# EDGAR Filing Document

**Accession Number:** 0001618627
**File Stem:** 0001145549-25-049402
**Filing Date:** 2025-7
**Character Count:** 39790
**Document Hash:** 733ed3bae3de3e567b1501c0001c0912
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-049402.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001145549-25-049402

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20250831

**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:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23011
- **FILM NUMBER:** 251158975

**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           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Penn Capital Special Situations Small Cap Equity Fund** | **Penn Capital Special Situations Small Cap Equity Fund** | **Penn Capital Special Situations Small Cap Equity Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 98.5%** | **Shares** | **Value**  |
| **Banks - 9.5%** | **Banks - 9.5%** | |
| Ameris Bancorp | 17957 | $1103817 |
| Banc of California, Inc. | 56043 | 768910 |
| Dime Community Bancshares, Inc. | 26519 | 680478 |
| FB Financial Corp. | 16977 | 741046 |
| Pinnacle Financial Partners, Inc. | 3715 | 394830 |
| Popular, Inc. | 7879 | 815713 |
| Texas Capital Bancshares, Inc. <sup>(a)</sup> | 13070 | 936988 |
|  |  | 5441782 |
| **Biotechnology - 3.0%** | **Biotechnology - 3.0%** |  |
| Mirum Pharmaceuticals, Inc. <sup>(a)</sup> | 20438 | 908674 |
| TG Therapeutics, Inc. <sup>(a)</sup> | 22912 | 804440 |
|  |  | 1713114 |
| **Capital Markets - 5.0%** | **Capital Markets - 5.0%** |  |
| BGC Group, Inc. - Class A | 124924 | 1159295 |
| GCM Grosvenor, Inc. - Class A | 37834 | 477087 |
| Lazard, Inc. | 13387 | 580996 |
| Perella Weinberg Partners | 35847 | 622662 |
|  |  | 2840040 |
| **Chemicals - 0.4%** | **Chemicals - 0.4%** |  |
| Aspen Aerogels, Inc. <sup>(a)</sup> | 41105 | 236765 |
| **Commercial Services & Supplies - 1.2%** | **Commercial Services & Supplies - 1.2%** |  |
| BrightView Holdings, Inc. <sup>(a)</sup> | 45165 | 703671 |
| **Communications Equipment - 5.1%** | **Communications Equipment - 5.1%** |  |
| Calix, Inc. <sup>(a)</sup> | 17917 | 828482 |
| Extreme Networks, Inc. <sup>(a)</sup> | 63844 | 1000436 |
| Lumentum Holdings, Inc. <sup>(a)</sup> | 15490 | 1119617 |
|  |  | 2948535 |
| **Construction & Engineering - 2.4%** | **Construction & Engineering - 2.4%** |  |
| Dycom Industries, Inc. <sup>(a)</sup> | 6027 | 1385728 |
| **Construction Materials - 1.6%** | **Construction Materials - 1.6%** |  |
| Knife River Corp. <sup>(a)</sup> | 9953 | 936577 |
| **Consumer Finance - 1.2%** | **Consumer Finance - 1.2%** |  |
| OneMain Holdings, Inc. | 13138 | 681074 |
| **Consumer Staples Distribution & Retail - 2.7%** | **Consumer Staples Distribution & Retail - 2.7%** |  |
| Chefs' Warehouse, Inc. <sup>(a)</sup> | 14012 | 893685 |
| Guardian Pharmacy Services, Inc. - Class A <sup>(a)</sup> | 31807 | 673354 |
|  |  | 1567039 |
| **Electronic Equipment, Instruments & Components - 1.6%** | **Electronic Equipment, Instruments & Components - 1.6%** |  |
| Ouster, Inc. <sup>(a)</sup> | 73528 | 899247 |
| **Energy Equipment & Services - 2.7%** | **Energy Equipment & Services - 2.7%** |  |
| Select Water Solutions, Inc. | 51636 | 415153 |
| Transocean Ltd. <sup>(a)</sup> | 176929 | 440553 |
| Weatherford International PLC | 15536 | 677370 |
|  |  | 1533076 |
| **Ground Transportation - 1.4%** | **Ground Transportation - 1.4%** |  |
| RXO, Inc. <sup>(a)</sup> | 52835 | 820528 |
| **Health Care Equipment & Supplies - 2.1%** | **Health Care Equipment & Supplies - 2.1%** |  |
| Alphatec Holdings, Inc. <sup>(a)</sup> | 96887 | 1204305 |
| **Health Care Providers & Services - 1.6%** | **Health Care Providers & Services - 1.6%** |  |
| RadNet, Inc. <sup>(a)</sup> | 15946 | 916735 |
| **Health Care Technology - 2.0%** | **Health Care Technology - 2.0%** |  |
| Waystar Holding Corp. <sup>(a)</sup> | 28232 | 1128715 |
| **Hotel & Resort REITs - 1.5%** | **Hotel & Resort REITs - 1.5%** |  |
| Ryman Hospitality Properties, Inc. | 8849 | 859326 |
| **Hotels, Restaurants & Leisure - 15.7%** | **Hotels, Restaurants & Leisure - 15.7%** |  |
| Boyd Gaming Corp. | 10491 | 786510 |
| Caesars Entertainment, Inc. <sup>(a)</sup> | 30491 | 819598 |
| First Watch Restaurant Group, Inc. <sup>(a)</sup> | 57619 | 889637 |
| Golden Entertainment, Inc. | 37312 | 1064511 |
| Life Time Group Holdings, Inc. <sup>(a)</sup> | 28625 | 818675 |
| Lindblad Expeditions Holdings, Inc. <sup>(a)</sup> | 57611 | 604916 |
| Norwegian Cruise Line Holdings Ltd. <sup>(a)</sup> | 22453 | 396296 |
| Penn Entertainment, Inc. <sup>(a)</sup> | 42073 | 623943 |
| Portillo's, Inc. - Class A <sup>(a)</sup> | 13762 | 165144 |
| Pursuit Attractions and Hospitality, Inc. <sup>(a)</sup> | 20066 | 559641 |
| Rush Street Interactive, Inc. <sup>(a)</sup> | 61259 | 777377 |
| Sportradar Group AG - Class A <sup>(a)</sup> | 31275 | 747785 |
| United Parks & Resorts, Inc. <sup>(a)</sup> | 17165 | 768820 |
|  |  | 9022853 |
| **IT Services - 1.6%** | **IT Services - 1.6%** |  |
| Kyndryl Holdings, Inc. <sup>(a)</sup> | 23296 | 909476 |
| **Machinery - 2.4%** | **Machinery - 2.4%** |  |
| Chart Industries, Inc. <sup>(a)</sup> | 6851 | 1074648 |
| Hillman Solutions Corp. <sup>(a)</sup> | 40563 | 293676 |
|  |  | 1368324 |
| **Media - 6.0%** | **Media - 6.0%** |  |
| Clear Channel Outdoor Holdings, Inc. <sup>(a)</sup> | 290088 | 310394 |
| EW Scripps Co. - Class A <sup>(a)</sup> | 83329 | 184990 |
| Gray Media, Inc. | 127413 | 505830 |
| Magnite, Inc. <sup>(a)</sup> | 55517 | 908258 |
| Nexstar Media Group, Inc. | 5351 | 911918 |
| Stagwell, Inc. <sup>(a)</sup> | 135900 | 606114 |
|  |  | 3427504 |
| **Metals & Mining - 3.8%** | **Metals & Mining - 3.8%** |  |
| Carpenter Technology Corp. | 3973 | 933655 |
| Coeur Mining, Inc. <sup>(a)</sup> | 77472 | 625974 |
| Commercial Metals Co. | 13063 | 608605 |
|  |  | 2168234 |
| **Office REITs - 0.6%** | **Office REITs - 0.6%** |  |
| Brandywine Realty Trust | 88069 | 372532 |
| **Oil, Gas & Consumable Fuels - 6.2%** | **Oil, Gas & Consumable Fuels - 6.2%** |  |
| California Resources Corp. | 17300 | 764141 |
| Diversified Energy Co. PLC | 12225 | 170783 |
| Gulfport Energy Corp. <sup>(a)</sup> | 6220 | 1191130 |
| Mach Natural Resources LP | 33374 | 444542 |
| Northern Oil & Gas, Inc. | 28906 | 768322 |
| Sable Offshore Corp. <sup>(a)</sup> | 8440 | 242903 |
|  |  | 3581821 |
| **Personal Care Products - 1.2%** | **Personal Care Products - 1.2%** |  |
| Oddity Tech Ltd. - Class A <sup>(a)</sup> | 9588 | 713635 |
| **Pharmaceuticals - 1.3%** | **Pharmaceuticals - 1.3%** |  |
| Ligand Pharmaceuticals, Inc. <sup>(a)</sup> | 7504 | 766834 |
| **Professional Services - 2.1%** | **Professional Services - 2.1%** |  |
| Amentum Holdings, Inc. <sup>(a)</sup> | 57019 | 1178012 |
| **Real Estate Management & Development - 1.7%** | **Real Estate Management & Development - 1.7%** |  |
| Newmark Group, Inc. - Class A | 88553 | 974968 |
| **Semiconductors & Semiconductor Equipment - 2.8%** | **Semiconductors & Semiconductor Equipment - 2.8%** |  |
| Camtek Ltd./Israel <sup>(a)</sup> | 10814 | 719563 |
| Rambus, Inc. <sup>(a)</sup> | 16355 | 874502 |
|  |  | 1594065 |
| **Software - 4.0%** | **Software - 4.0%** |  |
| Agilysys, Inc. <sup>(a)</sup> | 9504 | 1006569 |
| Blackbaud, Inc. <sup>(a)</sup> | 10810 | 672706 |
| Pegasystems, Inc. | 6311 | 619425 |
|  |  | 2298700 |
| **Specialized REITs - 1.4%** | **Specialized REITs - 1.4%** |  |
| EPR Properties | 13936 | 776096 |
| **Specialty Retail - 1.2%** | **Specialty Retail - 1.2%** |  |
| Academy Sports & Outdoors, Inc. | 16223 | 663683 |
| **Trading Companies & Distributors - 1.5%** | **Trading Companies & Distributors - 1.5%** |  |
| DNOW, Inc. <sup>(a)</sup> | 61072 | 880658 |
| **TOTAL COMMON STOCKS** (Cost $53,614,626) | **TOTAL COMMON STOCKS** (Cost $53,614,626) | 56513652 |
| **TOTAL INVESTMENTS - 98.5% (**Cost $53,614,626**)** | **TOTAL INVESTMENTS - 98.5% (**Cost $53,614,626**)** | 56513652 |
| Other Assets in Excess of Liabilities - 1.5% | Other Assets in Excess of Liabilities - 1.5% | 864915 |
| **TOTAL NET ASSETS - 100.0%** |  | $57378567 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | 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. | 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. | 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 <br> PLC - Public Limited Company <br> REIT - Real Estate Investment Trust

(a) Non-income producing security.

------

#### <br>

#### Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
Penn Capital Special Situations Small Cap Equity Fund (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

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

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

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

The following is a summary of the fair valuation hierarchy of the Fund's securities as of May 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | 56513652 |  |  | 56513652 |
| Total Investments | 56513652 |  |  | 56513652 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** RBB Fund Trust

- **b. Investment Company Act file number:** 811-23011

- **c. CIK number of Registrant:** 0001618627

- **d. LEI of Registrant:** 549300LEC95RYURPL757

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 East Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 262-378-6278

**Item A.2. Information about the Series.**

- **a. Name of Series:** Penn Capital Special Situations Small Cap Equity Fund

- **b. EDGAR series identifier (if any):** S000048027

- **c. LEI of Series:** 54930055H78RHJOE5C94

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2025-08-31

- **b. Date as of which information is reported:** 2025-05-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $57505141.00

**Total Liabilities:** $152440.92

**Net Assets:** $57352700.08

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000151488 | -7.97%               | -3.05%               | 7.22%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-462996.80              | $-4103819.84                               |
| Month 2  | $-1293237.47             | $-185169.96                                |
| Month 3  | $245987.77               | $3597204.67                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                   | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Extreme Networks Inc           | Extreme Networks Inc                    | CUSIP: 30226D106<br>LEI: 549300WRECW11X94UB57 | Long             | EC               | CORP              | US        |     63844 | NS      | $1000435.48   | 1.74%             |  |  |  | No            |                  1 | On Loan: No      |
| GCM Grosvenor Inc              | GCM Grosvenor Inc                       | CUSIP: 36831E108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37834 | NS      | $477086.74    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Hillman Solutions Corp         | Hillman Solutions Corp                  | CUSIP: 431636109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     40563 | NS      | $293676.12    | 0.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Lazard Inc                     | Lazard Inc                              | CUSIP: 52110M109<br>LEI: 254900RIBCDJSUFG1A11 | Long             | EC               | CORP              | US        |     13387 | NS      | $580995.80    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Sable Offshore Corp            | Sable Offshore Corp                     | CUSIP: 78574H104<br>LEI: 254900IMMKZUOZF7V487 | Long             | EC               | CORP              | US        |      8440 | NS      | $242903.20    | 0.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Caesars Entertainment Inc      | Caesars Entertainment Inc               | CUSIP: 12769G100<br>LEI: 549300FA4CTCW903Y781 | Long             | EC               | CORP              | US        |     30491 | NS      | $819598.08    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| California Resources Corp      | California Resources Corp               | CUSIP: 13057Q305<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | EC               | CORP              | US        |     17300 | NS      | $764141.00    | 1.33%             |  |  |  | No            |                  1 | On Loan: No      |
| Lumentum Holdings Inc          | Lumentum Holdings Inc                   | CUSIP: 55024U109<br>LEI: 549300JLWRRC38DWEF52 | Long             | EC               | CORP              | US        |     15490 | NS      | $1119617.20   | 1.95%             |  |  |  | No            |                  1 | On Loan: No      |
| Academy Sports & Outdoors Inc  | Academy Sports & Outdoors Inc           | CUSIP: 00402L107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     16223 | NS      | $663682.93    | 1.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphatec Holdings Inc          | Alphatec Holdings Inc                   | CUSIP: 02081G201<br>LEI: 549300EZE8CQ8K65FS24 | Long             | EC               | CORP              | US        |     96887 | NS      | $1204305.41   | 2.10%             |  |  |  | No            |                  1 | On Loan: No      |
| Ameris Bancorp                 | Ameris Bancorp                          | CUSIP: 03076K108<br>LEI: PBJHNT51T5V6G5UQFV42 | Long             | EC               | CORP              | US        |     17957 | NS      | $1103816.79   | 1.92%             |  |  |  | No            |                  1 | On Loan: No      |
| BGC Group Inc                  | BGC Group Inc                           | CUSIP: 088929104<br>LEI: 2549001IGRCG4F0RLD36 | Long             | EC               | CORP              | US        |    124924 | NS      | $1159294.72   | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Calix Inc                      | Calix Inc                               | CUSIP: 13100M509<br>LEI: 5299002RQRZ4SXSCSJ58 | Long             | EC               | CORP              | US        |     17917 | NS      | $828482.08    | 1.44%             |  |  |  | No            |                  1 | On Loan: No      |
| Commercial Metals Co           | Commercial Metals Co                    | CUSIP: 201723103<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | EC               | CORP              | US        |     13063 | NS      | $608605.17    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Gray Media Inc                 | Gray Media Inc                          | CUSIP: 389375106<br>LEI: 529900TM5726KDN7UU35 | Long             | EC               | CORP              | US        |    127413 | NS      | $505829.61    | 0.88%             |  |  |  | No            |                  1 | On Loan: No      |
| Knife River Corp               | Knife River Corp                        | CUSIP: 498894104<br>LEI: N/A                  | Long             | EC               | CORP              | US        |      9953 | NS      | $936577.30    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Lindblad Expeditions Holdings  | Lindblad Expeditions Holdings Inc       | CUSIP: 535219109<br>LEI: 549300GSPW24GZE6R597 | Long             | EC               | CORP              | US        |     57611 | NS      | $604915.50    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Mach Natural Resources LP      | Mach Natural Resources LP               | CUSIP: 55445L100<br>LEI: 254900WRTD4RTPK11Q27 | Long             | EC               | CORP              | US        |     33374 | NS      | $444541.68    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| Ouster Inc                     | Ouster Inc                              | CUSIP: 68989M202<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     73528 | NS      | $899247.44    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Pegasystems Inc                | Pegasystems Inc                         | CUSIP: 705573103<br>LEI: 549300FMCOKPL06FYN26 | Long             | EC               | CORP              | US        |      6311 | NS      | $619424.65    | 1.08%             |  |  |  | No            |                  1 | On Loan: No      |
| RadNet Inc                     | RadNet Inc                              | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |     15946 | NS      | $916735.54    | 1.60%             |  |  |  | No            |                  1 | On Loan: No      |
| United Parks & Resorts Inc     | United Parks & Resorts Inc              | CUSIP: 81282V100<br>LEI: 529900G0H4NV3IIK3269 | Long             | EC               | CORP              | US        |     17165 | NS      | $768820.35    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Sportradar Group AG            | Sportradar Group AG                     | CUSIP: N/A<br>LEI: 549300H1P33YOAT7Z533       | Long             | EC               | CORP              | CH        |     31275 | NS      | $747785.25    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Transocean Ltd                 | Transocean Ltd                          | CUSIP: N/A<br>LEI: 529900QO4W5DQGBGEF32       | Long             | EC               | CORP              | CH        |    176929 | NS      | $440553.21    | 0.77%             |  |  |  | No            |                  1 | On Loan: No      |
| Oddity Tech Ltd                | Oddity Tech Ltd                         | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IL        |      9588 | NS      | $713634.84    | 1.24%             |  |  |  | No            |                  1 | On Loan: No      |
| Aspen Aerogels Inc             | Aspen Aerogels Inc                      | CUSIP: 04523Y105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     41105 | NS      | $236764.80    | 0.41%             |  |  |  | No            |                  1 | On Loan: No      |
| Banc of California Inc         | Banc of California Inc                  | CUSIP: 05990K106<br>LEI: 549300ZKWUJDP6LJ1X87 | Long             | EC               | CORP              | US        |     56043 | NS      | $768909.96    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Brandywine Realty Trust        | Brandywine Realty Trust                 | CUSIP: 105368203<br>LEI: 5UZ46ZCYUFYYAC0DS831 | Long             | EC               | CORP              | US        |     88069 | NS      | $372531.87    | 0.65%             |  |  |  | No            |                  1 | On Loan: No      |
| First Watch Restaurant Group I | First Watch Restaurant Group Inc        | CUSIP: 33748L101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     57619 | NS      | $889637.36    | 1.55%             |  |  |  | No            |                  1 | On Loan: No      |
| Camtek Ltd/Israel              | Camtek Ltd/Israel                       | CUSIP: N/A<br>LEI: 5493000H80W07HCKGS43       | Long             | EC               | CORP              | IL        |     10814 | NS      | $719563.56    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Blackbaud Inc                  | Blackbaud Inc                           | CUSIP: 09227Q100<br>LEI: 54930056X3HKFMNG3754 | Long             | EC               | CORP              | US        |     10810 | NS      | $672706.30    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Chefs' Warehouse Inc/The       | Chefs' Warehouse Inc/The                | CUSIP: 163086101<br>LEI: 549300JYEDC8C547E980 | Long             | EC               | CORP              | US        |     14012 | NS      | $893685.36    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Golden Entertainment Inc       | Golden Entertainment Inc                | CUSIP: 381013101<br>LEI: 549300P8YYCKQVJ0Y638 | Long             | EC               | CORP              | US        |     37312 | NS      | $1064511.36   | 1.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Life Time Group Holdings Inc   | Life Time Group Holdings Inc            | CUSIP: 53190C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28625 | NS      | $818675.00    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Nexstar Media Group Inc        | Nexstar Media Group Inc                 | CUSIP: 65336K103<br>LEI: 52990083ZRR5UT591988 | Long             | EC               | CORP              | US        |      5351 | NS      | $911917.42    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| DNOW Inc                       | DNOW Inc                                | CUSIP: 67011P100<br>LEI: 549300AVH5SOCFVVDW91 | Long             | EC               | CORP              | US        |     61072 | NS      | $880658.24    | 1.54%             |  |  |  | No            |                  1 | On Loan: No      |
| Pinnacle Financial Partners In | Pinnacle Financial Partners Inc         | CUSIP: 72346Q104<br>LEI: 54930098EZ8JMSAZGS24 | Long             | EC               | CORP              | US        |      3715 | NS      | $394830.20    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Popular Inc                    | Popular Inc                             | CUSIP: 733174700<br>LEI: 5493008CARDZMVQ3LO89 | Long             | EC               | CORP              | PR        |      7879 | NS      | $815712.87    | 1.42%             |  |  |  | No            |                  1 | On Loan: No      |
| BrightView Holdings Inc        | BrightView Holdings Inc                 | CUSIP: 10948C107<br>LEI: 549300F8QN8YHVI7L866 | Long             | EC               | CORP              | US        |     45165 | NS      | $703670.70    | 1.23%             |  |  |  | No            |                  1 | On Loan: No      |
| US BANK MMDA - USBFS 2         | US BANK MMDA - USBFS 2                  | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |    894266 | NS      | $894266.10    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Waystar Holding Corp           | Waystar Holding Corp                    | CUSIP: 946784105<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     28232 | NS      | $1128715.36   | 1.97%             |  |  |  | No            |                  1 | On Loan: No      |
| Clear Channel Outdoor Holdings | Clear Channel Outdoor Holdings Inc      | CUSIP: 18453H106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    290088 | NS      | $310394.16    | 0.54%             |  |  |  | No            |                  1 | On Loan: No      |
| EPR Properties                 | EPR Properties                          | CUSIP: 26884U109<br>LEI: 549300YSSXFHMPOWZ492 | Long             | EC               | CORP              | US        |     13936 | NS      | $776095.84    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| RXO Inc                        | RXO Inc                                 | CUSIP: 74982T103<br>LEI: 549300KL8CA6GP8XPM30 | Long             | EC               | CORP              | US        |     52835 | NS      | $820527.55    | 1.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Weatherford International PLC  | Weatherford International PLC           | CUSIP: N/A<br>LEI: 529900LPBDSCQDJKHQ39       | Long             | EC               | CORP              | US        |     15536 | NS      | $677369.60    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Agilysys Inc                   | Agilysys Inc                            | CUSIP: 00847J105<br>LEI: 5299001XWB5V3B5IPN93 | Long             | EC               | CORP              | US        |      9504 | NS      | $1006568.64   | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Amentum Holdings Inc           | Amentum Holdings Inc                    | CUSIP: 023939101<br>LEI: 2549009FJIBLW40CU216 | Long             | EC               | CORP              | US        |     57019 | NS      | $1178012.54   | 2.05%             |  |  |  | No            |                  1 | On Loan: No      |
| Boyd Gaming Corp               | Boyd Gaming Corp                        | CUSIP: 103304101<br>LEI: 254900787YGRYS2A1Z35 | Long             | EC               | CORP              | US        |     10491 | NS      | $786510.27    | 1.37%             |  |  |  | No            |                  1 | On Loan: No      |
| Dime Community Bancshares Inc  | Dime Community Bancshares Inc           | CUSIP: 25432X102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     26519 | NS      | $680477.54    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Dycom Industries Inc           | Dycom Industries Inc                    | CUSIP: 267475101<br>LEI: 549300F56EKTHQI3WT60 | Long             | EC               | CORP              | US        |      6027 | NS      | $1385727.84   | 2.42%             |  |  |  | No            |                  1 | On Loan: No      |
| Carpenter Technology Corp      | Carpenter Technology Corp               | CUSIP: 144285103<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | EC               | CORP              | US        |      3973 | NS      | $933655.00    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| Coeur Mining Inc               | Coeur Mining Inc                        | CUSIP: 192108504<br>LEI: 5493003AVK173D48DR70 | Long             | EC               | CORP              | US        |     77472 | NS      | $625973.76    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Chart Industries Inc           | Chart Industries Inc                    | CUSIP: 16115Q308<br>LEI: EM7QGKC1GYOF3LSZSL80 | Long             | EC               | CORP              | US        |      6851 | NS      | $1074647.86   | 1.87%             |  |  |  | No            |                  1 | On Loan: No      |
| Ryman Hospitality Properties I | Ryman Hospitality Properties Inc        | CUSIP: 78377T107<br>LEI: 529900GCCWW9SRMPJR11 | Long             | EC               | CORP              | US        |      8849 | NS      | $859326.39    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| EW Scripps Co/The              | EW Scripps Co/The                       | CUSIP: 811054402<br>LEI: 549300U1OW41QPKYW028 | Long             | EC               | CORP              | US        |     83329 | NS      | $184990.38    | 0.32%             |  |  |  | No            |                  1 | On Loan: No      |
| Diversified Energy Co PLC      | Diversified Energy Co PLC               | CUSIP: N/A<br>LEI: 213800YR9TFRVHPGOS67       | Long             | EC               | CORP              | US        |     12225 | NS      | $170783.25    | 0.30%             |  |  |  | No            |                  1 | On Loan: No      |
| Magnite Inc                    | Magnite Inc                             | CUSIP: 55955D100<br>LEI: 54930018FR2YX1HHSB02 | Long             | EC               | CORP              | US        |     55517 | NS      | $908258.12    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Northern Oil & Gas Inc         | Northern Oil & Gas Inc                  | CUSIP: 665531307<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | EC               | CORP              | US        |     28906 | NS      | $768321.48    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Penn Entertainment Inc         | Penn Entertainment Inc                  | CUSIP: 707569109<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     42073 | NS      | $623942.59    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Rambus Inc                     | Rambus Inc                              | CUSIP: 750917106<br>LEI: 2549000211GDCQSLV833 | Long             | EC               | CORP              | US        |     16355 | NS      | $874501.85    | 1.52%             |  |  |  | No            |                  1 | On Loan: No      |
| Select Water Solutions Inc     | Select Water Solutions Inc              | CUSIP: 81617J301<br>LEI: 54930094OK8LA3QDW486 | Long             | EC               | CORP              | US        |     51636 | NS      | $415153.44    | 0.72%             |  |  |  | No            |                  1 | On Loan: No      |
| Stagwell Inc                   | Stagwell Inc                            | CUSIP: 85256A109<br>LEI: 549300KIYTU6J3NYJ009 | Long             | EC               | CORP              | US        |    135900 | NS      | $606114.00    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| FB Financial Corp              | FB Financial Corp                       | CUSIP: 30257X104<br>LEI: 5493000B2LD2C2A6C435 | Long             | EC               | CORP              | US        |     16977 | NS      | $741046.05    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardian Pharmacy Services Inc | Guardian Pharmacy Services Inc          | CUSIP: 40145W101<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     31807 | NS      | $673354.19    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Gulfport Energy Corp           | Gulfport Energy Corp                    | CUSIP: 402635502<br>LEI: 254900DJRGZBUZ3F5038 | Long             | EC               | CORP              | US        |      6220 | NS      | $1191130.00   | 2.08%             |  |  |  | No            |                  1 | On Loan: No      |
| Kyndryl Holdings Inc           | Kyndryl Holdings Inc                    | CUSIP: 50155Q100<br>LEI: 549300LQ4LWX2R8ZV130 | Long             | EC               | CORP              | US        |     23296 | NS      | $909475.84    | 1.59%             |  |  |  | No            |                  1 | On Loan: No      |
| Ligand Pharmaceuticals Inc     | Ligand Pharmaceuticals Inc              | CUSIP: 53220K504<br>LEI: 5493008K7TB0IKP37H79 | Long             | EC               | CORP              | US        |      7504 | NS      | $766833.76    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Mirum Pharmaceuticals Inc      | Mirum Pharmaceuticals Inc               | CUSIP: 604749101<br>LEI: 254900YZKR40F7F27K81 | Long             | EC               | CORP              | US        |     20438 | NS      | $908673.48    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Perella Weinberg Partners      | Perella Weinberg Partners               | CUSIP: 71367G102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     35847 | NS      | $622662.39    | 1.09%             |  |  |  | No            |                  1 | On Loan: No      |
| Portillo's Inc                 | Portillo's Inc                          | CUSIP: 73642K106<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     13762 | NS      | $165144.00    | 0.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Texas Capital Bancshares Inc   | Texas Capital Bancshares Inc            | CUSIP: 88224Q107<br>LEI: 549300466Q2SXRX0YM48 | Long             | EC               | CORP              | US        |     13070 | NS      | $936988.30    | 1.63%             |  |  |  | No            |                  1 | On Loan: No      |
| TG Therapeutics Inc            | TG Therapeutics Inc                     | CUSIP: 88322Q108<br>LEI: 529900X21UKABN9NJ529 | Long             | EC               | CORP              | US        |     22912 | NS      | $804440.32    | 1.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Newmark Group Inc              | Newmark Group Inc                       | CUSIP: 65158N102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     88553 | NS      | $974968.53    | 1.70%             |  |  |  | No            |                  1 | On Loan: No      |
| OneMain Holdings Inc           | OneMain Holdings Inc                    | CUSIP: 68268W103<br>LEI: 549300E3VEW8SMS5XW09 | Long             | EC               | CORP              | US        |     13138 | NS      | $681073.92    | 1.19%             |  |  |  | No            |                  1 | On Loan: No      |
| Rush Street Interactive Inc    | Rush Street Interactive Inc             | CUSIP: 782011100<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     61259 | NS      | $777376.71    | 1.36%             |  |  |  | No            |                  1 | On Loan: No      |
| Pursuit Attractions and Hospit | Pursuit Attractions and Hospitality Inc | CUSIP: 92552R406<br>LEI: 549300PXU4ZW7LPO5Y40 | Long             | EC               | CORP              | US        |     20066 | NS      | $559640.74    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Norwegian Cruise Line Holdings | Norwegian Cruise Line Holdings Ltd      | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     22453 | NS      | $396295.45    | 0.69%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-07-21

**Name of Applicant:** RBB Fund Trust

**Signature:** /s/ James G. Shaw

**Name of Signer:** RBB Fund Trust

**Title:** CFO COO Secretary