# EDGAR Filing Document

**Accession Number:** 0000831114
**File Stem:** 0001145549-25-049546
**Filing Date:** 2025-7
**Character Count:** 19431
**Document Hash:** 8af9c1110dd832bac25246ca2b68aa11
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-049546.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001145549-25-049546

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250729

**DATE AS OF CHANGE**: 20250729

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RBB FUND, INC.
- **CENTRAL INDEX KEY:** 0000831114

**ORGANIZATION NAME:**
- **EIN:** 510312196
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05518
- **FILM NUMBER:** 251159390

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

**MAIL ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN ST.
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RBB FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FUND INC /DE/
- **DATE OF NAME CHANGE:** 19600201

## Series and Classes Contracts Data

### F/M INVESTMENTS LARGE CAP FOCUSED FUND (Series ID: S000080833)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000243395 | Investor Shares      | IAFMX           |
| C000243396 | Institutional Shares | IAFLX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **F/m Investments Large Cap Focused Fund** | **F/m Investments Large Cap Focused Fund** | **F/m Investments Large Cap Focused Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 92.8%** | **Shares** | **Value**  |
| **Communication Services - 12.7%** | **Communication Services - 12.7%** | |
| Alphabet, Inc. - Class A | 7601 | $1305396 |
| Meta Platforms, Inc. - Class A | 5683 | 3679685 |
| Netflix, Inc. <sup>(a)</sup> | 3356 | 4051464 |
|  |  | 9036545 |
| **Consumer Discretionary - 5.1%** | **Consumer Discretionary - 5.1%** |  |
| Amazon.com, Inc. <sup>(a)</sup> | 17595 | 3607151 |
| **Financials - 6.0%** | **Financials - 6.0%** |  |
| LPL Financial Holdings, Inc. | 7117 | 2755418 |
| Mastercard, Inc. Class A - Class A | 2638 | 1544813 |
|  |  | 4300231 |
| **Health Care - 2.3%** | **Health Care - 2.3%** |  |
| Boston Scientific Corp. <sup>(a)</sup> | 15391 | 1620057 |
| **Information Technology - 66.7%** | **Information Technology - 66.7%** |  |
| Advanced Micro Devices, Inc. <sup>(a)</sup> | 22673 | 2510581 |
| Apple, Inc. | 36471 | 7325200 |
| AppLovin Corp. - Class A <sup>(a)</sup> | 7914 | 3110202 |
| Astera Labs, Inc. <sup>(a)</sup> | 19611 | 1779110 |
| Broadcom, Inc. | 9090 | 2200416 |
| Ciena Corp. <sup>(a)</sup> | 19091 | 1528425 |
| CyberArk Software Ltd. <sup>(a)</sup> | 5332 | 2040983 |
| First Solar, Inc. <sup>(a)</sup> | 18550 | 2932384 |
| HubSpot, Inc. <sup>(a)</sup> | 4260 | 2512974 |
| Microsoft Corp. | 6535 | 3008453 |
| NVIDIA Corp. | 56620 | 7651061 |
| Palantir Technologies, Inc. - Class A <sup>(a)</sup> | 45506 | 5996781 |
| Palo Alto Networks, Inc. <sup>(a)</sup> | 8394 | 1615173 |
| ServiceNow, Inc. <sup>(a)</sup> | 1874 | 1894783 |
| ServiceTitan, Inc. - Class A <sup>(a)</sup> | 12506 | 1384039 |
|  |  | 47490565 |
| **TOTAL COMMON STOCKS** (Cost $54,520,655) | **TOTAL COMMON STOCKS** (Cost $54,520,655) | 66054549 |
| **EXCHANGE TRADED FUNDS - 5.9%** | **Shares** | **Value** |
| F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF | 41504 | 2080595 |
| US Treasury 6 Month Bill ETF | 41697 | 2091313 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $4,176,316) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $4,176,316) | 4171908 |
| **SHORT-TERM INVESTMENTS - 2.0%** |  | **Value**  |
| **Money Market Funds - 2.0%** | **<u>Shares</u>** |  |
| First American Treasury Obligations Fund - Class X, 4.24% <sup>(b)</sup> | 1457121 | 1457121 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $1,457,121) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $1,457,121) | 1457121 |
| **TOTAL INVESTMENTS - 100.7% (**Cost $60,154,092**)** | **TOTAL INVESTMENTS - 100.7% (**Cost $60,154,092**)** | 71683578 |
| Liabilities in Excess of Other Assets - (0.7)% | Liabilities in Excess of Other Assets - (0.7)% | (483144) |
| **TOTAL NET ASSETS - 100.0%** |  | $71200434 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |
| The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. | The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services. |

---

(a) Non-income producing security.

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

------

#### <br>

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Common Stocks | $66054549 | $– | $– | $66054549 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 4171908 | – | – | 4171908 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 1457121 | – | – | 1457121 |
| Total Investments | $71683578 | $– | $– | $71683578 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

- **a. Name of Registrant:** RBB Fund, Inc.

- **b. Investment Company Act file number:** 811-05518

- **c. CIK number of Registrant:** 0000831114

- **d. LEI of Registrant:** 5493005KKD0GVHSW0D29

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

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

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

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

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

- **a. Name of Series:** F/m Large Cap Focused Fund

- **b. EDGAR series identifier (if any):** S000080833

- **c. LEI of Series:** 549300O3C0Q0GT254653

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

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

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

**Item A.4. Final filing**

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

### Fund Information

**Total Assets:** $71713915.22

**Total Liabilities:** $144309.39

**Net Assets:** $71569605.83

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000243395 | -6.81%               | 3.59%                | 10.71%               |
| Class ID C000243396 | -6.78%               | 3.64%                | 10.65%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1185333.02              | $-5821272.88                               |
| Month 2  | $363716.18               | $1859583.77                                |
| Month 3  | $49308.97                | $6887265.19                                |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                                         | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ServiceNow Inc                 | ServiceNow Inc                                                | CUSIP: 81762P102<br>LEI: 549300HJTQM36M0E1G39 | Long             | EC               | CORP              | US        |      1874 | NS      | $1894782.66   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadcom Inc                   | Broadcom Inc                                                  | CUSIP: 11135F101<br>LEI: 549300WV6GIDOZJTV909 | Long             | EC               | CORP              | US        |      9090 | NS      | $2200416.30   | 3.07%             |  |  |  | No            |                  1 | On Loan: No      |
| HubSpot Inc                    | HubSpot Inc                                                   | CUSIP: 443573100<br>LEI: 529900BLNVEW0MVKJB37 | Long             | EC               | CORP              | US        |      4260 | NS      | $2512974.00   | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Advanced Micro Devices Inc     | Advanced Micro Devices Inc                                    | CUSIP: 007903107<br>LEI: R2I72C950HOYXII45366 | Long             | EC               | CORP              | US        |     22673 | NS      | $2510581.29   | 3.51%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphabet Inc                   | Alphabet Inc                                                  | CUSIP: 02079K305<br>LEI: 5493006MHB84DD0ZWV18 | Long             | EC               | CORP              | US        |      7601 | NS      | $1305395.74   | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| Amazon.com Inc                 | Amazon.com Inc                                                | CUSIP: 023135106<br>LEI: ZXTILKJKG63JELOEG630 | Long             | EC               | CORP              | US        |     17595 | NS      | $3607150.95   | 5.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Boston Scientific Corp         | Boston Scientific Corp                                        | CUSIP: 101137107<br>LEI: Y6ZDD9FP4P8JSSJMW954 | Long             | EC               | CORP              | US        |     15391 | NS      | $1620056.66   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Ciena Corp                     | Ciena Corp                                                    | CUSIP: 171779309<br>LEI: W0CZ7N0GH8UIGXDM1H41 | Long             | EC               | CORP              | US        |     19091 | NS      | $1528425.46   | 2.14%             |  |  |  | No            |                  1 | On Loan: No      |
| Meta Platforms Inc             | Meta Platforms Inc                                            | CUSIP: 30303M102<br>LEI: BQ4BKCS1HXDV9HN80Z93 | Long             | EC               | CORP              | US        |      5683 | NS      | $3679685.67   | 5.14%             |  |  |  | No            |                  1 | On Loan: No      |
| First American Treasury Obliga | First American Treasury Obligations Fund                      | CUSIP: 31846V328<br>LEI: 549300UU586IAH2B8H03 | Long             | STIV             | RF                | US        |   1457126 | NS      | $1457125.50   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| CyberArk Software Ltd          | CyberArk Software Ltd                                         | CUSIP: N/A<br>LEI: 529900YEXNDM894PWS93       | Long             | EC               | CORP              | IL        |      5332 | NS      | $2040982.96   | 2.85%             |  |  |  | No            |                  1 | On Loan: No      |
| LPL Financial Holdings Inc     | LPL Financial Holdings Inc                                    | CUSIP: 50212V100<br>LEI: 549300XROQ4Y8G2L7682 | Long             | EC               | CORP              | US        |      7117 | NS      | $2755417.72   | 3.85%             |  |  |  | No            |                  1 | On Loan: No      |
| Apple Inc                      | Apple Inc                                                     | CUSIP: 037833100<br>LEI: HWUPKR0MPOU8FGXBT394 | Long             | EC               | CORP              | US        |     36471 | NS      | $7325200.35   | 10.24%            |  |  |  | No            |                  1 | On Loan: No      |
| Netflix Inc                    | Netflix Inc                                                   | CUSIP: 64110L106<br>LEI: 549300Y7VHGU0I7CE873 | Long             | EC               | CORP              | US        |      3356 | NS      | $4051463.88   | 5.66%             |  |  |  | No            |                  1 | On Loan: No      |
| Palo Alto Networks Inc         | Palo Alto Networks Inc                                        | CUSIP: 697435105<br>LEI: 549300QXR2YVZV231H43 | Long             | EC               | CORP              | US        |      8394 | NS      | $1615173.48   | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Palantir Technologies Inc      | Palantir Technologies Inc                                     | CUSIP: 69608A108<br>LEI: 549300UVN46B3BBDHO85 | Long             | EC               | CORP              | US        |     45506 | NS      | $5996780.68   | 8.38%             |  |  |  | No            |                  1 | On Loan: No      |
| Mastercard Inc                 | Mastercard Inc                                                | CUSIP: 57636Q104<br>LEI: AR5L2ODV9HN37376R084 | Long             | EC               | CORP              | US        |      2638 | NS      | $1544812.80   | 2.16%             |  |  |  | No            |                  1 | On Loan: No      |
| Microsoft Corp                 | Microsoft Corp                                                | CUSIP: 594918104<br>LEI: INR2EJN1ERAN0W5ZP974 | Long             | EC               | CORP              | US        |      6535 | NS      | $3008452.60   | 4.20%             |  |  |  | No            |                  1 | On Loan: No      |
| NVIDIA Corp                    | NVIDIA Corp                                                   | CUSIP: 67066G104<br>LEI: 549300S4KLFTLO7GSQ80 | Long             | EC               | CORP              | US        |     56620 | NS      | $7651060.60   | 10.69%            |  |  |  | No            |                  1 | On Loan: No      |
| ServiceTitan Inc               | ServiceTitan Inc                                              | CUSIP: 81764X103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     12506 | NS      | $1384039.02   | 1.93%             |  |  |  | No            |                  1 | On Loan: No      |
| US Treasury 6 Month Bill ETF   | US Treasury 6 Month Bill ETF                                  | CUSIP: 74933W460<br>LEI: 549300QLI4SJRLSE5242 | Long             | EC               | RF                | US        |     41697 | NS      | $2091313.04   | 2.92%             |  |  |  | No            |                  1 | On Loan: No      |
| AppLovin Corp                  | AppLovin Corp                                                 | CUSIP: 03831W108<br>LEI: 549300LLVXMUAOL3SQ07 | Long             | EC               | CORP              | US        |      7914 | NS      | $3110202.00   | 4.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Astera Labs Inc                | Astera Labs Inc                                               | CUSIP: 04626A103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     19611 | NS      | $1779109.92   | 2.49%             |  |  |  | No            |                  1 | On Loan: No      |
| First Solar Inc                | First Solar Inc                                               | CUSIP: 336433107<br>LEI: 549300NPYMLM4NHTOF27 | Long             | EC               | CORP              | US        |     18550 | NS      | $2932384.00   | 4.10%             |  |  |  | No            |                  1 | On Loan: No      |
| F/m Ultrashort Treasury Inflat | F/m Ultrashort Treasury Inflation-Protected Security TIPS ETF | CUSIP: 74933W213<br>LEI: 5299000J5VH6XTHXW407 | Long             | EC               | RF                | US        |     41504 | NS      | $2080595.52   | 2.91%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

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

**Name of Applicant:** RBB Fund, Inc.

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

**Name of Signer:** RBB Fund, Inc.

**Title:** CFO COO Secretary