# EDGAR Filing Document

**Accession Number:** 0000831114
**File Stem:** 0001145549-25-049549
**Filing Date:** 2025-7
**Character Count:** 21538
**Document Hash:** 1f7713071a144a0c3305209ca4a78570
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-049549.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001145549-25-049549

**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:** 251159394

**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 Emerald Life Sciences Innovation ETF (Series ID: S000088167)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000254221 | F/m Emerald Life Sciences Innovation ETF | LFSC            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **F/m Emerald Life Sciences Innovation ETF** | **F/m Emerald Life Sciences Innovation ETF** | **F/m Emerald Life Sciences Innovation ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **COMMON STOCKS - 99.0%** | **Shares** | **Value**  |
| **<u>Health Care</u> - 99.0%<sup>(a)</sup>** | **<u>Health Care</u> - 99.0%<sup>(a)</sup>** | |
| **Biotechnology - 47.3%** | | |
| 89bio, Inc. <sup>(b)</sup> | 217742 | $2142581 |
| ACADIA Pharmaceuticals, Inc. <sup>(b)</sup> | 48449 | 1045045 |
| Akero Therapeutics, Inc. <sup>(b)</sup> | 28974 | 1438559 |
| Biohaven Ltd. <sup>(b)</sup> | 21819 | 323139 |
| Bridgebio Pharma, Inc. <sup>(b)</sup> | 104715 | 3586489 |
| Guardant Health, Inc. <sup>(b)</sup> | 39099 | 1588201 |
| Insmed, Inc. <sup>(b)</sup> | 26506 | 1848263 |
| KalVista Pharmaceuticals, Inc. <sup>(b)</sup> | 115128 | 1358510 |
| Madrigal Pharmaceuticals, Inc. <sup>(b)</sup> | 6057 | 1667250 |
| Novocure Ltd. <sup>(b)</sup> | 34560 | 660442 |
| Savara, Inc. <sup>(b)</sup> | 226028 | 515344 |
| Soleno Therapeutics, Inc. <sup>(b)</sup> | 51351 | 3766596 |
| Spyre Therapeutics, Inc. <sup>(b)</sup> | 52546 | 802903 |
| Ultragenyx Pharmaceutical, Inc. <sup>(b)</sup> | 59102 | 2011241 |
| WaVe Life Sciences Ltd. <sup>(b)</sup> | 243677 | 1464499 |
|  |  | 24219062 |
| **Healthcare Services - 6.6%** |  |  |
| RadNet, Inc. <sup>(b)</sup> | 58579 | 3367707 |
|  |  | $– |
| **Medical Equipment - 26.5%** |  |  |
| Alphatec Holdings, Inc. <sup>(b)</sup> | 173945 | 2162136 |
| Ceribell, Inc. <sup>(b)</sup> | 20350 | 342083 |
| Globus Medical, Inc. - Class A <sup>(b)</sup> | 13656 | 808162 |
| Integer Holdings Corp. <sup>(b)</sup> | 4338 | 515181 |
| LivaNova PLC <sup>(b)</sup> | 74606 | 3226710 |
| Merit Medical Systems, Inc. <sup>(b)</sup> | 28020 | 2662741 |
| Orthofix Medical, Inc. <sup>(b)</sup> | 37625 | 423281 |
| TransMedics Group, Inc. <sup>(b)</sup> | 27048 | 3438342 |
|  |  | 13578636 |
| **Pharmaceuticals - 18.6%** |  |  |
| Blueprint Medicines Corp. <sup>(b)</sup> | 25521 | 2586553 |
| Collegium Pharmaceutical, Inc. <sup>(b)</sup> | 78725 | 2294046 |
| Corcept Therapeutics, Inc. <sup>(b)</sup> | 17778 | 1378862 |
| Mural Oncology PLC <sup>(b)</sup> | 77567 | 203226 |
| Travere Therapeutics, Inc. <sup>(b)</sup> | 149459 | 2244874 |
| United Therapeutics Corp. <sup>(b)</sup> | 2580 | 822633 |
|  |  | 9530194 |
| **Total Health Care** | **Total Health Care** | 50695599 |
| **TOTAL COMMON STOCKS** (Cost $39,497,836) | **TOTAL COMMON STOCKS** (Cost $39,497,836) | 50695599 |
| **EXCHANGE TRADED FUNDS - 1.0%** | **Shares** | **Value** |
| F/m Ultrashort Treasury Inflation-Protected Security (TIPS) ETF <sup>(c)</sup> | 10749 | 538848 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $539,636) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $539,636) | 538848 |
| **TOTAL INVESTMENTS - 100.0% (**Cost $40,037,472**)** | **TOTAL INVESTMENTS - 100.0% (**Cost $40,037,472**)** | $51234447 |
| Liabilities in Excess of Other Assets - 0.0% <sup>(d)</sup> | Liabilities in Excess of Other Assets - 0.0% <sup>(d)</sup> | (22898) |
| **TOTAL NET ASSETS - 100.0%** |  | $51211549 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

PLC - Public Limited Company<br>

(a) 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.

(b) Non-income producing security.

(c) Affiliated security as defined by the Investment Company Act of 1940.

(d) Represents less than 0.05% of net assets.

------

#### <br>

#### Summary of Fair Value Disclosure as of May 31, 2025 (Unaudited)
F/m Emerald Life Sciences Innovation ETF (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 | $50695599 | $– | $– | $50695599 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 538848 | – | – | 538848 |
| Total Investments | $51234447 | $– | $– | $51234447 |
| 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 Emerald Life Sciences Innovation ETF

- **b. EDGAR series identifier (if any):** S000088167

- **c. LEI of Series:** 5299004NK8PYE4SUB575

**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:** $51235119.91

**Total Liabilities:** $23536.20

**Net Assets:** $51211583.71

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000254221 | -8.62%               | 2.55%                | -0.48%               |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $1411766.13              | $-6011729.93                               |
| Month 2  | $-372719.65              | $1720400.31                                |
| Month 3  | $-1204819.25             | $934345.19                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| F/m Ultrashort Treasury Inflat         | F/m Ultrashort Treasury Inflation-Protected Security TIPS ETF | CUSIP: 74933W213<br>LEI: 5299000J5VH6XTHXW407 | Long             | EC               | RF                | US        |     10749 | NS      | $538847.37    | 1.05%             |  |  |  | No            |                  1 | On Loan: No      |
| United Therapeutics Corp               | United Therapeutics Corp                                      | CUSIP: 91307C102<br>LEI: 5299005C4HZL4UWROC14 | Long             | EC               | CORP              | US        |      2580 | NS      | $822633.00    | 1.61%             |  |  |  | No            |                  1 | On Loan: No      |
| RadNet Inc                             | RadNet Inc                                                    | CUSIP: 750491102<br>LEI: 529900RECG94V2IZJ970 | Long             | EC               | CORP              | US        |     58579 | NS      | $3367706.71   | 6.58%             |  |  |  | No            |                  1 | On Loan: No      |
| Madrigal Pharmaceuticals Inc           | Madrigal Pharmaceuticals Inc                                  | CUSIP: 558868105<br>LEI: 549300CHIMT2EUSNJB60 | Long             | EC               | CORP              | US        |      6057 | NS      | $1667249.82   | 3.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Travere Therapeutics Inc               | Travere Therapeutics Inc                                      | CUSIP: 89422G107<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    149459 | NS      | $2244874.18   | 4.38%             |  |  |  | No            |                  1 | On Loan: No      |
| ACADIA Pharmaceuticals Inc             | ACADIA Pharmaceuticals Inc                                    | CUSIP: 004225108<br>LEI: 529900O3044NO0PEA039 | Long             | EC               | CORP              | US        |     48449 | NS      | $1045044.93   | 2.04%             |  |  |  | No            |                  1 | On Loan: No      |
| Alphatec Holdings Inc                  | Alphatec Holdings Inc                                         | CUSIP: 02081G201<br>LEI: 549300EZE8CQ8K65FS24 | Long             | EC               | CORP              | US        |    173945 | NS      | $2162136.35   | 4.22%             |  |  |  | No            |                  1 | On Loan: No      |
| Bridgebio Pharma Inc                   | Bridgebio Pharma Inc                                          | CUSIP: 10806X102<br>LEI: 54930028YG89VTY2J114 | Long             | EC               | CORP              | US        |    104715 | NS      | $3586488.75   | 7.00%             |  |  |  | No            |                  1 | On Loan: No      |
| Corcept Therapeutics Inc               | Corcept Therapeutics Inc                                      | CUSIP: 218352102<br>LEI: 529900EO9LUTFMZ7FF90 | Long             | EC               | CORP              | US        |     17778 | NS      | $1378861.68   | 2.69%             |  |  |  | No            |                  1 | On Loan: No      |
| Guardant Health Inc                    | Guardant Health Inc                                           | CUSIP: 40131M109<br>LEI: 254900M8C3E5VC8BR186 | Long             | EC               | CORP              | US        |     39099 | NS      | $1588201.38   | 3.10%             |  |  |  | No            |                  1 | On Loan: No      |
| LivaNova PLC                           | LivaNova PLC                                                  | CUSIP: N/A<br>LEI: 2138001K2FX6SHK2B339       | Long             | EC               | CORP              | GB        |     74606 | NS      | $3226709.50   | 6.30%             |  |  |  | No            |                  1 | On Loan: No      |
| WaVe Life Sciences Ltd                 | WaVe Life Sciences Ltd                                        | CUSIP: N/A<br>LEI: 54930070006GPKFYZ813       | Long             | EC               | CORP              | US        |    243677 | NS      | $1464498.77   | 2.86%             |  |  |  | No            |                  1 | On Loan: No      |
| Collegium Pharmaceutical Inc           | Collegium Pharmaceutical Inc                                  | CUSIP: 19459J104<br>LEI: 54930049FXZMTLW8D496 | Long             | EC               | CORP              | US        |     78725 | NS      | $2294046.50   | 4.48%             |  |  |  | No            |                  1 | On Loan: No      |
| Soleno Therapeutics Inc                | Soleno Therapeutics Inc                                       | CUSIP: 834203309<br>LEI: 5493003LCY77N7FXK844 | Long             | EC               | CORP              | US        |     51351 | NS      | $3766595.85   | 7.35%             |  |  |  | No            |                  1 | On Loan: No      |
| TransMedics Group Inc                  | TransMedics Group Inc                                         | CUSIP: 89377M109<br>LEI: 549300060GVOSMWARH50 | Long             | EC               | CORP              | US        |     27048 | NS      | $3438341.76   | 6.71%             |  |  |  | No            |                  1 | On Loan: No      |
| Novocure Ltd                           | Novocure Ltd                                                  | CUSIP: N/A<br>LEI: 213800YPP55UMHWA4826       | Long             | EC               | CORP              | JE        |     34560 | NS      | $660441.60    | 1.29%             |  |  |  | No            |                  1 | On Loan: No      |
| Spyre Therapeutics Inc                 | Spyre Therapeutics Inc                                        | CUSIP: 00773J202<br>LEI: 52990017AIJPRH3HQH40 | Long             | EC               | CORP              | US        |     52546 | NS      | $802902.88    | 1.57%             |  |  |  | No            |                  1 | On Loan: No      |
| Insmed Inc                             | Insmed Inc                                                    | CUSIP: 457669307<br>LEI: 529900Q55QAG41CCAC11 | Long             | EC               | CORP              | US        |     26506 | NS      | $1848263.38   | 3.61%             |  |  |  | No            |                  1 | On Loan: No      |
| Integer Holdings Corp                  | Integer Holdings Corp                                         | CUSIP: 45826H109<br>LEI: 549300SUD2ED5XG6X569 | Long             | EC               | CORP              | US        |      4338 | NS      | $515180.88    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Akero Therapeutics Inc                 | Akero Therapeutics Inc                                        | CUSIP: 00973Y108<br>LEI: 549300SI3KG74LBE2955 | Long             | EC               | CORP              | US        |     28974 | NS      | $1438559.10   | 2.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Blueprint Medicines Corp               | Blueprint Medicines Corp                                      | CUSIP: 09627Y109<br>LEI: 5299004CC60O9T5HVM83 | Long             | EC               | CORP              | US        |     25521 | NS      | $2586553.35   | 5.05%             |  |  |  | No            |                  1 | On Loan: No      |
| 89bio Inc                              | 89bio Inc                                                     | CUSIP: 282559103<br>LEI: N/A                  | Long             | EC               | CORP              | US        |    217742 | NS      | $2142581.28   | 4.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Globus Medical Inc                     | Globus Medical Inc                                            | CUSIP: 379577208<br>LEI: 5299003M2P4CIK0RF205 | Long             | EC               | CORP              | US        |     13656 | NS      | $808162.08    | 1.58%             |  |  |  | No            |                  1 | On Loan: No      |
| KalVista Pharmaceuticals Inc           | KalVista Pharmaceuticals Inc                                  | CUSIP: 483497103<br>LEI: 529900Q7IDA3WUGRZA51 | Long             | EC               | CORP              | US        |    115128 | NS      | $1358510.40   | 2.65%             |  |  |  | No            |                  1 | On Loan: No      |
| Merit Medical Systems Inc              | Merit Medical Systems Inc                                     | CUSIP: 589889104<br>LEI: 549300OYTY138SP2CE83 | Long             | EC               | CORP              | US        |     28020 | NS      | $2662740.60   | 5.20%             |  |  |  | No            |                  1 | On Loan: No      |
| Orthofix Medical Inc                   | Orthofix Medical Inc                                          | CUSIP: 68752M108<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     37625 | NS      | $423281.25    | 0.83%             |  |  |  | No            |                  1 | On Loan: No      |
| Ultragenyx Pharmaceutical Inc          | Ultragenyx Pharmaceutical Inc                                 | CUSIP: 90400D108<br>LEI: 529900EV44GVDN1DCX77 | Long             | EC               | CORP              | US        |     59102 | NS      | $2011241.06   | 3.93%             |  |  |  | No            |                  1 | On Loan: No      |
| Mural Oncology PLC                     | Mural Oncology PLC                                            | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | IE        |     77567 | NS      | $203225.54    | 0.40%             |  |  |  | No            |                  1 | On Loan: No      |
| Ceribell Inc                           | Ceribell Inc                                                  | CUSIP: 15678C102<br>LEI: N/A                  | Long             | EC               | CORP              | US        |     20350 | NS      | $342083.50    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Savara Inc                             | Savara Inc                                                    | CUSIP: 805111101<br>LEI: 5493002JO0WM3YMJXG33 | Long             | EC               | CORP              | US        |    226028 | NS      | $515343.84    | 1.01%             |  |  |  | No            |                  1 | On Loan: No      |
| Biohaven Ltd                           | Biohaven Ltd                                                  | CUSIP: N/A<br>LEI: N/A                        | Long             | EC               | CORP              | US        |     21819 | NS      | $323139.39    | 0.63%             |  |  |  | No            |                  1 | On Loan: No      |
| U.S. Bank Money Market Deposit Account | U.S. Bank Money Market Deposit Account                        | CUSIP: 8AMMF0A92<br>LEI: N/A                  | Long             | STIV             | RF                | US        |       505 | NS      | $504.97       | 0.00%             |  |  |  | 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