As filed with the Securities and Exchange Commission on 11/12/2024

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

811-23011

Investment Company Act file number

 

The RBB FUND TRUST
(Exact name of registrant as specified in charter)

 

615 East Michigan Street

Milwaukee, WI 53202
(Address of principal executive offices) (Zip code)

 

Steven Plump, President

c/o U.S. Bank Global Fund Services

615 East Michigan Street

Milwaukee, WI 53202

(Name and address of agent for service)

 

(609) 731-6256

Registrant's telephone number, including area code

 

Date of fiscal year end: August 31

 

Date of reporting period: August 31, 2024

 

 

Item 1. Reports to Stockholders.

 

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P/E Global Enhanced International Fund
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Institutional Class | PEIEX
Annual Shareholder Report | August 31, 2024
This annual shareholder report contains important information about the P/E Global Enhanced International Fund (the “Fund”) for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://www.peinvestments.com/. You can also request this information by contacting us at 1-855-610-4766.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (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
$108
1.00%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve-month period ended August 31, 2024, the Fund underperformed its benchmark, the MSCI EAFE Net (USD) Index (the “MSCI EAFE”). As part of its investment objective to seek total returns, the Fund seeks to augment passive international equity exposures with active currency positions, providing a distinct, diversifying source of potential alpha within the space. More specifically, the Fund’s investment strategy seeks to combine the performance of 1) certain U.S. Dollar hedged global equity index futures and 2) the P/E Global LLC’s proprietary FX Strategy, which is focused on providing exposure to international currency markets.
WHAT FACTORS INFLUENCED PERFORMANCE
Fund performance was driven largely by the MSCI EAFE, which posted strong performance during the period. FX Strategy performance was mainly driven by the Japanese Yen, which contributed, and the Australian Dollar, which detracted.
POSITIONING
From a factor perspective, inflation and long-term interest rate differentials drove FX Strategy positioning during the period. The short end of the yield curve factor also increased in significance in June and July 2024, supporting the argument for monetary policy divergence. Currently, yield curve inversion and slowing growth indicators increase the probability of risk aversion, which benefits stable currencies. Inflation, while remaining important, has moderated.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. 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.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
  12/28/2022 12/31/2022 01/31/2023 02/28/2023 03/31/2023 04/30/2023 05/31/2023 06/30/2023 07/31/2023 08/31/2023 09/30/2023 10/31/2023 11/30/2023 12/31/2023 01/31/2024 02/29/2024 03/31/2024 04/30/2024 05/31/2024 06/30/2024 07/31/2024 08/31/2024
P/E Global Enhanced International Fund Institutional Class 10000 9750 10240 10680 10350 10620 10780 10990 11000 11270 11130 11200 11202 11782 12502 13039 13060 13232 13211 13232
MSCI EAFE Net (USD) Index 10000 10007 10817 10592 10854 11161 10688 11175 11536 10715 10281 11235 11832 11900 12118 12517 12196 12669 12464 12830
P/E Global Enhanced International Fund  PAGE 1  TSR-AR-75526L100

 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
Since Inception
(12/28/2022)
Institutional Class
15.54
15.96
MSCI EAFE Net (USD) Index
19.40
18.29
Visit https://www.peinvestments.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 August 31, 2024)
Net Assets
$25,640,820
Number of Holdings
16
Net Advisory Fee
$(18,585)
Portfolio Turnover
0%
WHAT DID THE FUND INVEST IN? (as of August 31, 2024)
Top 10 Holdings
(% of net assets)
United States Treasury Bill
79.2%
MSCI EAFE Index
5.4%
South African Rand/US Dollar Cross Currency Rate
0.0%
US Dollar/Norwegian Krone Cross Currency Rate
0.0%
Canadian Dollar/US Dollar Cross Currency Rate
0.0%
Mexican Peso/US Dollar Cross Currency Rate
-0.1%
US Dollar/Swedish Krona Cross Currency Rate
-0.1%
New Zealand Dollar/US Dollar Cross Currency Rate
-0.1%
Swiss Franc/US Dollar Cross Currency Rate
-0.5%
British Pound/US Dollar Cross Currency Rate
-0.6%
Top Sectors
(% of net assets)
Cash & Other
100.0%
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://www.peinvestments.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  P/E Global LLC documents not be householded, please contact P/E Global LLC  at  1-855-610-4766, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by  P/E Global LLC  or your financial intermediary.
P/E Global Enhanced International Fund  PAGE 2  TSR-AR-75526L100

 
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Penn Capital Short Duration High Income Fund
image
Institutional Class | PSHNX
Annual Shareholder Report | August 31, 2024
This annual shareholder report contains important information about the Penn Capital Short Duration High Income Fund (the “Fund”) for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://penncapital.com/mutual-funds. You can also request this information by contacting us at 1-844-302-7366.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (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
$58
0.55%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the fiscal year ended August 31, 2024, the Fund generated a 9.18% return, outperforming its benchmark, ICE BofA 1-3 Year BB US Cash Pay High Yield Index (the “Index”) which returned 8.90%. The Fund maintains an average portfolio maturity of three years or less and excludes CCC-rated bonds. The portfolio will typically underperform the broad short duration market, which includes triple CCC-rated bonds, during low quality rallies and outperform during low quality sell-offs. Over the past year, lower rated bonds modestly outperformed higher rated bonds. The portfolio benefitted from strong security selection in the Media industry led by tactical positioning in Charter Communications and shorter-term maturities in Grey Television, Nexstar and Dish Network. Capital Goods was the second strongest sector with a focus on aerospace firms - Spirit Aerosystems, Moog, and Triumph Group – leading the way. Underweighting the Transportation sector contributed to performance as airline bonds lagged amid weakening profitability due to a combination of overcapacity and rising labor costs. The largest detractor to performance was a conservative positioning in the Insurance sector when two long dated subordinated bonds outperformed within the Index. The Basic Industry sector lagged due to conservative positioning in near term commodity producers. The Banking industry was a detractor as the Fund focused on investment grade banks like Fifth Third and Huntington while the Index saw strong returns from Western Alliance and Pacwest, two companies that were directly impacted and ultimately survived the Silicon Valley liquidity crisis.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. 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.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
  07/17/2017 07/31/2017 08/31/2017 09/30/2017 10/31/2017 11/30/2017 12/31/2017 01/31/2018 02/28/2018 03/31/2018 04/30/2018 05/31/2018 06/30/2018 07/31/2018 08/31/2018 09/30/2018 10/31/2018 11/30/2018 12/31/2018 01/31/2019 02/28/2019 03/31/2019 04/30/2019 05/31/2019 06/30/2019 07/31/2019 08/31/2019 09/30/2019 10/31/2019 11/30/2019 12/31/2019 01/31/2020 02/29/2020 03/31/2020 04/30/2020 05/31/2020 06/30/2020 07/31/2020 08/31/2020 09/30/2020 10/31/2020 11/30/2020 12/31/2020 01/31/2021 02/28/2021 03/31/2021 04/30/2021 05/31/2021 06/30/2021 07/31/2021 08/31/2021 09/30/2021 10/31/2021 11/30/2021 12/31/2021 01/31/2022 02/28/2022 03/31/2022 04/30/2022 05/31/2022 06/30/2022 07/31/2022 08/31/2022 09/30/2022 10/31/2022 11/30/2022 12/31/2022 01/31/2023 02/28/2023 03/31/2023 04/30/2023 05/31/2023 06/30/2023 07/31/2023 08/31/2023 09/30/2023 10/31/2023 11/30/2023 12/31/2023 01/31/2024 02/29/2024 03/31/2024 04/30/2024 05/31/2024 06/30/2024 07/31/2024 08/31/2024
Penn Capital Short Duration High Income Fund Institutional Class 10000 9990 10008 10034 10013 10035 10066 10038 10035 10090 10097 10103 10172 10258 10220 10197 10097 10302 10392 10435 10489 10458 10573 10610 10705 10720 10773 10843 10852 10730 9894 10101 10278 10327 10562 10614 10628 10829 10939 10956 10986 11048 11101 11141 11196 11213 11244 11270 11201 11314 11170 11123 11099 10971 10977 10632 10960 10774 10943 11031 11058 11253 11237 11319 11397 11363 11482 11577 11569 11550 11833 12021 12087 12107 12219 12207 12304 12402 12556
Bloomberg U.S. Aggregate Bond Index** 10000 10025 10066 10072 10059 10105 9989 9894 9958 9884 9954 9942 9944 9944 9865 9924 10107 10214 10208 10404 10407 10591 10724 10748 10968 11001 10995 10988 11199 11401 11334 11535 11589 11662 11836 11734 11682 11796 11812 11728 11558 11414 11504 11542 11623 11753 11629 11626 11660 11630 11380 11253 10940 10525 10593 10427 10681 9931 9802 10163 10117 10428 10159 10417 10480 10366 10329 10322 9995 9837 10283 10676 10647 10497 10594 10326 10501 10601 10848
ICE BofA 1-3 Year BB US Cash Pay High Yield Index 10000 10027 10096 10109 10097 10099 10113 10083 10076 10124 10148 10156 10223 10315 10286 10302 10234 10455 10551 10620 10679 10659 10805 10852 10962 11001 11059 11123 11137 10998 10257 10608 10889 11008 11330 11323 11378 11619 11728 11743 11766 11829 11908 11938 12000 12011 12047 12065 12001 12109 11923 11864 11782 11612 11722 11352 11712 11427 11622 11756 11736 11956 11919 12000 12087 12045 12154 12277 12284 12267 12571 12776 12815 12856 12955 12943 13050 13140 13294
Penn Capital Short Duration High Income Fund  PAGE 1  TSR-AR-707269882

 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(07/17/2017)
Institutional Class (without sales charge)
9.18
3.49
3.38
Bloomberg U.S. Aggregate Bond Index**
7.30
-0.04
1.35
ICE BofA 1-3 Year BB US Cash Pay High Yield Index
8.90
4.15
4.20
Visit https://penncapital.com/mutual-funds 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.
** Effective with this report, and pursuant to new regulatory requirements, the Bloomberg U.S. Aggregate Bond Index replaced the ICE BofA 1-3 Year BB US Cash Pay High Yield Index as the Fund’s primary benchmark to represent a broad-based securities market index.
KEY FUND STATISTICS (as of August 31, 2024)
Net Assets
$16,600,110
Number of Holdings
93
Net Advisory Fee
-$67,409
Portfolio Turnover
42%
Visit https://penncapital.com/mutual-funds for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of August 31, 2024)
Top 10 Holdings
(% of Net Assets)
OneMain Finance Corp.
3.7%
Frontier Communications Holdings LLC
2.9%
Travel + Leisure Co.
2.9%
CCO Holdings LLC / CCO Holdings Capital Corp.
2.7%
Owens & Minor, Inc.
2.5%
American Airlines, Inc.
2.5%
Crown Cork & Seal Co., Inc.
2.4%
Calpine Corp.
2.3%
Harvest Midstream I LP
2.1%
Fortress Transportation and Infrastructure Investors LLC
2.1%
Top Sectors
(% of Net Assets)
Energy
19.3%
Consumer Discretionary
19.0%
Financials
15.4%
Communications
14.6%
Materials
10.0%
Health Care
5.8%
Utilities
4.2%
Industrials
4.1%
Consumer Staples
2.7%
Cash & Other
4.9%
Material Fund Changes:
This is a summary of certain planned changes to the Fund since September 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024 at www.penncapitalFund.com or upon request at 844-302 PENN (7366).
During the period, a newly formed entity formed by two members of the Penn Capital Management Company, LLC’s (the “Advisor” or “Penn Capital”) senior management purchased all of the rights and interests of Spouting Rock Asset Management’s lender and foreclosed upon the Penn Capital equity owned by Spouting Rock Asset Management. In addition, the newly formed entity purchased the equity ownership of 525 Holdings LLC, Penn Capital’s controlling member. The newly formed entity then subsequently sold a majority and controlling interest in Penn Capital to SGAM Advisors LLC, a subsidiary of Seaport Global Holdings LLC (“Seaport”). The transaction closed on July 3, 2024 (the “Acquisition”). 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 between The RBB Fund Trust (the “Trust”), on behalf of the Fund, and Penn Capital (the “Original Agreement”). To avoid disruption of the Fund’s investment management program, the Board approved (i) an interim advisory agreement between the Trust and Penn Capital with
Penn Capital Short Duration High Income Fund  PAGE 2  TSR-AR-707269882

 
respect to the Fund (the “Interim Advisory Agreement”) on April 24, 2024, which became effective on July 3, 2024, and (ii) a new investment advisory agreement between the Trust and Penn Capital with respect to the Fund (the “New Advisory Agreement”), which will not become effective unless approved by the shareholders of the Fund. The New Advisory Agreement is substantially similar to the Original Agreement on behalf of the Fund. The advisory fees payable to Penn Capital under the New Advisory Agreement are the same as the advisory fees payable under the Original Agreement. The investment advisory personnel who provided services to the Fund under the Original Agreement are expected to continue to do so under the New Advisory Agreement. The Advisor does not expect the Acquisition to have any material impact on the quality of investment advisory services provided to the Fund. The Board has unanimously voted to approve the New Advisory Agreement and to recommend that the shareholders of the Fund vote FOR the approval of the New Advisory Agreement.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://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 3  TSR-AR-707269882

 
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Penn Capital Opportunistic High Income Fund
image
Institutional Class | PHYNX
Annual Shareholder Report | August 31, 2024
This annual shareholder report contains important information about the Penn Capital Opportunistic High Income Fund (the “Fund”) for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://penncapital.com/mutual-funds. You can also request this information by contacting us at 1-844-302-7366.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (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
$77
0.73%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the fiscal year ended August 31, 2024 (“fiscal year”), the Fund generated a 11.91% return, underperforming its benchmark, the ICE BofA US High Yield Constrained Index, which returned 12.47%. From a ratings perspective, the largest detractor to performance was an underweight to the most speculative area of the index CC and lower rated securities while strong security selection in BB and CCC securities offset some of this performance drag. The Telecommunications sector was the strongest performer with a focus on Frontier Communications while avoiding Level Three and Altice’s European operations. The Capital Goods contributed through a focus aerospace companies such Bombardier, Triumph Group and Spirit Aerosystems while avoiding the packaging company Ardagh Group. The Leisure sector outperformed with a focus on smaller gaming companies and theme parks. The largest detractors to performance was an overweight to the Media sector due to weakness in national advertising for broadcasters and radio companies. The Basic Industry sector lagged due to a paper company that saw softening pulp prices during the fiscal year. The Transportation sector lagged as a trucking company struggled to integrate an vertical acquisition which was disruptive to their customer base.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. 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.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
  11/30/2015 12/31/2015 01/31/2016 02/29/2016 03/31/2016 04/30/2016 05/31/2016 06/30/2016 07/31/2016 08/31/2016 09/30/2016 10/31/2016 11/30/2016 12/31/2016 01/31/2017 02/28/2017 03/31/2017 04/30/2017 05/31/2017 06/30/2017 07/31/2017 08/31/2017 09/30/2017 10/31/2017 11/30/2017 12/31/2017 01/31/2018 02/28/2018 03/31/2018 04/30/2018 05/31/2018 06/30/2018 07/31/2018 08/31/2018 09/30/2018 10/31/2018 11/30/2018 12/31/2018 01/31/2019 02/28/2019 03/31/2019 04/30/2019 05/31/2019 06/30/2019 07/31/2019 08/31/2019 09/30/2019 10/31/2019 11/30/2019 12/31/2019 01/31/2020 02/29/2020 03/31/2020 04/30/2020 05/31/2020 06/30/2020 07/31/2020 08/31/2020 09/30/2020 10/31/2020 11/30/2020 12/31/2020 01/31/2021 02/28/2021 03/31/2021 04/30/2021 05/31/2021 06/30/2021 07/31/2021 08/31/2021 09/30/2021 10/31/2021 11/30/2021 12/31/2021 01/31/2022 02/28/2022 03/31/2022 04/30/2022 05/31/2022 06/30/2022 07/31/2022 08/31/2022 09/30/2022 10/31/2022 11/30/2022 12/31/2022 01/31/2023 02/28/2023 03/31/2023 04/30/2023 05/31/2023 06/30/2023 07/31/2023 08/31/2023 09/30/2023 10/31/2023 11/30/2023 12/31/2023 01/31/2024 02/29/2024 03/31/2024 04/30/2024 05/31/2024 06/30/2024 07/31/2024 08/31/2024
Penn Capital Opportunistic High Income Fund Institutional Class 10000 9709 9568 9598 9839 10089 10170 10266 10498 10839 10885 10919 11187 11348 11555 11517 11626 11671 11638 11793 11898 11943 11900 11956 12074 11996 11974 12043 12059 12082 12209 12377 12236 12161 11831 12283 12476 12551 12740 12600 12786 12834 12890 12854 12923 13175 13166 12930 11188 11563 11967 12036 12518 12666 12742 13354 13678 13737 13839 13912 14085 14155 14333 14319 14393 14357 14199 14469 14128 14002 13875 13410 13285 12408 13085 12385 12725 12949 12887 13337 13146 13302 13399 13260 13487 13716 13498 13306 14009 14492 14530 14508 14724 14558 14666 14795 15093
Bloomberg U.S. Aggregate Bond Index** 10000 9968 10105 10177 10270 10309 10312 10497 10564 10545 10465 10217 10232 10252 10321 10315 10395 10475 10464 10509 10553 10559 10546 10594 10472 10373 10439 10362 10436 10423 10425 10425 10342 10404 10595 10708 10701 10907 10910 11103 11243 11268 11498 11533 11527 11519 11740 11952 11881 12093 12149 12225 12408 12301 12246 12366 12383 12295 12117 11966 12060 12100 12185 12321 12191 12188 12224 12192 11930 11797 11469 11034 11105 10931 11198 10411 10276 10654 10606 10932 10650 10920 10987 10867 10828 10821 10478 10313 10780 11193 11162 11004 11106 10825 11009 11113 11373
ICE BofA US High Yield Constrained Index 10000 9742 9588 9633 10058 10460 10536 10650 10919 11234 11270 11225 11446 11599 11780 11756 11889 11994 12007 12146 12252 12299 12266 12302 12381 12266 12190 12271 12269 12312 12449 12612 12406 12293 12023 12576 12788 12913 13094 12928 13245 13312 13407 13438 13475 13756 13757 13544 11950 12404 12967 13090 13711 13705 13766 14318 14592 14648 14698 14724 14886 14929 15132 15185 15275 15246 15088 15372 14950 14817 14681 14148 14181 13215 14011 13127 13500 13751 13649 14182 14000 14156 14294 14157 14388 14593 14465 14284 14936 15487 15490 15536 15721 15564 15741 15893 16205
Penn Capital Opportunistic High Income Fund  PAGE 1  TSR-AR-707269502

 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(11/30/2015)
Institutional Class (without sales charge)
11.91
3.59
5.01
Bloomberg U.S. Aggregate Bond Index**
7.30
-0.04
1.65
ICE BofA US High Yield Constrained Index
12.47
4.26
5.86
Visit https://penncapital.com/mutual-funds 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.
** Effective with this report, and pursuant to new regulatory requirements, the Bloomberg U.S. Aggregate Bond Index replaced the ICE BofA US High Yield Constrained Index as the Fund’s primary benchmark to represent a broad-based securities market index.
KEY FUND STATISTICS (as of August 31, 2024)
Net Assets
$19,724,108
Number of Holdings
138
Net Advisory Fee
-$13,874
Portfolio Turnover
69%
WHAT DID THE FUND INVEST IN? (as of August 31, 2024)
Top 10 Holdings
(% of Net Assets)
Frontier Communications Holdings LLC
1.5%
Fortress Transportation and Infrastructure Investors LLC
1.5%
CCO Holdings LLC
1.4%
CHS/Community Health Systems, Inc.
1.4%
DaVita, Inc.
1.4%
Gray Television, Inc.
1.4%
Pike Corp.
1.3%
Texas Capital Bancshares, Inc.
1.3%
Bread Financial Holdings, Inc.
1.2%
Antero Resources Corp.
1.2%
Top Sectors
(% of Net Assets)
Consumer Discretionary
21.7%
Energy
17.0%
Communications
14.8%
Financials
11.6%
Health Care
10.4%
Industrials
5.4%
Materials
5.4%
Utilities
3.7%
Consumer Staples
3.5%
Cash & Other
6.5%
Material Fund Changes:
This is a summary of certain planned changes to the Fund since September 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024 at www.penncapitalFund.com or upon request at 844-302 PENN (7366).
During the period, a newly formed entity formed by two members of the Penn Capital Management Company, LLC’s (the “Advisor” or “Penn Capital”) senior management purchased all of the rights and interests of Spouting Rock Asset Management’s lender and foreclosed upon the Penn Capital equity owned by Spouting Rock Asset Management. In addition, the newly formed entity purchased the equity ownership of 525 Holdings LLC, Penn Capital’s controlling member. The newly formed entity then subsequently sold a majority and controlling interest in Penn Capital to SGAM Advisors LLC, a subsidiary of Seaport Global Holdings LLC (“Seaport”). The transaction closed on July 3, 2024 (the “Acquisition”). 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 between The RBB Fund Trust (the “Trust”), on behalf of the Fund, and Penn Capital (the “Original Agreement”). To avoid disruption of the Fund’s investment management program, the Board approved (i) an interim advisory agreement between the Trust and Penn Capital with
Penn Capital Opportunistic High Income Fund  PAGE 2  TSR-AR-707269502

 
respect to the Fund (the “Interim Advisory Agreement”) on April 24, 2024, which became effective on July 3, 2024, and (ii) a new investment advisory agreement between the Trust and Penn Capital with respect to the Fund (the “New Advisory Agreement”), which will not become effective unless approved by the shareholders of the Fund. The New Advisory Agreement is substantially similar to the Original Agreement on behalf of the Fund. The advisory fees payable to Penn Capital under the New Advisory Agreement are the same as the advisory fees payable under the Original Agreement. The investment advisory personnel who provided services to the Fund under the Original Agreement are expected to continue to do so under the New Advisory Agreement. The Advisor does not expect the Acquisition to have any material impact on the quality of investment advisory services provided to the Fund. The Board has unanimously voted to approve the New Advisory Agreement and to recommend that the shareholders of the Fund vote FOR the approval of the New Advisory Agreement.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://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 Opportunistic High Income Fund  PAGE 3  TSR-AR-707269502

 
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Penn Capital Mid Cap Core Fund
image
Institutional Class | PSMPX
Annual Shareholder Report | August 31, 2024
This annual shareholder report contains important information about the Penn Capital Mid Cap Core Fund (the “Fund”) for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://penncapital.com/mutual-funds. You can also request this information by contacting us at 1-844-302-7366.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (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
$109
1.06%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve-month fiscal period ended August 31, 2024, the Fund generated a 6.13% return, underperforming the 17.86% return of its benchmark, the Bloomberg US 2500 Index. The sectors that hindered performance during the period were Consumer Discretionary, Health Care, and Energy. In the Consumer Discretionary sector, a casino operator reported disappointing 1H24 results due to lower-than-expected volumes and table hold in Las Vegas, weather headwinds at its regional properties, and unlucky online sports betting hold. Within Health Care, a provider of spine surgery solutions delivered continued top line growth and market share gains, through its slower than expected progress towards profitability and cash flow breakeven frustrated investors. In the Energy sector, an offshore drilling contractor underperformed due to the decline in oil prices amid rising supply. The best performing sectors during the period were the Real Estate, Materials, and Consumer Staples sectors. Within the Real Estate sector, a commercial real estate advisory firm outperformed amid optimism that the commercial real estate cycle is bottoming while the company’s aggressive recruitment of top producers is driving higher revenue per employee versus peers. In the Materials sector, a fabricator and distributor of steel and metal alloy outperformed driven by strong earnings growth in its Aerospace division where lead times and pricing remain extended. Within Consumer Staples, a food distributor continues to gain market share and win new customers while expanding margins due to favorable mix and using free cash flow to de-leverage its balance sheet.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. 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.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
  11/30/2015 12/31/2015 01/31/2016 02/29/2016 03/31/2016 04/30/2016 05/31/2016 06/30/2016 07/31/2016 08/31/2016 09/30/2016 10/31/2016 11/30/2016 12/31/2016 01/31/2017 02/28/2017 03/31/2017 04/30/2017 05/31/2017 06/30/2017 07/31/2017 08/31/2017 09/30/2017 10/31/2017 11/30/2017 12/31/2017 01/31/2018 02/28/2018 03/31/2018 04/30/2018 05/31/2018 06/30/2018 07/31/2018 08/31/2018 09/30/2018 10/31/2018 11/30/2018 12/31/2018 01/31/2019 02/28/2019 03/31/2019 04/30/2019 05/31/2019 06/30/2019 07/31/2019 08/31/2019 09/30/2019 10/31/2019 11/30/2019 12/31/2019 01/31/2020 02/29/2020 03/31/2020 04/30/2020 05/31/2020 06/30/2020 07/31/2020 08/31/2020 09/30/2020 10/31/2020 11/30/2020 12/31/2020 01/31/2021 02/28/2021 03/31/2021 04/30/2021 05/31/2021 06/30/2021 07/31/2021 08/31/2021 09/30/2021 10/31/2021 11/30/2021 12/31/2021 01/31/2022 02/28/2022 03/31/2022 04/30/2022 05/31/2022 06/30/2022 07/31/2022 08/31/2022 09/30/2022 10/31/2022 11/30/2022 12/31/2022 01/31/2023 02/28/2023 03/31/2023 04/30/2023 05/31/2023 06/30/2023 07/31/2023 08/31/2023 09/30/2023 10/31/2023 11/30/2023 12/31/2023 01/31/2024 02/29/2024 03/31/2024 04/30/2024 05/31/2024 06/30/2024 07/31/2024 08/31/2024
Penn Capital Mid Cap Core Fund Institutional Class 10,000 9,480 8,600 8,360 9,010 9,370 9,820 9,640 10,110 10,490 9,830 10,900 11,090 11,390 11,460 11,550 11,610 11,420 11,730 11,740 12,230 12,320 13,020 13,305 13,681 13,193 13,285 13,275 13,712 13,773 14,129 14,525 12,980 13,204 11,978 13,205 13,667 13,723 14,308 13,441 14,275 14,669 14,522 14,792 15,310 15,671 15,424 14,035 11,056 12,481 13,540 13,528 14,306 14,282 14,353 16,048 17,109 16,862 18,663 18,934 20,065 19,959 19,735 19,334 19,323 20,288 19,134 20,261 18,987 19,184 19,328 17,844 17,752 15,623 16,963 14,835 16,214 17,042 16,058 17,748 17,695 16,639 16,454 15,688 17,286 18,633 16,388 15,173 16,401 17,934 17,423 17,806 18,940 17,694 18,301 17,918 18,812
Russell 3000** 10,000 9,795 9,242 9,239 9,890 9,951 10,129 10,150 10,553 10,596 10,367 10,831 11,042 11,250 11,668 11,676 11,800 11,921 12,028 12,255 12,578 12,853 13,243 13,375 14,080 13,561 13,289 13,340 13,716 13,806 14,264 14,789 13,701 13,975 12,674 13,762 14,246 14,454 15,031 14,059 15,046 15,270 15,221 15,549 16,140 16,606 16,588 15,229 13,135 14,875 15,670 16,029 16,939 17,504 17,127 19,210 20,074 19,985 20,610 21,348 22,449 22,551 23,107 23,498 23,084 24,645 24,270 25,226 23,741 23,143 23,894 21,750 21,721 19,903 21,771 19,015 20,574 21,648 20,381 21,784 21,275 21,844 22,077 22,163 23,676 24,525 22,906 22,298 24,378 25,671 25,955 27,360 28,243 27,000 28,276 29,151 29,693
Bloomberg US 2500 Index 10,000 9,581 8,829 8,893 9,647 9,828 10,021 10,002 10,507 10,649 10,222 11,107 11,308 11,468 11,735 11,742 11,831 11,695 11,977 12,112 12,589 12,744 13,156 13,215 13,603 13,062 13,171 13,229 13,868 13,993 14,251 14,599 13,160 13,412 11,907 13,280 13,897 13,768 14,250 13,162 14,108 14,258 13,902 14,155 14,758 15,113 14,742 13,465 10,424 12,058 12,909 13,317 13,911 14,147 14,418 16,827 18,071 18,587 19,775 20,120 20,905 20,962 21,236 20,881 20,681 21,668 20,737 21,438 19,683 19,860 20,136 18,408 18,391 16,649 18,387 16,133 17,705 18,501 17,435 19,202 18,722 17,999 17,753 17,424 18,904 19,851 18,006 16,894 18,459 20,429 19,904 20,983 21,886 20,357 21,267 20,954 22,488
Penn Capital Mid Cap Core Fund  PAGE 1  TSR-AR-707269106

 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(11/30/2015)
Institutional Class (without sales charge)
6.13
5.17
7.32
Russell 3000**
26.14
15.19
13.52
Bloomberg US 2500 Index
17.86
10.56
9.70
Visit https://penncapital.com/mutual-funds 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.
** Effective with this report, and pursuant to new regulatory requirements, the Russell 3000 replaced the Bloomberg US 2500 Index as the Fund’s primary benchmark to represent a broad-based securities market index.
KEY FUND STATISTICS (as of August 31, 2024)
Net Assets
$5,252,082
Number of Holdings
67
Net Advisory Fee
-$13,037
Portfolio Turnover
83%
WHAT DID THE FUND INVEST IN? (as of August 31, 2024)
Top 10 Holdings
(% of Net Assets)
Weatherford International PLC
2.8%
Nexstar Media Group, Inc.
2.3%
Popular, Inc.
2.3%
Norwegian Cruise Line Holdings Ltd.
2.1%
Carpenter Technology Corp.
2.1%
BGC Group, Inc.
2.0%
Lazard, Inc.
1.9%
Pinnacle Financial Partners, Inc.
1.9%
Newmark Group, Inc.
1.9%
Waystar Holding Corp.
1.9%
Top Sectors
(% of Net Assets)
Industrials
17.0%
Financials
16.6%
Consumer Discretionary
14.0%
Information Technology
12.4%
Health Care
11.0%
Energy
8.9%
Communication Services
5.9%
Materials
5.4%
Real Estate
5.1%
Cash & Other
3.7%
Material Fund Changes:
This is a summary of certain planned changes to the Fund since September 1, 2023. For more complete information, you may review the Fund’s next prospectus, which we expect to be available by December 31, 2024 at www.penncapitalFund.com or upon request at 844-302 PENN (7366).
During the period, a newly formed entity formed by two members of the Penn Capital Management Company, LLC’s (the “Advisor” or “Penn Capital”) senior management purchased all of the rights and interests of Spouting Rock Asset Management’s lender and foreclosed upon the Penn Capital equity owned by Spouting Rock Asset Management. In addition, the newly formed entity purchased the equity ownership of 525 Holdings LLC, Penn Capital’s controlling member. The newly formed entity then subsequently sold a majority and controlling interest in Penn Capital to SGAM Advisors LLC, a subsidiary of Seaport Global Holdings LLC (“Seaport”). The transaction closed on July 3, 2024 (the “Acquisition”). 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 between The RBB Fund Trust (the “Trust”), on behalf of the Fund, and Penn Capital (the “Original Agreement”). To avoid disruption of the Fund’s investment management program, the Board approved (i) an interim advisory agreement between the Trust and Penn Capital with respect to the Fund (the “Interim Advisory Agreement”) on April 24, 2024, which became effective on July 3, 2024, and (ii) a new investment advisory agreement between the Trust and Penn Capital with respect to the Fund (the “New Advisory
Penn Capital Mid Cap Core Fund  PAGE 2  TSR-AR-707269106

 
Agreement”), which will not become effective unless approved by the shareholders of the Fund. The New Advisory Agreement is substantially similar to the Original Agreement on behalf of the Fund. The advisory fees payable to Penn Capital under the New Advisory Agreement are the same as the advisory fees payable under the Original Agreement. The investment advisory personnel who provided services to the Fund under the Original Agreement are expected to continue to do so under the New Advisory Agreement. The Advisor does not expect the Acquisition to have any material impact on the quality of investment advisory services provided to the Fund. The Board has unanimously voted to approve the New Advisory Agreement and to recommend that the shareholders of the Fund vote FOR the approval of the New Advisory Agreement.
For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://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 Mid Cap Core Fund  PAGE 3  TSR-AR-707269106

 
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Penn Capital Special Situations Small Cap Equity Fund
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Institutional Class | PSCNX
Annual Shareholder Report | August 31, 2024
This annual shareholder report contains important information about the Penn Capital Special Situations Small Cap Equity Fund (the “Fund”) for the period of September 1, 2023, to August 31, 2024. You can find additional information about the Fund at https://penncapital.com/mutual-funds. You can also request this information by contacting us at 1-844-302-7366.
This report describes changes to the Fund that occurred during the reporting period.
WHAT WERE THE FUND COSTS FOR THE PAST YEAR? (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
$114
1.09%
HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?
For the twelve-month fiscal period ended August 31, 2024, the Fund generated a 9.16% return, underperforming the 18.52% return of its benchmark, the Bloomberg 2000 Index. The top detractors in the quarter were the Technology, Consumer Discretionary, and Energy sectors. In the Technology sector, a maker of semiconductor devices guided below expectations due to seasonal smartphone declines as well as weakness in electric vehicle and industrial demand. In Consumer Discretionary, an owner and operator of casual dining restaurants underperformed due to weaker industry traffic trends and increased price promotions. Within Energy, an offshore drilling contractor underperformed due to the decline in oil prices amid rising supply. Top contributors in the period were the Materials, Real Estate, and Industrials sectors. Within Materials, a fabricator and distributor of steel and metal alloy outperformed driven by strong earnings growth in its Aerospace division where lead times and pricing remain extended. In the Real Estate sector, a commercial real estate advisory firm outperformed amid optimism that the commercial real estate cycle is bottoming while the company’s aggressive recruitment of top producers is driving higher revenue per employee versus peers. Within Industrials, an aviation leasing and aerospace products company continues to benefit from aircraft and engine shortages, driving favorable lease rates and demand for maintenance and repair.
HOW DID THE FUND PERFORM SINCE INCEPTION?*
The $10,000 chart reflects a hypothetical $10,000 investment in the class of shares noted. 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.
CUMULATIVE PERFORMANCE (Initial Investment of $10,000)
image
  12/17/2015 12/31/2015 01/31/2016 02/29/2016 03/31/2016 04/30/2016 05/31/2016 06/30/2016 07/31/2016 08/31/2016 09/30/2016 10/31/2016 11/30/2016 12/31/2016 01/31/2017 02/28/2017 03/31/2017 04/30/2017 05/31/2017 06/30/2017 07/31/2017 08/31/2017 09/30/2017 10/31/2017 11/30/2017 12/31/2017 01/31/2018 02/28/2018 03/31/2018 04/30/2018 05/31/2018 06/30/2018 07/31/2018 08/31/2018 09/30/2018 10/31/2018 11/30/2018 12/31/2018 01/31/2019 02/28/2019 03/31/2019 04/30/2019 05/31/2019 06/30/2019 07/31/2019 08/31/2019 09/30/2019 10/31/2019 11/30/2019 12/31/2019 01/31/2020 02/29/2020 03/31/2020 04/30/2020 05/31/2020 06/30/2020 07/31/2020 08/31/2020 09/30/2020 10/31/2020 11/30/2020 12/31/2020 01/31/2021 02/28/2021 03/31/2021 04/30/2021 05/31/2021 06/30/2021 07/31/2021 08/31/2021 09/30/2021 10/31/2021 11/30/2021 12/31/2021 01/31/2022 02/28/2022 03/31/2022 04/30/2022 05/31/2022 06/30/2022 07/31/2022 08/31/2022 09/30/2022 10/31/2022 11/30/2022 12/31/2022 01/31/2023 02/28/2023 03/31/2023 04/30/2023 05/31/2023 06/30/2023 07/31/2023 08/31/2023 09/30/2023 10/31/2023 11/30/2023 12/31/2023 01/31/2024 02/29/2024 03/31/2024 04/30/2024 05/31/2024 06/30/2024 07/31/2024 08/31/2024
Penn Capital Special Situations Small Cap Equity Fund Institutional Class 10,000 10,070 9,160 8,950 9,570 10,020 10,560 10,320 10,810 11,200 10,490 11,840 12,144 12,423 12,551 12,572 12,487 12,155 12,540 12,572 13,087 13,183 13,836 14,069 14,189 13,637 13,673 14,021 14,908 15,051 15,099 15,447 13,446 13,577 11,794 13,594 14,390 14,077 14,716 13,307 13,894 13,829 13,190 13,607 14,612 15,212 14,729 13,268 9,172 10,985 12,133 12,172 12,759 13,921 14,116 17,313 19,413 19,870 22,623 23,327 24,775 25,662 25,806 24,593 25,414 26,380 24,742 25,883 24,276 25,529 26,044 23,666 23,248 19,922 22,172 19,264 22,107 22,621 21,229 23,827 23,631 21,866 21,212 20,804 22,994 24,873 21,376 19,529 21,719 24,286 23,169 23,497 24,910 23,333 24,368 24,187 25,878
Russell 3000 Index** 10,000 10,022 9,457 9,454 10,119 10,182 10,364 10,385 10,797 10,842 10,607 11,082 11,298 11,511 11,939 11,947 12,074 12,198 12,308 12,540 12,870 13,151 13,550 13,686 14,407 13,876 13,598 13,649 14,035 14,126 14,595 15,133 14,018 14,299 12,968 14,082 14,577 14,790 15,380 14,385 15,395 15,624 15,574 15,910 16,514 16,991 16,973 15,583 13,440 15,220 16,034 16,401 17,332 17,911 17,524 19,656 20,540 20,449 21,088 21,844 22,970 23,075 23,644 24,044 23,620 25,217 24,833 25,811 24,292 23,681 24,449 22,255 22,225 20,365 22,276 19,456 21,052 22,151 20,854 22,290 21,769 22,351 22,589 22,677 24,225 25,094 23,437 22,816 24,943 26,266 26,558 27,995 28,898 27,627 28,932 29,828 30,382
Bloomberg US 2000 Index 10,000 10,036 9,155 9,175 9,971 10,208 10,360 10,344 10,963 11,290 10,723 11,912 12,198 12,275 12,492 12,535 12,654 12,358 12,758 12,869 13,494 13,550 13,938 13,919 14,258 13,659 13,833 13,995 14,896 15,074 15,325 15,638 13,915 14,089 12,401 13,844 14,526 14,238 14,674 13,399 14,375 14,425 14,008 14,359 14,925 15,413 14,826 13,572 10,379 12,053 12,865 13,395 13,861 14,147 14,475 17,270 18,876 19,965 21,218 21,486 22,043 22,237 22,717 21,976 21,876 22,747 21,851 22,384 20,332 20,630 20,924 18,892 18,904 17,152 18,948 16,664 18,531 19,084 17,889 19,742 19,413 18,423 17,992 17,806 19,251 20,434 18,208 16,983 18,581 20,946 20,031 21,055 21,749 20,333 21,389 21,053 23,188
Penn Capital Special Situations Small Cap Equity Fund  PAGE 1  TSR-AR-707269304

 
ANNUAL AVERAGE TOTAL RETURN (%)
 
1 Year
5 Year
Since Inception
(12/17/2015)
Institutional Class (without sales charge)
9.16
13.85
11.08
Russell 3000 Total Return **
26.14
15.19
13.89
Bloomberg US 2000 Total Return Index
18.52
10.98
10.02
Visit https://penncapital.com/mutual-funds 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.
** Effective with this report, and pursuant to new regulatory requirements, the Russell 3000 Index replaced the Bloomberg US 2000 Index as the Fund’s primary benchmark to represent a broad-based securities market index.
KEY FUND STATISTICS (as of August 31, 2024)
Net Assets
$49,468,878
Number of Holdings
76
Net Advisory Fee
$205,536
Portfolio Turnover
86%
Visit https://penncapital.com/mutual-funds for more recent performance information.
WHAT DID THE FUND INVEST IN? (as of August 31, 2024)
Top 10 Holdings
(% of Net Assets)
Carpenter Technology Corp.
2.2%
Weatherford International PLC
2.1%
Popular, Inc.
2.1%
Norwegian Cruise Line Holdings Ltd.
2.0%
Ameris Bancorp
2.0%
Pinnacle Financial Partners, Inc.
1.9%
BGC Group, Inc.
1.9%
Golden Entertainment, Inc.
1.9%
Lazard, Inc.
1.8%
Newmark Group, Inc.
1.8%
Top Sectors
(% of Net Assets)
Industrials
19.2%
Financials
17.8%
Consumer Discretionary
13.0%
Health Care
12.0%
Energy
9.9%
Information Technology
9.0%
Communication Services
6.5%
Real Estate
4.7%
Materials
4.5%
Cash & Other
3.4%
Material Fund Changes:
This is a summary of certain planned changes to the Fund since September 1, 2023. For more complete information, you