# EDGAR Filing Document

**Accession Number:** 0000831114
**File Stem:** 0001145549-25-049543
**Filing Date:** 2025-7
**Character Count:** 55053
**Document Hash:** abec7e39511e26f5285e49c186e1fab0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-25-049543.hdr.sgml**: 20250729

**ACCESSION NUMBER**: 0001145549-25-049543

**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:** 251159389

**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

### Oakhurst Short Duration High Yield Credit Fund (Series ID: S000080836)

| Class ID   | Class Name           | Ticker Symbol   |
|:---|:---|:---|
| C000243402 | Institutional Shares | OHSHX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **Oakhurst Short Duration High Yield Credit Fund** | **Oakhurst Short Duration High Yield Credit Fund** | **Oakhurst Short Duration High Yield Credit Fund** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** | **May 31, 2025 (Unaudited)** |
| **CORPORATE BONDS - 78.3%** | **Par** | **Value** |
| **Communications - 7.5%** | **Communications - 7.5%** | **Communications - 7.5%** |
|  Cincinnati Bell Telephone Co. LLC, 6.30%, 12/01/2028 <sup>(a)</sup> | 309000 | $292326 |
|  Clear Channel Outdoor Holdings, Inc., 9.00%, 09/15/2028 <sup>(a)(b)</sup> | 325000 | 340550 |
|  Directv Financing LLC, 8.88%, 02/01/2030 <sup>(a)(b)</sup> | 250000 | 246523 |
|  Gray Media, Inc., 10.50%, 07/15/2029 <sup>(a)(b)(c)</sup> | 239000 | 254395 |
|  Level 3 Financing, Inc., 11.00%, 11/15/2029 <sup>(a)(b)</sup> | 300000 | 340673 |
|  McGraw-Hill Education, Inc., 5.75%, 08/01/2028 <sup>(a)(b)</sup> | 200000 | 197670 |
|  Sirius XM Radio LLC, 5.50%, 07/01/2029 <sup>(a)(b)</sup> | 250000 | 246105 |
|  Univision Communications, Inc., 6.63%, 06/01/2027 <sup>(a)(b)</sup> | 200000 | 200209 |
|  Vmed O2 UK Financing I PLC, 7.75%, 04/15/2032 <sup>(a)(b)</sup> | 250000 | 257743 |
|  |  | 2376194 |
| **Consumer Discretionary - 19.3%** | **Consumer Discretionary - 19.3%** | **Consumer Discretionary - 19.3%** |
|  Allegiant Travel Co., 7.25%, 08/15/2027 <sup>(a)(b)</sup> | 250000 | 247124 |
|  Allied Universal Holdco LLC, 7.88%, 02/15/2031 <sup>(a)(b)</sup> | 325000 | 337023 |
|  American Airlines, Inc./AAdvantage Loyalty IP Ltd., 5.75%, 04/20/2029 <sup>(a)(b)</sup> | 340000 | 334391 |
|  Cornerstone Building Brands, Inc., 9.50%, 08/15/2029 <sup>(a)(b)</sup> | 250000 | 222360 |
|  Garda World Security Corp., 7.75%, 02/15/2028 <sup>(a)(b)</sup> | 325000 | 335879 |
|  Garrett Motion Holdings, Inc. / Garrett LX I Sarl, 7.75%, 05/31/2032 <sup>(a)(b)</sup> | 250000 | 255346 |
|  GEO Group, Inc., 8.63%, 04/15/2029 <sup>(a)</sup> | 250000 | 264075 |
|  Goodyear Tire & Rubber Co., 5.00%, 07/15/2029 <sup>(a)(c)</sup> | 250000 | 239719 |
|  JetBlue Airways Corp. / JetBlue Loyalty LP, 9.88%, 09/20/2031 <sup>(a)(b)(c)</sup> | 230000 | 227362 |
|  Melco Resorts Finance Ltd., 7.63%, 04/17/2032 <sup>(a)(b)</sup> | 335000 | 332765 |
|  Newell Brands, Inc., 7.00%, 04/01/2046 <sup>(a)(d)</sup> | 375000 | 305054 |
|  PetSmart, Inc. / PetSmart Finance Corp., 4.75%, 02/15/2028 <sup>(a)(b)</sup> | 612000 | 591287 |
|  PROG Holdings, Inc., 6.00%, 11/15/2029 <sup>(a)(b)</sup> | 250000 | 237617 |
|  Rakuten Group, Inc., 11.25%, 02/15/2027 <sup>(a)(b)</sup> | 500000 | 539979 |
|  Resorts World Las Vegas LLC / RWLV Capital, Inc., 4.63%, 04/16/2029 <sup>(a)(b)</sup> | 300000 | 263158 |
|  Royal Caribbean Cruises Ltd., 7.50%, 10/15/2027 <sup>(a)</sup> | 250000 | 264036 |
|  United Airlines, Inc., 4.63%, 04/15/2029 <sup>(a)(b)</sup> | 350000 | 332655 |
|  Victoria's Secret & Co., 4.63%, 07/15/2029 <sup>(a)(b)</sup> | 250000 | 227072 |
|  Viking Ocean Cruises Ship VII Ltd., 5.63%, 02/15/2029 <sup>(a)(b)</sup> | 250000 | 247236 |
|  Wynn Macau Ltd., 5.63%, 08/26/2028 <sup>(a)(b)</sup> | 350000 | 337649 |
|  |  | 6141787 |
| **Consumer Staples - 4.0%** | **Consumer Staples - 4.0%** | **Consumer Staples - 4.0%** |
|  Herbalife Nutrition Ltd. / HLF Financing, Inc., 7.88%, 09/01/2025 <sup>(a)(b)(c)</sup> | 196000 | 196413 |
|  Land O'Lakes Capital Trust I, 7.45%, 03/15/2028 <sup>(a)(b)(c)</sup> | 500000 | 497200 |
|  Post Holdings, Inc., 6.25%, 02/15/2032 <sup>(a)(b)</sup> | 245000 | 249415 |
|  Walgreens Boots Alliance, Inc., 8.13%, 08/15/2029 <sup>(a)(c)</sup> | 310000 | 324676 |
|  |  | 1267704 |
| **Energy - 8.6%** | **Energy - 8.6%** | **Energy - 8.6%** |
|  California Resources Corp., 8.25%, 06/15/2029 <sup>(a)(b)</sup> | 239000 | 239640 |
|  Civitas Resources, Inc., 8.75%, 07/01/2031 <sup>(a)(b)(c)</sup> | 315000 | 308788 |
|  Encino Acquisition Partners Holdings LLC, 8.50%, 05/01/2028 <sup>(a)(b)</sup> | 500000 | 512497 |
|  Genesis Energy LP / Genesis Energy Finance Corp., 8.88%, 04/15/2030 <sup>(a)(c)</sup> | 325000 | 341543 |
|  Hilcorp Energy I LP / Hilcorp Finance Co., 8.38%, 11/01/2033 <sup>(a)(b)</sup> | 325000 | 323690 |
|  Summit Midstream Holdings LLC, 8.63%, 10/31/2029 <sup>(a)(b)</sup> | 250000 | 250766 |
|  Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp., 7.38%, 02/15/2029 <sup>(a)(b)</sup> | 250000 | 254490 |
|  Transocean, Inc., 8.75%, 02/15/2030 <sup>(a)(b)</sup> | 200000 | 203014 |
|  Venture Global LNG, Inc., 9.88%, 02/01/2032 <sup>(a)(b)</sup> | 300000 | 319305 |
|  |  | 2753733 |
| **Financials - 16.2%** | **Financials - 16.2%** | **Financials - 16.2%** |
|  Acrisure LLC / Acrisure Finance, Inc., 8.25%, 02/01/2029 <sup>(a)(b)</sup> | 250000 | 258712 |
|  Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer, 7.00%, 01/15/2031 <sup>(a)(b)</sup> | 325000 | 332623 |
|  Antares Holdings LP, 6.35%, 10/23/2029 <sup>(a)(b)</sup> | 250000 | 250002 |
|  Flagstar Financial, Inc., 7.30% (3 mo. Term SOFR + 3.04%), 11/06/2028 <sup>(a)</sup> | 543000 | 514817 |
|  Freedom Mortgage Corp., 12.00%, 10/01/2028 <sup>(a)(b)</sup> | 246000 | 264097 |
|  Global Aircraft Leasing Co. Ltd., 8.75%, 09/01/2027 <sup>(a)(b)</sup> | 250000 | 253121 |
|  Hightower Holding LLC, 9.13%, 01/31/2030 <sup>(a)(b)</sup> | 250000 | 260440 |
|  HUB International Ltd., 5.63%, 12/01/2029 <sup>(a)(b)</sup> | 250000 | 248161 |
|  Icahn Enterprises LP / Icahn Enterprises Finance Corp., 9.75%, 01/15/2029 <sup>(a)</sup> | 250000 | 242318 |
|  Jane Street Group / JSG Finance, Inc., 7.13%, 04/30/2031 <sup>(a)(b)</sup> | 250000 | 261383 |
|  Jefferies Finance LLC / JFIN Co.-Issuer Corp., 5.00%, 08/15/2028 <sup>(a)(b)</sup> | 250000 | 237040 |
|  Navient Corp., 11.50%, 03/15/2031 <sup>(a)</sup> | 300000 | 340082 |
|  Panther Escrow Issuer LLC, 7.13%, 06/01/2031 <sup>(a)(b)</sup> | 325000 | 336208 |
|  PRA Group, Inc., 8.88%, 01/31/2030 <sup>(a)(b)</sup> | 250000 | 256572 |
|  Rithm Capital Corp., 8.00%, 04/01/2029 <sup>(a)(b)</sup> | 250000 | 250827 |
|  Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc., 4.00%, 10/15/2033 <sup>(a)(b)(c)</sup> | 300000 | 259395 |
|  Service Properties Trust, 8.88%, 06/15/2032 <sup>(a)</sup> | 350000 | 348750 |
|  Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC, 10.50%, 02/15/2028 <sup>(a)(b)</sup> | 240000 | 254759 |
|  |  | 5169307 |
| **Health Care - 5.3%** | **Health Care - 5.3%** | **Health Care - 5.3%** |
|  AdaptHealth LLC, 4.63%, 08/01/2029 <sup>(a)(b)</sup> | 275000 | 254189 |
|  CHS/Community Health Systems, Inc., 5.63%, 03/15/2027 <sup>(a)(b)</sup> | 270000 | 266086 |
|  DaVita, Inc., 6.88%, 09/01/2032 <sup>(a)(b)</sup> | 240000 | 243861 |
|  LifePoint Health, Inc., 11.00%, 10/15/2030 <sup>(a)(b)</sup> | 310000 | 341048 |
|  Organon & Co. / Organon Foreign Debt Co.-Issuer BV, 6.75%, 05/15/2034 <sup>(a)(b)</sup> | 340000 | 316209 |
|  Prime Healthcare Services, Inc., 9.38%, 09/01/2029 <sup>(a)(b)(c)</sup> | 250000 | 254133 |
|  |  | 1675526 |
| **Industrials - 2.6%** | **Industrials - 2.6%** | **Industrials - 2.6%** |
|  ASG Finance Designated Activity Co., 9.75%, 05/15/2029 <sup>(a)(b)</sup> | 250000 | 237879 |
|  Bombardier, Inc., 8.75%, 11/15/2030 <sup>(a)(b)</sup> | 315000 | 338434 |
|  Manitowoc Co., Inc., 9.25%, 10/01/2031 <sup>(a)(b)</sup> | 250000 | 260813 |
|  |  | 837126 |
| **Materials - 10.8%** | **Materials - 10.8%** | **Materials - 10.8%** |
|  Chemours Co., 5.38%, 05/15/2027 <sup>(a)</sup> | 600000 | 587834 |
|  Cleveland-Cliffs, Inc., 7.00%, 03/15/2032 <sup>(a)(b)(c)</sup> | 250000 | 216008 |
|  Compass Minerals International, Inc., 6.75%, 12/01/2027 <sup>(a)(b)</sup> | 581000 | 581347 |
|  CVR Partners LP / CVR Nitrogen Finance Corp., 6.13%, 06/15/2028 <sup>(a)(b)</sup> | 250000 | 248768 |
|  Domtar Corp., 6.75%, 10/01/2028 <sup>(a)(b)</sup> | 270000 | 237451 |
|  First Quantum Minerals Ltd., 9.38%, 03/01/2029 <sup>(a)(b)</sup> | 200000 | 210527 |
|  Mercer International, Inc., 5.13%, 02/01/2029 <sup>(a)(c)</sup> | 690000 | 549166 |
|  Mineral Resources Ltd., 9.25%, 10/01/2028 <sup>(a)(b)</sup> | 325000 | 331634 |
|  SunCoke Energy, Inc., 4.88%, 06/30/2029 <sup>(a)(b)</sup> | 250000 | 229951 |
|  Taseko Mines Ltd., 8.25%, 05/01/2030 <sup>(a)(b)</sup> | 240000 | 246318 |
|  |  | 3439004 |
| **Technology - 3.3%** | **Technology - 3.3%** | **Technology - 3.3%** |
|  Cloud Software Group, Inc., 6.50%, 03/31/2029 <sup>(a)(b)</sup> | 533000 | 532819 |
|  McAfee Corp., 7.38%, 02/15/2030 <sup>(a)(b)(c)</sup> | 265000 | 245504 |
|  Unisys Corp., 6.88%, 11/01/2027 <sup>(a)(b)</sup> | 280000 | 278997 |
|  |  | 1057320 |
| **Utilities - 0.7%** | **Utilities - 0.7%** | **Utilities - 0.7%** |
|  Ferrellgas LP / Ferrellgas Finance Corp., 5.88%, 04/01/2029 <sup>(a)(b)</sup> | 250000 | 226513 |
| **TOTAL CORPORATE BONDS** (Cost $24,943,071) | **TOTAL CORPORATE BONDS** (Cost $24,943,071) | 24944214 |
| **EXCHANGE TRADED FUNDS - 18.1%** | **Shares** | **Value** |
| F/M High Yield 100 ETF | 29750 | 1536076 |
| F/m Ultrashort Treasury Inflation-Protected Security TIPS ETF | 40330 | 2021743 |
| US Treasury 3 Month Bill ETF | 44015 | 2201190 |
| **TOTAL EXCHANGE TRADED FUNDS** (Cost $5,751,701) | **TOTAL EXCHANGE TRADED FUNDS** (Cost $5,751,701) | 5759009 |
| **CONVERTIBLE BONDS - 0.8%** | **Par** | **Value** |
| **Financials - 0.8%** | **Financials - 0.8%** | **Financials - 0.8%** |
|  PennyMac Corp., 8.50%, 06/01/2029 <sup>(a)(b)</sup> | 250000 | 244000 |
| **TOTAL CONVERTIBLE BONDS** (Cost $249,375) | **TOTAL CONVERTIBLE BONDS** (Cost $249,375) | 244000 |
| **SHORT-TERM INVESTMENTS - 11.5%** |  | **Value**  |
| **Investments Purchased with Proceeds from Securities Lending - 9.6%** | **<u>Units</u>** |  |
| Mount Vernon Liquid Assets Portfolio, LLC, 4.45% <sup>(e)</sup> | 3064026 | 3064026 |
| **Money Market Funds - 1.9%** | **<u>Shares</u>** |  |
| Invesco Treasury Portfolio - Class Institutional, 4.23% <sup>(e)</sup> | 603447 | 603447 |
| **TOTAL SHORT-TERM INVESTMENTS** (Cost $3,667,473) | **TOTAL SHORT-TERM INVESTMENTS** (Cost $3,667,473) | 3667473 |
| **TOTAL INVESTMENTS - 108.7% (**Cost $34,611,620**)** | **TOTAL INVESTMENTS - 108.7% (**Cost $34,611,620**)** | 34614696 |
| Liabilities in Excess of Other Assets - (8.7)% | Liabilities in Excess of Other Assets - (8.7)% | (2779930) |
| **TOTAL NET ASSETS - 100.0%** |  | $31834766 |
| two | two | –% |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. | –% |

---

---

| |
|:---|
| LLC - Limited Liability Company |
| LP - Limited Partnership |
| PLC - Public Limited Company |
| SOFR - Secured Overnight Financing Rate |

---

(a) Non-income producing security.

(b) Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified
 institutional investors. As of May 31, 2025, the value of these securities total $20,573,818 or 64.6% of the Fund's net assets.

(c) All or a portion of this security is on loan as of May 31, 2025. The fair value of these securities was $2,994,989 which represented 9.4% of net assets.

(d) Step coupon bond. The rate disclosed is as of May 31, 2025.

(e) 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)
Oakhurst Short Duration High Yield Credit 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: <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Corporate Bonds | $– | $24944214 | $– | $24944214 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Exchange Traded Funds | 5759009 | – | – | 5759009 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Convertible Bonds | – | 244000 | – | 244000 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Investments Purchased with Proceeds from Securities Lending<sup>(a)</sup> | – | – | – | 3064026 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 603447 | – | – | 603447 |
| Total Investments | $6362456 | $25188214 | $– | $34614696 |
| 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. |

---

(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 $3,064,026 presented in the table are intended to permit reconciliation of the fair value hierarchy to the amounts listed in the Schedule of Investments.

## 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:** Oakhurst Short Duration High Yield Credit Fund

- **b. EDGAR series identifier (if any):** S000080836

- **c. LEI of Series:** 549300OBNNWZRLOR3H69

**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:** $35102239.26

**Total Liabilities:** $3299503.15

**Net Assets:** $31802736.11

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** 0.000000000000 | **1-Year:** 98.586764000000 | **5-Year:** 163.441425000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 1946.179656000000 | **1-Year:** 2884.573184000000 | **5-Year:** 1074.564036000000 | **10-Year:** 132.892498000000 | **30-Year:** 142.233106000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000243402 | -1.28%               | -0.66%               | 1.79%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $19237.69                | $-655346.07                                |
| Month 2  | $-282901.15              | $-96897.62                                 |
| Month 3  | $-40360.63               | $449381.58                                 |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| AMERICAN AIRLINES/AADVAN                  | American Airlines Inc/AAdvantage Loyalty IP Ltd                 | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    340000 | PA      | $334390.51    | 1.05%             | 2029-04-20      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| ALLIED UNIVERSAL HOLDCO                   | Allied Universal Holdco LLC                                     | CUSIP: 019576AD9<br>LEI: 98450038B4549046D794 | Long             | DBT              | CORP              | US        |    325000 | PA      | $337022.79    | 1.06%             | 2031-02-15      | Fixed         | 7.88%                 | No            | 2                  | On Loan: No      |
| AMERIGAS PART/FIN CORP                    | AmeriGas Partners LP / AmeriGas Finance Corp                    | CUSIP: 030981AJ3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    590000 | PA      | $598133.15    | 1.88%             | 2026-08-20      | Fixed         | 5.88%                 | No            | 2                  | On Loan: No      |
| PRA GROUP INC                             | PRA Group Inc                                                   | CUSIP: 69354NAF3<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    250000 | PA      | $256571.65    | 0.81%             | 2030-01-31      | Fixed         | 8.88%                 | No            | 2                  | On Loan: No      |
| PENNYMAC CORP                             | PennyMac Corp                                                   | CUSIP: 70932AAG8<br>LEI: EWN0I878407TKQNXZ933 | Long             | DBT              | CORP              | US        |    250000 | PA      | $244000.00    | 0.77%             | 2029-06-01      | Fixed         | 8.50%                 | No            | 2                  | On Loan: No      |
| PETSMART INC/PETSMART FI                  | PetSmart Inc / PetSmart Finance Corp                            | CUSIP: 71677KAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    612000 | PA      | $591287.04    | 1.86%             | 2028-02-15      | Fixed         | 4.75%                 | No            | 2                  | On Loan: No      |
| POST HOLDINGS INC                         | Post Holdings Inc                                               | CUSIP: 737446AU8<br>LEI: JM1I5YUAURL6DC8N1468 | Long             | DBT              | CORP              | US        |    245000 | PA      | $249415.15    | 0.78%             | 2032-02-15      | Fixed         | 6.25%                 | No            | 2                  | On Loan: No      |
| VENTURE GLOBAL LNG INC                    | Venture Global LNG Inc                                          | CUSIP: 92332YAD3<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    300000 | PA      | $319305.30    | 1.00%             | 2032-02-01      | Fixed         | 9.88%                 | No            | 2                  | On Loan: No      |
| VICTORIA'S SECRET & CO                    | Victoria's Secret & Co                                          | CUSIP: 926400AA0<br>LEI: 5493006T3O70U3UWVF17 | Long             | DBT              | CORP              | US        |    250000 | PA      | $227072.13    | 0.71%             | 2029-07-15      | Fixed         | 4.62%                 | No            | 2                  | On Loan: No      |
| VIKING OCEAN CRUISES SHI                  | Viking Ocean Cruises Ship VII Ltd                               | CUSIP: 92682RAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | BM        |    250000 | PA      | $247236.28    | 0.78%             | 2029-02-15      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| VMED O2 UK FINANCING I                    | Vmed O2 UK Financing I PLC                                      | CUSIP: 92858RAD2<br>LEI: 213800MRR46ECNGZ7L69 | Long             | DBT              | CORP              | GB        |    250000 | PA      | $257742.75    | 0.81%             | 2032-04-15      | Fixed         | 7.75%                 | No            | 2                  | On Loan: No      |
| ASG FINANCE DESIGNATED                    | ASG Finance Designated Activity Co                              | CUSIP: 00217AAB2<br>LEI: 5493005UOB0OMEJ4WK10 | Long             | DBT              | CORP              | IE        |    250000 | PA      | $237879.38    | 0.75%             | 2029-05-15      | Fixed         | 9.75%                 | No            | 2                  | On Loan: No      |
| ANTARES HOLDINGS                          | Antares Holdings LP                                             | CUSIP: 03666HAH4<br>LEI: 5493008EAIGV4283RM42 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250002.32    | 0.79%             | 2029-10-23      | Fixed         | 6.35%                 | No            | 2                  | On Loan: No      |
| BOMBARDIER INC                            | Bombardier Inc                                                  | CUSIP: 097751CA7<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |    315000 | PA      | $338433.80    | 1.06%             | 2030-11-15      | Fixed         | 8.75%                 | No            | 2                  | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS                  | CHS/Community Health Systems Inc                                | CUSIP: 12543DBG4<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    270000 | PA      | $266086.22    | 0.84%             | 2027-03-15      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| CVR PARTNERS/CVR NITROGE                  | CVR Partners LP / CVR Nitrogen Finance Corp                     | CUSIP: 12663QAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $248768.18    | 0.78%             | 2028-06-15      | Fixed         | 6.12%                 | No            | 2                  | On Loan: No      |
| CALIFORNIA RESOURCES CRP                  | California Resources Corp                                       | CUSIP: 13057QAK3<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |    239000 | PA      | $239640.28    | 0.75%             | 2029-06-15      | Fixed         | 8.25%                 | No            | 2                  | On Loan: No      |
| CHEMOURS CO                               | Chemours Co/The                                                 | CUSIP: 163851AE8<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |    600000 | PA      | $587833.45    | 1.85%             | 2027-05-15      | Fixed         | 5.38%                 | No            | 2                  | On Loan: No      |
| CINC BELL TEL                             | Cincinnati Bell Telephone Co LLC                                | CUSIP: 171875AD9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    309000 | PA      | $292326.36    | 0.92%             | 2028-12-01      | Fixed         | 6.30%                 | No            | 2                  | On Loan: No      |
| CIVITAS RESOURCES INC                     | Civitas Resources Inc                                           | CUSIP: 17888HAB9<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    315000 | PA      | $308787.51    | 0.97%             | 2031-07-01      | Fixed         | 8.75%                 | No            | 2                  | On Loan: —       |
| CLEAR CHANNEL OUTDOOR HO                  | Clear Channel Outdoor Holdings Inc                              | CUSIP: 18453HAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    325000 | PA      | $340549.63    | 1.07%             | 2028-09-15      | Fixed         | 9.00%                 | No            | 2                  | On Loan: No      |
| CLEVELAND-CLIFFS INC                      | Cleveland-Cliffs Inc                                            | CUSIP: 185899AP6<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    250000 | PA      | $216008.08    | 0.68%             | 2032-03-15      | Fixed         | 7.00%                 | No            | 2                  | On Loan: —       |
| COMPASS MINERALS INTERNA                  | Compass Minerals International Inc                              | CUSIP: 20451NAG6<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |    581000 | PA      | $581347.06    | 1.83%             | 2027-12-01      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| CORNERSTONE BUILDING                      | Cornerstone Building Brands Inc                                 | CUSIP: 21925DAB5<br>LEI: 549300IW41QEWQ6T0H29 | Long             | DBT              | CORP              | US        |    250000 | PA      | $222359.93    | 0.70%             | 2029-08-15      | Fixed         | 9.50%                 | No            | 2                  | On Loan: No      |
| DAVITA INC                                | DaVita Inc                                                      | CUSIP: 23918KAW8<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    240000 | PA      | $243861.36    | 0.77%             | 2032-09-01      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| DIRECTV FINANCING LLC                     | Directv Financing LLC                                           | CUSIP: 25461LAB8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $246523.35    | 0.78%             | 2030-02-01      | Fixed         | 8.88%                 | No            | 2                  | On Loan: No      |
| FIRST QUANTUM MINERALS L                  | First Quantum Minerals Ltd                                      | CUSIP: 335934AV7<br>LEI: 549300I7UVBGWRYMYZ18 | Long             | DBT              | CORP              | CA        |    200000 | PA      | $210526.60    | 0.66%             | 2029-03-01      | Fixed         | 9.38%                 | No            | 2                  | On Loan: No      |
| FREEDOM MORTGAGE CORP                     | Freedom Mortgage Corp                                           | CUSIP: 35640YAK3<br>LEI: 549300LYRWPSYPK6S325 | Long             | DBT              | CORP              | US        |    246000 | PA      | $264096.86    | 0.83%             | 2028-10-01      | Fixed         | 12.00%                | No            | 2                  | On Loan: No      |
| GEO GROUP INC/THE                         | GEO Group Inc/The                                               | CUSIP: 36162JAG1<br>LEI: 54930024XOXET7NQVZ63 | Long             | DBT              | CORP              | US        |    250000 | PA      | $264075.30    | 0.83%             | 2029-04-15      | Fixed         | 8.62%                 | No            | 2                  | On Loan: No      |
| GARDA WORLD SECURITY                      | Garda World Security Corp                                       | CUSIP: 36485MAM1<br>LEI: 549300ZF1NDXLMCHNO20 | Long             | DBT              | CORP              | CA        |    325000 | PA      | $335878.54    | 1.06%             | 2028-02-15      | Fixed         | 7.75%                 | No            | 2                  | On Loan: No      |
| GARRETT MOTION HLD/SARL                   | Garrett Motion Holdings Inc / Garrett LX I Sarl                 | CUSIP: 366504AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $255345.88    | 0.80%             | 2032-05-31      | Fixed         | 7.75%                 | No            | 2                  | On Loan: No      |
| GENESIS ENERGY LP/FIN                     | Genesis Energy LP / Genesis Energy Finance Corp                 | CUSIP: 37185LAN2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    325000 | PA      | $341542.83    | 1.07%             | 2030-04-15      | Fixed         | 8.88%                 | No            | 2                  | On Loan: —       |
| GLOBAL AIR LEASE CO LTD                   | Global Aircraft Leasing Co Ltd                                  | CUSIP: 37960JAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    250000 | PA      | $253121.30    | 0.80%             | 2027-09-01      | Fixed         | 8.75%                 | No            | 2                  | On Loan: No      |
| GOODYEAR TIRE & RUBBER                    | Goodyear Tire & Rubber Co/The                                   | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |    250000 | PA      | $239718.73    | 0.75%             | 2029-07-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: —       |
| GRAY MEDIA INC                            | Gray Media Inc                                                  | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    239000 | PA      | $254394.97    | 0.80%             | 2029-07-15      | Fixed         | 10.50%                | No            | 2                  | On Loan: —       |
| HERBALIFE/HLF FINANCING                   | Herbalife Nutrition Ltd / HLF Financing Inc                     | CUSIP: 42704MAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    196000 | PA      | $196413.27    | 0.62%             | 2025-09-01      | Fixed         | 7.88%                 | No            | 2                  | On Loan: —       |
| HIGHTOWER HOLDING LLC                     | Hightower Holding LLC                                           | CUSIP: 43118DAB6<br>LEI: 254900MKOSB7RTMA9K12 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260440.29    | 0.82%             | 2030-01-31      | Fixed         | 9.12%                 | No            | 2                  | On Loan: No      |
| FLAGSTAR FINANCIAL INC                    | Flagstar Financial Inc                                          | CUSIP: 649445AC7<br>LEI: 529900HVXOTLY61GL030 | Long             | DBT              | CORP              | US        |    543000 | PA      | $514817.37    | 1.62%             | 2028-11-06      | Variable      | 7.30%                 | No            | 2                  | On Loan: No      |
| DOMTAR CORP                               | Domtar Corp                                                     | CUSIP: 70478JAA2<br>LEI: XYSIJOU3HNVROZWNA008 | Long             | DBT              | CORP              | US        |    270000 | PA      | $237451.38    | 0.75%             | 2028-10-01      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| CLOUD SOFTWARE GRP INC                    | Cloud Software Group Inc                                        | CUSIP: 88632QAE3<br>LEI: 04EEB871XLHVNY4RZJ65 | Long             | DBT              | CORP              | US        |    533000 | PA      | $532818.83    | 1.68%             | 2029-03-31      | Fixed         | 6.50%                 | No            | 2                  | On Loan: No      |
| ENCINO ACQUISITION PARTN                  | Encino Acquisition Partners Holdings LLC                        | CUSIP: 29254BAA5<br>LEI: 549300BUKUEKT2UE4T49 | Long             | DBT              | CORP              | US        |    500000 | PA      | $512497.50    | 1.61%             | 2028-05-01      | Fixed         | 8.50%                 | No            | 2                  | On Loan: No      |
| FERRELLGAS LP/FERRELLGAS                  | Ferrellgas LP / Ferrellgas Finance Corp                         | CUSIP: 315289AC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $226512.64    | 0.71%             | 2029-04-01      | Fixed         | 5.88%                 | No            | 2                  | On Loan: No      |
| F/M High Yield 100 ETF                    | F/M High Yield 100 ETF                                          | CUSIP: 74933W197<br>LEI: 529900T1M8HKCKKG6H81 | Long             | EC               | RF                | US        |     29750 | NS      | $1536075.80   | 4.83%             |  |  |  | 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        |     40330 | NS      | $2021742.90   | 6.36%             |  |  |  | No            | 1                  | On Loan: No      |
| ACRISURE LLC / FIN INC                    | Acrisure LLC / Acrisure Finance Inc                             | CUSIP: 00489LAK9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $258712.00    | 0.81%             | 2029-02-01      | Fixed         | 8.25%                 | No            | 2                  | On Loan: No      |
| ADAPTHEALTH LLC                           | AdaptHealth LLC                                                 | CUSIP: 00653VAC5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    275000 | PA      | $254189.05    | 0.80%             | 2029-08-01      | Fixed         | 4.62%                 | No            | 2                  | On Loan: No      |
| ALLEGIANT TRAVEL CO                       | Allegiant Travel Co                                             | CUSIP: 01748XAD4<br>LEI: 549300JM9OZXOHWL2K18 | Long             | DBT              | CORP              | US        |    250000 | PA      | $247123.95    | 0.78%             | 2027-08-15      | Fixed         | 7.25%                 | No            | 2                  | On Loan: No      |
| ALLIANT HOLD / CO-ISSUER                  | Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer  | CUSIP: 01883LAF0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    325000 | PA      | $332622.55    | 1.05%             | 2031-01-15      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| HILCORP ENERGY I/HILCORP                  | Hilcorp Energy I LP / Hilcorp Finance Co                        | CUSIP: 431318BC7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    325000 | PA      | $323689.73    | 1.02%             | 2033-11-01      | Fixed         | 8.38%                 | No            | 2                  | On Loan: No      |
| HUB INTERNATIONAL LTD                     | HUB International Ltd                                           | CUSIP: 44332PAG6<br>LEI: 549300JQT6ATTUNS5E06 | Long             | DBT              | CORP              | US        |    250000 | PA      | $248161.50    | 0.78%             | 2029-12-01      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| ICAHN ENTERPRISES/FIN                     | Icahn Enterprises LP / Icahn Enterprises Finance Corp           | CUSIP: 451102CF2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $242318.03    | 0.76%             | 2029-01-15      | Fixed         | 9.75%                 | No            | 2                  | On Loan: No      |
| JANE STREET GRP/JSG FIN                   | Jane Street Group / JSG Finance Inc                             | CUSIP: 47077WAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $261382.58    | 0.82%             | 2031-04-30      | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| JEFFERIES FIN LLC / JFIN                  | Jefferies Finance LLC / JFIN Co-Issuer Corp                     | CUSIP: 47232MAF9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $237040.43    | 0.75%             | 2028-08-15      | Fixed         | 5.00%                 | No            | 2                  | On Loan: No      |
| JETBLUE AIRWAYS/LOYALTY                   | JetBlue Airways Corp / JetBlue Loyalty LP                       | CUSIP: 476920AA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    230000 | PA      | $227361.42    | 0.71%             | 2031-09-20      | Fixed         | 9.88%                 | No            | 2                  | On Loan: —       |
| LAND O LAKES CAP TRST I                   | Land O'Lakes Capital Trust I                                    | CUSIP: 514665AA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    500000 | PA      | $497200.15    | 1.56%             | 2028-03-15      | Fixed         | 7.45%                 | No            | 2                  | On Loan: —       |
| LEVEL 3 FINANCING INC                     | Level 3 Financing Inc                                           | CUSIP: 527298BV4<br>LEI: 254900AE5FEFIJOXWL19 | Long             | DBT              | CORP              | US        |    300000 | PA      | $340673.47    | 1.07%             | 2029-11-15      | Fixed         | 11.00%                | No            | 2                  | On Loan: No      |
| LIFEPOINT HEALTH INC                      | LifePoint Health Inc                                            | CUSIP: 53219LAW9<br>LEI: 549300G8ZVHRTBBBSZ90 | Long             | DBT              | CORP              | US        |    310000 | PA      | $341048.05    | 1.07%             | 2030-10-15      | Fixed         | 11.00%                | No            | 2                  | On Loan: No      |
| MANITOWOC COMPANY INC                     | Manitowoc Co Inc/The                                            | CUSIP: 563571AN8<br>LEI: 2RTSLGQ89VMY18RHX631 | Long             | DBT              | CORP              | US        |    250000 | PA      | $260812.42    | 0.82%             | 2031-10-01      | Fixed         | 9.25%                 | No            | 2                  | On Loan: No      |
| MCGRAW-HILL EDUCATION                     | McGraw-Hill Education Inc                                       | CUSIP: 57767XAA8<br>LEI: 254900U6YJ9QZ4IQOR26 | Long             | DBT              | CORP              | US        |    200000 | PA      | $197669.60    | 0.62%             | 2028-08-01      | Fixed         | 5.75%                 | No            | 2                  | On Loan: No      |
| MCAFEE CORP                               | McAfee Corp                                                     | CUSIP: 579063AB4<br>LEI: 2549009UKR8UEZYVCR93 | Long             | DBT              | CORP              | US        |    265000 | PA      | $245504.46    | 0.77%             | 2030-02-15      | Fixed         | 7.38%                 | No            | 2                  | On Loan: —       |
| MELCO RESORTS FINANCE                     | Melco Resorts Finance Ltd                                       | CUSIP: 58547DAH2<br>LEI: 5493000FQDBWKDBZEF60 | Long             | DBT              | CORP              | KY        |    335000 | PA      | $332764.98    | 1.05%             | 2032-04-17      | Fixed         | 7.62%                 | No            | 2                  | On Loan: No      |
| MERCER INTL INC                           | Mercer International Inc                                        | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    690000 | PA      | $549165.89    | 1.73%             | 2029-02-01      | Fixed         | 5.12%                 | No            | 2                  | On Loan: —       |
| MINERAL RESOURCES LTD                     | Mineral Resources Ltd                                           | CUSIP: 603051AE3<br>LEI: 5299007V1ACKFFX2P066 | Long             | DBT              | CORP              | AU        |    325000 | PA      | $331634.34    | 1.04%             | 2028-10-01      | Fixed         | 9.25%                 | No            | 2                  | On Loan: No      |
| NAVIENT CORP                              | Navient Corp                                                    | CUSIP: 63938CAP3<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |    300000 | PA      | $340081.80    | 1.07%             | 2031-03-15      | Fixed         | 11.50%                | No            | 2                  | On Loan: No      |
| RITHM CAPITAL CORP                        | Rithm Capital Corp                                              | CUSIP: 64828TAB8<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |    250000 | PA      | $250826.75    | 0.79%             | 2029-04-01      | Fixed         | 8.00%                 | No            | 2                  | On Loan: No      |
| NEWELL BRANDS INC                         | Newell Brands Inc                                               | CUSIP: 651229AY2<br>LEI: 549300LWGYFM1TVO1Z12 | Long             | DBT              | CORP              | US        |    375000 | PA      | $305054.17    | 0.96%             | 2046-04-01      | Fixed         | 7.00%                 | No            | 2                  | On Loan: No      |
| ORGANON & CO/ORGANON FOR                  | Organon & Co / Organon Foreign Debt Co-Issuer BV                | CUSIP: 68622FAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    340000 | PA      | $316208.60    | 0.99%             | 2034-05-15      | Fixed         | 6.75%                 | No            | 2                  | On Loan: No      |
| PANTHER ESCROW ISSUER                     | Panther Escrow Issuer LLC                                       | CUSIP: 69867RAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    325000 | PA      | $336208.08    | 1.06%             | 2031-06-01      | Fixed         | 7.12%                 | No            | 2                  | On Loan: No      |
| PRIME HEALTHCARE SERVICE                  | Prime Healthcare Services Inc                                   | CUSIP: 74165HAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $254132.89    | 0.80%             | 2029-09-01      | Fixed         | 9.38%                 | No            | 2                  | On Loan: —       |
| PROG HOLDINGS INC                         | PROG Holdings Inc                                               | CUSIP: 74319RAA9<br>LEI: 549300DHYTLBOVRXIG52 | Long             | DBT              | CORP              | US        |    250000 | PA      | $237617.33    | 0.75%             | 2029-11-15      | Fixed         | 6.00%                 | No            | 2                  | On Loan: No      |
| US Treasury 3 Month Bill ETF              | US Treasury 3 Month Bill ETF                                    | CUSIP: 74933W452<br>LEI: 549300KRKRLYQRNPKC82 | Long             | EC               | RF                | US        |     44015 | NS      | $2201190.15   | 6.92%             |  |  |  | No            | 1                  | On Loan: No      |
| RAKUTEN GROUP INC                         | Rakuten Group Inc                                               | CUSIP: 75102WAG3<br>LEI: 529900IMXUCQKUL1H943 | Long             | DBT              | CORP              | JP        |    500000 | PA      | $539979.06    | 1.70%             | 2027-02-15      | Fixed         | 11.25%                | No            | 2                  | On Loan: No      |
| RESORTS WORLD/RWLV CAP                    | Resorts World Las Vegas LLC / RWLV Capital Inc                  | CUSIP: 76120HAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $263157.96    | 0.83%             | 2029-04-16      | Fixed         | 4.62%                 | No            | 2                  | On Loan: No      |
| ROCKETMTGE CO-ISSUER INC                  | Rocket Mortgage LLC / Rocket Mortgage Co-Issuer Inc             | CUSIP: 77313LAB9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    300000 | PA      | $259394.90    | 0.82%             | 2033-10-15      | Fixed         | 4.00%                 | No            | 2                  | On Loan: —       |
| ROYAL CARIBBEAN CRUISES                   | Royal Caribbean Cruises Ltd                                     | CUSIP: 780153AG7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    250000 | PA      | $264036.25    | 0.83%             | 2027-10-15      | Fixed         | 7.50%                 | No            | 2                  | On Loan: No      |
| SERVICE PROPERTIES TRUST                  | Service Properties Trust                                        | CUSIP: 81761LAE2<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    350000 | PA      | $348750.10    | 1.10%             | 2032-06-15      | Fixed         | 8.88%                 | No            | 2                  | On Loan: No      |
| Invesco Treasury Portfolio                | Invesco Treasury Portfolio                                      | CUSIP: 825252406<br>LEI: 5493004B3TM8ZIDDDC39 | Long             | STIV             | RF                | US        |      2589 | NS      | $2588.57      | 0.01%             |  |  |  | No            | 1                  | On Loan: No      |
| SIRIUS XM RADIO LLC                       | Sirius XM Radio LLC                                             | CUSIP: 82967NBC1<br>LEI: WP5O65E6BMU84LNO4227 | Long             | DBT              | CORP              | US        |    250000 | PA      | $246104.75    | 0.77%             | 2029-07-01      | Fixed         | 5.50%                 | No            | 2                  | On Loan: No      |
| SUMMIT MIDSTREAM HOLDING                  | Summit Midstream Holdings LLC                                   | CUSIP: 86614JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $250766.25    | 0.79%             | 2029-10-31      | Fixed         | 8.62%                 | No            | 2                  | On Loan: No      |
| SUNCOKE ENERGY INC                        | SunCoke Energy Inc                                              | CUSIP: 86722AAD5<br>LEI: 1KF1J2NXQE2PI0QOB943 | Long             | DBT              | CORP              | US        |    250000 | PA      | $229951.34    | 0.72%             | 2029-06-30      | Fixed         | 4.88%                 | No            | 2                  | On Loan: No      |
| TALLGRASS NRG PRTNR/FIN                   | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp    | CUSIP: 87470LAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    250000 | PA      | $254489.52    | 0.80%             | 2029-02-15      | Fixed         | 7.38%                 | No            | 2                  | On Loan: No      |
| TASEKO MINES LTD                          | Taseko Mines Ltd                                                | CUSIP: 876511AG1<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    240000 | PA      | $246318.00    | 0.77%             | 2030-05-01      | Fixed         | 8.25%                 | No            | 2                  | On Loan: No      |
| TRANSOCEAN INC                            | Transocean Inc                                                  | CUSIP: 893830BX6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    200000 | PA      | $203014.40    | 0.64%             | 2030-02-15      | Fixed         | 8.75%                 | No            | 2                  | On Loan: No      |
| UNISYS CORP                               | Unisys Corp                                                     | CUSIP: 909214BV9<br>LEI: 549300T21W22FIJJOW08 | Long             | DBT              | CORP              | US        |    280000 | PA      | $278997.07    | 0.88%             | 2027-11-01      | Fixed         | 6.88%                 | No            | 2                  | On Loan: No      |
| UNITED AIRLINES INC                       | United Airlines Inc                                             | CUSIP: 90932LAH0<br>LEI: K1OQBWM7XEOO08LDNP29 | Long             | DBT              | CORP              | US        |    350000 | PA      | $332654.98    | 1.05%             | 2029-04-15      | Fixed         | 4.62%                 | No            | 2                  | On Loan: No      |
| UNITI GROUP/CSL CAPITAL                   | Uniti Group LP / Uniti Group Finance 2019 Inc / CSL Capital LLC | CUSIP: 91327TAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    240000 | PA      | $254759.04    | 0.80%             | 2028-02-15      | Fixed         | 10.50%                | No            | 2                  | On Loan: No      |
| UNIVISION COMMUNICATIONS                  | Univision Communications Inc                                    | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200209.20    | 0.63%             | 2027-06-01      | Fixed         | 6.62%                 | No            | 2                  | On Loan: No      |
| WALGREENS BOOTS ALLIANCE                  | Walgreens Boots Alliance Inc                                    | CUSIP: 931427AW8<br>LEI: 549300RPTUOIXG4LIH86 | Long             | DBT              | CORP              | US        |    310000 | PA      | $324675.40    | 1.02%             | 2029-08-15      | Fixed         | 8.12%                 | No            | 2                  | On Loan: —       |
| WYNN MACAU LTD                            | Wynn Macau Ltd                                                  | CUSIP: 98313RAH9<br>LEI: 254900NMDQ8ENTHU1I31 | Long             | DBT              | CORP              | KY        |    350000 | PA      | $337649.41    | 1.06%             | 2028-08-26      | Fixed         | 5.62%                 | No            | 2                  | On Loan: No      |
| Mount Vernon Liquid Assets Portfolio, LLC | Mount Vernon Liquid Assets Portfolio, LLC                       | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | PF                | US        |   3064026 | NS      | $3064025.88   | 9.63%             |  |  |  | No            | N/A                | 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