to recur

**Longview Advantage ETF** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**As of AUGUST 31, 2025**

in the future. Some countries, including the United States, have adopted or have signaled protectionist trade measures, relaxation of the financial industry regulations that followed the financial crisis, and/or reductions to corporate taxes. The scope of these policy changes is still developing, but the equity and debt markets may react strongly to expectations of change, which could increase volatility, particularly if a resulting policy runs counter to the market's expectations. The outcome of such changes cannot be foreseen at the present time. In addition, geopolitical and other risks, including events such as war, military conflict, acts of terrorism, social unrest, natural disasters, recessions, inflation, rapid interest rate changes, supply chain disruptions, sanctions, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. As a result of increasingly interconnected global economies and financial markets, the value and liquidity of the Fund's investments may be negatively affected by events impacting a country or region, regardless of whether the Fund invests in issuers located in or with significant exposure to such country or region.

Disease outbreaks that affect local economies or the global economy may materially and adversely impact the Fund and/or the Adviser's business. For example, uncertainties regarding the COVID-19 outbreak have resulted in serious economic disruptions across the globe. Recent events are impacting the securities markets. Governmental authorities and regulators throughout the world, such as the U.S. Federal Reserve, have in the past responded to major economic disruptions with changes to fiscal and monetary policy, including but not limited to, direct capital infusions, new monetary programs, and interest rates changes. Such policy changes may adversely affect the value, volatility and liquidity of dividend and interest paying securities.

In certain cases, an exchange or market may close or issue trading halts on either specific securities or even the entire market, which may result in the Fund being, among other things, unable to buy or sell certain securities or financial instruments or to accurately price its investments. Although multiple asset classes may be affected by a market disruption, the duration and effects may not be the same for all types of assets. To the extent the Fund may overweight its investments in certain countries, companies, industries or market sectors, such position will increase the Fund's exposure to risk of loss from adverse developments affecting those countries, companies, industries or sectors. These conditions could result in the Fund's inability to achieve its investment objectives, cause the postponement of reconstitution or rebalance dates for benchmark indices, adversely affect the prices and liquidity of the securities and other instruments in which the Fund invests, negatively impact the Fund's performance, and cause losses on your investment in the Fund.

Additionally, U.S. and global markets recently have experienced increased volatility, including the recent failures of certain U.S. and non-U.S. banks, which could be harmful to the Fund and issuers in which they invest. Conditions in the banking sector are evolving, and the scope of any potential impacts to the Fund and issuers, both from market conditions and also potential legislative or regulatory responses, are uncertain. Continued market volatility and uncertainty and/or a downturn in market and economic and financial conditions, as a result of developments in the banking industry or otherwise (including as a result of delayed access to cash or credit facilities), could have an adverse impact on the Fund and issuers in which they invest.

**3. Investment Adviser and Other Services** 

Hill Investment Group Partners, LLC d/b/a Longview Research Partners serves as the investment adviser to 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 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, 2025

**Longview Advantage ETF** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**As of AUGUST 31, 2025**

and may not be terminated without the approval of the Board. The Adviser may discontinue this arrangement at any time after December 31, 2025.

---

| | |
|:---|:---|
| **ADVISORY FEE** | **EXPENSE CAP** |
| 0.25% | 0.24% |

---

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 (i) the expense limitations that were in effect at the time of the waiver or reimbursement and (ii) the current expense limit in effect at the time of the reimbursement.

---

| |
|:---|
| **EXPIRATION <br> AUGUST 31, 2028**  |
| $248659 |

---

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 the Trust.

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

**4. Trustee And Officer Compensation** 

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

**5. 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 Fund were as follows:

---

| | |
|:---|:---|
| **PURCHASES** | **SALES** |
| $313835699 | $33233511 |

---

**Longview Advantage ETF** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**As of AUGUST 31, 2025**

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 (excluding short-term investments) of the Fund were as follows:

---

| | |
|:---|:---|
| **PURCHASES** | **SALES** |
| $502425819 | $280167501 |

---

**6. Federal Income Tax Information** 

Distributions to shareholders are determined in accordance with United States federal income tax regulations, which may differ from GAAP.

The tax character of distributions paid during the year ended August 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **2025** | **2025** | **2025** |
| **ORDINARY <br> INCOME** | **LONG-TERM <br> GAINS** | **TOTAL** |
| $2375507 | $— | $2375507 |

---

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **UNDISTRIBUTED <br> ORDINARY <br> INCOME** | **UNDISTRIBUTED <br> LONG-TERM <br> CAPITAL <br> GAINS** | **CAPITAL <br> LOSS CARRY <br> FORWARD** | **QUALIFIED <br> LATE-YEAR <br> LOSS <br> DEFERRAL** | **OTHER <br> TEMPORARY <br> DIFFERENCES** | **NET <br> UNREALZIED <br> APPRECIA<br> TION/(DEPRE<br> CIATION)** |
| $1140195 | $– $| 1917731 | $– $| 223660770 | $144568878 |

---

As of August 31, 2025, the Fund had $1,917,731 of carry forward capital losses. A regulated investment company 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 taxable period ended August 31, 2025, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2025. During the current fiscal period, the Fund had utilized $0 of carry forward capital losses.

The cost basis of investments for federal income tax purposes at August 31, 2025, the Fund's most recently completed fiscal year end, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **FEDERAL <br> TAX COST** | **UNREALIZED <br> APPRECIATION** | **UNREALIZED <br> (DEPRECIATION)** | **NET <br> UNREALIZED <br> APPRECIATION/<br> (DEPRECIATION)** |
| $419615767 | $148875774 | $(4306896) | $144568878 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax deferral of losses on 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

**Longview Advantage ETF** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**As of AUGUST 31, 2025**

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, 2025, primarily attributable to in-kind redemptions gain and loss, were reclassified among the following accounts:

---

| | |
|:---|:---|
| **DISTRIBUTABLE <br> EARNINGS/<br> (LOSS)** | **PAID-IN CAPITAL** |
| $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (115815966) | $115815966 |

---

The differences between the book and tax basis components of distributable earnings relate primarily to wash sales.

**7. 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:

---

| | | |
|:---|:---|:---|
| **MARKET VALUE <br> OF SECURITIES <br> LOANED** | **MARKET VALUE <br> OF COLLATERAL** | **INCOME <br> RECEIVED FROM <br> SECURITIES <br> LENDING** |
| $26267936 | $26884810 | $25318 |

---

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 the same counterparty against amounts to be received and create one single net payment

**Longview Advantage ETF** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**As of AUGUST 31, 2025**

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 <br> THE STATEMENTS OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN <br> THE STATEMENTS OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN <br> THE STATEMENTS OF ASSETS AND LIABILITIES** |
|<br>**GROSS <br> AMOUNTS OF <br> RECOGNIZED<br> ASSETS** | <br>**GROSS <br> AMOUNTS<br> OFFSET IN THE<br> STATEMENTS<br> OF ASSETS <br> AND<br> LIABILITIES** | <br>**NET AMOUNTS <br> OF<br> ASSETS <br> PRESENTED<br> IN THE <br> STATEMENTS<br> OF ASSETS <br> AND<br> LIABILITIES** | **FINANCIAL<br> INSTRuMENTS<sup>1</sup>** | **CASH<br> COLLATERAL<br> RECEIVED** | **NET AMOUNT<sup>2</sup>** |
| $26267936 | $— | $26267936 | $(26267936) | $— | $— |

---

---

| | |
|:---|:---|
| 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.  |

---

**8. 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 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 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 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 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 $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 such 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.

**9. New Accounting Pronouncement** 

The Trust has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -- Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund in the Trust operates in one segment. The segment derives its revenues from each Fund's investments made in accordance with the defined investment strategy of each Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's financial statements.

**Longview Advantage ETF** 

**NOTES TO FINANCIAL STATEMENTS (CONCLUDED)** 

**As of AUGUST 31, 2025**

**10. Subsequent Events** 

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

**Longview Advantage ETF** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders and Board of Trustees of The RBB Fund Trust

<u><u>Opinion on the Financial Statements</u></u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Longview Advantage ETF (the "Fund"), a series of The RBB Fund Trust, as of August 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for the period from February 26, 2025 (commencement of operations) through August 31, 2025, 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, 2025, 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.

<u><u>Basis for Opinion</u></u>

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, 2025, 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 Fund's auditor since 2025.

![](fp0094048-8_39.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

October 30, 2025

**Longview Advantage ETF** 

**NOTICE TO SHAREHOLDERS** 

**As of AUGUST 31, 2025 (unaudited)**

**INFORMATION ON PROXY VOTING** 

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available (i) without charge, upon request, by calling (800) 617-0004; and (ii) on the SEC's website at http://www.sec.gov.

**QUARTERLY SCHEDULE OF INVESTMENTS** 

The Trust 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 Trust's Form 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.longviewresearchpartners.com.

**Qualified Dividend Income/Dividends Received Deduction** 

For the fiscal year ended Aug 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100.00% for the Fund.

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended August 31, 2025, was 83.68% for the Fund.

The percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Section 871(k)(2)(C) of the Internal Revenue Code of 1986, as amended, for the Fund was 0.00%.

Dividends and distributions received by retirement plans such as IRA's, Keogh-type plans and 403(b) plans need not be reported as taxable income. However, many retirement plan trusts may need this information for their information reporting.

**INVESTMENT ADVISER** 

**Hill Investment Group Partners, LLC d/b/a Longview Research Partners** 190 Carondelet Plaza, Suite 1475

Saint Louis, Missouri 63105

**ADMINISTRATOR AND TRANSFER AGENT** 

**U.S. Bank Global Fund Services** P.O. Box 701

Milwaukee, WI 53202-0701

**CUSTODIAN** 

**U.S. Bank, N.A**.

1555 North Rivercenter Drive, Suite 302

Milwaukee, WI 53202

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**Cohen & Company, Ltd.**

1350 Euclid Avenue, Suite 800

Cleveland, OH 44115

**UNDERWRITER** 

**Quasar Distributors, LLC** 190 Middle Street, Suite 301 Portland, Maine 04101

**LEGAL COUNSEL** 

**Faegre Drinker Biddle & Reath LLP** One Logan Square, Suite 2000

Philadelphia, PA 19103-6996

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**A Series of** 

**THE RBB FUND TRUST** 

**Institutional Class (TICKER: PEIEX)** 

**Financial Statements** 

**August 31, 2025** 

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.

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**PORTFOLIO of Investments** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **PAR** | **Value** |
|  **SHORT-TERM INVESTMENTS** |  |  |
|  **U.S. TREASURY BILLS — 79.2%** |  |  |
|  4.29%, 09/02/2025 <sup>(a)</sup>  | $8000000 | $8000000 |
|  4.28%, 09/04/2025 <sup>(a)</sup>  | 8500000 | 8498002 |
|  4.29%, 10/23/2025 <sup>(a)</sup>  | 8500000 | 8450509 |
| &nbsp;&nbsp;&nbsp; TOTAL U.S. TREASURY BILLS (Cost $24,943,988)  |  | 24948511 |
|  TOTAL INVESTMENTS — 79.2% (Cost $24,943,988)  |  | 24948511 |
|  Other Assets in Excess of Liabilities — 20.8%  |  | 6566297 |
|  TOTAL NET ASSETS — 100.0%  |  | $31514808 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> The rate shown is the annualized effective yield as of August 31, 2025.

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

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**PORTFOLIO OF INVESTMENTS IN FUTURES CONTRACTS** 

**AUGUST 31, 2025**

Futures contracts outstanding as of August 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **EXPIRATION <br> DATE** | **NOTIONAL<br> Value** | **Value/ <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  MSCI EAFE Index  | 234 | 09/19/2025 | $31836870 | $664657 |
|  US Dollar/Norwegian Krone Cross Currency Rate  | 2 | 09/15/2025 | 200013 | (1116) |
|  US Dollar/Swedish Krona Cross Currency Rate  | 8 | 09/15/2025 | 798926 | (9711) |
|  |  |  |  | 653830 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Sold** | **EXPIRATION <br> DATE** | **NOTIONAL<br> Value** | **Value/ <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  Australian Dollar/US Dollar Cross Currency Rate  | (199) | 09/15/2025 | $13029525 | $(90515) |
|  British Pound/US Dollar Cross Currency Rate  | (64) | 09/15/2025 | 5405200 | (10904) |
|  Canadian Dollar/US Dollar Cross Currency Rate  | (1) | 09/16/2025 | 72900 | 393 |
|  Euro/US Dollar Cross Currency Rate  | (291) | 09/15/2025 | 42596944 | (818835) |
|  Japanese Yen/US Dollar Cross Currency Rate  | (123) | 09/15/2025 | 10475756 | 228587 |
|  Mexican Peso/US Dollar Cross Currency Rate  | (6) | 09/15/2025 | 160590 | (4996) |
|  New Zealand Dollar/US Dollar Cross Currency Rate  | (13) | 09/15/2025 | 767585 | 18799 |
|  Swiss Franc/US Dollar Cross Currency Rate  | (19) | 09/15/2025 | 2974212 | (45300) |
|  |  |  |  | $(722771) |
|  Net Unrealized Appreciation (Depreciation)  |  |  |  | $(68941) |

---

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

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**Statement of Assets and Liabilities** 

**AUGUST 31, 2025**

---

| | |
|:---|:---|
|  **ASSETS** |  |
| &nbsp;&nbsp;&nbsp; Investments, at value (cost $24,943,988)  | $24948511 |
| &nbsp;&nbsp;&nbsp; Foreign currency deposits with broker for future contracts (cost $38,832) | 38832 |
| &nbsp;&nbsp;&nbsp; Deposits with broker for futures contracts  | 4698500 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 2048506 |
| &nbsp;&nbsp;&nbsp; Unrealized apprecation on futures contracts  | 912436 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | $32646785 |
|  **LIABILITIES** |  |
|  Payables for: |  |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees  | $5597 |
| &nbsp;&nbsp;&nbsp; Advisory fees  | 4823 |
| &nbsp;&nbsp;&nbsp; Capital shares redeemed  | 110591 |
|  Unrealized depreciation on futures contracts  | 981377 |
|  Other accrued expenses and liabilities  | 29589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 1131977 |
| &nbsp;&nbsp;&nbsp; Net assets  | $31514808 |
|  **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | 30051033 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/(losses)  | 1463775 |
| &nbsp;&nbsp;&nbsp; Net assets  | $31514808 |
|  Shares issued and outstanding (unlimited number of shares authorized without par value)  | 2847557 |
|  Net asset value, price per share  | 11.07 |

---

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

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**Statement of Operations** 

**For the YEAR ended AUGUST 31, 2025**

---

| | |
|:---|:---|
|  **INVESTMENT INCOME** |  |
| &nbsp;&nbsp;&nbsp; Interest  | $1004255 |
| &nbsp;&nbsp;&nbsp; Total investment income  | 1004255 |
|  **EXPENSES** |  |
| &nbsp;&nbsp;&nbsp; Advisory fees  | 270592 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 51542 |
| &nbsp;&nbsp;&nbsp; Administration and accounting fees  | 39689 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 25195 |
| &nbsp;&nbsp;&nbsp; Audit and tax service fees  | 21425 |
| &nbsp;&nbsp;&nbsp; Officer fees  | 12314 |
| &nbsp;&nbsp;&nbsp; Printing and shareholder reporting fees  | 7883 |
| &nbsp;&nbsp;&nbsp; Registration and filing fees  | 4151 |
| &nbsp;&nbsp;&nbsp; Director fees  | 3928 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 1672 |
| &nbsp;&nbsp;&nbsp; Other expenses  | 15214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waivers and reimbursments  | 453605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: waivers and reimbursemets  | (168772) |
| &nbsp;&nbsp;&nbsp; Net expenses after waivers/reimbursements  | 284833 |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | 719422 |
|  **NET REALIZED AND UNREALIZED GAIN/(LOSS) FROM INVESTMENTS** |  |
| &nbsp;&nbsp;&nbsp; **Net realized gain/(loss) from:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (31) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | 827293 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions  | 8320 |
| &nbsp;&nbsp;&nbsp; **Net change in unrealized appreciation/(depreciation) on:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (1412) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | 324322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign Currency Translations  | (72) |
| &nbsp;&nbsp;&nbsp; **Net realized and unrealized gain/(loss) on investments**  | 1158420 |
|  **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $1877842 |

---

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

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **FOR THE<br> YEAR ENDED<br> AUGUST 31,<br> 2025** | **FOR THE<br> YEAR ENDED<br> AUGUST 31,<br> 2024** |
|  **INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $719422 | $749910 |
| &nbsp;&nbsp;&nbsp; Net realized gain/(loss) from investments  | 835582 | 3241650 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments  | 322838 | (590399) |
|  Net increase/(decrease) in net assets resulting from operations  | 1877842 | 3401161 |
|  **DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS FROM:** |  |  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | (3629697) | (1532514) |
|  Net decrease in net assets from dividends and distributions to shareholders  | (3629697) | (1532514) |
|  **CAPITAL SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from shares sold  | 4775719 | 686340 |
| &nbsp;&nbsp;&nbsp; Reinvestment of distributions  | 3629697 | 1532514 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (779573) | (199574) |
|  Net increase/(decrease) in net assets from capital share transactions  | 7625843 | 2019280 |
|  Total increase/(decrease) in net assets  | 5873988 | 3887927 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of period  | $25640820 | $21752893 |
| &nbsp;&nbsp;&nbsp; End of period  | $31514808 | $25640820 |
|  **SHARE TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 432735 | 58864 |
| &nbsp;&nbsp;&nbsp; Shares reinvested  | 335152 | 145815 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (70240) | (16960) |
|  Net increase/(decrease) in shares outstanding  | 697647 | 187719 |

---

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

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**Financial Highlights** 

Contained below is per share operating performance data for institutional class 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.<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **For the <br> Year ended <br> August 31, <br> 2025** | **For the <br> Year ended <br> August 31, <br> 2024** | **For the <br> Period <br> ended <br> August 31, <br> 2023<sup>(1)</sup>** |
|  **PER SHARE OPERATING PERFORMANCE** |  |  |  |
|  Net asset value, beginning of period  | $11.93 | $11.09 | $10.00 |
|  Net investment income/(loss)<sup>(2)</sup>  | 0.28 | 0.36 | (0.06) |
|  Net realized and unrealized gain/(loss) from investments  | 0.53 | 1.26 | 1.15 |
|  Net increase/(decrease) in net assets resulting from operations  | 0.81 | 1.62 | 1.09 |
|  Dividends and distributions to shareholders from: |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income  | (0.38) | (0.09) |  |
| &nbsp;&nbsp;&nbsp; Net realized capital gain  | (1.29) | (0.69) |  |
|  Total dividends and distributions to shareholders  | (1.67) | (0.78) |  |
|  Net asset value, end of period  | $11.07 | $11.93 | $11.09 |
|  Total investment return/(loss)<sup>(3)</sup>  | 7.16% | 15.54% | 10.90%<sup>(4)</sup> |
|  **RATIOS/SUPPLEMENTAL DATA** |  |  |  |
|  Net assets, end of period (000's omitted)  | $31515 | $25641 | $21753 |
|  Ratio of expenses to average net assets with waivers and/or reimbursements  | 1.00% | 1.00% | 1.00%<sup>(5)</sup> |
|  Ratio of expenses to average net assets without waivers and/or reimbursements  | 1.59% | 2.03% | 2.69%<sup>(5)</sup> |
|  Ratio of net investment income/(loss) to average net assets  | 2.53% | 3.10% | (0.83)%<sup>(5)</sup> |
|  Portfolio turnover rate  | 0% | 0% | 0%<sup>(4)</sup> |

---

<sup>(1)</sup> Inception date of the Institutional Class Shares of the Fund was December 29, 2022.

<sup>(2)</sup> Per share data calculated using average shares outstanding method.

<sup>(3)</sup> 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. 

<sup>(4)</sup> Not annualized.

<sup>(5)</sup> Annualized.

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

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**Notes to Financial Statements** 

**AUGUST 31, 2025**

**1. Organization And Significant Accounting Policies** 

The RBB Fund Trust, (the "Trust") was organized as a Delaware statutory trust on August 29, 2014, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust 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, the Trust has ten separate investment portfolios, including the P/E Global Enhanced International Fund (the "Fund"), which commenced investment operations on December 29, 2022. The Fund is authorized to offer three classes of shares, Institutional Class, Investor Class, and Class A Shares. Investor Class Shares and Class A Shares have not yet commenced operations as of August 31, 2025.

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, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2025 (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 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 factors such 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 Trust's Board of Trustees (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 P/E Global LLC, the Fund's investment adviser (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).

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**AUGUST 31, 2025**

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
|  Short-Term Investments | $24948511 | $— | $24948511 | $— |
|  Foreign Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 247779 | 247779 |  |  |
|  Equity Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | 664657 | 664657 |  |  |
|  **Total Assets** | $25860947 | $912436 | $24948511 | $— |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **TOTAL** | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** |
|  Foreign Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts | $(981377) | $(981377) | $— | $— |
|  **Total Liabilities** | $(981377) | $(981377) | $— | $— |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

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 current fiscal period. Transfers in and out between levels are based on values at the end of the current fiscal period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers are disclosed if the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

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

**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 futures contracts.

During the current fiscal period, the Fund used long and short contracts on U.S. equity market indices and foreign currencies, 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.

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**AUGUST 31, 2025**

The following tables list the fair values and location on the 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** | **STATEMENT OF ASSETS AND <br> LIABILITIES LOCATION** | **EQUITY <br> CONTRACTS** | **FOREIGN <br> CURRENCY <br> CONTRACTS** | **TOTAL** |
| **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** | **Asset Derivatives** |
|  Futures Contracts <sup>(a)</sup> | Unrealized appreciation on futures contracts | $664657 | $247779 | $912436 |
|  **Total Value - Assets** |  | $**664657** | $**247779** | $**912436** |
| **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
|  Futures Contracts <sup>(a)</sup> | Unrealized depreciation on futures contracts | $— | $(981377) | $(981377) |
|  **Total Value - Liabilities** | **Total Value - Liabilities** | $**—** | $**(981377)** | $**(981377)** |

---

<sup>(a)</sup> This amount represents the cumulative appreciation/(depreciation) of futures contracts as reported in the Portfolio of Investments in Futures Contracts. 

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** | **STATEMENT OF <br> OPERATIONS LOCATION** | **EQUITY <br> CONTRACTS** | **FOREIGN <br> CURRENCY <br> CONTRACTS** | **TOTAL** |
| **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** | **Realized Gain (Loss)** |
|  Futures Contracts | Net realized gain/(loss) from futures contracts | $3312187 | $(2484894) | $827293 |
|  **Total Realized Gain/(Loss)** | **Total Realized Gain/(Loss)** | $**3312187** | $**(2484894)** | $**827293** |

---

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** | **STATEMENT OF <br> OPERATIONS LOCATION** | **EQUITY <br> CONTRACTS** | **FOREIGN <br> CURRENCY <br> CONTRACTS** | **TOTAL** |
| **Change in Unrealized Appreciation/(Depreciation)** | **Change in Unrealized Appreciation/(Depreciation)** | **Change in Unrealized Appreciation/(Depreciation)** | **Change in Unrealized Appreciation/(Depreciation)** | **Change in Unrealized Appreciation/(Depreciation)** |
|  Futures Contracts | Net change in unrealized appreciation/(depreciation) on futures contracts | $(707486) | $1031808 | $324322 |
|  **Total Change in Unrealized Appreciation/(Depreciation)** | **Total Change in Unrealized Appreciation/(Depreciation)** | $**(707486)** | $**1031808** | $**324322** |

---

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

---

| | |
|:---|:---|
| **LONG FUTURES <br> NOTIONAL AMOUNT** | **SHORT FUTURES <br> NOTIONAL AMOUNT** |
| $31839517 | $(60938109) |

---

**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

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**AUGUST 31, 2025**

assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the current fiscal 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, Inc. ("RBB") a series trust of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Trust or RBB 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 the Trust and RBB, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the 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.

**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 Rule 18f-4 and has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4.

**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 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.

**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

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**AUGUST 31, 2025**

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 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.

**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.

**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 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.

**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.

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**AUGUST 31, 2025**

**U.S. GOVERNMENT SECURITIES** — The Fund may invest in U.S. government securities. Securities issued or guaranteed by the U.S. government or its agencies or instrumentalities include U.S. Treasury securities, which are backed by the full faith and credit of the U.S. Treasury and which differ only in their interest rates, maturities, and times of issuance. U.S. Treasury bills have initial maturities of one year or less; U.S. Treasury notes have initial maturities of one to ten years; and U.S. Treasury bonds generally have initial maturities of greater than ten years. Certain U.S. government securities are issued or guaranteed by agencies or instrumentalities of the U.S. government including, but not limited to, obligations of U.S. government agencies or instrumentalities such as Fannie Mae, Freddie Mac, Ginnie Mae, the Small Business Administration, the Federal Farm Credit Administration, the Federal Home Loan Banks, Banks for Cooperatives (including the Central Bank for Cooperatives), the Federal Land Banks, the Federal Intermediate Credit Banks, the Tennessee Valley Authority, the Export-Import Bank of the United States, the Commodity Credit Corporation, the Federal Financing Bank, the Student Loan Marketing Association, the National Credit Union Administration and the Federal Agricultural Mortgage Corporation (Farmer Mac).

Some obligations issued or guaranteed by U.S. government agencies and instrumentalities, including, for example, Ginnie Mae pass-through certificates, are supported by the full faith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such as those securities issued by Fannie Mae, are supported by the discretionary authority of the U.S. government to purchase certain obligations of the federal agency, while other obligations issued by or guaranteed by federal agencies, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Treasury, while the U.S. government provides financial support to such U.S. government-sponsored federal agencies, no assurance can be given that the U.S. government will always do, since the U.S. government is not so obligated by law. U.S. Treasury notes and bonds typically pay coupon interest semi-annually and repay the principal at maturity.

**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** 

P/E Global LLC serves as the investment adviser to 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 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, 2025 and may not be terminated without the approval of the Board. The Adviser may discontinue this arrangement at any time after December 31, 2025.

---

| | |
|:---|:---|
| **ADVISORY FEE** | **EXPENSE CAP<br> Institutional Class** |
| 0.95% | 1.00% |

---

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

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**AUGUST 31, 2025**

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's ordinary operating expenses to exceed (i) the expense limitations that were in effect at the time of the waiver or reimbursement and (ii) the current expense limit in effect at the time of the reimbursement.

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

---

| | | | |
|:---|:---|:---|:---|
| **EXPIRATION<br> AUGUST 31, 2026** | **EXPIRATION<br> AUGUST 31, 2027** | **EXPIRATION<br> AUGUST 31, 2028** | **TOTAL** |
| $183432 | $248469 | $168772 | $600673 |

---

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 the Trust.

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

**3. Trustee And Officer Compensation** 

The Trustees of the Trust receive an annual retainer and meeting fees for meetings attended. An employee of Vigilant Compliance, LLC serves as Chief Compliance Officer of the Trust. Vigilant Compliance, LLC is compensated for the services provided to the Trust. Employees of the Trust serve as President, Chief Financial Officer, Chief Operating Officer, Assistant Treasurer, Assistant Secretary, Secretary and Director of Marketing & Business Development of the Trust. They are compensated for services provided. Certain employees of Fund Services serve as officers of the Trust. They are not compensated by the Fund or the Trust. For Trustee 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.

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**AUGUST 31, 2025**

As of August 31, 2025, the federal tax cost and aggregate gross unrealized appreciation and depreciation of investments held by the Fund was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Federal <br> Tax Cost** | **Unrealized <br> Appreciation** | **Unrealized <br> (Depreciation)** | **Net <br> Unrealized <br> Appreciation/<br> (Depreciation)** |
| $24943988 | $4769 | $– $| 4769 |

---

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 difference between the book basis and the tax basis cost and aggregate gross unrealized appreciation and depreciation of investments is attributable primarily to futures regulated by Section 1256 of the Internal Revenue Code.

As of August 31, 2025, there were no permanent differences between distributable earnings/(loss) and paid in capital.

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Undistributed <br> Ordinary <br> Income** | **Undistributed <br> Long-Term <br> Capital Gains** | **OTHER <br> TEMPORARY <br> DIFFERENCES** | **Unrealized <br> Appreciation/ <br> (Depreciation)** |
| $865553 | $593453 | $– $| 4769 |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary <br> Income** | **Long-Term <br> Gains** | **Total** |
| 2025 | $1949581 | $1680116 | $3629697 |
| 2024 | 666994 | 865520 | 1532514 |

---

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, 2025, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2025. As of August 31, 2025, the Fund had no tax basis qualified late-year loss deferral or Post-October capital loss.

**6. New Accounting Pronouncement** 

The Trust has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -- Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund in the Trust operates in one segment. The segment derives its revenues from each Fund's investments made in accordance with the defined investment strategy of each Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's financial statements.

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**NOTES TO FINANCIAL STATEMENTS (CONCLUDED)** 

**AUGUST 31, 2025**

**7. Subsequent Events** 

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

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders and Board of Trustees of

The RBB Fund Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments and portfolio of investments in futures contracts, of P/E Global Enhanced International Fund (the "Fund"), a series of The RBB Fund Trust, as of August 31, 2025, 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, 2022 (commencement of operations) through August 31, 2023, 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, 2025, 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.

<u>Basis for Opinion</u>

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, 2025, 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 Fund's auditor since 2022.

![](fp0094048-3_16.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

October 30, 2025

**P/E GLOBAL ENHANCED INTERNATIONAL 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, 2025. The information and distribution reported herein may differ from information and distributions taxable to the shareholders for the calendar year ended December 31, 2025. During the current fiscal period ended August 31, 2025, 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 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 57.45% 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 2025. 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 2026.

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.

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**OTHER INFORMATION (unaudited)**

**APPROVAL OF INVESTMENT ADVISORY AGREEMENT** 

As required by the 1940 Act, the Board, including all of the Trustees who are not "interested persons" of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"), considered the renewal of the investment advisory agreement between P/E Global LLC ("P/E") and the Trust on behalf of the P/E Global Enhanced International Fund (the "Investment Advisory Agreement") at a meeting of the Board held on May 13-14, 2025 (the "Meeting"). At the Meeting, the Board, including all of the Independent Trustees, approved the Investment Advisory Agreement for an additional one-year term ending August 16, 2026. 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 P/E with the assistance and advice of counsel to the Independent Trustees and the Trust.

In considering the renewal of the Investment Advisory Agreement, the Trustees 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 Trustees reviewed these materials with management of P/E, and discussed the aforementioned Agreement with counsel in executive sessions, at which no representatives of P/E were present. Among other things, the Trustees considered (i) the nature, extent, and quality of P/E's services to be provided to the Fund; (ii) descriptions of the experience and qualifications of P/E's personnel providing those services; (iii) P/E's investment philosophies and processes; (iv) P/E's assets under management and client descriptions; (v) P/E'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) P/E's advisory fee arrangement with the Trust and other similarly managed clients; (vii) P/E's compliance policies and procedures; (viii) P/E'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.

As part of their review, the Trustees considered the nature, extent and quality of the services provided by P/E. The Trustees concluded that P/E had substantial resources to provide services to the Fund and that P/E's services had been acceptable.

The Trustees 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, and since inception periods ended December 31, 2024. The Trustees noted that the Fund outperformed its primary benchmark, the MSCI EAFE Index, for the three-month, one-year, and since-inception periods ended December 31, 2024. The Trustees noted that the Fund outperformed the median of its Peer Group for the three-month, one-year, and since-inception periods ended December 31, 2024.

The Board also considered the advisory fee rate payable by the Fund under the Investment Advisory Agreement. In this regard, information on the advisory fees paid by the Fund and the Fund's total operating expense ratios (before and after fee waivers and expense reimbursements) was compared to similar information for its Peer Group. The Trustees noted that the Fund's net advisory fee was below the median and in the 1st 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 Trustees noted that P/E had contractually agreed to waive management fees and reimburse expenses through at least December 31, 2025 to limit total annual operating expenses to agreed-upon levels for the Fund.

After reviewing the information regarding P/E's costs, P/E's estimated profitability and economies of scale, and after considering P/E's services, the Trustees concluded that the investment advisory fees to be paid by the Fund were fair and reasonable and that the Investment Advisory Agreement should be approved and continued for an additional annual period ending August 16, 2026.

**INVESTMENT ADVISER** 

**P/E Global LLC** 75 State Street, 31st Floor

Boston, MA 02109

**ADMINISTRATOR AND TRANSFER AGENT** 

**U.S. Bank Global Fund Services** P.O. Box 701

Milwaukee, WI 53202-0701

**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, OH 44115

**UNDERWRITER** 

**Quasar Distributors, LLC** 190 Middle Street, Suite 301

Portland, Maine 04101

**LEGAL COUNSEL** 

**Faegre Drinker Biddle & Reath LLP** One Logan Square, Suite 2000

Philadelphia, PA 19103-6996

![](fp0094048-2_i.jpg)

FINANCIAL STATEMENTS

August 31, 2025

PENN CAPITAL SHORT DURATION HIGH INCOME FUND

PENN CAPITAL SPECIAL SITUATIONS SMALL CAP EQUITY FUND

Each a series of The RBB Fund Trust

**Penn Capital Short Duration High Income Fund** 

**SCHEDULE OF INVESTMENTS** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **PAR** | **VALUE** |
|  **CORPORATE BONDS — 95.5%** | **CORPORATE BONDS — 95.5%** | **CORPORATE BONDS — 95.5%** |
|  **Advertising & Marketing — 0.7%** | **Advertising & Marketing — 0.7%** | **Advertising & Marketing — 0.7%** |
|  Stagwell Global LLC, 5.63%, 08/15/2029 <sup>(a)</sup>  | $120000 | $115742 |
|  **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** | **Aerospace & Defense — 0.5%** |
|  Axon Enterprise, Inc., 6.13%, 03/15/2030 <sup>(a)</sup>  | 90000 | 92468 |
|  **Airlines — 3.7%** | **Airlines — 3.7%** | **Airlines — 3.7%** |
|  American Airlines, Inc., 7.25%, 02/15/2028 <sup>(a)</sup>  | 405000 | 415502 |
|  VistaJet Malta Finance PLC, 7.88%, 05/01/2027 <sup>(a)</sup>  | 240000 | 242574 |
|  |  | 658076 |
|  **Apparel & Textile Products — 0.9%** | **Apparel & Textile Products — 0.9%** | **Apparel & Textile Products — 0.9%** |
|  Crocs, Inc., 4.25%, 03/15/2029 <sup>(a)</sup>  | 170000 | 161660 |
|  **Auto Parts Manufacturing — 0.6%** | **Auto Parts Manufacturing — 0.6%** | **Auto Parts Manufacturing — 0.6%** |
|  Adient Global Holdings Ltd., 7.00%, 04/15/2028 <sup>(a)</sup>  | 105000 | 107988 |
|  **Banks — 1.1%** | **Banks — 1.1%** | **Banks — 1.1%** |
|  Popular, Inc., 7.25%, 03/13/2028  | 185000 | 195272 |
|  **Cable & Satellite — 4.2%** | **Cable & Satellite — 4.2%** | **Cable & Satellite — 4.2%** |
|  CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 02/01/2028 <sup>(a)</sup>  | 460000 | 456253 |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 <sup>(a)</sup>  | 290000 | 288550 |
|  |  | 744803 |
|  **Commercial Finance — 2.0%** | **Commercial Finance — 2.0%** | **Commercial Finance — 2.0%** |
|  GGAM Finance Ltd., 8.00%, 02/15/2027 <sup>(a)</sup>  | 175000 | 179497 |
|  TrueNoord Capital DAC, 8.75%, 03/01/2030 <sup>(a)</sup>  | 170000 | 180600 |
|  |  | 360097 |
|  **Consumer Finance — 5.0%** | **Consumer Finance — 5.0%** | **Consumer Finance — 5.0%** |
|  Bread Financial Holdings, Inc., 9.75%, 03/15/2029 <sup>(a)</sup>  | 175000 | 187007 |
|  Navient Corp., 6.75%, 06/15/2026  | 80000 | 80874 |
|  OneMain Finance Corp. |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 03/15/2026  | 100000 | 101102 |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/15/2028  | 335000 | 343467 |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/15/2030  | 90000 | 95218 |
| &nbsp;&nbsp;&nbsp; 6.13%, 05/15/2030  | 90000 | 91402 |
|  |  | 899070 |
|  **Consumer Products — 1.5%** | **Consumer Products — 1.5%** | **Consumer Products — 1.5%** |
|  Energizer Holdings, Inc., 6.50%, 12/31/2027 <sup>(a)</sup>  | 270000 | 272357 |
|  **Containers & Packaging — 4.7%** | **Containers & Packaging — 4.7%** | **Containers & Packaging — 4.7%** |
|  Clearwater Paper Corp., 4.75%, 08/15/2028 <sup>(a)</sup>  | 199000 | 188360 |
|  Crown Cork & Seal Co., Inc., 7.38%, 12/15/2026  | 293000 | 301587 |
|  Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027 <sup>(a)</sup>  | 350000 | 349726 |
|  |  | 839673 |
|  **Electrical Equipment Manufacturing — 1.3%** | **Electrical Equipment Manufacturing — 1.3%** | **Electrical Equipment Manufacturing — 1.3%** |
|  WESCO Distribution, Inc., 7.25%, 06/15/2028 <sup>(a)</sup>  | 225000 | 228482 |
|  **Entertainment Content — 2.0%** | **Entertainment Content — 2.0%** | **Entertainment Content — 2.0%** |
|  AMC Networks, Inc., 10.25%, 01/15/2029 <sup>(a)</sup>  | 190000 | 197771 |
|  TEGNA, Inc., 4.63%, 03/15/2028  | 165000 | 163632 |
|  |  | 361403 |
|  **Entertainment Resources — 0.5%** | **Entertainment Resources — 0.5%** | **Entertainment Resources — 0.5%** |
|  SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029 <sup>(a)</sup>  | 95000 | 93244 |
|  **Exploration & Production — 7.8%** | **Exploration & Production — 7.8%** | **Exploration & Production — 7.8%** |
|  California Resources Corp.  |  |  |
| &nbsp;&nbsp;&nbsp; 7.13%, 02/01/2026 <sup>(a)</sup>  | 210000 | 209308 |
| &nbsp;&nbsp;&nbsp; 8.25%, 06/15/2029 <sup>(a)</sup>  | 215000 | 222133 |
|  Civitas Resources, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2026 <sup>(a)</sup>  | 40000 | 39890 |
| &nbsp;&nbsp;&nbsp; 8.38%, 07/01/2028 <sup>(a)</sup>  | 120000 | 124622 |
|  Gulfport Energy Operating Corp., 6.75%, 09/01/2029 <sup>(a)</sup>  | 85000 | 86961 |
|  Hilcorp Energy I LP, 6.25%, 11/01/2028 <sup>(a)</sup>  | 185000 | 185972 |
|  Northern Oil & Gas, Inc., 8.13%, 03/01/2028 <sup>(a)</sup>  | 200000 | 201508 |
|  Permian Resources Operating LLC, 8.00%, 04/15/2027 <sup>(a)</sup>  | 125000 | 127335 |
|  SM Energy Co., 6.75%, 09/15/2026  | 190000 | 189657 |
|  |  | 1387386 |
|  **Financial Services — 3.6%** | **Financial Services — 3.6%** | **Financial Services — 3.6%** |
|  Acadian Asset Management, Inc., 4.80%, 07/27/2026  | 305000 | 301005 |
|  PRA Group, Inc., 8.38%, 02/01/2028 <sup>(a)</sup>  | 325000 | 334781 |
|  |  | 635786 |

---

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

**PENN CAPITAL SHORT DURATION HIGH INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **PAR** | **VALUE** |
|  **Forest & Paper Products Manufacturing — 1.7%** | **Forest & Paper Products Manufacturing — 1.7%** | **Forest & Paper Products Manufacturing — 1.7%** |
|  Magnera Corp., 4.75%, 11/15/2029 <sup>(a)</sup>  | $195000 | $172166 |
|  Mercer International, Inc., 12.88%, 10/01/2028 <sup>(a)</sup>  | 125000 | 121437 |
|  |  | 293603 |
|  **Hardware — 1.8%** | **Hardware — 1.8%** | **Hardware — 1.8%** |
|  Diebold Nixdorf, Inc., 7.75%, 03/31/2030 <sup>(a)</sup>  | 55000 | 58189 |
|  NCR Atleos Corp., 9.50%, 04/01/2029 <sup>(a)</sup>  | 155000 | 168070 |
|  Western Digital Corp., 4.75%, 02/15/2026  | 100000 | 99765 |
|  |  | 326024 |
|  **Health Care Facilities & Services — 4.9%** | **Health Care Facilities & Services — 4.9%** | **Health Care Facilities & Services — 4.9%** |
|  Acadia Healthcare Co., Inc., 5.50%, 07/01/2028 <sup>(a)</sup>  | 465000 | 462655 |
|  AdaptHealth LLC, 6.13%, 08/01/2028 <sup>(a)</sup>  | 323000 | 321684 |
|  AHP Health Partners, Inc., 5.75%, 07/15/2029 <sup>(a)</sup>  | 90000 | 89365 |
|  |  | 873704 |
|  **Homebuilders — 2.0%** | **Homebuilders — 2.0%** | **Homebuilders — 2.0%** |
|  Ashton Woods USA LLC, 4.63%, 08/01/2029 <sup>(a)</sup>  | 190000 | 182148 |
|  Beazer Homes USA, Inc., 7.25%, 10/15/2029  | 175000 | 176811 |
|  |  | 358959 |
|  **Industrial Other — 3.5%** | **Industrial Other — 3.5%** | **Industrial Other — 3.5%** |
|  Dcli Bidco LLC, 7.75%, 11/15/2029 <sup>(a)</sup>  | 80000 | 81971 |
|  Herc Holdings, Inc., 7.00%, 06/15/2030 <sup>(a)</sup>  | 210000 | 218559 |
|  Pike Corp., 5.50%, 09/01/2028 <sup>(a)</sup>  | 325000 | 325094 |
|  |  | 625624 |
|  **Internet Media — 1.7%** | **Internet Media — 1.7%** | **Internet Media — 1.7%** |
|  Match Group Holdings II LLC, 5.00%, 12/15/2027 <sup>(a)</sup>  | 295000 | 293416 |
|  **Machinery Manufacturing — 1.3%** | **Machinery Manufacturing — 1.3%** | **Machinery Manufacturing — 1.3%** |
|  Titan International, Inc., 7.00%, 04/30/2028  | 230000 | 230458 |
|  **Manufactured Goods — 0.7%** | **Manufactured Goods — 0.7%** | **Manufactured Goods — 0.7%** |
|  Park-Ohio Industries, Inc., 8.50%, 08/01/2030 <sup>(a)</sup>  | 130000 | 132200 |
|  **Medical Equipment & Devices Manufacturing — 1.8%** | **Medical Equipment & Devices Manufacturing — 1.8%** | **Medical Equipment & Devices Manufacturing — 1.8%** |
|  Embecta Corp., 5.00%, 02/15/2030 <sup>(a)</sup>  | 192000 | 179921 |
|  Varex Imaging Corp., 7.88%, 10/15/2027 <sup>(a)</sup>  | 135000 | 137655 |
|  |  | 317576 |
|  **Metals & Mining — 2.9%** | **Metals & Mining — 2.9%** | **Metals & Mining — 2.9%** |
|  Carpenter Technology Corp., 6.38%, 07/15/2028  | 160000 | 160476 |
|  Cleveland-Cliffs, Inc., 6.88%, 11/01/2029 <sup>(a)</sup>  | 195000 | 198049 |
|  Compass Minerals International, Inc., 8.00%, 07/01/2030 <sup>(a)</sup>  | 155000 | 162128 |
|  |  | 520653 |
|  **Oil & Gas Services & Equipment — 4.3%** | **Oil & Gas Services & Equipment — 4.3%** | **Oil & Gas Services & Equipment — 4.3%** |
|  Aris Water Holdings LLC, 7.25%, 04/01/2030 <sup>(a)</sup>  | 125000 | 131891 |
|  Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029 <sup>(a)</sup>  | 120000 | 124901 |
|  Transocean Aquila Ltd., 8.00%, 09/30/2028 <sup>(a)</sup>  | 106000 | 108840 |
|  USA Compression Partners LP / USA Compression Finance Corp.  |  |  |
| &nbsp;&nbsp;&nbsp; 6.88%, 09/01/2027  | 224000 | 224048 |
| &nbsp;&nbsp;&nbsp; 7.13%, 03/15/2029 <sup>(a)</sup>  | 95000 | 97382 |
|  Weatherford International Ltd., 8.63%, 04/30/2030 <sup>(a)</sup>  | 80000 | 81993 |
|  |  | 769055 |
|  **Pipeline — 3.8%** | **Pipeline — 3.8%** | **Pipeline — 3.8%** |
|  Excelerate Energy LP, 8.00%, 05/15/2030 <sup>(a)</sup>  | 125000 | 133111 |
|  Harvest Midstream I LP, 7.50%, 09/01/2028 <sup>(a)</sup>  | 335000 | 338598 |
|  Venture Global LNG, Inc., 8.13%, 06/01/2028 <sup>(a)</sup>  | 200000 | 207241 |
|  |  | 678950 |
|  **Power Generation — 1.8%** | **Power Generation — 1.8%** | **Power Generation — 1.8%** |
|  Calpine Corp., 5.13%, 03/15/2028 <sup>(a)</sup>  | 190000 | 189861 |
|  Vistra Operations Co. LLC, 5.50%, 09/01/2026 <sup>(a)</sup>  | 134000 | 133804 |
|  |  | 323665 |
|  **Publishing & Broadcasting — 3.3%** | **Publishing & Broadcasting — 3.3%** | **Publishing & Broadcasting — 3.3%** |
|  Belo Corp., 7.75%, 06/01/2027  | 50000 | 51875 |
|  Gray Media, Inc., 10.50%, 07/15/2029 <sup>(a)</sup>  | 170000 | 185037 |
|  Nexstar Media, Inc., 5.63%, 07/15/2027 <sup>(a)</sup>  | 350000 | 349621 |
|  |  | 586533 |

---

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

**PENN CAPITAL SHORT DURATION HIGH INCOME FUND** 

**SCHEDULE OF INVESTMENTS** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **PAR** | **VALUE** |
|  **Real Estate — 2.0%** | **Real Estate — 2.0%** | **Real Estate — 2.0%** |
|  Newmark Group, Inc., 7.50%, 01/12/2029  | $175000 | $187115 |
|  RHP Hotel Properties LP / RHP Finance Corp., 7.25%, 07/15/2028 <sup>(a)</sup>  | 165000 | 169825 |
|  |  | 356940 |
|  **Recreation & Travel — 1.0%** | **Recreation & Travel — 1.0%** | **Recreation & Travel — 1.0%** |
|  Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp., 5.25%, 07/15/2029  | 185000 | 179122 |
|  **Restaurants — 2.0%** | **Restaurants — 2.0%** | **Restaurants — 2.0%** |
|  Bloomin' Brands, Inc. / OSI Restaurant Partners LLC, 5.13%, 04/15/2029 <sup>(a)</sup>  | 215000 | 186857 |
|  Raising Cane's Restaurants LLC, 9.38%, 05/01/2029 <sup>(a)</sup>  | 165000 | 173929 |
|  |  | 360786 |
|  **Retail - Consumer Discretionary — 3.8%** | **Retail - Consumer Discretionary — 3.8%** | **Retail - Consumer Discretionary — 3.8%** |
|  Academy Ltd., 6.00%, 11/15/2027 <sup>(a)</sup>  | 215000 | 215226 |
|  Foot Locker, Inc., 4.00%, 10/01/2029 <sup>(a)</sup>  | 150000 | 143577 |
|  Patrick Industries, Inc., 4.75%, 05/01/2029 <sup>(a)</sup>  | 90000 | 88282 |
|  Wayfair LLC, 7.25%, 10/31/2029 <sup>(a)</sup>  | 225000 | 229416 |
|  |  | 676501 |
|  **Retail - Consumer Staples — 1.7%** | **Retail - Consumer Staples — 1.7%** | **Retail - Consumer Staples — 1.7%** |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 <sup>(a)</sup>  | 200000 | 210544 |
|  Performance Food Group, Inc., 5.50%, 10/15/2027 <sup>(a)</sup>  | 95000 | 94871 |
|  |  | 305415 |
|  **Software & Services — 0.7%** | **Software & Services — 0.7%** | **Software & Services — 0.7%** |
|  Gen Digital, Inc., 6.75%, 09/30/2027 <sup>(a)</sup>  | 120000 | 122137 |
|  **Supermarkets & Pharmacies — 0.5%** | **Supermarkets & Pharmacies — 0.5%** | **Supermarkets & Pharmacies — 0.5%** |
|  Albertsons Cos., Inc. / Safeway, Inc. / New Albertsons LP / Albertsons LLC, 5.88%, 02/15/2028 <sup>(a)</sup>  | 85000 | 84974 |
|  **Transportation & Logistics — 0.9%** | **Transportation & Logistics — 0.9%** | **Transportation & Logistics — 0.9%** |
|  Wabash National Corp., 4.50%, 10/15/2028 <sup>(a)</sup>  | 179000 | 164282 |
|  **Travel & Lodging — 5.6%** | **Travel & Lodging — 5.6%** | **Travel & Lodging — 5.6%** |
|  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 5.00%, 06/01/2029 <sup>(a)</sup>  | 215000 | 207944 |
|  Lindblad Expeditions LLC, 7.00%, 09/15/2030 <sup>(a)</sup>  | 95000 | 97289 |
|  NCL Corp. Ltd., 8.13%, 01/15/2029 <sup>(a)</sup>  | 210000 | 220836 |
|  Royal Caribbean Cruises Ltd., 5.38%, 07/15/2027 <sup>(a)</sup>  | 125000 | 126020 |
|  Travel + Leisure Co.  |  |  |
| &nbsp;&nbsp;&nbsp; 6.60%, 10/01/2025 <sup>(b)</sup>  | 200000 | 200001 |
| &nbsp;&nbsp;&nbsp; 6.63%, 07/31/2026 <sup>(a)</sup>  | 145000 | 146212 |
|  |  | 998302 |
|  **Wireline Telecommunications Services — 1.7%** | **Wireline Telecommunications Services — 1.7%** | **Wireline Telecommunications Services — 1.7%** |
|  Frontier Communications Holdings LLC, 5.88%, 10/15/2027 <sup>(a)</sup>  | 295000 | 294916 |
|  TOTAL CORPORATE BONDS (Cost $16,678,720)  |  | 17027302 |
|  **TOTAL INVESTMENTS — 95.5% (Cost $16,678,720)**  |  | 17027302 |
|  **Other Assets in Excess of Liabilities — 4.5%**  |  | 807404 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $17834706 |

---

Par amount is in USD unless otherwise indicated. &nbsp;&nbsp;&nbsp;&nbsp;

Percentages are stated as a percent of net assets. –%

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

<sup>(a)</sup> 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, 2025, the value of these securities total $13,654,415 or 76.6% of the Fund's net assets. 

<sup>(b)</sup> Step coupon bond. The rate disclosed is as of August 31, 2025.

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

**Penn Capital Special Situations Small Cap Equity Fund** 

**SCHEDULE OF INVESTMENTS** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
|  **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** |
|  **Aerospace & Defense — 3.2%** | **Aerospace & Defense — 3.2%** | **Aerospace & Defense — 3.2%** |
|  Mercury Systems, Inc. <sup>(a)</sup>  | 9457 | $638820 |
|  TAT Technologies Ltd. <sup>(a)</sup>  | 20073 | 731661 |
|  VSE Corp.  | 5390 | 875336 |
|  |  | 2245817 |
|  **Air Freight & Logistics — 1.3%** | **Air Freight & Logistics — 1.3%** | **Air Freight & Logistics — 1.3%** |
|  GXO Logistics, Inc. <sup>(a)</sup>  | 17029 | 896577 |
|  **Automobile Components — 1.1%** | **Automobile Components — 1.1%** | **Automobile Components — 1.1%** |
|  Modine Manufacturing Co. <sup>(a)</sup>  | 5497 | 748307 |
|  **Banks — 10.0%** | **Banks — 10.0%** | **Banks — 10.0%** |
|  Ameris Bancorp  | 18461 | 1352822 |
|  Banc of California, Inc.  | 59793 | 1011698 |
|  Bancorp, Inc. <sup>(a)</sup>  | 9324 | 710862 |
|  Dime Community Bancshares, Inc.  | 30153 | 927506 |
|  FB Financial Corp.  | 18583 | 997535 |
|  Popular, Inc.  | 7993 | 1004240 |
|  Texas Capital Bancshares, Inc. <sup>(a)</sup>  | 11575 | 1002048 |
|  |  | 7006711 |
|  **Biotechnology — 3.0%** | **Biotechnology — 3.0%** | **Biotechnology — 3.0%** |
|  Mirum Pharmaceuticals, Inc. <sup>(a)</sup>  | 17373 | 1283344 |
|  TG Therapeutics, Inc. <sup>(a)</sup>  | 27713 | 812822 |
|  |  | 2096166 |
|  **Capital Markets — 4.6%** | **Capital Markets — 4.6%** | **Capital Markets — 4.6%** |
|  BGC Group, Inc. - Class A  | 100312 | 984061 |
|  GCM Grosvenor, Inc. - Class A  | 41579 | 538864 |
|  Lazard, Inc.  | 15654 | 894782 |
|  Perella Weinberg Partners  | 37924 | 839258 |
|  |  | 3256965 |
|  **Chemicals — 1.4%** | **Chemicals — 1.4%** | **Chemicals — 1.4%** |
|  ASP Isotopes, Inc. <sup>(a)</sup>  | 48094 | 446312 |
|  HB Fuller Co.  | 9209 | 562210 |
|  |  | 1008522 |
|  **Commercial Services & Supplies — 1.1%** | **Commercial Services & Supplies — 1.1%** | **Commercial Services & Supplies — 1.1%** |
|  BrightView Holdings, Inc. <sup>(a)</sup>  | 51162 | 736733 |
|  **Communications Equipment — 4.3%** | **Communications Equipment — 4.3%** | **Communications Equipment — 4.3%** |
|  Calix, Inc. <sup>(a)</sup>  | 15669 | 931522 |
|  Extreme Networks, Inc. <sup>(a)</sup>  | 58096 | 1242092 |
|  Lumentum Holdings, Inc. <sup>(a)</sup>  | 6234 | 827938 |
|  |  | 3001552 |
|  **Construction & Engineering — 2.2%** | **Construction & Engineering — 2.2%** | **Construction & Engineering — 2.2%** |
|  Centuri Holdings, Inc. <sup>(a)</sup>  | 11250 | 238950 |
|  Dycom Industries, Inc. <sup>(a)</sup>  | 5294 | 1336576 |
|  |  | 1575526 |
|  **Construction Materials — 1.3%** | **Construction Materials — 1.3%** | **Construction Materials — 1.3%** |
|  Knife River Corp. <sup>(a)</sup>  | 11492 | 930852 |
|  **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** | **Consumer Finance — 1.0%** |
|  OneMain Holdings, Inc.  | 11691 | 723205 |
|  **Consumer Staples Distribution & Retail — 2.3%** | **Consumer Staples Distribution & Retail — 2.3%** | **Consumer Staples Distribution & Retail — 2.3%** |
|  Chefs' Warehouse, Inc. <sup>(a)</sup>  | 13242 | 836100 |
|  Guardian Pharmacy Services, Inc. - Class A <sup>(a)</sup>  | 30066 | 794344 |
|  |  | 1630444 |
|  **Electronic Equipment, Instruments & Components — 1.6%** | **Electronic Equipment, Instruments & Components — 1.6%** | **Electronic Equipment, Instruments & Components — 1.6%** |
|  Ouster, Inc. <sup>(a)</sup>  | 39003 | 1112756 |
|  **Energy Equipment & Services — 3.2%** | **Energy Equipment & Services — 3.2%** | **Energy Equipment & Services — 3.2%** |
|  Liberty Energy, Inc.  | 48656 | 547380 |
|  Weatherford International PLC  | 26174 | 1667415 |
|  |  | 2214795 |
|  **Financial Services — 0.8%** | **Financial Services — 0.8%** | **Financial Services — 0.8%** |
|  NCR Atleos Corp. <sup>(a)</sup>  | 14415 | 571122 |
|  **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** |
|  Covenant Logistics Group, Inc.  | 35739 | 862382 |
|  **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** | **Health Care Equipment & Supplies — 2.0%** |
|  Alphatec Holdings, Inc. <sup>(a)</sup>  | 87620 | 1393158 |
|  **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** |
|  RadNet, Inc. <sup>(a)</sup>  | 16072 | 1153327 |
|  **Health Care Technology — 1.4%** | **Health Care Technology — 1.4%** | **Health Care Technology — 1.4%** |
|  Waystar Holding Corp. <sup>(a)</sup>  | 26452 | 1002002 |
|  **Hotel & Resort REITs — 1.1%** | **Hotel & Resort REITs — 1.1%** | **Hotel & Resort REITs — 1.1%** |
|  Ryman Hospitality Properties, Inc.  | 7826 | 773130 |
|  **Hotels, Restaurants & Leisure — 16.1%** | **Hotels, Restaurants & Leisure — 16.1%** | **Hotels, Restaurants & Leisure — 16.1%** |
|  Boyd Gaming Corp.  | 10491 | 900757 |
|  Caesars Entertainment, Inc. <sup>(a)</sup>  | 33557 | 898321 |
|  First Watch Restaurant Group, Inc. <sup>(a)</sup>  | 62456 | 1176671 |
|  Genius Sports Ltd. <sup>(a)</sup>  | 67421 | 862315 |
|  Life Time Group Holdings, Inc. <sup>(a)</sup>  | 32488 | 907065 |
|  Lindblad Expeditions Holdings, Inc. <sup>(a)</sup>  | 58289 | 849854 |
|  Norwegian Cruise Line Holdings Ltd. <sup>(a)</sup>  | 32899 | 817211 |
|  Penn Entertainment, Inc. <sup>(a)</sup>  | 98543 | 1993524 |

---

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

**PENN CAPITAL SPECIAL SITUATIONS SMALL CAP EQUITY FUND** 

**SCHEDULE OF INVESTMENTS** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
|  **Hotels, Restaurants & Leisure — 16.1% (continued)** | **Hotels, Restaurants & Leisure — 16.1% (continued)** | **Hotels, Restaurants & Leisure — 16.1% (continued)** |
|  Pursuit Attractions and Hospitality, Inc. <sup>(a)</sup>  | 20369 | $759764 |
|  Rush Street Interactive, Inc. <sup>(a)</sup>  | 54221 | 1209128 |
|  United Parks & Resorts, Inc. <sup>(a)</sup>  | 17354 | 912473 |
|  |  | 11287083 |
|  **Household Durables — 1.0%** | **Household Durables — 1.0%** | **Household Durables — 1.0%** |
|  Taylor Morrison Home Corp. <sup>(a)</sup>  | 10611 | 714863 |
|  **IT Services — 1.4%** | **IT Services — 1.4%** | **IT Services — 1.4%** |
|  Kyndryl Holdings, Inc. <sup>(a)</sup>  | 22885 | 727514 |
|  Whitefiber, Inc. <sup>(a)</sup>  | 14618 | 247190 |
|  |  | 974704 |
|  **Machinery — 1.8%** | **Machinery — 1.8%** | **Machinery — 1.8%** |
|  Astec Industries, Inc.  | 8385 | 388141 |
|  Gates Industrial Corp. PLC <sup>(a)</sup>  | 33262 | 850177 |
|  |  | 1238318 |
|  **Media — 6.7%** | **Media — 6.7%** | **Media — 6.7%** |
|  EW Scripps Co. - Class A <sup>(a)</sup>  | 219015 | 654855 |
|  Gray Media, Inc.  | 177557 | 1088425 |
|  Magnite, Inc. <sup>(a)</sup>  | 41198 | 1069088 |
|  Nexstar Media Group, Inc.  | 5397 | 1103848 |
|  Stagwell, Inc. <sup>(a)</sup>  | 133555 | 753250 |
|  |  | 4669466 |
|  **Metals & Mining — 2.4%** | **Metals & Mining — 2.4%** | **Metals & Mining — 2.4%** |
|  Coeur Mining, Inc. <sup>(a)</sup>  | 73005 | 960016 |
|  Commercial Metals Co.  | 13063 | 753343 |
|  |  | 1713359 |
|  **Oil, Gas & Consumable Fuels — 4.7%** | **Oil, Gas & Consumable Fuels — 4.7%** | **Oil, Gas & Consumable Fuels — 4.7%** |
|  California Resources Corp.  | 16414 | 815448 |
|  Chord Energy Corp.  | 6445 | 708241 |
|  Gulfport Energy Corp. <sup>(a)</sup>  | 6375 | 1109441 |
|  Mach Natural Resources LP  | 33374 | 474912 |
|  Sable Offshore Corp. <sup>(a)</sup>  | 6286 | 169596 |
|  |  | 3277638 |
|  **Personal Care Products — 0.9%** | **Personal Care Products — 0.9%** | **Personal Care Products — 0.9%** |
|  Oddity Tech Ltd. - Class A <sup>(a)</sup>  | 10711 | 644909 |
|  **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** | **Pharmaceuticals — 1.7%** |
|  Ligand Pharmaceuticals, Inc. <sup>(a)</sup>  | 7231 | 1169325 |
|  **Professional Services — 1.9%** | **Professional Services — 1.9%** | **Professional Services — 1.9%** |
|  Amentum Holdings, Inc. <sup>(a)</sup>  | 53529 | 1335549 |
|  **Real Estate Management & Development — 1.8%** | **Real Estate Management & Development — 1.8%** | **Real Estate Management & Development — 1.8%** |
|  Newmark Group, Inc. - Class A  | 69147 | 1259167 |
|  **Semiconductors & Semiconductor Equipment — 2.7%** | **Semiconductors & Semiconductor Equipment — 2.7%** | **Semiconductors & Semiconductor Equipment — 2.7%** |
|  Camtek Ltd./Israel <sup>(a)</sup>  | 11618 | 960925 |
|  Rambus, Inc. <sup>(a)</sup>  | 12556 | 926256 |
|  |  | 1887181 |
|  **Software — 3.3%** | **Software — 3.3%** | **Software — 3.3%** |
|  Agilysys, Inc. <sup>(a)</sup>  | 8849 | 965603 |
|  SimilarWeb Ltd. <sup>(a)</sup>  | 43400 | 450926 |
|  Zeta Global Holdings Corp. - Class A <sup>(a)</sup>  | 44767 | 879224 |
|  |  | 2295753 |
|  **Specialty Retail — 1.3%** | **Specialty Retail — 1.3%** | **Specialty Retail — 1.3%** |
|  Academy Sports & Outdoors, Inc.  | 16748 | 896855 |
|  **Trading Companies & Distributors — 1.5%** | **Trading Companies & Distributors — 1.5%** | **Trading Companies & Distributors — 1.5%** |
|  DNOW, Inc. <sup>(a)</sup>  | 66556 | 1064896 |
|  TOTAL COMMON STOCKS (Cost $55,995,841)  |  | 69369115 |
|  **TOTAL INVESTMENTS — 98.9% (Cost $55,995,841)**  |  | 69369115 |
|  **Other Assets in Excess of Liabilities — 1.1%**  |  | 806552 |
|  **TOTAL NET ASSETS — 100.0%** |  | $70175667 |

---

Percentages are stated as a percent of net assets.&nbsp;&nbsp;&nbsp;&nbsp;–%

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

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

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

**PENN CAPITAL FUNDS** 

**Statements of Assets and Liabilities** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
| **Assets** | **Penn Capital <br> Short <br> Duration <br> High Income <br> Fund** | **Penn Capital <br> Special <br> Situations <br> Small Cap <br> Equity Fund** |
|  Investments, at fair value <sup>(1)</sup>  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers  | $17027302 | $69369115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 668718 | 1015148 |
|  Receivables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisor reimbursement due  | 8968 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest  | 298553 | 40567 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital shares sold  |  | 38225 |
|  Other assets  | 12221 | 9789 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 18015762 | 70472844 |
|  **Liabilities** |  |  |
|  Payables: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund shares redeemed  | 77341 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments purchased  | 56511 | 148540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends  | 458 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fees  |  | 62855 |
|  Accrued expenses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional fees  | 26594 | 34262 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration fees  | 9109 | 21244 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other accrued expenses  | 11043 | 30276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 181056 | 297177 |
|  Net assets  | $17834706 | $70175667 |
|  **Composition of Net Assets** |  |  |
|  Paid-in capital  | 20136133 | 54555266 |
|  Total distributable earnings/accumulated loss  | (2301427) | 15620401 |
|  Net assets  | $17834706 | $70175667 |
|  **Institutional Class** |  |  |
|  Net assets applicable to outstanding shares  | $17834706 | $70175667 |
|  Shares of beneficial interest outstanding, no par value, unlimited authorization  | 1854077 | 3893829 |
|  Net asset value per share outstanding  | 9.62 | 18.02 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Investment in securities
 at cost

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers  | $16678720 | $55995841 |

---

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

**PENN CAPITAL FUNDS** 

**Statements of Operations** 

**For the year Ended AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
| **Investment Income/(Loss)** | **Penn Capital <br> Short <br> Duration <br> High Income <br> Fund** | **Penn Capital <br> Special <br> Situations <br> Small Cap <br> Equity Fund** |
|  **Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends (net of foreign withholding taxes)  | $— | $557269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest and fees  | 1139291 | 23275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total income  | 1139291 | 580544 |
|  **Expenses** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 74182 | 536661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and accounting fees  | 44034 | 89232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional expense  | 41495 | 89320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration and filing fees  | 21499 | 26847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 11167 | 52579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Service fees  | 9945 | 64725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Officer fees  | 7278 | 47916 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Director fees  | 6401 | 29439 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reporting fees  | 1109 | 23269 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees  | 1002 | 8940 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expenses  | 72 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses  | 6221 | 17600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waivers and reimbursements  | 224405 | 986528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: waivers and reimbursement  | (135135) | (307176) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: advisory fees forfeited  |  | (63605) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 89270 | 615747 |
|  Net investment income/(loss)  | 1050021 | (35203) |
| **Realized and Unrealized Gain/(Loss) on Investments** |  |  |
|  Net realized gain/(loss) on investments  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers  | 71070 | 3574160 |
|  Net change in unrealized appreciation/(depreciation)  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers  | 37301 | 8063555 |
|  Net realized and unrealized gain/(loss) on investments  | 108371 | 11637715 |
|  Net increase/(decrease) in net assets resulting from operations  | $1158392 | $11602512 |
|  Net of foreign taxes withheld  | $— | $(3366) |

---

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

**PENN CAPITAL FUNDS** 

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Penn Capital Short <br> Duration High Income Fund** | **Penn Capital Short <br> Duration High Income Fund** | **Penn Capital Special <br> Situations Small <br> Cap Equity Fund** | **Penn Capital Special <br> Situations Small <br> Cap Equity Fund** |
| <br>**Increase/(Decrease) in Net Assets** | **Fiscal Year <br> Ended <br> August 31, <br> 2025** | **Fiscal Year <br> Ended <br> August 31, <br> 2024** | **Fiscal Year <br> Ended <br> August 31, <br> 2025** | **Fiscal Year <br> Ended <br> August 31, <br> 2024** |
|  **Operations**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $1050021 | $1342084 | $(35203) | $(49669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated issuers  | 71070 | (115985) | 3574160 | (223624) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation)  | 37301 | 788368 | 8063555 | 4539777 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations  | 1158392 | 2014467 | 11602512 | 4266484 |
|  **Dividends and distributions to shareholders** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net dividends and distributions from net investment income and realized gain - Institutional Class  | (1043930) | (1340495) | (834417) | (216977) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions to shareholders  | (1043930) | (1340495) | (834417) | (216977) |
|  **Capital share transactions** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from sale of shares  | 3551341 | 503694 | 18258166 | 18132616 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and distributions reinvested  | 1038022 | 1318341 | 832652 | 212722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of shares redeemed  | (3469229) | (17284935) | (9152124) | (14183672) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from capital share transactions  | 1120134 | (15462900) | 9938694 | 4161666 |
|  Net increase/(decrease) in net assets  | 1234596 | (14788928) | 20706789 | 8211173 |
|  **Net Assets** |  |  |  |  |
|  Beginning of period  | 16600110 | 31389038 | 49468878 | 41257705 |
|  End of period  | $17834706 | $16600110 | $70175667 | $49468878 |
|  **Share Transactions** |  |  |  |  |
|  Shares sold  | 372790 | 53214 | 1176721 | 1301002 |
|  Share reinvested  | 108656 | 140155 | 53205 | 14501 |
|  Share redeemed  | (361702) | (1827706) | (588123) | (1009761) |
|  Net increase/(decrease) in shares outstanding  | $119744 | $(1634337) | $641803 | $305742 |

---

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

**Penn Capital Short Duration High Income Fund** 

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** | **For the<br> Year Ended<br> August 31,<br> 2023** | **For the<br> Year Ended<br> August 31,<br> 2022** | **For the<br> Period <br> Ended<br> August 31,<br> 2021<sup>(** **e** **)</sup>**  | **For the <br> Year Ended <br> June 30, <br> 2021** |
|  **Per Common Share Data<sup>(a)</sup>** |  |  |  |  |  |  |
|  Net asset value, beginning of period  | $9.57 | $9.32 | $9.15 | $9.73 | $9.74 | $9.33 |
|  **Income from investment operations**  |  |  |  |  |  |  |
|  Net investment income (loss)  | 0.61 | 0.56 | 0.41 | 0.29 | 0.05 | 0.36 |
|  Net realized and unrealized gains (losses)  | 0.05 | 0.27 | 0.17 | (0.58) | (0.01) | 0.41 |
|  Total from investment operations  | 0.66 | 0.83 | 0.58 | (0.29) | 0.04 | 0.77 |
|  **Distributions to shareholders** |  |  |  |  |  |  |
|  Dividends from net investment income  | (0.61) | (0.58) | (0.41) | (0.29) | (0.05) | (0.36) |
|  Distributions from capital gains  |  |  |  |  |  |  |
|  Total distributions  | (0.61) | (0.58) | (0.41) | (0.29) | (0.05) | (0.36) |
|  Net asset value, end of period  | $9.62 | $9.57 | $9.32 | $9.15 | $9.73 | $9.74 |
|  Total return<sup>(c)</sup>  | 7.10% | 9.18% | 6.50% | (3.05)% | 0.41% | 11.96% |
|  **Supplemental data and ratios** |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $17835 | $16600 | $31389 | $33905 | $43871 | $40180 |
|  Ratio of expenses to average net assets, including waivers and reimbursement<sup>(b)</sup> | 0.54% | 0.55% | 0.54% | 0.54% | 0.54% | 0.54% |
|  Ratio of expenses to average net assets, excluding waivers and reimbursement<sup>(b)</sup>  | 1.36% | 1.29% | 1.22% | 0.88% | 0.99% | 1.16% |
|  Ratio of net investment income (loss) to average net assets, including waivers and reimbursement<sup>(b)</sup> | 6.37% | 5.90% | 4.44% | 3.02% | 2.97% | 3.77% |
|  Ratio of net investment income (loss) to average net assets, excluding waivers and reimbursement<sup>(b)</sup>  | 5.55% | 5.15% | 3.72% | 2.68% | 2.52% | 3.15% |
|  Portfolio turnover rate<sup>(c)(d)</sup>  | 59% | 42% | 67% | 54% | 11% | 104% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Information presented related
 to a share outstanding for the entire period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized for periods less
 than one full year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio turnover is calculated
 on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Funds changed their
 fiscal year end to August 31.

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

**Penn Capital Special Situations Small Cap Equity Fund** 

**Financial Highlights**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **For the<br> Year Ended<br> August 31,<br> 2025** | **For the<br> Year Ended<br> August 31,<br> 2024** | **For the<br> Year Ended<br> August 31,<br> 2023** | **For the<br> Year Ended<br> August 31,<br> 2022** | **For the<br> Period <br> Ended<br> August 31,<br> 2021<sup>(e** **)</sup>**  | **For the <br> Year Ended <br> June 30, <br> 2021** |
|  **Per Common Share Data<sup>(a)</sup>** |  |  |  |  |  |  |
|  Net asset value, beginning of period  | $15.21 | $14.00 | $13.64 | $19.62 | $19.79 | $9.33 |
|  **Income from investment operations**  |  |  |  |  |  |  |
|  Net investment income (loss)  | (0.01) | (0.02) | 0.02 | (0.05) | (0.01) | (0.01) |
|  Net realized and unrealized gains (losses)  | 3.07 | 1.30 | 0.57 | (2.12) | (0.16) | 10.47 |
|  Total from investment operations  | 3.06 | 1.28 | 0.59 | (2.17) | (0.17) | 10.46 |
|  **Distributions to shareholders** |  |  |  |  |  |  |
|  Dividends from net investment income  | (0.25) | (0.04) |  |  |  |  |
|  Distributions from capital gains  |  | (0.03) | (0.23) | (3.81) |  |  |
|  Total distributions  | (0.25) | (0.07) | (0.23) | (3.81) |  |  |
|  Net asset value, end of period  | $18.02 | $15.21 | $14.00 | $13.64 | $19.62 | $19.79 |
|  Total return<sup>(c)</sup>  | 20.34% | 9.16% | 4.40% | (14.39)% | (0.86)% | 112.11% |
|  **Supplemental data and ratios** |  |  |  |  |  |  |
|  Net assets, end of period (in 000's)  | $70176 | $49469 | $41258 | $16616 | $16894 | $16923 |
|  Ratio of expenses to average net assets, including waivers and reimbursement<sup>(b)</sup>  | 1.09 %<sup>(f)</sup> | 1.09% | 1.09% | 1.09% | 1.09% | 1.09% |
|  Ratio of expenses to average net assets, excluding waivers and reimbursement<sup>(b)</sup>  | 1.75% | 1.59% | 1.73% | 1.58% | 1.71% | 2.97% |
|  Ratio of net investment income (loss) to average net assets, including waivers and reimbursement<sup>(b)</sup>  | (0.06)% | (0.11)% | 0.13% | (0.34)% | (0.46)% | (0.02)% |
|  Ratio of net investment income (loss) to average net assets, excluding waivers and reimbursement<sup>(b)</sup>  | (0.72)% | (0.61)% | (0.55)% | (0.83)% | (1.08)% | (1.90)% |
|  Portfolio turnover rate<sup>(c)(d)</sup>  | 91% | 86% | 69% | 87% | 11% | 132% |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Information presented related
 to a share outstanding for the entire period.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Annualized for periods less
 than one full year.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Not Annualized.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Portfolio turnover is calculated
 on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The Funds changed their
 fiscal year end to August 31.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Penn Capital did not receive
 any fees for its management of the Fund between November 30, 2024 and January 14, 2025, when shareholders of the Fund approved a new advisory
 agreement This ratio does not include forfeiture of fees. See Note 3.

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

**PENN CAPITAL FUNDS** 

**Notes to the Financial Statements** 

**AUGUST 31, 2025**

**1. Organization** 

The RBB Fund Trust (the "Trust") was organized as a Delaware statutory trust on August 29, 2014, and is registered under the Investment Company Act of 1940 (the "1940 Act"), as amended, as an open-end management investment company. Currently, the Trust has ten active investment portfolios. This report covers two series including: the Penn Capital Short Duration High Income Fund, and the Penn Capital Special Situations Small Cap Equity Fund (collectively referred to as the "Funds" and each individually referred to as a "Fund"). The Funds follow the Financial Accounting Standards Board ("FASB") Accounting Standard Codification Topic 946 "Financial Services - Investment Companies".

The Penn Capital Short Duration High Income Fund's investment objective is to seek to provide a high level of current income. The Penn Capital Short Duration High Income Fund commenced operations on July 17, 2017.

The Penn Capital Special Situations Small Cap Equity Fund's investment objective is to seek to provide capital appreciation. The Penn Capital Special Situations Small Cap Equity Fund commenced operations on December 17, 2015.

Each Fund's investment objective is non-fundamental, and may be changed by the Trust's Board of Trustees (the "Board" or "Trustees") without shareholder approval. Unless otherwise noted, all of the other investment policies and strategies described in the Prospectus or hereafter are nonfundamental. The Penn Capital Management Company, LLC (the "Advisor" or "Penn Capital") serves as the investment advisor to the Funds.

The Trust offers Institutional Class shares for the Penn Capital Special Situations Small Cap Equity Fund and the Penn Capital Short Duration High Income Fund. Institutional Class shares do not have a front-end or back-end sales charge.

The end of the reporting period for the Funds is August 31, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2025 (the "current fiscal period").

**2. Significant Accounting Policies** 

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Investment Valuation** 

The Funds use the following valuation methods to determine fair value as either fair value for investments for which market quotations are available, or if not available, the fair value, as determined in good faith pursuant to such policies and procedures as may be approved by the Trust's Board from time to time. The valuation of the portfolio investments of the Funds currently includes the following processes:

Portfolio securities listed on a national or foreign securities exchange, except those listed on the NASDAQ<sup>®</sup> Stock Market and Small Cap<sup>SM</sup> exchanges ("NASDAQ<sup>®</sup>"), for which market quotations are available, are valued at the official closing price of such exchange on each business day (defined as days on which the Funds are open for business ("Business Day")). Portfolio securities traded on the NASDAQ<sup>®</sup> will be valued at the NASDAQ<sup>®</sup> Official Closing Price on each Business Day. If there is no such reported sale on an exchange or NASDAQ<sup>®</sup>, the portfolio security will be valued at the most recent quoted bid price. Price information on listed securities is taken from the exchange where the security is primarily traded.

Other assets and securities for which no quotations are readily available (such as for certain restricted or unlisted securities and private placements) or that may not be reliably priced (such as in the case of trade suspensions or halts, price movement limits set by certain foreign markets, and thinly traded or illiquid securities) will be valued in good faith

**PENN CAPITAL FUNDS** 

**Notes to the Financial Statements (continued)** 

**AUGUST 31, 2025**

at fair value using procedures and methods approved by the Board. Under the procedures adopted by the Board, the Board has delegated day-to-day responsibility for fair value determinations to the Advisor, as valuation designee (the "Valuation Designee").

A Fund's portfolio holdings may also consist of shares of other investment companies in which the Fund invests. The value of each such investment company will be its net asset value ("NAV") at the time the Fund's shares are priced. Each investment company calculates its NAV based on the current market value for its portfolio holdings. Each investment company values securities and other instruments in a manner as described in that investment company's prospectus. The investment company's prospectus explains the circumstances under which the company will use fair value pricing and the effects of using fair value pricing.

Because a Fund may invest in foreign securities, the Fund's NAV may change on days when a shareholder will not be able to purchase or redeem Fund shares because foreign markets are open at times and on days when U.S. markets are not. Investments quoted in foreign currencies will be valued daily in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the time such valuation is determined. Foreign currency exchange rates are generally determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern time). If an event that could materially affect the value of the Fund's foreign securities has occurred between the time the securities were last traded and the time that the Fund calculates its NAV, the closing price of the Fund's securities may no longer reflect their market value at the time the Fund calculates its NAV. In such a case, the Valuation Designee may use fair value methods to value such securities.

Fixed income securities shall be valued at the evaluated bid price supplied by the Fund's pricing agent based on broker-dealer supplied valuations and other criteria, or directly by independent brokers when the pricing agent does not provide a price or the Valuation Designee does not believe that the pricing agent price reflects the current market value. If a price of a position is sought using independent brokers, the Advisor shall seek to obtain an evaluation bid price from at least two independent brokers who are knowledgeable about the position. The price of the position would be deemed to be an average of such bid prices. In the absence of sufficient broker dealer quotes, securities shall be valued at fair value pursuant to procedures adopted by the Board.

Occasionally, reliable market quotations are not readily available (such as for certain restricted or unlisted securities and private placements) or securities and other assets may not be reliably priced (such as in the case of trade suspensions or halts, price movement limits set by certain foreign markets, and thinly traded or illiquid securities), or there may be events affecting the value of foreign securities or other securities held by the Funds that occur when regular trading on foreign or other exchanges is closed, but before trading on the NYSE is closed. Fair value determinations are then made in good faith in accordance with procedures adopted by the Board. Under the procedures adopted by the Board, the Board has delegated the responsibility for making fair value determinations to the Valuation Designee, subject to the Board's oversight. Generally, the fair value of a portfolio security or other asset shall be the amount that the owner of the security or asset might reasonably expect to receive upon its current sale. A three-tier hierarchy is utilized to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available under the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed 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.).

**PENN CAPITAL FUNDS** 

**Notes to the Financial Statements (continued)** 

**AUGUST 31, 2025**

Level 3 — Prices are determined using significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments).

The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

The following table summarizes the inputs used as of the end of the current fiscal period, in valuing each Fund's investments:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Penn Capital Short Duration <br> High Income Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  <u><u>Investments:</u></u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate Bonds  | $— | $17027302 | $— | $17027302 |
|  **Total Investments**  | $— | $17027302 | $— | $17027302 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Penn Capital Special Situations <br> Small Cap Equity Fund** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  <u><u>Investments:</u></u> |  |  |  |  |
|  Common Stocks  | $69369115 | $— | $— | $69369115 |
|  **Total Investments**  | $69369115 | $— | $— | $69369115 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**B. Investment Transactions and Related Investment Income** 

Investment transactions are accounted for on a trade-date basis. Interest income is recorded on the accrual basis, including the amortization of premiums and accretion of discounts on bonds held using the yield-to-maturity method. Dividend income is recognized on ex-dividend date.

Realized gains and losses on investment transactions and unrealized appreciation and depreciation of investments are reported for financial statement and federal income tax purposes on the identified cost method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**C. Expenses** 

Certain expenses are shared with The RBB Fund, Inc. ("RBB"), an affiliated fund. Expenses incurred on behalf of a specific class, fund or fund family of the Trust or RBB are charged directly to the class, fund or fund family (in proportion to net assets). Expenses incurred for all of the funds (such as trustee or professional fees) are charged to all funds in proportion to their average net assets of the Trust and RBB, or in such other manner as the Board deems fair or equitable.

**PENN CAPITAL FUNDS** 

**Notes to the Financial Statements (continued)** 

**AUGUST 31, 2025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**D. Use of Estimates** 

The preparation of the 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 at the date of the financial statements and the reported amounts of increases and decreases in net assets from operations during the reporting year. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**E. Dividends and Distributions** 

Dividends and distributions to Shareholders are recorded on the ex-date. The Penn Capital Short Duration High Income Fund declares and distributes its net investment income, if any, monthly and makes distributions of its net realized capital gains, if any, at least annually, usually in December. The Penn Capital Special Situations Small Cap Equity Fund declares and distributes its net investment income, if any, annually and makes distributions of net realized capital gains, if any, at least annually, usually in December.

The character of distributions made during the period from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. In addition, due to the timing of dividend distributions, the fiscal period in which the amounts are distributed may differ from the period that income or realized gains (losses) were recorded by each Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**F. Federal Income Taxes** 

Each Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Funds will not be subject to federal income tax to the extent they distribute all of their net investment income and capital gains to shareholders. Therefore, no federal income tax provision is required.

The Funds evaluate tax positions taken or expected to be taken in the course of preparing their tax returns to determine whether it is more-likely-than-not (i.e., greater than 50%) that each tax position will be sustained upon examination by a taxing authority based on the technical merits of the position. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. The Funds did not record any tax provision in the current period and have no provision for taxes in the financial statements. However, management's conclusions regarding tax positions taken may be subject to review and adjustment at a later date based on factors including, but not limited to, examination by tax authorities (i.e., the last three open tax year ends, as applicable) and on-going analysis of and changes to tax laws, regulations and interpretations thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**G. Indemnifications** 

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust and each Fund. In addition, in the normal course of business, the Trust may enter into contracts that provide general indemnification to other parties. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred, and may not occur. However, the Trust has not had prior claims or losses pursuant to these contracts and considers the risk of loss to be remote.

**3. Agreements and Related Party Transactions** 

**Investment Advisory Agreement** 

Penn Capital serves as the investment adviser to each Fund. Each Fund pays the Advisor a fee, payable at the end of each month, at an annual rate, set forth in the table below, of the respective Fund's average daily net assets.

---

| | |
|:---|:---|
|  Penn Capital Short Duration High Income Fund  | 0.45% |
|  Penn Capital Special Situations Small Cap Equity Fund  | 0.95% |

---

**PENN CAPITAL FUNDS** 

**Notes to the Financial Statements (continued)** 

**AUGUST 31, 2025**

On July 3, 2024, SGAM Advisors LLC, a subsidiary of Seaport Global Holdings LLC ("Seaport"), acquired a controlling interest in Penn Capital. The Acquisition was deemed to result in a change of control of Penn Capital pursuant to the 1940 Act, and resulted in the automatic termination of the previously existing advisory agreement (the "Original Agreement") between the Trust, on behalf of each of the Funds, and Penn Capital. To avoid disruption of the Funds' investment management program, the Board approved an interim advisory agreement (the "Interim Advisory Agreement") between the Trust and Penn Capital with respect to each Fund on April 24, 2024, which became effective on July 3, 2024. Effective November 7, 2024, shareholders of the Penn Capital Short Duration High Income Fund approved a new investment advisory agreement (the "New Advisory Agreement"). Effective November 30, 2024, the Trust entered into an Amended Interim Advisory Agreement with Penn Capital with respect to the Penn Capital Special Situations Small Cap Equity Fund. Pursuant to the Amended Interim Advisory Agreement, Penn Capital did not receive any fees for its management of the Penn Capital Special Situations Small Cap Equity Fund between November 30, 2024 and until shareholders of the Fund approved the New Advisory Agreement on January 14, 2025. Fees forfeited for this period and reported on the statement of operations were $63,605.

With respect to the Penn Capital Special Situations Small Cap Equity Fund, the Advisor has contractually agreed to waive its fees and/or pay Fund expenses so that the Funds' total annual operating expenses (excluding any acquired fund fees and expenses, taxes, interest, brokerage fees, certain insurance costs, and extraordinary and other non-routine expenses) do not exceed the amounts shown below as a percentage of each Fund's average daily net assets. With respect to the Penn Capital Short Duration High Income Fund, the Advisor has contractually agreed to waive its fees and/or pay Fund expenses so that the Fund's total annual operating expenses (including any acquired fund fees and expenses incurred by the Fund as a result of its investments in other investment companies managed by the Advisor, but excluding any acquired fund fees and expenses incurred by the Fund as a result of its investments in unaffiliated investment companies, taxes, interest, brokerage fees, certain insurance costs, and extraordinary and other non-routine expenses) do not exceed the amounts shown below as a percentage of each Fund's average daily net assets. The expense limitation agreement will remain in place through December 31, 2025.

---

| | |
|:---|:---|
|  | **Institutional <br> Class** |
|  Penn Capital Short Duration High Income Fund  | 0.54% |
|  Penn Capital Special Situations Small Cap Equity Fund  | 1.09% |

---

Any waived or reimbursed expenses by the Advisor to the Funds (excluding any waivers related to acquired fund fees and expenses incurred by the Funds as a result of its investments in other investment companies managed by the Advisor), are subject to repayment by a Fund in the three years following the date the fees were waived or the expenses were paid, provided such reimbursement does not cause the Funds' ordinary operating expenses to exceed (i) the expense limitations that were in effect at the time of the waiver or reimbursement and (ii) the current expense limit in effect at the time of the reimbursement.

---

| | | |
|:---|:---|:---|
| **Fiscal Period Incurred** | **Amount<br> Subject to <br> Potential <br> Recoupment** | **Year of <br> Expiration** |
|  Penn Capital Short Duration High Income Fund  |  |  |
|  August 31, 2023  | $203627 | 2026 |
|  August 31, 2024  | 169800 | 2027 |
|  August 31, 2025  | 135135 | 2028 |
|  Total  | $508562 |  |

---

**PENN CAPITAL FUNDS** 

**Notes to the Financial Statements (continued)** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
| **Fiscal Period Incurred** | **Amount<br> Subject to <br> Potential <br> Recoupment** | **Year of <br> Expiration** |
|  Penn Capital Special Situations Small Cap Equity Fund |  |  |
|  August 31, 2023  | $119334 | 2026 |
|  August 31, 2024  | 228937 | 2027 |
|  August 31, 2025  | 336148 | 2028 |
|  Total  | $684419 |  |

---

**Distribution Agreement** 

Foreside Fund Services, LLC is the Trust's distributor and principal underwriter (the "Distributor").

**Agreements with the Administrator, Transfer Agent, and Custodian** 

U.S. Bancorp Fund Services, LLC ("Fund Services"), doing business as U.S. Bank Global Fund Services, serves as the Funds' administrator. 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.

**Shareholder Servicing Plan** 

The Trust has adopted a Shareholder Servicing Plan on behalf of each Fund's Institutional Class. Under the plan, each Class can pay for non-distribution related shareholder support services (''service fees'') in an amount up to 0.15% of its average daily net assets. The amount actually incurred by the Institutional Class shares for the current fiscal period on an annualized basis was 0.06% for the Penn Capital Short Duration High Income Fund and 0.11% for the Penn Capital Special Situations Small Cap Equity Fund.

**Other Related Party Transactions** 

The Advisor and its affiliates have made investments in the Funds and accordingly, as shareholders of the Funds, pay a proportionate share of the Funds' investment advisory fees and other expenses identified in the Funds' Prospectus.

**4. Federal Tax Information** 

It is each Fund's intention to continue to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and distribute all of its taxable income. Accordingly, no provision for federal income taxes is required in the financial statements.

The amount and character of income and capital gain distributions to be paid, if any, are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are primarily due to differences in the timing of recognition of gains or losses on investments. Permanent book and tax basis differences, if any, may result in reclassifications to distributable earnings and additional paid-in capital.

**PENN CAPITAL FUNDS** 

**Notes to the Financial Statements (continued)** 

**AUGUST 31, 2025**

The following information is provided on a tax basis as of August 31, 2025:

---

| | | |
|:---|:---|:---|
|  | **Penn Capital <br> Short <br> Duration <br> High Income <br> Fund** | **Penn Capital <br> Special <br> Situations <br> Small Cap <br> Equity Fund** |
|  Cost of investments  | $16678720 | $56394800 |
|  Gross unrealized appreciation  | 390402 | 15080391 |
|  Gross unrealized (depreciation)  | (41820) | (2106076) |
|  Net unrealized appreciation (depreciation)  | 348582 | 12974315 |
|  Undistributed ordinary income  | 12230 |  |
|  Undistributed long-term capital gains  |  | 2646086 |
|  Total distributable earnings  | 12230 | 2646086 |
|  Other accumulated losses  | (2662239) |  |
|  Total accumulated earnings (losses)  | $(2301427) | $15620401 |

---

Net investment income and net realized gains and losses for federal income tax purposes may differ from that reported on the financial statements because of permanent book-to-tax differences. GAAP requires that permanent differences between financial reporting and tax reporting be reclassified between various components of net assets.

These differences are primarily due to net operating losses. On the Statement of Assets and Liabilities, the following adjustments were made:

---

| | | |
|:---|:---|:---|
|  | **Distributable <br> Earnings** | **Paid-In <br> Capital** |
|  Penn Capital Special Situations Small Cap Equity Fund  | 90769 | (90769) |

---

The Funds intend to utilize capital loss carryforwards to offset future realized gains. Capital loss carryforwards available for federal income tax purposes are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Capital Loss <br> Available <br> Through** | **Short-Term <br> Capital Loss <br> Amounts** | **Long-Term <br> Capital Loss <br> Amounts** |
|  Penn Capital Short Duration High Income Fund  | unlimited | $1817727 | $844054 |
|  Penn Capital Special Situations Small Cap Equity Fund  | unlimited |  |  |

---

A regulated investment company may elect for any taxable year to treat any portion of the qualified late year loss as arising on the first day of the next taxable year. Qualified late year losses are certain capital and ordinary losses which occur during the portion of the taxable year subsequent to October 31 and December 31, respectively. For the fiscal period ended August 31, 2025, there were no deferred Post October Losses to report.

**PENN CAPITAL FUNDS** 

**Notes to the Financial Statements (continued)** 

**AUGUST 31, 2025**

The character of distributions for tax purposes paid during the fiscal periods ended August 31, 2025 and August 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Ordinary <br> Income <br> Distributions** | **Long-Term <br> Capital Gain <br> Distributions** |
|  Penn Capital Short Duration High Income Fund  | 2025.0 | $1043930 | $— |
|  | 2024.0 | 1340495 |  |
|  Penn Capital Special Situations Small Cap Equity Fund  | 2025.0 | 834253 | 164 |
|  | 2024.0 | 111188 | 105789 |

---

**5. Trustee and Officer Compensation** 

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

**6. Investment Transactions** 

The cost of security purchases and the proceeds from security sales, other than short-term investments, for the period ended August 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Non-U.S. Government** | **Non-U.S. Government** | **U.S. Government** | **U.S. Government** |
|  | **Purchases** | **Sales** | **Purchases** | **Sales** |
|  Penn Capital Short Duration High Income Fund  | $9651177 | $9175293 | $— | $— |
|  Penn Capital Special Situations Small Cap Equity Fund  | 59871949 | 50689228 |  |  |

---

**7. Credit Risk, LIBOR and Asset Concentration** 

Small- and mid-capitalization companies may not have the size, resources and other assets of large capitalization companies. As a result, the securities of small- and mid-capitalization companies may be subject to greater market risks and fluctuations in value than large capitalization companies or may not correspond to changes in the stock market in general. In addition, small- and mid-capitalization companies may be particularly affected by interest rate increases, as they may find it more difficult to borrow money to continue or expand operations, or may have difficulty in repaying any loans.

High yield securities and unrated securities of similar credit quality have speculative characteristics and involve greater volatility of price and yield, greater liquidity risk, and generally reflect a greater possibility of an adverse change in financial condition that could affect an issuer's ability to honor its obligations.

There are a number of risks associated with an investment in bank loans, including credit risk, interest rate risk, liquidity risk and prepayment risk. Lack of an active trading market, restrictions on resale, irregular trading activity, wide bid/ask spreads and extended trade settlement periods may impair the Fund's ability to sell bank loans within its desired

**PENN CAPITAL FUNDS** 

**Notes to the Financial Statements (continued)** 

**AUGUST 31, 2025**

time frame or at an acceptable price and its ability to accurately value existing and prospective investments. Extended trade settlement periods may result in cash not being immediately available to the Fund. As a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions to raise cash to meet its obligations.

A Fund may invest in certain instruments that rely in some fashion upon London Interbank Offered Rate ("LIBOR"). LIBOR is an average interest rate, determined by the ICE Benchmark Administration, that banks charge one another for the use of short-term money. The United Kingdom's Financial Conduct Authority, which regulates LIBOR, announced plans to phase out the use of LIBOR by the end of 2021. The FCA and ICE Benchmark Administrator announced that most LIBOR settings would no longer be published after December 31, 2021 and a majority of U.S. dollar LIBOR settings ceased publication after June 30, 2023. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing SOFR that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Uncertainty related to the liquidity impact of the change in rates, and how to appropriately adjust these rates at the time of transition, poses risks for the Funds. The effect of any changes to, or discontinuation of, LIBOR on the Funds will depend on, among other things, (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new instruments and contracts. The expected discontinuation of LIBOR could have a significant impact on the financial markets in general and may also present heightened risk to market participants, including public companies, investment advisers, investment companies, and broker-dealers. The risks associated with this discontinuation and transition will be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new instruments and contracts are commercially accepted and market practices become settled.

**8. Line of Credit** 

The Funds have a $10,000,000 uncommitted, unsecured, umbrella 365-day line of credit, for temporary purposes, including to meet redemption requests. The interest rate as of August 31, 2025 was 7.50%. During the current fiscal period, the Penn Capital Special Situations Fund did not use the credit line.

During the current fiscal period, line of credit activities were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Average <br> Borrowings** | **Amount <br> Outstanding <br> as of <br> August 31, <br> 2025** | **Interest <br> Expense** | **Maximum <br> Borrowing** | **Average <br> Interest <br> Rate** |
|  Penn Capital Short Duration High Income Fund  | $901 | $– $| 72 | $150000 | 7.99% |

---

**9. Unfunded Commitments** 

The Funds may enter into unfunded loan commitments. Unfunded loan commitments may be partially or wholly funded. During the contractual period, the Funds are obliged to provide funding to the borrower upon demand. Unfunded loan commitments are fair valued in accordance with the valuation policy described in Note 2(a) and unrealized appreciation or depreciation, if any, is recorded on the Statements of Assets and Liabilities. As of August 31, 2025, there were no unfunded commitments to report.

**PENN CAPITAL FUNDS** 

**Notes to the Financial Statements (concluded)** 

**AUGUST 31, 2025**

**10. New Accounting Pronouncement** 

The Trust has adopted FASB-issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -- Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund in the Trust operates in one segment. The segment derives its revenues from each Fund's investments made in accordance with the defined investment strategy of each Fund, as prescribed in the Fund's prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment is consistent with that presented with each Fund's financial statements.

**11. Subsequent Events** 

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

**Penn Capital Funds** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Trustees of

The RBB Fund Trust

**Opinion on the Financial Statements** 

We have audited the accompanying statements of assets and liabilities of the Penn Capital Short Duration High Income Fund and the Penn Capital Special Situations Small Cap Equity Fund (the "Funds"), each a series of The RBB Fund Trust (the "Trust"), including the schedules of investments, as of August 31, 2025, 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, financial highlights for each of the four years in the period then ended, for the two month period ended August 31, 2021, and for the year ended June 30, 2021, 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, 2025, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the four years in the period then ended, the two month period ended August 31, 2021, and for the year ended June 30, 2021, 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 have served as the auditor of one or more of the funds in the Trust since 2021.

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 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, 2025 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.

**TAIT, WELLER & BAKER LLP** 

**Philadelphia, Pennsylvania October 30, 2025** 

**Penn Capital Funds** 

**Additional Information** 

**AUGUST 31, 2025 (UNAUDITED)**

**Shareholder Notification of Federal Tax Status** 

For the fiscal period ended August 31, 2025, certain dividends paid by the Funds may be reported as qualified dividend income and may be eligible for taxation at capital gain rates. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
|  Penn Capital Short Duration High Income Fund  | 0.00% |
|  Penn Capital Special Situations Small Cap Equity Fund  | 39.61% |

---

For corporate shareholders, the percentage of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal period ended August 31, 2025 was as follows:

---

| | |
|:---|:---|
|  Penn Capital Short Duration High Income Fund  | 0.00% |
|  Penn Capital Special Situations Small Cap Equity Fund.  | 39.61% |

---

The percentage of taxable ordinary income distributions designated as short-term capital gain distributions under Internal Revenue Section 871(k)(2)(c) for the fiscal period ended August 31, 2025 was as follows:

---

| | |
|:---|:---|
|  Penn Capital Short Duration High Income Fund  | 0.00% |
|  Penn Capital Special Situations Small Cap Equity Fund.  | 0.00% |

---

**Approval of Advisory Agreement** 

As required by the 1940 Act, the Board, including all of the Trustees who are not "interested persons" of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"), considered the renewal of the investment advisory agreement (the "Investment Advisory Agreement") between Penn Capital and the Trust on behalf of the Penn Capital Short Duration High Income Fund and Penn Capital Special Situations Small Cap Equity Fund (each a "Fund" and together the "Funds"), at a meeting of the Board held on May 13-14, 2025 (the "Meeting"). At the Meeting, the Board, including all of the Independent Trustees, approved the Investment Advisory Agreement for an additional one-year term ending August 16, 2026. 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 Penn Capital with the assistance and advice of counsel to the Independent Trustees and the Trust.

In considering the renewal of the Investment Advisory Agreement between the Trust and Penn Capital with respect to the Funds, the Trustees 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 Trustees reviewed these materials with management of Penn Capital, and discussed the Agreement with counsel in executive sessions, at which no representatives of Penn Capital were present. Among other things, the Trustees considered (i) the nature, extent, and quality of Penn Capital's services provided to the Funds; (ii) descriptions of the experience and qualifications of Penn Capital's personnel providing those services; (iii) Penn Capital's investment philosophies and processes; (iv) Penn Capital's assets under management and client descriptions; (v) Penn Capital's current advisory fee arrangements with the Trust and other similarly managed clients; (vi) Penn Capital's compliance procedures; (vii) Penn Capital'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 Trustees considered the nature, extent and quality of the services provided by Penn Capital. The Directors concluded that Penn Capital had substantial resources to provide services to the Funds and that Penn Capital's services had been acceptable.

**Penn Capital Funds** 

**Additional Information (CONCLUDED)** 

**AUGUST 31, 2025 (UNAUDITED)**

The Trustees also considered the investment performance of the Funds and Penn Capital. 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, 2024. The Trustees considered the Funds' investment performance in light of their respective investment objectives and investment strategies. The Trustees 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 Trustees observed that the Penn Capital Special Situations Small Cap Equity Fund outperformed its benchmark, the Russell 2000 Index, for the three-month, five-year, and since-inception periods ended December 31, 2024, and underperformed its benchmark for the one-year and three-year periods ended December 31, 2024. The Trustees noted that the Penn Capital Special Situations Small Cap Equity Fund outperformed the median of its Peer Group for the three-month, five-year, and since-inception periods ended December 31, 2024, and underperformed its Peer Group for the one-year and three-year periods ended December 31, 2024.

The Trustees noted that the Penn Capital Short Duration High Income Fund outperformed its benchmark, the ICE BofA 1-3Y BB US Cash Pay High Yield USD Index, for the three-month, one-year, and three-year periods ended December 31, 2024, and underperformed its benchmark for the five-year and since-inception periods ended December 31, 2024. The Trustees noted that the Penn Capital Short Duration High Income Fund equaled the median of its Peer Group for the three-year period ended December 31, 2024, and underperformed the median of its Peer Group for the three-month, one-year, five-year, and since-inception periods ended December 31, 2024.

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 each Fund's Peer Group. The Trustees noted that Penn Capital had contractually agreed to waive management fees and reimburse expenses through at least December 31, 2025, to limit total annual operating expenses to agreed upon levels for the Fund.

The Trustees noted that the Penn Capital Special Situations Small Cap Equity Fund's net advisory fee 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 Trustees noted that the Penn Capital Short Duration High Income Fund's net advisory fee ranked below the median and in the 1st 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.

After reviewing the information regarding the Funds' costs, profitability and economies of scale, and after considering Penn Capital's services, the Trustees 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, 2026.

**Investment Advisor** *Penn Capital Management Company, LLC*

Navy Yard Corporate Center

1200 Intrepid Avenue, Suite 400

Philadelphia, Pennsylvania 19112

**Legal Counsel** *Faegre Drinker Biddle & Reath LLP*

One Logan Square, Suite 2000

Philadelphia, PA 19103

**Independent Registered Public Accounting Firm** *Tait, Weller & Baker LLP*

50 South 16th Street, Suite 2900

Philadelphia, PA 19102

**Custodian** *U.S. Bank N.A.*

1555 N. Rivercenter Drive, Suite 302

Milwaukee, WI 53212

**Distributor** *Foreside Fund Services, LLC* 190 Middle Street, Suite 301 Portland, Maine 04101

**Administrator, Transfer Agent and Dividend Disbursing Agent** *U.S. Bancorp Fund Services, LLC* doing business as U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, WI 53202

*Shareholder/Investor Information 1.844.302.PENN (7366) www.penncapitalfunds.com* 

BEFORE INVESTING YOU SHOULD CAREFULLY CONSIDER THE FUNDS' INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES. THIS AND OTHER RELEVANT INFORMATION CAN BE FOUND IN THE PROSPECTUS AND STATEMENT OF ADDITIONAL INFORMATION, COPIES OF WHICH MAY BE OBTAINED BY CALLING (844) 302-PENN (7366) OR BY VISITING <u>WWW.PENNCAPITALFUNDS.COM</u>. PLEASE READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST.

**FINANCIAL STATEMENTS** 

**August 31, 2025** 

**Torray Equity Income Fund** 

**(Formerly, The Torray Fund)** 

**Ticker: TORYX** 

**A series of The RBB Fund Trust** 

**Torray Equity Income Fund** 

**Schedule of Investments** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 91.1%** |  |  |
|  **Consumer Discretionary — 7.9%** | **Consumer Discretionary — 7.9%** | **Consumer Discretionary — 7.9%** |
|  Home Depot, Inc.  | 40650 | $16535201 |
|  Lennar Corp. - Class B  | 95840 | 12188931 |
|  |  | 28724132 |
|  **Consumer Staples — 3.3%** |  |  |
|  PepsiCo, Inc.  | 80000 | 11892000 |
|  **Energy — 14.0%** |  |  |
|  Chevron Corp.  | 94585 | 15190351 |
|  EOG Resources, Inc.  | 111935 | 13971727 |
|  Phillips 66  | 161250 | 21539775 |
|  |  | 50701853 |
|  **Financials — 24.9%** |  |  |
|  American Express Co.  | 55285 | 18314815 |
|  Berkshire Hathaway, Inc. - Class B <sup>(a)</sup>  | 21740 | 10934785 |
|  Blackstone, Inc.  | 100750 | 17268550 |
|  CNA Financial Corp.  | 375000 | 18581250 |
|  JPMorgan Chase & Co.  | 35865 | 10810428 |
|  Marsh & McLennan Cos., Inc.  | 68815 | 14162815 |
|  |  | 90072643 |
|  **Health Care — 18.8%** |  |  |
|  AbbVie, Inc.  | 69640 | 14652256 |
|  Amgen, Inc.  | 51840 | 14914886 |
|  Pfizer, Inc.  | 501300 | 12412188 |
|  Royalty Pharma PLC - Class A  | 397290 | 14294494 |
|  UnitedHealth Group Inc.  | 38670 | 11982673 |
|  |  | 68256497 |
|  **Industrials — 2.8%** |  |  |
|  Eaton Corp. PLC  | 29150 | 10177431 |
|  **Information Technology — 9.7%** | **Information Technology — 9.7%** |  |
|  Broadcom, Inc.  | 60000 | 17843400 |
|  Texas Instruments, Inc.  | 85000 | 17210800 |
|  |  | 35054200 |
|  **Real Estate — 6.4%** |  |  |
|  Equinix, Inc.  | 15000 | 11792850 |
|  Prologis, Inc.  | 100000 | 11378000 |
|  |  | 23170850 |
|  **Utilities — 3.3%** |  |  |
|  NextEra Energy, Inc.  | 165000 | 11888250 |
|  **TOTAL COMMON STOCKS** (Cost $225,262,271)  |  | 329937856 |
|  **CONVERTIBLE PREFERRED STOCKS — 4.4%** | **CONVERTIBLE PREFERRED STOCKS — 4.4%** | **CONVERTIBLE PREFERRED STOCKS — 4.4%** |
|  **Information Technology — 4.4%** | **Information Technology — 4.4%** | **Information Technology — 4.4%** |
|  Hewlett Packard Enterprise Co., 7.63%, 09/01/2027  | 255280 | $16085193 |
|  **TOTAL CONVERTIBLE PREFERRED STOCKS** (Cost $12,760,186)  |  | 16085193 |
|  **PREFERRED STOCKS — 2.2%** | **PREFERRED STOCKS — 2.2%** | **PREFERRED STOCKS — 2.2%** |
|  **Financials — 2.2%**  | **Financials — 2.2%**  | **Financials — 2.2%**  |
|  SLM Corp., Series B, 6.28% (3 mo. Term SOFR + 1.96%), Perpetual  | 106700 | 8124138 |
|  **TOTAL PREFERRED STOCKS** (Cost $8,015,469)  |  | 8124138 |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **MONEY MARKET FUNDS — 2.0%** | **MONEY MARKET FUNDS — 2.0%** | **MONEY MARKET FUNDS — 2.0%** |
|  Fidelity Government Portfolio - Institutional Class, 4.21%<sup>(b)</sup>  | 7099700 | 7099700 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $7,099,700)  |  | 7099700 |
|  **TOTAL INVESTMENTS — 99.7%** (Cost $253,137,626)  |  | 361246887 |
|  Other Assets in Excess of Liabilities — 0.3%  |  | 1081793 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $362328680 |

---

Percentages are stated as a percent of net assets.

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

More narrow industries are utilized for compliance purposes, whereas broad sectors are utilized for reporting purposes.

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized effective yield as of August 31, 2025.

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

**Torray Equity Income Fund** 

**Statement of Assets and Liabilities** 

**As of AUGUST 31, 2025**

---

| | |
|:---|:---|
|  **ASSETS:** | **ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in securities, at value (cost $246,037,926)  | $354147187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments, at value (cost $7,099,700)  | 7099700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable  | 1377067 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 7701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL ASSETS**  | 362631655 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for advisory fees  | 244721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for fund shares redeemed  | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities  | 55754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **TOTAL LIABILITIES**  | 302975 |
|  **NET ASSETS**  | $362328680 |
|  **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $175978726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings/(losses)  | 186349954 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net Assets  | $362328680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued and outstanding (unlimited number of shares authorized without par value)  | 6122217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering and redemption price per share  | $59.18 |

---

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

**Torray Equity Income Fund** 

**Statement of Operations** 

**For the YEAR ended AUGUST 31, 2025**

---

| | |
|:---|:---|
|  **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income  | $8650607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 8650607 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees  | 2917470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advisory fees - recouped  | 5587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees & expenses  | 115618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund administration & accounting fees  | 75659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees  | 32912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustee fees  | 28863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Registration fees  | 24478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder reporting fees  | 21725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax fees  | 17483 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees  | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance fees  | 4302 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other fees  | 41268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses before waiver and/or reimbursement  | 3290365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: waiver and/or reimbursement from investment manager  | (29813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 3260552 |
|  **NET INVESTMENT INCOME/(LOSS)**  | 5390055 |
|  **REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments  | 84341253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments  | (56702544) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments  | 27638709 |
|  **NET INCREASE/(DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $33028764 |

---

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

**Torray Equity Income Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **FOR THE<br> YEAR ENDED<br> AUGUST 31,<br> 2025** | **FOR THE<br> YEAR ENDED<br> AUGUST 31,<br> 2024** |
|  **Increase/(Decrease) in Net Assets Resulting from Operations:** | **Increase/(Decrease) in Net Assets Resulting from Operations:** | **Increase/(Decrease) in Net Assets Resulting from Operations:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss)  | $5390055 | $3494781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain/(loss) on investments  | 84341253 | 15857011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation/(depreciation) on investments  | (56702544) | 54894103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) in net assets resulting from operations  | 33028764 | 74245895 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (24695283) | (20176149) |
|  **Shares of Beneficial Interest:** |  |  |
|  Proceeds from shares sold  | 1390419 | 3881230 |
|  Reinvestment of distributions  | 22461469 | 18541519 |
|  Shares redeemed  | (25161710) | (39968122) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase/(decrease) from capital share transactions  | (1309822) | (17545373) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase/(decrease) in net assets  | 7023659 | 36524373 |
|  **Net Assets — Beginning of Year**  | 355305021 | 318780648 |
|  **Net Assets — End of Year**  | $362328680 | $355305021 |
|  **Shares Transactions:** |  |  |
|  Shares sold  | 25151 | 71374 |
|  Shares reinvested  | 406563 | 388779 |
|  Shares redeemed  | (465685) | (766271) |
|  Net increase/(decrease) in shares oustanding  | (33971) | (306118) |

---

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

**Torray Equity Income Fund** 

**Financial Highlights** 

Contained below is per share operating performance data for the Fund 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.<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the <br> Year Ended<br> August 31,<br> 2025** | **For the <br> Year Ended<br> August 31,<br> 2024** | **For the <br> Period <br> Ended<br> August 31,<br> 2023<sup>(1)</sup>** | **For the <br> Year ended <br> December 31,<br> 2022<sup>(2)</sup>** | **For the <br> Year ended <br> December 31, <br> 2021** | **For the <br> Year ended <br> December 31, <br> 2020** |
|  **Net Asset Value, Beginning of Year** | $57.72 | $49.33 | $46.86 | $52.24 | $47.64 | $50.70 |
| &nbsp;&nbsp;&nbsp; Investment operations  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income/(loss) <sup>(3)</sup>  | 0.87 | 0.55 | 0.43 | 0.60 | 0.59 | 0.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized and unrealized gain/(loss) on investments  | 4.62 | 11.03 | 2.38 | (1.03) | 9.65 | (2.15) |
| &nbsp;&nbsp;&nbsp; Total from investment operations  | 5.49 | 11.58 | 2.81 | (0.43) | 10.24 | (1.52) |
| &nbsp;&nbsp;&nbsp; Less distributions from: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income  | (0.72) | (0.57) | (0.34) | (0.60) | (0.59) | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains  | (3.31) | (2.62) |  | (4.35) | (5.05) | (0.90) |
| &nbsp;&nbsp;&nbsp; Total distributions  | (4.03) | (3.19) | (0.34) | (4.95) | (5.64) | (1.54) |
|  Net Asset Value, End of Year  | $59.18 | $57.72 | $49.33 | $46.86 | $52.24 | $47.64 |
|  **TOTAL RETURN** <sup>(4)</sup>  | 10.08% | 24.89% | 6.03%<sup>(5)</sup> | -0.98% | 21.39% | -2.51% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000's omitted)  | $362329 | $355305 | $318781 | $321288 | $380868 | $356342 |
| &nbsp;&nbsp;&nbsp; Ratios of expenses to average net assets: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense waiver  | 0.96% | 0.97% | 0.96%<sup>(6)</sup> | 1.16% | 1.16% | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense waiver  | 0.95% | 0.95% | 0.95%<sup>(6)</sup> | 1.06% | 1.07% | 1.06% |
| &nbsp;&nbsp;&nbsp; Ratios of net investment income to average net assets  | 1.57% | 1.05% | 1.36%<sup>(6)</sup> | 1.18% | 1.10% | 1.46% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate  | 57% | 12% | 9%<sup>(5)</sup> | 40% | 36% | 33% |

---

<sup>(1)</sup> Effective August 31, 2023, the Fund changed its fiscal year end date to August 31st.

<sup>(2)</sup> Prior to the close of business on December 9, 2022, the Fund was a series (the "Predecessor Fund") of The Torray Fund, an open-end management investment company organized as a Massachusetts business trust. The Predecessor Fund was reorganized into the Fund following the close of business on December 9, 2022 (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 December 9, 2022 included herein is that of the Predecessor Fund. See Note 1. 

<sup>(3)</sup> Calculated based on average amount of shares outstanding during the period. 

<sup>(4)</sup> Past performance is not predictive of future performance. Returns assume reinvestment of all dividends and distributions.

<sup>(5)</sup> Not annualized.

<sup>(6)</sup> Annualized.

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

**Torray Equity Income Fund** 

**Notes to Financial Statements** 

**As of AUGUST 31, 2025**

**1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES** 

Effective as of August 31, 2025, the name of The Torray Fund was changed to the "Torray Equity Income Fund" ("Fund"). The Fund's original investment objectives were to build investor wealth over extended periods and to minimize shareholder capital gains tax liability by limiting the realization of long- and short-term gains. The investment objective of the Fund was changed as follows: The Torray Equity Income Fund seeks to build investor wealth over time, with a particular focus on the level and growth of current income. The Fund is a separate diversified series of The RBB Fund Trust ("Trust"). The Trust was organized as a Delaware statutory trust on August 29, 2014 and is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company. Currently, the Trust has ten active investment portfolios. The Fund commenced operations on December 31, 1990 as a separate series (the "Predecessor Fund") of The Torray Fund, a Massachusetts business trust. Effective as of the close of business on December 9, 2022, the Predecessor Fund was reorganized into a new series of the Trust 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 November 1, 2022. Unless otherwise indicated, references to the "Fund" in these Notes to Financial Statements refer to the Predecessor Fund and Fund. At the September 13, 2023 meeting of the Board of Trustees of the Trust (the "Board"), the Board approved a change in fiscal year end for the Fund from December 31st to August 31st effective August 31, 2023.

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, 2025, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2025 (the "current fiscal period").

**PORTFOLIO VALUATION** — The Fund values its investments at fair value. The Fund's 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 factors such 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). 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 Trust's Board of Trustees (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 Torray Investment Partners 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.).

**Torray Equity Income Fund** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of AUGUST 31, 2025**

● 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:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  Investments: |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Common Stocks | $329937856 | $— | $— | $329937856 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Convertible Preferred Stocks | 16085193 |  |  | 16085193 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Preferred Stocks | 8124138 |  |  | 8124138 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Money Market Funds | 7099700 |  |  | 7099700 |
|  **Total Investments** | $361246887 | $— | $— | $361246887 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

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 and related disclosures are 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.

**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, Inc. ("RBB") a series fund of affiliated funds. Expenses

**Torray Equity Income Fund** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of AUGUST 31, 2025**

incurred on behalf of a specific class, fund or fund family of the Trust or RBB 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 the Trust and RBB, or in such other manner as the Board deems fair or equitable. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Fund.

**DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS** — The Fund distributes all net investment income, if any, quarterly and net realized capital gains, if any, annually. Distributions to shareholders are 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. SECTOR RISK AND GENERAL RISK** 

As of the current fiscal period, the Fund had a significant portion of its assets invested in the Financials sector. The Financials sector may be more greatly impacted by the performance of the overall economy, interest rates, competition, and consumer confidence spending.

For purposes of financial statement reporting, 24.9% of portfolio holdings as of the current fiscal period were classified according to GICS<sup>®</sup> as belonging to the Financials sector. However, the Fund believes the actual Financials concentration risk to be below that shown for the Financials sector, as several of the constituent companies are diversified holding companies, with portions of their businesses falling outside the sector.

**3. INVESTMENT ADVISER AND OTHER SERVICES** 

The Trust has an agreement (the "Advisory Agreement") with the Adviser to furnish investment advisory services and to pay for certain operating expenses of the Fund. Pursuant to the Advisory Agreement between the Trust and the Adviser, the Adviser is entitled to receive, on a monthly basis, an annual advisory fee equal to 0.85% of the Fund's average daily net assets.

The Adviser has contractually agreed to waive its fee and reimburse the Fund for its current operating expenses so as to limit the Fund's current operating expenses (excluding certain items discussed below) to an annual rate, expressed as a percentage of the Fund's average annual net assets, of 0.95% (the "Expense Cap"). For purposes of the Agreement, 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, taxes, interest expense, dividends on securities sold short and extraordinary expenses. This contractual limitation is in effect until December 31,

**Torray Equity Income Fund** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of AUGUST 31, 2025**

2025 and may not be terminated without the approval of the Board. During the current fiscal period, investment advisory fees waived and/or reimbursed were as follows:

---

| | |
|:---|:---|
| **WAIVERS AND/OR <br> REIMBURSEMENTS** | **RECOUPMENTS** |
| $(29813) | $5587 |

---

Under the Agreement, if at any time the Fund's total annual Fund Operating Expenses (excluding acquired fund fees and expenses, short sale dividend expenses, brokerage commissions, extraordinary items, interest or taxes) 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's ordinary operating expenses to exceed (i) the expense limitations that were in effect at the time of the waiver or reimbursement and (ii) the current expense limit in effect at the time of the reimbursement.

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

---

| | | |
|:---|:---|:---|
| **Expiration<br> August 31, <br> 2027** | **Expiration<br> August 31, <br> 2028** | **Total** |
| $77599 | $29813 | $107412 |

---

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 the Trust.

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

**4. TRUSTEE AND OFFICER COMPENSATION** 

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

**Torray Equity Income Fund** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of AUGUST 31, 2025**

**5. 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** |
| $194905760 | $219168773 |

---

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

**6. 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, 2025, the federal tax cost, aggregate gross unrealized appreciation and depreciation of securities held by the Fund were as follows:

---

| | |
|:---|:---|
|  | **August 31, <br> 2025** |
|  Gross unrealized appreciation | $109601784 |
|  Gross unrealized (depreciation) | (3412250) |
|  Net unrealized appreciation | $106189534 |
|  Cost | $255057353 |

---

Net investment income and net realized gains and losses for federal income tax purposes may differ from that reported on the financial statements because of permanent book-to-tax differences. GAAP requires that permanent differences between financial reporting and tax reporting be reclassified between various components of net assets.

These differences are primarily due to the utilization of earnings and profits distributed to shareholders on redemption of shares. On the Statement of Assets and Liabilities, the following adjustments were made:

---

| | | |
|:---|:---|:---|
|  | **Distributable <br> Earnings** | **Paid-In Capital** |
|  Torray Equity Income  | (1900338) | 1900338 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax treatment of passive foreign investment companies.

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. 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.

**Torray Equity Income Fund** 

**NOTES TO FINANCIAL STATEMENTS (concluded)** 

**As of AUGUST 31, 2025**

The tax character of distributions paid during the years ended August 31, 2025, and August 31, 2024 were as follows:

---

| | | |
|:---|:---|:---|
|  | **August 31, <br> 2025** | **August 31, <br> 2024** |
|  Distributions paid from: |  |  |
| &nbsp;&nbsp;&nbsp; Ordinary Income | $4492897 | $3649834 |
| &nbsp;&nbsp;&nbsp; Long-Term Capital Gains | 20202386 | 16526315 |
|  | $24695283 | $20176149 |

---

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $3325721 |
|  Undistributed long-term capital gain | 76834699 |
|  Net unrealized appreciation/(depreciation)  | 106189534 |
|  Total distributable earnings/(losses) | $186349954 |

---

As of August 31, 2025, the Fund did not have any capital loss carryovers. A regulated investment company 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 taxable period ended August 31, 2025, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2025. As of August 31, 2025, the Fund had no tax basis post October losses or qualified late-year losses.

**7. NEW ACCOUNTING PRONOUNCEMENT** 

The Trust has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -- Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund in the Trust operates in one segment. The segment derives its revenues from each Fund's investments made in accordance with the defined investment strategy of each Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's financial statements.

**8. 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 <br> Rate Per Share** |
| 9/26/2025 | 9/29/2025 | 9/29/2025 | $0.61266241 |

---

**Torray Equity Income Fund** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders and Board of Trustees of

The RBB Fund Trust

<u><u>Opinion on the Financial Statements</u></u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of Torray Equity Income Fund (formerly, The Torray Fund) (the "Fund"), a series of The RBB Fund Trust, as of August 31, 2025, 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, the period from January 1, 2023 through August 31, 2023 and the year ended December 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, 2025, 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.

The Fund's financial highlights for the years ended December 31, 2021, and prior, were audited by other auditors whose report dated March 1, 2022, expressed an unqualified opinion on those financial highlights.

<u><u>Basis for Opinion</u></u>

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, 2025, 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 Fund's auditor since 2022.

![](fp0094048-1_12.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

October 30, 2025

**Torray Equity Income Fund** 

**Other Information** 

**As of AUGUST 31, 2025 (unaudited)**

**Approval of Investment Advisory Agreement** 

As required by the 1940 Act, the Board, including all of the Trustees who are not "interested persons" of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"), considered the renewal of the investment advisory agreement (the "Investment Advisory Agreement") between Torray Investment Partners LLC ("Torray") and the Trust on behalf of the Torray Equity Income Fund (the "Fund") at a meeting of the Board held on May 13-14, 2025 (the "Meeting"). At the Meeting, the Board, including all of the Independent Trustees, approved the Investment Advisory Agreement for an additional one-year term ending August 16, 2026. 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 Torray with the assistance and advice of counsel to the Independent Trustees and the Trust.

In considering the renewal of the Investment Advisory Agreement, the Trustees 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 Trustees reviewed these materials with management of Torray, and discussed the Investment Advisory Agreement with counsel in executive sessions, at which no representatives of Torray were present. Among other things, the Trustees considered (i) the nature, extent, and quality of Torray's services to be provided to the Fund; (ii) descriptions of the experience and qualifications of Torray's personnel providing those services; (iii) Torray's investment philosophies and processes; (iv) Torray's assets under management and client descriptions; (v) Torray'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) Torray's advisory fee arrangement with the Trust and other similarly managed clients; (vii) Torray's compliance policies and procedures; (viii) Torray'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 its benchmark.

As part of their review, the Trustees considered the nature, extent and quality of the services provided by Torray. The Trustees concluded that Torray had substantial resources to provide services to the Fund and that Torray's services had been acceptable.

The Trustees 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, 2024. The Trustees noted that the Fund outperformed the Morningstar US Large-Mid Cap Broad Value Index for the three-year period ended December 31, 2024, and underperformed that same index for the three-month, one-year, five-year, and ten-year periods ended December 31, 2024. The Trustees noted that the Fund outperformed the median of its Peer Group for the one-year and three-year periods ended December 31, 2024, and underperformed the median of its Peer Group for the three-month, five-year, ten-year, and since-inception periods ended December 31, 2024.

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 the Peer Group. The Trustees noted that the Fund's net advisory fee was 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 Trustees noted that Torray had contractually agreed to waive management fees and reimburse expenses through at least December 31, 2025 to limit total annual operating expenses to agreed upon levels for the Fund.

After reviewing the information regarding the Fund's costs, Torray's estimated profitability and economies of scale, and after considering Torray's services, the Trustees concluded that the investment advisory fees to be paid by the Fund

**Torray Equity Income Fund** 

**Other Information (CONCLUDED)** 

**As of AUGUST 31, 2025 (unaudited)**

were fair and reasonable and that the Investment Advisory Agreement should be approved for an additional annual period ending August 16, 2026.

**Torray Equity Income Fund** 

**TAX INFORMATION** 

**As of august 31, 2025 (unaudited)**

We are required to advise you within 60 days of the Fund's fiscal year end regarding the Federal tax status of certain distributions received by shareholders during such fiscal year. The information below is provided for the Fund's fiscal year ended August 31, 2025. All designations are based on financial information available as of the date of this annual report and, accordingly are subject to change. For each item it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

**Qualified Dividend Income/Dividends Received Deduction** 

For the fiscal year ended August 31, 2025, certain dividends paid by the Fund may be reported as qualified dividend income and may be eligible for taxation at capital gain rates. The percentage of dividends declared from ordinary income designated as qualified dividend income was 100% for the Fund.

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended August 31, 2025, was 100% for the Fund.

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 was 0%.

Dividends and distributions received by retirement plans such as IRA's, Keogh-type plans and 403(b) plans need not be reported as taxable income. However, many retirement plan trusts may need this information for their information reporting.

**Investment Adviser** <br> Torray Investment Partners LLC<br> 7501 Wisconsin Avenue, Suite 750 W<br> Bethesda, MD 20814 <br>**Administrator And Transfer Agent** <br> U.S. Bank Global Fund Services<br> 615 E. Michigan Street<br> Milwaukee, WI 53202 <br>**Custodian** <br> U.S. Bank, N.A.<br> 1555 North River Center Drive, Suite 302<br> Milwaukee, WI 53212 <br>**Independent Registered<br> Public Accounting Firm** <br> Cohen & Company, Ltd.<br> 1350 Euclid Avenue, Suite 800<br> Cleveland, OH 44115 <br>**Underwriter** <br> Quasar Distributors, LLC<br> 190 Middle Street, Suite 301<br> Portland, Maine 04101 <br>**Legal Counsel** <br> Faegre Drinker Biddle & Reath LLP<br> One Logan Square, Suite 2000<br> Philadelphia, Pennsylvania 19103-6996<br>

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus. All indices are unmanaged groupings of stocks that are not available for investment.

The

TORRAY

Equity

Income

Fund

**of The RBB Fund Trust** 

**FINANCIAL STATEMENTS** 

**AUGUST 31, 2025** 

***funds.torray.com*** 

**(301) 493-4600 (800) 626-9769**

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

**A Series of** 

**THE RBB FUND TRUST** 

**(NYSE Arca, Inc.: COPY)** 

**Financial Statements** 

**August 31, 2025** 

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

 **PORTFOLIO OF INVESTMENTS** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
| **Sector Classification as of August 31, 2025** | **Value** | **% of Net Assets** |
|  Financials  | $41823532 | 28.9% |
|  Consumer Discretionary  | 21675792 | 14.8 |
|  Energy  | 16618148 | 11.6 |
|  Industrials  | 16104070 | 11.3 |
|  Materials  | 14979474 | 10.4 |
|  Communication Services  | 8372867 | 5.9 |
|  Consumer Staples  | 7568850 | 5.2 |
|  Health Care  | 5666663 | 3.9 |
|  Information Technology  | 5325241 | 3.8 |
|  Utilities  | 2921200 | 2.0 |
|  Other Assets in Excess of Liabilities  | 3148617 | 2.2 |
|  | $144204454 | 100.0% |

---

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

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

 **PORTFOLIO OF INVESTMENTS** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 96.3%** |  |  |
|  **Australia — 0.9%** |  |  |
|  Magellan Financial Group Ltd.  | 109926 | $735238 |
|  New Hope Corp. Ltd.  | 177302 | 514037 |
|  |  | 1249275 |
|  **Austria — 2.6%** |  |  |
|  BAWAG Group AG <sup>(a)</sup>  | 15492 | 2002721 |
|  Erste Group Bank AG  | 18445 | 1754365 |
|  |  | 3757086 |
|  **Belgium — 1.6%** |  |  |
|  Colruyt Group N.V  | 16565 | 728281 |
|  Umicore SA  | 46474 | 725298 |
|  X-Fab Silicon Foundries SE <sup>(a)(b)</sup>  | 101653 | 828903 |
|  |  | 2282482 |
|  **Bermuda — 0.3%** |  |  |
|  Conduit Holdings Ltd.  | 109247 | 442977 |
|  **Canada — 10.8%** |  |  |
|  Atco Ltd. - Class I  | 23639 | 865624 |
|  Bank of Montreal  | 7098 | 858934 |
|  Bank of Nova Scotia  | 14201 | 886897 |
|  Canadian Imperial Bank of Commerce  | 15420 | 1191180 |
|  Cenovus Energy, Inc.  | 41953 | 697715 |
|  Dundee Precious Metals, Inc.  | 94957 | 1760371 |
|  Mullen Group Ltd.  | 76871 | 770753 |
|  National Bank of Canada  | 9456 | 993970 |
|  Nutrien Ltd.  | 13055 | 752396 |
|  Paramount Resources Ltd. - Class A  | 29925 | 444947 |
|  Parex Resources, Inc.  | 44449 | 559921 |
|  Peyto Exploration & Development Corp.  | 81274 | 1106063 |
|  Power Corp. of Canada  | 23811 | 1007852 |
|  Stella-Jones, Inc.  | 14745 | 839811 |
|  Tamarack Valley Energy Ltd.  | 225045 | 883236 |
|  Tourmaline Oil Corp.  | 13001 | 552094 |
|  Whitecap Resources, Inc.  | 97292 | 732515 |
|  Winpak Ltd.  | 22457 | 683840 |
|  |  | 15588119 |
|  **Denmark — 0.7%** |  |  |
|  Jyske Bank AS  | 9513 | 1021268 |
|  **Finland — 0.5%** |  |  |
|  Kemira Oyj  | 29612 | 684550 |
|  **France — 4.8%** |  |  |
|  Bouygues SA  | 18911 | 810626 |
|  Coface SA  | 45558 | 857574 |
|  Eurazeo SE  | 11874 | 776532 |
|  Metropole Television SA  | 55172 | 849426 |
|  Rubis SCA  | 8011 | 265043 |

---

---

| | | |
|:---|:---|:---|
|  Sopra Steria Group  | 3341 | 619912 |
|  Teleperformance SE  | 4727.0 | 364547 |
|  Television Francaise 1 SA  | 98115.0 | 968214 |
|  Verallia SA <sup>(a)</sup>  | 18911.0 | 542040 |
|  Wendel SE  | 8272.0 | 796939 |
|  |  | 6850853 |
|  **Germany — 6.5%** |  |  |
|  Bayer AG  | 12028.0 | 394850 |
|  Brenntag SE  | 8418.0 | 520776 |
|  Daimler Truck Holding AG  | 14990.0 | 704457 |
|  Deutsche Lufthansa AG  | 69999.0 | 651534 |
|  Deutsche Post AG  | 20406.0 | 928186 |
|  Douglas AG <sup>(b)</sup>  | 35692.0 | 507756 |
|  HUGO BOSS AG  | 18922.0 | 931744 |
|  Mercedes-Benz Group AG  | 9536.0 | 595184 |
|  ProSiebenSat.1 Media SE  | 110059.0 | 1084791 |
|  Puma SE  | 24875.0 | 625389 |
|  SAF-Holland SE <sup>(b)</sup>  | 55024.0 | 1024816 |
|  Schaeffler AG  | 103159.0 | 713256 |
|  Stabilus SE  | 23781.0 | 657979 |
|  |  | 9340718 |
|  **Hong Kong — 0.6%** |  |  |
|  Prudential PLC  | 67788.0 | 905782 |
|  **Hungary — 1.3%** |  |  |
|  MOL Hungarian Oil & Gas PLC  | 81880.0 | 704222 |
|  OTP Bank Nyrt  | 13799.0 | 1202690 |
|  |  | 1906912 |
|  **Italy — 4.2%** |  |  |
|  BFF Bank SpA <sup>(a)(b)</sup>  | 68627.0 | 898413 |
|  Brembo NV  | 78397.0 | 867644 |
|  Buzzi SpA  | 11964.0 | 607179 |
|  MFE-MediaForEurope NV  | 144271.0 | 766614 |
|  Piaggio & C SpA  | 267537.0 | 625047 |
|  Pirelli & C SpA <sup>(a)</sup>  | 134006.0 | 917443 |
|  Sanlorenzo SpA  | 21383.0 | 816775 |
|  Zignago Vetro SpA  | 54373.0 | 521612 |
|  |  | 6020727 |
|  **Luxembourg — 0.7%** |  |  |
|  Befesa SA <sup>(a)</sup>  | 32154.0 | 1032214 |
|  **Netherlands — 0.4%** |  |  |
|  AMG Critical Materials NV  | 17088.0 | 524973 |
|  **Norway — 0.7%** |  |  |
|  DNB Bank ASA  | 38015.0 | 1001037 |
|  **Philippines — 0.5%** |  |  |
|  Semirara Mining & Power Corp.  | 1188600.0 | 684311 |

---

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

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

 **PORTFOLIO OF INVESTMENTS (Continued)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Portugal — 0.5%** |  |  |
|  Altri SGPS SA  | 127931 | $752826 |
|  **Singapore — 2.1%** |  |  |
|  Hafnia Ltd.  | 144205 | 883977 |
|  UMS Integration Ltd.  | 790198 | 849874 |
|  United Overseas Bank Ltd.  | 30503 | 836568 |
|  Wilmar International Ltd.  | 204805 | 470871 |
|  |  | 3041290 |
|  **South Africa — 1.0%** |  |  |
|  MTN Group Ltd.  | 101976 | 865987 |
|  Sibanye Stillwater Ltd. <sup>(b)</sup>  | 342781 | 647864 |
|  |  | 1513851 |
|  **South Korea — 6.3%** |  |  |
|  DB Insurance Co. Ltd.  | 10956 | 1039451 |
|  Hana Financial Group, Inc.  | 15421 | 911783 |
|  Hyundai Glovis Co. Ltd.  | 10172 | 1349194 |
|  KB Financial Group, Inc.  | 11372 | 885057 |
|  KT Corp. - ADR  | 63007 | 1275892 |
|  KT Corp.  | 91 | 3541 |
|  KT&G Corp.  | 8918 | 864056 |
|  LG Electronics, Inc.  | 6370 | 338603 |
|  LG H&H Co. Ltd.  | 1906 | 405123 |
|  LG Innotek Co. Ltd.  | 3156 | 383873 |
|  LG Uplus Corp.  | 95213 | 1017021 |
|  Samsung Electronics Co. Ltd.  | 13323 | 667947 |
|  |  | 9141541 |
|  **Spain — 4.5%** |  |  |
|  Acciona SA  | 4727 | 935700 |
|  Acerinox SA  | 65009 | 802374 |
|  Banco Santander SA  | 158629 | 1514340 |
|  Bankinter SA  | 89427 | 1333396 |
|  Gestamp Automocion SA <sup>(a)</sup>  | 290772 | 1174287 |
|  Repsol SA  | 46097 | 755547 |
|  |  | 6515644 |
|  **Sweden — 5.2%** |  |  |
|  Billerud Aktiebolag  | 80544 | 769314 |
|  Boliden AB <sup>(b)</sup>  | 23787 | 818829 |
|  Intrum AB <sup>(b)</sup>  | 87891 | 452061 |
|  Norion Bank AB <sup>(b)</sup>  | 164297 | 1202999 |
|  Polestar Automotive Holding UK PLC - ADR <sup>(b)</sup>  | 42551 | 58295 |
|  Skandinaviska Enskilda Banken AB - Class A  | 53570 | 990234 |
|  SKF AB - Class B  | 31331 | 803427 |
|  Svenska Handelsbanken AB - Class A  | 75647 | 972313 |
|  Volvo AB - Class B  | 31931 | 981428 |
|  Volvo Car AB <sup>(b)</sup>  | 198956 | 414330 |
|  |  | 7463230 |

---

---

| | | |
|:---|:---|:---|
| **United Kingdom — 14.1%** |  |  |
|  Beazley PLC  | 97054.0 | 1027786 |
|  Berkeley Group Holdings PLC  | 13028.0 | 633915 |
|  Breedon Group PLC  | 146893.0 | 729442 |
|  British American Tobacco PLC  | 21334.0 | 1206753 |
|  Burberry Group PLC <sup>(b)</sup>  | 96199.0 | 1668848 |
|  CNH Industrial NV  | 66192.0 | 757898 |
|  Computacenter PLC  | 21277.0 | 661437 |
|  Drax Group PLC  | 97301.0 | 854833 |
|  GSK PLC  | 36114.0 | 708993 |
|  Howden Joinery Group PLC  | 70549.0 | 798117 |
|  IG Group Holdings PLC  | 71601.0 | 1093574 |
|  Imperial Brands PLC - ADR  | 29550.0 | 1249670 |
|  Inchcape PLC  | 68194.0 | 615245 |
|  JD Sports Fashion PLC  | 330158.0 | 428483 |
|  JET2 PLC  | 52090.0 | 1146197 |
|  Johnson Matthey PLC  | 41370.0 | 1068554 |
|  OSB Group PLC  | 162501.0 | 1158588 |
|  Persimmon PLC  | 44917.0 | 645349 |
|  Pets at Home Group PLC  | 245146.0 | 741541 |
|  Shell PLC  | 21946.0 | 808003 |
|  TORM PLC - Class A  | 35713.0 | 776758 |
|  Vodafone Group PLC  | 822697.0 | 982531 |
|  Watches of Switzerland Group PLC <sup>(a)(b)</sup>  | 123184.0 | 543777 |
|  |  | 20306292 |
|  **United States — 25.5%<sup>(c)</sup>** |  |  |
|  Advance Auto Parts, Inc.  | 11939.0 | 728160 |
|  AGCO Corp.  | 8273.0 | 895056 |
|  Albemarle Corp.  | 3545.0 | 301041 |
|  Alliance Resource Partners LP  | 36651.0 | 843340 |
|  AMN Healthcare Services, Inc. <sup>(b)</sup>  | 14184.0 | 294744 |
|  Arrow Electronics, Inc. <sup>(b)</sup>  | 5910.0 | 746610 |
|  AutoNation, Inc. <sup>(b)</sup>  | 4748.0 | 1040192 |
|  Beazer Homes USA, Inc. <sup>(b)</sup>  | 25068.0 | 630711 |
|  Black Stone Minerals LP  | 39137.0 | 475906 |
|  Bread Financial Holdings, Inc.  | 15447.0 | 1022437 |
|  Bristol-Myers Squibb Co.  | 13278.0 | 626456 |
|  Centene Corp. <sup>(b)</sup>  | 9456.0 | 274602 |
|  Cleveland-Cliffs, Inc. <sup>(b)</sup>  | 47667.0 | 512420 |
|  ConocoPhillips  | 7120.0 | 704666 |
|  Consensus Cloud Solutions, Inc. <sup>(b)</sup>  | 21328.0 | 566685 |
|  Crocs, Inc. <sup>(b)</sup>  | 7095.0 | 618684 |
|  CVS Health Corp.  | 9493.0 | 694413 |
|  Devon Energy Corp.  | 13001.0 | 469336 |
|  Dorian LPG Ltd.  | 17729.0 | 566973 |
|  Elevance Health, Inc.  | 2480.0 | 790252 |
|  Embecta Corp.  | 37823.0 | 547677 |
|  Employers Holdings, Inc.  | 17744.0 | 767605 |
|  First Interstate BancSystem, Inc. - Class A  | 24971.0 | 817051 |
|  FMC Corp.  | 15614.0 | 610507 |

---

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

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

 **PORTFOLIO OF INVESTMENTS (Concluded)** 

**August 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **United States — 25.5%<sup>(c)</sup>** **(continued)** | **United States — 25.5%<sup>(c)</sup>** **(continued)** | **United States — 25.5%<sup>(c)</sup>** **(continued)** |
|  General Motors Co.  | 20187 | $1182756 |
|  G-III Apparel Group Ltd. <sup>(b)</sup>  | 29693 | 801711 |
|  GQG Partners, Inc.  | 454129 | 518622 |
|  HCI Group, Inc.  | 8273 | 1379192 |
|  Heartland Express, Inc.  | 63026 | 541393 |
|  Helmerich & Payne, Inc.  | 24229 | 506144 |
|  Herbalife Ltd. <sup>(b)</sup>  | 40464 | 395738 |
|  HF Sinclair Corp.  | 13120 | 667546 |
|  Ionis Pharmaceuticals, Inc. <sup>(b)</sup>  | 16558 | 705950 |
|  Lamb Weston Holdings, Inc.  | 13001 | 747948 |
|  Malibu Boats, Inc. - Class A <sup>(b)</sup>  | 21343 | 708588 |
|  Matador Resources Co.  | 14193 | 714759 |
|  Noble Corp. PLC  | 27185 | 783472 |
|  Orion SA  | 30733 | 324233 |
|  PNC Financial Services Group, Inc.  | 4772 | 989904 |
|  Resideo Technologies, Inc. <sup>(b)</sup>  | 36641 | 1247626 |
|  Simmons First National Corp. - Class A  | 38204 | 793879 |
|  Sirius XM Holdings, Inc.  | 23640 | 558850 |
|  StoneX Group, Inc. <sup>(b)</sup>  | 17816 | 1820261 |
|  Tidewater, Inc. <sup>(b)</sup>  | 13001 | 782660 |
|  Tyson Foods, Inc. - Class A  | 13001 | 738197 |
|  United Parcel Service, Inc. - Class B  | 7898 | 690601 |
|  UnitedHealth Group, Inc.  | 2029 | 628726 |
|  Weis Markets, Inc.  | 10638 | 762213 |
|  Wintrust Financial Corp.  | 8296 | 1138958 |
|  Zions Bancorp NA  | 18919 | 1097491 |
|  |  | 36772942 |
|  **TOTAL COMMON STOCKS** (Cost $129,378,286)  |  | 138800900 |
|  **CLOSED-END FUNDS — 0.8%** |  |  |
|  Blue Owl Capital Corp.  | 55553 | 796630 |
|  Prospect Capital Corp.  | 127867 | 381044 |
|  **TOTAL CLOSED-END FUNDS** (Cost $1,250,072)  |  | 1177674 |

---

---

| | | |
|:---|:---|:---|
|  **PREFERRED STOCKS — 0.7%** |  |  |
|  **Germany — 0.7%** |  |  |
|  Dr Ing hc F Porsche AG <sup>(a)</sup>  | 7189.0 | 381414 |
|  Volkswagen AG  | 5973.0 | 695849 |
|  **TOTAL PREFERRED STOCKS** (Cost $1,017,937)  |  | 1077263 |
|  **TOTAL INVESTMENTS — 97.8%** (Cost $131,646,295)  |  | 141055837 |
|  Other Assets in Excess of Liabilities — 2.2%  |  | 3148617 |
|  **TOTAL NET ASSETS — 100.0%** |  | $144204454 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

ASA - Advanced Subscription Agreement

LP - Limited Partnership

PLC - Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;(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, 2025, the value of these securities total $8,321,212 or 5.8%
 of the Fund's net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(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 such country or region.

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

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

 **STATEMENT of Assets and Liabilities** 

**August 31, 2025**

---

| | |
|:---|:---|
|  | **Tweedy<br> Browne Insider <br> + Value ETF** |
|  **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp; Investments, at value  | $141055837 |
| &nbsp;&nbsp;&nbsp; Cash - interest bearing deposit account  | 2666930 |
| &nbsp;&nbsp;&nbsp; Receivable for fund shares sold  | 265825 |
| &nbsp;&nbsp;&nbsp; Dividends receivable  | 210247 |
| &nbsp;&nbsp;&nbsp; Foreign currency, at value  | 181455 |
| &nbsp;&nbsp;&nbsp; Dividend tax reclaims receivable  | 43724 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 8794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 144432812 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased  | 144247 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to adviser  | 84111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 228358 |
|  **NET ASSETS**  | $144204454 |
|  **NET ASSETS CONSISTS OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $133867952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | 10336502 |
| &nbsp;&nbsp;&nbsp; Total net assets  | $144204454 |
|  Net assets  | $144204454 |
|  Shares issued and outstanding<sup>(a)</sup>  | 11820000 |
|  Net asset value per share  | $12.20 |
|  **COST:** |  |
|  Investments, at cost  | $131646295 |
|  Foreign currency, at cost  | $181708 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

 **Statement of Operations** 

**FOR THE Period ENDED August 31, 2025**

---

| | |
|:---|:---|
|  | **Tweedy <br> Browne Insider <br> + Value ETF<sup>(a)</sup>** |
|  **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | $1322015 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Issuance fees  | (348) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Dividend withholding taxes  | (129616) |
| &nbsp;&nbsp;&nbsp; Interest income  | 23319 |
| &nbsp;&nbsp;&nbsp; Other income  | 101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 1215471 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 245447 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 245447 |
| &nbsp;&nbsp;&nbsp; **NET INVESTMENT INCOME**  | 970024 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (31743) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | 25796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | (12886) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (18833) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 9409542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | 2020 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 9411562 |
|  Net realized and unrealized gain (loss)  | 9392729 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $10362753 |

---

<sup>(a)</sup> Inception date of the Fund was December 26, 2024.

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

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

 **Statements of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **Period ended <br> August 31, 2025<sup>(a)</sup>**  |
|  **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $970024 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (18833) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 9411562 |
|  Net increase (decrease) in net assets from operations  | 10362753 |
|  **CAPITAL TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 134132383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (314964) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ETF transaction fees | 24282 |
|  Net increase (decrease) in net assets from capital transactions  | 133841701 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 144204454 |
|  **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  |  |
| &nbsp;&nbsp;&nbsp; End of the period  | $144204454 |
|  **SHARES TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 11850000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (30000) |
|  Total increase (decrease) in shares outstanding  | 11820000 |

---

<sup>(a)</sup> Inception date of the Fund was December 26, 2024.

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

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

 **Financial Highlights**

Contained below is per share operating performance data for institutional class 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.<br>

---

| | |
|:---|:---|
|  | **Period ended <br> August 31, <br> 2025<sup>(a)</sup>**  |
|  **PER SHARE DATA:** |  |
|  Net asset value, beginning of period  | $10.00 |
|  **INVESTMENT OPERATIONS:** |  |
|  Net investment income<sup>(b)</sup>  | 0.24 |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 1.95 |
|  Total from investment operations  | 2.19 |
|  **LESS DISTRIBUTIONS FROM:** |  |
|  ETF transaction fees per share  | 0.01 |
|  Net asset value, end of period  | $12.20 |
|  **TOTAL RETURN<sup>(d)</sup>**  | 22.00% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |
|  Net assets, end of period (in thousands)  | $144204 |
|  Ratio of expenses to average net assets<sup>(e)</sup>  | 0.80% |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup>  | 3.16% |
|  Portfolio turnover rate<sup>(d)(f)</sup>  | 7% |

---

<sup>(a)</sup> Inception date of the Fund was December 26, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. 

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

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

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

 **NOTES TO FINANCIAL STATEMENTS** 

**August 31, 2025**

**1. Organization And Significant Accounting Policies** 

The RBB Fund Trust, (the "Trust") was organized as a Delaware statutory trust on August 29, 2014, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust 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, the Trust has ten separate investment portfolios, including the Tweedy, Browne Insider + Value ETF (the "Fund"), which commenced investment operations on December 26, 2024.

The investment objective of the Fund is to seek long-term capital growth.

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, 2025, and the period covered by these Notes to Financial Statements is the since inception period December 26, 2024 through August 31, 2025 (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 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 factors such 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 Trust's Board of Trustees (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 Tweedy, Browne Company LLC, the Fund's investment adviser (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).

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

 **NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**August 31, 2025** 

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 <br> INVESTMENTS** |
|  Common Stocks | $138800900 | $— | $— | $138800900 |
|  Closed-End Funds | 1177674 |  |  | 1177674 |
|  Preferred Stocks | 1077263 |  |  | 1077263 |
|  Total Investments\* | $141055837 | $— | $— | $141055837 |

---

\* Refer to the Schedule of Investments for further disaggregation of investment categories.

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 current fiscal period. Transfers in and out between levels are based on values at the end of the current fiscal period. A reconciliation of Level 3 investments is presented only when the Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers are disclosed if the Fund had an amount of total transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

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

**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 current fiscal period. Actual results could differ from those estimates and those differences could be significant.

**INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES** — The Fund 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. Investment advisory fees are accrued daily and paid monthly. Pursuant to a separate contractual arrangement, the Adviser is liable and responsible for most Fund expenses, including fees related to administration, custody, trustees and legal counsel as described in Note 2. Expenses and fees, including investment advisory 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.

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

 **NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**August 31, 2025**

**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.

**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.

**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 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.

**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** — 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.

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

 **NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**August 31, 2025**

**2. Investment Adviser and Other Services** 

Tweedy, Browne Company LLC serves as the investment adviser to the Fund. Exchange Traded Concepts, LLC (the "Sub-Adviser") 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 Trust on behalf of the Fund. The Adviser compensates the Sub-Adviser for its services.

The Fund compensates the Adviser with a unitary management fee for its services at an annual rate based on the Funds' average daily net assets (the "Advisory Fee"), payable on a monthly basis in arrears, as shown on the following table.

---

| |
|:---|
| **Advisory fee** |
| 0.80% |

---

From the Advisory Fee, the Adviser pays most of the expenses of the Fund, including the cost of transfer agency, custody, fund administration, legal, audit and other services. However, the Adviser is not responsible for interest expenses, brokerage commissions and other trading expenses, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business.

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as administrator for the Fund.

Fund Services serves as the Fund's transfer and dividend disbursing agent.

U.S. Bank, N.A. (the "Custodian") provides certain custodial services to the Fund.

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.

**3. 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 Fund was as follows:

---

| | |
|:---|:---|
| **PURCHASES** | **SALES** |
| $14987517 | $3676202 |

---

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 Fund was as follows:

---

| | |
|:---|:---|
| **PURCHASES** | **SALES** |
| $120731409 | $292817 |

---

**4. Federal Income Tax Information** 

Distributions to shareholders are determined in accordance with United States federal income tax regulations, which may differ from GAAP.

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

 **NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**August 31, 2025**

The tax character of distributions paid during the year ended August 31, 2025 was as follows:

---

| | |
|:---|:---|
|  | **August 31, <br> 2025** |
|  Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp; Ordinary Income | $— |
| &nbsp;&nbsp;&nbsp; Foreign Tax Credit | 129616 |
| &nbsp;&nbsp;&nbsp; Long-Term Capital Gains |  |
|  | $129616 |

---

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $1118784 |
|  Undistributed long-term capital gain |  |
|  Net unrealized appreciation/(depreciation)  | 9248531 |
|  Other accumulated gain/(loss) | (30813) |
|  Total accumulated earnings | $10336502 |

---

As of August 31, 2025, the Fund had $30,813 in short-term capital loss carryovers. A regulated investment company 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 taxable period ended August 31, 2025, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2025. As of August 31, 2025, the Fund had no tax basis post October losses or qualified late-year losses.

The cost basis of investments for federal income tax purposes at August 31, 2025, the Fund's most recently completed fiscal year end, were as follows:

---

| | |
|:---|:---|
|  | **August 31, <br> 2025** |
|  Gross unrealized appreciation | $12419816 |
|  Gross unrealized (depreciation) | (3171285) |
|  Net unrealized appreciation | $9248531 |
|  Cost | $131809325 |

---

The difference between book-basis and tax-basis unrealized appreciation (depreciation) is attributable primarily to the tax treatment of passive foreign investment companies.

**5. SHARE TRANSACTIONS** 

Shares of the Fund are listed and traded on the NYSE Arca, 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

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

 **NOTES TO FINANCIAL STATEMENTS (CONCLUDED)** 

**August 31, 2025**

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 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 $1,200, 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 such 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.

**6. New Accounting Pronouncement** 

The Trust has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -- Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund in the Trust operates in one segment. The segment derives its revenues from each Fund's investments made in accordance with the defined investment strategy of each Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's financial statements.

**7. Subsequent Events** 

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

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

 **REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors of The RBB Trust and Shareholders of Tweedy, Browne Insider + Value ETF

**Opinion on the Financial Statements** 

We have audited the accompanying statement of assets and liabilities, including the portfolio of investments, of Tweedy, Browne Insider + Value ETF (one of the funds constituting The RBB Fund Trust, referred to hereafter as the "Fund") as of August 31, 2025, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the period December 26, 2024 (inception date) through August 31, 2025 (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, 2025, and the results of its operations, changes in its net assets, and the financial highlights for the period December 26, 2024 (inception date) through August 31, 2025 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 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 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 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. Our procedures included confirmation of securities owned as of August 31, 2025 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

Philadelphia, Pennsylvania

October 30, 2025

We have served as the auditor of one or more investment companies advised by Tweedy, Browne Company LLC since 2004.

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

 **TAX INFORMATION** 

**AS OF AUGUST 31, 2025 (UNAUDITED)**

We are required to advise you within 60 days of the Fund's fiscal year end regarding the Federal tax status of certain distributions received by shareholders during such fiscal year. The information below is provided for the Fund's fiscal year ended August 31, 2025. All designations are based on financial information available as of the date of this annual report and, accordingly are subject to change. For each item it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

**Qualified Dividend Income/Dividends Received Deduction** 

For the fiscal year ended Aug 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 23.8%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 0.00%.

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended August 31, 2025, was 0.00% for the Fund.

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 was 0.00%.

Dividends and distributions received by retirement plans such as IRA's, Keogh-type plans and 403(b) plans need not be reported as taxable income. However, many retirement plan trusts may need this information for their information reporting.

**Foreign Tax Credit** 

For the year ended August 31, 2025, the Tweedy Browne Insider + Value ETF earned foreign source income and paid foreign taxes, which it intends to pass through to its shareholders pursuant to Section 853 of the Internal Revenue Code as follows:

---

| | |
|:---|:---|
| **Foreign Source <br> Income Earned** | **Foreign Taxes Paid** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1189062  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $129616  |

---

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

 **NOTICE TO SHAREHOLDERS** 

**INFORMATION ON PROXY VOTING** 

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available (i) without charge, upon request, by calling (800) 432-4789; and (ii) on the SEC's website at http://www.sec.gov.

**QUARTERLY SCHEDULE OF INVESTMENTS** 

The Trust 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 Trust's Form 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.tweedyetfs.com.

[THIS PAGE INTENTIONALLY LEFT BLANK]

**INVESTMENT ADVISER** Tweedy, Browne Company LLC

One Station Place

Stamford, CT 06902

**INVESTMENT SUB-ADVISER** Exchange Traded Concepts, LLC

10900 Hefner Pointe Drive, Suite 400

Oklahoma City, Oklahoma 73120

**ADMINISTRATOR AND TRANSFER AGENT** U.S. Bank Global Fund Services

P.O. Box 701

Milwaukee, WI 53202-0701

**CUSTODIAN** U.S. Bank, N.A.

1555 North Rivercenter Drive, Suite 302

Milwaukee, WI 53202

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1800

2001 Market Street

Philadelphia, Pennsylvania 19103

**UNDERWRITER** Quasar Distributors, LLC

190 Middle Street, Suite 301

Portland, Maine 04101

**LEGAL COUNSEL** Faegre Drinker Biddle & Reath LLP

One Logan Square, Suite 2000

Philadelphia, PA 19103-6996

**FINANCIAL STATEMENTS** 

**August 31, 2025** 

**Twin Oak Endure ETF** 

**Ticker: SPYA** 

**A series of The RBB Fund Trust** 

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.

**Twin Oak Endure ETF** 

**Schedule of Investments** 

**AUGUST 31, 2025**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **EXCHANGE TRADED FUNDS — 50.4%** |  |  |
|  Vanguard S&P 500 ETF<sup>(a)</sup>  | 100202 | $59427802 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $55,777,889)  |  | 59427802 |
|  **COMMON STOCKS — 42.1%** |  |  |
|  **All Other Business Support Services — 3.3%** |  |  |
|  NU Holdings Ltd. - Class A <sup>(b)(c)</sup>  | 200000 | 2960000 |
|  PDD Holdings, Inc. - ADR <sup>(b)(c)</sup>  | 3327 | 399972 |
|  Uber Technologies, Inc. <sup>(b)(c)</sup>  | 5867 | 550031 |
|  |  | 3910003 |
|  **All Other Miscellaneous Retailers — 3.9%**  |  |  |
|  DoorDash, Inc. - Class A <sup>(b)(c)</sup>  | 18548 | 4548897 |
|  **Computer Systems Design Services — 0.2%**  |  |  |
|  Eventbrite, Inc. - Class A <sup>(b)(c)</sup>  | 85769 | 227288 |
|  **Computing Infrastructure Providers, Data Processing, Web Hosting, and Related Services — 0.0%<sup>(d)</sup>**  |  |  |
|  Airbnb, Inc. - Class A <sup>(b)</sup>  | 38 | 4960 |
|  **Custom Computer Programming Services — 10.5%**  |  |  |
|  Snowflake, Inc. - Class A <sup>(b)(c)</sup>  | 51962 | 12401251 |
|  Unity Software, Inc. <sup>(b)</sup>  | 34 | 1340 |
|  |  | 12402591 |
|  **General Freight Trucking, Local — 8.6%**  |  |  |
|  Maplebear, Inc. <sup>(b)(c)</sup>  | 232088 | 10065657 |
|  **Medical Laboratories — 4.7%**  |  |  |
|  Natera, Inc. <sup>(b)(c)</sup>  | 33014 | 5554605 |
|  **Software Publishers — 10.9%**  |  |  |
|  Block, Inc. <sup>(b)(c)</sup>  | 68071 | 5421174 |
|  Confluent, Inc. - Class A <sup>(b)</sup>  | 51 | 1013 |
|  Microsoft Corp. <sup>(c)</sup>  | 14653 | 7424529 |
|  Okta, Inc. <sup>(b)</sup>  | 49 | 4546 |
|  UiPath, Inc. - Class A <sup>(b)</sup>  | 9 | 100 |
|  |  | 12851362 |
|  **TOTAL COMMON STOCKS** (Cost $2,438,404)  |  | 49565363 |

---

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

**Twin Oak Endure ETF** 

**Schedule of Investments** 

**AUGUST 31, 2025 (continued)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional <br> Amount** | **Contract** | **Value** |
|  **PURCHASED OPTIONS — 2.1%<sup>(b)</sup>** |  |  |  |
|  **Call Options — 0.4%** |  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 09/12/2025; Exercise Price: $637.48 <sup>(e)(f)</sup>  | $25802000 | 400 | $467916 |
|  **Put Options — 1.7%<sup>(e)(f)</sup>** |  |  |  |
|  Block, Inc., Expiration: 01/16/2026; Exercise Price: $61.72 <sup>(c)</sup>  | 5144744 | 646 | 123457 |
|  Doordash, Inc., Expiration: 01/16/2026; Exercise Price: $207.46 <sup>(c)</sup>  | 4365450 | 178 | 150268 |
|  Eventbrite, Inc., Expiration: 01/16/2026; Exercise Price: $2.41 <sup>(c)</sup>  | 215975 | 815 | 16047 |
|  Maplebear, Inc., Expiration: 01/16/2026; Exercise Price: $43.37 <sup>(c)</sup>  | 9563085 | 2205 | 788596 |
|  Microsoft Corp., Expiration: 01/16/2026; Exercise Price: $446.72 <sup>(c)</sup>  | 7042991 | 139 | 106549 |
|  Natera, Inc., Expiration: 01/16/2026; Exercise Price: $155.52 <sup>(c)</sup>  | 5266225 | 313 | 340519 |
|  Nu Holdings Ltd., Expiration: 01/16/2026; Exercise Price: $11.54 <sup>(c)</sup>  | 2804600 | 1895 | 53041 |
|  Pdd Holdings, Inc., Expiration: 01/16/2026; Exercise Price: $95.54 <sup>(c)</sup>  | 384704 | 32 | 5623 |
|  Snowflake, Inc., Expiration: 01/16/2026; Exercise Price: $200.23 <sup>(c)</sup>  | 11789804 | 494 | 375638 |
|  Uber Technologies, Inc., Expiration: 01/16/2026; Exercise Price: $81.29 <sup>(c)</sup>  | 525000 | 56 | 17040 |
|  **Total Put Options**  |  |  | 1976778 |
|  **TOTAL PURCHASED OPTIONS** (Cost $4,375,974)  |  |  | 2444694 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **SHORT-TERM INVESTMENTS** |  |  |
|  **U.S. TREASURY BILLS — 8.4%** |  |  |
|  4.25%, 09/04/2025 <sup>(g)(h)</sup>  | 9840000 | 9837687 |
|  **TOTAL U.S. TREASURY BILLS** (Cost $9,836,528)  |  | 9837687 |
|  **TOTAL INVESTMENTS — 103.0%** (Cost $72,428,795)  |  | 121275546 |
|  Liabilities in Excess of Other Assets - (3.0)%  |  | (3500910) |
|  **TOTAL NET ASSETS — 100.0%**  |  | $117774636 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

<sup>(a)</sup> 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. 

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(d)</sup> Represents less than 0.05% of net assets. 

<sup>(e)</sup> Exchange-traded.

<sup>(f)</sup> 100 shares per contract.

<sup>(g)</sup> The rate shown is the annualized effective yield as of August 31, 2025.

<sup>(h)</sup> All or a portion of security has been pledged as collateral. The fair value of assets committed as collateral for swaps as of August 31, 2025 is $3,999,080. 

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

**Twin Oak Endure ETF** 

**Schedule of Written options** 

**AUGUST 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional <br> Amount** | **Contract** | **Value** |
|  **WRITTEN OPTIONS — (3.7)%** |  |  |  |
|  **Call Options — (3.7)% <sup>(a)</sup>** |  |  |  |
|  Block, Inc., Expiration: 01/16/2026; Exercise Price: $72.04  | $(5144744) | (646) | $(840155) |
|  Doordash, Inc., Expiration: 01/16/2026; Exercise Price: $242.15  | (4365450) | (178) | (493687) |
|  Eventbrite, Inc., Expiration: 01/16/2026; Exercise Price: $2.82  | (215975) | (815) | (21223) |
|  Maplebear, Inc., Expiration: 01/16/2026; Exercise Price: $50.63  | (9563085) | (2205) | (390924) |
|  Microsoft Corp., Expiration: 01/16/2026; Exercise Price: $521.42  | (7042991) | (139) | (333551) |
|  Natera, Inc., Expiration: 01/16/2026; Exercise Price: $181.53  | (5266225) | (313) | (394001) |
|  Nu Holdings Ltd., Expiration: 01/16/2026; Exercise Price: $13.47  | (2804600) | (1895) | (430449) |
|  Pdd Holdings, Inc., Expiration: 01/16/2026; Exercise Price: $111.52  | (384704) | (32) | (52733) |
|  Snowflake, Inc., Expiration: 01/16/2026; Exercise Price: $233.72  | (11789804) | (494) | (1368336) |
|  Uber Technologies, Inc., Expiration: 01/16/2026; Exercise Price: $94.89  | (525000) | (56) | (46842) |
|  **TOTAL WRITTEN OPTIONS** (Premiums received $3,979,784)  |  |  | (4371901) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> 100 shares per contract.

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

**Twin Oak Endure ETF** 

**Schedule of Total Return Swap Contracts** 

**AUGUST 31, 2025** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity**  | **Counterparty** | **Pay/ Receive <br> Reference <br> Entity** | **Financing Rate** | **Payment <br> Frequency** | **Maturity Date** | **Notional <br> Amount** | **Value/ <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  SPDR S&P 500 ETF Trust  | Goldman Sachs | Receive | SOFR + 0.70% | Termination | 07/28/2026 | $20748033 | $615578 |
|  **Net Unrealized Appreciation (Depreciation)**  |  |  |  |  |  |  | $615578 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of August 31, 2025.

SOFR - Secured Overnight Financing Rate was 4.34% as of August 31, 2025.

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

**Twin Oak Endure ETF** 

**Statement of Assets and Liabilities** 

**As of AUGUST 31, 2025**

---

| | |
|:---|:---|
|  **ASSETS:** | **ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value  | $121275546 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on swap contracts  | 615578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash - interest bearing deposit account  | 290797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable  | 12162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  | 952 |
|  Total assets  | 122195035 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts, at value  | 4371901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to adviser  | 48498 |
|  Total liabilities  | 4420399 |
|  **NET ASSETS**  | $117774636 |
|  **NET ASSETS CONSISTS OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $159453637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | (41679001) |
|  Total net assets  | $117774636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $117774636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued and outstanding<sup>(a)</sup>  | 4385000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share  | $26.86 |
|  **COST:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at cost  | $72428795 |
|  **PROCEEDS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options premium received  | $3979784 |

---

<sup>(a)</sup> <sup></sup>Unlimited shares authorized without par value.

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

**Twin Oak Endure ETF** 

**Statement of Operations** 

**For the PERIOD ended AUGUST 31, 2025**

---

| | |
|:---|:---|
|  | **Twin Oak <br> Endure ETF<sup>(a)</sup>** |
|  **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income  | $133854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income  | 87201 |
|  Total investment income  | 221055 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee  | 212534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense  | 501 |
|  Total expenses  | 213035 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser  | (73679) |
|  Net expenses  | 139356 |
|  **NET INVESTMENT INCOME**  | 81699 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (96213) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | 50050784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts expired or closed  | (38146) |
|  Net realized gain (loss)  | 49916425 |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (41849802) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option contracts  | (392117) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts  | 615578 |
|  Net change in unrealized appreciation (depreciation)  | (41626341) |
|  Net realized and unrealized gain (loss)  | 8290084 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $8371783 |

---

<sup>(a)</sup> Inception date of the Fund was June 2, 2025.

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

**Twin Oak Endure ETF** 

**Statement of Changes in Net Assets** 

---

| | |
|:---|:---|
|  | **Period ended <br> August 31, <br> 2025<sup>(a)</sup>**  |
|  **OPERATIONS:** | **OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $81699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 49916425 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (41626341) |
|  Net increase (decrease) in net assets from operations  | 8371783 |
|  **CAPITAL TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 163516488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (54113635) |
|  Net increase (decrease) in net assets from capital transactions  | 109402853 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 117774636 |
|  **NET ASSETS:** |  |
|  Beginning of the period  |  |
|  End of the period  | $117774636 |
|  **SHARES TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 6475000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (2090000) |
|  Total increase (decrease) in shares outstanding  | 4385000 |

---

<sup>(a)</sup> Inception date of the Fund was June 2, 2025.

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

**Twin Oak Endure ETF** 

**Financial Highlights** 

Contained below is per share operating performance data for the Fund 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.<br>

---

| | |
|:---|:---|
|  | **PERIOD <br> Ended<br> August 31,<br> 2025<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |
|  Net asset value, beginning of period  | $25.00 |
|  **INVESTMENT OPERATIONS:** |  |
|  Net investment income<sup>(b)(c)</sup>  | 0.02 |
|  Net realized and unrealized gain (loss) on investments<sup>(d)</sup>  | 1.84 |
|  Total from investment operations  | 1.86 |
|  **LESS DISTRIBUTIONS FROM:** |  |
|  Net asset value, end of period  | $26.86 |
|  **TOTAL RETURN**<sup>(e)</sup>  | 7.42% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |
|  Net assets, end of period (in thousands)  | $117775 |
|  Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)(g)</sup>  | 0.75% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)(g)</sup>  | 0.49% |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(f)(g)</sup>  | 0.00 %<sup>(h)</sup> |
|  Ratio of net investment income (loss) to average net assets<sup>(f)(g)</sup>  | 0.29% |
|  Portfolio turnover rate<sup>(e)(i)</sup>  | 0.00% |

---

<sup>(a)</sup> Inception date of the Fund was June 2, 2025.

<sup>(b)</sup> <sup></sup>Net investment income per share has been calculated based on average shares outstanding during the period.<sup></sup>

<sup>(c)</sup> Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends by the underlying exchange traded funds in which the Fund invests. The ratio does not include net investment income of the exchange traded funds in which the Fund invests. 

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period. 

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests. 

<sup>(h)</sup> Amount represents less than 0.005%. 

<sup>(i)</sup> Portfolio turnover rate excludes in-kind transactions.<sup></sup>

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

**Twin Oak Endure ETF** 

**Notes to Financial Statements** 

**As of AUGUST 31, 2025**

**NOTE 1 – ORGANIZATION** 

The RBB Fund Trust, (the "Trust") was organized as a Delaware statutory trust on August 29, 2014, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. The Trust 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, the Trust has ten separate investment portfolios, including the Twin Oak Endure ETF (the "Fund"), which commenced investment operation on June 2, 2025.

The investment objective of the Twin Oak Endure ETF is total return. The Fund is an actively managed exchange-traded fund ("ETF") that seeks to achieve its investment objective by investing in equity securities (e.g. common and preferred stock) of small, medium, and large companies. The Fund may invest directly in equity securities, utilize other ETFs, which may include other ETFs managed by the Adviser, Twin Oak ETF Company (the "Adviser" or "Twin Oak"), or synthetically via derivatives to achieve the desired exposure. In managing the Fund, Twin Oak will also seek to implement a hedging strategy utilizing option contracts, swaps and other derivatives.

In connection with the Fund's launch, a contribution of securities was made by a certain investor (the "Initial Investor") to the newly formed Fund. The Initial Investor simultaneously and separately transferred solely a pool of diversified securities ("Contributed Assets") to the Fund in exchange for Fund shares with a net asset value ("NAV") equal to the market value of the Contributed Assets on the day of the contribution (the "Contribution"). The Initial Investor's basis in the ETF shares received with respect to the Contribution is equal to each of the Initial Investor's basis in the Contributed Assets. On June 2, 2025 ("Contribution Date"), the Initial Investor completed a tax-free contribution under Section 351(a) of the Internal Revenue Code of 1986, as amended. The Initial Investor contributed a total market value of $108,512,518 on the Contribution Date, which was comprised of a cost basis of assets contributed of $17,815,965 and unrealized appreciation of $90,696,553. The Contribution resulted in the issuance of 4,340,000 shares to the Initial Investor.

The Fund is an investment company and accordingly follows the investment companies accounting and reporting guidance of 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, 2025, and the period covered by these Notes to Financial Statements is since the inception on June 2, 2025 through August 31, 2025 (the "current fiscal period").

**NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES** 

The following is a summary of accounting policies followed by the Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States of America ("GAAP").

**Federal Income Taxes** – The Fund complies with the requirements of subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as a regulated investment company and distributes substantially all net taxable investment income and net realized gains to shareholders in a manner which results in no tax cost to the Fund. Therefore, no federal income tax provision is required. As of and during the current fiscal period, the Fund did not have any tax positions that did not meet the "more-likely-than-not" threshold of being sustained by the applicable tax authority. As of and during the current fiscal period, the Fund did not have liabilities for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits on uncertain tax positions as income tax expense in the Statements of Operations. As of and during the current fiscal period, the Fund did not incur any interest or penalties.

**Investment Transactions, Investment Income and Expenses** – The Fund 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

**Twin Oak Endure ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of AUGUST 31, 2025**

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. Investment advisory fees are accrued daily and paid monthly. Pursuant to a separate contractual arrangement, the adviser is liable and responsible for administrator fees, custody, the independent trustees and counsel to the independent trustees and the officers of the Trust. Certain expenses are shared with The RBB Fund, Inc. ("RBB"), a series fund of affiliated funds. Expenses incurred on behalf of a specific class, fund or fund family of the Trust or RBB 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 the Trust and RBB, or in such other manner as the Trust's Board of Trustees (the "Board") deems fair or equitable. Expenses and fees, including investment advisory fees, are accrued daily and taken into account for the purpose of determining the NAV of the Fund.

**Dividends and Distributions to Shareholders** — The Fund intends to pay out dividends, if any, at least annually, and distribute any net realized capital gains to its shareholders at least annually. Distributions to shareholders are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of the recognition of certain components of income, expense or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, GAAP requires that they be reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassifications will have no effect on net assets, results of operations or net asset values per share of the Fund. For the current fiscal period, no such reclassifications were made.

**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 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.

**Portfolio Valuation** — The Fund values its investments at fair value. The Fund's 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. 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. 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. Fixed income securities are valued using an independent pricing service, which considers factors such 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 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.

**Twin Oak Endure ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of AUGUST 31, 2025**

**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** |
|  **Assets:** |  |  |  |  |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds  | $59427802 | $— | $— | $59427802 |
| &nbsp;&nbsp;&nbsp; Common Stocks  | 49565363 |  |  | 49565363 |
| &nbsp;&nbsp;&nbsp; Purchased Options  |  | 2444694 |  | 2444694 |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills  |  | 9837687 |  | 9837687 |
|  Total Investments  | $108993165 | $12282381 | $— | $121275546 |
|  <u><u>Other Financial Instruments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total Return Swaps\*  | $— | $615578 | $— | $615578 |
|  Total Other Financial Instruments  | $— | $615578 | $— | $615578 |
|  **Liabilities:** |  |  |  |  |
|  <u><u>Investments:</u></u> |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options  | $— | $(4371901) | $— | $(4371901) |
|  Total Investments  | $— | $(4371901) | $— | $(4371901) |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of August 31, 2025.

Refer to the Schedule of Investments for further disaggregation of investment categories.

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

**Twin Oak Endure ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of AUGUST 31, 2025**

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 Fund had no Level 3 transfers.

**U.S. Government Securities** — The Fund may invest in U.S. government securities. Securities issued or guaranteed by the U.S. government or its agencies or instrumentalities include U.S. Treasury securities, which are backed by the full faith and credit of the U.S. Treasury and which differ only in their interest rates, maturities, and times of issuance. U.S. Treasury bills have initial maturities of one year or less; U.S. Treasury notes have initial maturities of one to ten years; and U.S. Treasury bonds generally have initial maturities of greater than ten years. Certain U.S. government securities are issued or guaranteed by agencies or instrumentalities of the U.S. government including, but not limited to, obligations of U.S. government agencies or instrumentalities such as Fannie Mae, Freddie Mac, Ginnie Mae, the Small Business Administration, the Federal Farm Credit Administration, the Federal Home Loan Banks, Banks for Cooperatives (including the Central Bank for Cooperatives), the Federal Land Banks, the Federal Intermediate Credit Banks, the Tennessee Valley Authority, the Export-Import Bank of the United States, the Commodity Credit Corporation, the Federal Financing Bank, the Student Loan Marketing Association, the National Credit Union Administration and the Federal Agricultural Mortgage Corporation (Farmer Mac).

Some obligations issued or guaranteed by U.S. government agencies and instrumentalities, including, for example, Ginnie Mae pass-through certificates, are supported by the full faith and credit of the U.S. Treasury. Other obligations issued by or guaranteed by federal agencies, such as those securities issued by Fannie Mae, are supported by the discretionary authority of the U.S. government to purchase certain obligations of the federal agency, while other obligations issued by or guaranteed by federal agencies, such as those of the Federal Home Loan Banks, are supported by the right of the issuer to borrow from the U.S. Treasury, while the U.S. government provides financial support to such U.S. government-sponsored federal agencies, no assurance can be given that the U.S. government will always do, since the U.S. government is not so obligated by law. U.S. Treasury notes and bonds typically pay coupon interest semi-annually and repay the principal at maturity.

**Cash** — 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.

**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. Twin Oak Endure ETF as a limited derivatives user (as defined in Rule 18f-4), is not subject to the full requirements of Rule 18f-4. The Fund is required to comply with Rule18f-4 and have adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4.

**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

**Twin Oak Endure ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of AUGUST 31, 2025**

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 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.

During the current fiscal period, the Fund's average quarterly volume of options transactions was as follows:

---

| | | |
|:---|:---|:---|
| **FUND** | **PURCHASED <br> OPTIONS (COST)** | **WRITTEN OPTIONS <br> (PROCEEDS)** |
|  Twin Oak Endure ETF | $4375974 | $3979784 |

---

**Derivative Instruments** — 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.

Total Return Swaps 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 Total Return Swaps 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. Total Return Swaps outstanding at period end, if any, are listed on the Schedule of Investments.

During the current fiscal period, the average volume of Swap contracts was as follows:

---

| | | |
|:---|:---|:---|
| **FUND** | **NOTIONAL <br> AMOUNT LONG** | **NOTIONAL <br> AMOUNT SHORT** |
|  Twin Oak Endure ETF | $20748033 | $— |

---

For the current fiscal period, the effect of derivative contracts in the Fund's Statement of Assets and Liabilities was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **STATEMENT OF ASSETS AND LIABILITIES** | **STATEMENT OF ASSETS AND LIABILITIES** | **STATEMENT OF ASSETS AND LIABILITIES** | **STATEMENT OF ASSETS AND LIABILITIES** |
| **DERIVATIVE TYPE** | **STATEMENT OF ASSETS AND<br> LIABILITIES LOCATION** | **RISK TYPE** | **VALUE** |
| Written option contracts | Written option contracts, at value | Equity Securities Risk | ($4371901) |
| Swap contracts | Unrealized appreciation on swap contracts | Equity Securities Risk | 615578 |
| Purchased option contracts | Investments in securities, at value | Equity Securities Risk | 2444694 |

---

**Twin Oak Endure ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of AUGUST 31, 2025**

For the current fiscal period, the effect of derivative contracts in the Fund's Statement of Operations was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **STATEMENT OF OPERATIONS** | **STATEMENT OF OPERATIONS** | **STATEMENT OF OPERATIONS** | **STATEMENT OF OPERATIONS** | **STATEMENT OF OPERATIONS** |
| **DERIVATIVE TYPE** | **STATEMENT OF <br> OPERATIONS LOCATION** | **RISK TYPE** | **NET REALIZED <br> GAIN (LOSS)** | **NET CHANGE <br> IN UNREALIZED <br> APPRECIATION <br> (DEPRECIATION)** |
| Written option contracts | Written option contracts | Equity Securities Risk | $(38146) | $(392117) |
| Written option contracts | In-Kind | Equity Securities Risk | (576118) |  |
| Swap contracts | Swap Contracts | Equity Securities Risk |  | 615578 |
| Purchased option contracts | Investments | Equity Securities Risk | (108334) | (1931280) |
| Purchased option contracts | In-Kind | Equity Securities Risk | (848145) |  |

---

**NOTE 3 — GENERAL RISK** 

Principal Investment Risks. Loss of money is a risk of investing in the Fund. The value of your investment in the Fund, as well as the amount of return you receive on your investment, may fluctuate significantly from day to day and over time. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. The Fund's principal risks are presented in alphabetical order to facilitate finding particular risks and comparing them with other funds. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. Different risks may be more significant at different times depending on market conditions or other factors.

Affiliated Fund Risk. Affiliated fund risk is the risk that the Adviser may select investments in other investment companies, including ETFs, (collectively, "Underlying Funds") for the Fund based on its own financial interests rather than the Fund's interests. The Adviser may be subject to potential conflicts of interest in selecting the Underlying Funds because the fees paid to the Adviser by some affiliated Underlying Funds may be higher than other Underlying Funds or the Underlying Funds may be in need of assets to enhance their appeal to other investors, liquidity and trading and/or to enable them to carry out their investment strategies. However, the Adviser is a fiduciary to the Fund and is legally obligated to act in the Fund's best interest when selecting Underlying Funds.

Counterparty Risk. Some of the derivatives entered into by the Fund are not traded on an exchange but instead will be privately negotiated in the over-the-counter market. This means that these instruments are traded between counterparties based on contractual relationships. 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. A counterparty defaulting on its payment obligations to the Fund will cause the value of an investment in the Fund to decrease.

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 Fund, the Adviser, the Fund's investment sub-adviser, custodian, transfer agent, distributor and 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 the Adviser have limited ability to prevent or mitigate cyber security incidents affecting third-party service providers and such third-party service providers may have limited indemnification obligations to the Fund or the Adviser. 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.

**Twin Oak Endure ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of AUGUST 31, 2025**

Derivatives Risk. Derivatives include instruments and contracts that are based on, and are valued in relation to, one or more underlying securities, financial benchmarks or indices, such as futures, options, swap and forward contracts. Derivatives typically have economic leverage inherent in their terms. Such leverage will magnify any losses. See "Leverage Risk" below. The use of derivatives is a highly specialized activity that involves investment techniques and risks different from those associated with investments in more traditional securities and instruments. The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls and human error. Legal risks generally refer to risks of loss resulting from insufficient documentation, insufficient capacity or authority of a counterparty, or legality or enforceability of a contract. The primary types of derivatives in which the Fund invests in are swaps and options contracts.

Equity Securities Risk. Equity securities represent ownership interests in a company and consist of common stocks, preferred stocks, warrants to acquire common stock, and securities convertible into common stock. Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Equity securities tend to be more volatile than other investment choices, such as debt and money market instruments. Fluctuations in the value of equity securities in which the Fund invests will cause the NAV of the Funds and Underlying Funds to fluctuate. The value of an investment may decrease in response to overall stock market movements or the value of individual securities. The Fund purchases equity securities traded in the U.S. on registered exchanges or the over-the-counter market.

ETF Risk. The Fund is an ETF, and, as a result of an ETF's structure, it is exposed to the following risks: "Authorized Participants, Market Makers and Liquidity Providers Concentration Risk," "Cash Transactions Risk," "Secondary Market Trading Risk," and "Shares May Trade at Prices Other Than NAV Risk."

Authorized Participants, Market Makers and Liquidity Providers Concentration Risk. Only an authorized participant may engage in creation or redemption transactions directly with the Fund. The Fund has a limited number of financial institutions that are institutional investors and may act as authorized participants ("APs"). In addition, there may be a limited number of market makers and/or liquidity providers in the marketplace. To the extent either of the following events occur, Shares may trade at a material discount to net asset value ("NAV") and possibly face delisting: (i) APs exit the business or otherwise become unable to process creation and/or redemption orders and no other APs step forward to perform these services, or (ii) market makers and/or liquidity providers exit the business or significantly reduce their business activities and no other entities step forward to perform their functions. These events, among others, may lead to the Shares trading at a premium or discount to NAV. Thus, you may pay more (or less) than the NAV when you buy Shares in the secondary market, and you may receive less (or more) than NAV when you sell those Shares in the secondary market. A diminished market for an ETF's shares substantially increases the risk that a shareholder may pay considerably more or receive significantly less than the underlying value of the ETF shares bought or sold. In periods of market volatility, APs, market makers and/or liquidity providers may be less willing to transact in Shares. Further, the Fund is utilizing a novel and unique structure, which may affect the number of entities willing to act as APs, market makers and/or liquidity providers.

Cash Transactions Risk. Unlike certain ETFs, the Fund may effect its creations and redemptions partially or wholly for cash rather than on an in-kind basis. Because of this, the Fund may incur costs such as brokerage costs or be unable to realize certain tax benefits associated with in-kind transfers of portfolio securities that may be realized by other ETFs. These costs may decrease the Fund's NAV to the extent that the costs are not offset by a transaction fee payable by an AP. Shareholders may be subject to tax on gains they would not otherwise have been subject to and/or at an earlier date than if the Fund had effected redemptions wholly on an in-kind basis.

Secondary Market Trading Risk. Although Shares are listed on a national securities exchange, Cboe BZX Exchange, Inc. (the "Exchange"), and may be traded on U.S. exchanges other than the Exchange, there can be no assurance that an active or liquid trading market for them will develop or be maintained. In addition, trading in Shares on the Exchange may be halted. Trading may be halted because of market conditions or for reasons that, in the view of the Exchange, make trading in the Fund inadvisable. These may include: (a) the extent to which trading is not occurring in

**Twin Oak Endure ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of AUGUST 31, 2025**

the securities and/ or the financial instruments composing the Fund's portfolio; or (b) whether other unusual conditions or circumstances detrimental to the maintenance of a fair and orderly market are present. During periods of market stress, there may be times when the market price of Shares is more than the NAV intra-day (premium) or less than the NAV intra-day (discount). This risk is heightened in times of market volatility or periods of steep market declines.

Shares May Trade at Prices Other Than NAV Risk. As with all ETFs, Shares may be bought and sold in the secondary market at market prices. There is a risk that market prices for Fund Shares will vary significantly from the Fund's NAV.

To the extent the Fund invests in Underlying Funds, which are also ETFs, the Fund will be further exposed to the above ETF risks.

Large Capitalization Companies Risk. The Fund may invest in larger, more established companies, the securities of which may be unable to respond quickly to new competitive challenges like changes in consumer tastes or innovative smaller competitors. Larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion. The Fund considers large companies to be companies with market capitalizations of $10 billion or greater.

Large Shareholder Risk. Certain large shareholders, including APs, may from time to time own a substantial amount of the Fund's shares. There is no requirement that these shareholders maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund's shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund's NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund's ability to implement its investment strategy.

Leverage Risk. Leverage amplifies changes in the Fund's NAV and may make the Fund more volatile. Derivatives may create leverage and can result in losses to the Fund that exceed the amount originally invested and may accelerate the rate of losses. There can be no assurance that the Fund's use of any leverage will be successful. The Fund's investment exposure can exceed its net assets, sometimes by a significant amount.

Liquidity Risk. The Fund is subject to liquidity risk primarily due to its investments in derivatives. Investments in derivative instruments involve the risk that the Fund may be unable to sell the derivative instrument or sell it at a reasonable price.

Management Risk. The Fund is subject to the risk of poor investment selection. In other words, the individual investments of the Fund may not perform as well as expected, and/or the Fund's portfolio management practices may not work to achieve their desired result.

Market Risk. The NAV of the Fund will change with changes in the market value of its portfolio positions. Investors may lose money. The value of investments held by the Fund may increase or decrease in response to economic, political, financial, public health crises (such as epidemics or pandemics) or other disruptive events (whether real, expected or perceived) in the U.S. and global markets. Although the Fund will invest in stocks the Adviser believes will produce less volatility, there is no guarantee that the stocks will perform as expected.

New Adviser Risk. Twin Oak is a newly registered investment adviser and has not had an extensive history of serving as an adviser or sub-adviser to a registered investment company. As a result, there is no long-term track record against which an investor may judge the Adviser and it is possible the Adviser may not achieve the Fund's intended investment objective.

New Fund Risk. The Fund is a newly organized, management investment company with no operating history. In addition, there can be no assurance that the Fund will grow to, or maintain, an economically viable size, in which case the Board of the Trust may determine to liquidate the Fund.

**Twin Oak Endure ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of AUGUST 31, 2025**

Non-Diversification Risk. The Fund is a non-diversified investment company, which means that more of the Fund's assets may be invested in the securities of a single issuer than could be invested in the securities of a single issuer by a diversified investment company. This may make the value of the Shares more susceptible to certain risks than shares of a diversified investment company. As a non-diversified fund, the Fund has a greater potential to realize losses upon the occurrence of adverse events affecting a particular issuer.

Operational Risk. The Fund is exposed to operational risks arising from a number of factors, including, but not limited to, human error, processing and communication errors, errors of the Fund's service providers, counterparties, or other third parties, failed or inadequate processes and technology or systems failures. The Fund and its Adviser and Exchange Traded Concepts, LLC (the "Sub-Adviser" or "ETC") seek to reduce these operational risks through controls and procedures. However, these measures do not address every possible risk and may be inadequate to address significant operational risks.

Options Risk. Purchasing and writing put and call options are highly specialized activities and entail greater than ordinary investment risks. The Fund may not fully benefit from or may lose money on an option if changes in its value do not correspond as anticipated to changes in the value of the underlying securities.

Small and Medium Capitalization Companies Risk. The Fund may invest in small and medium-size companies, the securities of which can be more volatile in price than those of larger companies. Positions in smaller companies, especially when the Fund is a large holder of a small company's securities, also may be more difficult or expensive to trade. The Fund considers small companies to be companies with market capitalizations of less than $1 billion and medium-size companies to have market capitalizations of less than $10 billion but greater than or equal to $1 billion.

Swap Risk. In a standard "swap" transaction, two parties agree to exchange the returns, differentials in rates of return or some other amount earned or realized on the "notional amount" of predetermined investments or instruments, which may be adjusted for an interest factor. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged, are subject to the risk that the counterparty may default on the obligation, and may be difficult to value. Swaps are subject to tracking risk because they may not be perfect substitutes for the instruments they are intended to hedge or replace. Over the counter swaps are subject to counterparty default. Leverage inherent in derivatives will tend to magnify the Fund's losses.

Underlying Funds Risk. To the extent the Fund invests in other investment companies, including money market funds and ETFs, its performance will be affected by the performance of those Underlying Funds. Investments in Underlying Funds are subject to the risks of the Underlying Funds' investments, as well as to the Underlying Funds' expenses. The Fund may incur brokerage fees in connection with its purchase of ETF shares. An ETF may trade in the secondary market at a price below the value of its underlying portfolio and may not be liquid. An actively managed ETF's performance will reflect its adviser's ability to make investment decisions that are suited to achieving the ETF's investment objectives. A passively managed ETF may not replicate the performance of the index it intends to track.

**NOTE 4 — INVESTMENT ADVISER AND OTHER SERVICES** 

Twin Oak ETF Company serves as the investment adviser to the Fund. Exchange Traded Concepts, 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 Trust on behalf of the Fund. The Adviser compensates the Sub-Adviser for its services. The Fund compensates the Adviser with a unitary management fee for its services at an annual rate of 0.75% of the Fund's average daily net assets accrued daily and paid monthly in arrears. The Adviser has voluntarily agreed to waive advisory fees and/or reimburse expenses to the extent that total annual Fund operating expenses exceed 0.49% of the Fund's average daily net assets. This will exclude acquired fund fees and expenses, taxes, interest, brokerage fees, certain insurance costs, and extraordinary and other non-routine expenses. This contractual limitation in in effect through the period ending December 31, 2026. The Board may terminate the expense limitation agreement at any time and also will terminate automatically upon the expiration or termination of the Fund's advisory contract with the Adviser.

**Twin Oak Endure ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of AUGUST 31, 2025**

The Adviser is responsible for most of the expenses of the Fund, including transfer agency, custody, fund administration, legal, audit, directors and officers 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

---

| | | |
|:---|:---|:---|
| **FUND** | **ADVISORY FEE** | **EXPENSE CAP** |
|  Twin Oak Endure ETF | 0.75% | 0.49% |

---

U.S. Bancorp Fund Services, LLC, doing business as U.S. Bank Global Fund Services ("Fund Services"), serves as administrator for the Fund.

Fund Services serves as the Fund's transfer and dividend disbursing agent.

U.S. Bank, N.A. (the "Custodian") provides certain custodial services to the Fund.

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 ETC, Fund Services, and the Custodian for services provided.

**NOTE 5 — INVESTMENT TRANSACTIONS** 

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

---

| | |
|:---|:---|
| **PURCHASES** | **SALES** |
| $43777513  | $12984  |

---

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 on investment securities of in-kind transactions of the Fund (excluding short-term investments and derivative transactions) were as follows:

---

| | |
|:---|:---|
| **PURCHASES** | **SALES** |
| $— | $54851379 |

---

**NOTE 6 — TAX MATTERS** 

Distributions to shareholders are determined in accordance with United States federal income tax regulations, which may differ from GAAP.

**Twin Oak Endure ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of AUGUST 31, 2025**

The tax character of distributions paid during the year ended August 31, 2025 was as follows:

---

| | |
|:---|:---|
|  | **August 31, <br> 2025** |
|  Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp; Ordinary Income | $— |
| &nbsp;&nbsp;&nbsp; Long-Term Capital Gains |  |
|  | $— |

---

The following permanent differences as of August 31, 2025, primarily attributable to in-kind redemptions gains, were reclassified among the following accounts:

---

| | |
|:---|:---|
|  Distributable Earnings/Loss | $(50050784) |
|  Paid-In Capital | $50050784 |

---

As of August 31, 2025, the components of distributable earnings on a tax basis were as follows:

---

| | |
|:---|:---|
|  Undistributed ordinary income | $81699 |
|  Undistributed long-term capital gain |  |
|  Net unrealized appreciation/(depreciation)  | 48846751 |
|  Other accumulated gain/(loss) | (90607451) |
|  Total accumulated earnings | $(41679001) |

---

As of August 31, 2025, the Fund had outstanding straddle losses of $19,735. A regulated investment company 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 taxable period ended August 31, 2025, any amount of losses elected within the tax return will not be recognized for federal income tax purposes until September 1, 2025. As of the most recent fiscal period ended August 31, 2025, the Fund had not elected to defer any post-October or late-year losses. As of the most recent fiscal period ended August 31, 2025, the Fund had a short-term capital loss carryover of $114,624 which does not expire.

The cost basis of investments for federal income tax purposes at August 31, 2025, the Fund's most recently completed fiscal year end, were as follows:

---

| | |
|:---|:---|
|  | **August 31, <br> 2025** |
|  Gross unrealized appreciation | $50871317 |
|  Gross unrealized (depreciation) | (2024566) |
|  Net unrealized appreciation | $48846751 |
|  Cost | $72428795 |

---

**NOTE 7 — SHARE TRANSACTIONS** 

Shares of the Fund are listed and traded on 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 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

**Twin Oak Endure ETF** 

**NOTES TO FINANCIAL STATEMENTS (concluded)** 

**As of AUGUST 31, 2025**

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 such 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.

**NOTE 8 — New Accounting Pronouncement**

The Trust has adopted FASB issued Accounting Standards Update 2023-07, Segment Reporting (Topic 280) -- Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Each Fund in the Trust operates in one segment. The segment derives its revenues from each Fund's investments made in accordance with the defined investment strategy of each Fund, as prescribed in the Fund prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. The CODM monitors the operating results of each Fund. The financial information the CODM leverages to assess the segment's performance and to make decisions for each Fund's single segment, is consistent with that presented with each Fund's financial statements.

**NOTE 9 — SUBSEQUENT EVENTS** 

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

**Twin Oak Endure ETF** 

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders and Board of Trustees of

The RBB Fund Trust

<u>Opinion on the Financial Statements</u>

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, schedule of written options, and schedule of total return swap contracts, of Twin Oak Endure ETF (the "Fund"), a series of The RBB Fund Trust, as of August 31, 2025, the related statements of operations and changes in net assets, and the financial highlights for the period from June 2, 2025 (commencement of operations) through August 31, 2025, 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, 2025, 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.

<u>Basis for Opinion</u>

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, 2025, by correspondence with the custodian and brokers. 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 Fund's auditor since 2025.

![](fp0094048-10_21.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

October 30, 2025

**Twin Oak Endure ETF** 

**Other Information** 

**As of AUGUST 31, 2025 (unaudited)**

**Proxy Voting** 

Policies and procedures that the Fund uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Fund voted proxies relating to portfolio securities for the most recent twelve-month period ended June 30 are available without charge, upon request, by calling 1-800-617-0004 and on the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**Quarterly Portfolio Schedules** 

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

**Frequency Distribution 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 Funds website at https://twinoaketfs.com

**Twin Oak Endure ETF** 

**TAX INFORMATION** 

**As of august 31, 2025 (unaudited)**

We are required to advise you within 60 days of the Fund's fiscal year end regarding the Federal tax status of certain distributions received by shareholders during such fiscal year. The information below is provided for the Fund's fiscal year ended August 31, 2025. All designations are based on financial information available as of the date of this annual report and, accordingly are subject to change. For each item it is the intention of the Fund to designate the maximum amount permitted under the Internal Revenue Code and the regulations thereunder.

**Qualified Dividend Income/Dividends Received Deduction** 

For the fiscal year ended Aug 31, 2025, certain dividends paid by the Funds may be subject to a maximum tax rate of 15%, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was 0.00% for the Fund.

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the fiscal year ended August 31, 2025, was 0.00% for the Fund.

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 was 0.00%.

Dividends and distributions received by retirement plans such as IRA's, Keogh-type plans and 403(b) plans need not be reported as taxable income. However, many retirement plan trusts may need this information for their information reporting.

**Twin Oak Endure ETF** 

**Approval of Investment Advisory AGREEMENT** 

**As of august 31, 2025 (unaudited)**

As required by the 1940 Act, the Board, including all of the Trustees who are not "interested persons" of the Trust, as that term is defined in the 1940 Act (the "Independent Trustees"), considered the approval of (i) a new Investment Advisory Agreement (the "Investment Advisory Agreement") by and between Twin Oak ETF Company ("Twin Oak") and the Trust, on behalf of the new Twin Oak Endure ETF (the "Fund"), and (ii) a new investment sub-advisory agreement (the "Sub-Advisory Agreement") between Twin Oak and Exchange Traded Concepts, LLC ("ETC"), on behalf of the Fund at a meeting held on May 13-14, 2025 (the "Meeting"). At the Meeting, the Board, including all of the Independent Trustees, approved the Investment Advisory Agreement and the Sub-Advisory Agreement for an initial period ending August 16, 2026. The Board's decision to approve the Investment Advisory Agreement and the Sub-Advisory Agreement reflects the exercise of its business judgment. In approving the Investment Advisory Agreement and the Sub-Advisory Agreement, the Board considered information provided by Twin Oak and ETC, with the assistance and advice of counsel to the Independent Trustees and the Trust.

In considering the approval of the Investment Advisory Agreement between the Trust and Twin Oak with respect to the Fund, and the Sub-Advisory Agreement among the Trust, Twin Oak and ETC with respect to the Fund, the Trustees 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 Trustees reviewed these materials with management of Twin Oak and discussed the Investment Advisory Agreement and Sub-Advisory Agreement with counsel in executive sessions, at which no representatives of Twin Oak or ETC were present. The Trustees considered whether approval of the Investment Advisory Agreement and Sub-Advisory Agreement would be in the best interests of the Fund and its shareholders and the overall fairness of the Investment Advisory Agreement and Sub-Advisory Agreement. Among other things, the Trustees considered (i) the nature, extent, and quality of services to be provided to the Fund by Twin Oak and ETC; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) Twin Oak's and ETC's investment philosophies and processes; (iv) Twin Oak's and ETC's assets under management and client descriptions; (v) Twin Oak's and ETC's soft dollar commission and trade allocation policies, as applicable; (vi) Twin Oak's and ETC's advisory fee arrangements with the Trust and other similarly managed clients, as applicable; (vii) Twin Oak's and ETC's compliance procedures; (viii) Twin Oak's and ETC's financial information and insurance coverage; (ix) Twin Oak's and ETC's profitability analysis relating to its proposed provision of services to the Fund; and (x) the extent to which economies of scale are relevant to the Fund. The Trustees 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 Trustees considered the nature, extent, and quality of the services to be provided by Twin Oak and ETC. The Trustees concluded that Twin Oak and ETC had sufficient resources to provide services to the Fund.

The Board also took into consideration that the advisory fee for the Fund was a "unitary fee," meaning the Fund would pay no expenses other than the advisory fee and certain other costs such as interest, brokerage, and extraordinary expenses. The Board noted that Twin Oak would be responsible for compensating the Fund's other service providers and paying other expenses of the Fund out of Twin Oak's own fees and resources.

After reviewing the information regarding Twin Oak's and ETC's estimated costs, profitability and economies of scale, and after considering the services to be provided by Twin Oak and ETC, the Trustees concluded that the investment advisory fees to be paid by the Fund to Twin Oak and the sub-advisory fees to be paid by Twin Oak to ETC were fair and reasonable and that the Investment Advisory Agreement and Sub-Advisory Agreement should be approved for an initial period ending August 16, 2026.

**Investment Adviser** 

Twin Oak ETF Company

888 Worchester Street, Suite 200

Wellesley, Massachusetts 02482

**Investment Sub-Adviser** 

Exchange Traded Concepts, LLC

10900 Hefner Pointe Drive, Suite 400

Oklahoma City, Oklahoma 73120

**Administrator And Transfer Agent** 

U.S. Bank Global Fund Services

615 E. Michigan Street

Milwaukee, WI 53202

**Custodian** 

U.S. Bank, N.A.

1555 North River Center Drive, Suite 302

Milwaukee, WI 53212

**Independent Registered Public Accounting Firm** 

Cohen & Company, Ltd.

1350 Euclid Avenue, Suite 800

Cleveland, OH 44115

**Underwriter** 

Quasar Distributors, LLC

190 Middle Street, Suite 301

Portland, Maine 04101

**Legal Counsel** 

Faegre Drinker Biddle & Reath LLP

One Logan Square, Suite 2000

Philadelphia, Pennsylvania 19103-6996

&nbsp;&nbsp;&nbsp;&nbsp;(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.</u>**

Not applicable.

**<u>Item 9. Proxy Disclosures for Open-End Management Investment Companies.</u>**

Not applicable.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.</u>**

This information is included in Item 7(a) of this Form, as part of the Financial Statements.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

This information is included in Item 7(a) of this Form, as part of the Financial Statements.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

 

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

**<u>Item 15. Submission of Matters to a Vote of Security Holders.</u>**

There have been no material changes to the procedures by which the shareholders may recommend nominees to the registrant's board of trustees, 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.

**<u>Item 16. Controls and Procedures.</u>**

(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.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

Not applicable.

**<u>Item 19. Exhibits.</u>**

[(a)(1) Senior Officer Code of Ethics, or any amendment thereto, that is the subject of disclosure required by Item 2 is attached hereto.](fp0094048-5_ex99code.htm)

(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.](fp0094048-5_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

[(b) Certifications pursuant to Section 906 of the Sarbanes Oxley Act of 2002 are attached hereto.](fp0094048-5_ex99906cert.htm)

**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 Trust |
| By (Signature and Title)\* | /s/ Steven Plump |
|  | Steven Plump, President |
|  | (Principal Executive Officer) |
| Date | 11/7/2025 |

---

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 | 11/7/2025 |
| By (Signature and Title)\* | /s/ James Shaw |
|  | James Shaw, Chief Financial Officer |
|  | (Principal Financial Officer) |
| Date | 11/7/2025 |

---

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

## Ex-99.Code

**THE RBB FUND, INC. AND THE RBB FUND TRUST**

**(together, the "Fund")**

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND**

**SENIOR FINANCIAL OFFICERS**

Each of the Boards of Directors/Trustees (collectively, the "Board") of the Fund has adopted this Code of Ethics (the "Code") for certain senior officers of the Fund to guide and remind such officers of their responsibilities to the Fund, and shareholders of the series of the Fund. Such officers are expected to act in accordance with the guidance and standards set forth in this Code.

I. Covered Officers and Purpose of the Code

The Code applies to the Fund's President, who is the Fund's principal executive officer; the Chief Financial Officer, who is the Fund's principal financial officer; and any persons performing similar functions on behalf of the Fund (the "Covered Officers," each of whom are set forth in **Exhibit A**) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;· honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;· full, fair, accurate, timely and understandable disclosure in reports and documents that the Fund files
with, or submits to, the Securities and Exchange Commission ("SEC") and in other public communications made by the Fund<sup>\*</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;· compliance with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;· the prompt internal reporting of violations of the Code to an appropriate person or persons identified
in the Code; and

&nbsp;&nbsp;&nbsp;&nbsp;· accountability for adherence to the Code.

Each Covered Officer is obligated to use his or her best efforts to promote the factors listed above, should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

II. Ethical Handling of Actual and Apparent Conflicts of Interest

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Conflicts of Interest – General** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. A "conflict of interest" occurs when a Covered Officer's private interest interferes
with the interests of, or his or her service to, the Fund and its shareholders, including if a Covered Officer, or a member of his or
her

<sup>\*</sup> If a Covered Person becomes aware that information filed with the SEC or made available to the public contains any false or misleading information or omits to disclose necessary information, he or she shall promptly report it to the Audit Committee.

family, receives improper personal benefits as a result of his or her position with the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. A conflict of interest generally arises if a Covered Officer,
or a member of his or her family, directly or indirectly participates in any investment, interest, association, activity or relationship
that may impair or appear to impair the Covered Officer's objectivity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Scope

This Code does not, and is not intended to, repeat or replace the following programs and procedures, and such conflicts that fall outside of the parameters of this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Certain conflicts of interest already are subject to conflicts
of interest provisions in the Investment Company Act of 1940, as amended (the "1940 Act"), and the Investment Advisers Act
of 1940, as amended (the "Advisers Act").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Fund's and each investment adviser's compliance
programs and procedures that are designed to prevent, or identify and correct, violations of these provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Types of Conflicts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Contractual Relationships** 

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fund, investment advisers, or service providers of which the Covered Officers may also be officers, employees, or affiliated. As a result, this Code recognizes that the Covered Officers may, subject to an investment adviser's fiduciary duties to the Fund, in the normal course of their duties (whether formally for the Fund, for the investment adviser or for the service providers), be involved in establishing policies and implementing decisions that will have different effects on the Fund, the investment advisers and the service providers. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fund and the investment advisers or service providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Other Investment Companies** 

In addition, it is recognized by the Fund's Board that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Additional Conflicts** 

Other conflicts of interest may be covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Personal Interests

The major principle of this Code is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Fund or its shareholders. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that this list is not exhaustive.

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use his or her personal influence or personal relationships
improperly to influence investment decisions or financial reporting by the Fund whereby the Covered Officer would benefit personally
to the detriment of the Fund or its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not cause the Fund to take action, or fail to take action, for
the individual personal benefit of the Covered Officer rather than the benefit the Fund or its shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use material non-public knowledge of portfolio transactions
made or contemplated for the Fund to trade personally or cause others to trade personally in contemplation of the market effect of such
transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· report at least annually any existing affiliations or other
relationships with the Fund, each investment adviser, the distributors, and the administrator(s), including any related conflict of interest;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· report promptly any new affiliations or other relationships
with the Fund, each investment adviser, the distributors, and the administrator(s), including any related conflict of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. Reporting of Conflicts

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Required Disclosures

If certain conflict of interest situations are engaged in by Covered Officers or by members of their family, these conflicts of interest must be promptly discussed with the Audit Committee. These conflicts of interest include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service as a director on the board of any public or private
company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any non-nominal gifts in excess of $250.00, in
connection with the management, operations, sale or distribution of a series of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the receipt of any entertainment from any company with which
the Fund has current or prospective business dealings unless such entertainment is business- related, reasonable in cost, appropriate
as to time and place, and not so frequent or extravagant as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any ownership interest in, or any consulting or employment relationship
with, any of the Fund's investment advisers, distributors, administrator(s), other service providers, or any affiliated person
thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a direct or indirect financial interest in commissions, transaction
charges or spreads paid by the Fund for effecting portfolio transactions or for selling or redeeming shares other than an interest arising
from the Covered Officer's employment, such as compensation or equity ownership; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any other interest, relationship or matter that a Covered Person
or the Board determines, in his or her reasonable judgement, warrants disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Recommended Disclosures

There are potential conflict of interest situations, which may be engaged in by Covered Officers or by members of their family, that should be discussed with the Audit Committee. A Covered Person should use reasonable judgement to determine if a conflict, other than conflicts listed under section E(1), is material and warrants disclosure to the Audit Committee.

III. Compliance and Disclosure

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**A.** **Compliance** 

Each Covered Officer should:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. familiarize himself or herself with the disclosure requirements
generally applicable to the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. not knowingly misrepresent, or cause others to misrepresent,
facts about the Fund to others, whether within or outside the Fund, including to the Fund's directors/trustees and auditors, governmental
regulators and self-regulatory organizations and any other organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. to the extent appropriate within his or her area of responsibility,
consult with other officers and employees of the Fund, investment advisers and other service providers with the goal of promoting full,
fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in
other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. promote compliance with the standards and restrictions imposed
by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Disclosure

Unless otherwise required by law, this Code shall be disclosed as required by the SEC.

IV. Accountability

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of the Code (or thereafter as applicable, upon
becoming a Covered Officer), affirm in writing to the Board on the certification attached hereto as **Appendix A** that he or she
has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Board that he or she has complied
with the requirements of the Code and reported any violations of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any officers or employees of the Fund,
the Fund's affiliated persons, or the Fund's service providers for reports of potential violations that are made in good
faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Chair of the Audit Committee promptly if he or she
knows of any violation of this Code. Failure to do so is itself a violation of this Code.

V. Reporting Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Responsibility\*\*** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Fund's Audit Committee is responsible for applying
this Code to specific situations in which questions are presented under the Code and has the authority to interpret this Code in any
particular situation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Fund's Audit Committee shall have the resources and
authority appropriate in order to effectively discharge its responsibilities, including the authority to retain and compensation special
counsel and other experts or consultants the Audit Committee deems necessary or appropiate.

\*\* The Audit Committee may delegate its responsibilities and investigation procedures to the Chair of the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Investigation Procedures\*\*

The Fund will follow these procedures in investigating and enforcing the Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· The Audit Committee will take all appropriate action to investigate
any potential violations of the Code, including notifying the Chair of the Board of such investigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If, after such investigation, the Audit Committee believes that
no violation has occurred, the Audit Committee is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Any matter that the Audit Committee believes is a violation
of this Code will be reported to the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· If the Board concurs that a violation has occurred, it will
take action which it considers appropriate. Such action may include a review of, and appropriate modifications to, applicable policies
and procedures; notification to appropriate personnel of each service provider or its governing body; or other actions up to and including
the dismissal of the Covered Officer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Waivers

Any approvals or waivers, implicit or otherwise, sought by a Covered Person will be considered by the Audit Committee. The Audit Committee will review and recommend for approval by the Board, as appropriate, any waivers; and any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

A waiver is the approval of a material departure from a provision of this Code. An implicit waiver is the Fund's failure to take action within a reasonable period of time regarding a material departure from a provision of this Code that has been made known to the Audit Committee of the Fund.

\*\* The Audit Committee may delegate its responsibilities and investigation procedures to the Chair of the Audit Committee.

VI. Other Policies and Procedures

This Code shall be the sole code of ethics adopted by the Fund for purposes of Section 406 of the Sarbanes-Oxley Act of 2002 and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Fund, each investment adviser, distributor, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Fund's and its investment advisers' and distributors' codes of ethics under Rule 17j-1 under the 1940 Act (see **Exhibit B** for a list of the investment advisers and distributors of the Fund) are separate requirements applying to the Covered Officers and others, and are not part of this Code.

VII. Amendments

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of disinterested directors/trustees, as that term is defined by the 1940 Act.

VIII. Confidentiality and Recordkeeping

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Audit Committee.

Subject to the confidentiality provisions above, the Fund will maintain and preserve for a period of not less than six (6) years from the date of submission or the date action is taken, the first two

(2) years in an easily accessible place, a copy of the Covered Officer's annual certifications and any information or materials supplied to the Audit Committee that provided the basis for any amendment or waiver to this Code or relating to any violation of the Code and sanctions imposed for such violation, together with a written record of the approval or action taken by the Board.

IX. Internal Use

The Code is intended solely for the internal use by the Fund and does not constitute an admission, by or on behalf of any Fund, as to any fact, circumstance, or legal conclusion.

Adopted: July 23, 2003

Revised: September 13, 2005

Revised: June 24, 2021

Revised: May 14, 2025

**Exhibit A**

**Persons Covered by this Code of Ethics:**

---

| | |
|:---|:---|
| Steven Plump | President |
| James G. Shaw | Chief Operating Officer, Chief Financial Officer and Secretary |
| Craig A. Urciuoli | Director of Marketing & Business Development |
| Thomas M. Reynolds | Assistant Treasurer and Assistant Secretary |

---

**Exhibit B**

**List of Advisers (including *sub-advisers*, and *trading advisers*)** 

**Abbey Capital Limited**

*Aspect Capital Limited*

*Crabel Capital Management, LLC*

*Episteme Capital Partners (UK), LLP*

*Graham Capital Management, LP*

*P/E Global, LLC*

*QMS Capital Management LP*

*R.G. Niederhoffer Capital Management, Inc.*

*Revolution Capital Management, LLC, R.G.*

*Systematica Investments Limited*

*Tudor Investment Corporation*

*Welton Investment Partners LLC*

*Winton Capital Management Limited*

**Altair Advisers LLC**

*Aperio Group, LLC*

*Boston Partners Global Investors, Inc.*

*Driehaus Capital Management, LLC*

*Mawer Investment Management Ltd.*

*Pacific Ridge Capital Partners, LLC*

*Pier Capital, LLC*

*River Road Asset Management, LLC*

**Advent Capital Management, LLC**

**Boston Partners Global Investors, Inc.**

**Campbell & Company Investment Adviser LLC**

**Clearbrook, LLC**

*Mitsubishi UFJ Financial Group, Inc.*

*Exchange Traded Concepts, LLC*

 

**First Eagle Investment Management, LLC**

**F/m Investments LLC**

*Emerald Mutual Fund Advisers Trust*

 

**Hill Investment Group Partners, LLC d/b/a Longview Research Partners**

**Matson Money, Inc.**

**Motley Fool Asset Management, LLC**

**Optima Asset Management LLC**

*Anthony Capital Management, LLC*

 

**Penn Capital Management Company, LLC**

**P/E Global LLC**

**Summit Global Investments, LLC**

*SG Trading Solutions*

 

**Torray Investment Partners LLC**

**Twin Oak ETF Company**

*Exchange Traded Concepts, LLC*

 

**Tweedy, Browne Company LLC**

*Exchange Traded Concepts, LLC*

 

**List of Distributors**

Foreside Fund Services, LLC

Quasar Distributors, LLC

Vigilant Distributors, LLC

**<u>Appendix A</u>**

**The RBB Fund, Inc. and The RBB Fund Trust**

**(the "Fund")**

**Certification and Acknowledgment of Receipt of Code of Ethics**

**for Principal Officers and Senior Financial Officers**

I acknowledge and certify that I have received a copy of the Code of Ethics for Principal Officers and Senior Financial Officers of the Fund (the "Code"). I understand and agree that it is my responsibility to read and familiarize myself with the policies and procedures contained in the Code and to abide by those policies and procedures.

I acknowledge my commitment to comply with the Code.

**Applicable next year:**

I acknowledge that I complied with the Code for the fiscal year ended.

I acknowledge that I reported all violations of this Code of Ethics for the fiscal year ended of which I am aware.

*(Please submit on a separate piece of paper, exceptions to these acknowledgements.)*

 

---

| | |
|:---|:---|
| Officer Name (Please Print) | Officer Signature |
|  | Date |

---

## Ex-99.Cert

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, Steven Plump certify that:

1. I have reviewed this report on Form N-CSR of The RBB Fund Trust.;

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 11/7/2025 | /s/ Steven Plump |
|  |  | Steven Plump, President |
|  |  | (Principal Executive Officer) |

---

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, James Shaw, certify that:

1. I have reviewed this report on Form N-CSR of The RBB Fund Trust;

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

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

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

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

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

---

| | | |
|:---|:---|:---|
| Date: | 11/7/2025 | /s/ James Shaw |
|  |  | James Shaw, Chief Financial Officer |
|  |  | (Principal Financial Officer) |

---

## Exhibit 99.906

EX.99.906CERT

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the RBB Fund, Inc., does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the RBB Fund, Inc. for the period ended August 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as applicable, and that the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the RBB Fund Trust for the stated period.

---

| | |
|:---|:---|
| /s/ Steven Plump | /s/ James Shaw |
| Steven Plump | James Shaw |
| Principal Executive Officer/ President, | Principal Financial Officer/ Chief Financial |
| The RBB Fund Trust | Officer, The RBB Fund Trust |

---

Dated: <u>11/7/2025</u>

This statement accompanies this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by the RBB Fund Trust for purposes of Section 18 of the Securities Exchange Act of 1934. This certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Exchange Act, except to the extent that the Registrant specifically incorporates it by reference.