# EDGAR Filing Document

**Accession Number:** 0001618627
**File Stem:** 0001398344-26-008691
**Filing Date:** 2026-5
**Character Count:** 798384
**Document Hash:** 436d8aa88b3c886933c130efff9d5f71
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-008691.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001398344-26-008691

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 51

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**EFFECTIVENESS DATE**: 20260507

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23011
- **FILM NUMBER:** 26953039

**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 | SPYA            |

### MUFG Japan Small Cap Active ETF (Series ID: S000093543)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000261884 | MUFG Japan Small Cap Active ETF | MJSC            |

### Tweedy, Browne International Insider + Value ETF (Series ID: S000094804)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000263348 | Tweedy, Browne International Insider + Value ETF | ICPY            |

### Wayfinder Dynamic U.S. Interest Rate ETF (Series ID: S000095928)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000264710 | Wayfinder Dynamic U.S. Interest Rate ETF | CMBO            |

### Twin Oak Strategic Solutions ETF (Series ID: S000098129)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000267786 | Twin Oak Strategic Solutions ETF | TOS             |

### Pathfinder Disciplined US Equity ETF (Series ID: S000099936)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000269741 | Pathfinder Disciplined US Equity ETF | PFDE            |

### Pathfinder Focused Opportunities ETF (Series ID: S000099937)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000269742 | Pathfinder Focused Opportunities ETF | PFOE            |

?xml version='1.0' encoding='ASCII'? 2025-12-29192603_AdventConvertibleBondETF_TF_TSRSemiAnnual

As filed with the Securities and Exchange Commission on 5/7/2026

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 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: February 28, 2026

**<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) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img528572_202510271745693.jpg) |

---

This semi-annual shareholder report contains important information about the Advent Convertible Bond ETF (the "Fund") for the period of September 1, 2025, to February 28, 2026. 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 LAST SIX MONTHS?** (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 | $32 | 0.65% |

---

\* Annualized

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

For the six months ended February 28, 2026, the Fund provided positive returns to shareholders, though at rates below that of its broad-based and secondary benchmarks. The broad-based benchmark, the Bloomberg U.S. Aggregate Index, benefited from its longer-maturity profile, particularly earlier in the six-month period when risk-free interest rates and corporate spreads were declining, providing price gains for longer-dated bonds. The asset class of the Fund, convertible securities, tends to have shorter maturities. The secondary benchmark, the ICE BofA Yield Alternative Convertible Index, gained in segments where the Adviser's strategy tends to underallocate, such as companies with lower-rated credit profiles.

Economic growth remained robust on a headline basis but has become increasingly concentrated with artificial intelligence (AI) infrastructure buildout rising in contribution percentage. The Fund and the convertible securities market have numerous issuers benefiting from these trends across the supply chain, although it has been offset to some extent by software companies that may see increasing competition from AI models. Certain subsectors within the Financials sector led to lower contribution from a decline in cryptocurrency-related issues and slowing growth in financial technology companies.

Strong earnings growth underpins the case for convertible securities as a corporate asset class along with meaningful

participation in economic segments benefiting from the U.S. Administration's industrial policy and growth segments. Rising equity volatility from geopolitical change is also a source of higher valuation unique to the asset class.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Applied Optoelectronics |
| ↑ | Rivian Automotive |
| ↑ | Ionis Pharmaceuticals |
| ↑ | ON Semiconductor |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Coinbase Global |
| ↓ | Shift4 Payments |
| ↓ | Strategy |
| ↓ | MARA Holdings |

---

**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-SAR-75526L845

------

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

![image](ts6814img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception<br>(04/29/2025)** |
| **Advent Convertible Bond ETF NAV** | 8.08 |
| **Bloomberg U.S. Aggregate Bond Index** | 5.76 |
| **ICE BofA Yield Alternative US Convertible Index** | 10.20 |

---

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 February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $28495552 |
| **Number of Holdings** | 57 |
| **Net Advisory Fee** | $89229 |
| **Portfolio Turnover** | 86% |
| **Average Credit Quality** | BBB |
| **Effective Duration** | 2.61 years |
| **Weighted Average Maturity** | 2.91 years |
| **30-Day SEC Yield** | 2.32% |
| **30-Day SEC Yield Unsubsidized** | 2.17% |
| **Distribution Yield** | 1.35% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net Assets)** |
| Bank of America Corp.  | 4.6% |
| Wells Fargo & Co.  | 4.6% |
| Barclays Bank PLC  | 3.5% |
| Super Micro Computer, Inc.  | 3.2% |
| Workiva, Inc.  | 3.1% |
| Datadog, Inc.  | 3.0% |
| Progress Software Corp.  | 2.9% |
| Live Nation Entertainment, Inc.  | 2.6% |
| Coinbase Global, Inc.  | 2.6% |
| PG&E Corp.  | 2.6% |

---

---

| | |
|:---|:---|
| **Credit Breakdown** | **(% of Net Assets)** |
| AAA  | 0.00% |
| AA  | 0.00% |
| A  | 3.46% |
| BBB  | 12.43% |
| BB  | 4.77% |
| B  | 0.00% |
| CCC and below  | 0.00% |
| Cash & Cash Equivalent  | 2.58% |
| Not rated  | 76.76% |

---

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

------

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/.

**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-SAR-75526L845

------

---

| | | |
|:---|:---|:---|
| ![image](img709711_202604151926748.jpg) | **MUFG Japan Small Cap Active ETF**  | ![image](img712115_202604221942534.jpg) |
| ![image](img709711_202604151926748.jpg) | MJSC (Principal U.S. Listing Exchange: NYSE Arca)  | ![image](img712115_202604221942534.jpg) |
| ![image](img709711_202604151926748.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img712115_202604221942534.jpg) |

---

This semi-annual shareholder report contains important information about the MUFG Japan Small Cap Active ETF (the "Fund") for the period of September 16, 2025, to February 28, 2026. You can find additional information about the Fund at www.mufgetfs.com. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?\***(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\*\*** |
| MUFG Japan Small Cap Active ETF | $43 | 0.85% |

---

\*\* Annualized

\* Inception date of the Fund was September 16, 2025. Costs of a $10,000 investment in the Fund for a full semi-annual period would have been higher.

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $23175311 |
| **Number of Holdings** | 94 |
| **Portfolio Turnover** | 8% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Industrials  | 29.7% |
| Technology  | 20.6% |
| Consumer Discretionary  | 12.8% |
| Financials  | 11.5% |
| Materials  | 10.6% |
| Consumer Staples  | 4.9% |
| Communications  | 4.1% |
| Real Estate  | 2.2% |
| Health Care  | 1.9% |
| Cash & Other  | 1.7% |

---

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net Assets)** |
| Shizuoka Financial Group, Inc.  | 2.3% |
| Kandenko Co. Ltd.  | 2.3% |
| Tokyo Tatemono Co. Ltd.  | 2.2% |
| Fuji Corp.  | 2.0% |
| Sojitz Corp.  | 1.9% |
| Saizeriya Co. Ltd.  | 1.8% |
| Penta-Ocean Construction Co. Ltd.  | 1.8% |
| Iyogin Holdings, Inc.  | 1.8% |
| Tokyo Ohka Kogyo Co. Ltd.  | 1.8% |
| INFRONEER Holdings, Inc.  | 1.8% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit www.mufgetfs.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 the 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.

MUFG Japan Small Cap Active ETF PAGE 1 TSR-SAR-75526L779

------

---

| | | |
|:---|:---|:---|
| ![image](img367588_202504171259516.jpg) | **First Eagle Global Equity ETF**  | ![image](img341967_202503101830257.jpg) |
| ![image](img367588_202504171259516.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;FEGE (Principal U.S. Listing Exchange: NYSE) | ![image](img341967_202503101830257.jpg) |
| ![image](img367588_202504171259516.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img341967_202503101830257.jpg) |

---

This semi-annual shareholder report contains important information about the First Eagle Global Equity ETF (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://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 LAST SIX MONTHS?** (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 | $28 | 0.50% |

---

\* Annualized

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $1497224795 |
| **Number of Holdings** | 91 |
| **Portfolio Turnover** | 18% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Consumer Staples  | 16.6% |
| Health Care  | 12.3% |
| Information Technology  | 12.2% |
| Financials  | 11.7% |
| Materials  | 10.5% |
| Energy  | 9.4% |
| Industrials  | 9.3% |
| Communication Services  | 8.3% |
| Consumer Discretionary  | 5.8% |
| Cash & Other  | 3.9% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of Net Assets)** |
| Samsung Electronics Co. Ltd.  | 3.9% |
| British American Tobacco PLC  | 2.9% |
| Alphabet, Inc. - Class C  | 2.5% |
| Becton Dickinson & Co.  | 2.4% |
| Imperial Oil Ltd.  | 2.1% |
| HCA Healthcare, Inc.  | 2.0% |
| Meta Platforms, Inc. - Class A  | 2.0% |
| SLB Ltd.  | 1.8% |
| Merck KGaA  | 1.6% |
| Wheaton Precious Metals Corp.  | 1.6% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://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 1 TSR-SAR-75526L886

------

---

| | | |
|:---|:---|:---|
| ![image](img367589_202504171300486.jpg) | **First Eagle Overseas Equity ETF**  | ![image](img341967_202503101830257.jpg) |
| ![image](img367589_202504171300486.jpg) | &nbsp;&nbsp;&nbsp;&nbsp;FEOE (Principal U.S. Listing Exchange: NYSE) | ![image](img341967_202503101830257.jpg) |
| ![image](img367589_202504171300486.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img341967_202503101830257.jpg) |

---

This semi-annual shareholder report contains important information about the First Eagle Overseas Equity ETF (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://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 LAST SIX MONTHS?** (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 | $28 | 0.50% |

---

\* Annualized

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $904898464 |
| **Number of Holdings** | 72 |
| **Portfolio Turnover** | 13% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Consumer Staples  | 22.9% |
| Financials  | 14.0% |
| Industrials  | 12.8% |
| Materials  | 11.8% |
| Information Technology  | 11.6% |
| Consumer Discretionary  | 11.0% |
| Energy  | 8.2% |
| Health Care  | 4.0% |
| Real Estate  | 2.0% |
| Cash & Other  | 1.7% |

---

---

| | |
|:---|:---|
| **Top Holdings** | **(% of Net Assets)** |
| Samsung Electronics Co. Ltd.  | 5.7% |
| Shell PLC  | 4.3% |
| British American Tobacco PLC  | 4.1% |
| Imperial Oil Ltd.  | 3.9% |
| Merck KGaA  | 2.3% |
| Prosus NV  | 2.2% |
| Cie Financiere Richemont SA  | 2.1% |
| SMC Corp.  | 2.1% |
| Fomento Economico Mexicano SAB de CV  | 2.0% |
| Franco-Nevada Corp.  | 2.1% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://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 1 TSR-SAR-75526L878

------

---

| | | |
|:---|:---|:---|
| ![image](img711476_202604171844844.jpg) | **Wayfinder Dynamic U.S. Interest Rate ETF**  | ![image](img653819_202603021603720.jpg) |
| ![image](img711476_202604171844844.jpg) | CMBO\| (Principal U.S. Listing Exchange: NASDAQ) | ![image](img653819_202603021603720.jpg) |
| ![image](img711476_202604171844844.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img653819_202603021603720.jpg) |

---

This semi-annual shareholder report contains important information about the Wayfinder Dynamic U.S. Interest Rate ETF (the "Fund") for the period of November 3, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.wayfinderetfs.com/. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?\*** (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\*\*** |
| Wayfinder Dynamic U.S. Interest Rate ETF | $5 | 0.15% |

---

\* Amount shown reflects the expenses of the Fund from inception date through February 28, 2026. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $3040618 |
| **Number of Holdings** | 5 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Asset Classes** | **(% of Net Assets)** |
| Purchased Options  | 98.4% |
| Written Options  | 0.0 |
| Cash and Cash Equivalents  | 1.6 |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.wayfinderetfs.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 1-800-617-0004, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by the Fund or your financial intermediary.

Wayfinder Dynamic U.S. Interest Rate ETF PAGE 1 TSR-SAR-75526L753

------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img367630_202504171822884.jpg) |

---

This semi-annual shareholder report contains important information about the Longview Advantage ETF (the "Fund") for the period of September 1, 2025, to February 28, 2026. 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 September 1, 2025 TO FEBRUARY 28, 2026?** (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

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $617818684 |
| **Number of Holdings** | 1781 |
| **Portfolio Turnover** | 7% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Information Technology  | 20.8% |
| Financials  | 14.1% |
| Industrials  | 12.7% |
| Consumer Discretionary  | 12.7% |
| Energy  | 10.6% |
| Health Care  | 9.4% |
| Communication Services  | 8.8% |
| Materials  | 4.9% |
| Consumer Staples  | 3.8% |
| Utilities  | 1.9% |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| Dimensional US Core Equity 2 ETF  | 5.0% |
| NVIDIA Corp.  | 4.2% |
| Apple, Inc.  | 4.1% |
| Alphabet, Inc.  | 3.2% |
| Microsoft Corp.  | 3.1% |
| Avantis U.S. Small Cap Value ETF  | 2.4% |
| Amazon.com, Inc.  | 1.6% |
| Micron Technology, Inc.  | 1.5% |
| Meta Platforms, Inc.  | 1.4% |
| Newmont Corp.  | 1.2% |

---

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/.

**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 1 TSR-SAR-75526L852

------

---

| | | |
|:---|:---|:---|
| ![image](img709708_202604151822360.jpg) | **Pathfinder Focused Opportunities ETF**  | ![image](img687203_202603231553883.jpg) |
| ![image](img709708_202604151822360.jpg) | PFOE (Principal U.S. Listing Exchange: NASDAQ) | ![image](img687203_202603231553883.jpg) |
| ![image](img709708_202604151822360.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img687203_202603231553883.jpg) |

---

This semi-annual shareholder report contains important information about the Pathfinder Focused Opportunities ETF (the "Fund") for the period of December 30, 2025, to February 28, 2026. You can find additional information about the Fund at https://pathfinderetfs.com. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?\***(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\*\*** |
| Pathfinder Focused Opportunities ETF | $10 | 0.59% |

---

\* Inception date of the Fund was December 30, 2025. Costs of a $10,000 investment in the Fund for a full semi-annual period would have been higher.

\*\* Annualized

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $100031938 |
| **Number of Holdings** | 23 |
| **Portfolio Turnover** | 42% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Communication Services  | 19.6% |
| Industrials  | 16.7% |
| Health Care  | 16.4% |
| Consumer Discretionary  | 16.2% |
| Financials  | 15.8% |
| Information Technology  | 14.0% |
| Cash & Other  | 1.3% |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| Ferrovial SE  | 6.0% |
| QXO, Inc.  | 5.9% |
| Netflix, Inc.  | 5.7% |
| Spotify Technology SA  | 5.3% |
| Eli Lilly & Co.  | 5.2% |
| Alphabet, Inc.  | 5.1% |
| MercadoLibre, Inc.  | 5.0% |
| ASML Holding NV  | 5.0% |
| Taiwan Semiconductor Manufacturing Co. Ltd.  | 5.0% |
| Uber Technologies, Inc.  | 4.8% |

---

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

Pathfinder Focused Opportunities ETF PAGE 1 TSR-SAR-75526L688

------

---

| | | |
|:---|:---|:---|
| ![image](img709708_202604151822360.jpg) | **Pathfinder Disciplined US Equity ETF**  | ![image](img687203_202603231553883.jpg) |
| ![image](img709708_202604151822360.jpg) | PFDE (Principal U.S. Listing Exchange: NASDAQ) | ![image](img687203_202603231553883.jpg) |
| ![image](img709708_202604151822360.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img687203_202603231553883.jpg) |

---

This semi-annual shareholder report contains important information about the Pathfinder Disciplined US Equity ETF (the "Fund") for the period of December 30, 2025, to February 28, 2026. You can find additional information about the Fund at https://pathfinderetfs.com. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?\***(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\*\*** |
| Pathfinder Disciplined US Equity ETF | $10 | 0.59% |

---

\* Inception date of the Fund was December 30, 2025. Costs of a $10,000 investment in the Fund for a full semi-annual period would have been higher.

\*\* Annualized

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $102905819 |
| **Number of Holdings** | 68 |
| **Portfolio Turnover** | 14% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Information Technology  | 31.4% |
| Financials  | 14.2% |
| Consumer Discretionary  | 12.8% |
| Health Care  | 11.1% |
| Communication Services  | 8.9% |
| Industrials  | 6.8% |
| Consumer Staples  | 4.8% |
| Utilities  | 3.9% |
| Materials  | 3.0% |
| Cash & Other  | 3.1% |

---

---

| | |
|:---|:---|
| **Top 10 Holdings** | **(% of Net Assets)** |
| NVIDIA Corp.  | 9.3% |
| Microsoft Corp.  | 6.5% |
| Apple, Inc.  | 5.9% |
| Alphabet, Inc.  | 5.5% |
| Amazon.com, Inc.  | 5.3% |
| Berkshire Hathaway, Inc.  | 3.6% |
| Broadcom, Inc.  | 3.5% |
| Mastercard, Inc.  | 2.5% |
| Meta Platforms, Inc.  | 2.3% |
| HCA Healthcare, Inc.  | 2.3% |

---

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

Pathfinder Disciplined US Equity ETF PAGE 1 TSR-SAR-75526L670

------

---

| | | |
|:---|:---|:---|
| ![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) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img124764_202509051927826.jpg) |

---

This semi-annual shareholder report contains important information about the P/E Global Enhanced International Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. 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 LAST SIX MONTHS?** (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 | $53 | 1.00% |

---

\* Annualized

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $36394902 |
| **Number of Holdings** | 13 |
| **Portfolio Turnover (excludes derivatives)** | 3% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net Assets)** |
| Vanguard FTSE Developed Markets ETF  | 43.2% |
| iShares Core MSCI EAFE ETF  | 42.8% |
| MSCI EAFE Index  | 1.2% |
| Japanese Yen/US Dollar Cross Currency Rate (Short)  | 0.2% |
| Canadian Dollar/US Dollar Cross Currency Rate  | 0.0% |
| Mexican Peso/US Dollar Cross Currency Rate (Short)  | 0.0% |
| US Dollar/Norwegian Krone Cross Currency Rate  | 0.0% |
| New Zealand Dollar/US Dollar Cross Currency Rate (Short)  | -0.1% |
| US Dollar/Swedish Krona Cross Currency Rate  | -0.1% |
| British Pound/US Dollar Cross Currency Rate (Short)  | -0.2% |

---

---

| | |
|:---|:---|
| **Component Risk Allocation (includes futures contracts)<sup>1</sup>**  | **(% of Porfolio Risk)** |
| Currencies  | 69.0% |
| Equities  | 31.0% |

---

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/.

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

------

**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-SAR-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) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img132909_202503031239398.jpg) |

---

This semi-annual shareholder report contains important information about the Penn Capital Short Duration High Income Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.penncapital.com/mutual-funds. You can also request this information by contacting us at 1-844-302-7366.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $27 | 0.54% |

---

\* Annualized

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $18457599 |
| **Number of Holdings** | 87 |
| **Portfolio Turnover** | 28% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of Net Assets)** |
| Acadia Healthcare Co., Inc.  | 2.8% |
| CCO Holdings LLC / CCO Holdings Capital Corp.  | 2.7% |
| American Airlines, Inc.  | 2.4% |
| OneMain Finance Corp.  | 2.1% |
| Owens-Brockway Glass Container, Inc.  | 2.1% |
| Nexstar Media, Inc.  | 2.1% |
| Harvest Midstream I LP  | 2.0% |
| PRA Group, Inc.  | 1.9% |
| AdaptHealth LLC  | 1.9% |
| Match Group Holdings II LLC  | 1.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Consumer Discretionary  | 21.2% |
| Financials  | 14.5% |
| Energy  | 13.8% |
| Health Care  | 11.7% |
| Communications  | 10.0% |
| Industrials  | 9.0% |
| Materials  | 8.2% |
| Technology  | 3.8% |
| Consumer Staples  | 1.3% |
| Cash & Other  | 6.5% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.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 1 TSR-SAR-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) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img132909_202503031239398.jpg) |

---

This semi-annual shareholder report contains important information about the Penn Capital Special Situations Small Cap Equity Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. You can find additional information about the Fund at https://www.penncapital.com/mutual-funds. You can also request this information by contacting us at 1-844-302-7366.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | 1.09% |

---

\* Annualized

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $87257313 |
| **Number of Holdings** | 83 |
| **Portfolio Turnover** | 53% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of Net Assets)** |
| Applied Optoelectronics, Inc.  | 2.1% |
| Select Water Solutions, Inc.  | 1.9% |
| Mirum Pharmaceuticals, Inc.  | 1.8% |
| Weatherford International PLC  | 1.8% |
| Ligand Pharmaceuticals, Inc.  | 1.7% |
| Gulfport Energy Corp.  | 1.7% |
| SSR Mining, Inc.  | 1.7% |
| Dycom Industries, Inc.  | 1.7% |
| Harrow, Inc.  | 1.7% |
| Nexstar Media Group, Inc.  | 1.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Industrials  | 17.3% |
| Health Care  | 14.8% |
| Financials  | 13.5% |
| Consumer Discretionary  | 13.4% |
| Energy  | 12.1% |
| Information Technology  | 10.4% |
| Communication Services  | 7.0% |
| Materials  | 5.7% |
| Real Estate  | 2.4% |
| Cash & Other  | 3.4% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.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 1 TSR-SAR-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) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img173034_202509051248504.jpg) |

---

This semi-annual shareholder report contains important information about Torray Equity Income Fund (the "Fund") for the period of September 1, 2025, to February 28, 2026. 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 LAST SIX MONTHS?** (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 | $48 | 0.95% |

---

\* Annualized

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

In the six months ending February 28, 2026, the Fund returned 4.98% compared to 12.44% for the Morningstar US Large-Mid Cap Broad Value Index. Fund results were led by Utilities, Health Care and Energy, offset by weakness in Financials and Consumer Discretionary.

The market has faced a number of headwinds, including concerns over private credit, the potential for AI to disrupt business models (including software and insurance brokerage) and a stagnant housing industry. The Fund has not been immune to this. During these market headwinds, we have increased Fund holdings where we believe the concerns have created long-term opportunities, including Blackstone, Inc. (BX), the KKR & Co., Inc. 6.25% Conv Preferred Series D (KKR.PRD) and Marsh (MRSH). Additionally, we established new positions in Microsoft Corporation (MSFT), Automatic Data Processing, Inc. (ADP), ONEOK, Inc. (OKE) and Constellation Energy Corporation (CEG). Sales included Lennar Corporation Class B (LEN.B) and Home Depot, Inc. (HD) where profits were taken as we believe the housing cycle may have changed structurally.

Two of the new purchases mentioned above are listed in the top ten, as shown below. OKE owns energy infrastructure that directly feeds Gulf Coast export facilities, allowing it to capitalize on data center growth and increasing international demand for U.S. natural gas. OKE management expects its recent acquisitions to produce synergies that may further increase profitability, and its resilient, fee-based business model is insulated from commodity price swings. We believe OKE combines both a strong current yield and track record of increasing payouts. CEG is a non-regulated electric utility operating in 48 states, Canada and the U.K. It owns more nuclear plants than any other company in the U.S., with high barriers to entry, benefiting from secular trends in electrification driven by massive data center demand to run AI models. In recent years the company has entered into 20-year purchase agreements with Microsoft and Meta. CEG benefits from price floors for nuclear generation enacted under the Inflation Reduction Act, smoothing out previous volatility associated with its non-regulated status. CEG management anticipates earnings growth of 10% annually, with dividends growing in line with earnings.

Market volatility can be unnerving, but with eyes fixed on the horizon we try to use these periods to enhance the Fund's ability to provide a reasonable total return over time.

Thank you for your continued investment in the Fund.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Amgen Inc. |
| ↑ | Royalty Pharma Plc Class A |
| ↑ | Phillips 66 |
| ↑ | Constellation Energy Corporation |
| ↑ | NextEra Energy, Inc. |

---

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

------

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Blackstone Inc. |
| ↓ | Intuit Inc. |
| ↓ | Lennar Corporation Class B |
| ↓ | KKR & Co Inc Pfd Series D |
| ↓ | Home Depot, 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](ts6931img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **1 Year** | **5 Year** | **10 Year** |
| **Torray Equity Income Fund** | 14.53 | 11.80 | 9.85 |
| **S&P 500 Total Return Index** | 16.99 | 14.19 | 15.50 |
| **Morningstar US Large-Mid Cap Broad Value Total Return USD Index** | 17.97 | 13.44 | 13.34 |

---

Visit https://www.torrayfund.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 February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $343408868 |
| **Number of Holdings** | 23 |
| **Portfolio Turnover** | 33% |

---

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

------

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net Assets)** |
| Phillips 66  | 6.5% |
| Texas Instruments, Inc.  | 6.2% |
| Chevron Corp.  | 5.4% |
| PepsiCo, Inc.  | 4.9% |
| CNA Financial Corp.  | 4.9% |
| Pfizer, Inc.  | 4.8% |
| ONEOK, Inc.  | 4.8% |
| Constellation Energy Corp.  | 4.8% |
| Hewlett Packard Enterprise Co.  | 4.7% |
| Royalty Pharma PLC  | 4.7% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Financials  | 23.9% |
| Health Care  | 18.8% |
| Information Technology  | 18.2% |
| Energy  | 16.8% |
| Utilities  | 8.9% |
| Consumer Staples  | 4.9% |
| Real Estate  | 4.1% |
| Industrials  | 3.1% |
| Cash & Other  | 1.3% |

---

**Changes to Fund's Portfolio Manager or Portfolio Management Team:**

Brian Zaczynski was added to the current team of Co-Portfolio Managers effective November 1, 2025.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.torrayfund.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-SAR-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) | Semi-Annual Shareholder Report \| February 28, 2026 | ![image](img341887_202504251616972.jpg) |

---

This semi-annual shareholder report contains important information about the Tweedy Browne Insider + Value ETF (the "Fund") for the period of September 1, 2025, to February 28, 2026 (the "period"). 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 1-800-432-4789.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?** (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 | $43 | 0.80% |

---

\* Annualized

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

**Market Overview**

Global equity markets continued to advance during the six months ended February 28, 2026, supported by moderating inflation data, resilient corporate earnings, and continued investor enthusiasm surrounding artificial intelligence. Equity markets outside the United States also delivered solid results during the period, although performance continued to be uneven across regions and sectors.

In this continued "risk on" environment, the Fund produced a return of 18.60% for the six months ended February 28, 2026. This compares with a return of 9.61% for its primary unhedged benchmark, the MSCI World Index (in USD), and 9.87% for the currency hedged MSCI World Index (Hedged to USD). Since its inception in late December of 2024, the Fund has produced a cumulative return of 45.17% versus 22.40% for the MSCI World Index (in USD).

For roughly the first half of the period, the Fund remained unhedged from a currency perspective, and foreign exchange movements therefore impacted returns. During that time, strength in the Swedish krona, euro, and Canadian dollar against the U.S. dollar provided a modest tailwind, while weakness in the South Korean won was a modest offset. The British pound was essentially unchanged and had little impact. Near the end of the period, the Fund began to adopt a hedged currency posture, which reduced the portfolio's sensitivity to subsequent exchange rate movements.

**What Impacted Performance During the Period**

On an absolute return basis, the Fund's financials, industrials, and materials holdings contributed most to performance, led by gains in a number of European banking holdings, air freight and logistics companies, and metals and mining companies. The Fund's energy holdings, led by exposures to oil and gas holdings, also contributed positively during the period. Detractors included select health care equipment and transportation related holdings, although these declines were relatively modest compared with gains elsewhere in the portfolio.

At the country level, the United Kingdom, Canada, South Korea, Spain, and Austria were among the largest contributors to Fund performance, while Bermuda and Australia detracted modestly. Across market capitalization groups, large- and mid-cap holdings drove the bulk of the Fund's return during the period, while smaller-cap holdings detracted modestly.

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

------

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | DPM Metals |
| ↑ | Samsung Electronics |
| ↑ | Boliden |
| ↑ | Sibanye Stillwater |
| ↑ | Tamarack Valley Energy |
| ↑ | Ionis Pharmeceuticals |
| ↑ | Hyundai Glovis |
| ↑ | Erste Group Bank |
| ↑ | General Motors |
| ↑ | BAWAG Group |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | ProsiebenSat.1 Media |
| ↓ | BFF Bank |
| ↓ | FMC |
| ↓ | Jet2 |
| ↓ | Norion Bank |
| ↓ | X-Fab Silicon Foundries |
| ↓ | TF1 |
| ↓ | Orion |
| ↓ | Stabilus |
| ↓ | MFE-MediaForEurope |

---

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

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

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

![image](ts7874img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception<br>(12/26/2024)** |
| **Tweedy Browne Insider + Value ETF** | 39.69 | 36.94 |
| **MSCI WORLD INDEX Net (USD)** | 21.33 | 18.76 |

---

Visit http://www.tweedyetfs.com/etf-overview 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.*

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

------

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $298276073 |
| **Number of Holdings** | 210 |
| **Net Advisory Fee** | $773703 |
| **Portfolio Turnover** | 13% |

---

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

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of Net Assets)** |
| StoneX Group, Inc.  | 1.5% |
| Banco Santander SA  | 1.4% |
| Samsung Electronics Co. Ltd.  | 1.3% |
| Hyundai Glovis Co. Ltd.  | 1.2% |
| Peyto Exploration & Development Corp.  | 1.1% |
| Burberry Group PLC  | 1.0% |
| KT Corp.  | 1.0% |
| Bankinter SA  | 1.0% |
| HCI Group, Inc.  | 1.0% |
| Resideo Technologies, Inc.  | 1.0% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Financials  | 22.8% |
| Consumer Discretionary  | 16.3% |
| Industrials  | 14.2% |
| Energy  | 13.1% |
| Materials  | 7.8% |
| Health Care  | 6.0% |
| Consumer Staples  | 5.9% |
| Communication Services  | 5.5% |
| Information Technology  | 4.0% |
| Cash & Other  | 4.4% |

---

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 1-800-432-4789, 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](img711308_202604162120915.jpg) | **Tweedy, Browne International Insider + Value ETF**  | ![image](img341887_202504251616972.jpg) |
| ![image](img711308_202604162120915.jpg) | ICPY \| (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img341887_202504251616972.jpg) |
| ![image](img711308_202604162120915.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img341887_202504251616972.jpg) |

---

This semi-annual shareholder report contains important information about the Tweedy, Browne International Insider + Value ETF (the "Fund") for the period of September 9, 2025, to February 28, 2026 (the "period"). You can find additional information about the Fund at https://www.tweedyetfs.com/international-insider-value-etf-overview. You can also request this information by contacting us at 1-800-432-4789.

**WHAT WERE THE FUND COSTS FOR THE PERIOD OF SEPTEMBER 9, 2025 TO FEBRUARY 28, 2026?\***(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 International Insider + Value ETF | $42 | 0.80% |

---

\* Amount shown reflects the expenses of the Fund from inception date through February 28, 2026. Expenses would be higher if the Fund had been in operation for the entire period of this report.

\*\* Annualized

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

**Market Overview**

Non-U.S. equity markets delivered strong results during the six months ended February 28, 2026, extending a trend that began in earnest in 2025, when international equities outperformed their U.S. counterparts by a wide margin for the first time in many years. A weaker U.S. dollar contributed meaningfully to returns for U.S.-based investors, prospects for fiscal expansion in Europe including increased defense spending supported markets in that region, and corporate governance reforms in Japan continued to draw investor attention. Valuations outside the United States entered the period at a substantial discount to U.S. equities, a condition Tweedy, Browne Company LLC, the investment adviser, has long associated with favorable long-term return prospects, and some of that gap began to close. Results were uneven across regions, however, with China and markets with significant exposure to U.S. large-cap technology themes facing headwinds, value-oriented markets in Europe and Japan generally led the way.

In this continued "risk on" environment, the Fund produced a return of 20.67% for the six months ended February 28, 2026. This compares with a return of 16.76% for its primary unhedged benchmark, the MSCI EAFE Index (in USD), and 18.08% for the currency hedged MSCI EAFE Index (Hedged to USD).

For roughly the first half of the period, the Fund remained unhedged from a currency perspective, and foreign exchange movements therefore impacted returns. During that time, strength in the Swedish krona, euro, and Canadian dollar against the U.S. dollar provided a modest tailwind, while weakness in the South Korean won was a modest offset. The British pound was essentially unchanged and had little impact. Near the end of the period, the Fund began to adopt a hedged currency posture, which reduced the portfolio's sensitivity to subsequent exchange rate movements.

**What Impacted Performance During the Period**

On an absolute return basis, the Fund's financials, materials, and energy holdings contributed most to performance, led by gains in a number of European banking holdings, metals and mining companies, and oil and gas companies. The Fund's industrials and consumer discretionary holdings also contributed positively during the period, supported by gains in air freight and logistics companies, automobile component manufacturers, and household durables companies. Detractors included select holdings in media, financial services, and leisure-related industries, although these declines were modest relative to gains elsewhere in the portfolio.

At the country level, Canada, South Korea, the United Kingdom, Spain, and Austria were among the largest contributors to Fund performance, while Italy and the Philippines detracted. Across market capitalization groups, large- and mid-cap holdings drove the bulk of the Fund's return during the period, while smaller-cap holdings detracted modestly.

Tweedy, Browne International Insider + Value ETF PAGE 1 TSR-SAR-75526L761

------

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | DPM Metals |
| ↑ | Samsung Electronics |
| ↑ | Boliden |
| ↑ | Hyundai Glovis |
| ↑ | Tamarack Valley Energy |
| ↑ | Sibanye Stillwater |
| ↑ | Erste Group Bank |
| ↑ | BAWAG Group |
| ↑ | Peyto Exploration & Development |
| ↑ | Schaeffler |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | BFF Bank |
| ↓ | ProsiebenSat.1 Media |
| ↓ | Norion Bank |
| ↓ | X-Fab Silicon Foundries |
| ↓ | MFE-MediaforEurope |
| ↓ | TF1 |
| ↓ | Semirara Mining & Power |
| ↓ | Stabilus |
| ↓ | Jet2 |
| ↓ | M6 |

---

Tweedy, Browne International Insider + Value ETF PAGE 2 TSR-SAR-75526L761

------

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

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

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

![image](ts7873img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception<br>(09/09/2025)** |
| **Tweedy, Browne International Insider + Value ETF** | 20.80 |
| **MSCI EAFE Index Net (USD)** | 16.76 |

---

Visit https://www.tweedyetfs.com/international-insider-value-etf-overview 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 February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $42544158 |
| **Number of Holdings** | 158 |
| **Net Advisory Fee** | $37581 |
| **Portfolio Turnover** | 15% |

---

Visit https://www.tweedyetfs.com/international-insider-value-etf-overview for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top 10 Issuers** | **(% of net Assets)** |
| Banco Santander SA  | 1.9% |
| Samsung Electronics Co. Ltd.  | 1.8% |
| Hyundai Glovis Co. Ltd.  | 1.7% |
| Peyto Exploration & Development Corp.  | 1.5% |
| KT Corp.  | 1.4% |
| Burberry Group PLC  | 1.4% |
| Bankinter SA  | 1.4% |
| OSB Group PLC  | 1.3% |
| Befesa SA  | 1.3% |
| Acciona SA  | 1.2% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Net Assets)** |
| Financials  | 20.9% |
| Consumer Discretionary  | 17.7% |
| Industrials  | 15.2% |
| Energy  | 10.8% |
| Materials  | 9.8% |
| Communication Services  | 7.1% |
| Consumer Staples  | 6.0% |
| Information Technology  | 4.7% |
| Utilities  | 2.3% |
| Cash & Other  | 5.5% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.tweedyetfs.com/international-insider-value-etf-overview.

Tweedy, Browne International Insider + Value ETF PAGE 3 TSR-SAR-75526L761

------

**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 1-800-432-4789, 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 International Insider + Value ETF PAGE 4 TSR-SAR-75526L761

------

---

| | | |
|:---|:---|:---|
| ![image](img584055_202510241412348.jpg) | **Twin Oak Endure ETF**  | ![image](img230286_202506271636273.jpg) |
| ![image](img584055_202510241412348.jpg) | SPYA (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img230286_202506271636273.jpg) |
| ![image](img584055_202510241412348.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img230286_202506271636273.jpg) |

---

This semi-annual shareholder report contains important information about the Twin Oak Endure ETF (the "Fund") for the period of September 1, 2025 to February 28, 2026. 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 LAST SIX MONTHS?** (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 | $25 | 0.49% |

---

\* Annualized

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $121591347 |
| **Number of Holdings** | 11 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of Investments)** |
| Vanguard S&P 500 ETF  | 55.8% |
| Twin Oak Short Horizon Absolute Return ETF  | 25.2% |
| Snowflake, Inc  | 9.5% |
| US Treasuries  | 8.6% |
| Citigroup Corp Bond | 0.9% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Investments)** |
| Software & Services | 17.0% |
| Semiconductors & Semiconductor Equipment  | 10.8% |
| Media & Entertainment  | 7.2% |
| Technology Hardware & Equipment  | 6.9% |
| Financials Services  | 5.5% |

---

For additional information about the Fund, including its prospectus, financial information, holdings and proxy voting 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 1 TSR-SAR-75526L811

------

---

| | | |
|:---|:---|:---|
| ![image](img711309_202604162127712.jpg) | **Twin Oak Strategic Solutions ETF**  | ![image](img230286_202506271636273.jpg) |
| ![image](img711309_202604162127712.jpg) | TOS (Principal U.S. Listing Exchange: CBOE BZX) | ![image](img230286_202506271636273.jpg) |
| ![image](img711309_202604162127712.jpg) | Semi-Annual Shareholder Report \| February 28, 2026  | ![image](img230286_202506271636273.jpg) |

---

This semi-annual shareholder report contains important information about the Twin Oak Strategic Solutions ETF (the "Fund") for the period of January 27, 2026 to February 28, 2026. You can find additional information about the Fund at https://twinoaketfs.com/TOS. You can also request this information by contacting us at 1-800-617-0004.

**WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?\*** (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 Strategic Solutions ETF | $3 | 0.36% |

---

\* Inception date of the Fund was January 27, 2026. Costs of a $10,000 investment in the Fund for a full semi-annual period would have been higher.

\*\* Annualized

**KEY FUND STATISTICS** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Net Assets** | $171209587 |
| **Number of Holdings** | 14 |
| **Portfolio Turnover** | 0% |

---

**WHAT DID THE FUND INVEST IN?** (as of February 28, 2026)

---

| | |
|:---|:---|
| **Top Holdings** | **(% of Investments)** |
| Coherent Corp  | 17.5% |
| ASML Holding NV  | 12.4% |
| NVIDIA Corp  | 10.5% |
| Dimensional International Small Cap Value ETF  | 10.5% |
| Constellation Energy Corp  | 7.3% |
| Avantis International Small Cap Value ETF  | 6.9% |
| Union Pacific Corp  | 6.8% |
| CVS Health Corp  | 6.7% |
| Amazon.com, Inc  | 5.1% |
| Live Nation Entertainment, Inc  | 4.8% |

---

---

| | |
|:---|:---|
| **Top Sectors** | **(% of Investments)** |
| Semiconductors & Semiconductor Equipment  | 23.9% |
| Utilities  | 23.5% |
| Transportation  | 7.9% |
| Health Care Equipment & Services  | 7.3% |
| Consumer Discretionary Distribution & Retail  | 6.1% |

---

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

**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 Strategic Solutions ETF PAGE 1 TSR-SAR-75526L639

------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable.

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

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

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

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

(a) **FINANCIAL STATEMENTS** 

**February 28, 2026 (Unaudited)** 

**Advent Convertible Bond ETF** 

**Ticker: ACVT** 

**A series of The RBB Fund Trust** 

**Advent Convertible Bond ETF** 

**Schedule of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **CONVERTIBLE BONDS — 87.9%** | **CONVERTIBLE BONDS — 87.9%** | **CONVERTIBLE BONDS — 87.9%** |
|  **Automobiles — 3.5%** | **Automobiles — 3.5%** | **Automobiles — 3.5%** |
|  Rivian Automotive, Inc., 3.63%, 10/15/2030  | $662000 | $650438 |
|  Winnebago Industries, Inc., 3.25%, 01/15/2030  | 372000 | 352842 |
|  |  | 1003280 |
|  **Banks — 3.5%** | **Banks — 3.5%** | **Banks — 3.5%** |
|  Barclays Bank PLC, 1.00%, 02/16/2029 <sup>(a)</sup>  | 960000 | 986880 |
|  **Biotechnology — 2.5%** | **Biotechnology — 2.5%** | **Biotechnology — 2.5%** |
|  Bridgebio Pharma, Inc., 2.25%, 02/01/2029  | 385000 | 418206 |
|  Travere Therapeutics, Inc., 2.25%, 03/01/2029  | 221000 | 280306 |
|  |  | 698512 |
|  **Broadline Retail — 1.5%** | **Broadline Retail — 1.5%** | **Broadline Retail — 1.5%** |
|  Etsy, Inc., 0.13%, 09/01/2027  | 461000 | 430805 |
|  **Capital Markets — 2.6%** | **Capital Markets — 2.6%** | **Capital Markets — 2.6%** |
|  Coinbase Global, Inc., 0.25%, 04/01/2030  | 790000 | 737662 |
|  **Consumer Finance — 1.9%** | **Consumer Finance — 1.9%** | **Consumer Finance — 1.9%** |
|  Upstart Holdings, Inc., 1.00%, 11/15/2030  | 729000 | 546386 |
|  **Electric Utilities — 2.6%** | **Electric Utilities — 2.6%** | **Electric Utilities — 2.6%** |
|  PG&E Corp., 4.25%, 12/01/2027  | 688000 | 735850 |
|  **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** | **Electrical Equipment — 1.0%** |
|  Array Technologies, Inc., 1.00%, 12/01/2028  | 331000 | 297569 |
|  **Electronic Equipment, Instruments & Components — 3.3%** | **Electronic Equipment, Instruments & Components — 3.3%** | **Electronic Equipment, Instruments & Components — 3.3%** |
|  Itron, Inc., 1.38%, 07/15/2030  | 683000 | 712881 |
|  Vishay Intertechnology, Inc., 2.25%, 09/15/2030  | 215000 | 212958 |
|  |  | 925839 |
|  **Entertainment — 2.6%** | **Entertainment — 2.6%** | **Entertainment — 2.6%** |
|  Live Nation Entertainment, Inc., 2.88%, 01/15/2030  | 665000 | 746462 |
|  **Financial Services — 4.1%** | **Financial Services — 4.1%** | **Financial Services — 4.1%** |
|  Affirm Holdings, Inc., 0.75%, 12/15/2029  | 734000 | 697961 |
|  Global Payments, Inc., 1.50%, 03/01/2031  | 525000 | 478537 |
|  |  | 1176498 |
|  **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** | **Ground Transportation — 1.0%** |
|  Lyft, Inc., 0.63%, 03/01/2029  | 280000 | 291587 |
|  **Health Care Equipment & Supplies — 8.5%** | **Health Care Equipment & Supplies — 8.5%** | **Health Care Equipment & Supplies — 8.5%** |
|  Alphatec Holdings, Inc., 0.75%, 08/01/2026  | $374000 | $382415 |
|  Dexcom, Inc., 0.38%, 05/15/2028  | 463000 | 434178 |
|  Enovis Corp., 3.88%, 10/15/2028  | 423000 | 420356 |
|  Haemonetics Corp., 2.50%, 06/01/2029  | 576000 | 567763 |
|  Integer Holdings Corp., 2.13%, 02/15/2028  | 235000 | 277065 |
|  Lantheus Holdings, Inc., 2.63%, 12/15/2027  | 281000 | 337271 |
|  |  | 2419048 |
|  **Health Care Providers & Services — 1.9%** | **Health Care Providers & Services — 1.9%** | **Health Care Providers & Services — 1.9%** |
|  Guardant Health, Inc., 0.00%, 11/15/2027 <sup>(b)</sup>  | 203000 | 212125 |
|  NeoGenomics, Inc., 0.25%, 01/15/2028  | 346000 | 318320 |
|  |  | 530445 |
|  **Hotels, Restaurants & Leisure — 5.7%** | **Hotels, Restaurants & Leisure — 5.7%** | **Hotels, Restaurants & Leisure — 5.7%** |
|  DraftKings Holdings, Inc., 0.00%, 03/15/2028 <sup>(b)</sup>  | 520000 | 470340 |
|  Marriott Vacations Worldwide Corp., 3.25%, 12/15/2027  | 611000 | 591448 |
|  NCL Corp. Ltd., 1.13%, 02/15/2027  | 284000 | 290958 |
|  Shake Shack, Inc., 0.00%, 03/01/2028 <sup>(b)</sup>  | 290000 | 280213 |
|  |  | 1632959 |
|  **Household Durables — 1.5%** | **Household Durables — 1.5%** | **Household Durables — 1.5%** |
|  Meritage Homes Corp., 1.75%, 05/15/2028  | 418000 | 432192 |
|  **Interactive Media & Services — 0.9%** | **Interactive Media & Services — 0.9%** | **Interactive Media & Services — 0.9%** |
|  Snap, Inc., 0.50%, 05/01/2030  | 316000 | 257303 |
|  **IT Services — 3.3%** | **IT Services — 3.3%** | **IT Services — 3.3%** |
|  Akamai Technologies, Inc., 1.13%, 02/15/2029  | 336000 | 360763 |
|  Cloudflare, Inc., 0.00%, 08/15/2026 <sup>(b)</sup>  | 540000 | 584982 |
|  |  | 945745 |
|  **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** | **Life Sciences Tools & Services — 0.9%** |
|  Repligen Corp., 1.00%, 12/15/2028  | 260000 | 261690 |
|  **Oil, Gas & Consumable Fuels — 1.4%** | **Oil, Gas & Consumable Fuels — 1.4%** | **Oil, Gas & Consumable Fuels — 1.4%** |
|  Northern Oil & Gas, Inc., 3.63%, 04/15/2029  | 389000 | 410881 |

---

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

**Advent Convertible Bond ETF** 

**Schedule of Investments (Concluded)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** | **Pharmaceuticals — 2.3%** |
|  Amphastar Pharmaceuticals, Inc., 2.00%, 03/15/2029  | $379000 | $346406 |
|  Pacira BioSciences, Inc., 2.13%, 05/15/2029  | 305000 | 295271 |
|  |  | 641677 |
|  **Professional Services — 1.0%** | **Professional Services — 1.0%** | **Professional Services — 1.0%** |
|  Parsons Corp., 2.63%, 03/01/2029  | 265000 | 278250 |
|  **Semiconductors & Semiconductor Equipment — 4.9%** | **Semiconductors & Semiconductor Equipment — 4.9%** | **Semiconductors & Semiconductor Equipment — 4.9%** |
|  Enphase Energy, Inc., 0.00%, 03/01/2028 <sup>(b)</sup>  | 657000 | 592121 |
|  Microchip Technology, Inc., 0.75%, 06/01/2030  | 423000 | 431885 |
|  ON Semiconductor Corp., 0.50%, 03/01/2029  | 367000 | 369569 |
|  |  | 1393575 |
|  **Software — 22.3%** | **Software — 22.3%** | **Software — 22.3%** |
|  BILL Holdings, Inc., 0.00%, 04/01/2030 <sup>(b)</sup>  | 407000 | 375966 |
|  BlackLine, Inc., 1.00%, 06/01/2029  | 555000 | 518231 |
|  Box, Inc., 1.50%, 09/15/2029  | 438000 | 409530 |
|  Datadog, Inc., 0.00%, 12/01/2029 <sup>(b)</sup>  | 881000 | 853029 |
|  Five9, Inc., 1.00%, 03/15/2029  | 321000 | 284406 |
|  Guidewire Software, Inc., 1.25%, 11/01/2029  | 596000 | 595404 |
|  Nutanix, Inc.  |  |  |
| &nbsp;&nbsp;&nbsp; 0.25%, 10/01/2027  | 280000 | 288960 |
| &nbsp;&nbsp;&nbsp; 0.50%, 12/15/2029  | 310000 | 285820 |
|  Progress Software Corp., 3.50%, 03/01/2030  | 816000 | 822324 |
|  Strategy, Inc., 0.88%, 03/15/2031  | 341000 | 329832 |
|  Varonis Systems, Inc., 1.00%, 09/15/2029  | 305000 | 274576 |
|  Vertex, Inc., 0.75%, 05/01/2029  | 458000 | 413116 |
|  Workiva, Inc., 1.13%, 08/15/2026  | 889000 | 888556 |
|  |  | 6339750 |
|  **Technology Hardware, Storage & Peripherals — 3.2%** | **Technology Hardware, Storage & Peripherals — 3.2%** | **Technology Hardware, Storage & Peripherals — 3.2%** |
|  Super Micro Computer, Inc., 3.50%, 03/01/2029  | 980000 | 912317 |
|  **TOTAL CONVERTIBLE BONDS** (Cost $25,091,851)  |  | 25033162 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **CONVERTIBLE PREFERRED STOCKS — 9.2%** | **CONVERTIBLE PREFERRED STOCKS — 9.2%** | **CONVERTIBLE PREFERRED STOCKS — 9.2%** |
|  **Banks — 9.2%** |  |  |
|  Bank of America Corp., Series L, 7.25%, Perpetual  | 1057 | $1313862 |
|  Wells Fargo & Co., Series L, 7.50%, Perpetual  | 1060 | 1305909 |
|  **TOTAL CONVERTIBLE PREFERRED STOCKS** (Cost $2,506,979)  |  | 2619771 |
|  **SHORT-TERM INVESTMENTS** |  |  |
|  **MONEY MARKET FUNDS — 2.5%**  | **MONEY MARKET FUNDS — 2.5%**  |  |
|  First American Government Obligations Fund - Class X, 3.60% <sup>(c)</sup>  | 715700 | 715700 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $715,700)  |  | 715700 |
|  **TOTAL INVESTMENTS — 99.6%** (Cost $28,314,530)  |  | 28368633 |
|  Other Assets in Excess of Liabilities — 0.4%  |  | 126919 |
|  **TOTAL NET ASSETS — 100.0%** |  | $28495552 |

---

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;

PLC - Public Limited Company

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.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Fair value determined using
 significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation
 Designee. These securities represented $986,880 or 3.5% of net assets as of February 28, 2026.

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

&nbsp;&nbsp;&nbsp;&nbsp;(c) The rate shown represents
 the 7-day annualized yield as of February 28, 2026.

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

**Advent Convertible Bond ETF** 

**Statement of Assets and Liabilities** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

---

| | |
|:---|:---|
|  | **Advent <br> Convertible <br> Bond ETF** |
|  **ASSETS:** | **ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value  | $28368633 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  | 118341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable  | 22529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 91 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets**  | 28509594 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  | 14042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities**  | 14042 |
|  **NET ASSETS**  | $28495552 |
|  **NET ASSETS CONSISTS OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $27738731 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | 756821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets  | $28495552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $28495552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued and outstanding<sup>(a)</sup>  | 1070000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share  | $26.63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at cost  | $28314530 |

---

&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 FEBRUARY 28, 2026 (UNAUDITED)**

---

| | |
|:---|:---|
|  | **Advent <br> Convertible <br> Bond ETF** |
|  **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income  | $82322 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income  | 188336 |
|  Total investment income  | 270658 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee  | 109820 |
|  Total expenses  | 109820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser  | (20591) |
|  Net expenses  | 89229 |
|  **NET INVESTMENT INCOME**  | 181429 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 42947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | 668595 |
|  Net realized gain (loss)  | 711542 |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (654420) |
|  Net change in unrealized appreciation (depreciation)  | (654420) |
|  Net realized and unrealized gain (loss)  | 57122 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $238551 |

---

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

**Advent Convertible Bond ETF** 

**StatementS of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Period <br> ended <br> February 28, <br> 2026<br> (Unaudited)** | **Period <br> ended <br> August 31, <br> 2025<sup>(a)</sup>**  |
|  **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $181429 | $159837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 711542 | 636522 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (654420) | 708523 |
|  Net increase (decrease) in net assets from operations  | 238551 | 1504882 |
|  **Distributions to Shareholders:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From earnings  | (282039) | (117727) |
|  Total distributions to shareholders  | (282039) | (117727) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 8330217 | 31036354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (7255523) | (5025550) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ETF transaction fees  | 1335 | 65052 |
|  Net increase (decrease) in net assets from capital transactions  | 1076029 | 26075856 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 1032541 | 27463011 |
|  **NET ASSETS:** |  |  |
|  Beginning of the period  | 27463011 |  |
|  End of the period  | $28495552 | $27463011 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 310000 | 1220000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (270000) | (190000) |
|  Total increase (decrease) in shares outstanding  | 40000 | 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 respective periods. This information has been derived from information provided in the financial statements.<br>

---

| | | |
|:---|:---|:---|
|  | **Period <br> ended <br> February 28,<br> 2026<br> (Unaudited)** | **Period ended <br> August 31, <br> 2025<sup>(a)</sup>**  |
|  **PER SHARE DATA:** |  |  |
|  Net asset value, beginning of period  | $26.66 | $25.00 |
|  **INVESTMENT OPERATIONS:** |  |  |
|  Net investment income<sup>(b)</sup>  | 0.18 | 0.16 |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 0.06 | 1.55 |
|  Total from investment operations  | 0.24 | 1.71 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |
|  Net investment income  | (0.21) | (0.12) |
|  Net realized gains  | (0.06) |  |
|  Total distributions  | (0.27) | (0.12) |
|  ETF transaction fees per share  | 0.00 <sup>(d)</sup> | 0.07 |
|  Net asset value, end of period  | $26.63 | $26.66 |
|  **TOTAL RETURN<sup>(e)</sup>** | 0.90% | 7.13% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
|  Net assets, end of period (in thousands)  | $28496 | $27463 |
|  Ratio of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(f)</sup>  | 0.80% | 0.80% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(f)</sup>  | 0.65% | 0.65% |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup>  | 1.32% | 1.86% |
|  Portfolio turnover rate<sup>(e)(g)</sup>  | 86% | 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) Amount represents less than
 $0.005 per share.

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

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

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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 FEBRUARY 28, 2026 (UNAUDITED)**

**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 sixteen active 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 semi-annual reporting period for the Fund is February 28, 2026 (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 FEBRUARY 28, 2026 (UNAUDITED)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Convertible Bonds  | $— | $24046282 | $986880 | $25033162 |
|  Convertible Preferred Stocks  | 2619771 |  |  | $2619771 |
|  Money Market Funds  | 715700 |  |  | $715700 |
|  Total Investments  | $3335471 | $24046282 | $986880 | $28368633 |

---

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 trustees and counsel to the 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 Revenue

**Advent Convertible Bond ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

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.

**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.

**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.

**Operating segments** — are components of an entity that engage in business activities and have discrete financial information available. Each series in the Trust operates in one segment. The segment derives its revenues from each series' investments made in accordance with the defined investment strategy of each series, as prescribed in the Fund's prospectus. The Chief Operating Decision Maker ("CODM") of the Fund is the Investment Committee of the Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on the Fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**Advent Convertible Bond ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

**2. 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, a unitary 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, 2027 and may not be terminated without the approval of the Board.

---

| | |
|:---|:---|
| **Fund** | **ADVISORY FEE** |
|  Advent Convertible Bond ETF  | 0.80% |

---

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 of investment securities (excluding in-kind transactions and short-term investments) of the Fund were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **PURCHASES** | **SALES** |
|  Advent Convertible Bond ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $22634267  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $17779050  |

---

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:

---

| | | |
|:---|:---|:---|
| **Fund** | **PURCHASES** | **SALES** |
|  Advent Convertible Bond ETF  | $— | $970435 |

---

**4. 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").

**Advent Convertible Bond ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

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.

**5. FEDERAL INCOME TAX INFORMATION** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Gross <br> unrealized <br> appreciation** | **Gross <br> unrealized <br> (depreciation)** | **Net <br> unrealized <br> appreciation** | **Cost** |
|  Advent Convertible Bond ETF  | $760885 | $(63265) | $697620 | $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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Undistributed <br> ordinary <br> income** | **Undistributed <br> long-term <br> capital gain** | **Net <br> unrealized <br> appreciation/<br> (depreciation)** | **Total <br> accumulated <br> earnings** |
|  Advent Convertible Bond ETF  | $102689 | $— | $697620 | $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,

**Advent Convertible Bond ETF** 

**NOTES TO FINANCIAL STATEMENTS (concluded)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

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. 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **RECORD DATE** | **Ex Date** | **Pay Date** | **Distribution <br> Rate per share** |
|  Advent Convertible Bond ETF  | 3/30/2026 | 3/30/2026 | 3/31/2026 | 0.03500000 |
|  Advent Convertible Bond ETF  | 4/28/2026 | 4/28/2026 | 4/29/2026 | 0.03500000 |

---

**Advent Convertible Bond ETF** 

**Other Information** 

**As of FEBRUARY 28, 2026 (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.

**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

**MUFG Japan Small Cap Active ETF** 

**A Series of** 

**THE RBB FUND TRUST** 

**(Ticker: NYSE Arca – MJSC)** 

**Financial Statements** 

**February 28, 2026** 

**(Unaudited)** 

**MUFG Japan Small Cap Active ETF** 

**Schedule of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
| **Allocation of Portfolio Holdings by Country as of February 28, 2026** | **Value** | **% of Net<br> Assets** |
| &nbsp;&nbsp;&nbsp; Japan  | $23064975 | 99.5% |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities  | 110336 | 0.5 |
|  | $23175311 | 100.0% |

---

---

| | | |
|:---|:---|:---|
| **Sector Classification as of February 28, 2026** | **Value** | **% of Net<br> Assets** |
| &nbsp;&nbsp;&nbsp; Industrials  | $6875923 | 29.7% |
| &nbsp;&nbsp;&nbsp; Information Technology  | 4662790 | 20.1 |
| &nbsp;&nbsp;&nbsp; Financials  | 3038818 | 13.2 |
| &nbsp;&nbsp;&nbsp; Consumer Discretionary  | 2768301 | 11.9 |
| &nbsp;&nbsp;&nbsp; Materials  | 2316392 | 10.0 |
| &nbsp;&nbsp;&nbsp; Consumer Staples  | 1159117 | 4.9 |
| &nbsp;&nbsp;&nbsp; Communication Services  | 1098576 | 4.8 |
| &nbsp;&nbsp;&nbsp; Real Estate  | 512693 | 2.2 |
| &nbsp;&nbsp;&nbsp; Health Care  | 447244 | 1.9 |
| &nbsp;&nbsp;&nbsp; Energy  | 185121 | 0.8 |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of Liabilities  | 110336 | 0.5 |
|  | $23175311 | 100.0% |

---

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

**MUFG Japan Small Cap Active ETF** 

**Schedule of Investments (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 99.5%** |  |  |
|  **Japan — 99.5% <sup>(a)</sup>** |  |  |
|  ADEKA Corp.  | 8500 | $261057 |
|  ALSOK Co. Ltd.  | 33300 | 273225 |
|  Amano Corp.  | 9000 | 236291 |
|  and ST HD Co. Ltd.  | 7100 | 136247 |
|  Anritsu Corp.  | 16200 | 314091 |
|  Asahi Intecc Co. Ltd.  | 10500 | 226376 |
|  Azbil Corp.  | 22800 | 212338 |
|  BuySell Technologies Co. Ltd.  | 7000 | 264532 |
|  Cosmo Energy Holdings Co. Ltd.  | 6000 | 185121 |
|  Cosmos Pharmaceutical Corp.  | 2600 | 115541 |
|  Cover Corp. <sup>(b)</sup>  | 14000 | 156477 |
|  CTI Engineering Co. Ltd.  | 10400 | 232480 |
|  CyberAgent, Inc.  | 18300 | 161521 |
|  Dai-Dan Co. Ltd.  | 16200 | 380810 |
|  Fuji Corp.  | 11700 | 456459 |
|  Fuji Electric Co. Ltd.  | 1900 | 169281 |
|  Future Corp.  | 11000 | 128160 |
|  GMO Financial Gate, Inc.  | 5300 | 179580 |
|  GS Yuasa Corp.  | 7000 | 249287 |
|  Gunma Bank Ltd.  | 26700 | 386840 |
|  Hachijuni Nagano Bank Ltd.  | 30300 | 403580 |
|  Harmonic Drive Systems, Inc.  | 4200 | 122536 |
|  Haseko Corp.  | 16300 | 356434 |
|  Hirose Electric Co. Ltd.  | 1900 | 283981 |
|  Hoshizaki Corp.  | 4800 | 168972 |
|  Ibiden Co. Ltd.  | 3100 | 189366 |
|  Iida Group Holdings Co. Ltd.  | 17400 | 309940 |
|  INFRONEER Holdings, Inc.  | 24200 | 405956 |
|  Internet Initiative Japan, Inc.  | 10800 | 157581 |
|  Iyogin Holdings, Inc.  | 18800 | 408693 |
|  Japan Elevator Service Holdings Co. Ltd.  | 14300 | 148610 |
|  Japan Material Co. Ltd.  | 13700 | 191471 |
|  Japan Steel Works Ltd.  | 6100 | 399308 |
|  JINS Holdings, Inc.  | 2400 | 81781 |
|  Kakaku.com, Inc.  | 10200 | 112470 |
|  Kandenko Co. Ltd.  | 12000 | 536954 |
|  Koei Tecmo Holdings Co. Ltd.  | 14900 | 172167 |
|  Kura Sushi, Inc.  | 3900 | 93300 |
|  Kureha Corp.  | 6900 | 216778 |
|  Kurita Water Industries Ltd.  | 7000 | 390655 |
|  Kyoto Financial Group, Inc.  | 13900 | 345174 |
|  Macnica Holdings, Inc.  | 16900 | 299681 |
|  Marui Group Co. Ltd.  | 10100 | 205332 |
|  Maruwa Co. Ltd.  | 700 | 274754 |
|  Meidensha Corp.  | 1400 | 70123 |
|  Meiko Electronics Co. Ltd.  | 2800 | 393838 |
|  Mercari, Inc. <sup>(b)</sup>  | 9600 | 225973 |
|  Micronics Japan Co. Ltd.  | 5100 | 398527 |
|  MISUMI Group, Inc.  | 9300 | 187519 |
|  Mitsui High-Tec, Inc.  | 17600 | 98864 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 99.5% (continued)** | **COMMON STOCKS — 99.5% (continued)** | **COMMON STOCKS — 99.5% (continued)** |
|  **Japan — 99.5% <sup>(a)</sup>** **(continued)** |  |  |
|  Mitsui Kinzoku Co. Ltd.  | 1500 | $354620 |
|  Miura Co. Ltd.  | 7500 | 154924 |
|  Monex Group, Inc.  | 23800 | 113874 |
|  Morinaga & Co. Ltd.  | 17500 | 323883 |
|  Morinaga Milk Industry Co. Ltd.  | 5400 | 171589 |
|  Musashi Seimitsu Industry Co. Ltd.  | 8300 | 166133 |
|  Nagase & Co. Ltd.  | 11700 | 371253 |
|  Namura Shipbuilding Co. Ltd.  | 5900 | 210492 |
|  Nifco, Inc.  | 8000 | 284080 |
|  Nihon Kohden Corp.  | 13100 | 145998 |
|  Nihon M&A Center Holdings, Inc.  | 30800 | 142573 |
|  Nissui Corp.  | 35800 | 355191 |
|  NSD Co. Ltd.  | 6500 | 118717 |
|  OBIC Business Consultants Co. Ltd.  | 4100 | 165970 |
|  Oki Electric Industry Co. Ltd.  | 11400 | 235850 |
|  Osaka Soda Co. Ltd.  | 19300 | 290999 |
|  OSAKA Titanium Technologies Co. Ltd.  | 5500 | 109031 |
|  OSG Corp.  | 14800 | 277420 |
|  PAL GROUP Holdings Co. Ltd.  | 17700 | 187515 |
|  Park24 Co. Ltd.  | 16400 | 236349 |
|  Penta-Ocean Construction Co. Ltd.  | 30100 | 411327 |
|  PeptiDream, Inc. <sup>(b)</sup>  | 8200 | 74870 |
|  Persol Holdings Co. Ltd.  | 97900 | 156640 |
|  Raito Kogyo Co. Ltd.  | 12500 | 348679 |
|  Saizeriya Co. Ltd.  | 9200 | 413079 |
|  San-A Co. Ltd.  | 9700 | 192913 |
|  Sansan, Inc. <sup>(b)</sup>  | 14500 | 109034 |
|  Shizuoka Financial Group, Inc.  | 26900 | 541704 |
|  SHO-BOND Holdings Co. Ltd.  | 15400 | 144999 |
|  SKY Perfect JSAT Holdings, Inc.  | 18400 | 338360 |
|  Sojitz Corp.  | 9700 | 439878 |
|  SUMCO Corp.  | 9100 | 106519 |
|  Sumitomo Bakelite Co. Ltd.  | 7700 | 296854 |
|  Taiyo Holdings Co. Ltd.  | 7700 | 264895 |
|  Taiyo Yuden Co. Ltd.  | 5300 | 162811 |
|  Tokuyama Corp.  | 4000 | 114677 |
|  Tokyo Century Corp.  | 21300 | 311468 |
|  Tokyo Ohka Kogyo Co. Ltd.  | 6900 | 407481 |
|  Tokyo Seimitsu Co. Ltd.  | 3000 | 332426 |
|  Tokyo Tatemono Co. Ltd.  | 18300 | 512693 |
|  Towa Corp.  | 6300 | 121460 |
|  Ulvac, Inc.  | 4300 | 288641 |
|  Visional, Inc. <sup>(b)</sup>  | 2000 | 94194 |

---

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

**MUFG Japan Small Cap Active ETF** 

**Schedule of Investments (concluded)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 99.5% (continued)** | **COMMON STOCKS — 99.5% (continued)** | **COMMON STOCKS — 99.5% (continued)** |
|  **Japan — 99.5% <sup>(a)</sup>** **(continued)** |  |  |
|  West Holdings Corp.  | 7800 | $86880 |
|  **TOTAL COMMON STOCKS** (Cost $18,763,907)  |  | 23064975 |
|  **TOTAL INVESTMENTS — 99.5%** (Cost $18,763,907)  |  | 23064975 |
|  Other Assets in Excess of Liabilities — 0.5%  |  | 110336 |
|  **TOTAL NET ASSETS — 100.0%** |  | $23175311 |

---

Percentages are stated as a percent of net assets. 

<sup>(a)</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.

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

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

**MUFG Japan Small Cap Active ETF** 

**Statement of Assets and Liabilities** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

---

| | |
|:---|:---|
|  | **MUFG JAPAN<br> SMALL CAP<br> ACTIVE ETF** |
|  **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value  | $23064975 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred organizational expenses  | 48012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable  | 35321 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 29037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend tax reclaims receivable  | 11108 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  | 63 |
|  **Total assets** | 23188516 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  | 12452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for expenses and other liabilities  | 753 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 13205 |
|  **NET ASSETS**  | $23175311 |
|  **NET ASSETS CONSISTS OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $18862970 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | 4312341 |
|  Total net assets  | $23175311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $23175311 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued and outstanding <sup>(a)</sup>  | 380000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share  | $60.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at cost  | $18763907 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

**MUFG Japan Small Cap Active ETF** 

**Statement of Operations** 

**For the period ended FEBRUARY 28, 2026 (UNAUDITED)**

---

| | |
|:---|:---|
|  | **MUFG JAPAN<br> SMALL CAP<br> ACTIVE ETF<sup>(a)</sup>** |
|  **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income  | $216253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: dividend withholding taxes  | (21625) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income  | 1565 |
|  Total investment income  | 196193 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee  | 65235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses and fees  | 8698 |
|  Total expenses  | 73933 |
|  **NET INVESTMENT INCOME**  | 122260 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (39545) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | 71284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | (11635) |
|  Net realized gain (loss)  | 20104 |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 4301068 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | (373) |
|  Net change in unrealized appreciation (depreciation)  | 4300695 |
|  Net realized and unrealized gain (loss)  | 4320799 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $4443059 |

---

<sup>(a)</sup> Inception date of the Fund was September 16, 2025.

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

**MUFG Japan Small Cap Active ETF** 

**Statement of Changes in Net Assets** 

---

| | |
|:---|:---|
|  | **FOR THE <br> PERIOD ENDED <br> FEBRUARY 28, <br> 2026<sup>(a)</sup>** **<br> (UNAUDITED)** |
|  **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $122260 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 20104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 4300695 |
|  Net increase (decrease) in net assets from operations  | 4443059 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From earnings  | (130718) |
|  Total distributions to shareholders  | (130718) |
|  **CAPITAL TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 19875464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (1012494) |
|  Net increase (decrease) in net assets from capital transactions  | 18862970 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 23175311 |
|  **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of the period  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of the period  | $23175311 |
|  **SHARES TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 400000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (20000) |
|  Total increase (decrease) in shares outstanding  | 380000 |

---

<sup>(a)</sup> Inception date of the Fund was September 16, 2025.<sup></sup>

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

**MUFG Japan Small Cap Active 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> FEBRUARY 28, <br> 2026<sup>(a)</sup> <br> (UNAUDITED)** |
|  **PER SHARE DATA:** |  |
|  Net asset value, beginning of period  | $50.44 |
|  **INVESTMENT OPERATIONS:** |  |
|  Net investment income<sup>(b)</sup>  | 0.32 |
|  Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | 10.56 |
|  Total from investment operations  | 10.88 |
|  **LESS DISTRIBUTIONS FROM:** |  |
|  Net investment income  | (0.33) |
|  Total distributions  | (0.33) |
|  Net asset value, end of period  | $60.99 |
|  **TOTAL RETURN** <sup>(d)</sup>  | 21.70% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |
|  Net assets, end of period (in thousands)  | $23175 |
|  Ratio of expenses to average net assets <sup>(e)</sup>  | 0.85% |
|  Ratio of net investment income (loss) to average net assets <sup>(e)</sup>  | 1.41% |
|  Portfolio turnover rate <sup>(d)(f)</sup>  | 8% |

---

<sup>(a)</sup> Inception date of the Fund was September 16, 2025.

<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.<sup></sup>

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

**MUFG Japan Small Cap Active ETF** 

**Notes to Financial Statements** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

**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 sixteen active separate investment portfolios, including the MUFG Japan Small Cap Active ETF (the "Fund"), which commenced investment operations on September 16, 2025.

The investment objective of the Fund is to seek long-term capital appreciation.

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

The end of the semi-annual reporting period for the Fund is since inception on September 16, 2025 through February 28, 2026 (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 Clearbrook Investment Consulting 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.

**MUFG Japan Small Cap Active ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **TOTAL** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stocks  | $23064975 | $— | $— | $23064975 |
|  Total Investments  | $23064975 | $— | $— | $23064975 |

---

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 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.

**MUFG Japan Small Cap Active ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

**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.

**EQUITY SECURITY** — 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.

**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.

**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.

**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.

**OPERATING SEGMENTS** — are components of an entity that engage in business activities and have discrete financial information available. Each series of the Trust operates in one segment. The segment derives its revenues from each series' investments made in accordance with the defined investment strategy of each series as prescribed in the Fund's prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on portfolio

**MUFG Japan Small Cap Active ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

composition, total returns, expense ratios and changes in net assets of each series of the Trust, including the Fund which are consistent with the information contained in the Fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**2. Investment Adviser and Other Services** 

Clearbrook Investment Consulting LLC, ("Clearbrook" or the "Adviser") serves as the investment adviser to the Fund. Mitsubishi UFJ Trust and Banking Corporation serves as sub-adviser to the Fund ("Sub-Adviser" or "Mitsubishi") and Exchange Traded Concepts, LLC serves as trading adviser to the Fund ("Trading Adviser" or "ETC").

Subject to the oversight of the Board of Trustees, the Adviser is responsible for the overall management of the Fund, including overseeing the activities of the Sub-Adviser and the Trading Adviser and recommending their hiring, termination, and replacement.

The Sub-Adviser provides investment advisory services to the Fund, including advising the Adviser with respect to the investment and reinvestment of the Fund's assets in accordance with the Fund's investment objective, policies and restrictions, and any guidelines established by the Adviser.

The Trading Adviser is responsible for executing portfolio transactions on behalf of the Fund, including the purchase, retention and disposition of portfolio securities, subject to the supervision of the Adviser and the Board and in accordance with the Fund's investment objective, policies and restrictions.

The Adviser compensates the Sub-Adviser and the Trading Adviser for their services.

---

| | |
|:---|:---|
| **FUND** | **ADVISORY FEE** |
|  MUFG Japan Small Cap Active ETF  | 0.75% |

---

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, 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.

**MUFG Japan Small Cap Active ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

**4. Purchases and Sales of Investment Securities** 

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

---

| | | |
|:---|:---|:---|
| **FUND** | **PURCHASES** | **SALES** |
|  MUFG Japan Small Cap Active ETF  | $6209043 | $1519848 |

---

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:

---

| | | |
|:---|:---|:---|
| **FUND** | **PURCHASES** | **SALES** |
|  MUFG Japan Small Cap Active ETF  | $15036874 | $993902 |

---

**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 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 $750, payable to the Custodian. The Fund may charge, either in lieu or in addition to the fixed creation or redemption Transaction Fee, a variable fee for creations and redemptions in order to cover certain brokerage, tax, foreign exchange, execution, market impact and other costs and expenses related to the execution of trades resulting from such transaction, up to a maximum of 2.00% of the NAV per Creation Unit, inclusive of any Transaction Fees charged (if applicable).

**6. Securities Lending** 

The Fund may lend its portfolio securities to financial institutions. Such loans would involve risks of delay in receiving additional collateral in the event the value of the collateral decreases below the value of the securities loaned or of delay in recovering the securities loaned or even loss of rights in the collateral should the borrower of the securities fail financially. However, loans will be made only to borrowers which the Adviser deems to be of good standing and only when, in the Adviser's judgment, the income to be earned from the loans justifies the attendant risks. The Fund may not make loans in excess of 33 1/3% of the value of its total assets. The Fund may pay a part of the interest earned from the investment of collateral, or other fee, to an unaffiliated or, to the extent consistent with the 1940 Act or the rules and SEC interpretations thereunder, affiliated third party for acting as the Fund's securities lending agent.

**MUFG Japan Small Cap Active ETF** 

**NOTES TO FINANCIAL STATEMENTS (CONCLUDED)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

**7. FEDERAL INCOME TAX INFORMATION** 

The Fund is subject to examination by U.S. taxing authorities for the tax period since the commencement of operations. The amount and character of tax basis distributions and composition of net assets, including distributable earnings (accumulated deficit) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined for the current fiscal period. Since the Fund did not have a full fiscal year, the tax cost of investments is the same as noted in the Schedule of Investments.

**8. 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.

**MUFG Japan Small Cap Active ETF** 

**NOTICE TO SHAREHOLDERS** 

**As of FEBRUARY 28, 2026 (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.mufgetfs.com.

**Approval of Investment Advisory Agreement** 

As required by the 1940 Act, the Board, including all of the Board members 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 and the Trust, on behalf of the new MUFG Japan Small Cap Active ETF (the "Fund"), (ii) a new investment sub-advisory agreement (the "Sub-Advisory Agreement") between Clearbrook and Mitsubishi, on behalf of the Fund, and (iii) a new investment trading advisory agreement (the "Trading Advisory Agreement") between Clearbrook and ETC, on behalf of the Fund, at meetings held on May 13-14, 2025 and July 10, 2025 (for this section only, the "Meeting"). At the Meeting, the Board, including all of the Independent Trustees, approved the Investment Advisory Agreement, Sub-Advisory Agreement, and Trading Advisory Agreement for an initial period ending August 16, 2026. The Board's decision to approve the Investment Advisory Agreement, Sub-Advisory Agreement, and Trading Advisory Agreement reflects the exercise of its business judgment. In approving the Investment Advisory Agreement, Sub-Advisory Agreement, and Trading Advisory Agreement, the Board considered information provided by Clearbrook, Mitsubishi, 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 Clearbrook with respect to the Fund, the Sub-Advisory Agreement between Clearbrook and Mitsubishi, and the Trading Advisory Agreement between Clearbrook and ETC with respect to the Fund, the Board 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 Board reviewed these materials with management of Clearbrook and discussed the Investment Advisory Agreement, Sub-Advisory Agreement, and Trading Advisory Agreement with counsel in executive sessions, at which no representatives of Clearbrook, Mitsubishi, or ETC were present. The Board considered whether approval of the Investment Advisory Agreement, Sub-Advisory Agreement, and Trading Advisory Agreement would be in the best interests of the Fund and its shareholders and the overall fairness of the Investment Advisory Agreement, Sub-Advisory Agreement, and Trading Advisory Agreement. Among other things, the Board considered (i) the nature, extent, and quality of services to be provided to the Fund by Clearbrook, Mitsubishi, and ETC; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) Clearbrook's, Mitsubishi's, and ETC's investment philosophies and processes; (iv) Clearbrook's, Mitsubishi's, and ETC's assets under management and client descriptions; (v) Clearbrook's, Mitsubishi's, and ETC's soft dollar commission and trade allocation policies, as applicable; (vi) Clearbrook's, Mitsubishi's, and ETC's advisory fee arrangements with the Trust and other similarly managed clients, as applicable; (vii) Clearbrook's, Mitsubishi's, and ETC's compliance procedures; (viii) Clearbrook's, Mitsubishi's, and ETC's financial information and insurance coverage; (ix) Clearbrook's, Mitsubishi's, and ETC's profitability analysis relating to their respective proposed

**MUFG Japan Small Cap Active ETF** 

**NOTICE TO SHAREHOLDERS (concluded)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

provision of services to the Fund; and (x) the extent to which economies of scale are relevant to the Fund. The Board 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 Board considered the nature, extent, and quality of the services to be provided by Clearbrook, Mitsubishi, and ETC. The Directors concluded that Clearbrook, Mitsubishi, and ETC had sufficient resources to provide services to the Fund.

The Board noted that Clearbrook, and not the Fund, would be responsible for compensating Mitsubishi and ETC.

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

**INVESTMENT ADVISER** 

**Clearbrook Investment Consulting LLC** 21 West 46th Street, Suite 1507

New York, NY 10036

**INVESTMENT SUB-ADVISER** 

**Mitsubishi UFJ Trust and Banking Corporation**

1-4-5, Marunouchi, Chiyoda-ku

Tokyo, Japan 100-8212

**INVESTMENT TRADING ADVISER** 

**Exchange Traded Concepts, LLC**

10900 Hefner Pointe Drive, Suite 400

Oklahoma City, OK 73120

**ADMINISTRATOR AND TRANSFER AGENT** 

**U.S. Bank Global Fund Services** 615 East Michigan Street

Milwaukee, WI 53202

**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, PA 19103-7042

**UNDERWRITER** 

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

Portland, ME 04101

**LEGAL COUNSEL** 

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

Philadelphia, PA 19103-6996

![](fp0096662-7_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** 

**February 28, 2026** 

**(Unaudited)** 

**First Eagle Global Equity ETF** 

**Schedule of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Value** | **% of Net<br> Assets** |
|  Consumer Staples  | $247462117 | 16.6% |
|  Health Care  | 184021171 | 12.3 |
|  Information Technology  | 180360567 | 12.2 |
|  Financials  | 178503205 | 11.7 |
|  Materials  | 157911428 | 10.5 |
|  Energy  | 138202525 | 9.4 |
|  Industrials  | 136983128 | 9.3 |
|  Communication Services  | 127027866 | 8.3 |
|  Consumer Discretionary  | 88070049 | 5.8 |
|  Real Estate  | 52261669 | 3.5 |
|  Other Assets in Excess of Liabilities  | 6421070 | 0.4 |
|  | $1497224795 | 100.0% |

---

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

**First Eagle Global Equity ETF** 

**SCHEDULE OF INVESTMENTS** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **shares** | **VALUE** |
|  **COMMON STOCKS — 98.1%** | **COMMON STOCKS — 98.1%** | **COMMON STOCKS — 98.1%** |
|  **Brazil — 0.9%** | **Brazil — 0.9%** | **Brazil — 0.9%** |
|  Ambev SA - ADR  | 4240042 | $13398533 |
|  **Canada — 9.9%** |  |  |
|  Agnico Eagle Mines Ltd.  | 75801 | 19040135 |
|  Barrick Mining Corp.  | 453749 | 23023224 |
|  Franco-Nevada Corp.  | 86377 | 24141613 |
|  Imperial Oil Ltd.  | 274518 | 32109781 |
|  Nutrien Ltd.  | 159466 | 11971113 |
|  Power Corp. of Canada  | 267647 | 13444648 |
|  Wheaton Precious Metals Corp.  | 150236 | 24586122 |
|  |  | 148316636 |
|  **France — 3.5%** |  |  |
|  Danone SA  | 167517 | 14378224 |
|  Dassault Systemes SE  | 669003 | 14663664 |
|  LVMH Moet Hennessy Louis Vuitton SE  | 31397 | 20185402 |
|  Pernod Ricard SA  | 40917 | 3783678 |
|  |  | 53010968 |
|  **Germany — 1.8%** |  |  |
|  adidas AG  | 12014 | 2245767 |
|  Merck KGaA  | 162302 | 24604869 |
|  |  | 26850636 |
|  **Hong Kong — 3.3%** |  |  |
|  AIA Group Ltd.  | 1016200 | 11274658 |
|  Alibaba Group Holding Ltd.  | 836100 | 15271965 |
|  CK Asset Holdings Ltd.  | 1355500 | 8624995 |
|  Jardine Matheson Holdings Ltd.  | 177990 | 14684175 |
|  |  | 49855793 |
|  **Ireland — 1.1%** |  |  |
|  Medtronic PLC  | 166793 | 16289004 |
|  **Japan — 7.4%** |  |  |
|  FANUC Corp.  | 326000 | 14848641 |
|  Hoshizaki Corp.  | 155200 | 5462038 |
|  Keyence Corp.  | 31000 | 13113438 |
|  Mitsubishi Electric Corp.  | 256600 | 9844015 |
|  MS&AD Insurance Group Holdings, Inc.  | 545400 | 15283004 |
|  Secom Co. Ltd.  | 314600 | 12163768 |
|  Shimano, Inc.  | 72400 | 7770141 |
|  SMC Corp.  | 44500 | 21491307 |
|  Sompo Holdings, Inc.  | 282500 | 11297106 |
|  |  | 111273458 |
|  **Mexico — 2.6%** |  |  |
|  Fomento Economico Mexicano SAB de CV - ADR  | 168469 | 18922438 |
|  Grupo Mexico SAB de CV - Class B  | 339308 | 4300161 |
|  **Mexico — 2.6% (continued)** |  |  |
|  Wal-Mart de Mexico SAB de CV  | 4878756 | $15835702 |
|  |  | 39058301 |
|  **Netherlands — 2.4%** |  |  |
|  Heineken NV  | 136535 | 12674067 |
|  Magnum Ice Cream Co. NV <sup>(a)</sup>  | 63217 | 1003632 |
|  Prosus NV  | 415802 | 21376972 |
|  |  | 35054671 |
|  **South Korea — 4.6%** |  |  |
|  NAVER Corp.  | 53407 | 9448788 |
|  Samsung Electronics Co. Ltd.  | 391784 | 58965058 |
|  |  | 68413846 |
|  **Sweden — 1.1%** |  |  |
|  Investor AB  | 397910 | 16650107 |
|  **Switzerland — 4.5%** |  |  |
|  Cie Financiere Richemont SA  | 103751 | 21219802 |
|  Nestle SA  | 208030 | 22722715 |
|  Schindler Holding AG  | 49640 | 18955978 |
|  SGS SA  | 30320 | 3825246 |
|  |  | 66723741 |
|  **Taiwan — 1.2%** |  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR  | 48523 | 18175745 |
|  **United Kingdom — 10.3%** |  |  |
|  British American Tobacco PLC  | 692131 | 43279758 |
|  Diageo PLC  | 231780 | 5192974 |
|  Haleon PLC  | 2656836 | 14526075 |
|  Lloyds Banking Group PLC  | 9740665 | 13448663 |
|  Reckitt Benckiser Group PLC  | 221318 | 19422703 |
|  Shell PLC  | 430962 | 17822866 |
|  Unilever PLC  | 280965 | 20669590 |
|  Willis Towers Watson PLC  | 65101 | 19866872 |
|  |  | 154229501 |
|  **United States — 43.5% <sup>(b)</sup>** |  |  |
|  Alphabet, Inc. - Class C  | 117825 | 36694240 |
|  American Express Co.  | 31603 | 9762167 |
|  Bank of New York Mellon Corp.  | 175361 | 20885495 |
|  Becton Dickinson & Co.  | 205102 | 36196401 |
|  Berkshire Hathaway, Inc. - Class B <sup>(a)</sup>  | 25126 | 12687374 |
|  Bio-Rad Laboratories, Inc. - Class A <sup>(a)</sup>  | 48926 | 13622955 |
|  BXP, Inc.  | 146728 | 8448598 |
|  CH Robinson Worldwide, Inc.  | 105624 | 19566846 |
|  Charter Communications, Inc. - Class A <sup>(a)</sup>  | 66922 | 15701909 |
|  Colgate-Palmolive Co.  | 146490 | 14523019 |
|  Comcast Corp. - Class A  | 580142 | 17961196 |
|  Dollar General Corp.  | 81585 | 12746840 |

---

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

**First Eagle Global Equity ETF** 

**SCHEDULE OF INVESTMENTS (CONCLUDED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **shares** | **VALUE** |
|  **United States — 43.5% <sup>(b)</sup>** **(continued)** | **United States — 43.5% <sup>(b)</sup>** **(continued)** |  |
|  Elevance Health, Inc.  | 70896 | $22686720 |
|  Equity Residential  | 152564 | 9643570 |
|  Expeditors International of Washington, Inc.  | 111295 | 16141114 |
|  Extra Space Storage, Inc.  | 56067 | 8467799 |
|  Exxon Mobil Corp.  | 133306 | 20329165 |
|  Fidelity National Financial, Inc.  | 80623 | 4263344 |
|  Fiserv, Inc. <sup>(a)</sup>  | 134475 | 8376448 |
|  HCA Healthcare, Inc.  | 56181 | 29759076 |
|  International Flavors & Fragrances, Inc.  | 161391 | 13271182 |
|  Meta Platforms, Inc. - Class A  | 45284 | 29352183 |
|  Microsoft Corp.  | 7709 | 3027633 |
|  Newmont Corp.  | 177286 | 23047180 |
|  Noble Corp. PLC  | 534641 | 24288741 |
|  Omnicom Group, Inc.  | 131433 | 11209920 |
|  ONEOK, Inc.  | 208744 | 17277741 |
|  Oracle Corp.  | 141802 | 20618011 |
|  Philip Morris International, Inc.  | 109029 | 20369888 |
|  PPG Industries, Inc.  | 117877 | 14530698 |
|  Salesforce, Inc.  | 106204 | 20687477 |
|  SLB Ltd.  | 513717 | 26374231 |
|  Texas Instruments, Inc.  | 64149 | 13606644 |
|  Universal Health Services, Inc. - Class B  | 84773 | 17471715 |
|  US Bancorp  | 146438 | 8004301 |
|  Walt Disney Co.  | 62803 | 6659630 |
|  Waters Corp. <sup>(a)</sup>  | 27755 | 8864356 |
|  Weyerhaeuser Co.  | 696156 | 17076707 |
|  Workday, Inc. - Class A <sup>(a)</sup>  | 130853 | 17502897 |
|  |  | 651705411 |
|  **TOTAL COMMON STOCKS** (Cost $1,281,118,484)  |  | 1469006351 |
|  **PREFERRED STOCKS — 1.5%** |  |  |
|  **Brazil — 0.9%** |  |  |
|  Itausa SA, 0.00%  | 4759969 | $13259018 |
|  **Germany — 0.6%** |  |  |
|  Henkel AG & Co. KGaA, 0.00%  | 86873 | 8538356 |
|  **TOTAL PREFERRED STOCKS** (Cost $17,983,144)  |  | 21797374 |
|  **TOTAL INVESTMENTS — 99.6%** (Cost $1,299,101,628)  |  | 1490803725 |
|  Other Assets in Excess of Liabilities — 0.4%  |  | 6421070 |
|  **TOTAL NET ASSETS — 100.0%** |  | $1497224795 |

---

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

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** 

**Schedule of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Value** | **% of Net<br> Assets** |
|  Consumer Staples  | $206732439 | 22.9% |
|  Financials  | 126936904 | 14 |
|  Industrials  | 115262308 | 12.8 |
|  Materials  | 106187891 | 11.8 |
|  Information Technology  | 105534713 | 11.6 |
|  Consumer Discretionary  | 100242154 | 11 |
|  Energy  | 74480917 | 8.2 |
|  Health Care  | 36430434 | 4 |
|  Real Estate  | 17423438 | 2 |
|  Communication Services  | 6226714 | 0.7 |
|  Other Assets in Excess of Liabilities  | 9440552 | 1 |
|  | $904898464 | 100.0% |

---

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

**FIRST EAGLE OVERSEAS EQUITY ETF** 

**SCHEDULE OF INVESTMENTS** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
|  **COMMON STOCKS — 96.3%** | **COMMON STOCKS — 96.3%** | **COMMON STOCKS — 96.3%** |
|  **Brazil — 1.6%** | **Brazil — 1.6%** | **Brazil — 1.6%** |
|  Ambev SA - ADR  | 4553775 | $14389929 |
|  **Canada — 13.0%** |  |  |
|  Agnico Eagle Mines Ltd.  | 24114 | 6057095 |
|  Barrick Mining Corp.  | 268146 | 13605728 |
|  Franco-Nevada Corp.  | 66759 | 18658554 |
|  Imperial Oil Ltd.  | 301491 | 35264755 |
|  Nutrien Ltd.  | 183522 | 13776997 |
|  Power Corp. of Canada  | 265061 | 13314746 |
|  Wheaton Precious Metals Corp.  | 104373 | 17080641 |
|  |  | 117758516 |
|  **Faroe Islands — 0.3%** |  |  |
|  Bakkafrost P/F  | 51944 | 2491136 |
|  **Finland — 0.4%** |  |  |
|  Kesko Oyj - Class B  | 134657 | 3319050 |
|  **France — 6.2%** |  |  |
|  Danone SA  | 157885 | 13551496 |
|  Dassault Systemes SE  | 527596 | 11564209 |
|  Legrand SA  | 47856 | 8699703 |
|  LVMH Moet Hennessy Louis Vuitton SE  | 28287 | 18185956 |
|  Pernod Ricard SA  | 40880 | 3780257 |
|  |  | 55781621 |
|  **Germany — 2.5%** |  |  |
|  adidas AG  | 12012 | 2245393 |
|  Merck KGaA  | 135480 | 20538672 |
|  |  | 22784065 |
|  **Hong Kong — 5.3%** |  |  |
|  AIA Group Ltd.  | 830200 | 9211003 |
|  Alibaba Group Holding Ltd.  | 706000 | 12895595 |
|  CK Asset Holdings Ltd.  | 1235000 | 7858259 |
|  Jardine Matheson Holdings Ltd.  | 220499 | 18191167 |
|  |  | 48156024 |
|  **Indonesia — 0.4%** |  |  |
|  Astra International Tbk PT  | 9408000 | 3745804 |
|  **Japan — 15.5%** |  |  |
|  FANUC Corp.  | 357500 | 16283402 |
|  Hirose Electric Co. Ltd.  | 56400 | 8427586 |
|  Hoshizaki Corp.  | 169700 | 5972345 |
|  Kansai Paint Co. Ltd.  | 701000 | 12407159 |
|  Keyence Corp.  | 26500 | 11209874 |
|  Mitsubishi Electric Corp.  | 291000 | 11163712 |
|  MS&AD Insurance Group Holdings, Inc.  | 531800 | 14901910 |
|  Nihon Kohden Corp.  | 421300 | 4694151 |
|  Secom Co. Ltd.  | 320900 | 12407353 |
|  **Japan — 15.5% (continued)** |  |  |
|  Shimano, Inc.  | 73900 | $7931124 |
|  SMC Corp.  | 38900 | 18786783 |
|  Sompo Holdings, Inc.  | 247000 | 9877469 |
|  TIS, Inc.  | 302300 | 6240932 |
|  |  | 140303800 |
|  **Mexico — 3.9%** |  |  |
|  Fomento Economico Mexicano SAB de CV - ADR  | 164477 | 18474057 |
|  Grupo Mexico SAB de CV - Class B  | 279035 | 3536301 |
|  Wal-Mart de Mexico SAB de CV  | 4004575 | 12998243 |
|  |  | 35008601 |
|  **Netherlands — 3.7%** |  |  |
|  Heineken NV  | 124043 | 11514478 |
|  Magnum Ice Cream Co. NV <sup>(a)</sup>  | 144311 | 2291079 |
|  Prosus NV  | 391056 | 20104745 |
|  |  | 33910302 |
|  **Norway — 1.1%** |  |  |
|  Orkla ASA  | 730471 | 9994876 |
|  **Singapore — 2.2%** |  |  |
|  United Overseas Bank Ltd.  | 351332 | 10268594 |
|  UOL Group Ltd.  | 1072606 | 9565179 |
|  |  | 19833773 |
|  **South Korea — 8.0%** |  |  |
|  Hyundai Mobis Co. Ltd.  | 30571 | 10987283 |
|  NAVER Corp.  | 35195 | 6226714 |
|  NongShim Co. Ltd.  | 12017 | 3592152 |
|  Samsung Electronics Co. Ltd.  | 343792 | 51742070 |
|  |  | 72548219 |
|  **Sweden — 3.2%** |  |  |
|  Industrivarden AB  | 100443 | 5694396 |
|  Investor AB  | 397682 | 16640566 |
|  Svenska Handelsbanken AB - Class A  | 398798 | 6387765 |
|  |  | 28722727 |
|  **Switzerland — 5.9%** |  |  |
|  Cie Financiere Richemont SA  | 93241 | 19070231 |
|  Nestle SA  | 161861 | 17679764 |
|  Schindler Holding AG  | 33565 | 12817434 |
|  SGS SA  | 30289 | 3821335 |
|  |  | 53388764 |
|  **Taiwan — 1.8%** |  |  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR  | 43649 | 16350042 |
|  **Thailand — 0.7%** |  |  |
|  Bangkok Bank PCL - NVDR  | 1197820 | 6839731 |

---

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

**FIRST EAGLE OVERSEAS EQUITY ETF** 

**SCHEDULE OF INVESTMENTS (CONCLUDED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **SHARES** | **VALUE** |
|  **Turkey — 0.4%** |  |  |
|  AG Anadolu Grubu Holding AS  | 4387248 | $3373270 |
|  **United Kingdom — 17.7%** |  |  |
|  Berkeley Group Holdings PLC  | 151389 | 8821827 |
|  British American Tobacco PLC  | 588912 | 36825353 |
|  Diageo PLC  | 166355 | 3727143 |
|  Haleon PLC  | 2048056 | 11197611 |
|  Lloyds Banking Group PLC  | 9080435 | 12537102 |
|  Reckitt Benckiser Group PLC  | 203140 | 17827415 |
|  Shell PLC  | 948258 | 39216162 |
|  Unilever PLC  | 244342 | 17975367 |
|  Willis Towers Watson PLC  | 38985 | 11897052 |
|  |  | 160025032 |
|  **United States — 2.5%** |  |  |
|  Newmont Corp.  | 116323 | 15121990 |
|  Philip Morris International, Inc.  | 41692 | 7789316 |
|  |  | 22911306 |
|  **TOTAL COMMON STOCKS** (Cost $739,099,403)  |  | 871636588 |
|  **PREFERRED STOCKS — 2.7%** |  |  |
|  **Brazil — 1.1%** |  |  |
|  Itausa SA, 0.00%  | 3362585 | $9366570 |
|  **Germany — 1.6%** |  |  |
|  FUCHS SE, 0.00%  | 136833 | 5943426 |
|  Henkel AG & Co. KGaA, 0.00%  | 86598 | 8511328 |
|  |  | 14454754 |
|  **TOTAL PREFERRED STOCKS** (Cost $21,085,675)  |  | 23821324 |
|  **TOTAL INVESTMENTS — 99.0%** (Cost $760,185,078)  |  | 895457912 |
|  Other Assets in Excess of Liabilities — 1.0%  |  | 9440552 |
|  **TOTAL NET ASSETS — 100.0%** |  | $904898464 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

NVDR - Non-Voting Depositary Receipt

PCL - Public Company Limited

PLC - Public Limited Company

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

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

**FIRST EAGLE ETFS** 

**Statements of Assets and Liabilities** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **First Eagle <br> Global <br> Equity ETF** | **First Eagle <br> Overseas <br> Equity ETF** |
|  **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value  | $1490803725 | $895457912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold  | 53597717 | 16666579 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold  | 28662704 | 44899797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash - interest bearing deposit account  | 8795033 | 11142381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable  | 1199197 | 899972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend tax reclaims receivable  | 177134 | 148033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  | 30752 | 22639 |
|  Total assets  | 1583266262 | 969237313 |
|  **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased  | 59355214 | 36320188 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  | 26151423 | 6118167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  | 509623 | 291623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to custodian foreign currency, at value  | 25207 | 16092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to custodian  |  | 21592779 |
|  Total liabilities  | 86041467 | 64338849 |
|  **NET ASSETS**  | $1497224795 | $904898464 |
|  **NET ASSETS CONSISTS OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $1280614789 | $761040946 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | 216610006 | 143857518 |
|  Total net assets  | $1497224795 | $904898464 |
|  Net assets  | $1497224795 | $904898464 |
|  Shares issued and outstanding <sup>(a)</sup>  | 29200000 | 16270000 |
|  Net asset value per share  | $51.27 | $55.62 |
|  **COST:** |  |  |
|  Investments, at cost  | $1299101628 | $760185078 |
|  **PROCEEDS:** |  |  |
|  Foreign currency proceeds  | $25241 | $16108 |

---

&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 FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **First Eagle <br> Global <br> Equity ETF** | **First Eagle <br> Overseas <br> Equity ETF** |
|  **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income  | $8492901 | $4972414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: issuance fees  | (1801) | (1553) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: dividend withholding taxes  | (366352) | (340902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income  | 84816 | 56862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income  |  | 19094 |
|  **Total investment income**  | 8209564 | 4705915 |
|  **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee  | 3246474 | 1823033 |
|  Total expenses  | 3246474 | 1823033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense waiver by Adviser  | (1191744) | (669215) |
|  Net expenses  | 2054730 | 1153818 |
|  **NET INVESTMENT INCOME**  | 6154834 | 3552097 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 24707099 | 11472652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | 35485087 | 13012696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities sold short  | (31788820) | (12939317) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | (352498) | (262572) |
|  Net realized gain (loss)  | 28050868 | 11283459 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 151838122 | 118279151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | 11471 | 23821 |
|  Net change in unrealized appreciation (depreciation)  | 151849593 | 118302972 |
|  Net realized and unrealized gain (loss)  | 179900461 | 129586431 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $186055295 | $133138528 |

---

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

**First eagle Global Equity ETF** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> PERIOD <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **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)  | $6154834 | $2391824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 28050868 | (678813) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 151849593 | 39867293 |
|  **Net increase (decrease) in net assets from operations**  | 186055295 | 41580304 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From earnings  | (11025593) |  |
|  Total distributions to shareholders  | (11025593) |  |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 925376555 | 450433273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (95326224) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ETF transaction fees  | 96765 | 34420 |
|  Net increase (decrease) in net assets from capital transactions  | 830147096 | 450467693 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 1005176798 | 492047997 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of the period  | 492047997 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of the period  | $1497224795 | $492047997 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 19510000 | 11650000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (1960000) |  |
|  Total increase (decrease) in shares outstanding  | 17550000 | 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** 

**StatementS of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> PERIOD <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **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)  | $3552097 | $1394040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 11283459 | (260617) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 118302972 | 16996838 |
|  **Net increase (decrease) in net assets from operations**  | 133138528 | 18130261 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From earnings  | (7411271) |  |
|  Total distributions to shareholders  | (7411271) |  |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 552594486 | 246817863 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (38500891) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ETF transaction fees  | 90712 | 38776 |
|  Net increase (decrease) in net assets from capital transactions  | 514184307 | 246856639 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 639911564 | 264986900 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of the period  | 264986900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of the period  | $904898464 | $264986900 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 11010000 | 6020000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (760000) |  |
|  Total increase (decrease) in shares outstanding  | 10250000 | 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 respective periods. This information has been derived from information provided in the financial statements.

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> PERIOD <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **Period <br> ended <br> August 31,<br> 2025<sup>(** **a** **)</sup>** |
|  **PER SHARE DATA:** |  |  |
|  Net asset value, beginning of period  | $42.24 | $34.74 |
|  **INVESTMENT OPERATIONS:** |  |  |
|  Net investment income<sup>(b)</sup>  | 0.35 | 0.47 |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 9.26 | 7.02 |
|  Total from investment operations  | 9.61 | 7.49 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |
|  Net investment income  | (0.59) |  |
|  Total distributions  | (0.59) |  |
|  ETF transaction fees per share  | 0.01 | 0.01 |
|  Net asset value, end of period  | $51.27 | $42.24 |
|  **TOTAL RETURN<sup>(d)</sup>** | 22.95% | 21.58% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
|  Net assets, end of period (in thousands)  | $1497225 | $492048 |
|  Ratio of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver<sup>(e)</sup>  | 0.79% | 0.79% |
| &nbsp;&nbsp;&nbsp; After expense waiver<sup>(e)</sup>  | 0.50% | 0.50% |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup>  | 1.50% | 1.77% |
|  Portfolio turnover rate<sup>(d)(f)</sup>  | 18% | 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 periods.

&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
 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

&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 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 respective periods. This information has been derived from information provided in the financial statements.

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> PERIOD <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **Period <br> ended <br> August 31,<br> 2025<sup>(** **a** **)</sup>** |
|  **PER SHARE DATA:** |  |  |
|  Net asset value, beginning of period  | $44.02 | $34.60 |
|  **INVESTMENT OPERATIONS:** |  |  |
|  Net investment income<sup>(b)</sup>  | 0.37 | 0.66 |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 11.96 | 8.74 |
|  Total from investment operations  | 12.33 | 9.40 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |
|  Net investment income  | (0.74) |  |
|  Total distributions  | (0.74) |  |
|  ETF transaction fees per share  | 0.01 | 0.02 |
|  Net asset value, end of period  | $55.62 | $44.02 |
|  **TOTAL RETURN<sup>(d)</sup>**  | 28.28% | 27.22% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
|  Net assets, end of period (in thousands)  | $904898 | $264987 |
|  Ratio of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiver<sup>(e)</sup>  | 0.79% | 0.79% |
| &nbsp;&nbsp;&nbsp; After expense waiver<sup>(e)</sup>  | 0.50% | 0.50% |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup>  | 1.54% | 2.30% |
|  Portfolio turnover rate<sup>(d)(f)</sup>  | 13% | 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 periods.

&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
 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

&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** 

**FEBRUARY 28, 2026 (UNAUDITED)**

**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 sixteen active 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 ETF 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 ETF 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 semi-annual reporting period for the Funds is February 28, 2026 (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.

**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.

**FIRST EAGLE ETFS** 

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

**FEBRUARY 28, 2026 (UNAUDITED)**

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

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

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

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

**First Eagle Global Equity ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stock  | $1469006351 | $— | $— | $1469006351 |
|  Preferred Stocks  | 21797374 |  |  | 21797374 |
|  Total Investments\*  | $1490803725 | $— | $— | $1490803725 |

---

**First Eagle Overseas Equity ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stock  | $871636588 | $— | $— | $871636588 |
|  Preferred Stocks  | 23821324 |  |  | 23821324 |
|  Total Investments\*  | $895457912 | $— | $— | $895457912 |

---

\* 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.

**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.

**FIRST EAGLE ETFS** 

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

**FEBRUARY 28, 2026 (UNAUDITED)**

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

**FOREIGN CURRENCY TRANSLATION** — The books and records of the Funds are maintained in U.S. dollars as follows: (1) the values of investment securities and other assets and liabilities stated in foreign currencies are translated at the exchange rates prevailing at the end of the period; and (2) purchases, sales and income are translated at the rates of exchange prevailing on the respective dates of such transactions. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement from foreign currency transactions are reported in the Statements of Operations for the current period. The Funds do not isolate the portion of gains and losses on investments.

**FOREIGN SECURITIES** — The Funds may invest in equity and fixed-income securities of foreign companies, including companies located in both developed and emerging-market countries. Investment in foreign securities may include the purchase of American Depositary Receipts ("ADRs") and other depositary receipts (European Depositary Receipts ("EDRs") and Global Depositary Receipts ("GDRs")) that represent indirect interests in securities of foreign issuers. A significant portion of a Fund's exposure to foreign investments may be composed of such investments. Investments in foreign securities are affected by risk factors generally not associated with investments in the securities of U.S. companies in the U.S. With respect to such securities, there may be more limited information publicly available concerning the issuer than would be the case with respect to domestic securities, foreign issuers may use different accounting standards, and foreign trading markets may not be as liquid as are U.S. markets. Foreign securities also involve such risks as currency risks, possible imposition of withholding or confiscatory taxes, possible currency transfer restrictions, expropriation or other adverse political or economic developments, and the difficulty of enforcing obligations in other countries. These risks may be greater in emerging-market countries and in less-developed countries.

The purchase of securities denominated in foreign currencies will subject the value of the Funds' investments in those securities to fluctuations caused by changes in foreign exchange rates. To hedge against the effects of changes in foreign exchange rates, the Funds may enter into forward foreign currency exchange contracts ("forward contracts"). These contracts represent agreements to exchange an amount of currency at an agreed-upon future date and rate. The Funds will generally use forward contracts only to "lock in" the price in U.S. dollars of a foreign security that a Fund plans to purchase or to sell. In certain limited cases, it may use such contracts to hedge against an anticipated substantial decline in the price of a foreign currency against the U.S. dollar that would adversely affect the U.S. dollar value of foreign securities held by the Fund. Forward contracts will not be used in all cases and, in any event, cannot

**FIRST EAGLE ETFS** 

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

**FEBRUARY 28, 2026 (UNAUDITED)**

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.

**OPERATING SEGMENTS** — are components of an entity that engage in business activities and have discrete financial information available. Each series in the Trust operates in one segment. The segment derives its revenues from each series' investments made in accordance with the defined investment strategy of each series, as prescribed in the Fund's prospectus. The Chief Operating Decision Maker ("CODM") of the Funds is the Investment Committee of the Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on each Fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each Fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**2. INVESTMENT adviser and other services** 

First Eagle Investment Management, LLC (the "Adviser" or "First Eagle") serves as the investment adviser to the Funds. 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)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

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, 2026, 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. 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.

**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 Funds were as follows:

---

| | | |
|:---|:---|:---|
| **FUND** | **PURCHASES** | **SALES** |
|  First Eagle Global Equity ETF  | $269727484 | $157181139 |
|  First Eagle Overseas Equtiy ETF  | 161705415 | 64716645 |

---

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  | $804513952 | $96565047 |
|  First Eagle Overseas Equtiy ETF  | 443356828 | 37609451 |

---

**4. 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

**FIRST EAGLE ETFS** 

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

**FEBRUARY 28, 2026 (UNAUDITED)**

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

Each Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for 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.

**5. Federal Income tax information** 

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

As of August 31, 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.

**FIRST EAGLE ETFS** 

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

**FEBRUARY 28, 2026 (UNAUDITED)**

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. 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** 

**NOTICE TO SHAREHOLDERS** 

**FEBRUARY 28, 2026 (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.

**Investment Adviser** 

First Eagle Investment Management, LLC

1345 Avenue of the Americas

New York, NY 10105

**Investment Sub-Adviser** 

Exchange Traded Concepts, LLC

10900 Hefner Pointe Drive, Suite 400

Oklahoma City, OK 73120

**Administrator and Transfer Agent** 

U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, WI 53202

**Principal Underwriter** 

Quasar Distributors, LLC

190 Middle Street, Suite 301

Portland, ME 04101

**Custodian** 

U.S. Bank, N.A.

1555 North Rivercenter Drive, Suite 302

Milwaukee, WI 53212

**Independent Registered Public Accounting Firm** 

PricewaterhouseCoopers LLP

Two Commerce Square, Suite 1800

2001 Market Street

Philadelphia, PA 19103

**Legal Counsel** 

Faegre Drinker Biddle & Reath LLP

One Logan Square, Suite 2000

Philadelphia, PA 19103

**FINANCIAL STATEMENTS** 

**February 28, 2026 (Unaudited)** 

**Wayfinder Dynamic U.S. Interest Rate ETF** 

**Ticker: CMBO** 

**A series of The RBB Fund Trust** 

**Wayfinder Dynamic U.S. Interest Rate ETF** 

**Schedule of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional <br> Amount** | **Contracts** | **Value** |
|  **PURCHASED OPTIONS — 98.4% <sup>(a)</sup>** |  |  |  |
|  **Call Options — 66.5%** |  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 03/20/2026; Exercise Price: $10.01 <sup>(b)(c)(d)</sup>  | $2057970 | 30 | $2023824 |
|  **Put Options — 31.9%** |  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 03/20/2026; Exercise Price: $1,010.01 <sup>(b)(c)(d)</sup>  | 2057970 | 30 | 969293 |
|  **TOTAL PURCHASED OPTIONS** (Cost $2,975,343)  |  |  | 2993117 |
|  |  | **Shares** |  |
|  **SHORT-TERM INVESTMENTS** |  |  |  |
|  **MONEY MARKET FUNDS — 1.6%** |  |  |  |
|  First American Government Obligations Fund - Class X, 3.60% <sup>(e)</sup>  |  | 48033 | 48033 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $48,033)  |  |  | 48033 |
|  **TOTAL INVESTMENTS — 100.0%** (Cost $3,023,376)  |  |  | 3041150 |
|  Liabilities in Excess of Other Assets - (0.0)% <sup>(f)</sup>  |  |  | (532) |
|  **TOTAL NET ASSETS — 100.0%**  |  |  | $3040618 |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Held in connection with
 written option contracts. See Schedule of Written Options for further information.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(d) 100 shares per contract.

&nbsp;&nbsp;&nbsp;&nbsp;(e) The rate shown represents
 the 7-day annualized yield as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(f) Represents less than 0.05%
 of net assets.

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

**Wayfinder Dynamic U.S. Interest Rate ETF** 

**Schedule of Written Options** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional <br> Amount** | **Contracts** | **Value** |
|  **WRITTEN OPTIONS - (0.0)%** |  |  |  |
|  **Call Options — (0.0)% <sup>(a)</sup>** |  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 03/20/2026; Exercise Price: $1,010.01 <sup>(b)(c)</sup>  | $(2057970) | (30) | $— |
|  **Put Options - (0.0)% <sup>(a)</sup>** |  |  |  |
|  SPDR S&P 500 ETF Trust, Expiration: 03/20/2026; Exercise Price: $10.01 <sup>(b)(c)</sup>  | (2057970) | (30) |  |
|  **TOTAL WRITTEN OPTIONS** (Premiums received $208)  |  |  | $— |

---

Percentages are stated as a percent of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents less than 0.05%
 of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Exchange-traded.

&nbsp;&nbsp;&nbsp;&nbsp;(c) 100 shares per contract.

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

**Wayfinder Dynamic U.S. Interest Rate ETF** 

**Statement of Assets and Liabilities** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

---

| | |
|:---|:---|
|  | **Wayfinder <br> Dynamic U.S. <br> Interest <br> Rate ETF** |
|  **ASSETS:** | **ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value  | $3041150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable  | 133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total assets**  | 3041283 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for expenses and other liabilities  | 534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  | 116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Custody  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total liabilities**  | 665 |
|  **NET ASSETS**  | $3040618 |
|  **NET ASSETS CONSISTS OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $3017396 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | 23222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total net assets**  | $3040618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $3040618 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued and outstanding <sup>(a)</sup>  | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share  | $101.35 |
|  **COST:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at cost  | $3023376 |
|  **PROCEEDS:**  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options premium received  | $208 |

---

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

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

**Wayfinder Dynamic U.S. Interest Rate ETF** 

**Statement of Operations** 

**For the PERIOD ended FEBRUARY 28, 2026 (UNAUDITED)**

---

| | |
|:---|:---|
|  | **Wayfinder <br> Dynamic U.S. <br> Interest <br> Rate ETF<sup>(a)</sup>** |
|  **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income  | $283 |
|  Total investment income  | 283 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee  | 1409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense  | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody Expense  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses and fees  | 549 |
|  Total expenses  | 1998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser  | (1127) |
|  Net expenses  | 871 |
|  **NET INVESTMENT LOSS**  | (588) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**  |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 5664 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options expired or closed  | 164 |
|  Net realized gain (loss)  | 5828 |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 17774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options  | 208 |
|  Net change in unrealized appreciation (depreciation)  | 17982 |
|  Net realized and unrealized gain (loss)  | 23810 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $23222 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was November 3, 2025.

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

**Wayfinder Dynamic U.S. Interest Rate ETF** 

**Statement of Changes in Net Assets** 

---

| | |
|:---|:---|
|  | **Period ended <br> February 28, <br> 2026<sup>(a)</sup><br> (Unaudited)** |
|  **OPERATIONS:** | **OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $(588) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 5828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 17982 |
|  Net increase (decrease) in net assets from operations  | 23222 |
|  **CAPITAL TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 3017396 |
|  Net increase (decrease) in net assets from capital transactions  | 3017396 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 3040618 |
|  **NET ASSETS:** |  |
|  Beginning of the period  |  |
|  End of the period  | $3040618 |
|  **SHARES TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 30000 |
|  Total increase (decrease) in shares outstanding  | 30000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was November 3, 2025.

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

**Wayfinder Dynamic U.S. Interest Rate 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> February 28,<br> 2026<sup>(a)</sup><br> (Unaudited)** |
|  **PER SHARE DATA:** |  |
|  Net asset value, beginning of period  | $100.00 |
|  **INVESTMENT OPERATIONS:** |  |
|  Net investment loss<sup>(b)</sup>  | (0.03) |
|  Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | 1.38 |
|  Total from investment operations  | 1.35 |
|  Net asset value, end of period  | $101.35 |
|  **TOTAL RETURN <sup>(d)</sup>**  | 1.35% |
|  **SUPPLEMENTAL DATA AND RATIOS:**  |  |
|  Net assets, end of period (in thousands)  | $3041 |
|  Ratio of expenses to average net assets:  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement<sup>(e)</sup>  | 0.35% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(e)</sup>  | 0.15% |
|  Ratio of dividends, interest and borrowing expense on securities sold short to average net assets <sup>(e)</sup>  | 0.00 %<sup>(f)</sup> |
|  Ratio of net investment income (loss) to average net assets <sup>(e)</sup>  | (0.10)% |
|  Portfolio turnover rate <sup>(d)(g)</sup>  | — % |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Inception date of the Fund
 was November 3, 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) Amount represents less than
 0.005%.

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

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

**Wayfinder Dynamic U.S. Interest Rate ETF** 

**Notes to Financial Statements** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

**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 seventeen separate investment portfolios, including the Wayfinder Dynamic U.S. Interest Rate ETF (the "Fund"), which commenced investment operations on November 3, 2025.

The Fund seeks to provide investment results that, before fees and expenses, equal or exceed the performance of an investment that tracks the rolling 0-12 month segment of the United States Treasury Bill market.

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 semi-annual reporting period for the Fund is since inception on November 3, 2025 through February 28, 2026 (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). Options for which the primary market is a national securities exchange are valued at the last sale price on the exchange on which they are traded, or, in the absence of any sale, will be valued at the mean of the last bid and ask prices prior to the market close. Options not traded on a national securities exchange are valued at the last quoted bid price for long option positions and the closing ask price for short option positions. If market quotations are unavailable or deemed unreliable, securities will be valued by the Valuation Designee (as defined below) in accordance with procedures adopted by the 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 Gladius Capital Management LP (the "Adviser"), the Fund's investment 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).

**Wayfinder Dynamic U.S. Interest Rate ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

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> |  |  |  |  |
|  Purchased Options  | $— | $2993117 | $— | $2993117 |
|  Money Market Funds  | 48033 |  |  | 48033 |
|  Total Investments  | $48033 | $2993117 | $— | $3041150 |
|  **Liabilities:** |  |  |  |  |
|  <u>**Investments**</u>: |  |  |  |  |
|  Written Options  | $— | $— <sup>(a)</sup> | $— | $— <sup>(a)</sup> |
|  Total Investments  | $— | $— <sup>(a)</sup> | $— | $— <sup>(a)</sup> |

---

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

<sup>(a)</sup> <sup></sup>Includes all investments with an aggregate value of zero.

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

**Wayfinder Dynamic U.S. Interest Rate ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

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 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.

**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.

**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.

**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.

**CASH OR CASH EQUIVALENTS RISK** — When the Fund holds a significant amount of cash or cash equivalents, such as highly-rated short-term fixed income securities, and does not have significant exposures through investments in derivatives, it may not meet its investment objective and the Fund's performance may significantly lag that of market indices which, by definition, are composed of groups of securities without a cash component. In addition, increases in inflation may lead to a decline in the value of cash or cash equivalent securities.

**COUNTERPARTY RISK** — Where the Fund enters into derivative contracts that are exchange-traded or traded through a central clearing counterparty, the Fund is subject to the counterparty risk associated with the Fund's clearing broker or clearinghouse. In addition, the fund may enter into derivative contracts that are 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. In addition, to the extent the Fund deals with a limited number of counterparties, it will be more susceptible to the credit risks associated with those counterparties. The Fund is neither restricted from dealing with any particular counterparty nor from concentrating any or all of its transactions with one counterparty. The ability of the Fund to transact business with any one or number of counterparties and the absence of a regulated market to facilitate settlement may increase the potential for losses by the Fund.

**DERIVATIVES RISK** — The Fund's investments in derivative instruments including options, which may be leveraged, may result in losses. Investments in derivative instruments may result in losses exceeding the amounts invested. 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 counterparty, or legality or enforceability of a contract.

**Wayfinder Dynamic U.S. Interest Rate ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

**FUTURES AND FORWARD CONTRACTS AND RELATED RISKS** — The successful use of futures and forward contracts draws upon the Adviser's skill and experience with respect to such instruments and are subject to special risk considerations. The primary risks associated with the use of futures and forward contracts are:

● Futures and forward contracts have a high degree of price variability and are subject to occasional rapid and substantial changes;

● The imperfect correlation between the change in market value of the forward or futures contracts and the market value of the underlying instrument or reference assets with respect to such contracts;

● Possible lack of a liquid secondary market for a forward or futures contract and the resulting inability to close a forward or futures contract when desired;

● Possible market disruption or other extraordinary events, including but not limited to, governmental intervention;

● Potentially unlimited losses caused by unanticipated market movements;

● The Fund's inability to predict correctly the direction of securities prices, interest rates, currency exchange rates and other economic factors;

● The possibility that the counterparty will default in the performance of its obligations; and

● If the Fund has insufficient cash, it may either have to sell securities from its portfolio to meet daily variation margin requirements with respect to its derivative instruments or close certain positions at a time when it may be disadvantageous to do so.

The use of futures contracts, forward contracts and derivative instruments could have the economic effect of financial leverage. Financial leverage magnifies exposure to the swings in prices of an asset class underlying an investment and results in increased volatility, which means the Fund will have the potential for greater losses than if the Fund did not employ leverage in its investment activity. Leveraging tends to magnify, sometimes significantly, the effect of any increase or decrease in the Fund's exposure to an asset class and may cause the value of the Fund's securities or related derivatives instruments to be volatile. Accordingly, the Fund's NAV may be volatile because of its investment exposure to a derivative instrument. There is no assurance that the Fund's investment in a derivative instrument with leveraged exposure to certain investments and markets will enable the Fund to achieve its investment objective.

**OPTIONS RISK** — An option is a type of derivative instrument that gives the holder the right (but not the obligation) to buy (a "call) or sell (a "put") an asset in the near future at an agreed upon price prior to the expiration date of the option. The Fund may cover" a call option by owning the security underlying the option or through other means. The price and value of options can be highly volatile and are influenced by, among other things, actual and anticipated changes in the value of the underlying instrument, including its anticipated volatility, which are affected by national and international fiscal and monetary policies, the time remaining until the expiration of the option contract and economic events, and their use can result in loss if the Adviser is incorrect in its expectation of price fluctuations. The value of the option contracts in which the Fund invests are substantially influenced by the value of the underlying instrument, and the Fund may experience substantial downside from specific option positions and certain option positions held by the Fund may expire worthless.

● *Selling or Writing Options Risks.* Writing option contracts can result in losses that exceed the seller's initial investment and may lead to additional turnover and higher tax liability. The risk involved in writing a call option is that there could be an increase in the market value of the underlying or reference asset. An underlying or reference asset may be an index, equity security, or ETF. If this occurs, the call option could be exercised and the underlying asset would then be sold at a lower price than its current market value. In the case of cash settled call options, the call seller would be required to purchase the call option at a price that is higher than the original sales price for such call option. Similarly, while writing call options can reduce the risk of owning the underlying asset, such a strategy limits the opportunity to profit from an increase in the market value of the underlying asset

**Wayfinder Dynamic U.S. Interest Rate ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

in exchange for up-front cash at the time of selling the call option. The risk involved in writing a put option is that there could be a decrease in the market value of the underlying asset. If this occurs, the put option could be exercised and the underlying asset would then be sold at a higher price than its current market value. In the case of cash settled put options, the put seller would be required to purchase the put option at a price that is higher than the original sales price for such put option.

● *Buying or Purchasing Options Risk.* If a call or put option is not sold when it has remaining value and if the market price of the underlying asset, in the case of a call option, remains less than or equal to the exercise price, or, in the case of a put, remains equal to or greater than the exercise price, the buyer will lose its entire investment in the call or put option. Since many factors influence the value of an option, including the price of the underlying asset, the exercise price, the time to expiration, the interest rate, and the dividend rate of the underlying asset, the buyer's success in implementing the option buying strategy may depend on an ability to predict movements in the prices of individual assets, fluctuations in markets, and movements in interest rates. There is no assurance that a liquid market will exist when the buyer seeks to close out an option position. When an option is purchased to hedge against price movements in an underlying asset, the price of the option may move more or less than the price of the underlying asset.

● *Box Spread Risk.* A Box Spread is the combination of a Synthetic Long position coupled with an offsetting Synthetic Short position through a combination of options contracts on an underlying or referenced asset such as index, equity security or ETF with the same expiration date. A Box Spread typically consists of four option positions two of which represent the Synthetic Long and two representing the Synthetic Short. If one or more of these individual option positions are modified or closed separately prior to the option contract's expiration, then the Box Spread may no longer effectively eliminate risk tied to underlying asset's movement. Furthermore, the Box Spread's value is derived in the market and is in part, based on the time until the options comprising the Box Spread expire and the prevailing market interest rates. If the Fund sells a Box Spread prior to its expiration, then the Fund may incur a loss. The Fund's ability to profit from Box Spreads is dependent on the availability and willingness of other market participants to sell Box Spreads to the Fund at competitive prices.

● *Rolling Options Contract Risk.* The Fund's investments in options are subject to risks related to rolling. Rolling occurs when the Fund closes out of an options contract as it nears its expiration and replaces it with a contract that has a later expiration instead of holding the option contract through expiration. When the market for these options is such that the prices are higher in the more distant delivery months than in the nearer delivery months, the sale during the course of the "rolling process" of the more nearby contract would take place at a price that is lower than the price of the more distant contract. This pattern of higher option prices for longer expiration contracts is often referred to as "contango." Alternatively, when the market for options contracts is such that the prices are higher in the nearer months than in the more distant months, the sale during the course of the "rolling process" of the more nearby contract would take place at a price that is higher than the price of the more distant contract. This pattern of higher options prices for shorter expiration options contracts is referred to as "backwardation." Extended periods of contango or backwardation can cause significant losses for the Fund.

● *FLEX Options Risk.* FLEX Options are exchange-traded options contracts with customizable terms like exercise price, style, and expiration date. Due to their customization and potentially unique terms, FLEX Options may be less liquid than other securities, such as standard exchange listed options. In less liquid markets for the FLEX Options, the Fund may have difficulty closing out certain FLEX Options at desired times and prices. The value of FLEX Options will be affected by, among others, changes in the underlying share or equity index price, changes in actual and implied interest rates, changes in the actual and implied volatility of the underlying Shares or equity index and the remaining time until the FLEX Options expire. The value of the FLEX Options will be determined based upon market quotations or using other recognized pricing methods, in accordance with the Trust's pricing policies and procedures. During periods of reduced market liquidity or in the absence of readily available market quotations for the holdings of the Fund, the ability of the Fund to value the FLEX Options becomes more difficult

**Wayfinder Dynamic U.S. Interest Rate ETF** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

and the judgment of the Adviser (employing the fair value procedures adopted by the Board of Trustees of the Trust) may play a greater role in the valuation of the Fund's holdings due to reduced availability of reliable objective pricing data.

**OPTIONS** — Financial derivatives instruments, such as option contracts, derive their value from the performance of an underlying asset or index. The Fund may purchase and sell(write) put options and call options on securities or indices in standardized contracts listed on securities exchanges. The Fund may also purchase and sell (write) over-the counter ("OTC") put options and call options.

A call option gives the purchaser of the option the right to buy, and a writer the obligation to sell, the underlying security or index at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligations under the options contract. A put option gives the purchaser the right to sell the underlying security or index at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security or index. In contrast to an option on a particular security, an option on an index provides the holder with the right to make or receive a cash settlement upon exercise of the option. The amount of this settlement will be equal to the difference between the closing price of the index at the time of exercise and the exercise price of the option expressed in dollars, times a specified multiple.

The Fund may enter into options written for: bona fide hedging; attempting to offset changes in the value of securities held or expected to be acquired or be disposed of; attempting to minimize fluctuations in foreign currencies; attempting to gain exposure to a particular market, index or instrument; or other risk management purposes. Such options may relate to particular securities or domestic stock indices, and may or may not be listed on exchanges regulated by the Commodity Futures Trading Commission or on other non-U.S. exchanges. An option on a futures contract gives the purchaser the right, in return for the premium paid, to assume a position in the contract (a long position if the option is a call and a short position if the option is a put) at a specified exercise price at any time during the option exercise period. The writer of the option is required upon exercise to assume a short futures position (if the option is a call) or a long futures position (if the option is a put). Upon exercise of the option, the accumulated cash balance in the writer's futures margin account is delivered to the holder of the option. That balance represents the amount by which the market price of the futures contract at exercise exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option. The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. The Fund also has the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. The Fund may also write OTC options where completing the obligation depends upon the credit standing of the other party. Option contracts also involve the risk that they may result in loss due to unanticipated developments in market conditions or other causes. Written options are initially recorded as liabilities to the extent of premiums received and subsequently marked to market to reflect the current value of the option written. Gains or losses are realized when the option transaction expires or closes. When an option is exercised, the proceeds on sales for a written call option or the purchase cost for a written put option is adjusted by the amount of the premium received. Listed option contracts present minimal counterparty credit risk since they are exchange traded and the exchange's clearinghouse, as counterparty to all exchange-traded options, guarantees the options against default. As of the end of the reporting period, the Fund did not hold purchased or written options. Information regarding realized gain/(loss) and change in unrealized appreciation/ (depreciation) of options during the reporting period is included in the Statements of Operations.

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

---

| | | |
|:---|:---|:---|
| **FUND** | **PURCHASED <br> OPTIONS<br> (COST)** | **WRITTEN <br> OPTIONS<br> (PROCEEDS)** |
|  Wayfinder Dynamic U.S. Interest Rate ETF  | $793936 | $74 |

---

**Wayfinder Dynamic U.S. Interest Rate ETF** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

**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 contracts.

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** |
| <br>**FUND** | **DERIVATIVE TYPE** | **STATEMENT OF <br> ASSETS AND <br> LIABILITIES <br> LOCATION** | **RISK TYPE** | **VALUE** |
|  Wayfinder Dynamic U.S. Interest Rate ETF  | Written Option Contracts | Written options, at Value | Equity Securites Risk | $— <sup>(a)</sup> |
|  | Purchased <br> Option Contracts | Investments, at Value | Equity Securites Risk | $2993117 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) Includes all investments
 with an aggregate value of zero.

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** |
| <br>**FUND** | **DERIVATIVE TYPE** | **STATEMENT OF <br> OPERATIONS <br> LOCATION** | **RISK TYPE** | **NET REALIZED <br> GAIN (LOSS)** | **NET CHANGE <br> IN UNREALIZED <br> APPRECIATION <br> (DEPRECIATION)** |
|  Wayfinder Dynamic U.S. Interest Rate ETF  | Written Option Contract | Written options | Equity Securites Risk | $164 | $208 |
|  | Purchased <br> Option Contracts | Investments | Equity Securites Risk | $5664 | $17774 |

---

**OPERATING SEGMENTS** — are components of an entity that engage in business activities and have discrete financial information available. Each series of the Trust operates in one segment. The segment derives its revenues from each series' investments made in accordance with the defined investment strategy of each series, as prescribed in the Fund's prospectus. The Chief Operating Decision Maker ("CODM") of the fund is the Investment Committee of the Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on the Fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**2. INVESTMENT ADVISER AND OTHER SERVICES** 

Gladius Capital Management LP 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 and provides 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. Compensation of the Sub-Adviser is paid by the Adviser. The Fund compensates the Adviser for its services at an annual rate of 0.25% based on the Fund's average daily net assets payable on a monthly basis in arrears (the "Advisory Fee"). 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 0.15% (the

**Wayfinder Dynamic U.S. Interest Rate ETF** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

"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, brokerage commissions, extraordinary items, interest, and taxes. This Expense Cap is in effect until December 31, 2026 and may not be terminated without the approval of the Board.

---

| | | |
|:---|:---|:---|
| **FUND** | **ADVISORY FEE** | **EXPENSE CAP** |
|  Wayfinder Dynamic U.S. Interest Rate ETF  | 0.25% | 0.15% |

---

If at any time the Fund's total annual fund operating expenses (excluding acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes) for a year are less than the relevant Expense Cap, the Adviser may recoup any waived or reimbursed amounts from the Fund within three years from the date on which such waiver or reimbursement was made, provided such reimbursement does not cause the Fund'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:

---

| | |
|:---|:---|
| **FUND** | **Expiration <br> August 31, 2029** |
|  Wayfinder Dynamic U.S. Interest Rate ETF  | $1127 |

---

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 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, 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.

**Wayfinder Dynamic U.S. Interest Rate ETF** 

**NOTES TO FINANCIAL STATEMENTS (concluded)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

**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. SHARE TRANSACTIONS** 

Shares of the Fund are listed and traded on the Nasdaq Stock Market LLC (the "Exchange"). Market prices for the shares may be different from their NAV. The Fund issues and redeems shares on a continuous basis at NAV only in blocks of 10,000 shares, called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Fund. Creation Units may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with Quasar. Most retail investors do not qualify as Authorized Participants nor have the resources to buy and sell whole Creation Units. Therefore, they are unable to purchase or redeem shares directly from the Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

The Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for the Fund is $300, payable to the Custodian. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to 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. FEDERAL INCOME TAX INFORMATION** 

The Fund is subject to examination by U.S. taxing authorities for the tax period since the commencement of operations. The amount and character of tax basis distributions and composition of net assets, including distributable earnings (accumulated deficit) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined for the current fiscal period. Since the Fund did not have a full fiscal year, the tax cost of investments is the same as noted in the Schedule of Investments.

**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.

**Wayfinder Dynamic U.S. Interest Rate ETF** 

**Other Information** 

**As of FEBRUARY 28, 2026 (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 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 https://WayfinderETFs.com.

**Wayfinder Dynamic U.S. Interest Rate ETF** 

**Approval of Investment Advisory AGREEMENT** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

As required by the 1940 Act, the Board of Trustees ("Trustees"), including all of the Trustees who are not "interested persons" of The RBB Fund Trust (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 Gladius Capital Management LP ("Gladius") and the Trust, on behalf of the new Wayfinder Dynamic U.S. Interest Rate ETF (the "Fund"), and (ii) a new investment sub-advisory agreement (the "Sub-Advisory Agreement") among the Trust, Gladius, and Vident Investment Advisory, LLC ("Vident"), with respect to the Fund at meetings held on September 10-11, 2025 and October 31, 2025 (together, 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, 2027. 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 Gladius and Vident, with the assistance and advice of counsel to the Independent Trustees and the Trust.

In considering the approval of the Investment Advisory Agreement and the Sub-Advisory Agreement, 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 Gladius and discussed the Investment Advisory Agreement and Sub-Advisory Agreement with counsel in executive sessions, at which no representatives of Gladius or Vident 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 Gladius and Vident; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) Gladius' and Vident's investment philosophies and processes; (iv) Gladius' and Vident's assets under management and client descriptions; (v) Gladius' and Vident's soft dollar commission and trade allocation policies, as applicable; (vi) Gladius' and Vident's advisory fee arrangements with the Trust and other similarly managed clients, as applicable; (vii) Gladius' and Vident's compliance procedures; (viii) Gladius' and Vident's financial information and insurance coverage; (ix) Gladius' and Vident'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 Gladius and Vident. The Trustees concluded that Gladius and Vident 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 Gladius would be responsible for compensating the Fund's other service providers and paying other expenses of the Fund out of Gladius' own fees and resources.

After reviewing the information regarding Gladius' and Vident's estimated costs, profitability and economies of scale, and after considering the services to be provided by Gladius and Vident, the Trustees concluded that the investment advisory fees to be paid by the Fund to Gladius and the sub-advisory fees to be paid by Gladius to Vident were fair and reasonable and that the Investment Advisory Agreement and Sub-Advisory Agreement should be approved for an initial period ending August 16, 2027.

**Investment Adviser** 

Gladius Capital Management LP

1835 Three Kings Drive, Suite 50

Park City, UT 84060

**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 Ave. Suite 800

Cleveland, OH 44115

**Underwriter** 

Quasar Distributors, LLC

190 Middle Street, Suite 301

Portland, ME 04101

**Legal Counsel** 

Faegre Drinker Biddle & Reath LLP

One Logan Square, Suite 2000

Philadelphia, PA 19103

**Longview Advantage ETF** 

**A Series of** 

**THE RBB FUND TRUST** 

**(Ticker: NASDAQ - EBI)** 

**Financial Statements** 

**February 28, 2026** 

**(Unaudited)** 

**Longview Advantage ETF** 

**Schedule of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5%** | **COMMON STOCKS — 92.5%** | **COMMON STOCKS — 92.5%** |
|  **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** | **Aerospace & Defense — 1.0%** |
|  AAR Corp. <sup>(a)</sup>  | 382 | $44759 |
|  AerSale Corp. <sup>(a)</sup>  | 6014 | 46909 |
|  Astronics Corp. <sup>(a)</sup>  | 64 | 5160 |
|  ATI, Inc. <sup>(a)</sup>  | 1212 | 198271 |
|  BWX Technologies, Inc.  | 532 | 109581 |
|  Cadre Holdings, Inc.  | 35 | 1554 |
|  Carpenter Technology Corp.  | 490 | 195054 |
|  Curtiss-Wright Corp.  | 244 | 170881 |
|  Ducommun, Inc. <sup>(a)</sup>  | 2 | 247 |
|  FTAI Aviation Ltd.  | 166 | 50763 |
|  General Dynamics Corp.  | 799 | 285283 |
|  General Electric Co.  | 3483 | 1192092 |
|  HEICO Corp.  | 35 | 11181 |
|  HEICO Corp. - Class A  | 160 | 38418 |
|  Hexcel Corp.  | 510 | 47272 |
|  Howmet Aerospace, Inc.  | 1485 | 389857 |
|  Huntington Ingalls Industries, Inc.  | 264 | 117353 |
|  Kratos Defense & Security Solutions, Inc. <sup>(a)</sup>  | 2 | 172 |
|  L3Harris Technologies, Inc.  | 493 | 179718 |
|  Leonardo DRS, Inc.  | 679 | 29462 |
|  Loar Holdings, Inc. <sup>(a)</sup>  | 2 | 142 |
|  Lockheed Martin Corp.  | 539 | 354705 |
|  Mercury Systems, Inc. <sup>(a)</sup>  | 36 | 3205 |
|  Moog, Inc. - Class A  | 381 | 128561 |
|  National Presto Industries, Inc.  | 9 | 1187 |
|  Northrop Grumman Corp.  | 794 | 575158 |
|  Park Aerospace Corp.  | 1 | 26 |
|  RTX Corp.  | 5342 | 1082396 |
|  StandardAero, Inc. <sup>(a)</sup>  | 19 | 585 |
|  Textron, Inc.  | 2327 | 229559 |
|  V2X, Inc. <sup>(a)</sup>  | 3411 | 237917 |
|  VSE Corp. <sup>(b)</sup>  | 63 | 14305 |
|  Woodward, Inc.  | 363 | 140394 |
|  |  | 5882127 |
|  **Air Freight & Logistics — 1.0%** | **Air Freight & Logistics — 1.0%** | **Air Freight & Logistics — 1.0%** |
|  CH Robinson Worldwide, Inc.  | 1390 | 257498 |
|  Expeditors International of Washington, Inc.  | 2674 | 387810 |
|  FedEx Corp.  | 8491 | 3286017 |
|  Forward Air Corp. <sup>(a)</sup>  | 7170 | 181329 |
|  GXO Logistics, Inc. <sup>(a)</sup>  | 7818 | 491205 |
|  Hub Group, Inc. - Class A  | 350 | 15074 |
|  Radiant Logistics, Inc. <sup>(a)</sup>  | 121 | 898 |
|  United Parcel Service, Inc. - Class B  | 15296 | 1773724 |
|  |  | 6393555 |
|  **Automobile Components — 1.1%** | **Automobile Components — 1.1%** | **Automobile Components — 1.1%** |
|  Adient PLC <sup>(a)</sup>  | 4441 | 108005 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Automobile Components — 1.1% (continued)** | **Automobile Components — 1.1% (continued)** | **Automobile Components — 1.1% (continued)** |
|  Aptiv PLC <sup>(a)</sup>  | 38317 | $2817832 |
|  Autoliv, Inc.  | 14 | 1659 |
|  BorgWarner, Inc.  | 8263 | 475701 |
|  Dana, Inc.  | 23429 | 802209 |
|  Dauch Corp. <sup>(a)</sup>  | 21649 | 142883 |
|  Dorman Products, Inc. <sup>(a)</sup>  | 602 | 70952 |
|  Gentex Corp.  | 2543 | 59506 |
|  Gentherm, Inc. <sup>(a)</sup>  | 758 | 24840 |
|  Goodyear Tire & Rubber Co. <sup>(a)</sup>  | 29829 | 246089 |
|  Holley, Inc. <sup>(a)</sup>  | 184 | 751 |
|  LCI Industries  | 3127 | 416516 |
|  Lear Corp.  | 7412 | 972825 |
|  Magna International, Inc.  | 14 | 883 |
|  Motorcar Parts of America, Inc. <sup>(a)</sup>  | 1320 | 13649 |
|  Patrick Industries, Inc.  | 2494 | 308732 |
|  Phinia, Inc.  | 4932 | 358211 |
|  Standard Motor Products, Inc.  | 2608 | 103486 |
|  Strattec Security Corp. <sup>(a)</sup>  | 70 | 6160 |
|  Visteon Corp.  | 1640 | 156899 |
|  XPEL, Inc. <sup>(a)</sup>  | 31 | 1321 |
|  |  | 7089109 |
|  **Automobiles — 1.5%** | **Automobiles — 1.5%** | **Automobiles — 1.5%** |
|  Ford Motor Co.  | 200793 | 2829173 |
|  General Motors Co.  | 49693 | 3911336 |
|  Harley-Davidson, Inc.  | 4532 | 81576 |
|  Rivian Automotive, Inc. - Class A <sup>(a)</sup>  | 6 | 92 |
|  Tesla, Inc. <sup>(a)</sup>  | 4203 | 1691750 |
|  Thor Industries, Inc.  | 5909 | 568032 |
|  Winnebago Industries, Inc.  | 116 | 4627 |
|  |  | 9086586 |
|  **Banks — 3.2%** | **Banks — 3.2%** | **Banks — 3.2%** |
|  1st Source Corp.  | 218 | 14608 |
|  ACNB Corp.  | 8 | 403 |
|  Amalgamated Financial Corp.  | 1165 | 44841 |
|  Amerant Bancorp, Inc.  | 34 | 726 |
|  Ameris Bancorp  | 602 | 46751 |
|  Ames National Corp.  | 2 | 54 |
|  Arrow Financial Corp.  | 40 | 1332 |
|  Associated Banc-Corp.  | 8545 | 225673 |
|  Atlantic Union Bankshares Corp.  | 935 | 34651 |
|  Axos Financial, Inc. <sup>(a)</sup>  | 5222 | 453374 |
|  Banc of California, Inc.  | 1301 | 24030 |
|  BancFirst Corp.  | 275 | 30250 |
|  Bancorp, Inc. <sup>(a)</sup>  | 1841 | 96634 |
|  Bank First Corp.  | 137 | 18450 |
|  Bank of America Corp.  | 23472 | 1169610 |
|  Bank of Hawaii Corp.  | 411 | 31141 |
|  Bank of NT Butterfield & Son Ltd.  | 5127 | 260195 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Banks — 3.2% (continued)** | **Banks — 3.2% (continued)** | **Banks — 3.2% (continued)** |
|  Bank OZK <sup>(b)</sup>  | 5440 | $253286 |
|  Bank7 Corp.  | 236 | 9601 |
|  BankUnited, Inc.  | 818 | 38201 |
|  Bankwell Financial Group, Inc.  | 374 | 17466 |
|  Banner Corp.  | 307 | 18067 |
|  Bar Harbor Bankshares  | 4 | 129 |
|  BayCom Corp.  | 9 | 265 |
|  BOK Financial Corp.  | 231 | 29041 |
|  Burke & Herbert Financial Services Corp.  | 1307 | 84223 |
|  Business First Bancshares, Inc.  | 20 | 546 |
|  Byline Bancorp, Inc.  | 27 | 842 |
|  C&F Financial Corp.  | 11 | 801 |
|  California BanCorp  | 3102 | 56798 |
|  Camden National Corp.  | 9 | 415 |
|  Capital Bancorp, Inc.  | 591 | 17381 |
|  Capital City Bank Group, Inc.  | 606 | 25964 |
|  Capitol Federal Financial, Inc.  | 699 | 5019 |
|  Carter Bankshares, Inc. <sup>(a)</sup>  | 9 | 188 |
|  Cathay General Bancorp <sup>(b)</sup>  | 617 | 30671 |
|  Central Pacific Financial Corp.  | 1389 | 44240 |
|  ChoiceOne Financial Services, Inc.  | 24 | 687 |
|  Citigroup, Inc.  | 7451 | 821026 |
|  Citizens & Northern Corp.  | 15 | 337 |
|  Citizens Financial Group, Inc.  | 2832 | 170458 |
|  Citizens Financial Services, Inc.  | 9 | 541 |
|  City Holding Co.  | 354 | 42469 |
|  Civista Bancshares, Inc.  | 12 | 286 |
|  CNB Financial Corp.  | 1 | 28 |
|  Coastal Financial Corp. <sup>(a)</sup>  | 83 | 6158 |
|  Colony Bankcorp, Inc.  | 14 | 278 |
|  Columbia Banking System, Inc.  | 4351 | 123786 |
|  Columbia Financial, Inc. <sup>(a)</sup>  | 4 | 72 |
|  Commerce Bancshares, Inc.  | 836 | 42628 |
|  Community Financial System, Inc.  | 480 | 29064 |
|  Community Trust Bancorp, Inc.  | 17 | 1021 |
|  Community West Bancshares  | 1957 | 45461 |
|  ConnectOne Bancorp, Inc.  | 5 | 133 |
|  Cullen/Frost Bankers, Inc. <sup>(b)</sup>  | 641 | 88599 |
|  Customers Bancorp, Inc. <sup>(a)</sup>  | 533 | 35946 |
|  CVB Financial Corp.  | 1315 | 25287 |
|  Dime Community Bancshares, Inc.  | 25 | 809 |
|  Eagle Bancorp Montana, Inc.  | 508 | 11024 |
|  East West Bancorp, Inc.  | 7034 | 769871 |
|  Eastern Bankshares, Inc.  | 134 | 2621 |
|  Enterprise Financial Services Corp.  | 1647 | 94044 |
|  Equity Bancshares, Inc. - Class A  | 415 | 18625 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Banks — 3.2% (continued)** | **Banks — 3.2% (continued)** | **Banks — 3.2% (continued)** |
|  Farmers & Merchants Bancorp, Inc.  | 26 | $672 |
|  Farmers National Banc Corp.  | 2022 | 26144 |
|  FB Financial Corp. <sup>(b)</sup>  | 327 | 17884 |
|  Fidelity D&D Bancorp, Inc.  | 111 | 4867 |
|  Fifth Third Bancorp  | 7213 | 356827 |
|  Financial Institutions, Inc.  | 2482 | 77885 |
|  First Bancorp  | 43 | 2442 |
|  First BanCorp  | 6825 | 144212 |
|  First Bancorp, Inc.  | 23 | 636 |
|  First Bank  | 50 | 796 |
|  First Busey Corp.  | 712 | 18056 |
|  First Business Financial Services, Inc.  | 390 | 21314 |
|  First Capital, Inc.  | 3 | 152 |
|  First Citizens BancShares, Inc. - Class A  | 109 | 206898 |
|  First Commonwealth Financial Corp.  | 1221 | 21404 |
|  First Community Bankshares, Inc.  | 19 | 743 |
|  First Community Corp.  | 6 | 173 |
|  First Financial Bancorp  | 906 | 25431 |
|  First Financial Bankshares, Inc. <sup>(b)</sup>  | 721 | 22301 |
|  First Financial Corp.  | 604 | 38269 |
|  First Hawaiian, Inc.  | 1417 | 35085 |
|  First Horizon Corp.  | 6293 | 149710 |
|  First Interstate BancSystem, Inc. - Class A  | 962 | 33295 |
|  First Merchants Corp.  | 567 | 22158 |
|  First Mid Bancshares, Inc.  | 384 | 15748 |
|  First National Corp.  | 531 | 14098 |
|  First United Corp.  | 337 | 11953 |
|  Firstsun Capital Bancorp <sup>(a)</sup>  | 14 | 511 |
|  Five Star Bancorp  | 2 | 78 |
|  Flushing Financial Corp.  | 4 | 62 |
|  FNB Corp.  | 3692 | 62727 |
|  Franklin Financial Services Corp.  | 216 | 11120 |
|  FS Bancorp, Inc.  | 31 | 1225 |
|  Fulton Financial Corp. <sup>(b)</sup>  | 3616 | 73947 |
|  FVCBankcorp, Inc.  | 8 | 124 |
|  German American Bancorp, Inc.  | 54 | 2232 |
|  Glacier Bancorp, Inc.  | 714 | 32480 |
|  Great Southern Bancorp, Inc.  | 380 | 23381 |
|  Hancock Whitney Corp.  | 910 | 59887 |
|  Hanmi Financial Corp.  | 1280 | 33421 |
|  Hawthorn Bancshares, Inc.  | 16 | 528 |
|  HBT Financial, Inc.  | 670 | 18063 |
|  Heritage Commerce Corp.  | 20 | 249 |
|  Heritage Financial Corp.  | 49 | 1294 |
|  Hilltop Holdings, Inc.  | 387 | 14485 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Banks — 3.2% (continued)** | **Banks — 3.2% (continued)** | **Banks — 3.2% (continued)** |
|  Home Bancorp, Inc.  | 303 | $17907 |
|  Home BancShares, Inc.  | 1894 | 52009 |
|  HomeTrust Bancshares, Inc.  | 14 | 590 |
|  Hope Bancorp, Inc.  | 541 | 6092 |
|  Huntington Bancshares, Inc.  | 38108 | 640214 |
|  Independent Bank Corp. <sup>(b)</sup>  | 398 | 31072 |
|  Independent Bank Corp.  | 91 | 3162 |
|  International Bancshares Corp. <sup>(b)</sup>  | 2951 | 198042 |
|  Investar Holding Corp.  | 6 | 169 |
|  JPMorgan Chase & Co.  | 14589 | 4381077 |
|  Kearny Financial Corp.  | 50 | 383 |
|  KeyCorp  | 1199 | 24867 |
|  Lakeland Financial Corp.  | 219 | 12722 |
|  LCNB Corp.  | 8 | 136 |
|  LINKBANCORP, Inc.  | 1740 | 15051 |
|  Live Oak Bancshares, Inc.  | 41 | 1487 |
|  M&T Bank Corp. <sup>(b)</sup>  | 674 | 146245 |
|  Mercantile Bank Corp.  | 45 | 2325 |
|  Meridian Corp.  | 19 | 369 |
|  Metrocity Bankshares, Inc.  | 85 | 2389 |
|  Mid Penn Bancorp, Inc.  | 17 | 547 |
|  MVB Financial Corp.  | 41 | 1107 |
|  National Bank Holdings Corp. - Class A  | 317 | 12677 |
|  NB Bancorp, Inc.  | 24 | 512 |
|  NBT Bancorp, Inc.  | 410 | 17515 |
|  Nicolet Bankshares, Inc.  | 291 | 44383 |
|  Northeast Bank  | 485 | 53777 |
|  Northeast Community Bancorp, Inc.  | 876 | 21199 |
|  Northfield Bancorp, Inc.  | 7 | 93 |
|  Northrim BanCorp, Inc.  | 2248 | 52806 |
|  Northwest Bancshares, Inc.  | 1118 | 13919 |
|  Norwood Financial Corp.  | 2 | 58 |
|  Oak Valley Bancorp  | 34 | 1088 |
|  OceanFirst Financial Corp.  | 2 | 36 |
|  OFG Bancorp  | 2388 | 95711 |
|  Old National Bancorp <sup>(b)</sup>  | 3456 | 79834 |
|  Old Second Bancorp, Inc.  | 1 | 20 |
|  OP Bancorp  | 49 | 655 |
|  Orange County Bancorp, Inc.  | 20 | 664 |
|  Origin Bancorp, Inc.  | 1 | 42 |
|  Orrstown Financial Services, Inc.  | 2046 | 73533 |
|  Park National Corp.  | 303 | 49853 |
|  Parke Bancorp, Inc.  | 784 | 21842 |
|  Pathward Financial, Inc. <sup>(b)</sup>  | 1543 | 140089 |
|  PCB Bancorp  | 341 | 7625 |
|  Peoples Bancorp of North Carolina, Inc.  | 5 | 191 |
|  Peoples Bancorp, Inc.  | 1 | 32 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Banks — 3.2% (continued)** | **Banks — 3.2% (continued)** | **Banks — 3.2% (continued)** |
|  Peoples Financial Services Corp.  | 394 | $21118 |
|  Pinnacle Financial Partners, Inc.  | 3119 | 283080 |
|  Plumas Bancorp  | 35 | 1761 |
|  PNC Financial Services Group, Inc.  | 1627 | 345493 |
|  Ponce Financial Group, Inc. <sup>(a)</sup>  | 24 | 390 |
|  Popular, Inc.  | 1282 | 173532 |
|  Preferred Bank  | 1249 | 109562 |
|  Primis Financial Corp.  | 1895 | 25033 |
|  Prosperity Bancshares, Inc.  | 920 | 64740 |
|  Provident Financial Services, Inc.  | 2868 | 60343 |
|  Red River Bancshares, Inc.  | 8 | 710 |
|  Regions Financial Corp.  | 5499 | 153037 |
|  Renasant Corp.  | 736 | 27710 |
|  Republic Bancorp, Inc. - Class A  | 420 | 28980 |
|  S&T Bancorp, Inc.  | 498 | 20821 |
|  SB Financial Group, Inc.  | 4 | 83 |
|  Seacoast Banking Corp. of Florida  | 782 | 24336 |
|  ServisFirst Bancshares, Inc. <sup>(b)</sup>  | 372 | 30136 |
|  Shore Bancshares, Inc.  | 1887 | 35060 |
|  Sierra Bancorp  | 60 | 2159 |
|  SmartFinancial, Inc.  | 1 | 39 |
|  South Plains Financial, Inc.  | 12 | 492 |
|  Southern Missouri Bancorp, Inc.  | 523 | 32379 |
|  Southside Bancshares, Inc.  | 26 | 814 |
|  SOUTHSTATE BANK CORP  | 939 | 92651 |
|  Stellar Bancorp, Inc.  | 2 | 75 |
|  Stock Yards Bancorp, Inc.  | 138 | 8851 |
|  Texas Capital Bancshares, Inc. <sup>(a)</sup>  | 1592 | 151718 |
|  TFS Financial Corp.  | 60 | 841 |
|  Third Coast Bancshares, Inc. <sup>(a)</sup>  | 665 | 26341 |
|  Timberland Bancorp, Inc.  | 238 | 9063 |
|  Tompkins Financial Corp.  | 450 | 34520 |
|  Towne Bank  | 616 | 21104 |
|  TriCo Bancshares  | 13 | 621 |
|  Triumph Financial, Inc. <sup>(a)</sup>  | 103 | 5754 |
|  Truist Financial Corp.  | 2731 | 134666 |
|  TrustCo Bank Corp. NY  | 1 | 43 |
|  Trustmark Corp.  | 6148 | 261843 |
|  UMB Financial Corp.  | 622 | 72077 |
|  United Bankshares, Inc.  | 1446 | 59720 |
|  United Community Banks, Inc.  | 1131 | 36384 |
|  Unity Bancorp, Inc.  | 376 | 19999 |
|  Univest Financial Corp.  | 1 | 34 |
|  US Bancorp  | 16531 | 903584 |
|  USCB Financial Holdings, Inc.  | 48 | 909 |
|  Valley National Bancorp  | 4389 | 55345 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Banks — 3.2% (continued)** | **Banks — 3.2% (continued)** | **Banks — 3.2% (continued)** |
|  Virginia National Bankshares Corp.  | 2 | $77 |
|  WaFd, Inc.  | 63 | 1963 |
|  Washington Trust Bancorp, Inc.  | 2 | 67 |
|  Webster Financial Corp.  | 8 | 577 |
|  Wells Fargo & Co.  | 19387 | 1579071 |
|  WesBanco, Inc.  | 937 | 32673 |
|  West BanCorp, Inc.  | 12 | 292 |
|  Westamerica BanCorp  | 420 | 21273 |
|  Western Alliance Bancorp  | 6642 | 533485 |
|  Western New England Bancorp, Inc.  | 3 | 39 |
|  Wintrust Financial Corp.  | 3060 | 440824 |
|  WSFS Financial Corp. <sup>(b)</sup>  | 541 | 34359 |
|  Zions Bancorp NA  | 10045 | 575378 |
|  |  | 19806238 |
|  **Beverages — 0.6%** | **Beverages — 0.6%** | **Beverages — 0.6%** |
|  Brown-Forman Corp. - Class B <sup>(b)</sup>  | 340 | 9812 |
|  Coca-Cola Co.  | 8668 | 706962 |
|  Coca-Cola Consolidated, Inc.  | 6991 | 1414978 |
|  Constellation Brands, Inc. - Class A  | 43 | 6788 |
|  Keurig Dr Pepper, Inc.  | 115 | 3482 |
|  Monster Beverage Corp. <sup>(a)</sup>  | 2159 | 184163 |
|  National Beverage Corp. <sup>(a)</sup>  | 12 | 436 |
|  PepsiCo, Inc.  | 8516 | 1445506 |
|  Vita Coco Co., Inc. <sup>(a)</sup>  | 28 | 1626 |
|  |  | 3773753 |
|  **Biotechnology — 2.3%** | **Biotechnology — 2.3%** | **Biotechnology — 2.3%** |
|  ACADIA Pharmaceuticals, Inc. <sup>(a)</sup>  | 5529 | 135792 |
|  ADMA Biologics, Inc. <sup>(a)</sup>  | 410 | 6384 |
|  Akebia Therapeutics, Inc. <sup>(a)</sup>  | 117 | 153 |
|  Alkermes PLC <sup>(a)</sup>  | 2102 | 63270 |
|  Alnylam Pharmaceuticals, Inc. <sup>(a)</sup>  | 5 | 1665 |
|  Amgen, Inc.  | 3181 | 1234737 |
|  Apellis Pharmaceuticals, Inc. <sup>(a)</sup>  | 6 | 126 |
|  Biogen, Inc. <sup>(a)</sup>  | 2246 | 430828 |
|  BioMarin Pharmaceutical, Inc. <sup>(a)</sup>  | 172 | 10618 |
|  CareDx, Inc. <sup>(a)</sup>  | 39 | 732 |
|  Catalyst Pharmaceuticals, Inc. <sup>(a)</sup>  | 6344 | 146420 |
|  Emergent BioSolutions, Inc. <sup>(a)</sup>  | 8994 | 73301 |
|  Exelixis, Inc. <sup>(a)</sup>  | 25491 | 1123133 |
|  Gilead Sciences, Inc.  | 35300 | 5257935 |
|  Halozyme Therapeutics, Inc. <sup>(a)</sup>  | 9830 | 683480 |
|  Immunovant, Inc. <sup>(a)</sup>  | 1 | 28 |
|  Incyte Corp. <sup>(a)</sup>  | 35279 | 3572704 |
|  Keros Therapeutics, Inc. <sup>(a)</sup>  | 12 | 170 |
|  Krystal Biotech, Inc. <sup>(a)</sup>  | 22 | 6064 |
|  MiMedx Group, Inc. <sup>(a)</sup>  | 85 | 416 |
|  Moderna, Inc. <sup>(a)(b)</sup>  | 6 | 321 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Biotechnology — 2.3% (continued)** | **Biotechnology — 2.3% (continued)** | **Biotechnology — 2.3% (continued)** |
|  Monte Rosa Therapeutics, Inc. <sup>(a)</sup>  | 6 | $106 |
|  Natera, Inc. <sup>(a)</sup>  | 2 | 416 |
|  Neurocrine Biosciences, Inc. <sup>(a)</sup>  | 886 | 117173 |
|  Puma Biotechnology, Inc. <sup>(a)</sup>  | 7172 | 40880 |
|  Regeneron Pharmaceuticals, Inc.  | 58 | 45337 |
|  Rigel Pharmaceuticals, Inc. <sup>(a)</sup>  | 2093 | 72711 |
|  Stoke Therapeutics, Inc. <sup>(a)</sup>  | 11 | 401 |
|  TG Therapeutics, Inc. <sup>(a)</sup>  | 127 | 3821 |
|  United Therapeutics Corp. <sup>(a)</sup>  | 110 | 55429 |
|  Veracyte, Inc. <sup>(a)</sup>  | 22137 | 809993 |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 35 | 17389 |
|  Viking Therapeutics, Inc. <sup>(a)(b)</sup>  | 4 | 135 |
|  |  | 13912068 |
|  **Broadline Retail — 2.0%** | **Broadline Retail — 2.0%** | **Broadline Retail — 2.0%** |
|  Amazon.com, Inc. <sup>(a)</sup>  | 48389 | 10161690 |
|  Contextlogic Holdings, Inc. <sup>(a)</sup>  | 282 | 2281 |
|  Coupang, Inc. <sup>(a)</sup>  | 6 | 114 |
|  Dillard's, Inc. - Class A  | 582 | 350824 |
|  eBay, Inc.  | 4143 | 376433 |
|  Kohl's Corp.  | 16129 | 264032 |
|  Macy's, Inc.  | 62216 | 1230632 |
|  MercadoLibre, Inc. <sup>(a)</sup>  | 1 | 1758 |
|  Ollie's Bargain Outlet Holdings, Inc. <sup>(a)</sup>  | 215 | 23027 |
|  Savers Value Village, Inc. <sup>(a)</sup>  | 1139 | 10741 |
|  |  | 12421532 |
|  **Building Products — 0.9%** | **Building Products — 0.9%** | **Building Products — 0.9%** |
|  A O Smith Corp.  | 2332 | 181896 |
|  AAON, Inc. <sup>(b)</sup>  | 38 | 3846 |
|  Advanced Drainage Systems, Inc. <sup>(b)</sup>  | 2251 | 385686 |
|  Allegion PLC  | 1917 | 308925 |
|  American Woodmark Corp. <sup>(a)</sup>  | 992 | 49699 |
|  Apogee Enterprises, Inc.  | 226 | 8999 |
|  Armstrong World Industries, Inc.  | 934 | 162049 |
|  AZZ, Inc.  | 648 | 88115 |
|  Builders FirstSource, Inc. <sup>(a)</sup>  | 7499 | 782071 |
|  Carlisle Cos., Inc. <sup>(b)</sup>  | 284 | 112115 |
|  Carrier Global Corp.  | 593 | 38189 |
|  CSW Industrials, Inc.  | 8 | 2355 |
|  Fortune Brands Innovations, Inc.  | 2181 | 118515 |
|  Gibraltar Industries, Inc. <sup>(a)</sup>  | 96 | 4366 |
|  Griffon Corp.  | 2878 | 245321 |
|  Hayward Holdings, Inc. <sup>(a)</sup>  | 1964 | 31424 |
|  Insteel Industries, Inc.  | 66 | 2460 |
|  Janus International Group, Inc. <sup>(a)</sup>  | 111 | 773 |
|  Johnson Controls International PLC  | 3693 | 532900 |
|  Lennox International, Inc.  | 141 | 80361 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Building Products — 0.9% (continued)** | **Building Products — 0.9% (continued)** | **Building Products — 0.9% (continued)** |
|  Masco Corp.  | 5 | $358 |
|  Masterbrand, Inc. <sup>(a)</sup>  | 8647 | 87508 |
|  Modine Manufacturing Co. <sup>(a)</sup>  | 104 | 23634 |
|  Owens Corning <sup>(b)</sup>  | 285 | 34790 |
|  Resideo Technologies, Inc. <sup>(a)</sup>  | 41152 | 1592582 |
|  Simpson Manufacturing Co., Inc.  | 332 | 64265 |
|  Tecnoglass, Inc.  | 3 | 137 |
|  Trane Technologies PLC  | 1243 | 574664 |
|  Trex Co., Inc. <sup>(a)</sup>  | 7 | 290 |
|  UFP Industries, Inc.  | 157 | 16157 |
|  Zurn Elkay Water Solutions Corp.  | 1492 | 76062 |
|  |  | 5610512 |
|  **Capital Markets — 1.7%** | **Capital Markets — 1.7%** | **Capital Markets — 1.7%** |
|  Acadian Asset Management, Inc.  | 31 | 1670 |
|  Affiliated Managers Group, Inc.  | 247 | 75626 |
|  Ameriprise Financial, Inc.  | 2049 | 963276 |
|  Artisan Partners Asset Management, Inc. - Class A  | 1949 | 78506 |
|  Bank of New York Mellon Corp.  | 11723 | 1396209 |
|  BGC Group, Inc. - Class A  | 4690 | 44649 |
|  Blackrock, Inc.  | 402 | 427418 |
|  Blackstone, Inc.  | 3 | 340 |
|  Carlyle Group, Inc.  | 1198 | 62284 |
|  Cboe Global Markets, Inc.  | 303 | 90815 |
|  Charles Schwab Corp.  | 5602 | 533310 |
|  CME Group, Inc.  | 733 | 234194 |
|  Cohen & Steers, Inc.  | 20 | 1337 |
|  Coinbase Global, Inc. - Class A <sup>(a)</sup>  | 430 | 75616 |
|  Donnelley Financial Solutions, Inc. <sup>(a)(b)</sup>  | 270 | 13435 |
|  Evercore, Inc. - Class A  | 49 | 15133 |
|  FactSet Research Systems, Inc.  | 5 | 1084 |
|  Federated Hermes, Inc.  | 114 | 6385 |
|  Franklin Resources, Inc.  | 2859 | 75878 |
|  GCM Grosvenor, Inc. - Class A  | 4 | 46 |
|  Goldman Sachs Group, Inc.  | 1742 | 1497371 |
|  Hamilton Lane, Inc. - Class A  | 49 | 5142 |
|  Houlihan Lokey, Inc.  | 500 | 81885 |
|  Interactive Brokers Group, Inc. - Class A  | 2 | 142 |
|  Intercontinental Exchange, Inc.  | 881 | 144599 |
|  Invesco Ltd.  | 8 | 210 |
|  Jefferies Financial Group, Inc.  | 1503 | 66733 |
|  KKR & Co., Inc.  | 1 | 88 |
|  Lazard, Inc.  | 2136 | 108082 |
|  LPL Financial Holdings, Inc.  | 758 | 227688 |
|  MarketAxess Holdings, Inc.  | 5 | 960 |
|  Moelis & Co. - Class A  | 5586 | 331585 |
|  Moody's Corp.  | 387 | 184827 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Capital Markets — 1.7% (continued)** | **Capital Markets — 1.7% (continued)** | **Capital Markets — 1.7% (continued)** |
|  Morgan Stanley  | 11406 | $1899213 |
|  Morningstar, Inc.  | 8 | 1465 |
|  Nasdaq, Inc.  | 1251 | 109563 |
|  Northern Trust Corp.  | 1864 | 266720 |
|  Perella Weinberg Partners  | 15 | 278 |
|  Piper Sandler Cos. <sup>(b)</sup>  | 14 | 4138 |
|  PJT Partners, Inc. - Class A  | 12 | 1772 |
|  Raymond James Financial, Inc.  | 109 | 16686 |
|  Robinhood Markets, Inc. - Class A <sup>(a)</sup>  | 368 | 27913 |
|  S&P Global, Inc.  | 373 | 164821 |
|  SEI Investments Co.  | 1164 | 94657 |
|  State Street Corp.  | 2006 | 258012 |
|  StepStone Group, Inc. - Class A  | 2 | 86 |
|  Stifel Financial Corp.  | 2847 | 210820 |
|  StoneX Group, Inc. <sup>(a)</sup>  | 1544 | 196860 |
|  T Rowe Price Group, Inc.  | 1415 | 133901 |
|  TPG, Inc.  | 49 | 2128 |
|  Tradeweb Markets, Inc. - Class A  | 7 | 863 |
|  UBS Group AG  | 4 | 166 |
|  Victory Capital Holdings, Inc. - Class A  | 973 | 67312 |
|  Virtu Financial, Inc. - Class A  | 2174 | 90025 |
|  Virtus Investment Partners, Inc.  | 189 | 26150 |
|  WisdomTree, Inc. <sup>(b)</sup>  | 9365 | 160235 |
|  |  | 10480307 |
|  **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** |
|  AdvanSix, Inc.  | 16 | 285 |
|  Albemarle Corp.  | 90 | 16080 |
|  Avient Corp.  | 6336 | 260220 |
|  Axalta Coating Systems Ltd. <sup>(a)</sup>  | 29942 | 1000362 |
|  Balchem Corp.  | 92 | 16692 |
|  Cabot Corp.  | 5204 | 396233 |
|  CF Industries Holdings, Inc.  | 10867 | 1081701 |
|  Chemours Co.  | 18995 | 346469 |
|  Core Molding Technologies, Inc. <sup>(a)</sup>  | 445 | 8121 |
|  Corteva, Inc.  | 2227 | 178427 |
|  Dow, Inc.  | 835 | 25660 |
|  DuPont de Nemours, Inc.  | 1457 | 72908 |
|  Eastman Chemical Co.  | 2666 | 201310 |
|  Ecolab, Inc.  | 707 | 218003 |
|  Ecovyst, Inc. <sup>(a)</sup>  | 11110 | 125210 |
|  Element Solutions, Inc.  | 1930 | 67724 |
|  Hawkins, Inc.  | 3 | 447 |
|  HB Fuller Co.  | 8259 | 542781 |
|  Ingevity Corp. <sup>(a)</sup>  | 10 | 720 |
|  Innospec, Inc.  | 13 | 996 |
|  International Flavors & Fragrances, Inc.  | 86 | 7072 |
|  Koppers Holdings, Inc.  | 2068 | 78170 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Chemicals — 1.1% (continued)** | **Chemicals — 1.1% (continued)** | **Chemicals — 1.1% (continued)** |
|  Kronos Worldwide, Inc.  | 1196 | $6949 |
|  Linde PLC  | 1069 | 543138 |
|  LSB Industries, Inc. <sup>(a)</sup>  | 5 | 58 |
|  LyondellBasell Industries NV - Class A  | 256 | 14725 |
|  Minerals Technologies, Inc.  | 945 | 66736 |
|  Mosaic Co.  | 423 | 11776 |
|  NewMarket Corp.  | 968 | 605978 |
|  Olin Corp.  | 12544 | 318241 |
|  Perimeter Solutions, Inc. <sup>(a)</sup>  | 425 | 9979 |
|  PPG Industries, Inc.  | 1375 | 169496 |
|  Quaker Chemical Corp.  | 15 | 2205 |
|  Rayonier Advanced Materials, Inc. <sup>(a)</sup>  | 15538 | 147145 |
|  RPM International, Inc.  | 1194 | 136259 |
|  Sensient Technologies Corp.  | 408 | 41424 |
|  Sherwin-Williams Co.  | 600 | 217554 |
|  Solstice Advanced Materials, Inc.  | 839 | 65870 |
|  Stepan Co.  | 127 | 6463 |
|  Westlake Corp.  | 12 | 1265 |
|  |  | 7010852 |
|  **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** | **Commercial Services & Supplies — 0.5%** |
|  ABM Industries, Inc.  | 1003 | 44634 |
|  ACCO Brands Corp.  | 8373 | 34078 |
|  Brady Corp. - Class A  | 54 | 4986 |
|  BrightView Holdings, Inc. <sup>(a)</sup>  | 1250 | 17238 |
|  Brink's Co.  | 3475 | 405776 |
|  Casella Waste Systems, Inc. - Class A <sup>(a)</sup>  | 20 | 1863 |
|  Cintas Corp.  | 475 | 95537 |
|  Clean Harbors, Inc. <sup>(a)</sup>  | 851 | 249513 |
|  Copart, Inc. <sup>(a)</sup>  | 426 | 16226 |
|  CoreCivic, Inc. <sup>(a)</sup>  | 73 | 1291 |
|  Deluxe Corp.  | 888 | 24642 |
|  Ennis, Inc.  | 1215 | 25649 |
|  Enviri Corp. <sup>(a)</sup>  | 22873 | 432986 |
|  GEO Group, Inc. <sup>(a)</sup>  | 594 | 8934 |
|  Healthcare Services Group, Inc. <sup>(a)</sup>  | 8 | 174 |
|  HNI Corp.  | 5149 | 231499 |
|  Interface, Inc.  | 4026 | 126779 |
|  Liquidity Services, Inc. <sup>(a)</sup>  | 11 | 348 |
|  MillerKnoll, Inc.  | 4638 | 93409 |
|  Montrose Environmental Group, Inc. <sup>(a)</sup>  | 34 | 994 |
|  MSA Safety, Inc.  | 656 | 128189 |
|  OPENLANE, Inc. <sup>(a)</sup>  | 3297 | 93997 |
|  Quad/Graphics, Inc.  | 2643 | 18263 |
|  Republic Services, Inc.  | 600 | 137400 |
|  Rollins, Inc.  | 529 | 32211 |
|  Tetra Tech, Inc.  | 656 | 23511 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Commercial Services & Supplies — 0.5% (continued)** | **Commercial Services & Supplies — 0.5% (continued)** | **Commercial Services & Supplies — 0.5% (continued)** |
|  UniFirst Corp.  | 50 | $11741 |
|  Veralto Corp.  | 929 | 90512 |
|  Vestis Corp.  | 804 | 6327 |
|  Waste Connections, Inc.  | 259 | 44582 |
|  Waste Management, Inc.  | 1691 | 407260 |
|  |  | 2810549 |
|  **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** | **Communications Equipment — 0.7%** |
|  ADTRAN Holdings, Inc. <sup>(a)</sup>  | 3 | $31 |
|  Arista Networks, Inc. <sup>(a)</sup>  | 2281 | 304513 |
|  Aviat Networks, Inc. <sup>(a)</sup>  | 221 | 5534 |
|  BK Technologies Corp. <sup>(a)</sup>  | 3 | 261 |
|  Calix, Inc. <sup>(a)</sup>  | 1 | 52 |
|  Cisco Systems, Inc.  | 18149 | 1442120 |
|  Digi International, Inc. <sup>(a)</sup>  | 466 | 22750 |
|  Extreme Networks, Inc. <sup>(a)</sup>  | 60 | 839 |
|  F5, Inc. <sup>(a)</sup>  | 227 | 61599 |
|  Harmonic, Inc. <sup>(a)</sup>  | 1578 | 16774 |
|  Lumentum Holdings, Inc. <sup>(a)(b)</sup>  | 4 | 2804 |
|  Motorola Solutions, Inc.  | 479 | 231002 |
|  NetScout Systems, Inc. <sup>(a)</sup>  | 118 | 3447 |
|  Ribbon Communications, Inc. <sup>(a)</sup>  | 5135 | 11451 |
|  Viasat, Inc. <sup>(a)</sup>  | 45267 | 2072323 |
|  Viavi Solutions, Inc. <sup>(a)</sup>  | 571 | 16964 |
|  |  | 4192464 |
|  **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** | **Construction & Engineering — 0.8%** |
|  AECOM  | 1636 | 160295 |
|  Ameresco, Inc. - Class A <sup>(a)</sup>  | 6640 | 202254 |
|  API Group Corp. <sup>(a)</sup>  | 3391 | 150764 |
|  Arcosa, Inc.  | 478 | 51375 |
|  Argan, Inc.  | 102 | 46028 |
|  Bowman Consulting Group Ltd. <sup>(a)</sup>  | 29 | 973 |
|  Centuri Holdings, Inc. <sup>(a)</sup>  | 4718 | 146258 |
|  Comfort Systems USA, Inc.  | 451 | 644646 |
|  Concrete Pumping Holdings, Inc. <sup>(a)</sup>  | 410 | 2763 |
|  Construction Partners, Inc. - Class A <sup>(a)</sup>  | 7 | 941 |
|  Dycom Industries, Inc. <sup>(a)</sup>  | 3048 | 1280221 |
|  EMCOR Group, Inc.  | 376 | 272457 |
|  Everus Construction Group, Inc. <sup>(a)</sup>  | 2045 | 247179 |
|  Fluor Corp. <sup>(a)</sup>  | 539 | 28195 |
|  Granite Construction, Inc. <sup>(b)</sup>  | 532 | 71533 |
|  Great Lakes Dredge & Dock Corp. <sup>(a)</sup>  | 9714 | 164652 |
|  IES Holdings, Inc. <sup>(a)</sup>  | 287 | 142165 |
|  Limbach Holdings, Inc. <sup>(a)</sup>  | 8 | 731 |
|  MasTec, Inc. <sup>(a)</sup>  | 1203 | 358518 |
|  MYR Group, Inc. <sup>(a)</sup>  | 424 | 114463 |
|  NWPX Infrastructure, Inc. <sup>(a)</sup>  | 16 | 1242 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Construction & Engineering — 0.8% (continued)** | **Construction & Engineering — 0.8% (continued)** | **Construction & Engineering — 0.8% (continued)** |
|  Orion Group Holdings, Inc. <sup>(a)</sup>  | 70 | $961 |
|  Primoris Services Corp.  | 1201 | 181015 |
|  Quanta Services, Inc.  | 284 | 159915 |
|  Sterling Infrastructure, Inc. <sup>(a)</sup>  | 186 | 79632 |
|  Tutor Perini Corp.  | 6 | 452 |
|  Valmont Industries, Inc.  | 490 | 225366 |
|  WillScot Holdings Corp.  | 198 | 4279 |
|  |  | 4739273 |
|  **Construction Materials — 0.2%** | **Construction Materials — 0.2%** | **Construction Materials — 0.2%** |
|  CRH PLC  | 4907 | 588742 |
|  Eagle Materials, Inc.  | 2998 | 670952 |
|  James Hardie Industries PLC <sup>(a)</sup>  | 638 | 15535 |
|  Knife River Corp. <sup>(a)</sup>  | 77 | 6852 |
|  Martin Marietta Materials, Inc.  | 192 | 129901 |
|  Smith-Midland Corp. <sup>(a)</sup>  | 2 | 77 |
|  United States Lime & Minerals, Inc.  | 16 | 1827 |
|  Vulcan Materials Co.  | 378 | 117180 |
|  |  | 1531066 |
|  **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** | **Consumer Finance — 1.1%** |
|  Ally Financial, Inc.  | 7380 | 291067 |
|  American Express Co.  | 3039 | 938747 |
|  Bread Financial Holdings, Inc.  | 2242 | 158868 |
|  Capital One Financial Corp.  | 161 | 31498 |
|  Credit Acceptance Corp. <sup>(a)(b)</sup>  | 192 | 90851 |
|  Dave, Inc. <sup>(a)</sup>  | 163 | 31503 |
|  Encore Capital Group, Inc. <sup>(a)</sup>  | 10 | 683 |
|  Enova International, Inc. <sup>(a)</sup>  | 4243 | 589989 |
|  EZCORP, Inc. - Class A <sup>(a)(b)</sup>  | 321 | 8516 |
|  FirstCash Holdings, Inc.  | 9002 | 1735496 |
|  Green Dot Corp. - Class A <sup>(a)</sup>  | 2715 | 31385 |
|  LendingClub Corp. <sup>(a)</sup>  | 5486 | 81796 |
|  LendingTree, Inc. <sup>(a)</sup>  | 1049 | 39201 |
|  Navient Corp.  | 2 | 18 |
|  Nelnet, Inc. - Class A  | 1131 | 146419 |
|  NerdWallet, Inc. - Class A <sup>(a)</sup>  | 4722 | 51234 |
|  OneMain Holdings, Inc.  | 16583 | 912397 |
|  Oportun Financial Corp. <sup>(a)</sup>  | 39 | 202 |
|  OppFi, Inc.  | 16 | 147 |
|  PROG Holdings, Inc.  | 5169 | 182000 |
|  Regional Management Corp.  | 541 | 17215 |
|  SLM Corp.  | 9107 | 170665 |
|  SoFi Technologies, Inc. <sup>(a)</sup>  | 2896 | 51433 |
|  Synchrony Financial  | 18188 | 1256973 |
|  Upstart Holdings, Inc. <sup>(a)</sup>  | 3 | 82 |
|  World Acceptance Corp. <sup>(a)</sup>  | 55 | 7418 |
|  |  | 6825803 |
|  **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** | **Consumer Staples Distribution & Retail — 1.9%** |
|  Albertsons Cos., Inc. - Class A  | 2932 | 52483 |
|  Andersons, Inc.  | 960 | 62678 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Consumer Staples Distribution & Retail — 1.9% (continued)** | **Consumer Staples Distribution & Retail — 1.9% (continued)** | **Consumer Staples Distribution & Retail — 1.9% (continued)** |
|  BJ's Wholesale Club Holdings, Inc. <sup>(a)</sup>  | 1140 | $112621 |
|  Casey's General Stores, Inc.  | 499 | 342109 |
|  Chefs' Warehouse, Inc. <sup>(a)</sup>  | 1281 | 91451 |
|  Costco Wholesale Corp.  | 716 | 723726 |
|  Dollar General Corp.  | 10991 | 1717234 |
|  Dollar Tree, Inc. <sup>(a)</sup>  | 9754 | 1233686 |
|  Grocery Outlet Holding Corp. <sup>(a)(b)</sup>  | 42 | 415 |
|  Ingles Markets, Inc. - Class A <sup>(b)</sup>  | 1238 | 105354 |
|  Kroger Co.  | 43913 | 2996623 |
|  Maplebear, Inc. <sup>(a)</sup>  | 314 | 11778 |
|  Natural Grocers by Vitamin Cottage, Inc.  | 1 | 27 |
|  Performance Food Group Co. <sup>(a)</sup>  | 3869 | 375525 |
|  PriceSmart, Inc.  | 482 | 74527 |
|  Sprouts Farmers Market, Inc. <sup>(a)</sup>  | 91 | 6722 |
|  Sysco Corp.  | 10054 | 916523 |
|  Target Corp.  | 5285 | 601380 |
|  United Natural Foods, Inc. <sup>(a)</sup>  | 4 | 153 |
|  US Foods Holding Corp. <sup>(a)</sup>  | 4738 | 457738 |
|  Village Super Market, Inc. - Class A  | 1423 | 55710 |
|  Walmart, Inc.  | 12549 | 1605644 |
|  Weis Markets, Inc.  | 503 | 34083 |
|  |  | 11578190 |
|  **Containers & Packaging — 1.7%** | **Containers & Packaging — 1.7%** | **Containers & Packaging — 1.7%** |
|  AptarGroup, Inc.  | 182 | 26155 |
|  Avery Dennison Corp.  | 8230 | 1615961 |
|  Ball Corp.  | 42554 | 2856650 |
|  Crown Holdings, Inc.  | 18227 | 2088814 |
|  Graphic Packaging Holding Co.  | 54 | 660 |
|  Greif, Inc. - Class A  | 2773 | 201514 |
|  Greif, Inc. - Class B  | 1 | 87 |
|  Myers Industries, Inc.  | 3729 | 83418 |
|  O-I Glass, Inc. <sup>(a)(b)</sup>  | 21152 | 283437 |
|  Packaging Corp. of America  | 7319 | 1699033 |
|  Ranpak Holdings Corp. <sup>(a)</sup>  | 35 | 179 |
|  Silgan Holdings, Inc.  | 10514 | 505198 |
|  Smurfit Westrock PLC  | 1825 | 85793 |
|  Sonoco Products Co. <sup>(b)</sup>  | 13791 | 778778 |
|  TriMas Corp.  | 85 | 3322 |
|  |  | 10228999 |
|  **Distributors — 0.1%** | **Distributors — 0.1%** | **Distributors — 0.1%** |
|  Genuine Parts Co.  | 3046 | 363266 |
|  GigaCloud Technology, Inc. - Class A <sup>(a)</sup>  | 19 | 842 |
|  LKQ Corp.  | 424 | 14039 |
|  Pool Corp.  | 91 | 20673 |
|  |  | 398820 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Diversified Consumer Services — 0.6%** | **Diversified Consumer Services — 0.6%** | **Diversified Consumer Services — 0.6%** |
|  ADT, Inc.  | 101756 | $816083 |
|  American Public Education, Inc. <sup>(a)</sup>  | 10 | 458 |
|  Bright Horizons Family Solutions, Inc. <sup>(a)</sup>  | 3 | 224 |
|  Carriage Services, Inc.  | 2754 | 126877 |
|  Covista, Inc. <sup>(a)</sup>  | 274 | 26852 |
|  Graham Holdings Co. - Class B  | 100 | 105321 |
|  Grand Canyon Education, Inc. <sup>(a)</sup>  | 308 | 48994 |
|  Laureate Education, Inc. <sup>(a)</sup>  | 25722 | 831849 |
|  Liberty Live Holdings, Inc. - Class A <sup>(a)</sup>  | 78 | 7569 |
|  Lincoln Educational Services Corp. <sup>(a)</sup>  | 2 | 72 |
|  Matthews International Corp. - Class A  | 5060 | 133736 |
|  Mister Car Wash, Inc. <sup>(a)</sup>  | 264 | 1880 |
|  OneSpaWorld Holdings Ltd.  | 198 | 4263 |
|  Perdoceo Education Corp.  | 1466 | 48891 |
|  Service Corp. International  | 19825 | 1668868 |
|  Strategic Education, Inc.  | 70 | 5760 |
|  Stride, Inc. <sup>(a)</sup>  | 6 | 506 |
|  Universal Technical Institute, Inc. <sup>(a)</sup>  | 459 | 16616 |
|  |  | 3844819 |
|  **Diversified REITs — 0.0% <sup>(c)</sup>** | **Diversified REITs — 0.0% <sup>(c)</sup>** | **Diversified REITs — 0.0% <sup>(c)</sup>** |
|  AH Realty Trust, Inc.  | 145 | 906 |
|  **Diversified Telecommunication Services — 2.5%** | **Diversified Telecommunication Services — 2.5%** | **Diversified Telecommunication Services — 2.5%** |
|  Anterix, Inc. <sup>(a)</sup>  | 820 | 30266 |
|  AT&T, Inc.  | 206900 | 5795269 |
|  ATN International, Inc.  | 1703 | 49081 |
|  Bandwidth, Inc. - Class A <sup>(a)</sup>  | 92 | 1364 |
|  Cogent Communications Holdings, Inc.  | 172 | 3227 |
|  Comcast Corp. - Class A  | 112419 | 3480492 |
|  GCI Liberty, Inc. - Class A <sup>(a)</sup>  | 3 | 119 |
|  GCI Liberty, Inc. - Class C <sup>(a)</sup>  | 2 | 79 |
|  IDT Corp. - Class B  | 280 | 14266 |
|  Iridium Communications, Inc.  | 247 | 5916 |
|  Liberty Global Ltd. - Class A <sup>(a)</sup>  | 169 | 2153 |
|  Liberty Global Ltd. - Class C <sup>(a)</sup>  | 138 | 1697 |
|  Liberty Latin America Ltd. - Class C <sup>(a)(b)</sup>  | 3269 | 25956 |
|  Shenandoah Telecommunications Co.  | 2 | 27 |
|  Uniti Group, Inc. <sup>(a)</sup>  | 288 | 2108 |
|  Verizon Communications, Inc.  | 125552 | 6295177 |
|  |  | 15707197 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** | **Electric Utilities — 0.9%** |
|  Alliant Energy Corp.  | 3609 | $261075 |
|  American Electric Power Co., Inc.  | 3170 | 424209 |
|  Constellation Energy Corp.  | 126 | 41565 |
|  Duke Energy Corp.  | 4086 | 534653 |
|  Edison International  | 696 | 52019 |
|  Entergy Corp.  | 4138 | 443221 |
|  Evergy, Inc.  | 3947 | 330206 |
|  Eversource Energy  | 1877 | 143046 |
|  Exelon Corp.  | 7330 | 362615 |
|  FirstEnergy Corp.  | 2610 | 133528 |
|  Genie Energy Ltd. - Class B  | 43 | 625 |
|  Hawaiian Electric Industries, Inc. <sup>(a)</sup>  | 417 | 6459 |
|  IDACORP, Inc.  | 1481 | 213220 |
|  MGE Energy, Inc.  | 495 | 40600 |
|  NextEra Energy, Inc.  | 10469 | 981678 |
|  NRG Energy, Inc.  | 1173 | 209920 |
|  OGE Energy Corp.  | 3798 | 186634 |
|  Otter Tail Corp.  | 588 | 50039 |
|  PG&E Corp.  | 8361 | 158859 |
|  Pinnacle West Capital Corp.  | 1717 | 172215 |
|  Portland General Electric Co.  | 1459 | 78728 |
|  PPL Corp.  | 4401 | 171551 |
|  Southern Co.  | 4985 | 485439 |
|  Xcel Energy, Inc.  | 4194 | 349612 |
|  |  | 5831716 |
|  **Electrical Equipment — 0.5%** | **Electrical Equipment — 0.5%** | **Electrical Equipment — 0.5%** |
|  Acuity, Inc.  | 251 | 75699 |
|  Allient, Inc.  | 281 | 18501 |
|  AMETEK, Inc.  | 496 | 118653 |
|  Atkore, Inc.  | 6 | 388 |
|  Eaton Corp. PLC  | 1064 | 399979 |
|  Emerson Electric Co.  | 1818 | 274064 |
|  EnerSys  | 5447 | 905019 |
|  Generac Holdings, Inc. <sup>(a)(b)</sup>  | 141 | 31777 |
|  Hubbell, Inc.  | 156 | 79814 |
|  LSI Industries, Inc.  | 28 | 605 |
|  Nextpower, Inc. - Class A <sup>(a)</sup>  | 2141 | 225019 |
|  nVent Electric PLC  | 832 | 98476 |
|  Powell Industries, Inc.  | 38 | 19897 |
|  Power Solutions International, Inc. <sup>(a)</sup>  | 16 | 1336 |
|  Regal Rexnord Corp.  | 211 | 46627 |
|  Rockwell Automation, Inc.  | 1320 | 537834 |
|  Sensata Technologies Holding PLC  | 241 | 8999 |
|  Shoals Technologies Group, Inc. - Class A <sup>(a)</sup>  | 71 | 421 |
|  Thermon Group Holdings, Inc. <sup>(a)</sup>  | 558 | 28335 |
|  Vertiv Holdings Co. - Class A  | 289 | 73663 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Electrical Equipment — 0.5% (continued)** | **Electrical Equipment — 0.5% (continued)** | **Electrical Equipment — 0.5% (continued)** |
|  Vicor Corp. <sup>(a)</sup>  | 124 | $24974 |
|  |  | 2970080 |
|  **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** | **Electronic Equipment, Instruments & Components — 0.9%** |
|  Advanced Energy Industries, Inc. <sup>(b)</sup>  | 118 | 39597 |
|  Amphenol Corp. - Class A  | 3913 | 571533 |
|  Arrow Electronics, Inc. <sup>(a)</sup>  | 407 | 61929 |
|  Avnet, Inc.  | 633 | 41677 |
|  Badger Meter, Inc.  | 4 | 610 |
|  Bel Fuse, Inc. - Class B  | 102 | 23430 |
|  Belden, Inc.  | 621 | 88989 |
|  Benchmark Electronics, Inc.  | 1 | 58 |
|  CDW Corp.  | 149 | 18273 |
|  Climb Global Solutions, Inc.  | 13 | 1231 |
|  Cognex Corp.  | 167 | 9085 |
|  Coherent Corp. <sup>(a)</sup>  | 2131 | 551780 |
|  Corning, Inc.  | 2774 | 417154 |
|  Crane NXT Co.  | 1398 | 67509 |
|  CTS Corp.  | 50 | 2633 |
|  Daktronics, Inc. <sup>(a)</sup>  | 2 | 52 |
|  Fabrinet <sup>(a)</sup>  | 315 | 171873 |
|  Flex Ltd. <sup>(a)</sup>  | 1536 | 96799 |
|  Insight Enterprises, Inc. <sup>(a)</sup>  | 3 | 251 |
|  IPG Photonics Corp. <sup>(a)</sup>  | 10 | 1316 |
|  Itron, Inc. <sup>(a)(b)</sup>  | 49 | 4603 |
|  Jabil, Inc.  | 1067 | 282744 |
|  Keysight Technologies, Inc. <sup>(a)</sup>  | 484 | 148748 |
|  Kimball Electronics, Inc. <sup>(a)</sup>  | 314 | 7847 |
|  Knowles Corp. <sup>(a)</sup>  | 72 | 1956 |
|  Littelfuse, Inc.  | 30 | 10574 |
|  Methode Electronics, Inc.  | 2 | 17 |
|  Mirion Technologies, Inc. <sup>(a)</sup>  | 1609 | 34770 |
|  Napco Security Technologies, Inc.  | 53 | 2470 |
|  Novanta, Inc. <sup>(a)(b)</sup>  | 15 | 2016 |
|  OSI Systems, Inc. <sup>(a)(b)</sup>  | 450 | 128340 |
|  PC Connection, Inc.  | 1 | 61 |
|  Plexus Corp. <sup>(a)(b)</sup>  | 452 | 87747 |
|  Powerfleet, Inc. NJ <sup>(a)</sup>  | 74 | 264 |
|  Ralliant Corp.  | 25 | 1147 |
|  ScanSource, Inc. <sup>(a)</sup>  | 9 | 331 |
|  TD SYNNEX Corp.  | 7607 | 1192854 |
|  TE Connectivity PLC  | 487 | 112083 |
|  Teledyne Technologies, Inc. <sup>(a)</sup>  | 187 | 127366 |
|  TTM Technologies, Inc. <sup>(a)</sup>  | 2517 | 262372 |
|  Vishay Intertechnology, Inc.  | 99 | 1853 |
|  Vishay Precision Group, Inc. <sup>(a)</sup>  | 94 | 4331 |
|  Vontier Corp.  | 27041 | 1106518 |
|  Zebra Technologies Corp. - Class A <sup>(a)</sup>  | 157 | 35162 |
|  |  | 5721953 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Energy Equipment & Services — 2.7%** | **Energy Equipment & Services — 2.7%** | **Energy Equipment & Services — 2.7%** |
|  Archrock, Inc.  | 19907 | $703314 |
|  Atlas Energy Solutions, Inc.  | 72 | 693 |
|  Baker Hughes Co.  | 3215 | 209811 |
|  Bristow Group, Inc. <sup>(a)</sup>  | 3000 | 143100 |
|  Cactus, Inc. - Class A  | 161 | 8694 |
|  Core Laboratories, Inc.  | 51 | 897 |
|  Energy Services of America Corp.  | 4 | 62 |
|  Expro Group Holdings NV <sup>(a)</sup>  | 9922 | 177207 |
|  Halliburton Co.  | 63445 | 2284020 |
|  Helix Energy Solutions Group, Inc. <sup>(a)</sup>  | 3450 | 31706 |
|  Helmerich & Payne, Inc.  | 17022 | 599515 |
|  Innovex International, Inc. <sup>(a)(b)</sup>  | 7292 | 192144 |
|  Kodiak Gas Services, Inc.  | 7957 | 434213 |
|  Liberty Energy, Inc.  | 24265 | 681604 |
|  Nabors Industries Ltd. <sup>(a)</sup>  | 3611 | 282091 |
|  National Energy Services Reunited Corp. <sup>(a)</sup>  | 14003 | 350775 |
|  Natural Gas Services Group, Inc.  | 1634 | 62517 |
|  Noble Corp. PLC <sup>(b)</sup>  | 20635 | 937448 |
|  NOV, Inc.  | 7122 | 144292 |
|  Oceaneering International, Inc. <sup>(a)</sup>  | 12473 | 442792 |
|  Oil States International, Inc. <sup>(a)</sup>  | 466 | 6100 |
|  Patterson-UTI Energy, Inc.  | 25277 | 215107 |
|  ProFrac Holding Corp. - Class A <sup>(a)</sup>  | 62 | 307 |
|  ProPetro Holding Corp. <sup>(a)</sup>  | 11913 | 144505 |
|  Ranger Energy Services, Inc. - Class A  | 492 | 8571 |
|  RPC, Inc.  | 889 | 5165 |
|  SEACOR Marine Holdings, Inc. <sup>(a)</sup>  | 224 | 1716 |
|  Seadrill Ltd. <sup>(a)</sup>  | 49 | 2150 |
|  Select Water Solutions, Inc.  | 690 | 9432 |
|  SLB Ltd.  | 32500 | 1668550 |
|  Solaris Energy Infrastructure, Inc.  | 51 | 2531 |
|  TechnipFMC PLC  | 58483 | 3878008 |
|  TETRA Technologies, Inc. <sup>(a)</sup>  | 15816 | 136967 |
|  Tidewater, Inc. <sup>(a)</sup>  | 6981 | 554431 |
|  Valaris Ltd. <sup>(a)</sup>  | 9654 | 925336 |
|  Weatherford International PLC  | 14763 | 1556906 |
|  |  | 16802677 |
|  **Entertainment — 0.1%** | **Entertainment — 0.1%** | **Entertainment — 0.1%** |
|  Atlanta Braves Holdings, Inc. - Class C <sup>(a)</sup>  | 123 | 5376 |
|  Cinemark Holdings, Inc.  | 2019 | 57017 |
|  IMAX Corp. <sup>(a)</sup>  | 281 | 12035 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Entertainment — 0.1% (continued)** | **Entertainment — 0.1% (continued)** | **Entertainment — 0.1% (continued)** |
|  Liberty Media Corp.-Liberty Formula One - Class A <sup>(a)</sup>  | 83 | $7003 |
|  Liberty Media Corp.-Liberty Formula One - Class C <sup>(a)</sup>  | 441 | 40391 |
|  Live Nation Entertainment, Inc. <sup>(a)</sup>  | 5 | 811 |
|  Madison Square Garden Entertainment Corp. <sup>(a)</sup>  | 8 | 505 |
|  Marcus Corp.  | 1183 | 19910 |
|  Netflix, Inc. <sup>(a)</sup>  | 371 | 35705 |
|  ROBLOX Corp. - Class A <sup>(a)</sup>  | 6 | 412 |
|  Sphere Entertainment Co. <sup>(a)</sup>  | 47 | 5594 |
|  Spotify Technology SA <sup>(a)</sup>  | 13 | 6694 |
|  Walt Disney Co.  | 5202 | 551620 |
|  Warner Bros Discovery, Inc. <sup>(a)</sup>  | 3337 | 94003 |
|  Warner Music Group Corp. - Class A  | 25 | 715 |
|  |  | 837791 |
|  **Financial Services — 2.0%** | **Financial Services — 2.0%** | **Financial Services — 2.0%** |
|  Affirm Holdings, Inc. <sup>(a)</sup>  | 5 | 235 |
|  Alerus Financial Corp.  | 100 | 2384 |
|  Apollo Global Management, Inc.  | 463 | 48430 |
|  Berkshire Hathaway, Inc. - Class B <sup>(a)</sup>  | 7926 | 4002234 |
|  Block, Inc. <sup>(a)</sup>  | 113 | 7198 |
|  Cass Information Systems, Inc.  | 13 | 577 |
|  Corebridge Financial, Inc.  | 5302 | 137004 |
|  Corpay, Inc. <sup>(a)</sup>  | 896 | 291290 |
|  Enact Holdings, Inc.  | 1361 | 56944 |
|  Essent Group Ltd.  | 2419 | 147172 |
|  Euronet Worldwide, Inc. <sup>(a)</sup>  | 54 | 3756 |
|  EVERTEC, Inc.  | 258 | 7304 |
|  Federal Agricultural Mortgage Corp. - Class C  | 545 | 85925 |
|  Fidelity National Information Services, Inc.  | 189 | 9631 |
|  Fiserv, Inc. <sup>(a)</sup>  | 25171 | 1567902 |
|  Flywire Corp. <sup>(a)</sup>  | 53 | 652 |
|  Global Payments, Inc.  | 8217 | 628272 |
|  HA Sustainable Infrastructure Capital, Inc.  | 117 | 4273 |
|  Jack Henry & Associates, Inc.  | 156 | 25344 |
|  Jackson Financial, Inc. - Class A  | 677 | 74118 |
|  Mastercard, Inc. - Class A  | 1789 | 925289 |
|  Merchants Bancorp  | 431 | 18223 |
|  MGIC Investment Corp.  | 14010 | 371685 |
|  NCR Atleos Corp. <sup>(a)</sup>  | 12439 | 550799 |
|  NMI Holdings, Inc. <sup>(a)(b)</sup>  | 9237 | 363106 |
|  Onity Group, Inc. <sup>(a)</sup>  | 748 | 31349 |
|  Paymentus Holdings, Inc. - Class A <sup>(a)</sup>  | 3 | 73 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Financial Services — 2.0% (continued)** | **Financial Services — 2.0% (continued)** | **Financial Services — 2.0% (continued)** |
|  Payoneer Global, Inc. <sup>(a)</sup>  | 75 | $324 |
|  PayPal Holdings, Inc.  | 307 | 14186 |
|  PennyMac Financial Services, Inc.  | 350 | 32175 |
|  Radian Group, Inc.  | 8380 | 289278 |
|  Rocket Cos., Inc. - Class A  | 11397 | 207311 |
|  Velocity Financial, Inc. <sup>(a)</sup>  | 636 | 11823 |
|  Visa, Inc. - Class A  | 5148 | 1648081 |
|  Voya Financial, Inc.  | 787 | 52634 |
|  Walker & Dunlop, Inc.  | 317 | 14585 |
|  Waterstone Financial, Inc.  | 1 | 18 |
|  Western Union Co. <sup>(b)</sup>  | 5982 | 57607 |
|  WEX, Inc. <sup>(a)</sup>  | 4782 | 713426 |
|  |  | 12402617 |
|  **Food Products — 0.5%** | **Food Products — 0.5%** | **Food Products — 0.5%** |
|  Archer-Daniels-Midland Co.  | 2305 | 159137 |
|  Cal-Maine Foods, Inc.  | 1543 | 134411 |
|  Campbell's Co. <sup>(b)</sup>  | 1439 | 38781 |
|  Conagra Brands, Inc.  | 1122 | 21598 |
|  Darling Ingredients, Inc. <sup>(a)</sup>  | 39 | 2073 |
|  Dole PLC  | 7934 | 127261 |
|  Flowers Foods, Inc.  | 206 | 2035 |
|  Fresh Del Monte Produce, Inc.  | 3 | 129 |
|  Freshpet, Inc. <sup>(a)</sup>  | 51 | 4307 |
|  General Mills, Inc.  | 20698 | 936171 |
|  Hershey Co.  | 1656 | 391280 |
|  Hormel Foods Corp.  | 36 | 922 |
|  Ingredion, Inc.  | 890 | 104539 |
|  J & J Snack Foods Corp.  | 1 | 87 |
|  J M Smucker Co.  | 2 | 232 |
|  John B Sanfilippo & Son, Inc.  | 1568 | 129532 |
|  Kraft Heinz Co.  | 5 | 123 |
|  Lamb Weston Holdings, Inc.  | 7182 | 346101 |
|  Marzetti Co.  | 116 | 19063 |
|  McCormick & Co., Inc.  | 231 | 16410 |
|  Mission Produce, Inc. <sup>(a)</sup>  | 1 | 14 |
|  Mondelez International, Inc. - Class A  | 1262 | 77714 |
|  Pilgrim's Pride Corp.  | 792 | 34183 |
|  Post Holdings, Inc. <sup>(a)</sup>  | 3738 | 397349 |
|  Seaboard Corp.  | 1 | 5133 |
|  Seneca Foods Corp. - Class A <sup>(a)</sup>  | 760 | 105625 |
|  Tootsie Roll Industries, Inc.  | 46 | 1943 |
|  Tyson Foods, Inc. - Class A  | 2655 | 172548 |
|  Utz Brands, Inc.  | 10 | 93 |
|  Vital Farms, Inc. <sup>(a)</sup>  | 6 | 127 |
|  |  | 3228921 |
|  **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** | **Gas Utilities — 0.2%** |
|  Atmos Energy Corp.  | 1028 | 192020 |
|  Chesapeake Utilities Corp.  | 755 | 102657 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Gas Utilities — 0.2% (continued)** | **Gas Utilities — 0.2% (continued)** | **Gas Utilities — 0.2% (continued)** |
|  MDU Resources Group, Inc.  | 3157 | $65287 |
|  National Fuel Gas Co.  | 2321 | 211281 |
|  New Jersey Resources Corp.  | 262 | 14211 |
|  Northwest Natural Holding Co.  | 723 | 38348 |
|  ONE Gas, Inc.  | 952 | 83243 |
|  Southwest Gas Holdings, Inc.  | 877 | 77325 |
|  Spire, Inc.  | 1427 | 130727 |
|  UGI Corp.  | 4652 | 174031 |
|  |  | 1089130 |
|  **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** | **Ground Transportation — 1.2%** |
|  ArcBest Corp.  | 1192 | 122371 |
|  Covenant Logistics Group, Inc.  | 1924 | 56642 |
|  CSX Corp.  | 39115 | 1669819 |
|  Heartland Express, Inc.  | 805 | 8879 |
|  JB Hunt Transport Services, Inc.  | 1959 | 457250 |
|  Knight-Swift Transportation Holdings, Inc.  | 585 | 36808 |
|  Landstar System, Inc.  | 184 | 29983 |
|  Marten Transport Ltd.  | 1 | 14 |
|  Norfolk Southern Corp.  | 2405 | 756950 |
|  Old Dominion Freight Line, Inc.  | 41 | 8325 |
|  RXO, Inc. <sup>(a)</sup>  | 7 | 112 |
|  Ryder System, Inc.  | 5544 | 1228329 |
|  Saia, Inc. <sup>(a)</sup>  | 40 | 16216 |
|  Schneider National, Inc. - Class B <sup>(b)</sup>  | 1661 | 47139 |
|  Uber Technologies, Inc. <sup>(a)</sup>  | 2049 | 154536 |
|  U-Haul Holding Co.  | 808 | 38105 |
|  U-Haul Holding Co. <sup>(a)</sup>  | 9 | 456 |
|  Union Pacific Corp.  | 7594 | 2012258 |
|  Universal Logistics Holdings, Inc.  | 8 | 133 |
|  Werner Enterprises, Inc.  | 6563 | 230296 |
|  XPO, Inc. <sup>(a)</sup>  | 2233 | 469979 |
|  |  | 7344600 |
|  **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** | **Health Care Equipment & Supplies — 0.9%** |
|  Abbott Laboratories  | 7473 | 869484 |
|  Acme United Corp. <sup>(b)</sup>  | 116 | 5221 |
|  Alcon AG  | 81 | 7062 |
|  Align Technology, Inc. <sup>(a)</sup>  | 12 | 2281 |
|  Artivion, Inc. <sup>(a)</sup>  | 23 | 886 |
|  Baxter International, Inc.  | 130 | 2648 |
|  Becton Dickinson & Co.  | 293 | 51709 |
|  Bioventus, Inc. - Class A <sup>(a)</sup>  | 5692 | 49976 |
|  Boston Scientific Corp. <sup>(a)</sup>  | 1250 | 96062 |
|  CONMED Corp.  | 2 | 92 |
|  Cooper Cos., Inc. <sup>(a)</sup>  | 123 | 10291 |
|  CVRx, Inc. <sup>(a)</sup>  | 22 | 180 |
|  Dexcom, Inc. <sup>(a)</sup>  | 44 | 3231 |
|  Edwards Lifesciences Corp. <sup>(a)</sup>  | 1011 | 87421 |
|  Envista Holdings Corp. <sup>(a)</sup>  | 245 | 7156 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Health Care Equipment & Supplies — 0.9% (continued)** | **Health Care Equipment & Supplies — 0.9% (continued)** | **Health Care Equipment & Supplies — 0.9% (continued)** |
|  GE HealthCare Technologies, Inc.  | 1247 | $105085 |
|  Glaukos Corp. <sup>(a)</sup>  | 1 | 120 |
|  Globus Medical, Inc. - Class A <sup>(a)</sup>  | 105 | 10023 |
|  Haemonetics Corp. <sup>(a)</sup>  | 5393 | 341485 |
|  ICU Medical, Inc. <sup>(a)</sup>  | 84 | 12649 |
|  IDEXX Laboratories, Inc. <sup>(a)</sup>  | 175 | 114928 |
|  Inmode Ltd. <sup>(a)</sup>  | 4 | 55 |
|  Insulet Corp. <sup>(a)</sup>  | 149 | 36745 |
|  Integer Holdings Corp. <sup>(a)</sup>  | 19 | 1647 |
|  Intuitive Surgical, Inc. <sup>(a)</sup>  | 1003 | 505021 |
|  iRadimed Corp.  | 4 | 414 |
|  Lantheus Holdings, Inc. <sup>(a)</sup>  | 17 | 1273 |
|  LeMaitre Vascular, Inc.  | 40 | 4327 |
|  LivaNova PLC <sup>(a)</sup>  | 8638 | 609843 |
|  Masimo Corp. <sup>(a)</sup>  | 2 | 351 |
|  Medtronic PLC  | 3818 | 372866 |
|  Merit Medical Systems, Inc. <sup>(a)</sup>  | 114 | 8799 |
|  Omnicell, Inc. <sup>(a)</sup>  | 84 | 3452 |
|  Orthofix Medical, Inc. <sup>(a)</sup>  | 7 | 95 |
|  ResMed, Inc.  | 339 | 86872 |
|  Solventum Corp. <sup>(a)</sup>  | 21057 | 1562429 |
|  STERIS PLC  | 557 | 140559 |
|  Stryker Corp.  | 351 | 135998 |
|  Tactile Systems Technology, Inc. <sup>(a)</sup>  | 28 | 820 |
|  Teleflex, Inc.  | 25 | 3052 |
|  TransMedics Group, Inc. <sup>(a)(b)</sup>  | 70 | 10168 |
|  UFP Technologies, Inc. <sup>(a)</sup>  | 11 | 2316 |
|  Zimmer Biomet Holdings, Inc.  | 3837 | 377714 |
|  |  | 5642806 |
|  **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** | **Health Care Providers & Services — 1.6%** |
|  Acadia Healthcare Co., Inc. <sup>(a)</sup>  | 17 | 399 |
|  AdaptHealth Corp. <sup>(a)</sup>  | 11949 | 109333 |
|  Addus HomeCare Corp. <sup>(a)</sup>  | 154 | 15944 |
|  Astrana Health, Inc. <sup>(a)</sup>  | 9 | 183 |
|  BrightSpring Health Services, Inc. <sup>(a)</sup>  | 1040 | 43087 |
|  Castle Biosciences, Inc. <sup>(a)</sup>  | 11 | 325 |
|  Cencora, Inc.  | 678 | 252311 |
|  Chemed Corp.  | 8 | 3280 |
|  Cigna Group  | 3824 | 1108272 |
|  Concentra Group Holdings Parent, Inc.  | 17896 | 428788 |
|  CorVel Corp. <sup>(a)</sup>  | 2 | 103 |
|  CVS Health Corp.  | 5331 | 425947 |
|  Elevance Health, Inc.  | 1608 | 514560 |
|  Encompass Health Corp.  | 2498 | 269484 |
|  Enhabit, Inc. <sup>(a)</sup>  | 28 | 381 |
|  Ensign Group, Inc.  | 408 | 87381 |
|  HealthEquity, Inc. <sup>(a)</sup>  | 515 | 39392 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Health Care Providers & Services — 1.6% (continued)** | **Health Care Providers & Services — 1.6% (continued)** | **Health Care Providers & Services — 1.6% (continued)** |
|  Henry Schein, Inc. <sup>(a)</sup>  | 1067 | $87910 |
|  Humana, Inc.  | 100 | 19054 |
|  Innovage Holding Corp. <sup>(a)</sup>  | 34 | 305 |
|  Labcorp Holdings, Inc.  | 1351 | 390601 |
|  LifeStance Health Group, Inc. <sup>(a)</sup>  | 57 | 413 |
|  Molina Healthcare, Inc. <sup>(a)</sup>  | 828 | 127553 |
|  National HealthCare Corp.  | 62 | 10137 |
|  National Research Corp.  | 997 | 13370 |
|  Option Care Health, Inc. <sup>(a)</sup>  | 253 | 8212 |
|  PACS Group, Inc. <sup>(a)</sup>  | 32 | 1168 |
|  Pediatrix Medical Group, Inc. <sup>(a)</sup>  | 11859 | 235401 |
|  Pennant Group, Inc. <sup>(a)</sup>  | 19 | 641 |
|  Privia Health Group, Inc. <sup>(a)</sup>  | 9 | 214 |
|  Progyny, Inc. <sup>(a)</sup>  | 90 | 1592 |
|  Quest Diagnostics, Inc.  | 2448 | 518756 |
|  RadNet, Inc. <sup>(a)</sup>  | 311 | 21711 |
|  Select Medical Holdings Corp.  | 9779 | 146392 |
|  Surgery Partners, Inc. <sup>(a)</sup>  | 4 | 62 |
|  Tenet Healthcare Corp. <sup>(a)</sup>  | 12664 | 3031635 |
|  UnitedHealth Group, Inc.  | 842 | 246933 |
|  Universal Health Services, Inc. - Class B  | 9605 | 1979591 |
|  US Physical Therapy, Inc.  | 46 | 3816 |
|  |  | 10144637 |
|  **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 | 424 |
|  Omega Healthcare Investors, Inc.  | 92 | 4441 |
|  Ventas, Inc.  | 3 | 259 |
|  |  | 5124 |
|  **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>  | 54 | 382 |
|  Doximity, Inc. - Class A <sup>(a)</sup>  | 35 | 859 |
|  Evolent Health, Inc. - Class A <sup>(a)</sup>  | 145 | 471 |
|  Teladoc Health, Inc. <sup>(a)(b)</sup>  | 60 | 316 |
|  TruBridge, Inc. <sup>(a)</sup>  | 873 | 16840 |
|  Veeva Systems, Inc. - Class A <sup>(a)</sup>  | 16 | 2912 |
|  Waystar Holding Corp. <sup>(a)</sup>  | 2 | 51 |
|  |  | 21831 |
|  **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 | 4920 |
|  Park Hotels & Resorts, Inc.  | 447 | 5056 |
|  Xenia Hotels & Resorts, Inc.  | 87 | 1329 |
|  |  | 11305 |
|  **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** | **Hotels, Restaurants & Leisure — 1.9%** |
|  Accel Entertainment, Inc. <sup>(a)</sup>  | 7251 | 82371 |
|  Airbnb, Inc. - Class A <sup>(a)</sup>  | 1045 | 141190 |
|  Aramark  | 39751 | 1663579 |
|  Biglari Holdings, Inc. - Class B <sup>(a)</sup>  | 21 | 8143 |
|  BJ's Restaurants, Inc. <sup>(a)</sup>  | 472 | 17931 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Hotels, Restaurants & Leisure — 1.9% (continued)** | **Hotels, Restaurants & Leisure — 1.9% (continued)** | **Hotels, Restaurants & Leisure — 1.9% (continued)** |
|  Bloomin' Brands, Inc.  | 264 | $1616 |
|  Boyd Gaming Corp.  | 8982 | 747572 |
|  Brightstar Lottery PLC  | 12822 | 173866 |
|  Brinker International, Inc. <sup>(a)</sup>  | 736 | 109075 |
|  Caesars Entertainment, Inc. <sup>(a)</sup>  | 136 | 3407 |
|  Carnival Corp.  | 69842 | 2203515 |
|  Cheesecake Factory, Inc. <sup>(b)</sup>  | 4634 | 300191 |
|  Chipotle Mexican Grill, Inc. <sup>(a)</sup>  | 454 | 16898 |
|  Choice Hotels International, Inc. <sup>(b)</sup>  | 14 | 1475 |
|  Churchill Downs, Inc.  | 6955 | 639373 |
|  Cracker Barrel Old Country Store, Inc. <sup>(b)</sup>  | 21 | 687 |
|  Darden Restaurants, Inc. <sup>(b)</sup>  | 1248 | 266885 |
|  Dave & Buster's Entertainment, Inc. <sup>(a)</sup>  | 188 | 2767 |
|  DoorDash, Inc. - Class A <sup>(a)</sup>  | 1 | 177 |
|  Dutch Bros, Inc. - Class A <sup>(a)(b)</sup>  | 25 | 1340 |
|  El Pollo Loco Holdings, Inc. <sup>(a)</sup>  | 1369 | 15141 |
|  Expedia Group, Inc.  | 344 | 74197 |
|  First Watch Restaurant Group, Inc. <sup>(a)</sup>  | 57 | 710 |
|  Flutter Entertainment PLC <sup>(a)</sup>  | 3 | 319 |
|  Global Business Travel Group I <sup>(a)</sup>  | 219 | 1198 |
|  Hilton Grand Vacations, Inc. <sup>(a)</sup>  | 10366 | 466055 |
|  Hyatt Hotels Corp. - Class A <sup>(b)</sup>  | 784 | 126616 |
|  Las Vegas Sands Corp.  | 5712 | 323985 |
|  Life Time Group Holdings, Inc. <sup>(a)</sup>  | 1327 | 35829 |
|  Light & Wonder, Inc. <sup>(a)(b)</sup>  | 2544 | 238983 |
|  Marriott Vacations Worldwide Corp.  | 1052 | 68391 |
|  McDonald's Corp.  | 32 | 10914 |
|  MGM Resorts International <sup>(a)</sup>  | 29135 | 1073916 |
|  Monarch Casino & Resort, Inc.  | 469 | 45071 |
|  Norwegian Cruise Line Holdings Ltd. <sup>(a)(b)</sup>  | 52103 | 1291633 |
|  Portillo's, Inc. - Class A <sup>(a)</sup>  | 11 | 59 |
|  Pursuit Attractions and Hospitality, Inc. <sup>(a)</sup>  | 12 | 417 |
|  RCI Hospitality Holdings, Inc.  | 2 | 44 |
|  Red Rock Resorts, Inc. - Class A  | 1516 | 91794 |
|  Royal Caribbean Cruises Ltd.  | 3052 | 949050 |
|  Rush Street Interactive, Inc. <sup>(a)</sup>  | 137 | 2706 |
|  Shake Shack, Inc. - Class A <sup>(a)</sup>  | 4 | 384 |
|  Target Hospitality Corp. <sup>(a)</sup>  | 722 | 5625 |
|  Texas Roadhouse, Inc.  | 861 | 157451 |
|  Vail Resorts, Inc. <sup>(b)</sup>  | 1899 | 257903 |
|  Wendy's Co. <sup>(b)</sup>  | 31 | 238 |
|  Wyndham Hotels & Resorts, Inc.  | 1514 | 123845 |
|  Yum China Holdings, Inc.  | 441 | 24215 |
|  |  | 11768747 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Household Durables — 1.3%** | **Household Durables — 1.3%** | **Household Durables — 1.3%** |
|  Beazer Homes USA, Inc. <sup>(a)</sup>  | 128 | $3274 |
|  Cavco Industries, Inc. <sup>(a)</sup>  | 91 | 52531 |
|  Century Communities, Inc.  | 118 | 7933 |
|  Champion Homes, Inc. <sup>(a)</sup>  | 44 | 4113 |
|  Cricut, Inc. - Class A  | 291 | 1251 |
|  DR Horton, Inc.  | 580 | 93026 |
|  Dream Finders Homes, Inc. - Class A <sup>(a)</sup>  | 155 | 2801 |
|  Ethan Allen Interiors, Inc.  | 286 | 6515 |
|  Flexsteel Industries, Inc.  | 68 | 3500 |
|  Garmin Ltd.  | 662 | 167373 |
|  Green Brick Partners, Inc. <sup>(a)</sup>  | 2798 | 206101 |
|  Hamilton Beach Brands Holding Co. - Class A  | 423 | 8054 |
|  Hovnanian Enterprises, Inc. - Class A <sup>(a)</sup>  | 421 | 52886 |
|  Installed Building Products, Inc. <sup>(b)</sup>  | 92 | 30154 |
|  KB Home  | 1831 | 116415 |
|  La-Z-Boy, Inc.  | 22 | 786 |
|  Leggett & Platt, Inc.  | 2419 | 28254 |
|  Lennar Corp. - Class A  | 170 | 19441 |
|  Lennar Corp. - Class B  | 210 | 22413 |
|  LGI Homes, Inc. <sup>(a)</sup>  | 24 | 1246 |
|  M/I Homes, Inc. <sup>(a)</sup>  | 1680 | 238829 |
|  Meritage Homes Corp.  | 1190 | 89750 |
|  Mohawk Industries, Inc. <sup>(a)</sup>  | 3607 | 451849 |
|  Newell Brands, Inc.  | 186 | 846 |
|  NVR, Inc. <sup>(a)</sup>  | 151 | 1135186 |
|  PulteGroup, Inc.  | 9569 | 1312867 |
|  SharkNinja, Inc. <sup>(a)</sup>  | 462 | 56766 |
|  Sonos, Inc. <sup>(a)</sup>  | 7 | 108 |
|  Taylor Morrison Home Corp. <sup>(a)</sup>  | 14579 | 960610 |
|  Toll Brothers, Inc.  | 7249 | 1139833 |
|  TopBuild Corp. <sup>(a)</sup>  | 2046 | 917222 |
|  Tri Pointe Homes, Inc. <sup>(a)</sup>  | 3549 | 164319 |
|  Whirlpool Corp. <sup>(b)</sup>  | 6591 | 451022 |
|  |  | 7747274 |
|  **Household Products — 0.4%** | **Household Products — 0.4%** | **Household Products — 0.4%** |
|  Central Garden & Pet Co. <sup>(a)</sup>  | 2 | 78 |
|  Central Garden & Pet Co. - Class A <sup>(a)</sup>  | 2756 | 95192 |
|  Church & Dwight Co., Inc.  | 231 | 24223 |
|  Colgate-Palmolive Co.  | 3769 | 373659 |
|  Energizer Holdings, Inc. <sup>(b)</sup>  | 8912 | 192410 |
|  Kimberly-Clark Corp.  | 773 | 86143 |
|  Oil-Dri Corp. of America  | 172 | 11669 |
|  Procter & Gamble Co.  | 7196 | 1203171 |
|  Reynolds Consumer Products, Inc.  | 3289 | 81600 |
|  Spectrum Brands Holdings, Inc.  | 1514 | 118667 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Household Products — 0.4% (continued)** | **Household Products — 0.4% (continued)** | **Household Products — 0.4% (continued)** |
|  WD-40 Co.  | 8 | $1906 |
|  |  | 2188718 |
|  **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** | **Independent Power and Renewable Electricity Producers — 0.2%** |
|  AES Corp.  | 14017 | 242214 |
|  Brookfield Renewable Corp.  | 3371 | 144043 |
|  Clearway Energy, Inc. - Class A  | 3 | 108 |
|  Clearway Energy, Inc. - Class C  | 3312 | 126883 |
|  Ormat Technologies, Inc. <sup>(b)</sup>  | 779 | 80782 |
|  Talen Energy Corp. <sup>(a)</sup>  | 1793 | 665149 |
|  Vistra Corp.  | 58 | 10085 |
|  |  | 1269264 |
|  **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** | **Industrial Conglomerates — 0.2%** |
|  3M Co.  | 2018 | 333616 |
|  Honeywell International, Inc.  | 2876 | 700565 |
|  |  | 1034181 |
|  **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** | **Industrial REITs — 0.1%** |
|  Innovative Industrial Properties, Inc.  | 18 | 953 |
|  LXP Industrial Trust  | 34 | 1685 |
|  Prologis, Inc.  | 2721 | 387933 |
|  |  | 390571 |
|  **Insurance — 4.7%** | **Insurance — 4.7%** | **Insurance — 4.7%** |
|  Aflac, Inc.  | 649 | 73292 |
|  Allstate Corp.  | 10707 | 2296866 |
|  American Coastal Insurance Corp.  | 2866 | 32644 |
|  American Financial Group, Inc.  | 1788 | 237768 |
|  American International Group, Inc.  | 15984 | 1286552 |
|  AMERISAFE, Inc.  | 10 | 325 |
|  Aon PLC - Class A  | 1222 | 409944 |
|  Arch Capital Group Ltd. <sup>(a)</sup>  | 7965 | 797695 |
|  Arthur J Gallagher & Co.  | 33 | 7531 |
|  Assurant, Inc.  | 4186 | 961064 |
|  Assured Guaranty Ltd.  | 316 | 27242 |
|  Axis Capital Holdings Ltd.  | 10143 | 1072318 |
|  Bowhead Specialty Holdings, Inc. <sup>(a)</sup>  | 2 | 51 |
|  Brown & Brown, Inc.  | 221 | 15872 |
|  Chubb Ltd.  | 1509 | 514358 |
|  Cincinnati Financial Corp.  | 2517 | 412738 |
|  CNO Financial Group, Inc.  | 11217 | 468983 |
|  Crawford & Co. - Class A  | 1629 | 17528 |
|  Donegal Group, Inc. - Class A  | 3694 | 65088 |
|  Employers Holdings, Inc.  | 2 | 83 |
|  Erie Indemnity Co. - Class A  | 5 | 1347 |
|  Everest Group Ltd.  | 47 | 15768 |
|  F&G Annuities & Life, Inc.  | 1523 | 34496 |
|  Fidelis Insurance Holdings Ltd.  | 1 | 19 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Insurance — 4.7% (continued)** | **Insurance — 4.7% (continued)** | **Insurance — 4.7% (continued)** |
|  Fidelity National Financial, Inc.  | 36209 | $1914732 |
|  First American Financial Corp.  | 12843 | 900423 |
|  Genworth Financial, Inc. <sup>(a)</sup>  | 4783 | 40369 |
|  Globe Life, Inc.  | 9514 | 1382004 |
|  Greenlight Capital Re Ltd. - Class A <sup>(a)</sup>  | 1 | 14 |
|  Hamilton Insurance Group Ltd. - Class B <sup>(a)</sup>  | 11388 | 359747 |
|  Hanover Insurance Group, Inc.  | 2916 | 526717 |
|  Hartford Insurance Group, Inc.  | 16335 | 2300458 |
|  HCI Group, Inc.  | 716 | 126317 |
|  Heritage Insurance Holdings, Inc. <sup>(a)</sup>  | 3394 | 94591 |
|  Hippo Holdings, Inc. <sup>(a)</sup>  | 1305 | 37532 |
|  Horace Mann Educators Corp.  | 2019 | 87847 |
|  Investors Title Co.  | 13 | 3002 |
|  Kemper Corp.  | 8 | 259 |
|  Kingstone Cos., Inc.  | 1358 | 22380 |
|  Kingsway Financial Services, Inc. <sup>(a)</sup>  | 367 | 4492 |
|  Kinsale Capital Group, Inc.  | 17 | 6624 |
|  Lincoln National Corp.  | 2012 | 69012 |
|  Loews Corp.  | 1871 | 205847 |
|  Manulife Financial Corp.  | 8199 | 291392 |
|  Markel Group, Inc. <sup>(a)</sup>  | 87 | 180305 |
|  Marsh & McLennan Cos., Inc.  | 603 | 112604 |
|  Mercury General Corp.  | 2054 | 186051 |
|  MetLife, Inc.  | 19836 | 1429580 |
|  Old Republic International Corp.  | 14256 | 611155 |
|  Palomar Holdings, Inc. <sup>(a)</sup>  | 15 | 1856 |
|  Primerica, Inc.  | 4485 | 1137665 |
|  Principal Financial Group, Inc.  | 16310 | 1556300 |
|  Progressive Corp.  | 1161 | 248059 |
|  Prudential Financial, Inc.  | 7304 | 718567 |
|  Reinsurance Group of America, Inc.  | 878 | 189411 |
|  RenaissanceRe Holdings Ltd.  | 2184 | 660573 |
|  RLI Corp.  | 101 | 6294 |
|  Root, Inc. <sup>(a)</sup>  | 4 | 207 |
|  Safety Insurance Group, Inc.  | 62 | 4813 |
|  Selective Insurance Group, Inc.  | 3084 | 259179 |
|  Selectquote, Inc. <sup>(a)</sup>  | 411 | 353 |
|  SiriusPoint Ltd. <sup>(a)</sup>  | 4986 | 105404 |
|  Skyward Specialty Insurance Group, Inc. <sup>(a)</sup>  | 31 | 1441 |
|  Stewart Information Services Corp.  | 305 | 21652 |
|  Sun Life Financial, Inc.  | 15 | 983 |
|  Tiptree, Inc.  | 254 | 4326 |
|  Travelers Cos., Inc.  | 10830 | 3342571 |
|  United Fire Group, Inc.  | 1471 | 57163 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Insurance — 4.7% (continued)** | **Insurance — 4.7% (continued)** | **Insurance — 4.7% (continued)** |
|  Universal Insurance Holdings, Inc.  | 3515 | $123623 |
|  Unum Group  | 6873 | 493000 |
|  W R Berkley Corp.  | 1566 | 112282 |
|  White Mountains Insurance Group Ltd.  | 38 | 84379 |
|  Willis Towers Watson PLC  | 1438 | 438834 |
|  |  | 29211961 |
|  **Interactive Media & Services — 4.6%** | **Interactive Media & Services — 4.6%** | **Interactive Media & Services — 4.6%** |
|  Alphabet, Inc. - Class A  | 47428 | 14786153 |
|  Alphabet, Inc. - Class C  | 16225 | 5052952 |
|  Cargurus, Inc. <sup>(a)</sup>  | 261 | 8013 |
|  Cars.com, Inc. <sup>(a)</sup>  | 1738 | 14843 |
|  EverQuote, Inc. - Class A <sup>(a)</sup>  | 14 | 221 |
|  Meta Platforms, Inc. - Class A  | 13208 | 8561162 |
|  QuinStreet, Inc. <sup>(a)</sup>  | 61 | 715 |
|  Snap, Inc. - Class A <sup>(a)</sup>  | 128 | 667 |
|  TripAdvisor, Inc. <sup>(a)(b)</sup>  | 258 | 2608 |
|  Yelp, Inc. <sup>(a)</sup>  | 653 | 14555 |
|  Ziff Davis, Inc. <sup>(a)</sup>  | 5167 | 139922 |
|  ZoomInfo Technologies, Inc. <sup>(a)</sup>  | 206 | 1279 |
|  |  | 28583090 |
|  **IT Services — 0.4%** | **IT Services — 0.4%** | **IT Services — 0.4%** |
|  Accenture PLC - Class A  | 323 | 67417 |
|  Akamai Technologies, Inc. <sup>(a)</sup>  | 1831 | 180152 |
|  Amdocs Ltd.  | 1892 | 132062 |
|  ASGN, Inc. <sup>(a)</sup>  | 1045 | 44831 |
|  Cognizant Technology Solutions Corp. - Class A  | 2143 | 138073 |
|  DXC Technology Co. <sup>(a)</sup>  | 6880 | 86619 |
|  EPAM Systems, Inc. <sup>(a)</sup>  | 319 | 44979 |
|  Fastly, Inc. - Class A <sup>(a)</sup>  | 43 | 822 |
|  Gartner, Inc. <sup>(a)</sup>  | 9 | 1415 |
|  GoDaddy, Inc. - Class A <sup>(a)</sup>  | 4 | 349 |
|  Information Services Group, Inc.  | 9 | 43 |
|  International Business Machines Corp.  | 5358 | 1287045 |
|  Kyndryl Holdings, Inc. <sup>(a)</sup>  | 477 | 5881 |
|  MongoDB, Inc. <sup>(a)</sup>  | 1 | 328 |
|  Okta, Inc. <sup>(a)</sup>  | 1756 | 127310 |
|  Shopify, Inc. - Class A <sup>(a)</sup>  | 8 | 966 |
|  Twilio, Inc. - Class A <sup>(a)</sup>  | 852 | 103058 |
|  |  | 2221350 |
|  **Leisure Products — 0.1%** | **Leisure Products — 0.1%** | **Leisure Products — 0.1%** |
|  Acushnet Holdings Corp.  | 1922 | 196678 |
|  Callaway Golf Co. <sup>(a)</sup>  | 232 | 3262 |
|  Latham Group, Inc. <sup>(a)</sup>  | 66 | 443 |
|  MasterCraft Boat Holdings, Inc. <sup>(a)</sup>  | 876 | 19014 |
|  Mattel, Inc. <sup>(a)</sup>  | 34045 | 577063 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Leisure Products — 0.1% (continued)** | **Leisure Products — 0.1% (continued)** | **Leisure Products — 0.1% (continued)** |
|  Peloton Interactive, Inc. - Class A <sup>(a)</sup>  | 102 | $410 |
|  Polaris, Inc.  | 8 | 486 |
|  Smith & Wesson Brands, Inc.  | 42 | 500 |
|  YETI Holdings, Inc. <sup>(a)(b)</sup>  | 1112 | 48605 |
|  |  | 846461 |
|  **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** | **Life Sciences Tools & Services — 0.6%** |
|  Agilent Technologies, Inc.  | 771 | 93584 |
|  Avantor, Inc. <sup>(a)</sup>  | 82 | 742 |
|  Azenta, Inc. <sup>(a)</sup>  | 81 | 2185 |
|  Bio-Rad Laboratories, Inc. - Class A <sup>(a)(b)</sup>  | 27 | 7518 |
|  Bio-Techne Corp.  | 584 | 34456 |
|  Bruker Corp. <sup>(b)</sup>  | 45 | 1805 |
|  Charles River Laboratories International, Inc. <sup>(a)</sup>  | 404 | 72110 |
|  Danaher Corp.  | 1072 | 225806 |
|  ICON PLC <sup>(a)</sup>  | 115 | 12436 |
|  Illumina, Inc. <sup>(a)</sup>  | 2818 | 378908 |
|  IQVIA Holdings, Inc. <sup>(a)</sup>  | 8531 | 1525428 |
|  Medpace Holdings, Inc. <sup>(a)</sup>  | 215 | 97128 |
|  Mesa Laboratories, Inc.  | 1 | 97 |
|  Repligen Corp. <sup>(a)</sup>  | 67 | 8625 |
|  Revvity, Inc.  | 99 | 9733 |
|  Sotera Health Co. <sup>(a)</sup>  | 30968 | 503230 |
|  Standard BioTools, Inc. <sup>(a)</sup>  | 222 | 251 |
|  Thermo Fisher Scientific, Inc.  | 1119 | 583122 |
|  Waters Corp. <sup>(a)</sup>  | 70 | 22496 |
|  West Pharmaceutical Services, Inc.  | 70 | 17804 |
|  |  | 3597464 |
|  **Machinery — 2.7%** | **Machinery — 2.7%** | **Machinery — 2.7%** |
|  3D Systems Corp. <sup>(a)</sup>  | 303 | 585 |
|  Aebi Schmidt Holding AG  | 594 | 8565 |
|  AGCO Corp.  | 89 | 12148 |
|  Alamo Group, Inc.  | 117 | 24983 |
|  Albany International Corp. - Class A  | 9 | 519 |
|  Allison Transmission Holdings, Inc.  | 13993 | 1753323 |
|  Astec Industries, Inc.  | 1568 | 97357 |
|  Atmus Filtration Technologies, Inc.  | 896 | 57819 |
|  Blue Bird Corp. <sup>(a)</sup>  | 3912 | 227952 |
|  Caterpillar, Inc.  | 4734 | 3516557 |
|  CECO Environmental Corp. <sup>(a)</sup>  | 220 | 13299 |
|  CNH Industrial NV  | 47608 | 585578 |
|  Columbus McKinnon Corp.  | 22 | 417 |
|  Crane Co.  | 316 | 63367 |
|  Cummins, Inc.  | 1392 | 812747 |
|  Deere & Co.  | 2704 | 1702736 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Machinery — 2.7% (continued)** | **Machinery — 2.7% (continued)** | **Machinery — 2.7% (continued)** |
|  Donaldson Co., Inc.  | 2072 | $192199 |
|  Douglas Dynamics, Inc.  | 1304 | 59880 |
|  Dover Corp.  | 352 | 79376 |
|  Energy Recovery, Inc. <sup>(a)</sup>  | 16 | 167 |
|  Enerpac Tool Group Corp.  | 369 | 15055 |
|  Enpro, Inc. <sup>(b)</sup>  | 321 | 83027 |
|  Esab Corp.  | 330 | 41636 |
|  ESCO Technologies, Inc.  | 389 | 107866 |
|  Federal Signal Corp.  | 462 | 53791 |
|  Flowserve Corp.  | 2048 | 181289 |
|  Fortive Corp.  | 726 | 42979 |
|  Franklin Electric Co., Inc.  | 369 | 36760 |
|  Gates Industrial Corp. PLC <sup>(a)</sup>  | 5382 | 148382 |
|  Gorman-Rupp Co.  | 428 | 27490 |
|  Graco, Inc.  | 951 | 89318 |
|  Greenbrier Cos., Inc.  | 3464 | 195439 |
|  Helios Technologies, Inc.  | 53 | 3780 |
|  Hillman Solutions Corp. <sup>(a)</sup>  | 12377 | 101491 |
|  IDEX Corp.  | 300 | 62841 |
|  Illinois Tool Works, Inc.  | 1360 | 395257 |
|  Ingersoll Rand, Inc.  | 620 | 58367 |
|  ITT, Inc.  | 731 | 147962 |
|  Kadant, Inc. <sup>(b)</sup>  | 63 | 21368 |
|  Kennametal, Inc.  | 2096 | 84427 |
|  L B Foster Co. - Class A <sup>(a)</sup>  | 11 | 338 |
|  Lincoln Electric Holdings, Inc.  | 813 | 233372 |
|  Lindsay Corp.  | 25 | 3367 |
|  Luxfer Holdings PLC  | 501 | 6448 |
|  Manitowoc Co., Inc. <sup>(a)</sup>  | 2165 | 31934 |
|  Mayville Engineering Co., Inc. <sup>(a)</sup>  | 1676 | 35196 |
|  Microvast Holdings, Inc. <sup>(a)</sup>  | 19 | 43 |
|  Middleby Corp. <sup>(a)</sup>  | 188 | 31746 |
|  Miller Industries, Inc.  | 3 | 126 |
|  Mueller Industries, Inc.  | 2112 | 249131 |
|  Mueller Water Products, Inc. - Class A  | 1683 | 50372 |
|  Nordson Corp.  | 94 | 27583 |
|  Oshkosh Corp.  | 11296 | 1920546 |
|  PACCAR, Inc.  | 1005 | 126720 |
|  Parker-Hannifin Corp.  | 420 | 423856 |
|  Park-Ohio Holdings Corp.  | 475 | 12226 |
|  Pentair PLC  | 1123 | 111390 |
|  Proto Labs, Inc. <sup>(a)</sup>  | 364 | 22597 |
|  RBC Bearings, Inc. <sup>(a)</sup>  | 242 | 139373 |
|  Snap-on, Inc.  | 317 | 122115 |
|  SPX Technologies, Inc. <sup>(a)</sup>  | 388 | 88053 |
|  Standex International Corp.  | 72 | 18864 |
|  Stanley Black & Decker, Inc.  | 318 | 27504 |
|  Tennant Co.  | 148 | 9032 |
|  Terex Corp.  | 7303 | 502373 |
|  Timken Co.  | 4799 | 520116 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Machinery — 2.7% (continued)** | **Machinery — 2.7% (continued)** | **Machinery — 2.7% (continued)** |
|  Titan International, Inc. <sup>(a)</sup>  | 89 | $866 |
|  Toro Co.  | 1488 | 147104 |
|  Trinity Industries, Inc.  | 9321 | 318592 |
|  Wabash National Corp.  | 164 | 1665 |
|  Watts Water Technologies, Inc. - Class A  | 298 | 97964 |
|  Westinghouse Air Brake Technologies Corp.  | 623 | 164441 |
|  Worthington Enterprises, Inc.  | 7 | 392 |
|  Xylem, Inc.  | 451 | 58432 |
|  |  | 16611976 |
|  **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** | **Marine Transportation — 0.2%** |
|  Costamare, Inc.  | 7571 | 133022 |
|  Genco Shipping & Trading Ltd.  | 8 | 192 |
|  Kirby Corp. <sup>(a)(b)</sup>  | 432 | 56074 |
|  Matson, Inc.  | 4378 | 727317 |
|  Pangaea Logistics Solutions Ltd.  | 2005 | 18747 |
|  |  | 935352 |
|  **Media — 0.7%** | **Media — 0.7%** | **Media — 0.7%** |
|  AMC Networks, Inc. - Class A <sup>(a)</sup>  | 46 | 376 |
|  Charter Communications, Inc. - Class A <sup>(a)(b)</sup>  | 35 | 8212 |
|  DoubleVerify Holdings, Inc. <sup>(a)</sup>  | 4 | 42 |
|  EW Scripps Co. - Class A <sup>(a)</sup>  | 7874 | 32677 |
|  Fox Corp. - Class A  | 9281 | 522892 |
|  Fox Corp. - Class B  | 60 | 3104 |
|  Gray Media, Inc.  | 7715 | 40041 |
|  John Wiley & Sons, Inc. - Class A  | 66 | 2047 |
|  Liberty Broadband Corp. - Class A <sup>(a)</sup>  | 77 | 4203 |
|  Liberty Broadband Corp. - Class C <sup>(a)</sup>  | 1 | 55 |
|  Magnite, Inc. <sup>(a)</sup>  | 43 | 586 |
|  New York Times Co. - Class A  | 926 | 73886 |
|  News Corp. - Class A  | 2729 | 66287 |
|  News Corp. - Class B <sup>(b)</sup>  | 62 | 1660 |
|  Nexstar Media Group, Inc. <sup>(b)</sup>  | 4798 | 1204394 |
|  Omnicom Group, Inc. <sup>(b)</sup>  | 28013 | 2389229 |
|  Paramount Skydance Corp. <sup>(b)</sup>  | 99 | 1337 |
|  Scholastic Corp.  | 2 | 70 |
|  Sinclair, Inc.  | 7183 | 117370 |
|  Sirius XM Holdings, Inc.  | 191 | 4194 |
|  Stagwell, Inc. <sup>(a)</sup>  | 1027 | 4950 |
|  Trade Desk, Inc. - Class A <sup>(a)</sup>  | 9 | 214 |
|  USA TODAY Co., Inc. <sup>(a)</sup>  | 8927 | 53116 |
|  Versant Media Group, Inc. <sup>(a)</sup>  | 588 | 19592 |
|  |  | 4550534 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Metals & Mining — 1.6%** | **Metals & Mining — 1.6%** | **Metals & Mining — 1.6%** |
|  Alcoa Corp.  | 5 | $310 |
|  Barrick Mining Corp.  | 400 | 20296 |
|  Caledonia Mining Corp. PLC <sup>(b)</sup>  | 2648 | 84048 |
|  Century Aluminum Co. <sup>(a)</sup>  | 7725 | 398301 |
|  Commercial Metals Co.  | 1206 | 88400 |
|  Compass Minerals International, Inc. <sup>(a)</sup>  | 7150 | 180180 |
|  Freeport-McMoRan, Inc.  | 3841 | 261495 |
|  Friedman Industries, Inc.  | 5 | 93 |
|  Hecla Mining Co.  | 754 | 18782 |
|  Kaiser Aluminum Corp.  | 3097 | 403044 |
|  Metallus, Inc. <sup>(a)</sup>  | 810 | 13770 |
|  Newmont Corp.  | 55230 | 7179900 |
|  Nucor Corp.  | 858 | 151763 |
|  Ramaco Resources, Inc. <sup>(a)(b)</sup>  | 27 | 409 |
|  Reliance, Inc.  | 470 | 148351 |
|  Royal Gold, Inc.  | 787 | 235935 |
|  Ryerson Holding Corp.  | 8 | 205 |
|  Southern Copper Corp. <sup>(b)</sup>  | 569 | 124168 |
|  Steel Dynamics, Inc.  | 1273 | 245854 |
|  SunCoke Energy, Inc.  | 1610 | 9177 |
|  US Gold Corp. <sup>(a)</sup>  | 258 | 5599 |
|  Warrior Met Coal, Inc.  | 56 | 4661 |
|  Worthington Steel, Inc.  | 2743 | 113999 |
|  |  | 9688740 |
|  **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>** |
|  Adamas Trust, Inc.  | 462 | 3807 |
|  BrightSpire Capital, Inc.  | 322 | 1871 |
|  Chimera Investment Corp.  | 302 | 4110 |
|  Claros Mortgage Trust, Inc. <sup>(a)</sup>  | 448 | 1071 |
|  Dynex Capital, Inc.  | 196 | 2750 |
|  Ladder Capital Corp.  | 478 | 4957 |
|  MFA Financial, Inc.  | 315 | 3185 |
|  PennyMac Mortgage Investment Trust  | 182 | 2231 |
|  Redwood Trust, Inc.  | 769 | 4652 |
|  |  | 28634 |
|  **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** | **Multi-Utilities — 0.4%** |
|  Ameren Corp.  | 1959 | 221916 |
|  Avista Corp.  | 1344 | 54593 |
|  Black Hills Corp.  | 999 | 73586 |
|  CenterPoint Energy, Inc.  | 6197 | 269570 |
|  CMS Energy Corp.  | 1881 | 146850 |
|  Consolidated Edison, Inc.  | 558 | 62786 |
|  Dominion Energy, Inc.  | 4272 | 269734 |
|  DTE Energy Co.  | 988 | 146461 |
|  NiSource, Inc.  | 4318 | 204241 |
|  Northwestern Energy Group, Inc.  | 992 | 69400 |
|  Public Service Enterprise Group, Inc.  | 2296 | 197617 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Multi-Utilities — 0.4% (continued)** | **Multi-Utilities — 0.4% (continued)** | **Multi-Utilities — 0.4% (continued)** |
|  Sempra  | 2549 | $245392 |
|  Unitil Corp.  | 198 | 10357 |
|  WEC Energy Group, Inc.  | 2160 | 252634 |
|  |  | 2225137 |
|  **Office REITs — 0.0% <sup>(c)</sup>** | **Office REITs — 0.0% <sup>(c)</sup>** | **Office REITs — 0.0% <sup>(c)</sup>** |
|  Douglas Emmett, Inc. <sup>(b)</sup>  | 203 | 2008 |
|  Equity Commonwealth <sup>(d)</sup>  | 94 | 0 |
|  |  | 2008 |
|  **Oil, Gas & Consumable Fuels — 7.1%** | **Oil, Gas & Consumable Fuels — 7.1%** | **Oil, Gas & Consumable Fuels — 7.1%** |
|  Antero Midstream Corp.  | 9134 | 205332 |
|  Antero Resources Corp. <sup>(a)</sup>  | 1862 | 68540 |
|  APA Corp.  | 64319 | 1953368 |
|  Ardmore Shipping Corp.  | 4 | 66 |
|  California Resources Corp.  | 10587 | 622939 |
|  Cheniere Energy, Inc.  | 916 | 215929 |
|  Chevron Corp.  | 12548 | 2343464 |
|  Chord Energy Corp.  | 6661 | 721853 |
|  CNX Resources Corp. <sup>(a)(b)</sup>  | 14377 | 600671 |
|  Comstock Resources, Inc. <sup>(a)</sup>  | 3825 | 75008 |
|  ConocoPhillips  | 46297 | 5252858 |
|  Coterra Energy, Inc.  | 73287 | 2241849 |
|  Crescent Energy Co. - Class A <sup>(b)</sup>  | 1787 | 20836 |
|  CVR Energy, Inc. <sup>(a)</sup>  | 3951 | 95456 |
|  Devon Energy Corp.  | 40632 | 1768711 |
|  DHT Holdings, Inc.  | 14635 | 285236 |
|  Diamondback Energy, Inc.  | 6830 | 1188966 |
|  Dorian LPG Ltd.  | 138 | 5105 |
|  DT Midstream, Inc.  | 957 | 132870 |
|  Enbridge, Inc.  | 49 | 2604 |
|  EOG Resources, Inc.  | 21369 | 2651466 |
|  EQT Corp.  | 7054 | 433257 |
|  Evolution Petroleum Corp.  | 1225 | 5476 |
|  Excelerate Energy, Inc. - Class A  | 30 | 1207 |
|  Exxon Mobil Corp.  | 44016 | 6712440 |
|  Granite Ridge Resources, Inc.  | 7153 | 36194 |
|  Gulfport Energy Corp. <sup>(a)</sup>  | 21 | 4382 |
|  HF Sinclair Corp.  | 13890 | 694639 |
|  International Seaways, Inc.  | 7551 | 570327 |
|  Kinder Morgan, Inc.  | 9264 | 308213 |
|  Kosmos Energy Ltd. <sup>(a)</sup>  | 35 | 82 |
|  Magnolia Oil & Gas Corp. - Class A <sup>(b)</sup>  | 81511 | 2267636 |
|  Marathon Petroleum Corp.  | 13306 | 2637382 |
|  Matador Resources Co. <sup>(b)</sup>  | 11881 | 610683 |
|  Murphy Oil Corp.  | 21697 | 719256 |
|  NACCO Industries, Inc. - Class A  | 5 | 287 |
|  Nordic American Tankers Ltd.  | 5762 | 33016 |
|  Northern Oil & Gas, Inc. <sup>(b)</sup>  | 182 | 5021 |
|  Occidental Petroleum Corp.  | 25420 | 1349294 |
|  ONEOK, Inc.  | 1851 | 153207 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Oil, Gas & Consumable Fuels — 7.1% (continued)** | **Oil, Gas & Consumable Fuels — 7.1% (continued)** | **Oil, Gas & Consumable Fuels — 7.1% (continued)** |
|  Ovintiv, Inc.  | 37337 | $1888879 |
|  Par Pacific Holdings, Inc. <sup>(a)</sup>  | 13133 | 560385 |
|  PBF Energy, Inc. - Class A  | 65 | 2314 |
|  Peabody Energy Corp.  | 117 | 3690 |
|  Permian Resources Corp.  | 91841 | 1679772 |
|  Phillips 66  | 1068 | 164824 |
|  Range Resources Corp.  | 4671 | 192819 |
|  REX American Resources Corp. <sup>(a)</sup>  | 60 | 2134 |
|  Riley Exploration Permian, Inc.  | 1640 | 47298 |
|  Scorpio Tankers, Inc.  | 2929 | 231625 |
|  SFL Corp. Ltd.  | 9773 | 107601 |
|  Shell PLC - ADR  | 600 | 50106 |
|  SM Energy Co.  | 11604 | 268401 |
|  Suncor Energy, Inc.  | 3 | 170 |
|  Talos Energy, Inc. <sup>(a)</sup>  | 14417 | 176608 |
|  Targa Resources Corp.  | 2836 | 668729 |
|  Teekay Corp. Ltd.  | 7308 | 94639 |
|  Teekay Tankers Ltd.  | 3047 | 238489 |
|  Texas Pacific Land Corp.  | 4 | 2097 |
|  VAALCO Energy, Inc.  | 1501 | 7730 |
|  Valero Energy Corp.  | 827 | 169237 |
|  Vitesse Energy, Inc.  | 3208 | 61946 |
|  Western Midstream Partners LP  | 27 | 1123 |
|  Williams Cos., Inc.  | 5570 | 416190 |
|  |  | 44031932 |
|  **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.  | 12 | 1017 |
|  Sylvamo Corp.  | 3597 | 166541 |
|  |  | 167558 |
|  **Passenger Airlines — 1.0%** | **Passenger Airlines — 1.0%** | **Passenger Airlines — 1.0%** |
|  Alaska Air Group, Inc. <sup>(a)</sup>  | 1284 | 66254 |
|  Copa Holdings SA - Class A  | 67 | 9287 |
|  Delta Air Lines, Inc.  | 34712 | 2280578 |
|  Frontier Group Holdings, Inc. <sup>(a)</sup>  | 2 | 9 |
|  JetBlue Airways Corp. <sup>(a)</sup>  | 509 | 2820 |
|  SkyWest, Inc. <sup>(a)</sup>  | 5332 | 554955 |
|  Southwest Airlines Co.  | 24295 | 1196772 |
|  Sun Country Airlines Holdings, Inc. <sup>(a)</sup>  | 731 | 14386 |
|  United Airlines Holdings, Inc. <sup>(a)</sup>  | 16558 | 1760115 |
|  |  | 5885176 |
|  **Personal Care Products — 0.0% <sup>(c)</sup>** | **Personal Care Products — 0.0% <sup>(c)</sup>** | **Personal Care Products — 0.0% <sup>(c)</sup>** |
|  Coty, Inc. - Class A <sup>(a)</sup>  | 23 | 58 |
|  Edgewell Personal Care Co.  | 674 | 15327 |
|  Estee Lauder Cos., Inc. - Class A  | 8 | 876 |
|  Interparfums, Inc.  | 6 | 605 |
|  Kenvue, Inc.  | 552 | 10554 |
|  Nature's Sunshine Products, Inc. <sup>(a)</sup>  | 15 | 415 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Personal Care Products — 0.0% <sup>(c)</sup>** **(continued)** | **Personal Care Products — 0.0% <sup>(c)</sup>** **(continued)** | **Personal Care Products — 0.0% <sup>(c)</sup>** **(continued)** |
|  Nu Skin Enterprises, Inc. - Class A  | 5 | $42 |
|  |  | 27877 |
|  **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** | **Pharmaceuticals — 3.4%** |
|  Amphastar Pharmaceuticals, Inc. <sup>(a)</sup>  | 4454 | 90104 |
|  ANI Pharmaceuticals, Inc. <sup>(a)</sup>  | 2345 | 173296 |
|  AstraZeneca PLC  | 14 | 2918 |
|  Bristol-Myers Squibb Co.  | 54923 | 3425548 |
|  Collegium Pharmaceutical, Inc. <sup>(a)</sup>  | 6301 | 262563 |
|  Corcept Therapeutics, Inc. <sup>(a)</sup>  | 2 | 71 |
|  Elanco Animal Health, Inc. <sup>(a)</sup>  | 42801 | 1129946 |
|  Eli Lilly & Co.  | 777 | 817396 |
|  Harmony Biosciences Holdings, Inc. <sup>(a)</sup>  | 2240 | 63930 |
|  Harrow, Inc. <sup>(a)(b)</sup>  | 2345 | 127052 |
|  Innoviva, Inc. <sup>(a)</sup>  | 4686 | 107591 |
|  Jazz Pharmaceuticals PLC <sup>(a)</sup>  | 248 | 47125 |
|  Johnson & Johnson  | 8725 | 2167552 |
|  Ligand Pharmaceuticals, Inc. <sup>(a)</sup>  | 4 | 793 |
|  Merck & Co., Inc.  | 57777 | 7153948 |
|  Organon & Co.  | 90 | 656 |
|  Pacira BioSciences, Inc. <sup>(a)</sup>  | 305 | 6683 |
|  Perrigo Co. PLC  | 7 | 93 |
|  Pfizer, Inc.  | 179935 | 4975203 |
|  Phibro Animal Health Corp. - Class A  | 10496 | 572977 |
|  Prestige Consumer Healthcare, Inc. <sup>(a)</sup>  | 41 | 2841 |
|  SIGA Technologies, Inc.  | 354 | 2290 |
|  Supernus Pharmaceuticals, Inc. <sup>(a)</sup>  | 443 | 24245 |
|  Zoetis, Inc.  | 303 | 39723 |
|  |  | 21194544 |
|  **Professional Services — 0.7%** | **Professional Services — 0.7%** | **Professional Services — 0.7%** |
|  Amentum Holdings, Inc. <sup>(a)</sup>  | 15982 | 477382 |
|  Automatic Data Processing, Inc.  | 894 | 191638 |
|  Barrett Business Services, Inc.  | 15 | 417 |
|  Booz Allen Hamilton Holding Corp.  | 197 | 15530 |
|  Broadridge Financial Solutions, Inc.  | 284 | 52787 |
|  CACI International, Inc. - Class A <sup>(a)</sup>  | 328 | 200136 |
|  Clarivate PLC <sup>(a)</sup>  | 184 | 423 |
|  Conduent, Inc. <sup>(a)</sup>  | 675 | 986 |
|  CRA International, Inc.  | 426 | 73553 |
|  Equifax, Inc.  | 54 | 11284 |
|  ExlService Holdings, Inc. <sup>(a)</sup>  | 234 | 7312 |
|  Exponent, Inc.  | 27 | 1965 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Professional Services — 0.7% (continued)** | **Professional Services — 0.7% (continued)** | **Professional Services — 0.7% (continued)** |
|  FTI Consulting, Inc. <sup>(a)</sup>  | 207 | $34035 |
|  GEE Group, Inc. <sup>(a)</sup>  | 1017 | 240 |
|  Genpact Ltd.  | 11873 | 471596 |
|  Huron Consulting Group, Inc. <sup>(a)</sup>  | 436 | 61650 |
|  IBEX Holdings Ltd. <sup>(a)</sup>  | 584 | 16878 |
|  ICF International, Inc.  | 636 | 52871 |
|  Innodata, Inc. <sup>(a)</sup>  | 15 | 663 |
|  Insperity, Inc.  | 21 | 466 |
|  Jacobs Solutions, Inc.  | 1199 | 165294 |
|  KBR, Inc.  | 3584 | 151352 |
|  Kforce, Inc.  | 19 | 513 |
|  Korn Ferry  | 3616 | 226615 |
|  Leidos Holdings, Inc.  | 4133 | 723688 |
|  Maximus, Inc.  | 9097 | 687824 |
|  Mistras Group, Inc. <sup>(a)</sup>  | 2909 | 44450 |
|  Parsons Corp. <sup>(a)</sup>  | 40 | 2640 |
|  Paychex, Inc.  | 341 | 31935 |
|  Paycom Software, Inc. <sup>(b)</sup>  | 5 | 629 |
|  Science Applications International Corp.  | 4716 | 435098 |
|  SS&C Technologies Holdings, Inc.  | 2098 | 157958 |
|  TransUnion  | 932 | 73209 |
|  TriNet Group, Inc.  | 1500 | 57120 |
|  Upwork, Inc. <sup>(a)</sup>  | 88 | 1181 |
|  Verisk Analytics, Inc.  | 3 | 623 |
|  Verra Mobility Corp. <sup>(a)</sup>  | 1171 | 19567 |
|  Willdan Group, Inc. <sup>(a)</sup>  | 130 | 11588 |
|  |  | 4463096 |
|  **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** | **Real Estate Management & Development — 0.2%** |
|  CBRE Group, Inc. - Class A <sup>(a)</sup>  | 789 | 116504 |
|  Cushman & Wakefield Ltd. <sup>(a)</sup>  | 29466 | 395139 |
|  Howard Hughes Holdings, Inc. <sup>(a)</sup>  | 3707 | 268276 |
|  Jones Lang LaSalle, Inc. <sup>(a)</sup>  | 453 | 142944 |
|  Kennedy-Wilson Holdings, Inc.  | 16928 | 184177 |
|  Newmark Group, Inc. - Class A  | 2110 | 30637 |
|  RMR Group, Inc. - Class A  | 15 | 246 |
|  St Joe Co.  | 46 | 3320 |
|  Zillow Group, Inc. - Class A <sup>(a)</sup>  | 18 | 806 |
|  Zillow Group, Inc. - Class C <sup>(a)</sup>  | 70 | 3123 |
|  |  | 1145172 |
|  **Residential REITs — 0.0% <sup>(c)</sup>** | **Residential REITs — 0.0% <sup>(c)</sup>** | **Residential REITs — 0.0% <sup>(c)</sup>** |
|  Elme Communities  | 79 | 170 |
|  **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 | 1418 |
|  Macerich Co.  | 1160 | 23745 |
|  Phillips Edison & Co., Inc.  | 1300 | 51064 |
|  Regency Centers Corp.  | 86 | 6794 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Retail REITs — 0.0% <sup>(c)</sup>** **(continued)** | **Retail REITs — 0.0% <sup>(c)</sup>** **(continued)** | **Retail REITs — 0.0% <sup>(c)</sup>** **(continued)** |
|  Saul Centers, Inc.  | 117 | $3987 |
|  Simon Property Group, Inc.  | 34 | 6931 |
|  Tanger, Inc.  | 668 | 24756 |
|  Urban Edge Properties  | 126 | 2678 |
|  |  | 121373 |
|  **Semiconductors & Semiconductor Equipment — 8.3%** | **Semiconductors & Semiconductor Equipment — 8.3%** | **Semiconductors & Semiconductor Equipment — 8.3%** |
|  ACM Research, Inc. - Class A <sup>(a)</sup>  | 144 | 8018 |
|  Advanced Micro Devices, Inc. <sup>(a)</sup>  | 3398 | 680314 |
|  Allegro MicroSystems, Inc. <sup>(a)</sup>  | 1 | 36 |
|  Alpha & Omega Semiconductor Ltd. <sup>(a)</sup>  | 3 | 63 |
|  Ambarella, Inc. <sup>(a)</sup>  | 2 | 121 |
|  Amkor Technology, Inc.  | 16468 | 787500 |
|  Analog Devices, Inc.  | 969 | 344761 |
|  Applied Materials, Inc.  | 4491 | 1671999 |
|  Axcelis Technologies, Inc. <sup>(a)(b)</sup>  | 289 | 23874 |
|  Broadcom, Inc.  | 18606 | 5945547 |
|  Cirrus Logic, Inc. <sup>(a)</sup>  | 578 | 81567 |
|  Diodes, Inc. <sup>(a)</sup>  | 101 | 6891 |
|  Enphase Energy, Inc. <sup>(a)</sup>  | 69 | 2917 |
|  Entegris, Inc.  | 531 | 70331 |
|  First Solar, Inc. <sup>(a)</sup>  | 135 | 26622 |
|  FormFactor, Inc. <sup>(a)</sup>  | 2 | 198 |
|  GLOBALFOUNDRIES, Inc. <sup>(a)</sup>  | 64 | 3043 |
|  Ichor Holdings Ltd. <sup>(a)</sup>  | 4 | 190 |
|  Intel Corp. <sup>(a)</sup>  | 3963 | 180752 |
|  KLA Corp.  | 976 | 1487961 |
|  Kulicke & Soffa Industries, Inc.  | 4 | 279 |
|  Lam Research Corp.  | 5086 | 1189565 |
|  Lattice Semiconductor Corp. <sup>(a)</sup>  | 7 | 669 |
|  MACOM Technology Solutions Holdings, Inc. <sup>(a)(b)</sup>  | 8 | 1985 |
|  Marvell Technology, Inc.  | 3218 | 262878 |
|  Microchip Technology, Inc.  | 3 | 224 |
|  Micron Technology, Inc.  | 21910 | 9035027 |
|  MKS, Inc.  | 1773 | 433428 |
|  Monolithic Power Systems, Inc.  | 5 | 5714 |
|  NVIDIA Corp.  | 146137 | 25894015 |
|  ON Semiconductor Corp. <sup>(a)</sup>  | 860 | 57173 |
|  Onto Innovation, Inc. <sup>(a)</sup>  | 76 | 16408 |
|  PDF Solutions, Inc. <sup>(a)</sup>  | 7 | 236 |
|  Penguin Solutions, Inc. <sup>(a)</sup>  | 823 | 17102 |
|  Photronics, Inc. <sup>(a)</sup>  | 3722 | 139314 |
|  Power Integrations, Inc.  | 19 | 910 |
|  Qnity Electronics, Inc.  | 612 | 77577 |
|  Qorvo, Inc. <sup>(a)</sup>  | 170 | 14093 |
|  QUALCOMM, Inc.  | 14409 | 2051265 |
|  Rambus, Inc. <sup>(a)</sup>  | 1027 | 102351 |
|  Silicon Laboratories, Inc. <sup>(a)</sup>  | 7 | 1432 |
|  SkyWater Technology, Inc. <sup>(a)</sup>  | 8 | 236 |
|  Skyworks Solutions, Inc. <sup>(b)</sup>  | 399 | 23772 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Semiconductors & Semiconductor Equipment — 8.3% (continued)** | **Semiconductors & Semiconductor Equipment — 8.3% (continued)** | **Semiconductors & Semiconductor Equipment — 8.3% (continued)** |
|  Synaptics, Inc. <sup>(a)</sup>  | 35 | $2851 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR  | 17 | 6368 |
|  Teradyne, Inc.  | 1 | 320 |
|  Texas Instruments, Inc.  | 2060 | 436947 |
|  Universal Display Corp.  | 6 | 640 |
|  Veeco Instruments, Inc. <sup>(a)</sup>  | 58 | 1772 |
|  |  | 51097256 |
|  **Software — 4.2%** | **Software — 4.2%** | **Software — 4.2%** |
|  8x8, Inc. <sup>(a)</sup>  | 2967 | 6349 |
|  A10 Networks, Inc.  | 111 | 2138 |
|  ACI Worldwide, Inc. <sup>(a)</sup>  | 748 | 29681 |
|  Adeia, Inc.  | 16059 | 332261 |
|  Adobe, Inc. <sup>(a)</sup>  | 271 | 71113 |
|  Alarm.com Holdings, Inc. <sup>(a)</sup>  | 36145 | 1729538 |
|  Appfolio, Inc. - Class A <sup>(a)</sup>  | 70 | 12443 |
|  AppLovin Corp. - Class A <sup>(a)</sup>  | 774 | 336512 |
|  Atlassian Corp. - Class A <sup>(a)</sup>  | 6 | 451 |
|  Autodesk, Inc. <sup>(a)</sup>  | 392 | 96381 |
|  Bentley Systems, Inc. - Class B <sup>(b)</sup>  | 18 | 658 |
|  BlackLine, Inc. <sup>(a)</sup>  | 19 | 670 |
|  Cadence Design Systems, Inc. <sup>(a)</sup>  | 336 | 101270 |
|  CCC Intelligent Solutions Holdings, Inc. <sup>(a)</sup>  | 1164 | 6786 |
|  Cleanspark, Inc. <sup>(a)(b)</sup>  | 7229 | 71929 |
|  Clear Secure, Inc. - Class A  | 1529 | 74371 |
|  Consensus Cloud Solutions, Inc. <sup>(a)</sup>  | 5 | 150 |
|  Digital Turbine, Inc. <sup>(a)</sup>  | 2917 | 11843 |
|  Docusign, Inc. <sup>(a)</sup>  | 30 | 1352 |
|  Dolby Laboratories, Inc. - Class A  | 282 | 18773 |
|  Dynatrace, Inc. <sup>(a)</sup>  | 57 | 2047 |
|  EverCommerce, Inc. <sup>(a)</sup>  | 5 | 57 |
|  Five9, Inc. <sup>(a)</sup>  | 2 | 35 |
|  Fortinet, Inc. <sup>(a)</sup>  | 39 | 3082 |
|  Gen Digital, Inc.  | 42347 | 955772 |
|  I3 Verticals, Inc. - Class A <sup>(a)</sup>  | 144 | 3223 |
|  InterDigital, Inc. <sup>(b)</sup>  | 2579 | 945281 |
|  Intuit, Inc.  | 445 | 182018 |
|  LiveRamp Holdings, Inc. <sup>(a)</sup>  | 65 | 1766 |
|  Manhattan Associates, Inc. <sup>(a)</sup>  | 9 | 1219 |
|  Microsoft Corp.  | 48631 | 19099339 |
|  Mitek Systems, Inc. <sup>(a)</sup>  | 143 | 2085 |
|  N-able, Inc. <sup>(a)</sup>  | 51 | 224 |
|  nCino, Inc. <sup>(a)</sup>  | 3 | 48 |
|  NCR Voyix Corp. <sup>(a)</sup>  | 1129 | 8626 |
|  OneSpan, Inc.  | 23 | 254 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Software — 4.2% (continued)** | **Software — 4.2% (continued)** | **Software — 4.2% (continued)** |
|  Ooma, Inc. <sup>(a)</sup>  | 4 | $49 |
|  Oracle Corp.  | 4499 | 654155 |
|  Palantir Technologies, Inc. - Class A <sup>(a)</sup>  | 9 | 1235 |
|  Palo Alto Networks, Inc. <sup>(a)</sup>  | 0 <sup>(e)</sup> | 22 |
|  Pegasystems, Inc.  | 284 | 12419 |
|  Progress Software Corp. <sup>(a)</sup>  | 173 | 7245 |
|  PTC, Inc. <sup>(a)</sup>  | 196 | 30692 |
|  Qualys, Inc. <sup>(a)</sup>  | 250 | 23118 |
|  Red Violet, Inc. <sup>(a)</sup>  | 9 | 390 |
|  Riot Platforms, Inc. <sup>(a)</sup>  | 8174 | 133154 |
|  Roper Technologies, Inc.  | 4 | 1399 |
|  Salesforce, Inc.  | 1486 | 289458 |
|  ServiceNow, Inc. <sup>(a)</sup>  | 1 | 108 |
|  Sprinklr, Inc. - Class A <sup>(a)</sup>  | 76 | 442 |
|  SPS Commerce, Inc. <sup>(a)(b)</sup>  | 20 | 1130 |
|  Teradata Corp. <sup>(a)</sup>  | 8970 | 282465 |
|  Trimble, Inc. <sup>(a)</sup>  | 1639 | 109600 |
|  Workday, Inc. - Class A <sup>(a)</sup>  | 362 | 48421 |
|  Yext, Inc. <sup>(a)</sup>  | 45 | 256 |
|  Zoom Communications, Inc. <sup>(a)</sup>  | 708 | 52350 |
|  |  | 25757853 |
|  **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 | 15132 |
|  CubeSmart  | 53 | 2180 |
|  Equinix, Inc.  | 4 | 3897 |
|  Four Corners Property Trust, Inc.  | 52 | 1327 |
|  Iron Mountain, Inc.  | 214 | 23183 |
|  SBA Communications Corp.  | 202 | 40634 |
|  VICI Properties, Inc.  | 71 | 2145 |
|  Weyerhaeuser Co.  | 933 | 22887 |
|  |  | 111385 |
|  **Specialty Retail — 2.8%** | **Specialty Retail — 2.8%** | **Specialty Retail — 2.8%** |
|  Abercrombie & Fitch Co. - Class A <sup>(a)</sup>  | 6683 | 653597 |
|  Academy Sports & Outdoors, Inc. <sup>(b)</sup>  | 8419 | 506234 |
|  American Eagle Outfitters, Inc.  | 16601 | 407887 |
|  Arhaus, Inc. <sup>(a)</sup>  | 7339 | 60547 |
|  Arko Corp.  | 7395 | 47550 |
|  Asbury Automotive Group, Inc. <sup>(a)</sup>  | 2687 | 574427 |
|  AutoNation, Inc. <sup>(a)</sup>  | 5557 | 1084504 |
|  Best Buy Co., Inc.  | 26288 | 1629067 |
|  Boot Barn Holdings, Inc. <sup>(a)</sup>  | 155 | 29329 |
|  Buckle, Inc.  | 3962 | 212165 |
|  Build-A-Bear Workshop, Inc.  | 2186 | 106371 |
|  Burlington Stores, Inc. <sup>(a)</sup>  | 680 | 208672 |
|  Caleres, Inc. <sup>(b)</sup>  | 304 | 3615 |
|  Camping World Holdings, Inc. - Class A  | 90 | 749 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Specialty Retail — 2.8% (continued)** | **Specialty Retail — 2.8% (continued)** | **Specialty Retail — 2.8% (continued)** |
|  Carvana Co. <sup>(a)</sup>  | 257 | $85879 |
|  Chewy, Inc. - Class A <sup>(a)</sup>  | 6 | 164 |
|  Designer Brands, Inc. - Class A  | 9548 | 67982 |
|  Dick's Sporting Goods, Inc.  | 10819 | 2203073 |
|  Five Below, Inc. <sup>(a)</sup>  | 653 | 145965 |
|  Floor & Decor Holdings, Inc. - Class A <sup>(a)</sup>  | 16 | 1105 |
|  GameStop Corp. - Class A <sup>(a)(b)</sup>  | 48479 | 1164950 |
|  Gap, Inc.  | 39689 | 1112880 |
|  Genesco, Inc. <sup>(a)</sup>  | 94 | 2561 |
|  Group 1 Automotive, Inc.  | 1425 | 464179 |
|  Home Depot, Inc.  | 3111 | 1184420 |
|  J Jill, Inc.  | 770 | 13298 |
|  Lands' End, Inc. <sup>(a)(b)</sup>  | 1561 | 25085 |
|  Lithia Motors, Inc.  | 3063 | 856353 |
|  MarineMax, Inc. <sup>(a)(b)</sup>  | 30 | 915 |
|  Monro, Inc.  | 41 | 883 |
|  Murphy USA, Inc.  | 717 | 280161 |
|  National Vision Holdings, Inc. <sup>(a)</sup>  | 1208 | 32580 |
|  Penske Automotive Group, Inc. <sup>(b)</sup>  | 1327 | 209029 |
|  Petco Health & Wellness Co., Inc. <sup>(a)</sup>  | 4324 | 11026 |
|  Revolve Group, Inc. <sup>(a)</sup>  | 53 | 1333 |
|  RH <sup>(a)</sup>  | 5 | 829 |
|  Ross Stores, Inc.  | 1594 | 327790 |
|  Sally Beauty Holdings, Inc. <sup>(a)(b)</sup>  | 24006 | 385776 |
|  Shoe Carnival, Inc.  | 756 | 15264 |
|  Signet Jewelers Ltd.  | 82 | 7888 |
|  Sonic Automotive, Inc. - Class A  | 2104 | 131963 |
|  TJX Cos., Inc.  | 3626 | 586179 |
|  Tractor Supply Co.  | 2313 | 119906 |
|  Ulta Beauty, Inc. <sup>(a)</sup>  | 323 | 221187 |
|  Upbound Group, Inc.  | 1459 | 31296 |
|  Urban Outfitters, Inc. <sup>(a)(b)</sup>  | 3145 | 208199 |
|  Valvoline, Inc. <sup>(a)(b)</sup>  | 3672 | 138802 |
|  Victoria's Secret & Co. <sup>(a)</sup>  | 21159 | 1326669 |
|  Warby Parker, Inc. - Class A <sup>(a)</sup>  | 2 | 50 |
|  Williams-Sonoma, Inc.  | 767 | 157734 |
|  Zumiez, Inc. <sup>(a)</sup>  | 20 | 524 |
|  |  | 17048591 |
|  **Technology Hardware, Storage & Peripherals — 5.0%** | **Technology Hardware, Storage & Peripherals — 5.0%** | **Technology Hardware, Storage & Peripherals — 5.0%** |
|  Apple, Inc.  | 95313 | 25179788 |
|  Corsair Gaming, Inc. <sup>(a)</sup>  | 223 | 1224 |
|  Diebold Nixdorf, Inc. <sup>(a)</sup>  | 2498 | 199840 |
|  Hewlett Packard Enterprise Co.  | 2523 | 54169 |
|  NetApp, Inc.  | 379 | 37533 |
|  Pure Storage, Inc. - Class A <sup>(a)</sup>  | 4 | 257 |
|  Seagate Technology Holdings PLC  | 750 | 305880 |
|  Turtle Beach Corp. <sup>(a)</sup>  | 291 | 3649 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Technology Hardware, Storage & Peripherals — 5.0% (continued)** | **Technology Hardware, Storage & Peripherals — 5.0% (continued)** | **Technology Hardware, Storage & Peripherals — 5.0% (continued)** |
|  Western Digital Corp.  | 17456 | $4882443 |
|  |  | 30664783 |
|  **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** | **Textiles, Apparel & Luxury Goods — 0.3%** |
|  Birkenstock Holding PLC <sup>(a)(b)</sup>  | 362 | 15077 |
|  Capri Holdings Ltd. <sup>(a)</sup>  | 3 | 62 |
|  Carter's, Inc.  | 2040 | 68442 |
|  Columbia Sportswear Co.  | 9 | 557 |
|  Crocs, Inc. <sup>(a)</sup>  | 15 | 1361 |
|  Deckers Outdoor Corp. <sup>(a)</sup>  | 1430 | 167696 |
|  Figs, Inc. - Class A <sup>(a)</sup>  | 22 | 340 |
|  G-III Apparel Group Ltd.  | 190 | 5812 |
|  Kontoor Brands, Inc.  | 3509 | 228822 |
|  Levi Strauss & Co. - Class A  | 1 | 22 |
|  Lululemon Athletica, Inc. <sup>(a)</sup>  | 242 | 44811 |
|  Movado Group, Inc.  | 10 | 249 |
|  NIKE, Inc. - Class B  | 3561 | 221423 |
|  Oxford Industries, Inc.  | 10 | 396 |
|  PVH Corp.  | 28 | 1921 |
|  Ralph Lauren Corp.  | 639 | 231701 |
|  Rocky Brands, Inc.  | 560 | 25312 |
|  Steven Madden Ltd.  | 55 | 1986 |
|  Tapestry, Inc.  | 1114 | 173194 |
|  Under Armour, Inc. - Class A <sup>(a)</sup>  | 5 | 37 |
|  Under Armour, Inc. - Class C <sup>(a)</sup>  | 10 | 72 |
|  VF Corp.  | 46595 | 904875 |
|  Wolverine World Wide, Inc.  | 522 | 9224 |
|  |  | 2103392 |
|  **Tobacco — 0.0% <sup>(c)</sup>** | **Tobacco — 0.0% <sup>(c)</sup>** | **Tobacco — 0.0% <sup>(c)</sup>** |
|  Turning Point Brands, Inc.  | 195 | 26713 |
|  Universal Corp.  | 3385 | 181876 |
|  |  | 208589 |
|  **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** | **Trading Companies & Distributors — 1.1%** |
|  Alta Equipment Group, Inc.  | 2543 | 17547 |
|  Applied Industrial Technologies, Inc.  | 299 | 84491 |
|  Boise Cascade Co.  | 1978 | 163660 |
|  Core & Main, Inc. - Class A <sup>(a)</sup>  | 4311 | 233484 |
|  Custom Truck One Source, Inc. <sup>(a)</sup>  | 9702 | 69466 |
|  Distribution Solutions Group, Inc. <sup>(a)</sup>  | 616 | 18418 |
|  DNOW, Inc. <sup>(a)</sup>  | 7738 | 91154 |
|  DXP Enterprises, Inc. <sup>(a)</sup>  | 2171 | 300618 |
|  Fastenal Co.  | 2125 | 97835 |
|  Ferguson Enterprises, Inc.  | 1120 | 292051 |
|  GATX Corp. <sup>(b)</sup>  | 4854 | 893961 |
|  Global Industrial Co.  | 272 | 8971 |
|  Herc Holdings, Inc.  | 4355 | 608785 |
|  Hudson Technologies, Inc. <sup>(a)</sup>  | 1 | 7 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** | **COMMON STOCKS — 92.5% (continued)** |
|  **Trading Companies & Distributors — 1.1% (continued)** | **Trading Companies & Distributors — 1.1% (continued)** | **Trading Companies & Distributors — 1.1% (continued)** |
|  Karat Packaging, Inc.  | 5 | $123 |
|  McGrath RentCorp  | 1711 | 189835 |
|  MSC Industrial Direct Co., Inc. - Class A  | 558 | 52363 |
|  NPK International, Inc. <sup>(a)</sup>  | 6 | 87 |
|  Rush Enterprises, Inc. - Class A  | 4320 | 306590 |
|  Rush Enterprises, Inc. - Class B  | 9 | 582 |
|  SiteOne Landscape Supply, Inc. <sup>(a)</sup>  | 222 | 31722 |
|  Transcat, Inc. <sup>(a)</sup>  | 1 | 78 |
|  United Rentals, Inc.  | 2674 | 2246160 |
|  Watsco, Inc.  | 3 | 1252 |
|  WESCO International, Inc.  | 3766 | 1090257 |
|  Willis Lease Finance Corp.  | 407 | 82910 |
|  WW Grainger, Inc. <sup>(b)</sup>  | 145 | 165986 |
|  |  | 7048393 |
|  **Water Utilities — 0.1%** | **Water Utilities — 0.1%** | **Water Utilities — 0.1%** |
|  American States Water Co.  | 494 | 36818 |
|  American Water Works Co., Inc.  | 1192 | 162148 |
|  California Water Service Group  | 907 | 40887 |
|  Consolidated Water Co. Ltd.  | 43 | 1627 |
|  Essential Utilities, Inc.  | 4298 | 171791 |
|  H2O America  | 404 | 21731 |
|  Middlesex Water Co.  | 226 | 12204 |
|  Pure Cycle Corp. <sup>(a)</sup>  | 38 | 402 |
|  York Water Co.  | 34 | 1118 |
|  |  | 448726 |
|  **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** | **Wireless Telecommunication Services — 0.2%** |
|  Array Digital Infrastructure, Inc.  | 29 | 1413 |
|  Gogo, Inc. <sup>(a)</sup>  | 99 | 419 |
|  Telephone and Data Systems, Inc.  | 3635 | 162666 |
|  T-Mobile US, Inc.  | 5488 | 1191390 |
|  |  | 1355888 |
|  **TOTAL COMMON STOCKS** (Cost $405,198,035)  |  | 571163129 |
|  **EXCHANGE TRADED FUNDS — 7.4%** | **EXCHANGE TRADED FUNDS — 7.4%** | **EXCHANGE TRADED FUNDS — 7.4%** |
|  Avantis U.S. Small Cap Value ETF <sup>(b)</sup>  | 131439 | 14849978 |
|  Dimensional US Core Equity 2 ETF  | 757650 | 31025768 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $34,897,248)  |  | 45875746 |
|  **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. <sup>(b)</sup>  | 1910 | 35564 |
|  Central Securities Corp.  | 469 | 24679 |
|  Hercules Capital, Inc. <sup>(b)</sup>  | 4500 | 63945 |

---

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

**Longview Advantage ETF** 

**Schedule of Investments (concluded)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **CLOSED-END FUNDS — 0.0%<sup>(c)</sup>** **(continued)** | **CLOSED-END FUNDS — 0.0%<sup>(c)</sup>** **(continued)** | **CLOSED-END FUNDS — 0.0%<sup>(c)</sup>** **(continued)** |
|  Main Street Capital Corp.  | 265 | $15052 |
|  Tortoise Energy Infrastructure Corp.  | 400 | 19928 |
|  **TOTAL CLOSED-END FUNDS** (Cost $99,904)  |  | 159168 |
|  **RIGHTS — 0.0% <sup>(c)</sup>** | **RIGHTS — 0.0% <sup>(c)</sup>** | **RIGHTS — 0.0% <sup>(c)</sup>** |
|  Sycamore Partners LLC, Expires 08/28/2026, Exercise Price $3.00 <sup>(a)(d)</sup>  | 123 |  |
|  **Media — 0.0% <sup>(c)</sup>** | **Media — 0.0% <sup>(c)</sup>** | **Media — 0.0% <sup>(c)</sup>** |
|  EW Scripps Co., Expires 12/09/2026, Exercise Price $2.19 <sup>(a)(d)</sup>  | 637 |  |
|  **TOTAL RIGHTS** (Cost $472)  |  |  |

---

---

| | | |
|:---|:---|:---|
|  | **Units** |  |
|  **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.9%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.9%** | **INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING — 2.9%** |
|  Mount Vernon Liquid Assets Portfolio, LLC, 3.78% <sup>(f)</sup>  | 17622887 | 17622887 |
|  **TOTAL INVESTMENTS PURCHASED WITH PROCEEDS FROM SECURITIES LENDING** (Cost $17,622,887)  |  | 17622887 |

---

---

| | | |
|:---|:---|:---|
|  | **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, 3.60% <sup>(f)</sup>  | 168742 | $168742 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $168,742)  |  | 168742 |
|  **TOTAL INVESTMENTS — 102.8%** (Cost $457,987,288)  |  | 634989672 |
|  Liabilities in Excess of Other Assets — (2.8)%  |  | (17170988) |
|  **TOTAL NET ASSETS — 100.0%** |  | $617818684 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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.

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) All or a portion of this
 security is on loan as of February 28, 2026. The fair value of these securities was $17,205,457.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Represents less than 0.05%
 of net assets.

&nbsp;&nbsp;&nbsp;&nbsp;(d) Fair value determined using
 significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation
 Designee. These securities represented $0 or 0.0% of net assets as of February 28, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;(e) Rounds to zero.

&nbsp;&nbsp;&nbsp;&nbsp;(f) The rate shown represents
 the 7-day annualized yield as of February 28, 2026.

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

**Longview Advantage ETF** 

**Statement of Assets and Liabilities** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

---

| | |
|:---|:---|
|  | **Longview <br> Advantage ETF** |
|  **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value  | $634989672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable  | 638646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred organizational expenses  | 21764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 16197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Security lending income receivable  | 3100 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend tax reclaims receivable  | 1836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 635671207 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable upon return of securities loaned  | 17622887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to adviser  | 70769 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for administration and accounting fees  | 65000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for audit and tax service fees  | 29750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for custodian fees  | 6500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for printing and shareholder reporting fees  | 2600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for transfer agent fees  | 696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for legal fees  | 566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for expenses and other liabilities  | 53755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 17852523 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS  | $617818684 |
|  **NET ASSETS CONSISTS OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $630630287 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | (12811603) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets  | $617818684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $617818684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued and outstanding <sup>(a)</sup>  | 10246830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share  | $60.29 |
|  **COST:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at cost  | $457987288 |
|  **LOANED SECURITES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; at value (included in investments)  | $17205457 |

---

 <sup>(a)</sup>&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 FEBRUARY 28, 2026 (UNAUDITED)**

---

| | |
|:---|:---|
|  | **Longview <br> Advantage ETF** |
|  **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income  | $4129896 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: issuance fees  | (91) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: dividend withholding taxes  | (2894) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Securities lending income  | 22801 |
|  Total investment income  | 4149712 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee  | 710501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Administration and accounting fees  | 79407 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees  | 45000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custody fees  | 30838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Organizational costs  | 30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit and tax service fees  | 29750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Printing and shareholder reporting fees  | 21332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 2000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses and fees  | 17453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 966281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser  | (284201) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 682080 |
|  **NET INVESTMENT INCOME**  | 3467632 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (7496051) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | 42687690 |
|  Net realized gain (loss)  | 35191639 |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 32015667 |
|  Net change in unrealized appreciation (depreciation)  | 32015667 |
|  Net realized and unrealized gain (loss)  | 67207306 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $70674938 |

---

 

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

**Longview Advantage ETF** 

**StatementS of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **FOR THE <br> PERIOD ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **FOR THE <br> PERIOD ENDED <br> AUGUST 31, <br> 2025<sup>(a)</sup>** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $3467632 | $3515698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 35191639 | 113480401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 32015667 | (78674053) |
|  Net increase (decrease) in net assets from operations  | 70674938 | 38322046 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From earnings  | (3617113) | (2375507) |
|  Total distributions to shareholders  | (3617113) | (2375507) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 95108790 | 341607650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from merger / reorganization  |  | 439841525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (82156160) | (279587485) |
|  Net increase (decrease) in net assets from capital transactions  | 12952630 | 501861690 |
|  **NET INCREASE (DECREASE) IN NET ASSETS** | 80010455 | 537808229 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of the period  | 537808229 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of the period  | $617818684 | $537808229 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 1675000 | 7525000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from merger / reorganization  |  | 8796830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (1450000) | (6300000) |
|  Total increase (decrease) in shares outstanding  | 225000 | 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 respective periods. This information has been derived from information provided in the financial statements.

---

| | | |
|:---|:---|:---|
|  | **For The<br> PERIOD <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **For the <br> Period <br> ENDED<br> AUGUST 31, <br> 2025<sup>(** **a** **)</sup>** |
|  **PER SHARE DATA:** |  |  |
|  Net asset value, beginning of period  | $53.66 | $50.00 |
|  **INVESTMENT OPERATIONS:** |  |  |
|  Net investment income<sup>(b)</sup>  | 0.34 | 0.35 |
|  Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | 6.65 | 3.55 |
|  Total from investment operations  | 6.99 | 3.90 |
|  Net investment income  | (0.36) | (0.24) |
|  Total distributions  | (0.36) | (0.24) |
|  Net asset value, end of period  | $60.29 | $53.66 |
|  **TOTAL RETURN <sup>(d)</sup>** | 13.06% | 7.83% |
|  **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>** |  |  |
|  Net assets, end of period (in thousands)  | $617819 | $537808 |
|  Ratio of expenses to average net assets: |  |  |
|  Before expense reimbursement/recoupment <sup>(f)</sup>  | 0.34% | 0.34% |
|  After expense reimbursement/recoupment <sup>(f)</sup>  | 0.24% | 0.24% |
|  Ratio of net investment income (loss) to average net assets <sup>(f)</sup>  | 1.22% | 1.42% |
|  Portfolio turnover rate <sup>(d)(g)</sup>  | 7% | 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 periods.

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. 

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

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

<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 FEBRUARY 28, 2026 (UNAUDITED)**

**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 sixteen active 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. Please see Statement of changes in net assets for further disclosure.

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 semi-annual reporting period for the Fund is February 28, 2026 (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 readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

**Longview Advantage ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **Total** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stocks  | $571163129 | $— | $— | $571163129 |
|  Exchange Traded Funds  | 45875746 |  |  | 45875746 |
|  Closed-End Funds  | 159168 |  |  | 159168 |
|  Rights  |  |  | — <sup>(a)</sup> | — <sup>(a)</sup> |
|  Investments Purchased with Proceeds from Securities Lending<sup>(b)</sup>  |  |  |  | 17622887 |
|  Money Market Funds  | 168742 |  |  | 168742 |
|  Total Investments  | $617366785 | $— | $— | $634989672 |

---

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

<sup>(a)</sup> Includes investments with an aggregate value of zero.<sup></sup>

<sup>(b)</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 amounts 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 FEBRUARY 28, 2026 (UNAUDITED)**

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. 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.

**Principal Investment Policies and Risks** 

**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.

**Longview Advantage ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

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 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

**Longview Advantage ETF** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

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

● **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, ("Rule 2a-7") 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.

**Longview Advantage ETF** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

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.

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.

**OPERATING SEGMENTS** — are components of an entity that engage in business activities and have discrete financial information available. Each series of the Trust operates in one segment. The segment derives its revenues from the series' investments made in accordance with the defined investment strategy of the series, as prescribed in the Fund's prospectus. The Chief Operating Decision Maker ("CODM") of the Fund is the Investment Committee of the Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on the Fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**2. 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.

Effective January 1, 2026, the Adviser has voluntarily agreed to limit the management fees charged to the Fund to 0.15% of the Fund's average daily net assets. This contractual limitation is in effect until December 31, 2026, and may not be terminated prior to that date without the approval of the Board.

---

| | | |
|:---|:---|:---|
| **FUND** | **ADVISORY FEE** | **ADVISORY <br> FEE CAP** |
|  Longview Advantage ETF  | 0.25% | 0.15% |

---

Prior to December 31, 2025, the Adviser had 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 0.24% 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 were not taken into account and could cause a Fund's net Total Annual Fund Operating Expenses to exceed 0.24%, as applicable: acquired fund fees and expenses, brokerage commissions, extraordinary items, interest or taxes. The expense cap was terminated effective December 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Expiration <br> August 31, 2028** | **Expiration <br> August 31, 2029** | **TOTAL** |
|  Longview Advantage ETF  | $248659 | $284201 | $532860 |

---

**Longview Advantage ETF** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

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

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

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

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

**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 Fund were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **PURCHASES** | **SALES** |
|  Longview Advantage ETF  | $123957469 | $42152966 |

---

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:

---

| | | |
|:---|:---|:---|
| **Fund** | **PURCHASES** | **SALES** |
|  Longview Advantage ETF  | $12853417 | $81591261 |

---

**5. 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

**Longview Advantage ETF** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

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.

**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** |
| <br>**Fund** | **ORDINARY <br> INCOME** | **LONG-TERM <br> GAINS** | **TOTAL** |
|  Longview Advantage ETF  | $2375507 | $— | $2375507 |

---

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Fund** | **UNDISTRIBUTED <br> ORVDINARY <br> INCOME** | **UNDISTRIBUTED <br> LONG-TERM <br> CAPITAL GAINS** | **CAPITAL <br> LOSS CARRY <br> FORWARD** | **QUALIFIED <br> LATE-YEAR <br> LOSS <br> DEFERRAL** | **OTHER <br> TEMPORARY <br> DIFFERENCES** | **NET <br> UNREALIZED <br> APPRECIATION/<br> (DEPRECIATION)** |
|  Longview Advantage ETF  | $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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **FEDERAL <br> TAX COST** | **UNREALIZED <br> APPRECIATION** | **UNREALIZED <br> (DEPRECIATION)** | **NET <br> UNREALIZED <br> APPRECIATION/<br> (DEPRECIATION)** |
|  Longview Advantage ETF  | $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.

**Longview Advantage ETF** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

Distributions to shareholders, if any, from net investment income and realized gains are determined in accordance with federal income tax regulations, which may differ from net investment income and realized gains recognized for financial reporting purposes. Accordingly, the character of distributions and composition of net assets for tax purposes may differ from those reflected in the accompanying financial statements. Any permanent differences resulting from different book and tax treatment are reclassified at year-end and have no impact on net income, NAV or NAV per share of the Funds.

The following permanent differences as of August 31, 2025, primarily attributable to in-kind redemptions gain and loss, were reclassified among the following accounts:

---

| | | |
|:---|:---|:---|
| **Fund** | **DISTRIBUTABLE <br> EARNINGS/<br> (LOSS)** | **PAID-IN CAPITAL** |
|  Longview Advantage ETF  | $(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:

---

| | | | |
|:---|:---|:---|:---|
| **FUND** | **MARKET VALUE <br> OF SECURITIES <br> LOANED** | **MARKET VALUE <br> OF COLLATERAL** | **INCOME <br> RECEIVED FROM <br> SECURITIES <br> LENDING** |
|  Longview Advantage ETF  | $17205457 | $17622888 | $22298 |

---

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 (CONCLUDED)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

due to or from the Fund. The following table is a summary of the Fund's open securities lending transactions which are subject to a MSLA as of the end of the reporting period:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | | **GROSS AMOUNTS NOT OFFSET IN THE <br> STATEMENTS OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN THE <br> STATEMENTS OF ASSETS AND LIABILITIES** | **GROSS AMOUNTS NOT OFFSET IN THE <br> STATEMENTS OF ASSETS AND LIABILITIES** |
| <br>**FUND** | <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>** |
|  Longview Advantage ETF | $17205457 | $— | $17205457 | $(17205457) | $— | $— |

---

<sup>1</sup> 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. 

<sup>2</sup> Net amount represents the net amount receivable from the counterparty in the event of default. 

**8. Subsequent Events** 

Management has evaluated the impact of all subsequent events on the 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** 

**NOTICE TO SHAREHOLDERS** 

**As of FEBRUARY 28, 2026 (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.

**INVESTMENT ADVISER** 

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

Saint Louis, MO 63105

**ADMINISTRATOR AND TRANSFER AGENT** 

**U.S. Bank Global Fund Services** 615 East Michigan Street

Milwaukee, WI 53202

**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, ME 04101

**LEGAL COUNSEL** 

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

Philadelphia, PA 19103-6996

**Pathfinder Disciplined US Equity ETF** 

**(Ticker: NASDAQ - PFDE)** 

**Pathfinder Focused Opportunities ETF** 

**(Ticker: NASDAQ - PFOE)** 

**A Series of** 

**THE RBB FUND TRUST** 

**Financial Statements** 

**February 28, 2026** 

**(Unaudited)** 

**Pathfinder Disciplined US Equity ETF** 

**Schedule of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 99.5%** | **COMMON STOCKS — 99.5%** | **COMMON STOCKS — 99.5%** |
|  **Communication Services — 8.9%** | **Communication Services — 8.9%** | **Communication Services — 8.9%** |
|  Alphabet, Inc. - Class A  | 10361 | $3230146 |
|  Alphabet, Inc. - Class C  | 7847 | 2443791 |
|  AT&T, Inc.  | 38819 | 1087320 |
|  Meta Platforms, Inc. - Class A  | 3717 | 2409285 |
|  |  | 9170542 |
|  **Consumer Discretionary — 12.8%** | **Consumer Discretionary — 12.8%** | **Consumer Discretionary — 12.8%** |
|  Amazon.com, Inc. <sup>(a)</sup>  | 26016 | 5463360 |
|  Booking Holdings, Inc.  | 413 | 1750852 |
|  Deckers Outdoor Corp. <sup>(a)</sup>  | 4956 | 581190 |
|  Ford Motor Co.  | 129260 | 1821273 |
|  Hasbro, Inc.  | 2724 | 271283 |
|  Las Vegas Sands Corp.  | 16107 | 913589 |
|  Ross Stores, Inc.  | 3304 | 679435 |
|  Tesla, Inc. <sup>(a)</sup>  | 3304 | 1329893 |
|  Wynn Resorts Ltd.  | 3304 | 357460 |
|  |  | 13168335 |
|  **Consumer Staples — 4.8%** | **Consumer Staples — 4.8%** | **Consumer Staples — 4.8%** |
|  Monster Beverage Corp. <sup>(a)</sup>  | 12410 | 1058573 |
|  Philip Morris International, Inc.  | 11846 | 2213188 |
|  Procter & Gamble Co.  | 8249 | 1379233 |
|  Walmart, Inc.  | 2065 | 264217 |
|  |  | 4915211 |
|  **Energy — 2.6%** | **Energy — 2.6%** | **Energy — 2.6%** |
|  Chevron Corp.  | 8260 | 1542637 |
|  Halliburton Co.  | 30982 | 1115352 |
|  |  | 2657989 |
|  **Financials — 14.2%** | **Financials — 14.2%** | **Financials — 14.2%** |
|  Ameriprise Financial, Inc.  | 2065 | 970798 |
|  Bank of America Corp.  | 9166 | 456742 |
|  Berkshire Hathaway, Inc. - Class B <sup>(a)</sup>  | 7434 | 3753798 |
|  Charles Schwab Corp.  | 9899 | 942385 |
|  Chubb Ltd.  | 4130 | 1407752 |
|  Citigroup, Inc.  | 20650 | 2275423 |
|  JPMorgan Chase & Co.  | 4167 | 1251350 |
|  Mastercard, Inc. - Class A  | 4956 | 2563293 |
|  Northern Trust Corp.  | 7285 | 1042410 |
|  |  | 14663951 |
|  **Health Care — 11.1%** | **Health Care — 11.1%** | **Health Care — 11.1%** |
|  AbbVie, Inc.  | 8673 | 2012830 |
|  Bristol-Myers Squibb Co.  | 21975 | 1370581 |
|  Eli Lilly & Co.  | 2065 | 2172359 |
|  Gilead Sciences, Inc.  | 1652 | 246065 |
|  HCA Healthcare, Inc.  | 4543 | 2406427 |
|  Hologic, Inc. <sup>(a)</sup>  | 14455 | 1089329 |
|  **COMMON STOCKS — 99.5% (continued)** | **COMMON STOCKS — 99.5% (continued)** | **COMMON STOCKS — 99.5% (continued)** |
|  **Health Care — 11.1% (continued)** | **Health Care — 11.1% (continued)** | **Health Care — 11.1% (continued)** |
|  Incyte Corp. <sup>(a)</sup>  | 2388 | $241833 |
|  McKesson Corp.  | 219 | 216234 |
|  Merck & Co., Inc.  | 11564 | 1431855 |
|  Universal Health Services, Inc. - Class B  | 893 | 184047 |
|  |  | 11371560 |
|  **Industrials — 6.8%** | **Industrials — 6.8%** | **Industrials — 6.8%** |
|  Boeing Co. <sup>(a)</sup>  | 9086 | 2067338 |
|  Cummins, Inc.  | 2891 | 1687968 |
|  Delta Air Lines, Inc.  | 7434 | 488414 |
|  FedEx Corp.  | 1652 | 639324 |
|  GE Vernova, Inc.  | 413 | 360797 |
|  Lockheed Martin Corp.  | 1652 | 1087148 |
|  Southwest Airlines Co.  | 9677 | 476689 |
|  United Airlines Holdings, Inc. <sup>(a)</sup>  | 2065 | 219509 |
|  |  | 7027187 |
|  **Information Technology — 31.4% <sup>(b)</sup>** | **Information Technology — 31.4% <sup>(b)</sup>** | **Information Technology — 31.4% <sup>(b)</sup>** |
|  Advanced Micro Devices, Inc. <sup>(a)</sup>  | 4824 | 965813 |
|  Apple, Inc.  | 23125 | 6109163 |
|  Arista Networks, Inc. <sup>(a)</sup>  | 3304 | 441084 |
|  Broadcom, Inc.  | 11181 | 3572889 |
|  Corning, Inc.  | 3717 | 558962 |
|  Intel Corp. <sup>(a)</sup>  | 5782 | 263717 |
|  Lam Research Corp.  | 3288 | 769030 |
|  Micron Technology, Inc.  | 4543 | 1873397 |
|  Microsoft Corp.  | 16917 | 6643983 |
|  NVIDIA Corp.  | 54100 | 9585979 |
|  Oracle Corp.  | 2891 | 420351 |
|  Palantir Technologies, Inc. - Class A <sup>(a)</sup>  | 4593 | 630114 |
|  Sandisk Corp. <sup>(a)</sup>  | 826 | 524807 |
|  |  | 32359289 |
|  **Materials — 3.0%** | **Materials — 3.0%** | **Materials — 3.0%** |
|  Freeport-McMoRan, Inc.  | 9499 | 646692 |
|  Newmont Corp.  | 12851 | 1670630 |
|  Solstice Advanced Materials, Inc.  | 9445 | 741527 |
|  |  | 3058849 |
|  **Utilities — 3.9%** | **Utilities — 3.9%** | **Utilities — 3.9%** |
|  AES Corp.  | 56991 | 984804 |
|  DTE Energy Co.  | 2065 | 306115 |
|  Eversource Energy  | 15694 | 1196040 |
|  NRG Energy, Inc.  | 1652 | 295642 |
|  Vistra Corp.  | 7021 | 1220882 |
|  |  | 4003483 |
|  **TOTAL COMMON STOCKS** (Cost $103,112,515)  |  | 102396396 |

---

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

**Pathfinder Disciplined US Equity ETF** 

**Schedule of Investments (CONCLUDED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |  |
|  **MONEY MARKET FUNDS — 0.5%** | **MONEY MARKET FUNDS — 0.5%** |  |
|  First American Treasury Obligations Fund - Class X, 3.60% <sup>(c)</sup>  | 487162 | $487162 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $487,162)  |  | 487162 |
|  **TOTAL INVESTMENTS — 100.0%** (Cost $103,599,677)  |  | 102883558 |
|  Other Assets in Excess of Liabilities — 0.0% <sup>(d)</sup>  |  | 22261 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $102905819 |

---

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.

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

<sup>(b)</sup> To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of February 28, 2026.

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

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

**Pathfinder Focused Opportunities ETF** 

**Schedule of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 98.7%** | **COMMON STOCKS — 98.7%** | **COMMON STOCKS — 98.7%** |
|  **Communication Services — 19.6%** | **Communication Services — 19.6%** | **Communication Services — 19.6%** |
|  Alphabet, Inc. - Class C  | 16276 | $5068835 |
|  Netflix, Inc. <sup>(a)</sup>  | 59256 | 5702797 |
|  Spotify Technology SA <sup>(a)</sup>  | 10325 | 5316755 |
|  Universal Music Group NV - ADR  | 317344 | 3566947 |
|  |  | 19655334 |
|  **Consumer Discretionary — 16.2%** | **Consumer Discretionary — 16.2%** | **Consumer Discretionary — 16.2%** |
|  Alibaba Group Holding Ltd. - ADR  | 27880 | 4017787 |
|  Hermes International SCA - ADR  | 12200 | 2940200 |
|  MercadoLibre, Inc. <sup>(a)</sup>  | 2870 | 5044255 |
|  NIKE, Inc. - Class B  | 66830 | 4155489 |
|  |  | 16157731 |
|  **Financials — 15.8%** | **Financials — 15.8%** | **Financials — 15.8%** |
|  Brookfield Corp.  | 99725 | 4371944 |
|  Mastercard, Inc. - Class A  | 7332 | 3792184 |
|  NU Holdings Ltd. - Class A <sup>(a)</sup>  | 259752 | 3891085 |
|  Visa, Inc. - Class A  | 11661 | 3733152 |
|  |  | 15788365 |
|  **Health Care — 16.4%** | **Health Care — 16.4%** | **Health Care — 16.4%** |
|  Eli Lilly & Co.  | 4920 | 5175791 |
|  IDEXX Laboratories, Inc. <sup>(a)</sup>  | 5263 | 3456370 |
|  UnitedHealth Group, Inc.  | 15580 | 4569147 |
|  Zoetis, Inc.  | 24543 | 3217587 |
|  |  | 16418895 |
|  **Industrials — 16.7%** | **Industrials — 16.7%** | **Industrials — 16.7%** |
|  Ferrovial SE  | 80809 | 6010573 |
|  QXO, Inc. <sup>(a)</sup>  | 246807 | 5911028 |
|  Uber Technologies, Inc. <sup>(a)</sup>  | 63140 | 4762019 |
|  |  | 16683620 |
|  **Information Technology — 14.0%** | **Information Technology — 14.0%** | **Information Technology — 14.0%** |
|  ASML Holding NV  | 3436 | 4984124 |
|  Intuit, Inc.  | 9863 | 4034263 |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR  | 13274 | 4972175 |
|  |  | 13990562 |
|  **TOTAL COMMON STOCKS** (Cost $99,961,190)  |  | 98694507 |
|  **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
|  **MONEY MARKET FUNDS — 1.3%** | **MONEY MARKET FUNDS — 1.3%** | **MONEY MARKET FUNDS — 1.3%** |
|  First American Treasury Obligations Fund - Class X, 3.60% <sup>(b)</sup>  | 1340490 | $1340490 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $1,340,490)  |  | 1340490 |
|  **TOTAL INVESTMENTS — 100.0%** (Cost $101,301,680)  |  | 100034997 |
|  Liabilities in Excess of Other Assets - (0.0)% <sup>(c)</sup>  |  | (3059) |
|  **TOTAL NET ASSETS — 100.0%** | **TOTAL NET ASSETS — 100.0%** | $100031938 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

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.

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

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of February 28, 2026.

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

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

**PATHFINDER ETFS** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**AS OF FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Pathfinder <br> Disciplined <br> US Equity <br> ETF** | **Pathfinder <br> Focused <br> Opportunities <br> ETF** |
|  **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value  | $102883558 | $100034997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable  | 64832 | 35125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold  |  | 485421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 198 | 198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 102948588 | 100555741 |
|  **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  | 42769 | 41720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased  |  | 240642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to custodian  |  | 241441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 42769 | 523803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NET ASSETS  | $102905819 | $100031938 |
|  **NET ASSETS CONSISTS OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $103709847 | $103610282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total accumulated losses  | (804028) | (3578344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total net assets  | $102905819 | $100031938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $102905819 | $100031938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued and outstanding <sup>(a)</sup>  | 4130000 | 4100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share  | $24.92 | $24.40 |
|  **COST:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at cost  | $103599677 | $101301680 |

---

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

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

**PATHFINDER ETFS** 

**STATEMENTS OF OPERATIONS** 

**FOR THE PERIOD ENDED FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Pathfinder <br> Disciplined <br> US Equity <br> ET** **F<sup>(a)</sup>** | **Pathfinder <br> Focused <br> Opportunities <br> ETF<sup>(a)</sup>** |
|  **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income  | $110402 | $47820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: dividend withholding taxes  |  | (1379) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 110402 | 46441 |
|  **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee  | 53993 | 53678 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 53993 | 53678 |
|  **NET INVESTMENT INCOME/(LOSS)**  | 56409 | (7237) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (450454) | (2304424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | 306136 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (144318) | (2304424) |
|  Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (716119) | (1266683) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (716119) | (1266683) |
|  Net realized and unrealized gain (loss)  | (860437) | (3571107) |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $(804028) | $(3578344) |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp;Inception date of the Fund was December 30, 2025.

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

**PATHFINDER ETFS** 

**Statement of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **Pathfinder <br> Disciplined <br> US Equity ETF**<br>**FOR THE <br> PERIOD ENDED <br> FEBRUARY 28, <br> 2026<sup>(a)</sup>** **<br> (UNAUDITED)** | **Pathfinder <br> Focused <br> Opportunities <br> ETF**<br>**FOR THE <br> PERIOD ENDED <br> FEBRUARY 28, <br> 2026<sup>(a)</sup>** **<br> (UNAUDITED)** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $56409 | $(7237) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | (144318) | (2304424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (716119) | (1266683) |
|  Net increase (decrease) in net assets from operations  | (804028) | (3578344) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 106217327 | 103610282 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (2507480) |  |
|  Net increase (decrease) in net assets from capital transactions  | 103709847 | 103610282 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 102905819 | 100031938 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beginning of the period  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; End of the period  | $102905819 | $100031938 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 4230000 | 4100000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (100000) |  |
|  Total increase (decrease) in shares outstanding  | 4130000 | 4100000 |

---

(a)&nbsp;&nbsp;&nbsp;&nbsp;Inception date of the Fund was December 30, 2025.

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

**Pathfinder DISCIPLINED US 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.

---

| | |
|:---|:---|
|  | **FOR THE <br> PERIOD <br> ENDED <br> FEBRUARY 28, <br> 2026<sup>(** **a** **)</sup>** **<br> (UNAUDITED)** |
|  **PER SHARE DATA:** |  |
|  **Net asset value, beginning of period**  | $25.07 |
|  INVESTMENT OPERATIONS: |  |
|  Net investment income<sup>(b)</sup>  | 0.02 |
|  Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | (0.17) |
|  Total from investment operations  | (0.15) |
|  Net asset value, end of period  | $24.92 |
|  **TOTAL RETURN** <sup>(d)</sup>  | (0.61)% |
|  SUPPLEMENTAL DATA AND RATIOS: |  |
|  Net assets, end of period (in thousands)  | $102906 |
|  Ratio of expenses to average net assets <sup>(e)</sup>  | 0.59% |
|  Ratio of net investment income (loss) to average net assets <sup>(e)</sup>  | 0.62% |
|  Portfolio turnover rate <sup>(d)(f)</sup>  | 14% |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was December 30, 2025.<sup></sup>

<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><br> 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. <br>

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

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

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

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

**Pathfinder FOCUSED OPPORTUNITIES ETF** 

**Financial Highlights** 

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

---

| | |
|:---|:---|
|  | **FOR THE <br> PERIOD <br> ENDED <br> FEBRUARY 28, <br> 2026<sup>(a)</sup>** **<br> (UNAUDITED)** |
|  **PER SHARE DATA:** |  |
|  **Net asset value, beginning of period**  | $25.04 |
|  INVESTMENT OPERATIONS: |  |
|  Net investment income<sup>(b)</sup>  | (0.00)<sup>(c)</sup> |
|  Net realized and unrealized gain (loss) on investments <sup>(d)</sup>  | (0.64) |
|  Total from investment operations  | (0.64) |
|  Net asset value, end of period  | $24.40 |
|  **TOTAL RETURN** <sup>(e)</sup>  | (2.56)% |
|  SUPPLEMENTAL DATA AND RATIOS: |  |
|  Net assets, end of period (in thousands)  | $100032 |
|  Ratio of expenses to average net assets <sup>(f)</sup>  | 0.59% |
|  Ratio of net investment income (loss) to average net assets <sup>(f)</sup>  | (0.08)% |
|  Portfolio turnover rate <sup>(e)(g)</sup>  | 42% |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was December 30, 2025.<sup></sup>

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

<sup>(c)</sup> Amount represents less than $0.005 per share. 

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

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

**Pathfinder ETFs** 

**Notes to Financial Statements** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

**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 sixteen active investment portfolios, including the Pathfinder Disciplined US Equity ETF and the Pathfinder Focused Opportunities ETF (each a "Fund" and together the "Funds"), which commenced investment operations on December 30, 2025.

The investment objective of each Fund is to seek long-term capital appreciation.

The Funds are each 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 semi-annual reporting period for each Fund is since their inception on December 30, 2025 through February 28, 2026 (the "current fiscal period").

**PORTFOLIO VALUATION** — The Funds value their investments at fair value. Each 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 Funds 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 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 Funds have designated Opal Capital LLC, the Funds' 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 each Fund's investments are summarized into three levels as described in the hierarchy below:

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

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

● 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.

**Pathfinder ETFs** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

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

**PATHFINDER DISCIPLINED US EQUITY ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **TOTAL** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stocks  | $102396396 | $— | $— | $102396396 |
|  Money Market Funds  | 487162 |  |  | 487162 |
|  Total Investments  | $102883558 | $— | $— | $102883558 |

---

**PATHFINDER FOCUSED OPPORTUNITIES ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1**  | **LEVEL 2**  | **LEVEL 3**  | **TOTAL** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stocks  | $98694507 | $— | $— | $98694507 |
|  Money Market Funds  | 1340490 |  |  | 1340490 |
|  Total Investments  | $100034997 | $— | $— | $100034997 |

---

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 each Fund's investments may fluctuate from period to period. Additionally, the fair value of investments may differ significantly from the values that would have been used had a ready market existed for such investments and may differ materially from the values the 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 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 a Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers are disclosed if a 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 Funds had no Level 3 transfers.

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

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

**Pathfinder ETFs** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

the officers of the Trust. Expenses and fees, including investment advisory and administration fees, are accrued daily and taken into account for the purpose of determining the NAV of the Funds.

**DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS** — The Funds distribute 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 each Fund's intention to continue to qualify for and elect the tax treatment applicable to regulated investment companies under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to its shareholders which will be sufficient to relieve it from U.S. income and excise taxes.

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

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

**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 a Fund invests will cause the NAV of the Funds to fluctuate. The Funds purchase equity securities traded in the U.S. on registered exchanges or the over-the-counter market.

**LARGE SHAREHOLDER PURCHASE AND REDEMPTION RISK** — Each Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Funds. Such large shareholder redemptions may cause the Funds to sell its securities at times when it would not otherwise do so, which may negatively impact the Funds' NAV and liquidity. Similarly, large share purchases may adversely affect the Funds' performance to the extent that a 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 Funds' current expenses being allocated over a smaller asset base, leading to an increase in the Funds' expense ratio. However, this risk may be limited to the extent that the Adviser and the Funds have entered into a fee waiver and/or expense reimbursement arrangement.

**OPERATING SEGMENTS** — are components of an entity that engage in business activities and have discrete financial information available. Each series of the Trust operates in one segment. The segment derives its revenues from each series' investments made in accordance with the defined investment strategy of each series, as prescribed in the Funds' prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on each Fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each Fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**2. Investment Adviser and Other Services** 

Opal Capital, LLC serves as the investment adviser to the Funds. Vident Asset Management serves as the investment sub-adviser to the Funds (the "Sub-Adviser"). Subject to the supervision of the Board, the Adviser manages the overall investment operations of the Funds and provides oversight of the Sub-Adviser pursuant to the terms of the Advisory Agreement between the Adviser and the Trust on behalf of the Funds. Compensation of the Sub-Adviser is paid by the Adviser (not the Funds).The Funds compensate the Adviser with a unitary management fee for its services at an annual

**Pathfinder ETFs** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

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** |
|  Pathfinder Disciplined US Equity ETF  | 0.59% |
|  Pathfinder Focused Opportunities ETF  | 0.59% |

---

From the Advisory Fee, the Adviser pays most of the expenses of each Fund, including the cost of sub-advisory fees to any investment sub-adviser, transfer agency, custody, fund administration, legal, audit, directors and officers 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 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 (the "Distributor"), a wholly-owned broker-dealer subsidiary of Foreside Financial Group, LLC, serves as the principal underwriter and distributor of the Funds' shares pursuant to a Distribution Agreement with the Trust.

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 each Fund were as follows:

---

| | | |
|:---|:---|:---|
| **FUND** | **Purchases** | **Sales** |
|  Pathfinder Disciplined US Equity ETF  | $8221757 | $8507548 |
|  Pathfinder Focused Opportunities ETF  | 24036438 | 24360895 |

---

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 Funds were as follows:

---

| | | |
|:---|:---|:---|
| **FUND** | **Purchases** | **Sales** |
|  Pathfinder Disciplined US Equity ETF  | $105840224 | $2297600 |
|  Pathfinder Focused Opportunities ETF  | 102590071 |  |

---

**4. SHARE TRANSACTIONS** 

Shares of the Funds are listed and traded on the Nasdaq Stock Market, LLC (the "Exchange"). Market prices for the shares may be different from their NAV. The Funds issue and redeem 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 Funds. 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

**Pathfinder ETFs** 

**NOTES TO FINANCIAL STATEMENTS (CONCLUDED)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

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 Funds. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

Each Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for each Fund is $300, payable to the Custodian. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2.00% as a percentage of the value of the Creation Units subject to such transaction. Variable fees are imposed to compensate the Funds for the transaction costs associated with the cash transactions. Variable fees received by the Funds, if any, are displayed in the capital shares transactions section of the Statement of Changes in Net Assets.

**5. Federal Income Tax Information** 

Each Fund is subject to examination by U.S. taxing authorities for the tax periods since the commencement of operations. The amount and character of tax basis distributions and composition of net assets, including distributable earnings (accumulated deficit) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined for the current fiscal period. Since the Funds did not have a full fiscal year, the tax cost of investments is the same as noted in the Schedule of Investments.

**6. Subsequent Events** 

Management has evaluated the impact of all subsequent events on the Funds through the date the financial statements were issued and has determined that there was the following subsequent event: The Funds paid the following distributions:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUND** | **RECORD DATE** | **EX-DATE** | **PAY DATE** | **DISTRIBUTION <br> RATE PER SHARE** |
|  Pathfinder Disciplined US Equity ETF  | 3/30/2026 | 3/30/2026 | 3/31/2026 | $0.03 |
|  Pathfinder Focused Opportunities ETF  | 3/30/2026 | 3/30/2026 | 3/31/2026 | $0.01 |

---

**Pathfinder ETFs** 

**NOTICE TO SHAREHOLDERS** 

**As of FEBRUARY 28, 2026 (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 each 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 Funds trade on an exchange at a price above (*i.e.*, at a premium) or below (*i.e.*, at a discount) the NAV of each Fund is available, without charge, on the Funds' website at https://pathfinderetfs.com.

**PATHFINDER ETFS** 

**Approval of Investment Advisory AGREEMENT** 

**As of FEBRUARY 28, 2026 (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 Opal Capital LLC ("Opal") and the Trust, on behalf of the new Pathfinder Focused Opportunities ETF and Pathfinder Disciplined US Equity ETF (each a "Fund" and together the "Funds"), and (ii) a new investment sub-advisory agreement (the "Sub-Advisory Agreement") among the Trust, Opal, and Vident Asset Management ("Vident"), with respect to the Funds at a meeting held on November 11-12, 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, 2027. 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 Opal and Vident, with the assistance and advice of counsel to the Independent Trustees and the Trust.

In considering the approval of the Investment Advisory Agreement and the Sub-Advisory Agreement, with respect to the Funds, 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 Opal and discussed the Investment Advisory Agreement and Sub-Advisory Agreement with counsel in executive sessions, at which no representatives of Opal or Vident were present. The Trustees considered whether approval of the Investment Advisory Agreement and Sub-Advisory Agreement would be in the best interests of each 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 Funds by Opal and Vident; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) Opal's and Vident's investment philosophies and processes; (iv) Opal's and Vident's assets under management and client descriptions; (v) Opal's and Vident's soft dollar commission and trade allocation policies, as applicable; (vi) Opal's and Vident's advisory fee arrangements with the Trust and other similarly managed clients, as applicable; (vii) Opal's and Vident's compliance procedures; (viii) Opal's and Vident's financial information and insurance coverage; (ix) Opal's and Vident's profitability analysis relating to its proposed provision of services to the Funds; and (x) the extent to which economies of scale are relevant to the Funds. The Trustees noted that the Funds had not yet commenced operations and, consequently, there was no performance information to review with respect to the Funds.

As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided by Opal and Vident. The Trustees concluded that Opal and Vident had sufficient resources to provide services to each Fund.

The Board also took into consideration that the advisory fee for each 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 Opal would be responsible for compensating the Funds' other service providers and paying other expenses of the Funds out of Opal's own fees and resources.

After reviewing the information regarding Opal's and Vident's estimated costs, profitability and economies of scale, and after considering the services to be provided by Opal and Vident, the Trustees concluded that the investment advisory fees to be paid by each Fund to Opal and the sub-advisory fees to be paid by Opal to Vident were fair and reasonable and that the Investment Advisory Agreement and Sub-Advisory Agreement should be approved for an initial period ending August 16, 2027.

**INVESTMENT ADVISER** 

**Opal Capital LLC** 5200 Town Center Circle Ste 205

Boca Raton, Florida 33486

**INVESTMENT SUB-ADVISER** 

**Vident Asset Management** 1125 Sanctuary Parkway, Suite 515

Alpharetta, GA 30009

**ADMINISTRATOR AND TRANSFER AGENT** 

**U.S. Bank Global Fund Services** 615 East Michigan Street

Milwaukee, WI 53202

**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** 

**February 28, 2026** 

**(Unaudited)** 

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

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**PORTFOLIO of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **EXCHANGE TRADED FUNDS — 86.0%** | **EXCHANGE TRADED FUNDS — 86.0%** |  |
|  iShares Core MSCI EAFE ETF <sup>(a)</sup>  | 158520 | $15585686 |
|  Vanguard FTSE Developed Markets ETF <sup>(a)</sup>  | 223848 | 15723084 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $29,915,110)  |  | 31308770 |
|  **TOTAL INVESTMENTS — 86.0%** (Cost $29,915,110)  |  | 31308770 |
|  Other Assets in Excess of Liabilities — 14.0%  |  | 5086132 |
|  **TOTAL NET ASSETS — 100.0%** |  | $36394902 |

---

Percentages are stated as a percent of net assets.

<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. 

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

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**PORTFOLIO OF INVESTMENTS IN FUTURES CONTRACTS** 

**FEBRUARY 28, 2026 (UNAUDITED)**

Futures contracts outstanding as of February 28, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Purchased** | **EXPIRATION <br> DATE** | **NOTIONAL** | **Value/ <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Dollar/US Dollar Cross Currency Rate  | 1 | 03/17/2026 | $73405 | $1157 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MSCI EAFE Index  | 35 | 03/20/2026 | 5538925 | 424703 |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Dollar/Norwegian Krone Cross Currency Rate  | 2 | 03/16/2026 | 199945 | (13243) |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; US Dollar/Swedish Krona Cross Currency Rate  | 8 | 03/16/2026 | 799074 | (27903) |
|  |  |  |  | $384714 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts <br> Sold** | **EXPIRATION <br> DATE** | **NOTIONAL** | **Value/ <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  Australian Dollar/US Dollar Cross Currency Rate  | (205) | 03/16/2026 | $14583700 | $(953601) |
|  British Pound/US Dollar Cross Currency Rate  | (74) | 03/16/2026 | 6234500 | (69866) |
|  Euro/US Dollar Cross Currency Rate  | (328) | 03/16/2026 | 48494800 | (523080) |
|  Japanese Yen/US Dollar Cross Currency Rate  | (101) | 03/16/2026 | 8102094 | 57516 |
|  Mexican Peso/US Dollar Cross Currency Rate  | (6) | 03/16/2026 | 173880 | (11374) |
|  New Zealand Dollar/US Dollar Cross Currency Rate  | (14) | 03/16/2026 | 839930 | (27408) |
|  Swiss Franc/US Dollar Cross Currency Rate  | (21) | 03/16/2026 | 3422606 | (119246) |
|  |  |  |  | $(1647059) |
|  **Net Unrealized Appreciation (Depreciation)**  |  |  |  | $(1262345) |

---

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

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**Statement of Assets and Liabilities** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | |
|:---|:---|
|  **ASSETS:** |  |
| &nbsp;&nbsp;&nbsp; Investments, at value  | $31308770 |
| &nbsp;&nbsp;&nbsp; Deposit at broker for future contracts  | 4090736 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 2318102 |
| &nbsp;&nbsp;&nbsp; Unrealized appreciation on futures contracts  | 483376 |
| &nbsp;&nbsp;&nbsp; Foreign currency, at value  | 16550 |
| &nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 12464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 38229998 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp; Unrealized depreciation on futures contracts  | 1745721 |
| &nbsp;&nbsp;&nbsp; Payable for legal fees  | 18422 |
| &nbsp;&nbsp;&nbsp; Payable for fund administration and accounting fees  | 17172 |
| &nbsp;&nbsp;&nbsp; Payable to Adviser  | 12825 |
| &nbsp;&nbsp;&nbsp; Payable for audit fees  | 11885 |
| &nbsp;&nbsp;&nbsp; Payable for transfer agent fees and expenses  | 10453 |
| &nbsp;&nbsp;&nbsp; Payable for printing and mailing  | 7210 |
| &nbsp;&nbsp;&nbsp; Payable for shareholder servicing fees  | 2723 |
| &nbsp;&nbsp;&nbsp; Payable for expenses and other liabilities  | 8685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 1835096 |
|  **NET ASSETS** | $36394902 |
|  **NET ASSETS CONSISTS OF:** |  |
| &nbsp;&nbsp;&nbsp; Paid-in capital  | $34303072 |
| &nbsp;&nbsp;&nbsp; Total distributable earnings  | 2091830 |
|  Total net assets  | $36394902 |
|  **Institutional Class** |  |
| &nbsp;&nbsp;&nbsp; Net assets  | $36394902 |
| &nbsp;&nbsp;&nbsp; Shares issued and outstanding <sup>(a)</sup>  | 3254389 |
| &nbsp;&nbsp;&nbsp; Net asset value per share  | $11.18 |
|  **COST:** |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost  | $29915110 |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost  | $16538 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**Statement of Operations** 

**For the PERIOD ended FEBRUARY 28, 2026 (UNAUDITED)**

---

| | |
|:---|:---|
|  **INVESTMENT INCOME:** |  |
| &nbsp;&nbsp;&nbsp; Interest income  | $414350 |
|  Total investment income  | 414350 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 159869 |
| &nbsp;&nbsp;&nbsp; Transfer agent fees  | 30959 |
| &nbsp;&nbsp;&nbsp; Legal fees  | 30375 |
| &nbsp;&nbsp;&nbsp; Fund administration and accounting fees  | 20311 |
| &nbsp;&nbsp;&nbsp; Compliance fees  | 14503 |
| &nbsp;&nbsp;&nbsp; Audit fees  | 11788 |
| &nbsp;&nbsp;&nbsp; Trustees' fees  | 10534 |
| &nbsp;&nbsp;&nbsp; Federal and state registration fees  | 8490 |
| &nbsp;&nbsp;&nbsp; Reports to shareholders  | 8256 |
| &nbsp;&nbsp;&nbsp; Custodian fees  | 928 |
| &nbsp;&nbsp;&nbsp; Other expenses and fees  | 5270 |
|  Total expenses  | 301283 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser  | (133000) |
| &nbsp;&nbsp;&nbsp; Net expenses  | 168283 |
|  **NET INVESTMENT INCOME** | 246067 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 25684 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures contracts  | 4269149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | 1017 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 4295850 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 1389137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future contracts  | (1193404) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | (236) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 195497 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss)  | 4491347 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $4737414 |

---

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> PERIOD ENDED<br> FEBRUARY 28,<br> 2026<br> (UNAUDITED)** | **FOR THE<br> YEAR ENDED<br> AUGUST 31,<br> 2025** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $246067 | $719422 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 4295850 | 835582 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 195497 | 322838 |
|  Net increase (decrease) in net assets from operations  | 4737414 | 1877842 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp; From earnings - Institutional Class  | (4109359) | (3629697) |
|  Total distributions to shareholders  | (4109359) | (3629697) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class  | 1039393 | 4775719 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class  | 4109358 | 3629697 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class  | (896712) | (779573) |
|  Net increase (decrease) in net assets from capital transactions  | 4252039 | 7625843 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 4880094 | 5873988 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  | $31514808 | $25640820 |
| &nbsp;&nbsp;&nbsp; End of the period  | $36394902 | $31514808 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold - Institutional Class  | 96402 | 432735 |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class  | 392489 | 335152 |
| &nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class  | (82059) | (70240) |
|  Total increase (decrease) in shares outstanding  | 406832 | 697647 |

---

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>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **PERIOD <br> ENDED<br> FEBRUARY 28,<br> 2026<br> (UNAUDITED)** | **Year ended <br> August 31, <br> 2025** | **Year ended <br> August 31, <br> 2024** | **Period <br> ended <br> August 31, <br> 2023<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |  |  |  |
|  Net asset value, beginning of period  | $11.07 | $11.93 | $11.09 | $10.00 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |
|  Net investment income (loss)<sup>(b)</sup>  | 0.08 | 0.28 | 0.36 | (0.06) |
|  Net realized and unrealized gain (loss) on investments  | 1.46 | 0.53 | 1.26 | 1.15 |
|  Total from investment operations  | 1.54 | 0.81 | 1.62 | 1.09 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |  |
|  Net investment income  | (0.25) | (0.38) | (0.09) |  |
|  Net realized gains  | (1.18) | (1.29) | (0.69) |  |
|  Total distributions  | (1.43) | (1.67) | (0.78) |  |
|  Net asset value, end of period  | $11.18 | $11.07 | $11.93 | $11.09 |
|  **TOTAL RETURN** <sup>(c)(d)</sup>  | 14.87% | 7.16% | 15.54% | 10.90% |
|  **SUPPLEMENTAL DATA AND RATIOS:** <sup>(e)</sup>  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $36395 | $31515 | $25641 | $21753 |
|  Ratio of expenses to average net assets: |  |  |  |  |
|  Before expense reimbursement<sup>(f)</sup>  | 1.79% | 1.00% | 1.00% | 1.00% |
|  After expense reimbursement<sup>(f)</sup>  | 1.00% | 1.59% | 2.03% | 2.69% |
|  Ratio of net investment income (loss) to average net assets <sup>(f)</sup>  | 1.46% | 2.53% | 3.10% | (0.83)% |
|  Portfolio turnover rate <sup>(d)</sup>  | 3% | 0% | 0% | 0% |

---

<sup>(a)</sup> Inception date of the Fund was December 28, 2022.

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

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

<sup>(e)</sup> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

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

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**Notes to Financial Statements** 

**FEBRUARY 28, 2026 (UNAUDITED)**

**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 sixteen active 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 semi-annual reporting period for the Fund is February 28, 2026 (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).

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

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  Exchange Traded Funds  | $31308770 | $— | $— | $31308770 |
|  Foreign Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | 57516 |  |  | 57516 |
|  Equity Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | 425860 |  |  | 425860 |
|  **Total Assets** | $31792146 | $— | $— | $31792146 |
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  Foreign Currency Contracts |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Futures Contracts  | $(1745721) | $— | $— | $(1745721) |
|  **Total Liabilities** | $(1745721) | $— | $— | $(1745721) |

---

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)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

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 | $425860 | $57516 | $483376 |
|  **Total Value - Assets** |  | $**425860** | $**57516** | $**483376** |
| **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** | **LIABILITY DERIVATIVES** |
|  Futures Contracts <sup>(a)</sup> | Unrealized depreciation on futures contracts | $— | $(1745721) | $(1745721) |
|  **Total Value - Liabilities** | **Total Value - Liabilities** | $**—** | $**(1745721)** | $**(1745721)** |

---

<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 | $3923262 | $345887 | $4269149 |
|  **Total Realized Gain/(Loss)** | **Total Realized Gain/(Loss)** | $**3923262** | $**345887** | $**4269149** |

---

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 | $(486576) | $(706828) | $(1193404) |
|  **Total Change in Unrealized Appreciation/(Depreciation)** | **Total Change in Unrealized Appreciation/(Depreciation)** | $**(486576)** | $**(706828)** | $**(1193404)** |

---

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

---

| | | |
|:---|:---|:---|
| **FUND** | **LONG FUTURES <br> NOTIONAL <br> AMOUNT** | **SHORT FUTURES <br> NOTIONAL <br> AMOUNT** |
|  P/E Global Enhanced International Fund  | $6611349 | $(81851510) |

---

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

**USE OF ESTIMATES** — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the 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** — Rule 18f-4 under the 1940 Act ("Rule 18f-4") provides 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 the 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

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

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

**FOREIGN 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 U.S. 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)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

**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 so, 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.

**Operating segments** — are components of an entity that engage in business activities and have discrete financial information available. Each series of the Trust operates in one segment. The segment derives its revenues from each series' investments made in accordance with the defined investment strategy of each series, as prescribed in the Fund's prospectus. The Chief Operating Decision Maker ("CODM") of the Fund is the Investment Committee of the Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on the Fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Fund's financial statement. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**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 of 0.95% based on the Fund's average daily net assets (the "Advisory Fee"), payable on a monthly basis in arrears.

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 1.00% ("Expense Cap") 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

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

expenses, interest and taxes. This contractual limitation is in effect until December 31, 2026 and may not be terminated without the approval of the Board.

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'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 AUGUST 31** | **EXPIRATION AUGUST 31** | **EXPIRATION AUGUST 31** | **EXPIRATION AUGUST 31** | |
| <br>**FUND** | **2026** | **2027** | **2028** | **2029** | <br>**TOTAL** |
|  P/E Global Enhanced International Fund  | $183432 | $248469 | $168772 | $133000 | $733673 |

---

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, aggregate purchases and sales of investment securities (excluding short-term investments and derivative transactions) of the Fund were as follows:

---

| | | |
|:---|:---|:---|
| **FUND** | **Purchases** | **Sales** |
|  P/E Global Enhanced International Fund  | $30715636 | $825901 |

---

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

**P/E GLOBAL ENHANCED INTERNATIONAL FUND** 

**NOTES TO FINANCIAL STATEMENTS (CONCLUDED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

**5. Federal Income Tax Information** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUND** | **FEDERAL <br> TAX COST** | **UNREALIZED <br> APPRECIATION** | **UNREALIZED <br> (DEPRECIATION)** | **NET UNREALIZED <br> APPRECIATION/<br> (DEPRECIATION)** |
|  P/E Global Enhanced International Fund  | $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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUND** | **UNDISTRIBUTED <br> ORDINARY <br> INCOME** | **UNDISTRIBUTED <br> LONG-TERM <br> CAPITAL GAINS** | **OTHER <br> TEMPORARY <br> DIFFERENCES** | **UNREALIZED <br> APPRECIATION/ <br> (DEPRECIATION)** |
|  P/E Global Enhanced International Fund  | $865553 | $593453 | $– $| 4769 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUND** | **YEAR ENDED** | **ORDINARY <br> INCOME** | **LONG-TERM <br> GAINS** | **TOTAL** |
|  P/E Global Enhanced International Fund  | 2025 | $1949581 | $1680116 | $3629697 |

---

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. 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** 

 **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 (855) 610-4766; 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.

**INVESTMENT ADVISER** 

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

Boston, MA 02109

**ADMINISTRATOR AND TRANSFER AGENT** 

**U.S. Bank Global Fund Services** 615 East Michigan Street

Milwaukee, WI 53202

**CUSTODIAN** 

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

1555 North Rivercenter Drive, Suite 302

Milwaukee, WI 53212

**INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

**Cohen & Company, Ltd.**

1350 Euclid Avenue, Suite 800

Cleveland, OH 44115

**UNDERWRITER** 

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

Portland, ME 04101

**LEGAL COUNSEL** 

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

Philadelphia, PA 19103-6996

![](fp0096662-2_i.jpg)

FINANCIAL STATEMENTS

February 28, 2026

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** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **PAR** | **VALUE** |
|  **CORPORATE BONDS — 94.6%** | **CORPORATE BONDS — 94.6%** | **CORPORATE BONDS — 94.6%** |
|  **Advertising & Marketing — 0.6%** | **Advertising & Marketing — 0.6%** | **Advertising & Marketing — 0.6%** |
|  Stagwell Global LLC, 5.63%, 08/15/2029 <sup>(a)</sup>  | $130000 | $119826 |
|  **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** | **Aerospace & Defense — 0.6%** |
|  Axon Enterprise, Inc., 6.13%, 03/15/2030 <sup>(a)</sup>  | 100000 | 103063 |
|  **Airlines — 4.6%** | **Airlines — 4.6%** | **Airlines — 4.6%** |
|  American Airlines, Inc., 7.25%, 02/15/2028 <sup>(a)</sup>  | 440000 | 448435 |
|  United Airlines Holdings, Inc., 5.38%, 03/01/2031  | 141000 | 143758 |
|  VistaJet Malta Finance PLC  |  |  |
| &nbsp;&nbsp;&nbsp; 7.88%, 05/01/2027 <sup>(a)</sup>  | 185000 | 185454 |
| &nbsp;&nbsp;&nbsp; 6.38%, 02/01/2030 <sup>(a)</sup>  | 70000 | 65120 |
|  |  | 842767 |
|  **Apparel & Textile Products — 1.4%** | **Apparel & Textile Products — 1.4%** | **Apparel & Textile Products — 1.4%** |
|  Crocs, Inc., 4.25%, 03/15/2029 <sup>(a)</sup>  | 265000 | 258202 |
|  **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>  | 115000 | 117259 |
|  **Banks — 1.3%** | **Banks — 1.3%** | **Banks — 1.3%** |
|  Popular, Inc., 7.25%, 03/13/2028  | 235000 | 245291 |
|  **Cable & Satellite — 3.4%** | **Cable & Satellite — 3.4%** | **Cable & Satellite — 3.4%** |
|  CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 02/01/2028 <sup>(a)</sup>  | 505000 | 503911 |
|  Directv Financing LLC / Directv Financing Co.-Obligor, Inc., 5.88%, 08/15/2027 <sup>(a)</sup>  | 129000 | 129150 |
|  |  | 633061 |
|  **Casinos & Gaming — 0.8%** | **Casinos & Gaming — 0.8%** | **Casinos & Gaming — 0.8%** |
|  Caesars Entertainment, Inc., 4.63%, 10/15/2029 <sup>(a)</sup>  | 158000 | 154573 |
|  **Chemicals — 1.1%** | **Chemicals — 1.1%** | **Chemicals — 1.1%** |
|  Chemours Co., 5.75%, 11/15/2028 <sup>(a)</sup>  | 195000 | 196134 |
|  **Commercial Finance — 2.6%** | **Commercial Finance — 2.6%** | **Commercial Finance — 2.6%** |
|  GGAM Finance Ltd., 8.00%, 02/15/2027 <sup>(a)</sup>  | 290000 | 292973 |
|  TrueNoord Capital DAC, 8.75%, 03/01/2030 <sup>(a)</sup>  | 185000 | 195207 |
|  |  | 488180 |
|  **Consumer Finance — 5.7%** | **Consumer Finance — 5.7%** | **Consumer Finance — 5.7%** |
|  Block, Inc., 5.63%, 08/15/2030 <sup>(a)</sup>  | $190000 | $192491 |
|  Navient Corp., 6.75%, 06/15/2026  | 90000 | 90184 |
|  OneMain Finance Corp.  |  |  |
| &nbsp;&nbsp;&nbsp; 6.63%, 01/15/2028  | 375000 | 382746 |
| &nbsp;&nbsp;&nbsp; 7.88%, 03/15/2030  | 110000 | 115055 |
| &nbsp;&nbsp;&nbsp; 6.13%, 05/15/2030  | 90000 | 90268 |
|  SLM Corp., 6.50%, 01/31/2030  | 175000 | 177725 |
|  |  | 1048469 |
|  **Containers & Packaging — 3.3%** | **Containers & Packaging — 3.3%** | **Containers & Packaging — 3.3%** |
|  Clearwater Paper Corp., 4.75%, 08/15/2028 <sup>(a)</sup>  | 255000 | 228141 |
|  Owens-Brockway Glass Container, Inc., 6.63%, 05/13/2027 <sup>(a)</sup>  | 380000 | 380271 |
|  |  | 608412 |
|  **Electrical Equipment Manufacturing — 2.5%** | **Electrical Equipment Manufacturing — 2.5%** | **Electrical Equipment Manufacturing — 2.5%** |
|  Gates Corp., 6.88%, 07/01/2029 <sup>(a)</sup>  | 220000 | 228258 |
|  WESCO Distribution, Inc., 7.25%, 06/15/2028 <sup>(a)</sup>  | 225000 | 226641 |
|  |  | 454899 |
|  **Entertainment Content — 1.0%** | **Entertainment Content — 1.0%** | **Entertainment Content — 1.0%** |
|  TEGNA, Inc., 4.63%, 03/15/2028  | 185000 | 184476 |
|  **Entertainment Resources — 1.0%** | **Entertainment Resources — 1.0%** | **Entertainment Resources — 1.0%** |
|  SeaWorld Parks & Entertainment, Inc., 5.25%, 08/15/2029 <sup>(a)</sup>  | 190000 | 184302 |
|  **Exploration & Production — 6.1%** | **Exploration & Production — 6.1%** | **Exploration & Production — 6.1%** |
|  California Resources Corp., 8.25%, 06/15/2029 <sup>(a)</sup>  | 235000 | 246705 |
|  Gulfport Energy Operating Corp., 6.75%, 09/01/2029 <sup>(a)</sup>  | 135000 | 139801 |
|  Hilcorp Energy I LP, 6.25%, 11/01/2028 <sup>(a)</sup>  | 225000 | 226611 |
|  Permian Resources Operating LLC, 8.00%, 04/15/2027 <sup>(a)</sup>  | 125000 | 125770 |
|  SM Energy Co.  |  |  |
| &nbsp;&nbsp;&nbsp; 6.75%, 09/15/2026  | 210000 | 210184 |
| &nbsp;&nbsp;&nbsp; 5.00%, 10/15/2026 <sup>(a)</sup>  | 40000 | 39983 |
| &nbsp;&nbsp;&nbsp; 8.38%, 07/01/2028 <sup>(a)</sup>  | 135000 | 139531 |
|  |  | 1128585 |
|  **Financial Services — 1.9%** | **Financial Services — 1.9%** | **Financial Services — 1.9%** |
|  PRA Group, Inc., 8.38%, 02/01/2028 <sup>(a)</sup>  | 355000 | 357710 |

---

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

**PENN CAPITAL SHORT DURATION HIGH INCOME FUND** 

**SCHEDULE OF INVESTMENTS (continued)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **PAR** | **VALUE** |
|  **Forest & Paper Products Manufacturing — 0.5%** | **Forest & Paper Products Manufacturing — 0.5%** | **Forest & Paper Products Manufacturing — 0.5%** |
|  Magnera Corp., 4.75%, 11/15/2029 <sup>(a)</sup>  | $95000 | $88272 |
|  **Hardware — 1.9%** | **Hardware — 1.9%** | **Hardware — 1.9%** |
|  Diebold Nixdorf, Inc., 7.75%, 03/31/2030 <sup>(a)</sup>  | 110000 | 116019 |
|  NCR Atleos Corp., 9.50%, 04/01/2029 <sup>(a)</sup>  | 210000 | 225520 |
|  |  | 341539 |
|  **Health Care Facilities & Services — 7.1%** | **Health Care Facilities & Services — 7.1%** | **Health Care Facilities & Services — 7.1%** |
|  Acadia Healthcare Co., Inc., 5.50%, 07/01/2028 <sup>(a)</sup>  | 510000 | 507575 |
|  AdaptHealth LLC, 6.13%, 08/01/2028 <sup>(a)</sup>  | 353000 | 354098 |
|  AHP Health Partners, Inc., 5.75%, 07/15/2029 <sup>(a)</sup>  | 230000 | 224887 |
|  DaVita, Inc., 4.63%, 06/01/2030 <sup>(a)</sup>  | 120000 | 117471 |
|  LifePoint Health, Inc., 11.00%, 10/15/2030 <sup>(a)</sup>  | 105000 | 114043 |
|  |  | 1318074 |
|  **Homebuilders — 3.4%** | **Homebuilders — 3.4%** | **Homebuilders — 3.4%** |
|  Ashton Woods USA LLC, 4.63%, 08/01/2029 <sup>(a)</sup>  | 260000 | 253338 |
|  Beazer Homes USA, Inc., 7.25%, 10/15/2029  | 190000 | 193848 |
|  Tri Pointe Homes, Inc., 5.25%, 06/01/2027  | 185000 | 186068 |
|  |  | 633254 |
|  **Industrial Other — 2.5%** | **Industrial Other — 2.5%** | **Industrial Other — 2.5%** |
|  Dcli Bidco LLC, 7.75%, 11/15/2029 <sup>(a)</sup>  | 90000 | 92309 |
|  Herc Holdings, Inc., 7.00%, 06/15/2030 <sup>(a)</sup>  | 260000 | 272458 |
|  Synergy Infrastructure Holdings LLC, 7.88%, 12/01/2030 <sup>(a)</sup>  | 90000 | 93751 |
|  |  | 458518 |
|  **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>  | 320000 | 319932 |
|  **Leisure Products Manufacturing — 1.2%** | **Leisure Products Manufacturing — 1.2%** | **Leisure Products Manufacturing — 1.2%** |
|  Patrick Industries, Inc., 4.75%, 05/01/2029 <sup>(a)</sup>  | 215000 | 214428 |
|  **Machinery Manufacturing — 1.6%** | **Machinery Manufacturing — 1.6%** | **Machinery Manufacturing — 1.6%** |
|  Titan International, Inc., 7.00%, 04/30/2028  | 290000 | 290920 |
|  **Managed Care — 1.3%** | **Managed Care — 1.3%** | **Managed Care — 1.3%** |
|  Molina Healthcare, Inc., 4.38%, 06/15/2028 <sup>(a)</sup>  | $235000 | $230908 |
|  **Manufactured Goods — 0.8%** | **Manufactured Goods — 0.8%** | **Manufactured Goods — 0.8%** |
|  Park-Ohio Industries, Inc., 8.50%, 08/01/2030 <sup>(a)</sup>  | 140000 | 145352 |
|  **Medical Equipment & Devices Manufacturing — 2.3%** | **Medical Equipment & Devices Manufacturing — 2.3%** | **Medical Equipment & Devices Manufacturing — 2.3%** |
|  Embecta Corp.  |  |  |
| &nbsp;&nbsp;&nbsp; 5.00%, 02/15/2030 <sup>(a)</sup>  | 212000 | 199257 |
| &nbsp;&nbsp;&nbsp; 6.75%, 02/15/2030 <sup>(a)</sup>  | 40000 | 38630 |
|  Varex Imaging Corp., 7.88%, 10/15/2027 <sup>(a)</sup>  | 175000 | 178321 |
|  |  | 416208 |
|  **Metals & Mining — 3.3%** | **Metals & Mining — 3.3%** | **Metals & Mining — 3.3%** |
|  Cleveland-Cliffs, Inc., 6.88%, 11/01/2029 <sup>(a)</sup>  | 245000 | 252354 |
|  Compass Minerals International, Inc., 8.00%, 07/01/2030 <sup>(a)</sup>  | 170000 | 179358 |
|  Eldorado Gold Corp., 6.25%, 09/01/2029 <sup>(a)</sup>  | 175000 | 175565 |
|  |  | 607277 |
|  **Oil & Gas Services & Equipment — 2.0%** | **Oil & Gas Services & Equipment — 2.0%** | **Oil & Gas Services & Equipment — 2.0%** |
|  Helix Energy Solutions Group, Inc., 9.75%, 03/01/2029 <sup>(a)</sup>  | 130000 | 136475 |
|  USA Compression Partners LP / USA Compression Finance Corp., 7.13%, 03/15/2029 <sup>(a)</sup>  | 220000 | 227333 |
|  |  | 363808 |
|  **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** | **Pharmaceuticals — 1.0%** |
|  Harrow, Inc., 8.63%, 09/15/2030 <sup>(a)</sup>  | 180000 | 189232 |
|  **Pipeline — 5.7%** | **Pipeline — 5.7%** | **Pipeline — 5.7%** |
|  Excelerate Energy LP, 8.00%, 05/15/2030 <sup>(a)</sup>  | 160000 | 169605 |
|  Harvest Midstream I LP, 7.50%, 09/01/2028 <sup>(a)</sup>  | 365000 | 369068 |
|  Venture Global LNG, Inc., 8.13%, 06/01/2028 <sup>(a)</sup>  | 220000 | 225739 |
|  Venture Global Plaquemines LNG LLC, 6.13%, 12/15/2030 <sup>(a)</sup>  | 155000 | 161015 |
|  Western Midstream Operating LP, 7.25%, 04/01/2030 <sup>(a)</sup>  | 125000 | 132497 |
|  |  | 1057924 |
|  **Power Generation — 1.1%** | **Power Generation — 1.1%** | **Power Generation — 1.1%** |
|  Calpine LLC, 5.13%, 03/15/2028 <sup>(a)</sup>  | 210000 | 209922 |

---

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

**PENN CAPITAL SHORT DURATION HIGH INCOME FUND** 

**SCHEDULE OF INVESTMENTS (CONCLUDED)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **PAR** | **VALUE** |
|  **Publishing & Broadcasting — 3.3%** | **Publishing & Broadcasting — 3.3%** | **Publishing & Broadcasting — 3.3%** |
|  Belo Corp., 7.75%, 06/01/2027  | $50000 | $51999 |
|  Gray Media, Inc., 10.50%, 07/15/2029 <sup>(a)</sup>  | 167000 | 179036 |
|  Nexstar Media, Inc., 5.63%, 07/15/2027 <sup>(a)</sup>  | 380000 | 380035 |
|  |  | 611070 |
|  **Real Estate — 3.0%** | **Real Estate — 3.0%** | **Real Estate — 3.0%** |
|  Howard Hughes Corp., 4.38%, 02/01/2031 <sup>(a)</sup>  | 145000 | 137911 |
|  Newmark Group, Inc., 7.50%, 01/12/2029  | 215000 | 227363 |
|  RHP Hotel Properties LP / RHP Finance Corp., 7.25%, 07/15/2028 <sup>(a)</sup>  | 180000 | 184831 |
|  |  | 550105 |
|  **Restaurants — 1.1%** | **Restaurants — 1.1%** | **Restaurants — 1.1%** |
|  Bloomin' Brands, Inc. / OSI Restaurant Partners LLC, 5.13%, 04/15/2029 <sup>(a)</sup>  | 235000 | 207447 |
|  **Retail - Consumer Discretionary — 3.3%** | **Retail - Consumer Discretionary — 3.3%** | **Retail - Consumer Discretionary — 3.3%** |
|  Academy Ltd., 6.00%, 11/15/2027 <sup>(a)</sup>  | 215000 | 215817 |
|  Dick's Sporting Goods, Inc., 4.00%, 10/01/2029 <sup>(a)</sup>  | 150000 | 148480 |
|  Wayfair LLC, 7.25%, 10/31/2029 <sup>(a)</sup>  | 245000 | 253193 |
|  |  | 617490 |
|  **Retail - Consumer Staples — 1.3%** | **Retail - Consumer Staples — 1.3%** | **Retail - Consumer Staples — 1.3%** |
|  KeHE Distributors LLC / KeHE Finance Corp. / NextWave Distribution, Inc., 9.00%, 02/15/2029 <sup>(a)</sup>  | 220000 | 230844 |
|  **Software & Services — 1.9%** | **Software & Services — 1.9%** | **Software & Services — 1.9%** |
|  Gen Digital, Inc., 6.75%, 09/30/2027 <sup>(a)</sup>  | 210000 | 211598 |
|  RingCentral, Inc., 8.50%, 08/15/2030 <sup>(a)</sup>  | 135000 | 141755 |
|  |  | 353353 |
|  **Transportation & Logistics — 1.0%** | **Transportation & Logistics — 1.0%** | **Transportation & Logistics — 1.0%** |
|  Wabash National Corp., 4.50%, 10/15/2028 <sup>(a)</sup>  | 194000 | 178707 |
|  **Travel & Lodging — 3.8%** | **Travel & Lodging — 3.8%** | **Travel & Lodging — 3.8%** |
|  Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc., 5.00%, 06/01/2029 <sup>(a)</sup>  | $270000 | $263510 |
|  Lindblad Expeditions LLC, 7.00%, 09/15/2030 <sup>(a)</sup>  | 140000 | 146865 |
|  Royal Caribbean Cruises Ltd., 5.38%, 07/15/2027 <sup>(a)</sup>  | 135000 | 136030 |
|  Travel + Leisure Co., 6.63%, 07/31/2026 <sup>(a)</sup>  | 160000 | 160455 |
|  |  | 706860 |
|  **TOTAL CORPORATE BONDS** (Cost $17,158,299)  |  | 17466653 |
|  **TOTAL INVESTMENTS — 94.6%** (Cost $17,158,299)  |  | 17466653 |
|  Other Assets in Excess of Liabilities — 5.4%  |  | 990946 |
|  **TOTAL NET ASSETS — 100.0%** | **TOTAL NET ASSETS — 100.0%** | $18457599 |

---

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 February 28, 2026, the value of these securities total $14,876,768 or 80.6% of the Fund's net assets. 

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

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

**SCHEDULE OF INVESTMENTS** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **VALUE** |
|  **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** | **COMMON STOCKS — 98.9%** |
|  **Aerospace & Defense — 3.4%** | **Aerospace & Defense — 3.4%** | **Aerospace & Defense — 3.4%** |
|  Mercury Systems, Inc. <sup>(a)</sup>  | 8379 | $745983 |
|  TAT Technologies Ltd. <sup>(a)</sup>  | 19587 | 1084532 |
|  VSE Corp.  | 4990 | 1133079 |
|  |  | 2963594 |
|  **Air Freight & Logistics — 1.3%** | **Air Freight & Logistics — 1.3%** | **Air Freight & Logistics — 1.3%** |
|  GXO Logistics, Inc. <sup>(a)</sup>  | 17918 | 1125788 |
|  **Banks — 9.1%** | **Banks — 9.1%** | **Banks — 9.1%** |
|  Ameris Bancorp  | 16924 | 1314318 |
|  Banc of California, Inc.  | 73099 | 1350139 |
|  Bancorp, Inc. <sup>(a)</sup>  | 13740 | 721213 |
|  Dime Community Bancshares, Inc.  | 34554 | 1117822 |
|  FB Financial Corp.  | 23892 | 1306653 |
|  Popular, Inc.  | 7212 | 976216 |
|  Texas Capital Bancshares, Inc. <sup>(a)</sup>  | 12438 | 1185341 |
|  |  | 7971702 |
|  **Biotechnology — 5.6%** | **Biotechnology — 5.6%** | **Biotechnology — 5.6%** |
|  Arcutis Biotherapeutics, Inc. <sup>(a)</sup>  | 22567 | 608632 |
|  Kiniksa Pharmaceuticals International PLC <sup>(a)</sup>  | 22801 | 1014416 |
|  Mirum Pharmaceuticals, Inc. <sup>(a)</sup>  | 17124 | 1580374 |
|  Soleno Therapeutics, Inc. <sup>(a)</sup>  | 17514 | 684272 |
|  TG Therapeutics, Inc. <sup>(a)</sup>  | 33532 | 1008978 |
|  |  | 4896672 |
|  **Building Products — 1.4%** | **Building Products — 1.4%** | **Building Products — 1.4%** |
|  Modine Manufacturing Co. <sup>(a)</sup>  | 5240 | 1190790 |
|  **Capital Markets — 1.9%** | **Capital Markets — 1.9%** | **Capital Markets — 1.9%** |
|  Lazard, Inc.  | 16539 | 836873 |
|  Miami International Holdings, Inc. <sup>(a)</sup>  | 18469 | 786780 |
|  |  | 1623653 |
|  **Chemicals — 2.5%** | **Chemicals — 2.5%** | **Chemicals — 2.5%** |
|  ASP Isotopes, Inc. <sup>(a)</sup>  | 48094 | 256822 |
|  Celanese Corp.  | 13518 | 675089 |
|  Chemours Co.  | 67982 | 1239992 |
|  |  | 2171903 |
|  **Communications Equipment — 3.6%** | **Communications Equipment — 3.6%** | **Communications Equipment — 3.6%** |
|  Applied Optoelectronics, Inc. <sup>(a)</sup>  | 21473 | 1808671 |
|  Calix, Inc. <sup>(a)</sup>  | 25427 | 1316356 |
|  |  | 3125027 |
|  **Construction & Engineering — 4.0%** | **Construction & Engineering — 4.0%** | **Construction & Engineering — 4.0%** |
|  Centuri Holdings, Inc. <sup>(a)</sup>  | 31755 | 984405 |
|  Dycom Industries, Inc. <sup>(a)</sup>  | 3498 | 1469230 |
|  Legence Corp. - Class A <sup>(a)</sup>  | 17567 | 1019764 |
|  |  | 3473399 |
|  **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** | **Consumer Finance — 1.3%** |
|  EZCORP, Inc. - Class A <sup>(a)</sup>  | 43094 | $1143284 |
|  **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** | **Consumer Staples Distribution & Retail — 1.3%** |
|  Chefs' Warehouse, Inc. <sup>(a)</sup>  | 16218 | 1157803 |
|  **Diversified Telecommunication Services — 1.8%** | **Diversified Telecommunication Services — 1.8%** | **Diversified Telecommunication Services — 1.8%** |
|  Lumen Technologies, Inc. <sup>(a)</sup>  | 143271 | 1018657 |
|  Uniti Group, Inc. <sup>(a)</sup>  | 78080 | 571545 |
|  |  | 1590202 |
|  **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** | **Electronic Equipment, Instruments & Components — 1.9%** |
|  Itron, Inc. <sup>(a)</sup>  | 8142 | 764941 |
|  Ouster, Inc. <sup>(a)</sup>  | 47063 | 891844 |
|  |  | 1656785 |
|  **Energy Equipment & Services — 7.6%** | **Energy Equipment & Services — 7.6%** | **Energy Equipment & Services — 7.6%** |
|  National Energy Services Reunited Corp. <sup>(a)</sup>  | 36473 | 913649 |
|  Select Water Solutions, Inc.  | 123344 | 1686112 |
|  Solaris Energy Infrastructure, Inc.  | 22959 | 1139455 |
|  Transocean Ltd. <sup>(a)</sup>  | 209287 | 1356180 |
|  Weatherford International PLC  | 14786 | 1559332 |
|  |  | 6654728 |
|  **Financial Services — 1.2%** | **Financial Services — 1.2%** | **Financial Services — 1.2%** |
|  NCR Atleos Corp. <sup>(a)</sup>  | 22726 | 1006307 |
|  **Ground Transportation — 3.3%** | **Ground Transportation — 3.3%** | **Ground Transportation — 3.3%** |
|  Landstar System, Inc.  | 3135 | 510848 |
|  RXO, Inc. <sup>(a)</sup>  | 83354 | 1330330 |
|  Werner Enterprises, Inc.  | 29731 | 1043261 |
|  |  | 2884439 |
|  **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** | **Health Care Equipment & Supplies — 1.4%** |
|  Alphatec Holdings, Inc. <sup>(a)</sup>  | 87668 | 1194038 |
|  **Health Care Providers & Services — 2.2%** | **Health Care Providers & Services — 2.2%** | **Health Care Providers & Services — 2.2%** |
|  Billiontoone, Inc. <sup>(a)</sup>  | 8858 | 676131 |
|  RadNet, Inc. <sup>(a)</sup>  | 17418 | 1215951 |
|  |  | 1892082 |
|  **Hotel & Resort REITs — 1.1%** | **Hotel & Resort REITs — 1.1%** | **Hotel & Resort REITs — 1.1%** |
|  Ryman Hospitality Properties, Inc.  | 9992 | 986710 |
|  **Hotels, Restaurants & Leisure — 10.4%** | **Hotels, Restaurants & Leisure — 10.4%** | **Hotels, Restaurants & Leisure — 10.4%** |
|  Boyd Gaming Corp.  | 11068 | 921190 |
|  Caesars Entertainment, Inc. <sup>(a)</sup>  | 54855 | 1374118 |
|  First Watch Restaurant Group, Inc. <sup>(a)</sup>  | 70583 | 879464 |
|  Life Time Group Holdings, Inc. <sup>(a)</sup>  | 36430 | 983610 |
|  Lindblad Expeditions Holdings, Inc. <sup>(a)</sup>  | 56704 | 1117636 |

---

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

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

**SCHEDULE OF INVESTMENTS (Concluded)** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **VALUE** |
|  **Hotels, Restaurants & Leisure — 10.4% (continued)** | **Hotels, Restaurants & Leisure — 10.4% (continued)** | **Hotels, Restaurants & Leisure — 10.4% (continued)** |
|  Penn Entertainment, Inc. <sup>(a)</sup>  | 58380 | $913063 |
|  Pursuit Attractions and Hospitality, Inc. <sup>(a)</sup>  | 24438 | 849465 |
|  Rush Street Interactive, Inc. <sup>(a)</sup>  | 50594 | 999231 |
|  United Parks & Resorts, Inc. <sup>(a)</sup>  | 30915 | 1075533 |
|  |  | 9113310 |
|  **Machinery — 1.5%** | **Machinery — 1.5%** | **Machinery — 1.5%** |
|  Gates Industrial Corp. PLC <sup>(a)</sup>  | 48878 | 1347566 |
|  **Media — 5.2%** | **Media — 5.2%** | **Media — 5.2%** |
|  EW Scripps Co. - Class A <sup>(a)</sup>  | 261680 | 1085972 |
|  Gray Media, Inc.  | 234434 | 1216713 |
|  Nexstar Media Group, Inc.  | 5830 | 1463447 |
|  Stagwell, Inc. <sup>(a)</sup>  | 153820 | 741412 |
|  |  | 4507544 |
|  **Metals & Mining — 3.2%** | **Metals & Mining — 3.2%** | **Metals & Mining — 3.2%** |
|  Constellium SE <sup>(a)</sup>  | 51731 | 1287584 |
|  SSR Mining, Inc. <sup>(a)</sup>  | 46494 | 1496642 |
|  |  | 2784226 |
|  **Oil, Gas & Consumable Fuels — 4.5%** | **Oil, Gas & Consumable Fuels — 4.5%** | **Oil, Gas & Consumable Fuels — 4.5%** |
|  California Resources Corp.  | 18086 | 1064180 |
|  Gulfport Energy Corp. <sup>(a)</sup>  | 7253 | 1513411 |
|  Northern Oil & Gas, Inc.  | 30853 | 851234 |
|  Sable Offshore Corp. <sup>(a)</sup>  | 62990 | 519668 |
|  |  | 3948493 |
|  **Personal Care Products — 1.0%** | **Personal Care Products — 1.0%** | **Personal Care Products — 1.0%** |
|  Herbalife Ltd. <sup>(a)</sup>  | 43106 | 841429 |
|  **Pharmaceuticals — 5.6%** | **Pharmaceuticals — 5.6%** | **Pharmaceuticals — 5.6%** |
|  Amneal Pharmaceuticals, Inc. <sup>(a)</sup>  | 71499 | 987401 |
|  ANI Pharmaceuticals, Inc. <sup>(a)</sup>  | 12745 | 941855 |
|  Harrow, Inc. <sup>(a)</sup>  | 27076 | 1466978 |
|  Ligand Pharmaceuticals, Inc. <sup>(a)</sup>  | 7638 | 1514692 |
|  |  | 4910926 |
|  **Professional Services — 1.4%** | **Professional Services — 1.4%** | **Professional Services — 1.4%** |
|  Amentum Holdings, Inc. <sup>(a)</sup>  | 41651 | 1244115 |
|  **Real Estate Management & Development — 1.3%** | **Real Estate Management & Development — 1.3%** | **Real Estate Management & Development — 1.3%** |
|  Newmark Group, Inc. - Class A  | 75675 | 1098801 |
|  **Semiconductors & Semiconductor Equipment — 2.3%** | **Semiconductors & Semiconductor Equipment — 2.3%** | **Semiconductors & Semiconductor Equipment — 2.3%** |
|  ACM Research, Inc. - Class A <sup>(a)</sup>  | 21016 | 1170171 |
|  Camtek Ltd. <sup>(a)</sup>  | 5093 | 852517 |
|  |  | 2022688 |
|  **Software — 2.6%** | **Software — 2.6%** | **Software — 2.6%** |
|  Agilysys, Inc. <sup>(a)</sup>  | 11890 | 858101 |
|  Opera Ltd. - ADR  | 35729 | 573093 |
|  Zeta Global Holdings Corp. - Class A <sup>(a)</sup>  | 51626 | 875061 |
|  |  | 2306255 |
|  **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** | **Specialty Retail — 1.8%** |
|  Camping World Holdings, Inc. - Class A  | 69450 | $577824 |
|  RealReal, Inc. <sup>(a)</sup>  | 78952 | 967952 |
|  |  | 1545776 |
|  **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** | **Textiles, Apparel & Luxury Goods — 1.2%** |
|  Capri Holdings Ltd. <sup>(a)</sup>  | 52924 | 1085471 |
|  **Trading Companies & Distributors — 1.0%** | **Trading Companies & Distributors — 1.0%** | **Trading Companies & Distributors — 1.0%** |
|  DNOW, Inc. <sup>(a)</sup>  | 71957 | 847654 |
|  **TOTAL COMMON STOCKS** (Cost $71,463,989)  |  | 86313160 |
|  **RIGHTS — 0.0% <sup>(b)</sup>** | **RIGHTS — 0.0% <sup>(b)</sup>** | **RIGHTS — 0.0% <sup>(b)</sup>** |
|  **Media — 0.0% <sup>(b)</sup>** | **Media — 0.0% <sup>(b)</sup>** | **Media — 0.0% <sup>(b)</sup>** |
|  EW Scripps Co., Expires 12/09/2026, Exercise Price $2.19 <sup>(a)(c)</sup>  | 222015 | 2220 |
|  **TOTAL RIGHTS** (Cost $210,953)  |  | 2220 |
|  **TOTAL INVESTMENTS — 98.9%** (Cost $71,674,942)  |  | 86315380 |
|  Other Assets in Excess of Liabilities — 1.1%  |  | 941933 |
|  **TOTAL NET ASSETS — 100.0%** | **TOTAL NET ASSETS — 100.0%** | $87257313 |

---

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

ADR - American Depositary Receipt

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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.

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

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

<sup>(c)</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 $2,220 or 0.0% of net assets as of February 28, 2026. 

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

**PENN CAPITAL FUNDS** 

**Statements of Assets and Liabilities** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Penn Capital <br> Short <br> Duration <br> High Income <br> Fund** | **Penn Capital <br> Special <br> Situations <br> Small Cap <br> Equity Fund** |
|  **ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value  | $17466653 | $86315380 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 652812 | 1444435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  | 289120 | 2196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold  | 92300 | 257574 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable from Adviser  | 7686 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold  |  | 13625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable  |  | 10774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend tax reclaims receivable  |  | 1064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 9548 | 38548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 18518119 | 88083596 |
|  **LIABILITIES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for fund administration and accounting fees  | 17892 | 19494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  | 13219 | 28792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for audit fees  | 10782 | 9072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for legal fees  | 5436 | 21566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for transfer agent fees and expenses  | 5307 | 24034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for shareholder servicing fees  | 561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest payable  | 178 | 382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased  |  | 638848 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  |  | 72690 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for expenses and other liabilities  | 7145 | 11405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 60520 | 826283 |
|  NET ASSETS  | $18457599 | $87257313 |
|  **NET ASSETS CONSISTS OF:** |  |  |
|  Paid-in capital  | $20769450 | $72223020 |
|  Total distributable earnings/(accumulated losses)  | (2311851) | 15034293 |
|  Total net assets  | $18457599 | $87257313 |
|  **Institutional Class** |  |  |
|  Net assets  | $18457599 | $87257313 |
|  Shares issued and outstanding <sup>(a)</sup>  | 1920408 | 4904450 |
|  Net asset value per share  | $9.61 | $17.79 |
|  **COST:** |  |  |
|  Investments, at cost  | $17158299 | $71674942 |

---

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

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

**PENN CAPITAL FUNDS** 

**Statements of Operations** 

**For the SIX MONTHS Ended FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Penn Capital <br> Short <br> Duration <br> High Income <br> Fund** | **Penn Capital <br> Special <br> Situations <br> Small Cap <br> Equity Fund** |
|  **INVESTMENT INCOME/(LOSS)** |  |  |
|  **INCOME** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income  | $— | $273298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: dividend withholding taxes  |  | (1760) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: issuance fees  |  | (458) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income  | 598038 | 12018 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 598038 | 283098 |
|  **EXPENSES** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee  | 40325 | 361481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund administration and accounting fees  | 20171 | 17152 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees  | 10668 | 9285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees  | 9565 | 22639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal and state registration fees  | 9373 | 14774 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder service costs - Institutional Class  | 5748 | 32482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 5122 | 26007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees  | 4134 | 7382 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance fees  | 3646 | 14693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders  | 1133 | 7643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees  | 681 | 3528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense  |  | 1261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses and fees  | 4104 | 4461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 114670 | 522788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser  | (66278) | (106775) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net expenses  | 48392 | 416013 |
|  NET INVESTMENT INCOME/(LOSS)  | 549646 | (132915) |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 33090 | 3713742 |
|  Net realized gain (loss)  | 33090 | 3713742 |
|  Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (40223) | 1267164 |
|  Net change in unrealized appreciation (depreciation)  | (40223) | 1267164 |
|  Net realized and unrealized gain (loss)  | (7133) | 4980906 |
|  NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS  | $542513 | $4847991 |

---

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** |
|  | **Six Months<br> Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Fiscal Year <br> Ended <br> August 31, <br> 2025** | **Six Months<br> Ended<br> February 28,<br> 2026<br> (Unaudited)** | **Fiscal Year <br> Ended <br> August 31, <br> 2025** |
|  **Operations**  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $549646 | $1050021 | $(132915) | $(35203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 33090 | 71070 | 3713742 | 3574160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (40223) | 37301 | 1267164 | 8063555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from operations  | 542513 | 1158392 | 4847991 | 11602512 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From earnings - Institutional Class  | (552937) | (1043930) | (5434099) | (834417) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (552937) | (1043930) | (5434099) | (834417) |
|  **CAPITAL TRANSACTIONS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold - Institutional Class  | 1927561 | 3551341 | 18899519 | 18258166 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class  | 547210 | 1038022 | 5418366 | 832652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class  | (1841454) | (3469229) | (6650131) | (9152124) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from capital transactions  | 633317 | 1120134 | 17667754 | 9938694 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 622893 | 1234596 | 17081646 | 20706789 |
|  **NET ASSETS:** |  |  |  |  |
|  Beginning of the period  | 17834706 | 16600110 | 70175667 | 49468878 |
|  End of the period  | $18457599 | $17834706 | $87257313 | $70175667 |
|  **SHARES TRANSACTIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold - Institutional Class  | 200467 | 372790 | 1071256 | 1176721 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions - Institutional Class  | 56920 | 108656 | 330590 | 53205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed - Institutional Class  | (191056) | (361702) | (391225) | (588123) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) in shares outstanding  | $66331 | $119744 | $1010621 | $641803 |

---

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** | **Institutional Class** |
|  | **Six Months<br> Ended<br> February 28,<br> 2026<br> (Unaudited)** | **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>(** **g** **)</sup>**  | **For the <br> Year Ended <br> June 30, <br> 2021** |
|  **PER SHARE DATA:** |  |  |  |  |  |  |  |
|  Net asset value, beginning of period  | $9.62 | $9.57 | $9.32 | $9.15 | $9.73 | $9.74 | $9.33 |
|  **INVESTMENT OPERATIONS:** |  |  |  |  |  |  |  |
|  Net investment income<sup>(a)</sup>  | 0.29 | 0.61 | 0.56 | 0.41 | 0.29 | 0.05 | 0.36 |
|  Net realized and unrealized gain (loss) on investments <sup>(b)</sup>  |  | 0.05 | 0.27 | 0.17 | (0.58) | (0.01) | 0.41 |
|  Total from investment operations  | 0.29 | 0.66 | 0.83 | 0.58 | (0.29) | 0.04 | 0.77 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |  |
|  Net investment income  | (0.30) | (0.61) | (0.58) | (0.41) | (0.29) | (0.05) | (0.36) |
|  Total distributions  | (0.30) | (0.61) | (0.58) | (0.41) | (0.29) | (0.05) | (0.36) |
|  Net asset value, end of period  | $9.61 | $9.62 | $9.57 | $9.32 | $9.15 | $9.73 | $9.74 |
|  **TOTAL RETURN <sup>(d)</sup>** | 3.01% | 7.10% | 9.18% | 6.50% | (3.05)% | 0.41% | 11.96% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $18458 | $17835 | $16600 | $31389 | $33905 | $43871 | $40180 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup>  | 1.28% | 1.36% | 1.29% | 1.22% | 0.88% | 0.99% | 1.16% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup>  | 0.54% | 0.54% | 0.55% | 0.54% | 0.54% | 0.54% | 0.54% |
|  Ratio of dividends, interest and borrowing expense to average net assets<sup>(e)</sup>  |  | 0.00 %<sup>(c)</sup> |  |  |  |  |  |
|  Ratio of net investment income (loss) to average net assets <sup>(e)</sup>  | 6.13% | 6.37% | 5.90% | 4.44% | 3.02% | 2.97% | 3.77% |
|  Portfolio turnover rate <sup>(d)(f)</sup>  | 28% | 59% | 42% | 67% | 54% | 11% | 104% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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
 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount represents less than
 $0.005 per share.

&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 is calculated
 on the basis of the Fund as a whole without distinguishing between the classes of shares issued.

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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** | **Institutional Class** |
|  | **Six Months<br> Ended<br> February 28,<br> 2026<br> (Unaudited)** | **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>(i** **)</sup>**  | **For the <br> Year Ended <br> June 30, <br> 2021** |
|  **PER SHARE DATA:** |  |  |  |  |  |  |  |
|  Net asset value, beginning of period  | $18.02 | $15.21 | $14.00 | $13.64 | $19.62 | $19.79 | $9.33 |
|  **INVESTMENT OPERATIONS** |  |  |  |  |  |  |  |
|  Net investment income (loss)<sup>(a)</sup>  | (0.03) | (0.01) | (0.02) | 0.02 | (0.05) | (0.01) | (0.01) |
|  Net realized and unrealized gain (loss) on investments <sup>(b)</sup>  | 1.03 | 3.07 | 1.30 | 0.57 | (2.12) | (0.16) | 10.47 |
|  Total from investment operations  | 1.00 | 3.06 | 1.28 | 0.59 | (2.17) | (0.17) | 10.46 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |  |  |
|  Net investment income  |  | (0.25) | (0.04) |  |  |  |  |
|  Net realized gains  | (1.23) |  |  |  |  |  |  |
|  Return of capital  |  |  | (0.03) | (0.23) | (3.81) |  |  |
|  Total distributions  | (1.23) | (0.25) | (0.07) | (0.23) | (3.81) |  |  |
|  Net asset value, end of period  | $17.79 | $18.02 | $15.21 | $14.00 | $13.64 | $19.62 | $19.79 |
|  **TOTAL RETURN <sup>(d)</sup>** | 6.12% | 20.34% | 9.16% | 4.40% | (14.39)% | (0.86)% | 112.11% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |  |
|  Net assets, end of period (in thousands)  | $87257 | $70176 | $49469 | $41258 | $16616 | $16894 | $16923 |
|  Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement/recoupment<sup>(e)</sup>  | 1.37% | 1.75% | 1.59% | 1.73% | 1.58% | 1.71% | 2.97% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement/recoupment<sup>(e)</sup>  | 1.09% | 1.09 %<sup>(h)</sup> | 1.09% | 1.09% | 1.09% | 1.09% | 1.09% |
|  Ratio of dividends, interest and borrowing expense to average net assets <sup>(e)</sup>  | 0.00 %<sup>(f)</sup> |  |  |  |  |  |  |
|  Ratio of net investment income (loss) to average net assets <sup>(e)</sup>  | (0.35)% | (0.72)% | (0.61)% | (0.55)% | (0.83)% | (1.08)% | (1.90)% |
|  Portfolio turnover rate <sup>(d)(g)</sup>  | 53% | 91% | 86% | 69% | 87% | 11% | 132% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;(b) 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
 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

&nbsp;&nbsp;&nbsp;&nbsp;(c) Amount represents less than
 $0.005 per share.

&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) Amount represents less than
 0.005%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) 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;(h) 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.

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

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

**PENN CAPITAL FUNDS** 

**Notes to the Financial Statements** 

**FEBRUARY 28, 2026 (UNAUDITED)**

**1. ORGANIZATION AND SIGNIFICANT ACCOUNTING PRINCIPLES** 

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 sixteen 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 semi-annual reporting period for the Funds is February 28, 2026 (the "current fiscal period").

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").

**PORTFOLIO 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 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

**PENN CAPITAL FUNDS** 

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

**FEBRUARY 28, 2026 (UNAUDITED)**

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.).

● 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.

**PENN CAPITAL FUNDS** 

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

**FEBRUARY 28, 2026 (UNAUDITED)**

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 HIGH INCOME FUND** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Corporate Bonds  | $— | $17466653 | $— | $17466653 |
|  Total Investments  | $— | $17466653 | $— | $17466653 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stocks  | $86313160 | $— | $— | $86313160 |
|  Rights  |  |  | 2220 | 2220 |
|  Total Investments  | $86313160 | $— | $2220 | $86315380 |

---

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

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

**INVESTMENT TRANSACTIONS, INVESTMENT INCOME AND EXPENSES** — 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.

**EXPENSES** — 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 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.

**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.

**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.

**PENN CAPITAL FUNDS** 

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

**FEBRUARY 28, 2026 (UNAUDITED)**

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.

**U.S. TAX STATUS** — 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.

**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.

**OPERATING SEGMENTS** — are components of an entity that engage in business activities and have discrete financial information available. Each series of the Trust operates in one segment. The segment derives its revenues from each series' investments made in accordance with the defined investment strategy of each series, as prescribed in the Fund's prospectus. The Chief Operating Decision Maker ("CODM") of the Fund is the Investment Committee of the Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on the Fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**2. INVESTMENT ADVISER AND OTHER SERVICES** 

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.

---

| | |
|:---|:---|
| **FUND** | **ADVISORY FEES** |
|  Penn Capital Short Duration High Income Fund  | 0.45% |
|  Penn Capital Special Situations Small Cap Equity Fund  | 0.95% |

---

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

**PENN CAPITAL FUNDS** 

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

**FEBRUARY 28, 2026 (UNAUDITED)**

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 Fund's 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, 2026.

---

| | |
|:---|:---|
| **FUND** | **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 |
|  February 28, 2026  | 66278 | 2029 |
|  Total  | $574840 |  |

---

---

| | | |
|:---|:---|:---|
| **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 |
|  February 28, 2026 | 106775 | 2029 |
|  Total  | $791194 |  |

---

**PENN CAPITAL FUNDS** 

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

**FEBRUARY 28, 2026 (UNAUDITED)**

**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.

**3. 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.

The following information is provided on a tax basis as of August 31, 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **FUND** | **COST OF <br> INVESTMENTS**  | **GROSS <br> UNREALIZED <br> APPRECIATION** | **GROSS <br> UNREALIZED <br> (DEPRECIATION)** | **NET <br> UNREALIZED <br> APPRECIATION <br> (DEPRECIATION)** | **UNDISTRIBUTED <br> ORDINARY <br> INCOME** | **UNDISTRIBUTED <br> LONG-TERM <br> CAPITAL GAINS** | **TOTAL <br> DISTRIBUTABLE <br> EARNINGS** | **OTHER <br> ACCUMULATED <br> LOSSES** | **TOTAL <br> ACCUMULATED <br> EARNINGS <br> (LOSSES)**  |
|  Penn Capital Short Duration High Income Fund  | $16678720 | $390402 | $(41820) | $348582 | $12230 | $— | $12230 | $(2662239) | $(2301427) |
|  Penn Capital Special Situations Small Cap Equity Fund  | $56394800 | $15080391 | $(2106076) | $12974315 | $— | $2646086 | $2646086 | $— | $15620401 |

---

**PENN CAPITAL FUNDS** 

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

**FEBRUARY 28, 2026 (UNAUDITED)**

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:

---

| | | |
|:---|:---|:---|
| **FUND** | **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:

---

| | | | |
|:---|:---|:---|:---|
| **FUND** | **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.

The character of distributions for tax purposes paid during the fiscal period ended August 31, 2025 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **FUND** | **YEARS ENDED** | **ORDINARY INCOME <br> DISTRIBUTIONS** | **LONG-TERM <br> CAPITAL GAIN <br> DISTRIBUTIONS** |
|  Penn Capital Short Duration High Income Fund  | 2025 | $1043930 | $— |
|  Penn Capital Special Situations Small Cap Equity Fund  | 2025 | 834253 | 164 |

---

**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 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.

**PENN CAPITAL FUNDS** 

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

**FEBRUARY 28, 2026 (UNAUDITED)**

**5. INVESTMENT TRANSACTIONS** 

The cost of security purchases and the proceeds from security sales, other than short-term investments, for the period ended February 28, 2026, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **NON-U.S. GOVERNMENT** | **NON-U.S. GOVERNMENT** | **U.S. GOVERNMENT** | **U.S. GOVERNMENT** |
| <br>**FUND** | **PURCHASES** | **SALES** | **PURCHASES** | **SALES** |
|  Penn Capital Short Duration High Income Fund  | $5193897 | $4770299 | $— | $— |
|  Penn Capital Special Situations Small Cap Equity Fund  | 52356857 | 40391257 |  |  |

---

**6. 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 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.

**PENN CAPITAL FUNDS** 

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

**FEBRUARY 28, 2026 (UNAUDITED)**

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.

**7. 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 February 28, 2026 was 6.75%. 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> FEBRUARY 28, <br> 2026** | **INTEREST EXPENSE** | **MAXIMUM <br> BORROWING** | **AVERAGE <br> INTEREST RATE** |
|  Penn Capital Special Situations Small Cap Equity Fund  | $27862 | $– $| 946 | $1681000 | 6.75% |

---

**8. 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 February 28, 2026, there were no unfunded commitments to report.

**9. SUBSEQUENT EVENTS** 

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

**PENN CAPITAL FUNDS** 

**OTHER INFORMATION** 

**(UNAUDITED)**

**INFORMATION ON PROXY VOTING** 

Policies and procedures that the Funds use to determine how to vote proxies relating to portfolio securities as well information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available (i) without charge, upon request, by calling (844) 302-7366; and (ii) on the SEC's website at http://www.sec.gov.

**QUARTERLY PORTFOLIO SCHEDULES** 

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

**Investment Advisor** *Penn Capital Management Company, LLC*

3025 JFK Blvd, Suite 270

Philadelphia, PA 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, ME 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** 

**February 28, 2026 (UNAUDITED)** 

**Torray Equity Income Fund** 

**Ticker: TORYX** 

**A series of The RBB Fund Trust** 

**Torray Equity Income Fund** 

**Schedule of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 85.9%** |  |  |
|  **Consumer Staples — 4.9%** |  |  |
|  PepsiCo, Inc.  | 100000 | $16974000 |
|  **Energy — 16.8%** |  |  |
|  Chevron Corp.  | 100000 | 18676000 |
|  ONEOK, Inc.  | 200000 | 16554000 |
|  Phillips 66  | 145149 | 22400845 |
|  |  | 57630845 |
|  **Financials — 15.8%** |  |  |
|  Blackstone, Inc.  | 120000 | 13604400 |
|  CNA Financial Corp.  | 350000 | 16807000 |
|  JPMorgan Chase & Co.  | 35865 | 10770260 |
|  Marsh & McLennan Cos., Inc.  | 70000 | 13071800 |
|  |  | 54253460 |
|  **Health Care — 18.8%** |  |  |
|  AbbVie, Inc.  | 69640 | 16162051 |
|  Amgen, Inc.  | 40000 | 15526400 |
|  Pfizer, Inc.  | 600000 | 16590000 |
|  Royalty Pharma PLC - Class A  | 350000 | 16173500 |
|  |  | 64451951 |
|  **Industrials — 3.1%** |  |  |
|  Automatic Data Processing, Inc.  | 50000 | 10718000 |
|  **Information Technology — 13.5%** | **Information Technology — 13.5%** | **Information Technology — 13.5%** |
|  Broadcom, Inc.  | 47500 | 15178625 |
|  Microsoft Corp.  | 25000 | 9818500 |
|  Texas Instruments, Inc.  | 100000 | 21211000 |
|  |  | 46208125 |
|  **Real Estate — 4.1%** |  |  |
|  Prologis, Inc.  | 100000 | 14257000 |
|  **Utilities — 8.9%** |  |  |
|  Constellation Energy Corp.  | 50000 | 16494000 |
|  NextEra Energy, Inc.  | 150000 | 14065500 |
|  |  | 30559500 |
|  **TOTAL COMMON STOCKS** (Cost $221,194,111)  |  | 295052881 |
|  **CONVERTIBLE PREFERRED STOCKS — 8.5%** | **CONVERTIBLE PREFERRED STOCKS — 8.5%** | **CONVERTIBLE PREFERRED STOCKS — 8.5%** |
|  **Financials — 3.8%** |  |  |
|  KKR & Co., Inc., Series D, 6.25%, 03/01/2028  | 325000 | 12899250 |
|  **Information Technology — 4.7%** | **Information Technology — 4.7%** | **Information Technology — 4.7%** |
|  Hewlett Packard Enterprise Co., 7.63%, 09/01/2027  | 275000 | 16225000 |
|  **TOTAL CONVERTIBLE PREFERRED STOCKS** (Cost $29,791,395)  |  | 29124250 |
|  **PREFERRED STOCKS — 4.3%** |  |  |
|  **Financials — 4.3%** |  |  |
|  SLM Corp., Series B, 5.68% (3 mo. Term SOFR + 1.96%), Perpetual  | 200000 | $14924000 |
|  **TOTAL PREFERRED STOCKS** (Cost $15,000,398)  |  | 14924000 |
|  **SHORT-TERM INVESTMENTS** |  |  |
|  **MONEY MARKET FUNDS — 0.7%** |  |  |
|  Fidelity Government Portfolio - Institutional Class, 3.57% <sup>(a)</sup>  | 2234770 | 2234770 |
|  **TOTAL MONEY MARKET FUNDS** (Cost $2,234,770)  |  | 2234770 |
|  **TOTAL INVESTMENTS — 99.4%** (Cost $268,220,674)  |  | 341335901 |
|  Other Assets in Excess of Liabilities — 0.6%  |  | 2072967 |
|  **TOTAL NET ASSETS — 100.0%** |  | $343408868 |

---

Percentages are stated as a percent of net assets.

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

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.

<sup>(a)</sup> The rate shown represents the 7-day annualized yield as of February 28, 2026.

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

**Torray Equity Income Fund** 

**Statement of Assets and Liabilities** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

---

| | |
|:---|:---|
|  **ASSETS:** | **ASSETS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at value  | $341335901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable  | 2386925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold  | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses and other assets  | 26189 |
|  Total assets  | 343749095 |
|  **LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  | 217887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for transfer agent fees and expenses  | 50240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for fund administration and accounting fees  | 23362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for capital shares redeemed  | 19478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for printing and mailing  | 19174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for shareholder servicing fees  | 606 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for expenses and other liabilities  | 9480 |
|  Total liabilities  | 340227 |
|  **NET ASSETS**  | $343408868 |
|  **NET ASSETS CONSISTS OF:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $226462949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | 116945919 |
|  Total net assets  | $343408868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $343408868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued and outstanding <sup>(a)</sup>  | 7255899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share  | $47.33 |
|  **COST:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments, at cost  | $268220674 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

**Torray Equity Income Fund** 

**Statement of Operations** 

**For the PERIOD ended FEBRUARY 28, 2026 (UNAUDITED)**

---

| | |
|:---|:---|
|  **INVESTMENT INCOME:** | **INVESTMENT INCOME:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income  | $6655142 |
|  Total investment income  | 6655142 |
|  **EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee  | 1475228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transfer agent fees  | 56236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal fees  | 30709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees  | 29548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fund administration and accounting fees  | 28136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reports to shareholders  | 25668 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compliance fees  | 22994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shareholder service costs  | 14989 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fees  | 14143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal and state registration fees  | 10227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Audit fees  | 7819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses and fees  | 6028 |
|  Total expenses  | 1721725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser  | (72940) |
|  Net expenses  | 1648785 |
|  **NET INVESTMENT INCOME**  | 5006357 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |
|  Net realized gain (loss) from: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 26477228 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | 20182765 |
|  Net realized gain (loss)  | 46659993 |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (34994034) |
|  Net change in unrealized appreciation (depreciation)  | (34994034) |
|  Net realized and unrealized gain (loss)  | 11665959 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $16672316 |

---

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

**Torray Equity Income Fund** 

**Statements of Changes in Net Assets** 

---

| | | |
|:---|:---|:---|
|  | **FOR THE<br> PERIOD<br> ENDED<br> FEBRUARY 28, <br> 2026<br> (UNAUDITED)** | **FOR THE<br> YEAR ENDED<br> AUGUST 31,<br> 2025** |
|  **OPERATIONS:** | **OPERATIONS:** | **OPERATIONS:** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $5006357 | $5390055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 46659993 | 84341253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (34994034) | (56702544) |
|  Net increase (decrease) in net assets from operations  | 16672316 | 33028764 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From earnings  | (86076351) | (24695283) |
|  Total distributions to shareholders  | (86076351) | (24695283) |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 33071266 | 1390419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions  | 78444730 | 22461469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (61031773) | (25161710) |
|  Net increase (decrease) in net assets from capital transactions  | 50484223 | (1309822) |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | (18919812) | 7023659 |
|  **NET ASSETS:** |  |  |
|  Beginning of the period  | 362328680 | 355305021 |
|  End of the period  | $343408868 | $362328680 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 677224 | 25151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions  | 1700462 | 406563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (1244004) | (465685) |
|  Total increase (decrease) in shares outstanding  | 1133682 | (33971) |

---

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>

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Period<br> Ended<br> February 28, <br> 2026<br> (UNAUDITED)** | **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>(** **e** **)</sup>** | **For the <br> Year ended <br> December 31,<br> 2022<sup>(** **f** **)</sup>** | **For the <br> Year ended <br> December 31, <br> 2021** | **For the <br> Year ended <br> December 31, <br> 2020** |
|  **PER SHARE DATA:** |  |  |  |  |  |  |  |
|  **Net asset value, beginning of period** | $59.18 | $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<sup>(a)</sup>  | 0.74 | 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 <sup>(b)</sup>  | 1.59 | 4.62 | 11.03 | 2.38 | (1.03) | 9.65 | (2.15) |
| &nbsp;&nbsp;&nbsp; Total from investment operations  | 2.33 | 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  | (0.97) | (0.72) | (0.57) | (0.34) | (0.60) | (0.59) | (0.64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gains  | (13.21) | (3.31) | (2.62) |  | (4.35) | (5.05) | (0.90) |
| &nbsp;&nbsp;&nbsp; Total distributions  | (14.18) | (4.03) | (3.19) | (0.34) | (4.95) | (5.64) | (1.54) |
|  Net asset value, end of period  | $47.33 | $59.18 | $57.72 | $49.33 | $46.86 | $52.24 | $47.64 |
|  **TOTAL RETURN** <sup>(c)</sup>  | 4.98% | 10.08% | 24.89% | 6.03 %<sup>(c)</sup> | -0.98% | 21.39% | -2.51% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (in thousands)  | $343409 | $362329 | $355305 | $318781 | $321288 | $380868 | $356342 |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average net assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Before expense reimbursement<sup>(d)</sup>  | 0.99% | 0.96% | 0.97% | 0.96 %<sup>(d)</sup> | 1.16% | 1.16% | 1.17% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; After expense reimbursement<sup>(d)</sup>  | 0.95% | 0.95% | 0.95% | 0.95 %<sup>(d)</sup> | 1.06% | 1.07% | 1.06% |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average net assets <sup>(d)</sup>  | 2.88% | 1.57% | 1.05% | 1.36 %<sup>(d)</sup> | 1.18% | 1.10% | 1.46% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate <sup>(c)</sup>  | 33% | 57% | 12% | 9 %<sup>(c)</sup> | 40% | 36% | 33% |

---

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

<sup>(b)</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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. 

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

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

<sup>(e)</sup> Effective August 31, 2023, the Fund changed its fiscal year end date to August 31st.

<sup>(f)</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. 

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

**Torray Equity Income Fund** 

**Notes to Financial Statements** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

**1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES** 

The Torray Equity Income Fund (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 sixteen 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's investment objective is to build investor wealth over time, with a particular focus on the level and growth of current income.

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 semi-annual reporting period for the Fund is February 28, 2026 (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 FEBRUARY 28, 2026 (UNAUDITED)**

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **LEVEL 1** | **LEVEL 2** | **LEVEL 3** | **TOTAL** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stocks  | $295052881 | $— | $— | $295052881 |
|  Convertible Preferred Stocks  | 29124250 |  |  | 29124250 |
|  Preferred Stocks  | 14924000 |  |  | 14924000 |
|  Money Market Funds  | 2234770 |  |  | 2234770 |
|  Total Investments  | $341335901 | $— | $— | $341335901 |

---

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 the 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 incurred on behalf of a specific class, fund or fund family of the Trust or RBB are charged directly to the class,

**Torray Equity Income Fund** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

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.

**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, 23.9% of portfolio holdings as of the current fiscal period were classified according to GICS<sup>®</sup> as belonging to the Financials sector.

**OPERATING SEGMENTS** — are components of an entity that engage in business activities and have discrete financial information available. Each series of the Trust operates in one segment. The segment derives its revenues from each series' investments made in accordance with the defined investment strategy of each series, as prescribed in the Fund's prospectus. The Chief Operating Decision Maker ("CODM") of the Fund is the Investment Committee of the Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on the Fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in the Fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**2. 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

**Torray Equity Income Fund** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

sold short and extraordinary expenses. This contractual limitation is in effect until December 31, 2026 and may not be terminated without the approval of the Board.

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 AUGUST 31** | **EXPIRATION AUGUST 31** | **EXPIRATION AUGUST 31** | |
| <br>**FUND** | **2027** | **2028** | **2029** | <br>**TOTAL** |
|  Torray Equity Income Fund | $77599 | $29813 | $72940 | $180352 |

---

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.

**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 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.

**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 Fund was as follows:

---

| | | |
|:---|:---|:---|
| **FUND** | **PURCHASES** | **SALES** |
|  Torray Equity Income Fund  | $112356662 | $116413946 |

---

**Torray Equity Income Fund** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

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:

---

| | | |
|:---|:---|:---|
| **FUND** | **PURCHASES** | **SALES** |
|  Torray Equity Income Fund | $– $| 22506846 |

---

**5. FEDERAL INCOME TAX INFORMATION** 

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUND** | **GROSS <br> UNREALIZED <br> APPRECIATION** | **GROSS <br> UNREALIZED <br> (DEPRECIATION)** | **NET <br> UNREALIZED <br> APPRECIATION** | **COST** |
|  Torray Equity Income Fund | $109601784 | $(3412250) | $106189534 | $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:

---

| | | |
|:---|:---|:---|
| **FUND** | **DISTRIBUTABLE <br> EARNINGS** | **PAID-IN <br> CAPITAL** |
|  Torray Equity Income Fund | $(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 FEBRUARY 28, 2026 (UNAUDITED)**

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

---

| | |
|:---|:---|
|  | **AUGUST 31, <br> 2025** |
|  Distributions paid from: |  |
| &nbsp;&nbsp;&nbsp; Ordinary Income  | $4492897 |
| &nbsp;&nbsp;&nbsp; Long-Term Capital Gains  | 20202386 |
|  | $24695283 |

---

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 GAIN** | **NET <br> UNREALIZED <br> APPRECIATION/<br> (DEPRECIATION)**  | **TOTAL <br> DISTRIBUTABLE <br> EARNINGS/<br> (LOSSES)** |
|  Torray Equity Income Fund | $3325721 | $76834699 | $106189534 | $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.

**6. REDEMPTIONS IN-KIND** 

The Fund may make payment for Fund shares redeemed wholly or in part by distributing portfolio securities to shareholders. For the semi-annual period ended February 28, 2026, the Fund had redemptions in-kind with total proceeds of $22,506,846. The net realized gains on these redemptions in-kind for the Fund amounted to $20,182,765, which are not realized for tax purposes. For the year ended August 31, 2025, the Fund had no redemptions in kind.

**7. 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 the Fund paid the following distribution:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUND** | **RECORD DATE** | **EX-DATE** | **PAY DATE** | **DISTRIBUTION <br> RATE PER SHARE** |
|  Torray Equity Income Fund | March 27, 2026 | March 30, 2026 | March 31, 2026 | $0.43 |

---

**Torray Equity Income Fund** 

**Other Information** 

**As of FEBRUARY 28, 2026 (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) 626-9769 and on the Securities and Exchange Commission's ("SEC") website at http://www.sec.gov.

**QUARTERLY PORTFOLIO SCHEDULE** 

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.

**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, ME 04101 <br>**Legal Counsel** <br> Faegre Drinker Biddle & Reath LLP<br> One Logan Square, Suite 2000<br> Philadelphia, PA 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** 

**FEBRUARY 28, 2026** 

***funds.torray.com*** 

**(301) 493-4600 (800) 626-9769**

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

**(NYSE Arca, Inc.: COPY)** 

**Tweedy, Browne International Insider + Value ETF** 

**(NYSE Arca, Inc.: ICPY)** 

**A Series of** 

**THE RBB FUND TRUST** 

**Financial Statements** 

**February 28, 2026** 

**(Unaudited)** 

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

 **Schedule OF INVESTMENTS** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Sector Classification as of February 28, 2026** | **Value** | **% of Net Assets** |
|  Financials  | $68129746 | 22.8% |
|  Consumer Discretionary  | 48731771 | 16.3 |
|  Industrials  | 42392278 | 14.2 |
|  Energy  | 39531477 | 13.1 |
|  Materials  | 22859144 | 7.8 |
|  Health Care  | 17682466 | 6.0 |
|  Consumer Staples  | 17463172 | 5.9 |
|  Communication Services  | 16308313 | 5.5 |
|  Information Technology  | 12006973 | 4.0 |
|  Utilities  | 5396491 | 1.8 |
|  Other Assets in Excess of Liabilities  | 7774242 | 2.6 |
|  | $298276073 | 100.0% |

---

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

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

 **Schedule OF INVESTMENTS** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 96.7%** |  |  |
|  **Australia — 0.8%**  |  |  |
|  Magellan Financial Group Ltd.  | 222039 | $1336794 |
|  New Hope Corp. Ltd.  | 357159 | 1192064 |
|  |  | 2528858 |
|  **Belgium — 1.5%**  |  |  |
|  Colruyt Group N.V  | 33086 | 1340939 |
|  Umicore SA  | 92385 | 1967101 |
|  X-Fab Silicon Foundries SE <sup>(a)(b)</sup>  | 202474 | 1120137 |
|  |  | 4428177 |
|  **Bermuda — 0.5%**  |  |  |
|  Conduit Holdings Ltd.  | 235268 | 1377626 |
|  **Canada — 9.3%**  |  |  |
|  Atco Ltd. - Class I  | 48585 | 2310196 |
|  Bank of Nova Scotia  | 29180 | 2213663 |
|  Cenovus Energy, Inc.  | 84007 | 1871612 |
|  Mullen Group Ltd.  | 152890 | 1933472 |
|  National Bank of Canada  | 19046 | 2658104 |
|  Nutrien Ltd.  | 26380 | 1984036 |
|  Paramount Resources Ltd. - Class A  | 59154 | 1170894 |
|  Parex Resources, Inc.  | 87970 | 1376254 |
|  Peyto Exploration & Development Corp.  | 162089 | 3140656 |
|  Power Corp. of Canada  | 48720 | 2447340 |
|  Stella-Jones, Inc.  | 29519 | 2025786 |
|  Tourmaline Oil Corp.  | 25892 | 1215589 |
|  Whitecap Resources, Inc.  | 194356 | 1940639 |
|  Winpak Ltd.  | 44890 | 1585573 |
|  |  | 27873814 |
|  **Denmark — 0.5%**  |  |  |
|  Pandora AS  | 17274 | 1365836 |
|  **Finland — 0.5%**  |  |  |
|  Kemira Oyj  | 59357 | 1437793 |
|  **France — 4.4%**  |  |  |
|  Bouygues SA  | 38739 | 2411375 |
|  Coface SA  | 92550 | 1712532 |
|  Metropole Television SA  | 113839 | 1557651 |
|  Pernod Ricard SA  | 17604 | 1627878 |
|  Rubis SCA  | 8011 | 346827 |
|  Sodexo SA  | 23808 | 1305303 |
|  Sopra Steria Group  | 6338 | 982554 |
|  Teleperformance SE  | 9317 | 566742 |
|  Television Francaise 1 SA  | 206065 | 1770146 |
|  Verallia SA <sup>(b)</sup>  | 37974 | 869133 |
|  |  | 13150141 |
|  **Germany — 5.7%**  |  |  |
|  Bayer AG  | 27568 | 1368449 |
|  Brenntag SE  | 17110 | 1057358 |
|  Daimler Truck Holding AG  | 29713 | 1510735 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Germany — 5.7% (continued)** | **Germany — 5.7% (continued)** | **Germany — 5.7% (continued)** |
|  Deutsche Lufthansa AG  | 142744 | $1532840 |
|  Deutsche Post AG  | 41045 | 2429789 |
|  Douglas AG <sup>(a)</sup>  | 73885 | 1028424 |
|  HUGO BOSS AG  | 37776 | 1668498 |
|  Mercedes-Benz Group AG  | 19078 | 1330011 |
|  Puma SE  | 49274 | 1383359 |
|  SAF-Holland SE <sup>(a)</sup>  | 112411 | 2640558 |
|  Stabilus SE  | 47022 | 1051218 |
|  |  | 17001239 |
|  **Hong Kong — 0.7%**  |  |  |
|  Prudential PLC  | 134678 | 2064556 |
|  **Hungary — 0.6%**  |  |  |
|  MOL Hungarian Oil & Gas PLC  | 162978 | 1802969 |
|  **Italy — 3.7%**  |  |  |
|  BFF Bank SpA <sup>(a)(b)</sup>  | 136470 | 610181 |
|  Brembo NV  | 156072 | 1855212 |
|  Buzzi SpA  | 25220 | 1459602 |
|  MFE-MediaForEurope NV  | 290492 | 1372982 |
|  Piaggio & C SpA  | 533295 | 1142446 |
|  Pirelli & C SpA <sup>(b)</sup>  | 268077 | 2019027 |
|  Sanlorenzo SpA  | 42549 | 1676701 |
|  Zignago Vetro SpA  | 108827 | 1000430 |
|  |  | 11136581 |
|  **Luxembourg — 0.9%**  |  |  |
|  Befesa SA <sup>(b)</sup>  | 67320 | 2704541 |
|  **Netherlands — 0.5%**  |  |  |
|  Fugro NV  | 109514 | 1391069 |
|  **Norway — 0.8%**  |  |  |
|  DNB Bank ASA  | 76021 | 2410560 |
|  **Philippines — 0.4%**  |  |  |
|  Semirara Mining & Power Corp.  | 2653800 | 1288588 |
|  **Portugal — 0.5%**  |  |  |
|  Altri SGPS SA  | 255300 | 1457030 |
|  **Singapore — 3.2%**  |  |  |
|  First Resources Ltd.  | 1098900 | 2058972 |
|  Hafnia Ltd.  | 290312 | 2232499 |
|  UMS Integration Ltd.  | 2007514 | 2301285 |
|  United Overseas Bank Ltd.  | 59610 | 1742258 |
|  Wilmar International Ltd.  | 411498 | 1145128 |
|  |  | 9480142 |
|  **South Korea — 8.5%**  |  |  |
|  DB Insurance Co. Ltd.  | 21464 | 2732053 |
|  Hana Financial Group, Inc.  | 28085 | 2378000 |
|  Hyundai Glovis Co. Ltd.  | 18214 | 3665591 |
|  Innocean Worldwide, Inc.  | 102697 | 1431404 |

---

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

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

 **Schedule OF INVESTMENTS (Continued)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **South Korea — 8.5% (continued)** | **South Korea — 8.5% (continued)** | **South Korea — 8.5% (continued)** |
|  KB Financial Group, Inc.  | 20830 | $2302378 |
|  KT Corp. - ADR <sup>(a)</sup>  | 128407 | 3056087 |
|  KT Corp.  | 91 | 4036 |
|  KT&G Corp.  | 17894 | 2028857 |
|  LG Electronics, Inc.  | 10876 | 1101587 |
|  LG H&H Co. Ltd.  | 3368 | 625135 |
|  LG Uplus Corp.  | 173048 | 1989721 |
|  Samsung Electronics Co. Ltd.  | 26597 | 4002955 |
|  |  | 25317804 |
|  **Spain — 5.4%**  |  |  |
|  Acciona SA  | 9394 | 2739468 |
|  Acerinox SA  | 131735 | 2106054 |
|  Banco Santander SA  | 316578 | 4036200 |
|  Bankinter SA  | 178563 | 2990784 |
|  Gestamp Automocion SA <sup>(b)</sup>  | 583412 | 2203194 |
|  Repsol SA  | 92388 | 2075785 |
|  |  | 16151485 |
|  **Sweden — 5.3%**  |  |  |
|  Betsson AB  | 121577 | 1260535 |
|  Billerud Aktiebolag  | 162579 | 1486652 |
|  Intrum AB <sup>(a)</sup>  | 177667 | 765569 |
|  Norion Bank AB <sup>(a)</sup>  | 342292 | 2172596 |
|  Skandinaviska Enskilda Banken AB - Class A  | 108260 | 2312079 |
|  SKF AB - Class B  | 61767 | 1776188 |
|  Svenska Handelsbanken AB - Class A  | 151666 | 2429317 |
|  Volvo AB - Class B  | 65311 | 2545129 |
|  Volvo Car AB <sup>(a)</sup>  | 395131 | 1088541 |
|  |  | 15836606 |
|  **United Kingdom — 15.2%**  |  |  |
|  B&M European Value Retail SA <sup>(a)</sup>  | 662365 | 1704941 |
|  Berkeley Group Holdings PLC  | 26045 | 1517709 |
|  Breedon Group PLC  | 295869 | 1426653 |
|  British American Tobacco PLC  | 42439 | 2653760 |
|  Bunzl PLC  | 51460 | 1521546 |
|  Burberry Group PLC <sup>(a)</sup>  | 195666 | 3066716 |
|  CNH Industrial NV  | 131427 | 1616552 |
|  Computacenter PLC  | 42650 | 1824335 |
|  Domino's Pizza Group PLC  | 586351 | 1586719 |
|  GSK PLC  | 73599 | 2183084 |
|  Hilton Food Group PLC  | 207365 | 1478324 |
|  Howden Joinery Group PLC  | 139825 | 1827827 |
|  IG Group Holdings PLC  | 145406 | 2549401 |
|  Inchcape PLC  | 136368 | 1632858 |
|  JD Sports Fashion PLC  | 658361 | 727362 |
|  JET2 PLC  | 108515 | 1836783 |
|  Johnson Matthey PLC  | 82837 | 2246109 |
|  OSB Group PLC  | 329363 | 2709811 |
|  Pets at Home Group PLC  | 496827 | 1395345 |
|  Shell PLC  | 43415 | 1798256 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **United Kingdom — 15.2% (continued)** | **United Kingdom — 15.2% (continued)** | **United Kingdom — 15.2% (continued)** |
|  TORM PLC - Class A  | 71529 | $2155169 |
|  Vodafone Group PLC  | 1690436 | 2608452 |
|  Watches of Switzerland Group PLC <sup>(a)(b)</sup>  | 244558 | 1684152 |
|  YouGov PLC  | 527152 | 1488327 |
|  |  | 45240191 |
|  **United States — 27.8% <sup>(c)</sup>** |  |  |
|  Advance Auto Parts, Inc.  | 24171 | 1285172 |
|  AGCO Corp.  | 16287 | 2223176 |
|  Alliance Resource Partners LP  | 72382 | 1917399 |
|  Allison Transmission Holdings, Inc.  | 15796 | 1979239 |
|  Ally Financial, Inc.  | 33512 | 1321713 |
|  AMN Healthcare Services, Inc. <sup>(a)</sup>  | 27963 | 544719 |
|  Arrow Electronics, Inc. <sup>(a)</sup>  | 11670 | 1775707 |
|  AutoNation, Inc. <sup>(a)</sup>  | 9395 | 1833528 |
|  Beazer Homes USA, Inc. <sup>(a)</sup>  | 50523 | 1292378 |
|  Black Stone Minerals LP  | 77364 | 1168196 |
|  Bread Financial Holdings, Inc.  | 31262 | 2215225 |
|  Bristol-Myers Squibb Co.  | 26158 | 1631474 |
|  Centene Corp. <sup>(a)</sup>  | 18955 | 850700 |
|  Cigna Group  | 5375 | 1557782 |
|  Cleveland-Cliffs, Inc. <sup>(a)</sup>  | 94662 | 1009097 |
|  ConocoPhillips  | 13994 | 1587759 |
|  Crocs, Inc. <sup>(a)</sup>  | 14015 | 1271301 |
|  CVS Health Corp.  | 19132 | 1528647 |
|  Devon Energy Corp.  | 25622 | 1115326 |
|  Dorian LPG Ltd.  | 35480 | 1312405 |
|  Elevance Health, Inc.  | 4796 | 1534720 |
|  Embecta Corp.  | 75356 | 773153 |
|  First Interstate BancSystem, Inc. - Class A  | 49370 | 1708696 |
|  Fiserv, Inc. <sup>(a)</sup>  | 22932 | 1428434 |
|  FMC Corp.  | 30551 | 450322 |
|  G-III Apparel Group Ltd.  | 60453 | 1849257 |
|  GQG Partners, Inc.  | 1012752 | 1322526 |
|  HCI Group, Inc.  | 16879 | 2977793 |
|  Heartland Express, Inc.  | 126656 | 1397016 |
|  Helmerich & Payne, Inc.  | 48214 | 1698097 |
|  HF Sinclair Corp.  | 29714 | 1485997 |
|  Ionis Pharmaceuticals, Inc. <sup>(a)</sup>  | 33941 | 2754312 |
|  Lamb Weston Holdings, Inc.  | 25960 | 1251012 |
|  LKQ Corp.  | 42646 | 1412009 |
|  Malibu Boats, Inc. - Class A <sup>(a)</sup>  | 43204 | 1255508 |
|  Matador Resources Co.  | 28286 | 1453900 |
|  Molson Coors Beverage Co. - Class B  | 31750 | 1555433 |
|  Noble Corp. PLC  | 54434 | 2472937 |
|  Orion SA  | 61120 | 347773 |
|  PNC Financial Services Group, Inc.  | 9415 | 1999275 |
|  Resideo Technologies, Inc. <sup>(a)</sup>  | 73628 | 2849404 |

---

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

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

 **Schedule OF INVESTMENTS (Concluded)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **United States — 27.8% <sup>(c)</sup>** **(continued)** | **United States — 27.8% <sup>(c)</sup>** **(continued)** | **United States — 27.8% <sup>(c)</sup>** **(continued)** |
|  Simmons First National Corp. - Class A  | 77193 | $1536913 |
|  Sirius XM Holdings, Inc.  | 46881 | 1029507 |
|  StoneX Group, Inc. <sup>(a)</sup>  | 36023 | 4592933 |
|  Tidewater, Inc. <sup>(a)</sup>  | 25919 | 2058487 |
|  Tyson Foods, Inc. - Class A  | 26123 | 1697734 |
|  United Parcel Service, Inc. - Class B  | 15515 | 1799119 |
|  UnitedHealth Group, Inc.  | 3667 | 1075421 |
|  Vertex Pharmaceuticals, Inc. <sup>(a)</sup>  | 3784 | 1880005 |
|  Western Union Co.  | 173459 | 1670410 |
|  Zions Bancorp NA  | 37877 | 2169595 |
|  |  | 82908641 |
|  **TOTAL COMMON STOCKS** (Cost $254,798,388)  |  | 288354247 |
|  **PREFERRED STOCKS — 0.7%** |  |  |
|  **Germany — 0.7%**  |  |  |
|  Dr Ing hc F Porsche AG  | 14958 | 731542 |
|  Volkswagen AG  | 11842 | 1416042 |
|  **TOTAL PREFERRED STOCKS** (Cost $2,104,871)  |  | 2147584 |
|  **TOTAL INVESTMENTS — 97.4%** (Cost $256,903,259)  |  | 290501831 |
|  Other Assets in Excess of Liabilities — 2.6%  |  | 7774242 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $298276073 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

LP - Limited Partnership

PLC - Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security is exempt from
 registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt
 from registration to qualified institutional investors. As of February 28, 2026, the value of these securities total $11,941,907 or 4.0%
 of the Fund's net assets.

&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** 

 **Schedule of Investments** 

**February 28, 2026 (Unaudited)**

Forward currency contracts outstanding as of February 28, 2026 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| Northern Trust Securities, Inc.  | 05/29/2026 | HUF | 6663474 | USD | 20571 | $215 |
| Northern Trust Securities, Inc.  | 04/30/2026 | USD | 13614318 | GBP | 10035924 | 86529 |
| Northern Trust Securities, Inc.  | 05/29/2026 | USD | 13552093 | GBP | 10035924 | 22900 |
| Northern Trust Securities, Inc.  | 04/30/2026 | USD | 5156268 | SEK | 46216521 | 19505 |
| Northern Trust Securities, Inc.  | 03/31/2026 | AUD | 436938 | USD | 311702 | (798) |
| Northern Trust Securities, Inc.  | 04/30/2026 | AUD | 436938 | USD | 311643 | (794) |
| Northern Trust Securities, Inc.  | 03/31/2026 | CAD | 1989161 | USD | 1468759 | (8441) |
| Northern Trust Securities, Inc.  | 04/30/2026 | CAD | 1989161 | USD | 1470592 | (8325) |
| Northern Trust Securities, Inc.  | 03/31/2026 | DKK | 4396666 | USD | 703113 | (6386) |
| Northern Trust Securities, Inc.  | 04/30/2026 | DKK | 4396666 | USD | 704275 | (6464) |
| Northern Trust Securities, Inc.  | 03/31/2026 | HUF | 225909327 | USD | 712216 | (5408) |
| Northern Trust Securities, Inc.  | 04/30/2026 | HUF | 225909327 | USD | 710862 | (5081) |
| Northern Trust Securities, Inc.  | 03/31/2026 | USD | 1120909 | AUD | 1654990 | (56701) |
| Northern Trust Securities, Inc.  | 04/30/2026 | USD | 1144888 | AUD | 1654990 | (32513) |
| Northern Trust Securities, Inc.  | 05/29/2026 | USD | 862376 | AUD | 1218051 | (3868) |
| Northern Trust Securities, Inc.  | 03/31/2026 | USD | 10332217 | CAD | 14183672 | (80549) |
| Northern Trust Securities, Inc.  | 04/30/2026 | USD | 10368131 | CAD | 14183672 | (58532) |
| Northern Trust Securities, Inc.  | 05/29/2026 | USD | 8949021 | CAD | 12194511 | (25738) |
| Northern Trust Securities, Inc.  | 03/31/2026 | USD | 1176082 | DKK | 7446101 | (3879) |
| Northern Trust Securities, Inc.  | 04/30/2026 | USD | 1179104 | DKK | 7446101 | (2695) |
| Northern Trust Securities, Inc.  | 05/29/2026 | USD | 484015 | DKK | 3049435 | (761) |
| Northern Trust Securities, Inc.  | 03/31/2026 | USD | 22576451 | EUR | 19150911 | (92358) |
| Northern Trust Securities, Inc.  | 04/30/2026 | USD | 22613650 | EUR | 19150911 | (84229) |
| Northern Trust Securities, Inc.  | 05/29/2026 | USD | 22669412 | EUR | 19150911 | (59154) |
| Northern Trust Securities, Inc.  | 03/31/2026 | USD | 13487907 | GBP | 10035924 | (38339) |
| Northern Trust Securities, Inc.  | 03/31/2026 | USD | 1255917 | HUF | 413105530 | (36576) |
|  Northern Trust Securities, Inc.  | 04/30/2026 | USD | 1263550 | HUF | 413105530 | (27065) |
|  Northern Trust Securities, Inc.  | 05/29/2026 | USD | 598235 | HUF | 193859676 | (6492) |
|  Northern Trust Securities, Inc.  | 03/31/2026 | USD | 738434 | NOK | 7320773 | (31350) |
|  Northern Trust Securities, Inc.  | 04/30/2026 | USD | 750361 | NOK | 7320773 | (19268) |
|  Northern Trust Securities, Inc.  | 05/29/2026 | USD | 768661 | NOK | 7320773 | (749) |
|  Northern Trust Securities, Inc.  | 03/31/2026 | USD | 5050048 | SEK | 46216521 | (79375) |
|  Northern Trust Securities, Inc.  | 05/29/2026 | USD | 5133457 | SEK | 46216521 | (11147) |
|  Northern Trust Securities, Inc.  | 03/31/2026 | USD | 2277181 | SGD | 2906056 | (26138) |
|  Northern Trust Securities, Inc.  | 04/30/2026 | USD | 2294676 | SGD | 2906056 | (13164) |
|  Northern Trust Securities, Inc.  | 05/29/2026 | USD | 2308434 | SGD | 2906056 | (3994) |
|  Northern Trust Securities, Inc.  | 03/31/2026 | USD | 1280500 | ZAR | 21545057 | (68993) |
|  Northern Trust Securities, Inc.  | 04/30/2026 | USD | 1325280 | ZAR | 21545057 | (21612) |
|  Northern Trust Securities, Inc.  | 03/31/2026 | ZAR | 21545057 | USD | 1351738 | (2246) |
|  Northern Trust Securities, Inc.  | 04/30/2026 | ZAR | 21545057 | USD | 1348870 | (1977) |
|  **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  | $(802010) |

---

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

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

 **Schedule of Investments (Concluded)** 

**February 28, 2026 (Unaudited)**

---

| | |
|:---|:---|
| AUD -  | Australian Dollars |
| CAD -  | Canadian Dollar |
| DKK -  | Danish Krone |
| EUR -  | Euro |
| GBP -  | British Pound |
| HUF -  | Hungarian Forint |
| NOK -  | Norwegian Krone |
| SEK -  | Swedish Krona |
| SGD -  | Singapore Dollar |
| USD -  | United States Dollar |
| ZAR -  | South African Rand |

---

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

**Tweedy, Browne International Insider + Value ETF** 

 **Schedule OF INVESTMENTS** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Sector Classification as of February 28, 2026** | **Value** | **% of Net Assets** |
|  Financials  | $8876231 | 20.9% |
|  Consumer Discretionary  | 7632376 | 17.7 |
|  Industrials  | 6368164 | 15.2 |
|  Energy  | 4550576 | 10.8 |
|  Materials  | 4143220 | 9.8 |
|  Communication Services  | 3054994 | 7.1 |
|  Consumer Staples  | 2564211 | 6.0 |
|  Information Technology  | 1997282 | 4.7 |
|  Utilities  | 986015 | 2.3 |
|  Health Care  | 700916 | 1.6 |
|  Other Assets in Excess of Liabilities  | 1670173 | 3.9 |
|  | $42544158 | 100.0% |

---

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

**Tweedy, Browne International Insider + Value ETF** 

 **Schedule OF INVESTMENTS** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 95.1%** |  |  |
|  **Australia — 1.2%**  |  |  |
|  Magellan Financial Group Ltd.  | 43697 | $263079 |
|  New Hope Corp. Ltd.  | 70310 | 234669 |
|  |  | 497748 |
|  **Belgium — 2.1%**  |  |  |
|  Colruyt Group N.V  | 6466 | 262060 |
|  Umicore SA  | 18463 | 393122 |
|  X-Fab Silicon Foundries SE <sup>(a)(b)</sup>  | 40215 | 222479 |
|  |  | 877661 |
|  **Bermuda — 0.6%**  |  |  |
|  Conduit Holdings Ltd.  | 45496 | 266404 |
|  **Canada — 12.8%**  |  |  |
|  Atco Ltd. - Class I  | 9593 | 456143 |
|  Bank of Nova Scotia  | 5726 | 434388 |
|  Cenovus Energy, Inc.  | 16383 | 365001 |
|  Mullen Group Ltd.  | 30289 | 383040 |
|  National Bank of Canada  | 3687 | 514566 |
|  Nutrien Ltd.  | 5086 | 382517 |
|  Paramount Resources Ltd. - Class A  | 11735 | 232283 |
|  Parex Resources, Inc.  | 17414 | 272435 |
|  Peyto Exploration & Development Corp.  | 32037 | 620753 |
|  Power Corp. of Canada  | 9608 | 482636 |
|  Stella-Jones, Inc.  | 5734 | 393504 |
|  Tourmaline Oil Corp.  | 5066 | 237841 |
|  Whitecap Resources, Inc.  | 38111 | 380537 |
|  Winpak Ltd.  | 8917 | 314960 |
|  |  | 5470604 |
|  **Denmark — 0.7%**  |  |  |
|  Pandora AS  | 3777 | 298643 |
|  **Finland — 0.7%**  |  |  |
|  Kemira Oyj  | 11730 | 284133 |
|  **France — 5.9%**  |  |  |
|  Bouygues SA  | 7568 | 471083 |
|  Coface SA  | 18469 | 341748 |
|  Metropole Television SA  | 22428 | 306881 |
|  Pernod Ricard SA  | 3448 | 318843 |
|  Sodexo SA  | 4685 | 256861 |
|  Sopra Steria Group  | 1149 | 178125 |
|  Teleperformance SE  | 1813 | 110283 |
|  Television Francaise 1 SA  | 40963 | 351882 |
|  Verallia SA <sup>(b)</sup>  | 7460 | 170741 |
|  |  | 2506447 |
|  **Germany — 7.9%**  |  |  |
|  Bayer AG  | 5399 | 268001 |
|  Brenntag SE  | 3443 | 212769 |
|  Daimler Truck Holding AG  | 5754 | 292558 |
|  Deutsche Lufthansa AG  | 28160 | 302393 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **Germany — 7.9% (continued)** | **Germany — 7.9% (continued)** | **Germany — 7.9% (continued)** |
|  Deutsche Post AG  | 8211 | $486076 |
|  Douglas AG <sup>(a)</sup>  | 14307 | 199143 |
|  HUGO BOSS AG  | 7524 | 332322 |
|  Mercedes-Benz Group AG  | 3636 | 253481 |
|  Puma SE  | 9645 | 270782 |
|  SAF-Holland SE <sup>(a)</sup>  | 22483 | 528130 |
|  Stabilus SE  | 9020 | 201650 |
|  |  | 3347305 |
|  **Hong Kong — 1.0%**  |  |  |
|  Prudential PLC  | 26670 | 408840 |
|  **Hungary — 0.8%**  |  |  |
|  MOL Hungarian Oil & Gas PLC  | 30601 | 338528 |
|  **Italy — 5.2%** |  |  |
|  BFF Bank SpA <sup>(a)(b)</sup>  | 27079 | 121075 |
|  Brembo NV  | 31301 | 372072 |
|  Buzzi SpA  | 4997 | 289200 |
|  MFE-MediaForEurope NV  | 57566 | 272080 |
|  Piaggio & C SpA  | 105195 | 225353 |
|  Pirelli & C SpA <sup>(b)</sup>  | 52634 | 396414 |
|  Sanlorenzo SpA  | 8529 | 336097 |
|  Zignago Vetro SpA  | 21409 | 196810 |
|  |  | 2209101 |
|  **Luxembourg — 1.2%**  |  |  |
|  Befesa SA <sup>(b)</sup>  | 13243 | 532030 |
|  **Netherlands — 0.6%**  |  |  |
|  Fugro NV  | 21659 | 275117 |
|  **Norway — 1.1%**  |  |  |
|  DNB Bank ASA  | 14951 | 474083 |
|  **Philippines — 0.6%**  |  |  |
|  Semirara Mining & Power Corp.  | 496000 | 240839 |
|  **Portugal — 0.7%**  |  |  |
|  Altri SGPS SA  | 50483 | 288113 |
|  **Singapore — 4.4%**  |  |  |
|  First Resources Ltd.  | 215923 | 404567 |
|  Hafnia Ltd.  | 56888 | 437469 |
|  UMS Integration Ltd.  | 396183 | 454159 |
|  United Overseas Bank Ltd.  | 11793 | 344681 |
|  Wilmar International Ltd.  | 81007 | 225429 |
|  |  | 1866305 |
|  **South Korea — 11.6%**  |  |  |
|  DB Insurance Co. Ltd.  | 4158 | 529253 |
|  Hana Financial Group, Inc.  | 5466 | 462815 |
|  Hyundai Glovis Co. Ltd.  | 3514 | 707197 |
|  Innocean Worldwide, Inc.  | 19989 | 278609 |
|  KB Financial Group, Inc.  | 4133 | 456828 |

---

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

**Tweedy, Browne International Insider + Value ETF** 

 **Schedule OF INVESTMENTS (CONCLUDED)** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **South Korea — 11.6% (continued)** | **South Korea — 11.6% (continued)** | **South Korea — 11.6% (continued)** |
|  KT Corp. - ADR <sup>(a)</sup>  | 25329 | $602830 |
|  KT&G Corp.  | 3442 | 390261 |
|  LG Electronics, Inc.  | 2129 | 215638 |
|  LG H&H Co. Ltd.  | 695 | 128999 |
|  LG Uplus Corp.  | 34839 | 400582 |
|  Samsung Electronics Co. Ltd.  | 5165 | 777353 |
|  |  | 4950365 |
|  **Spain — 7.4%**  |  |  |
|  Acciona SA  | 1817 | 529872 |
|  Acerinox SA  | 25613 | 409476 |
|  Banco Santander SA  | 62191 | 792902 |
|  Bankinter SA  | 35152 | 588767 |
|  Gestamp Automocion SA <sup>(b)</sup>  | 115074 | 434565 |
|  Repsol SA  | 18502 | 415705 |
|  |  | 3171287 |
|  **Sweden — 7.4%**  |  |  |
|  Betsson AB  | 26317 | 272860 |
|  Billerud Aktiebolag  | 32090 | 293437 |
|  Intrum AB <sup>(a)</sup>  | 34877 | 150285 |
|  Norion Bank AB <sup>(a)</sup>  | 67458 | 428170 |
|  Skandinaviska Enskilda Banken AB - Class A  | 21031 | 449153 |
|  SKF AB - Class B  | 12168 | 349906 |
|  Svenska Handelsbanken AB - Class A  | 29893 | 478812 |
|  Volvo AB - Class B  | 12848 | 500679 |
|  Volvo Car AB <sup>(a)</sup>  | 78580 | 216479 |
|  |  | 3139781 |
|  **United Kingdom — 21.2%**  |  |  |
|  B&M European Value Retail SA <sup>(a)</sup>  | 131390 | 338200 |
|  Berkeley Group Holdings PLC  | 5044 | 293927 |
|  Breedon Group PLC  | 58693 | 283012 |
|  British American Tobacco PLC  | 8229 | 514569 |
|  Bunzl PLC  | 11008 | 325479 |
|  Burberry Group PLC <sup>(a)</sup>  | 38446 | 602573 |
|  CNH Industrial NV  | 27338 | 336257 |
|  Computacenter PLC  | 8537 | 365166 |
|  Domino's Pizza Group PLC  | 114458 | 309734 |
|  GSK PLC  | 14595 | 432915 |
|  Hilton Food Group PLC  | 44814 | 319483 |
|  Howden Joinery Group PLC  | 27790 | 363278 |
|  IG Group Holdings PLC  | 28549 | 500549 |
|  Inchcape PLC  | 26691 | 319596 |
|  JD Sports Fashion PLC  | 129979 | 143602 |
|  JET2 PLC  | 21746 | 368084 |
|  Johnson Matthey PLC  | 16382 | 444195 |
|  OSB Group PLC  | 65328 | 537482 |
|  Pets at Home Group PLC  | 98071 | 275434 |
|  Shell PLC  | 8542 | 353811 |
|  TORM PLC - Class A  | 13963 | 420705 |
|  Vodafone Group PLC  | 333754 | 515004 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **United Kingdom — 21.2% (continued)** | **United Kingdom — 21.2% (continued)** | **United Kingdom — 21.2% (continued)** |
|  Watches of Switzerland Group PLC <sup>(a)(b)</sup>  | 48356 | $333004 |
|  YouGov PLC  | 115865 | 327126 |
|  |  | 9023185 |
|  **TOTAL COMMON STOCKS** (Cost $38,626,730)  |  | 40466519 |
|  **PREFERRED STOCKS — 1.0%**  |  |  |
|  **Germany — 1.0%** |  |  |
|  Dr Ing hc F Porsche AG  | 2862 | 139970 |
|  Volkswagen AG  | 2237 | 267496 |
|  **TOTAL PREFERRED STOCKS** (Cost $409,028)  |  | 407466 |
|  **TOTAL INVESTMENTS — 96.1%** (Cost $39,035,758)  |  | 40873985 |
|  Other Assets in Excess of Liabilities — 3.9%  |  | 1670173 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $42544158 |

---

Percentages are stated as a percent of net assets.

ADR - American Depositary Receipt

PLC - Public Limited Company

&nbsp;&nbsp;&nbsp;&nbsp;(a) Non-income producing security.

&nbsp;&nbsp;&nbsp;&nbsp;(b) Security is exempt from
 registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt
 from registration to qualified institutional investors. As of February 28, 2026, the value of these securities total $2,350,278 or 5.5%
 of the Fund's net assets.

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

**Tweedy, Browne International Insider + Value ETF** 

 **Schedule of Investments** 

**February 28, 2026 (Unaudited)**

Forward currency contracts outstanding as of February 28, 2026 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Counterparty** | **Settlement <br> Date** | **Currency <br> Purchased** | **Currency <br> Purchased** | **Currency Sold** | **Currency Sold** | **Unrealized <br> Appreciation <br> (Depreciation)** |
| Northern Trust Securities, Inc.  | 04/30/2026 | USD | 109382 | CAD | 147765 | $758 |
| Northern Trust Securities, Inc.  | 04/30/2026 | USD | 5772 | DKK | 35903 | 74 |
| Northern Trust Securities, Inc.  | 03/31/2026 | USD | 3675517 | EUR | 3104549 | 683 |
| Northern Trust Securities, Inc.  | 04/30/2026 | USD | 197084 | EUR | 164324 | 2325 |
| Northern Trust Securities, Inc.  | 04/30/2026 | USD | 3485149 | EUR | 2940224 | 362 |
| Northern Trust Securities, Inc.  | 03/31/2026 | USD | 2569597 | GBP | 1899537 | 9435 |
| Northern Trust Securities, Inc.  | 04/30/2026 | USD | 101228 | GBP | 73429 | 2249 |
| Northern Trust Securities, Inc.  | 04/30/2026 | USD | 2477803 | GBP | 1826107 | 16327 |
| Northern Trust Securities, Inc.  | 05/29/2026 | USD | 2563979 | GBP | 1899537 | 3258 |
| Northern Trust Securities, Inc.  | 04/30/2026 | USD | 46731 | SEK | 411944 | 945 |
| Northern Trust Securities, Inc.  | 04/30/2026 | USD | 800904 | SEK | 7162768 | 4794 |
| Northern Trust Securities, Inc.  | 04/30/2026 | USD | 19697 | SGD | 24740 | 50 |
| Northern Trust Securities, Inc.  | 03/31/2026 | DKK | 354902 | USD | 56756 | (516) |
| Northern Trust Securities, Inc.  | 04/30/2026 | DKK | 354902 | USD | 56850 | (522) |
| Northern Trust Securities, Inc.  | 03/31/2026 | HUF | 14542426 | USD | 45872 | (372) |
| Northern Trust Securities, Inc.  | 04/30/2026 | HUF | 14542426 | USD | 45784 | (351) |
| Northern Trust Securities, Inc.  | 03/31/2026 | USD | 140326 | AUD | 201867 | (3313) |
| Northern Trust Securities, Inc.  | 04/30/2026 | USD | 141590 | AUD | 201867 | (2024) |
| Northern Trust Securities, Inc.  | 05/29/2026 | USD | 143022 | AUD | 201867 | (540) |
| Northern Trust Securities, Inc.  | 03/31/2026 | USD | 1556739 | CAD | 2126592 | (4471) |
| Northern Trust Securities, Inc.  | 04/30/2026 | USD | 1450695 | CAD | 1978827 | (3975) |
| Northern Trust Securities, Inc.  | 05/29/2026 | USD | 1561298 | CAD | 2126592 | (3804) |
| Northern Trust Securities, Inc.  | 03/31/2026 | USD | 138065 | DKK | 872871 | (257) |
| Northern Trust Securities, Inc.  | 04/30/2026 | USD | 132569 | DKK | 836969 | (269) |
| Northern Trust Securities, Inc.  | 05/29/2026 | USD | 82214 | DKK | 517970 | (129) |
| Northern Trust Securities, Inc.  | 05/29/2026 | USD | 3674462 | EUR | 3104549 | (10059) |
|  Northern Trust Securities, Inc.  | 03/31/2026 | USD | 139252 | HUF | 45427091 | (2877) |
|  Northern Trust Securities, Inc.  | 04/30/2026 | USD | 139869 | HUF | 45427091 | (2053) |
|  Northern Trust Securities, Inc.  | 05/29/2026 | USD | 95447 | HUF | 30884666 | (895) |
|  Northern Trust Securities, Inc.  | 03/31/2026 | USD | 124856 | NOK | 1212124 | (2600) |
|  Northern Trust Securities, Inc.  | 04/30/2026 | USD | 125780 | NOK | 1212124 | (1650) |
|  Northern Trust Securities, Inc.  | 05/29/2026 | USD | 127193 | NOK | 1212124 | (201) |
|  Northern Trust Securities, Inc.  | 03/31/2026 | USD | 838764 | SEK | 7574712 | (1929) |
|  Northern Trust Securities, Inc.  | 05/29/2026 | USD | 841485 | SEK | 7574712 | (1696) |
|  Northern Trust Securities, Inc.  | 03/31/2026 | USD | 371949 | SGD | 471683 | (1904) |
|  Northern Trust Securities, Inc.  | 04/30/2026 | USD | 353962 | SGD | 446944 | (977) |
|  Northern Trust Securities, Inc.  | 05/29/2026 | USD | 374762 | SGD | 471683 | (569) |
|  Northern Trust Securities, Inc.  | 03/31/2026 | USD | 108335 | ZAR | 1807113 | (4855) |
|  Northern Trust Securities, Inc.  | 04/30/2026 | USD | 111398 | ZAR | 1807113 | (1574) |
|  Northern Trust Securities, Inc.  | 03/31/2026 | ZAR | 1807113 | USD | 113378 | (188) |
|  Northern Trust Securities, Inc.  | 04/30/2026 | ZAR | 1807113 | USD | 113138 | (166) |
|  **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  | **Net Unrealized Appreciation (Depreciation)**  | $(13476) |

---

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

**Tweedy, Browne International Insider + Value ETF** 

 **Schedule of Investments (Concluded)** 

**February 28, 2026 (Unaudited)**

---

| | |
|:---|:---|
| AUD -  | Australian Dollars |
| CAD -  | Canadian Dollar |
| DKK -  | Danish Krone |
| EUR -  | Euro |
| GBP -  | British Pound |
| HUF -  | Hungarian Forint |
| NOK -  | Norwegian Krone |
| SEK -  | Swedish Krona |
| SGD -  | Singapore Dollar |
| USD -  | United States Dollar |
| ZAR -  | South African Rand |

---

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

**TWEEDY, BROWNE ETFs** 

 **STATEMENTS of Assets and Liabilities** 

**February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **TWEEDY, <br> BROWNE <br> INSIDER + <br> VALUE ETF** | **TWEEDY, <br> BROWNE <br> INTERNATIONAL <br> INSIDER + <br> VALUE ETF** |
|  **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at value  | $290501831 | $40873985 |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 8306643 | 1421024 |
| &nbsp;&nbsp;&nbsp; Dividends receivable  | 332300 | 34859 |
| &nbsp;&nbsp;&nbsp; Receivable for open forward currency contracts  | 129149 | 40378 |
| &nbsp;&nbsp;&nbsp; Dividend tax reclaims receivable  | 71856 | 1377 |
| &nbsp;&nbsp;&nbsp; Interest receivable  | 28742 | 3963 |
| &nbsp;&nbsp;&nbsp; Foreign currency, at value  | 4685 | 21438 |
| &nbsp;&nbsp;&nbsp; Receivable for transaction fee  | 1833 | 1691 |
| &nbsp;&nbsp;&nbsp; Receivable for fund shares sold  |  | 5992600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | 299377039 | 48391315 |
|  **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for open forward currency contracts  | 931159 | 53854 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  | 169807 | 15604 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased  |  | 5777699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 1100966 | 5847157 |
|  **NET ASSETS**  | $298276073 | $42544158 |
|  **NET ASSETS CONSISTS OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $252388516 | $40077587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | 45887557 | 2466571 |
| &nbsp;&nbsp;&nbsp; Total net assets  | $298276073 | $42544158 |
|  Net assets  | $298276073 | $42544158 |
|  Shares issued and outstanding <sup>(a)</sup>  | 20810000 | 3550000 |
|  Net asset value per share  | $14.33 | $11.98 |
|  **COST:** |  |  |
|  Investments, at cost  | $256903259 | $39035758 |
|  Foreign currency, at cost  | $4690 | $21449 |

---

<sup>(a)</sup> Unlimited shares authorized without par value.

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

**TWEEDY, BROWNE ETFs** 

 **StatementS of Operations** 

**FOR THE Period ENDED February 28, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **TWEEDY, <br> BROWNE <br> INSIDER + <br> VALUE ETF** | **TWEEDY, <br> BROWNE <br> INTERNATIONAL <br> INSIDER + <br> VALUE ETF<sup>(a)</sup>** |
|  **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividend income  | $1941869 | $90051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: issuance fees  | (531) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: dividend withholding taxes  | (149514) | (11743) |
| &nbsp;&nbsp;&nbsp; Interest income  | 58358 | 5741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total investment income  | 1850182 | 84049 |
|  **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp; Investment advisory fee  | 773703 | 37581 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 773703 | 37581 |
| &nbsp;&nbsp;&nbsp; **NET INVESTMENT INCOME**  | 1076479 | 46468 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 392799 | 55195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | 13393279 | 591226 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts  | (806131) | (25230) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | (39142) | (1465) |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 12940805 | 619726 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | 24189030 | 1838227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forward currency contracts  | (802010) | (13476) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation  | 405 | (34) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 23387425 | 1824717 |
|  Net realized and unrealized gain (loss)  | 36328230 | 2444443 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $37404709 | $2490911 |

---

<sup>(a)</sup> Inception date of the Fund was September 9, 2025.

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

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

 **Statements of Changes in Net Assets**

---

| | | |
|:---|:---|:---|
|  | **PERIOD <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **PERIOD <br> ENDED <br> AUGUST 31, <br> 2025<sup>(a)</sup>** |
|  **OPERATIONS:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $1076479 | $970024 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 12940805 | (18833) |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 23387425 | 9411562 |
|  Net increase (decrease) in net assets from operations  | 37404709 | 10362753 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From earnings  | (1853654) |  |
|  Total distributions to shareholders  | (1853654) |  |
|  **CAPITAL TRANSACTIONS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 160424985 | 134132383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (42032660) | (314964) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ETF transaction fees | 128239 | 24282 |
|  Net increase (decrease) in net assets from capital transactions  | 118520564 | 133841701 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 154071619 | 144204454 |
|  **NET ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  | 144204454 |  |
| &nbsp;&nbsp;&nbsp; End of the period  | $298276073 | $144204454 |
|  **SHARES TRANSACTIONS** |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 12040000 | 11850000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (3050000) | (30000) |
|  Total increase (decrease) in shares outstanding  | 8990000 | 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 International Insider + Value ETF** 

 **Statement of Changes in Net Assets**

---

| | |
|:---|:---|
|  | **PERIOD <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)<sup>(a)</sup>** |
|  **OPERATIONS:** |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss)  | $46468 |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 619726 |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | 1824717 |
|  Net increase (decrease) in net assets from operations  | 2490911 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From earnings  | (24340) |
|  Total distributions to shareholders  | (24340) |
|  **CAPITAL TRANSACTIONS:** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 43048353 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (2989272) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ETF transaction fees | 18506 |
|  Net increase (decrease) in net assets from capital transactions  | 40077587 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 42544158 |
|  **NET ASSETS:** |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period  |  |
| &nbsp;&nbsp;&nbsp; End of the period  | $42544158 |
|  **SHARES TRANSACTIONS** |  |
| &nbsp;&nbsp;&nbsp; Shares sold  | 3810000 |
| &nbsp;&nbsp;&nbsp; Shares redeemed  | (260000) |
|  Total increase (decrease) in shares outstanding  | 3550000 |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was September 9, 2025.

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 respective periods. This information has been derived from information provided in the financial statements.<br>

---

| | | |
|:---|:---|:---|
|  | **PERIOD <br> ENDED <br> FEBRUARY 28, <br> 2026 <br> (UNAUDITED)** | **PERIOD <br> ENDED <br> AUGUST 31, <br> 2025<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |  |
|  Net asset value, beginning of period  | $12.20 | $10.00 |
|  **INVESTMENT OPERATIONS:** |  |  |
|  Net investment income<sup>(b)</sup>  | 0.07 | 0.24 |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 2.17 | 1.95 |
|  Total from investment operations  | 2.24 | 2.19 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |
|  Net investment income  | (0.12) |  |
|  Total distributions  | (0.12) |  |
|  ETF transaction fees per share  | 0.01 | 0.01 |
|  Net asset value, end of period  | $14.33 | $12.20 |
|  **TOTAL RETURN<sup>(d)</sup>**  | 18.60% | 22.00% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |  |
|  Net assets, end of period (in thousands)  | $298276 | $144204 |
|  Ratio of expenses to average net assets<sup>(e)</sup>  | 0.80% | 0.80% |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup>  | 1.11% | 3.16% |
|  Portfolio turnover rate<sup>(d)(f)</sup>  | 13% | 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 periods.

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. 

<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 International 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 respective periods. This information has been derived from information provided in the financial statements.<br>

---

| | |
|:---|:---|
|  | **PERIOD <br> ENDED <br> FEBRUARY 28, <br> 2026<br> (UNAUDITED)<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |
|  Net asset value, beginning of period  | $10.00 |
|  **INVESTMENT OPERATIONS:** |  |
|  Net investment income<sup>(b)</sup>  | 0.05 |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup>  | 1.94 |
|  Total from investment operations  | 1.99 |
|  **LESS DISTRIBUTIONS FROM:** |  |
|  Net investment income  | (0.03) |
|  Total distributions  | (0.03) |
|  ETF transaction fees per share  | 0.02 |
|  Net asset value, end of period  | $11.98 |
|  **TOTAL RETURN<sup>(d)</sup>**  | 20.79% |
|  **SUPPLEMENTAL DATA AND RATIOS:** |  |
|  Net assets, end of period (in thousands)  | $42544 |
|  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>  | 0.97% |
|  Portfolio turnover rate<sup>(d)(f)</sup>  | 15% |

---

<sup>(a)</sup> <sup></sup>Inception date of the Fund was September 9, 2025.

<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 periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods. 

<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 ETFs** 

 **NOTES TO FINANCIAL STATEMENTS** 

**February 28, 2026 (Unaudited)**

**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 sixteen separate investment portfolios, including the Tweedy, Browne Insider + Value ETF and the Tweedy, Browne International Insider + Value ETF (each, a "Fund" and together, the "Funds"), which commenced investment operations on December 26, 2024 and September 9, 2025, respectively.

The investment objective of the Tweedy, Browne Insider + Value ETF is long-term capital growth.

The investment objective of the Tweedy, Browne International Insider + Value ETF is long-term capital growth.

The Funds are 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 semi-annual reporting period for the Funds is February 28, 2026 (the "current fiscal period").

**PORTFOLIO VALUATION** — Each Fund values its investments at fair value. Each Fund's net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last 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 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 Tweedy, Browne Company LLC (the "Adviser"), the Funds' investment adviser, as its "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

**FAIR VALUE MEASUREMENTS** — The inputs and valuation techniques used to measure the fair value of the Funds' investments are summarized into three levels as described in the hierarchy below:

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

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

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

**TWEEDY, BROWNE ETFs** 

 **NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**February 28, 2026 (Unaudited)** 

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:

**TWEEDY, BROWNE INSIDER + VALUE ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total** |
|  **Assets:** |  |  |  |  |
|  <u>**Investments**</u>**:** |  |  |  |  |
|  Common Stocks  | $288354247 | $— | $— | $288354247 |
|  Preferred Stocks  | 2147584 |  |  | 2147584 |
|  Total Investments  | $290501831 | $— | $— | $290501831 |
|  <u><u>**Other Financial Instruments:**</u></u> |  |  |  |  |
|  Forward Currency Contracts\*  | $— | $129149 | $— | $129149 |
|  Total Other Financial Instruments  | $— | $129149 | $— | $129149 |
|  **Liabilities**<u>**:**</u> |  |  |  |  |
|  <u><u>**Other Financial Instruments:**</u></u> |  |  |  |  |
|  Forward Currency Contracts\*  | $— | $(931159) | $— | $(931159) |
|  Total Other Financial Instruments  | $— | $(931159) | $— | $(931159) |

---

**TWEEDY, BROWNE INTERNATIONAL INSIDER + VALUE ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1**  | **Level 2**  | **Level 3**  | **Total** |
|  **Assets:** |  |  |  |  |
|  <u><u>**Investments**</u><u>:</u></u> |  |  |  |  |
|  Common Stocks  | $40466519 | $— | $— | $40466519 |
|  Preferred Stocks  | 407466 |  |  | 407466 |
|  Total Investments  | $40873985 | $— | $— | $40873985 |
|  <u><u>**Other Financial Instruments:**</u></u> |  |  |  |  |
|  Forward Currency Contracts\*  | $— | $41260 | $— | $41260 |
|  Total Other Financial Instruments  | $— | $41260 | $— | $41260 |
|  **Liabilities:** |  |  |  |  |
|  <u><u>**Other Financial Instruments:**</u></u> |  |  |  |  |
|  Forward Currency Contracts\*  | $— | $(54736) | $— | $(54736) |
|  Total Other Financial Instruments  | $— | $(54736) | $— | $(54736) |

---

\* The fair value of the investment represents the unrealized appreciation (depreciation) as of February 28, 2026.

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

**TWEEDY, BROWNE ETFs** 

 **NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**February 28, 2026 (Unaudited)**

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 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 a Fund had an amount of Level 3 investments at the end of the reporting period that was meaningful in relation to its net assets. The amounts and reasons for Level 3 transfers are disclosed if a 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 Funds had no Level 3 transfers.

**USE OF ESTIMATES** — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the current fiscal 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 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 Funds.

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

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

**FOREIGN CURRENCY TRANSLATION** — Assets and liabilities initially expressed in non-U.S. currencies are translated into U.S. dollars based on the applicable exchange rates at the date of the last business day of the financial statement period. Purchases and sales of securities, interest income, dividends, variation margin received and expenses denominated in foreign currencies are translated into U.S. dollars at the exchange rates in effect on the transaction date. The Funds do not separately report the effect of changes in foreign exchange rates from changes in market prices of securities held. Such changes are included with the net realized gain or loss and change in unrealized appreciation or depreciation on investments in the 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.

**TWEEDY, BROWNE ETFs** 

 **NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**February 28, 2026 (Unaudited)**

**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 Funds than if it had not engaged in these contracts.

**FOREIGN SECURITIES MARKET RISK** — A substantial portion of the trades of the Funds are expected to take place on markets or exchanges outside the United States. There is no limit to the amount of assets of the Funds 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 Funds 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 Funds' investment in that issuer. Securities rated in the four highest categories by the rating agencies are considered investment grade but they may also have some speculative characteristics. Investment grade ratings do not guarantee that bonds will not lose value or default. In addition, the credit quality of securities may be lowered if an issuer's financial condition changes.

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

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

**OPERATING SEGMENTS** — are components of an entity that engage in business activities and have discrete financial information available. Each series in the Trust operates in one segment. The segment derives its revenues from each series' investments made in accordance with the defined investment strategy of each series, as prescribed in the series' prospectus. The Chief Operating Decision Maker ("CODM") of the Funds is the Investment Committee of the Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on each Fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each Fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**2. Investment Adviser and Other Services** 

Tweedy, Browne Company LLC serves as the investment adviser to the Funds. 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 in accordance with each Fund's respective investment objective and policies, 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.

**TWEEDY, BROWNE ETFs** 

 **NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**February 28, 2026 (Unaudited)**

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** |
|  Tweedy, Browne Insider + Value ETF  | 0.80% |
|  Tweedy, Browne International Insider + Value ETF  | 0.80% |

---

From the Advisory Fee, the Adviser pays most of the expenses of the Funds, 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 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 the Trust.

Under the Funds' unitary fee, the Adviser compensates Fund Services and the Custodian for services provided.

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

**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 Funds were as follows:

---

| | | |
|:---|:---|:---|
| **FUND** | **PURCHASES** | **SALES** |
|  Tweedy, Browne Insider + Value ETF  | $37832517 | $25804774 |
|  Tweedy, Browne International Insider + Value ETF  | $8108156 | $2046230 |

---

During the current fiscal period, there were no purchases or sales of investment securities or long-term U.S. Government securities by the Funds.

During the current fiscal period, aggregate purchases and sales and maturities of in-kind transactions of the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **FUND** | **PURCHASES** | **SALES** |
|  Tweedy, Browne Insider + Value ETF  | $137978382 | $38431752 |
|  Tweedy, Browne International Insider + Value ETF  | $34897832 | $2570381 |

---

**4. SHARE TRANSACTIONS** 

Shares of each Fund are listed and traded on the NYSE Arca, Inc. (the "Exchange"). Market prices for the shares may be different from their NAV. Each Fund issues and redeems shares on a continuous basis at NAV only in blocks of 10,000 shares, called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities

**TWEEDY, BROWNE ETFs** 

 **NOTES TO FINANCIAL STATEMENTS (CONTINUED)** 

**February 28, 2026 (Unaudited)**

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

Each Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed Transaction Fee for the Tweedy, Browne Insider + Value ETF and Tweedy, Browne International Insider + Value ETF is $1,500 and $1,200, 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 Statement of Changes in Net Assets.

**5. 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUND** | **Ordinary <br> Income** | **Foreign Tax <br> Credit** | **Long-Term <br> Capital Gains** | **TOTAL** |
|  Tweedy, Browne Insider + Value ETF  | $– $| 129616 | $– $| 129616 |

---

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **FUND** | **Undistributed <br> ordinary income** | **Undistributed <br> long-term <br> capital gain** | **Net unrealized <br> appreciation/<br> (depreciation)** | **Other <br> accumulated <br> gain/(loss)** | **Total <br> accumulated <br> earnings** |
|  Tweedy, Browne Insider + Value ETF  | $1118784 | $– $| 9248531 | $(30813) | $10336502 |

---

As of August 31, 2025, the Funds 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 Funds had no tax basis post October losses or qualified late-year losses.

**TWEEDY, BROWNE ETFs** 

 **NOTES TO FINANCIAL STATEMENTS (CONCLUDED)** 

**February 28, 2026 (Unaudited)**

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUND** | **Gross <br> unrealized <br> appreciation** | **Gross <br> unrealized <br> (depreciation)** | **Net unrealized <br> appreciation** | **Cost** |
|  Tweedy, Browne Insider + Value ETF  | $12419816 | $(3171285) | $9248531 | $131809325 |

---

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

**6. Subsequent Events** 

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

**TWEEDY, BROWNE ETFs** 

 **NOTICE TO SHAREHOLDERS** 

**INFORMATION ON PROXY VOTING** 

Policies and procedures that the Funds uses to determine how to vote proxies relating to portfolio securities as well as information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 are available (i) without charge, upon request, by calling (800) 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 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.tweedyetfs.com.

**Approval of Investment Advisory Agreement** 

As required by the 1940 Act, the Board of Trustees ("Trustees"), 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 the Adviser and the Trust, on behalf of the new Tweedy, Browne International Insider + Value ETF (for this section only, the "Fund"), and (ii) a new investment sub-advisory agreement (the "Sub-Advisory Agreement") among the Trust, the Adviser and Sub-Adviser, with respect to 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 the Adviser and Sub-Adviser, with the assistance and advice of counsel to the Independent Trustees and the Trust.

In considering the approval of the Investment Advisory Agreement , and the Sub-Advisory Agreement, 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 the Adviser and discussed the Investment Advisory Agreement and Sub-Advisory Agreement with counsel in executive sessions, at which no representatives of the Adviser or Sub-Adviser 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 the Adviser and Sub-Adviser; (ii) descriptions of the experience and qualifications of the personnel providing those services; (iii) the Adviser's and Sub-Adviser's investment philosophies and processes; (iv) the Adviser's and Sub-Adviser's assets under management and client descriptions; (v) the Adviser's and Sub-Adviser's soft dollar commission and trade allocation policies, as applicable; (vi) the Adviser's and Sub-Adviser's advisory fee arrangements with the Trust and other similarly managed clients, as applicable; (vii) the Adviser's and Sub-Adviser's compliance procedures; (viii) the Adviser's and Sub-Adviser's financial information and insurance coverage; (ix) the Adviser's and Sub-Adviser's estimated 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.

**TWEEDY, BROWNE ETFs** 

 **NOTICE TO SHAREHOLDERS (Concluded)**

As part of their review, the Trustees considered the nature, extent, and quality of the services to be provided by the Adviser and Sub-Adviser. The Trustees concluded that the Adviser and Sub-Adviser 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 the Adviser would be responsible for compensating the Fund's other service providers and paying other expenses of the Fund out of the Adviser's own fees and resources.

After reviewing the information regarding the Adviser's and Sub-Adviser's estimated costs, profitability and economies of scale, and after considering the services to be provided by the Adviser and Sub-Adviser, the Trustees concluded that the investment advisory fees to be paid by the Fund to the Adviser and the sub-advisory fees to be paid by the Adviser to Sub-Adviser 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** 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, OK 73120

**ADMINISTRATOR AND TRANSFER AGENT** U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, WI 53202

**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, PA 19103

**UNDERWRITER** Quasar Distributors, LLC

190 Middle Street, Suite 301

Portland, ME 04101

**LEGAL COUNSEL** Faegre Drinker Biddle & Reath LLP

One Logan Square, Suite 2000

Philadelphia, PA 19103-6996

**FINANCIAL STATEMENTS** 

**February 28, 2026 (Unaudited)** 

**Twin Oak Endure ETF** 

**Ticker: SPYA** 

**Twin Oak Strategic Solutions ETF** 

**Ticker: TOS** 

**A series of The RBB Fund Trust**

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

**Twin Oak Endure ETF** 

**Schedule of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **EXCHANGE TRADED FUNDS — 77.0%** |  |  |
|  Twin Oak Short Horizon Absolute Return ETF <sup>(a)(b)</sup>  | 1020000 | $29095398 |
|  Vanguard S&P 500 ETF <sup>(c)(d)</sup>  | 102202 | 64493550 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $86,054,261)  |  | 93588948 |
|  **COMMON STOCKS — 7.2%** |  |  |
|  **Custom Computer Programming Services — 7.2%** |  |  |
|  Snowflake, Inc. - Class A <sup>(a)(e)</sup>  | 51962 | 8750921 |
|  **TOTAL COMMON STOCKS** (Cost $631,938)  |  | 8750921 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional <br> Amount** | **Contracts** | **Value** |
|  **PURCHASED OPTIONS — 2.3% <sup>(a)</sup>** |  |  |  |
|  **Call Options — 0.3%** |  |  |  |
|  State Street SPDR S&P 500 ETF Trust <sup>(f)(g)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 03/13/2026; Exercise Price: $688.08  | 27439600 | 400 | 313956 |
| &nbsp;&nbsp;&nbsp; Expiration: 03/27/2026; Exercise Price: $694.22  | 6859900 | 100 | 72999 |
|  **Total Call Options**  |  |  | 386955 |
|  **Put Options — 2.0%** |  |  |  |
|  Snowflake, Inc., Expiration: 06/10/2026; Exercise Price: $210.95 <sup>(e)(f)(g)</sup>  | 8319454 | 494 | 2372089 |
|  **TOTAL PURCHASED OPTIONS** (Cost $1,490,272)  |  |  | 2759044 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value** |
|  **CORPORATE BONDS — 0.8%** |  |  |
|  **Securities Brokerage — 0.8%** |  |  |
|  Citigroup Global Markets Holdings, Inc., 0.00%, 01/30/2031 <sup>(h)(i)</sup>  | 1000000 | 1032596 |
|  **TOTAL CORPORATE BONDS** (Cost $1,000,000)  |  | 1032596 |
|  **SHORT-TERM INVESTMENTS** |  |  |
|  **U.S. TREASURY BILLS — 8.2%** |  |  |
|  3.64%, 03/24/2026 <sup>(d)(j)</sup>  | 10000000 | 9977948 |
|  **TOTAL U.S. TREASURY BILLS** (Cost $9,976,904)  |  | 9977948 |
|  **TOTAL INVESTMENTS — 95.5%** (Cost $99,153,375)  |  | 116109457 |
|  Other Assets in Excess of Liabilities — 4.5%  |  | 5481890 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $121591347 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> Affiliated security as defined by the Investment Company Act of 1940, as amended.

<sup>(c)</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>(d)</sup> All or a portion of the security has been pledged as collateral for swap contracts. The fair value of assets committed as collateral as of February 28, 2026 was $11,116,550. 

<sup>(e)</sup> Held in connection with written option contracts. See Schedule of Written Options for further information.

<sup>(f)</sup> Exchange-traded.

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

**Twin Oak Endure ETF** 

**Schedule of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED) (continued)**

<sup>(g)</sup> 100 shares per contract.

<sup>(h)</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 February 28, 2026, the value of these securities total $1,032,596 or 0.8% of the Fund's net assets. 

<sup>(i)</sup> Zero coupon bonds make no periodic interest payments.

<sup>(j)</sup> The rate shown is the annualized yield as of February 28, 2026.

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

**Twin Oak Endure ETF** 

**Schedule of Written options** 

**FEBRUARY 28, 2026 (UNAUDITED)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional <br> Amount** | **Contract** | **Value** |
|  **WRITTEN OPTIONS — (0.1)%** |  |  |  |
|  **Call Options — (0.1)%** |  |  |  |
|  Snowflake, Inc., Expiration: 06/10/2026; Exercise Price: $244.26 <sup>(a)(b)</sup>  | $(8319454) | (494) | $(140750) |
|  **TOTAL WRITTEN OPTIONS** (Premiums received $992,167)  |  |  | $(140750) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> <sup></sup>Exchange-traded.<sup></sup>

<sup>(b)</sup> <sup></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** 

**FEBRUARY 28, 2026 (UNAUDITED)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Reference Entity**  | **Counterparty** | **Pay/ Receive <br> Reference <br> Entity** | **Financing <br> Rate** | **Payment <br> Frequency** | **Maturity <br> Date** | **Notional <br> Amount** | **Value/ <br> Unrealized <br> Appreciation <br> (Depreciation)** |
|  State Street SPDR S&P 500 ETF Trust  | Goldman Sachs | Receive | SOFR + 0.70% | Termination | 07/28/2026 | $27178924 | $1611742 |
|  State Street SPDR S&P 500 ETF Trust  | Nomura Securities International, Inc. | Receive | SOFR + 0.80% | Termination | 10/26/2026 | 1042705 | 24241 |
|  **Net Unrealized Appreciation (Depreciation)**  |  |  |  |  |  |  | 1635983 |

---

There are no upfront payments or receipts associated with total return swaps in the Fund as of February 28, 2026.

SOFR - Secured Overnight Financing Rate was 3.68% as of February 28, 2026.

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

**Twin Oak Strategic Solutions ETF** 

**Schedule of Investments** 

**FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
|  **COMMON STOCKS — 54.8%**  |  |  |
|  **All Other Business Support Services — 3.8%** |  |  |
|  Live Nation Entertainment, Inc. <sup>(a)</sup>  | 36697 | $5950051 |
|  Visa, Inc. - Class A  | 1700 | 544238 |
|  |  | 6494289 |
|  **All Other Industrial Machinery Manufacturing — 9.0%**  |  |  |
|  ASML Holding NV  | 10600 | 15375936 |
|  **All Other Miscellaneous Retailers — 3.7%**  |  |  |
|  Amazon.com, Inc. <sup>(a)</sup>  | 30000 | 6300000 |
|  **Commercial and Service Industry Machinery Manufacturing — 12.7%**  |  |  |
|  Coherent Corp. <sup>(a)</sup>  | 83845 | 21709986 |
|  **Flavoring Syrup and Concentrate Manufacturing — 3.0%**  |  |  |
|  Coca-Cola Co.  | 62116 | 5066181 |
|  **Line-Haul Railroads — 4.9%**  |  |  |
|  Union Pacific Corp.  | 32000 | 8479360 |
|  **Other Electric Power Generation — 5.3%**  |  |  |
|  Constellation Energy Corp.  | 27300 | 9005724 |
|  **Pharmacies and Drug Retailers — 4.8%**  |  |  |
|  CVS Health Corp.  | 104000 | 8309600 |
|  **Semiconductor and Related Device Manufacturing — 7.6%**  |  |  |
|  NVIDIA Corp.  | 73500 | 13023465 |
|  **TOTAL COMMON STOCKS** (Cost $55,083,650)  |  | 93764541 |
|  **EXCHANGE TRADED FUNDS — 17.5%**  |  |  |
|  Avantis International Small Cap Value ETF  | 77500 | 8531975 |
|  Cambria Global EW ETF  | 64000 | 3447578 |
|  Dimensional International Small Cap Value ETF  | 300000 | 12957000 |
|  WisdomTree Japan SmallCap Dividend Fund  | 45391 | 5123736 |
|  **TOTAL EXCHANGE TRADED FUNDS** (Cost $24,224,249)  |  | 30060289 |
|  **TOTAL INVESTMENTS — 72.3%** (Cost $79,307,899)  |  | 123824830 |
|  Other Assets in Excess of Liabilities — 27.7%  |  | 47384757 |
|  **TOTAL NET ASSETS — 100.0%**  |  | $171209587 |

---

Percentages are stated as a percent of net assets.

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

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

**Twin Oak ETFs** 

**STATEMENTS OF ASSETS AND LIABILITIES** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Twin Oak <br> Endure ETF** | **Twin Oak <br> Strategic <br> Solutions ETF** |
|  **ASSETS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at value  | $87014059 | $123824830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at value  | 29095398 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents  | 4007029 | 8295843 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized appreciation on swap contracts | 1635983 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable  | 13334 | 45299 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest receivable  | 12172 | 3984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposit at broker for option contracts  | 180 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Receivable for fund shares sold  |  | 39073760 |
|  Total assets  | 121778155 | 171243716 |
|  **LIABILITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written option, at value  | 140750 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payable to Adviser  | 46058 | 34129 |
|  Total liabilities  | 186808 | 34129 |
|  **NET ASSETS**  | $121591347 | $171209587 |
|  **NET ASSETS CONSISTS OF:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital  | $159663627 | $165208931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings  | (38072280) | 6000656 |
|  Total net assets  | $121591347 | $171209587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets  | $121591347 | $171209587 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued and outstanding <sup>(a)</sup>  | 4385000 | 6495000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net asset value per share  | $27.73 | $26.36 |
|  **COST:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities, at cost  | $70115550 | $79307899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities, at cost  | $29037824 | $— |
|  **PROCEEDS:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options premium received  | $992167 | $— |

---

<sup>(a)</sup> <sup></sup>Unlimited shares authorized without par value.

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

**Twin Oak ETFs** 

**STATEMENTS OF OPERATIONS** 

**For the PERIOD ended FEBRUARY 28, 2026 (UNAUDITED)**

---

| | | |
|:---|:---|:---|
|  | **Twin Oak <br> Endure ETF** | **Twin Oak <br> Strategic <br> Solutions ETF<sup>(a)</sup>** |
|  **INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividend income  | $382020 | $65507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: dividend withholding taxes  |  | (3031) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: issuance fees  | (67) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income  | 312409 | 3984 |
|  Total investment income  | 694362 | 66460 |
|  **EXPENSES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment advisory fee  | 454563 | 83509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense  | 740 |  |
|  Total expenses  | 455303 | 83509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Expense reimbursement by Adviser  | (157582) | (44538) |
|  Net expenses  | 297721 | 38971 |
|  **NET INVESTMENT INCOME**  | 396641 | 27489 |
|  **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |
|  Net realized gain (loss) from: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments  | (1320597) | (842627) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In-kind redemptions  | 34617956 | 672072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options expired or closed  | 13266 |  |
|  Net realized gain (loss)  | 33310625 | (170555) |
|  Net change in unrealized appreciation (depreciation) on: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in unaffiliated securities  | (31948242) | 6143722 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in affiliated securities  | 57574 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Written options  | 1243534 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Swap contracts  | 1020405 |  |
|  Net change in unrealized appreciation (depreciation)  | (29626729) | 6143722 |
|  Net realized and unrealized gain (loss)  | 3683896 | 5973167 |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS**  | $4080537 | $6000656 |

---

<sup>(a)</sup> Inception date of the Fund was January 27, 2026.

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

**Twin Oak ETFs** 

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Twin Oak Endure ETF** | **Twin Oak Endure ETF** | **Twin Oak <br> Strategic <br> Solutions ETF** |
|  | **Period ended <br> February 28, <br> 2026 <br> (Unaudited)** | **Period ended <br> August 31, <br> 2025<sup>(a)</sup>**  | **Period ended <br> February 28, <br> 2026<sup>(b)</sup>** **<br> (Unaudited)** |
|  **OPERATIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss)  | $396641 | $81699 | $27489 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss)  | 33310625 | 49916425 | (170555) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation)  | (29626729) | (41626341) | 6143722 |
|  Net increase (decrease) in net assets from operations  | 4080537 | 8371783 | 6000656 |
|  **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; From earnings  | (473815) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributions to shareholders  | (473815) |  |  |
|  **CAPITAL TRANSACTIONS:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 34544326 | 55003970 | 40469801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from merger / reorganization  |  | 108512518 | 126015230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (34334337) | (54113635) | (1276100) |
|  Net increase (decrease) in net assets from capital transactions  | 209989 | 109402853 | 165208931 |
|  **NET INCREASE (DECREASE) IN NET ASSETS**  | 3816711 | 117774636 | 171209587 |
|  **NET ASSETS:** |  |  |  |
|  Beginning of the period  | 117774636 |  |  |
|  End of the period  | $121591347 | $117774636 | $171209587 |
|  **SHARES TRANSACTIONS** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares sold  | 1240000 | 2135000 | 1545000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares issued from merger / reorganization  |  | 4340000 | 5000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares redeemed  | (1240000) | (2090000) | (50000) |
|  Total increase (decrease) in shares outstanding  |  | 4385000 | 6495000 |

---

<sup>(a)</sup> Inception date of the Fund was June 2, 2025.

<sup>(b)</sup> Inception date of the Fund was January 27, 2026.

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 Funds 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>

---

| | | |
|:---|:---|:---|
|  | **PERIOD <br> ENDED** <br> **FEBRUARY 28,** **<br> 2026 <br> (UNAUDITED)** | **Period <br> ended <br> August 31, <br> 2025<sup>(a)</sup>** |
|  **PER SHARE DATA:** |  |  |
|  Net asset value, beginning of period  | $26.86 | $25.00 |
|  **INVESTMENT OPERATIONS:** |  |  |
|  Net investment income <sup>(b)</sup>  | 0.09 | 0.02 |
|  Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | 0.89 | 1.84 |
|  Total from investment operations  | 0.98 | 1.86 |
|  **LESS DISTRIBUTIONS FROM:** |  |  |
|  Net investment income  | (0.11) |  |
|  Total distributions  | (0.11) |  |
|  Net asset value, end of period  | $27.73 | $26.86 |
|  **TOTAL RETURN** <sup>(d)</sup>  | 3.63% | 7.42% |
|  **SUPPLEMENTAL DATA AND RATIOS:** <sup>(e)</sup>  |  |  |
|  Net assets, end of period (in thousands)  | $121591 | $117775 |
|  Ratio of expenses to average net assets: |  |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement <sup>(f)</sup>  | 0.75% | 0.75% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement <sup>(f)</sup>  | 0.49% | 0.49% |
|  Ratio of dividends, interest and borrowing expense to average net assets <sup>(f)</sup>  | 0.00 %<sup>(g)</sup> | 0.00 %<sup>(g)</sup> |
|  Ratio of net investment income (loss) to average net assets <sup>(f)</sup>  | 0.65% | 0.29% |
|  Portfolio turnover rate <sup>(d)(h)</sup>  | 0% | 0% |

---

<sup>(a)</sup> Inception date of the Fund was June 2, 2025.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

<sup>(g)</sup> Amount represents less than 0.005%. 

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

 

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

**Twin Oak STRATEGIC SOLUTIONS ETF** 

**Financial Highlights** 

Contained below is per share operating performance data for the Funds 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> **FEBRUARY 28,** **<br> 2026**<sup>**(a)** <br></sup>**(UNAUDITED)** |
|  **PER SHARE DATA:** |  |
|  Net asset value, beginning of period  | $25.00 |
|  **INVESTMENT OPERATIONS:** |  |
|  Net investment income <sup>(b)</sup>  | 0.01 |
|  Net realized and unrealized gain (loss) on investments <sup>(c)</sup>  | 1.35 |
|  Total from investment operations  | 1.36 |
|  Net asset value, end of period  | $26.36 |
|  **TOTAL RETURN** <sup>(d)</sup>  | 4.59% |
|  **SUPPLEMENTAL DATA AND RATIOS:** <sup>(e)</sup> |  |
|  Net assets, end of period (in thousands)  | $171210 |
|  Ratio of expenses to average net assets: |  |
| &nbsp;&nbsp;&nbsp; Before expense reimbursement <sup>(f)</sup>  | 0.77% |
| &nbsp;&nbsp;&nbsp; After expense reimbursement <sup>(f)</sup>  | 0.36% |
|  Ratio of net investment income (loss) to average net assets <sup>(f)</sup>  | 0.25% |
|  Portfolio turnover rate <sup>(d)(g)</sup>  | 0% |

---

<sup>(a)</sup> Inception date of the Fund was January 27, 2026.

<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> Ratios do not include the income and expenses of the underlying funds in which the Fund invests.

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

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

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

**Twin Oak ETFS** 

**Notes to Financial Statements** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

**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 sixteen active investment portfolios, including the Twin Oak Endure ETF and Twin Oak Strategic Solutions ETF (each, a "Fund" and together, the "Funds"), which commenced investment operations on June 2, 2025 and January 27, 2026, respectively.

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

In connection with Twin Oak Endure ETF's launch, a contribution of securities was made by certain investors (the "Initial Investors") to the newly formed ETF. 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 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 June 2, 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 $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 Investors. Please see Statement of changes in net assets for further disclosure.

In connection with Twin Oak Strategic Solutions ETF's launch, a contribution of securities was made by certain investors (the "Initial Investors") to the newly formed ETF. 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 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 January 27, 2026 ("Contribution Date"), the Initial Investors completed a tax-free contribution under Section 351(a) of theInternal Revenue Code of 1986, as amended. The Initial Investors contributed a total market value of $126,015,230 on the Contribution Date, which was comprised of a cost basis of assets contributed of $87,642,021 and unrealized appreciation of $38,373,209. The Contribution resulted in the issuance of 5,000,000 shares to the Initial Investors. Please see Statement of changes in net assets for further disclosure.

The Funds are investment companies and follow 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 semi-annual reporting period for the Funds is February 28, 2026 (the "current fiscal period").

**PORTFOLIO VALUATION** — Each Fund values its investments at fair value. Each Fund's net asset value ("NAV") is calculated once daily at the close of regular trading hours on the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern time) on each day the NYSE is open. Securities held by the Funds are valued using the closing price or the last 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.

**Twin Oak ETFS** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

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 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 Twin Oak ETF Company (the "Adviser" or "Twin Oak") as its "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable.

**FAIR VALUE MEASUREMENTS** — The inputs and valuation techniques used to measure the fair value of the Funds' investments are summarized into three levels as described in the hierarchy below:

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

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

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

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

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

**TWIN OAK ENDURE ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets:** |  |  |  |  |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Exchange Traded Funds  | $93588948 | $— | $— | $93588948 |
|  Common Stocks  | 8750921 |  |  | 8750921 |
|  Purchased Options  |  | 2759044 |  | 2759044 |
|  Corporate Bonds  | 1032596 |  |  | 1032596 |
|  U.S. Treasury Bills  |  | 9977948 |  | 9977948 |
|  Total Investments  | $103372465 | $12736992 | $— | $116109457 |
|  <u><u>**Other Financial Instruments:**</u></u> |  |  |  |  |
|  Total Return Swaps\*  | $— | $1635983 | $— | $1635983 |
|  Total Other Financial Instruments  | $— | $1635983 | $— | $1635983 |
|  **Liabilities:** |  |  |  |  |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Written Options  | $— | $(140750) | $— | $(140750) |
|  Total Investments  | $— | $(140750) | $— | $(140750) |

---

**Twin Oak ETFS** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

**TWIN OAK STRATEGIC SOLUTIONS ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  <u><u>**Investments:**</u></u> |  |  |  |  |
|  Common Stocks  | $93764541 | $— | $— | $93764541 |
|  Exchange Traded Funds  | 30060289 |  |  | 30060289 |
|  Total Investments  | $123824830 | $— | $— | $123824830 |

---

\* The fair value of the Fund's investment represents the unrealized appreciation (depreciation) as of February 28, 2026.

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 for all Level 3 transfers are disclosed if a Fund had an amount of total Level 3 transfers during the reporting period that was meaningful in relation to its net assets as of the end of the reporting period.

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

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

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

**Twin Oak ETFS** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

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 Funds. For the current fiscal period, no such reclassifications were made.

**U.S. TAX STATUS** — The Funds comply 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 Funds. Therefore, no federal income tax provision is required. As of and during the current fiscal period, the Funds 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 Funds did not have liabilities for any unrecognized tax benefits. The Funds recognize 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 Funds did not incur any interest or penalties.

**U.S. GOVERNMENT SECURITIES** — The Funds 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 Funds may enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is dependent on claims that may be made against the Funds in the future, and, therefore, cannot be estimated; however, the Funds expect the risk of material loss from such claims to be remote.

**SEC RULE 18F-4** — The Securities and Exchange Commission (the "SEC") has adopted regulations governing the use of derivatives by registered investment companies. 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

**Twin Oak ETFS** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

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 Funds are required to comply with Rule18f-4 and have adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4.

**RULE 144A SECURITIES RISK** — Rule 144A securities are securities that are exempt from registration under the Securities Act of 1933, as amended (the "1933 Act"), and the rules promulgated thereunder, and may be subject to legal or contractual restrictions on resale. Pursuant to Rule 144A under the 1933 Act, these privately placed securities may be resold, subject to certain conditions, to qualified institutional buyers ("QIBs"). An insufficient number of QIBs interested in purchasing Rule 144A securities at a particular time could adversely affect the marketability of such securities, and the Funds may be unable to dispose of the securities promptly or at a reasonable price. Please refer to the Schedule of Investments for further details regarding each Fund's investments in Rule 144A securities.

In lieu of purchasing money market instruments, the Funds may purchase shares of money market mutual funds that invest primarily in U.S. government securities and repurchase agreements involving those securities, subject to certain limitations imposed by the Investment Company Act of 1940, as amended (the "1940 Act"). As investors in money market funds, the Funds will indirectly bear their proportionate share of such funds' fees and expenses, which will be in addition to the fees and expenses of the Funds. Repurchase agreements involve certain risks not associated with direct investments in debt securities.

**OPTIONS** — Financial derivatives instruments, such as option contracts, derive their value from the performance of an underlying asset or index. The Funds may purchase and sell (write) put options and call options on securities or indices in standardized contracts listed on securities exchanges. The Funds may also purchase and sell (write) over-the-counter ("OTC") put options and call options.

A call option gives the purchaser of the option the right to buy, and a writer the obligation to sell, the underlying security or index at the stated exercise price at any time prior to the expiration of the option, regardless of the market price of the security. The premium paid to the writer is in consideration for undertaking the obligations under the options contract. A put option gives the purchaser the right to sell the underlying security or index at the stated exercise price at any time prior to the expiration date of the option, regardless of the market price of the security or index. In contrast to an option on a particular security, an option on an index provides the holder with the right to make or receive a cash settlement upon exercise of the option. The amount of this settlement will be equal to the difference between the closing price of the index at the time of exercise and the exercise price of the option expressed in dollars, times a specified multiple.

The Funds may enter into options written for: bona fide hedging; attempting to offset changes in the value of securities held or expected to be acquired or be disposed of; attempting to minimize fluctuations in foreign currencies; attempting to gain exposure to a particular market, index or instrument; or other risk management purposes. Such options may relate to particular securities or domestic stock indices, and may or may not be listed on exchanges regulated by the Commodity Futures Trading Commission or on other non-U.S. exchanges. An option on a futures contract gives the purchaser the right, in return for the premium paid, to assume a position in the contract (a long position if the option is a call and a short position if the option is a put) at a specified exercise price at any time during the option exercise period. The writer of the option is required upon exercise to assume a short futures position (if the option is a call) or a long futures position (if the option is a put). Upon exercise of the option, the accumulated cash balance in the writer's futures margin account is delivered to the holder of the option. That balance represents the amount by which the market price of the futures contract at exercise exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option. The maximum risk of loss associated with writing put options is limited to the exercised fair value of the option contract. The maximum risk of loss associated with writing call options is potentially unlimited. The Funds also have the additional risk of being unable to enter into a closing transaction at an acceptable price if a liquid secondary market does not exist. The Funds also may write OTC options where completing the obligation depends upon the credit standing of the other party. Option contracts also involve the risk that they may result in loss due to unanticipated developments in market conditions or other causes. Written options are initially recorded as liabilities to the extent of premiums received and subsequently marked to market to reflect the current value of the option written. Gains or losses are realized

**Twin Oak ETFS** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

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 average quarterly volume of options transactions was as follows:

---

| | | |
|:---|:---|:---|
| **FUND** | **PURCHASED <br> OPTIONS (COST)** | **WRITTEN <br> OPTIONS <br> (PROCEEDS)** |
|  Twin Oak Endure ETF  | $3181080 | $2664613 |

---

**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 quarterly volume of Swap contracts was as follows:

---

| | | |
|:---|:---|:---|
| **FUND** | **NOTIONAL <br> AMOUNT LONG** | **NOTIONAL <br> AMOUNT SHORT** |
|  Twin Oak Endure ETF  | $28221629 | $— |

---

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** |
| <br>**FUND** | **DERIVATIVE TYPE** | **STATEMENT OF ASSETS <br> AND LIABILITIES <br> LOCATION** | **RISK TYPE** | **VALUE** |
|  Twin Oak Endure ETF | Written option contracts | Written option, at value | Equity Securities Risk | $(140750) |
|  | Swap contracts | Unrealized appreciation on swap contracts | Equity Securities Risk | 1635983 |
|  | Purchased option contracts | Investments in securities, at value | Equity Securities Risk | 2759044 |

---

**Twin Oak ETFS** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

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** |
| <br>**FUND** | **DERIVATIVE TYPE** | **STATEMENT OF <br> OPERATIONS <br> LOCATION** | **RISK TYPE** | **NET REALIZED <br> GAIN (LOSS)** | **NET CHANGE <br> IN UNREALIZED <br> APPRECIATION <br> (DEPRECIATION)** |
|  Twin Oak Endure ETF | Written option contracts | Written options | Equity Securities Risk | $13266 | $1243534 |
|  | Written option contracts | In-kind | Equity Securities Risk | 2440275 |  |
|  | Swap contracts | Swap contracts | Equity Securities Risk |  | 1020405 |
|  | Purchased option contracts | Investments | Equity Securities Risk | (1340485) | 3200052 |
|  | Purchased option contracts | In-kind | Equity Securities Risk | 321660 |  |

---

**OPERATING SEGMENTS** — are components of an entity that engage in business activities and have discrete financial information available. Each series of the Trust operates in one segment. The segment derives its revenues from each series' investments made in accordance with the defined investment strategy of each series, as prescribed in the Fund's prospectus. The Chief Operating Decision Maker ("CODM") is the Investment Committee of the Adviser. When assessing segment performance and making decisions about segment resources, the CODM relies on each Fund's portfolio composition, total returns, expense ratios and changes in net assets which are consistent with the information contained in each Fund's financial statements. Segment assets, liabilities, income, and expenses are also detailed in the accompanying financial statements.

**2. INVESTMENT ADVISER AND OTHER SERVICES** 

Twin Oak ETF Company serves as the investment adviser to each Fund. Exchange Traded Concepts, LLC (the "Sub Adviser" or "ETC") 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 (listed in the table below) of the Fund's average daily net assets accrued daily and paid monthly in arrears (the "Advisory Fee"). The Adviser has voluntarily agreed to waive advisory fees and/or reimburse expenses to the extent that total annual Fund operating expenses exceed (listed in the table below) of each Fund's average daily net assets. This will exclude acquired fund fees and expenses, taxes, interest, brokerage fees, certain insurance costs, 12b-1 fees (if any) and extraordinary and other non-routine expenses. This contractual limitation 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. Expenses waived during the period are not eligible for recoupment by the Adviser.

From the Advisory Fee, the Adviser pays most of the expenses of the Funds, including the cost of transfer agency, custody, fund administration, legal, audit, directors and officers and other services. However, the Adviser is not

**Twin Oak ETFS** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

responsible for interest expenses, brokerage commissions and other trading expenses, taxes and other extraordinary costs such as litigation and other expenses not incurred in the ordinary course of business.

---

| | | |
|:---|:---|:---|
| **FUND** | **ADVISORY FEE** | **EXPENSE CAP** |
|  Twin Oak Endure ETF  | 0.75% | 0.49% |
|  Twin Oak Strategic Solutions ETF  | 0.75% | 0.35% |

---

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.

**3. 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 Funds were as follows:

---

| | | |
|:---|:---|:---|
| **FUND** | **PURCHASES** | **SALES** |
|  Twin Oak Endure ETF  | $31276372 | $24939 |
|  Twin Oak Strategic Solutions ETF  | $— | $6892409 |

---

During the current fiscal period, there were no purchases or sales long-term U.S. Government securities by the Funds.

During the current fiscal period, aggregate purchases and sales on investment securities of in-kind transactions of the Funds (excluding short-term investments and derivative transactions) were as follows:

---

| | | |
|:---|:---|:---|
| **FUND** | **PURCHASES** | **SALES** |
|  Twin Oak Endure ETF  | $— | $33657435 |
|  Twin Oak Strategic Solutions ETF  | $— | $1271158 |

---

**4. SHARE TRANSACTIONS** 

Shares of each Fund are listed and traded on the Exchange. Market prices for the shares may be different from their NAV. Each Funds issue and redeem shares on a continuous basis at NAV only in blocks of 5,000 shares, called "Creation Units." Creation Units are issued and redeemed principally in-kind for securities included in a specified universe. Once created, shares generally trade in the secondary market at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of each Fund. Creation Units may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation or (ii) a Depository Trust Company participant and, in each case, must have executed a Participant Agreement with 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

**Twin Oak ETFS** 

**NOTES TO FINANCIAL STATEMENTS (continued)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

from each Fund. Rather, most retail investors may purchase shares in the secondary market with the assistance of a broker and are subject to customary brokerage commissions or fees.

Each Fund currently offers one class of shares, which has no front-end sales load, no deferred sales charge, and no redemption fee. A fixed transaction fee is imposed for the transfer and other transaction costs associated with the purchase or sale of Creation Units. The standard fixed transaction fee for each Fund is $300, payable to the Custodian. In addition, a variable fee may be charged on all cash transactions or substitutes for Creation Units of up to a maximum of 2% as a percentage of the value of the Creation Units subject to 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 Statement of Changes in Net Assets.

**5. Transactions with Affiliates** 

The following issuers are affiliated with the Twin Oak Endure ETF (for this section only, the "Fund"). The Fund is allowed to invest in other investment companies in excess of the limits imposed under the 1940 Act, if certain requirements, such as being part of the same "group of investment companies" (as defined in Section 12(d)(1) of the 1940 Act), are met. As defined in Section (2)(a)(3) of the 1940 Act; such issuers are:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **SEPTEMBER 1, 2025** | **SEPTEMBER 1, 2025** | **ADDITIONS** | **ADDITIONS** | **REDUCTIONS** | **REDUCTIONS** |
| <br>**Issuer Name** | **SHARE <br> BALANCE** | **FAIR VALUE** | **SHARE <br> BALANCE** | **COST** | **SHARE <br> BALANCE** | **PROCEEDS** |
|  **Twin Oak Endure ETF** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Twin Oak Short Horizon Absolute Return ETF  |  | $— | 1020000 | $29037824 |  | $— |
|  Total  |  | $— | 1020000 | $29037824 |  | $— |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **FEBRUARY 28, 2026** | **FEBRUARY 28, 2026** | **FEBRUARY 28, 2026** | **FEBRUARY 28, 2026** | **FEBRUARY 28, 2026** | **FEBRUARY 28, 2026** |
| <br>**Issuer Name** | **DIVIDEND <br> INCOME** | **CAPITAL GAIN <br> DISTRIBUTION** | **NET CHANGE <br> IN UNREALIZED <br> APPRECIATION/<br> (DEPRECIATION)** | **REALIZED <br> GAIN/(LOSS)** | **SHARE <br> BALANCE** | **FAIR VALUE** |
|  **Twin Oak Endure ETF**  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Twin Oak Short Horizon Absolute Return ETF  | $— | $— | $57574 | $— | 1020000 | $29095398 |
|  Total  | $— | $— | $57574 | $— | 1020000 | $29095398 |

---

**6. TAX MATTERS** 

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:

---

| | | |
|:---|:---|:---|
| **FUND** | **Ordinary <br> Income** | **Long-Term <br> Capital Gains** |
|  Twin Oak Endure ETF  | $| $|

---

**Twin Oak ETFS** 

**NOTES TO FINANCIAL STATEMENTS (concluded)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

The following permanent differences as of August 31, 2025, primarily attributable to in-kind redemptions gains, were reclassified among the following accounts:

---

| | | |
|:---|:---|:---|
| **FUND** | **Distributable <br> Earnings/Loss** | **Paid-In <br> Capital** |
|  Twin Oak Endure ETF  | $(50050784) | $50050784 |

---

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 gain** | **Net <br> unrealized <br> appreciation/<br> (depreciation)** | **Other <br> accumulated <br> gain/(loss)** | **Total <br> accumulated <br> earnings** |
|  Twin Oak Endure ETF  | $81699 | $– $| 48846751 | $(90607451) | $(41679001) |

---

As of August 31, 2025, the Twin Oak Endure ETF 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 Twin Oak Endure ETF had not elected to defer any post-October or late-year losses. As of the most recent fiscal period ended August 31, 2025, the Twin Oak Endure ETF 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:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **FUND** | **Gross <br> unrealized <br> appreciation** | **Gross <br> unrealized <br> (depreciation)** | **Net <br> unrealized <br> appreciation** | **Cost** |
|  Twin Oak Endure ETF  | $50871317 | $(2024566) | $48846751 | $72428795 |

---

Each Fund is subject to examination by U.S. taxing authorities for the tax periods since the commencement of operations. The amount and character of tax basis distributions and composition of net assets, including distributable earnings (accumulated deficit) are finalized at fiscal year-end; accordingly, tax basis balances have not been determined for the current fiscal period for the Twin Oak Strategic Solutions ETF. Since the Twin Oak Strategic Solutions ETF did not have a full fiscal year, the tax cost of investments is the same as noted in the Schedule of Investments.

**7. SUBSEQUENT EVENTS** 

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

**Twin Oak ETFS** 

**Other Information** 

**As of FEBRUARY 28, 2026 (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 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 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 are available, without charge, on the Funds website at https://twinoaketfs.com.

**Approval of Investment Advisory Agreement** 

As required by the 1940 Act, the Board, including all of the Board Members who are not "interested persons" of 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 and the Trust, on behalf of the new Twin Oak Strategic Solutions ETF (the "Fund"), and (ii) a new investment sub-advisory agreement (the "Sub-Advisory Agreement") among the Trust, Twin Oak, and ETC, with respect to the Fund at a meeting held on November 11-12, 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, 2027. 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 and the Sub-Advisory Agreement, with respect to the Fund, the Board 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 Board 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 Board 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 Board 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 Board 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 Board considered the nature, extent, and quality of the services to be provided by Twin Oak and ETC. The Board concluded that Twin Oak and ETC had sufficient resources to provide services to the Fund.

**Twin Oak ETFS** 

**Other Information (Concluded)** 

**As of FEBRUARY 28, 2026 (UNAUDITED)**

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 Board 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, 2027.

**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 East 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, ME 04101

**Legal Counsel** 

Faegre Drinker Biddle & Reath LLP

One Logan Square, Suite 2000

Philadelphia, PA 19103-6996

&nbsp;&nbsp;&nbsp;&nbsp;&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>**

There were no changes in or disagreements with accountants during the period covered by this report.

**<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 directors, where those changes were implemented after the registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**<u>Item 16. Controls and Procedures.</u>**

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

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

(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.](fp0096661-5_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.](fp0096661-5_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 <br> (Principal Executive Officer) |
| Date | 5/7/2026 |

---

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 <br> (Principal Executive Officer) |
| Date | 5/7/2026 |
| By (Signature and Title)\* | /s/ James Shaw |
|  | James Shaw, Chief Financial Officer <br> (Principal Financial Officer) |
| Date | 5/7/2026 |

---

*\** *Print the name and title of each signing officer under his or her signature.*

## Ex-99.Cert

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, Steven Plump, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of The RBB Fund Trust;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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;&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

&nbsp;&nbsp;&nbsp;&nbsp;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: | 5/7/2026 | /s/ Steven Plump |
|  |  | Steven Plump, President<br> (Principal Executive Officer) |

---

EX.99.CERT

**<u>CERTIFICATIONS</u>**

I, James Shaw, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of The RBB Fund Trust;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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;&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

&nbsp;&nbsp;&nbsp;&nbsp;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: | 5/7/2026 | /s/ James Shaw |
|  |  | James Shaw, Chief Financial Officer<br> (Principal Financial Officer) |

---

## Exhibit 99.906

EX.99.906CERT

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the RBB Fund Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the RBB Fund Trust for the period ended February 28, 2026 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/ Steven Plump | /s/ James Shaw |
| Steven Plump<br> Principal Executive Officer/ President,<br> The RBB Fund Trust | Steven Plump<br> Principal Executive Officer/ President,<br> The RBB Fund Trust | James Shaw<br> Principal Financial Officer/ Chief Financial Officer,<br> The RBB Fund Trust |
| Dated: | 5/7/2026 |  |

---

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.