RBB Fund NPORT-P WPG Partners Small Cap Value Diversified Fund (Nov 2024 report)

WPG Partners Small Cap Value Diversified Fund
Schedule of Investments
November 30, 2024 (Unaudited)
COMMON STOCKS - 96.8%	Shares		Value
Communication Services - 1.8%
Cargurus, Inc. (a)		12,152	$	459,589
Sirius XM Holdings, Inc. (b)		6,777		182,640
				642,229
Consumer Discretionary - 7.3%
ADT, Inc. (b)		55,841		425,508
Bowlero Corp. (b)		7,242		89,149
Dave & Buster's Entertainment, Inc. (a)(b)		12,268		482,378
Gentherm, Inc. (a)		5,535		233,024
Gildan Activewear, Inc.		10,387		515,403
Under Armour, Inc. - Class C (a)(b)		21,881		191,896
Wayfair, Inc. - Class A (a)(b)		7,065		326,686
Whirlpool Corp. (b)		2,936		327,129
				2,591,173
Consumer Staples - 3.6%
Grocery Outlet Holding Corp. (a)(b)		34,450		723,450
Nomad Foods Ltd.		30,224		553,402
				1,276,852
Energy - 8.0%
Antero Resources Corp. (a)		6,456		211,047
Atlas Energy Solutions, Inc. (b)		11,124		262,193
BKV Corp. (a)		10,471		229,943
DHT Holdings, Inc.		38,912		366,551
Kodiak Gas Services, Inc.		8,783		355,185
Kosmos Energy Ltd. (a)(b)		64,559		254,362
Scorpio Tankers, Inc.		9,547		483,651
SM Energy Co. (b)		4,681		211,534
Tidewater, Inc. (a)		3,112		160,953
Transocean Ltd. (a)(b)		43,651		192,064
Vermilion Energy, Inc. (b)		8,998		92,140
				2,819,623
Financials - 20.1%
AGNC Investment Corp. (b)		31,950		308,637
Axis Capital Holdings Ltd.		4,386		408,073
BGC Group, Inc. - Class A (b)		62,948		613,114
DigitalBridge Group, Inc.		6,538		85,648
Enterprise Financial Services Corp.		10,434		632,196
Fidelis Insurance Holdings Ltd.		22,578		463,526
First American Financial Corp. (b)		2,669		187,230
First BanCorp		16,445		340,083
First Commonwealth Financial Corp.		23,881		449,679
FirstCash Holdings, Inc.		2,377		258,760
Hanover Insurance Group, Inc.		3,372		556,414
Kemper Corp.		13,229		945,741
National Bank Holdings Corp. - Class A		7,636		364,543
Popular, Inc.		3,489		346,667
Prosperity Bancshares, Inc.		4,827		404,165
Webster Financial Corp.		11,916		736,170
				7,100,646
Health Care - 7.5%
Enovis Corp. (a)		19,026		928,659
Halozyme Therapeutics, Inc. (a)		3,167		152,649
Phreesia, Inc. (a)		19,493		409,938
Teleflex, Inc.		2,972		573,150
Tenet Healthcare Corp. (a)		4,248		606,105
				2,670,501
Industrials - 21.1%
ABM Industries, Inc. (b)		5,593		319,752
Air Lease Corp. (b)		11,614		591,152
Allison Transmission Holdings, Inc.		1,625		192,562
Arcosa, Inc. (b)		6,591		716,046
Beacon Roofing Supply, Inc. (a)		2,831		319,960
Bloom Energy Corp. - Class A (a)(b)		4,516		123,964
BrightView Holdings, Inc. (a)(b)		22,141		378,611
Clarivate PLC (a)(b)		108,293		620,519
Driven Brands Holdings, Inc. (a)		21,434		361,163
Embraer SA - ADR (a)(b)		3,557		135,984
Fluor Corp. (a)		6,399		359,176
ICF International, Inc.		2,411		334,092
IES Holdings, Inc. (a)		671		207,913
KBR, Inc. (b)		5,684		345,758
Knight-Swift Transportation Holdings, Inc.		6,300		373,968
Leonardo DRS, Inc. (a)		9,014		313,417
MasTec, Inc. (a)		3,286		473,381
Moog, Inc. - Class A		444		98,244
MYR Group, Inc. (a)		1,694		267,483
RXO, Inc. (a)(b)		9,862		297,339
Star Bulk Carriers Corp.		27,481		475,971
UFP Industries, Inc.		1,318		179,116
				7,485,571
Information Technology - 8.2%
BlackBerry Ltd. (a)(b)		168,641		433,407
Crane NXT Co. (b)		5,376		336,968
Diodes, Inc. (a)(b)		3,215		208,975
Ingram Micro Holding Corp. (a)(b)		7,370		175,553
NCR Voyix Corp. (a)(b)		15,652		227,111
Silicon Motion Technology Corp. - ADR (b)		8,005		424,825
Teradata Corp. (a)		2,995		92,545
Tower Semiconductor Ltd. (a)		13,482		635,407
Verint Systems, Inc. (a)		14,484		364,997
				2,899,788
Materials - 9.8%
Alcoa Corp.		8,973		416,616
Ardagh Metal Packaging SA		47,450		174,616
Ashland, Inc. (b)		5,642		440,415
Capstone Copper Corp. (a)		52,328		361,798
Commercial Metals Co.		3,418		210,856
Constellium SE (a)		26,906		329,868
ERO Copper Corp. (a)(b)		17,953		273,245
Huntsman Corp.		16,893		330,765
Summit Materials, Inc. - Class A (a)(b)		7,609		387,602
Tronox Holdings PLC		25,985		314,418
Warrior Met Coal, Inc. (b)		3,515		247,175
				3,487,374
Real Estate - 4.7%
Brixmor Property Group, Inc.		25,127		755,569
Equity Commonwealth (a)		17,251		350,885
Getty Realty Corp. (b)		16,603		545,907
				1,652,361
Utilities - 4.7%
ALLETE, Inc.		6,729		436,577
Portland General Electric Co.		12,353		591,956
Spire, Inc. (b)		7,073		517,673
Talen Energy Corp. (a)		487		104,418
				1,650,624
TOTAL COMMON STOCKS (Cost $27,276,746)				34,276,742
SHORT-TERM INVESTMENTS - 30.4%			Value
Investments Purchased with Proceeds from Securities Lending - 30.4%	Units
Mount Vernon Liquid Assets Portfolio, LLC, 4.64% (c)		10,766,349		10,766,349
TOTAL SHORT-TERM INVESTMENTS (Cost $10,766,349)				10,766,349
TOTAL INVESTMENTS - 127.2% (Cost $38,043,095)				45,043,091
Liabilities in Excess of Other Assets - (27.2)%				(9,625,764	)
TOTAL NET ASSETS - 100.0%			$	35,417,327
two				–	%
Percentages are stated as a percent of net assets.				–	%
The Global Industry Classification Standard ("GICS®") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor’s Financial Services LLC (“S&P”). GICS® is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

PLC - Public Limited Company

SA - Sociedad Anónima

SE - Societas Europeae

(a)	Non-income producing security.
(b)	All or a portion of this security is on loan as of November 30, 2024. The total market value of these securities was $10,503,145 which represented 29.7% of net assets.
(c)	The rate shown represents the 7-day annualized effective yield as of November 30, 2024.

Summary of Fair Value Disclosure as of November 30, 2024 (Unaudited)

WPG Partners Small Cap Value Diversified Fund has adopted authoritative fair value accounting standards which establish an authoritative 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 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 would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of November 30, 2024:

	Level 1		Level 2		Level 3		Total
Investments:
Common Stocks	$	34,276,742	$	–	$	–	$	34,276,742
Investments Purchased with Proceeds from Securities Lending(a)		–		–		–		10,766,349
Total Investments	$	34,276,742	$	–	$	–	$	45,043,091
Refer to the Schedule of Investments for further disaggregation of investment categories.

(a) Certain investments that are measured at fair value using the net asset value per share (or its equivalent) practical expedient have not been categorized in the fair value hierarchy. The fair value amount of $10,766,349 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.