# EDGAR Filing Document

**Accession Number:** 0001618627
**File Stem:** 0000894189-25-013131
**Filing Date:** 2025-10
**Character Count:** 41508
**Document Hash:** 80eb8247cc898e8db06821d54b002d70
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-25-013131.hdr.sgml**: 20251030

**ACCESSION NUMBER**: 0000894189-25-013131

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 1

**CONFORMED PERIOD OF REPORT**: 20250831

**FILED AS OF DATE**: 20251030

**DATE AS OF CHANGE**: 20251030

**PERIOD START**: 20250831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RBB Fund Trust
- **CENTRAL INDEX KEY:** 0001618627

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23011
- **FILM NUMBER:** 251434552

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

**MAIL ADDRESS:**
- **STREET 1:** 615 EAST MICHIGAN STREET
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PENN Capital Funds Trust
- **DATE OF NAME CHANGE:** 20140904

## Series and Classes Contracts Data

### Penn Capital Short Duration High Income Fund (Series ID: S000058052)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000190040 | Institutional Class | PSHNX           |

## 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 Trust

- **b. Investment Company Act file number:** 811-23011

- **c. CIK number of Registrant:** 0001618627

- **d. LEI of Registrant:** 549300LEC95RYURPL757

- **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:** Penn Capital Short Duration High Income Fund

- **b. EDGAR series identifier (if any):** S000058052

- **c. LEI of Series:** 54930083GO3WU6OB0I86

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

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

- **b. Date as of which information is reported:** 2025-08-31

**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:** $17959422.96

**Total Liabilities:** $134030.55

**Net Assets:** $17825392.41

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.000000000000 | **1-Year:** 14.351688000000 | **5-Year:** 0.442956000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 1319.192060000000 | **1-Year:** 772.197819000000 | **5-Year:** 164.414613000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000190040 | 1.32%                | 0.38%                | 0.80%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $6766.07                 | $138464.05                                 |
| Month 2  | $11104.27                | $-45041.08                                 |
| Month 3  | $11143.19                | $44306.32                                  |

**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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| ACADIA HEALTHCARE CO INC | Acadia Healthcare Co Inc                                                       | CUSIP: 00404AAN9<br>LEI: 5493005CW985Y9D0NC11 | Long             | DBT              | CORP              | US        |    465000 | PA      | $462655.10    | 2.60%             | 2028-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE | Ashton Woods USA LLC / Ashton Woods Finance Co                                 | CUSIP: 045086AM7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    190000 | PA      | $182147.69    | 1.02%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AXON ENTERPRISE INC      | Axon Enterprise Inc                                                            | CUSIP: 05464CAC5<br>LEI: 549300QP2IEEGFE16681 | Long             | DBT              | CORP              | US        |     90000 | PA      | $92467.89     | 0.52%             | 2030-03-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BLOOMIN' BRANDS INC/OSI  | Bloomin' Brands Inc / OSI Restaurant Partners LLC                              | CUSIP: 094234AA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    215000 | PA      | $186857.38    | 1.05%             | 2029-04-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP   | CCO Holdings LLC / CCO Holdings Capital Corp                                   | CUSIP: 1248EPBX0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    460000 | PA      | $456253.53    | 2.56%             | 2028-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WESCO DISTRIBUTION INC   | WESCO Distribution Inc                                                         | CUSIP: 95081QAP9<br>LEI: 549300I2CEZJG9N4AH67 | Long             | DBT              | CORP              | US        |    225000 | PA      | $228482.33    | 1.28%             | 2028-06-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| DCLI BIDCO LLC           | Dcli Bidco LLC                                                                 | CUSIP: 233104AA6<br>LEI: 2549007UUVJTHHNK9T70 | Long             | DBT              | CORP              | US        |     80000 | PA      | $81971.12     | 0.46%             | 2029-11-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DIRECTV FIN LLC/COINC    | Directv Financing LLC / Directv Financing Co-Obligor Inc                       | CUSIP: 25461LAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    290000 | PA      | $288549.78    | 1.62%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| EXCELERATE ENERGY LP     | Excelerate Energy LP                                                           | CUSIP: 30069UAA6<br>LEI: LGL4IE90TNTFYJ55BK06 | Long             | DBT              | CORP              | US        |    125000 | PA      | $133110.88    | 0.75%             | 2030-05-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| GGAM FINANCE LTD         | GGAM Finance Ltd                                                               | CUSIP: 36170JAC0<br>LEI: 254900X2QXEN0FVXRF65 | Long             | DBT              | CORP              | KY        |    175000 | PA      | $179497.15    | 1.01%             | 2027-02-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NEWMARK GROUP INC        | Newmark Group Inc                                                              | CUSIP: 65158NAD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    175000 | PA      | $187115.43    | 1.05%             | 2029-01-12      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| PRA GROUP INC            | PRA Group Inc                                                                  | CUSIP: 69354NAE6<br>LEI: 549300Q5HW3JSSB86K27 | Long             | DBT              | CORP              | US        |    325000 | PA      | $334780.88    | 1.88%             | 2028-02-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| POPULAR INC              | Popular Inc                                                                    | CUSIP: 733174AL0<br>LEI: 5493008CARDZMVQ3LO89 | Long             | DBT              | CORP              | PR        |    185000 | PA      | $195271.76    | 1.10%             | 2028-03-13      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| VENTURE GLOBAL LNG INC   | Venture Global LNG Inc                                                         | CUSIP: 92332YAA9<br>LEI: 54930011XLBUWMQUC829 | Long             | DBT              | CORP              | US        |    200000 | PA      | $207240.60    | 1.16%             | 2028-06-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| EMBECTA CORP             | Embecta Corp                                                                   | CUSIP: 29082KAA3<br>LEI: 549300RPG8GXVDHNXZ62 | Long             | DBT              | CORP              | US        |    192000 | PA      | $179920.55    | 1.01%             | 2030-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAPTHEALTH LLC          | AdaptHealth LLC                                                                | CUSIP: 00653VAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    323000 | PA      | $321683.94    | 1.80%             | 2028-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC    | American Airlines Inc                                                          | CUSIP: 023771T32<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    405000 | PA      | $415502.46    | 2.33%             | 2028-02-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| ARIS WATER HOLDINGS LLC  | Aris Water Holdings LLC                                                        | CUSIP: 04041NAA0<br>LEI: 5493007AWQW8ZKCHVV46 | Long             | DBT              | CORP              | US        |    125000 | PA      | $131890.63    | 0.74%             | 2030-04-01      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| BELO CORP                | Belo Corp                                                                      | CUSIP: 080555AE5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $51875.50     | 0.29%             | 2027-06-01      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| DIEBOLD NIXDORF INC      | Diebold Nixdorf Inc                                                            | CUSIP: 253651AK9<br>LEI: 549300XZK6EWDBAZSY16 | Long             | DBT              | CORP              | US        |     55000 | PA      | $58189.07     | 0.33%             | 2030-03-31      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC   | Energizer Holdings Inc                                                         | CUSIP: 29272WAF6<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |    270000 | PA      | $272357.10    | 1.53%             | 2027-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS  | Frontier Communications Holdings LLC                                           | CUSIP: 35906ABE7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    295000 | PA      | $294915.78    | 1.65%             | 2027-10-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| GRAY MEDIA INC           | Gray Media Inc                                                                 | CUSIP: 389375AM8<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    170000 | PA      | $185036.67    | 1.04%             | 2029-07-15      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| GULFPORT ENERGY OP CORP  | Gulfport Energy Operating Corp                                                 | CUSIP: 402635AT3<br>LEI: 549300FJX18IDUFPHD40 | Long             | DBT              | CORP              | US        |     85000 | PA      | $86960.78     | 0.49%             | 2029-09-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| HILCORP ENERGY I/HILCORP | Hilcorp Energy I LP / Hilcorp Finance Co                                       | CUSIP: 431318AS3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $185972.36    | 1.04%             | 2028-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| LINDBLAD EXPEDITIONS LLC | Lindblad Expeditions LLC                                                       | CUSIP: 53523LAB6<br>LEI: 549300MPUWOG67Y2R254 | Long             | DBT              | CORP              | US        |     95000 | PA      | $97289.58     | 0.55%             | 2030-09-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC          | Mercer International Inc                                                       | CUSIP: 588056BC4<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |    125000 | PA      | $121436.81    | 0.68%             | 2028-10-01      | Fixed         | 12.88%                | No            |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC  | Stagwell Global LLC                                                            | CUSIP: 59565JAA9<br>LEI: 984500904E015Z0C1F82 | Long             | DBT              | CORP              | US        |    120000 | PA      | $115741.62    | 0.65%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL & GAS INC   | Northern Oil & Gas Inc                                                         | CUSIP: 665531AG4<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |    200000 | PA      | $201508.40    | 1.13%             | 2028-03-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC          | Gen Digital Inc                                                                | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |    120000 | PA      | $122136.72    | 0.69%             | 2027-09-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP     | OneMain Finance Corp                                                           | CUSIP: 682691AL4<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91401.88     | 0.51%             | 2030-05-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PERFORMANCE FOOD GROUP I | Performance Food Group Inc                                                     | CUSIP: 69346VAA7<br>LEI: 549300OMUOGBYK0FFO76 | Long             | DBT              | CORP              | US        |     95000 | PA      | $94870.87     | 0.53%             | 2027-10-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| PARK-OHIO INDUSTRIES INC | Park-Ohio Industries Inc                                                       | CUSIP: 700677AS6<br>LEI: 5493006LQUO5SLMNYM18 | Long             | DBT              | CORP              | US        |    130000 | PA      | $132199.60    | 0.74%             | 2030-08-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PATRICK INDUSTRIES INC   | Patrick Industries Inc                                                         | CUSIP: 703343AD5<br>LEI: 549300FZ5ZTCCJ3Z5W14 | Long             | DBT              | CORP              | US        |     90000 | PA      | $88282.43     | 0.50%             | 2029-05-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| SEAWORLD PARKS & ENTERTA | SeaWorld Parks & Entertainment Inc                                             | CUSIP: 81282UAG7<br>LEI: 549300UZV72O3371JJ53 | Long             | DBT              | CORP              | US        |     95000 | PA      | $93244.52     | 0.52%             | 2029-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP     | OneMain Finance Corp                                                           | CUSIP: 85172FAN9<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    100000 | PA      | $101101.80    | 0.57%             | 2026-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP     | OneMain Finance Corp                                                           | CUSIP: 85172FAQ2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |    335000 | PA      | $343467.13    | 1.93%             | 2028-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| TITAN INTERNATIONAL INC  | Titan International Inc                                                        | CUSIP: 88830MAM4<br>LEI: 254900CXRGBE7C4B5A06 | Long             | DBT              | CORP              | US        |    175000 | PA      | $175348.60    | 0.98%             | 2028-04-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN | USA Compression Partners LP / USA Compression Finance Corp                     | CUSIP: 91740PAF5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    224000 | PA      | $224047.71    | 1.26%             | 2027-09-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| WABASH NATIONAL CORP     | Wabash National Corp                                                           | CUSIP: 929566AL1<br>LEI: 5299004ZAWHQZI5XO485 | Long             | DBT              | CORP              | US        |    179000 | PA      | $164282.39    | 0.92%             | 2028-10-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA | Weatherford International Ltd                                                  | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |     80000 | PA      | $81992.64     | 0.46%             | 2030-04-30      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| WESTERN DIGITAL CORP     | Western Digital Corp                                                           | CUSIP: 958102AM7<br>LEI: 549300QQXOOYEF89IC56 | Long             | DBT              | CORP              | US        |    100000 | PA      | $99765.48     | 0.56%             | 2026-02-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CLEVELAND-CLIFFS INC     | Cleveland-Cliffs Inc                                                           | CUSIP: 185899AQ4<br>LEI: 549300TM2WLI2BJMDD86 | Long             | DBT              | CORP              | US        |    195000 | PA      | $198049.61    | 1.11%             | 2029-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| NCL CORPORATION LTD      | NCL Corp Ltd                                                                   | CUSIP: 62886HBN0<br>LEI: UNZWILHE4KMRP9K2L524 | Long             | DBT              | CORP              | BM        |    210000 | PA      | $220835.79    | 1.24%             | 2029-01-15      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| NCR ATLEOS LLC           | NCR Atleos Corp                                                                | CUSIP: 638962AA8<br>LEI: 9845005FC3S0VA714741 | Long             | DBT              | CORP              | US        |    155000 | PA      | $168069.91    | 0.94%             | 2029-04-01      | Fixed         | 9.50%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO             | SM Energy Co                                                                   | CUSIP: 78454LAN0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |    190000 | PA      | $189657.39    | 1.06%             | 2026-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| WAYFAIR LLC              | Wayfair LLC                                                                    | CUSIP: 94419NAA5<br>LEI: 549300CTUWTZGOXMYI40 | Long             | DBT              | CORP              | US        |    225000 | PA      | $229416.53    | 1.29%             | 2029-10-31      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| RHP HOTEL PPTY/RHP FINAN | RHP Hotel Properties LP / RHP Finance Corp                                     | CUSIP: 749571AJ4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    165000 | PA      | $169825.10    | 0.95%             | 2028-07-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| US BANK MMDA - USBFS 2   | US BANK MMDA - USBFS 2                                                         | CUSIP: N/A<br>LEI: N/A                        | Long             | STIV             | RF                | US        |    668776 | NS      | $668775.80    | 3.75%             |  |  |  | No            |                  1 | On Loan: No      |
| AHP HEALTH PARTN         | AHP Health Partners Inc                                                        | CUSIP: 00150LAB7<br>LEI: 549300QMM8MQ6SM5KX05 | Long             | DBT              | CORP              | US        |     90000 | PA      | $89364.56     | 0.50%             | 2029-07-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ACADEMY LTD              | Academy Ltd                                                                    | CUSIP: 00401YAA8<br>LEI: 549300BN53IR80C35Z14 | Long             | DBT              | CORP              | US        |    215000 | PA      | $215225.54    | 1.21%             | 2027-11-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC LLC/INC | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower Inc      | CUSIP: 43284MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    215000 | PA      | $207943.85    | 1.17%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KEHE DIST/FIN / NEXTWAVE | KeHE Distributors LLC / KeHE Finance Corp / NextWave Distribution Inc          | CUSIP: 487526AC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    200000 | PA      | $210543.80    | 1.18%             | 2029-02-15      | Fixed         | 9.00%                 | No            |                  2 | On Loan: No      |
| RAISING CANE'S RESTAURAN | Raising Cane's Restaurants LLC                                                 | CUSIP: 75103AAA3<br>LEI: 254900V6ADXFWHYOED66 | Long             | DBT              | CORP              | US        |    165000 | PA      | $173928.48    | 0.98%             | 2029-05-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP              | Vistra Operations Co LLC                                                       | CUSIP: 92840VAA0<br>LEI: 549300ZH5GKBTJZ7NM23 | Long             | DBT              | CORP              | US        |    134000 | PA      | $133804.20    | 0.75%             | 2026-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ADIENT GLOBAL HOLDINGS   | Adient Global Holdings Ltd                                                     | CUSIP: 00687YAB1<br>LEI: 213800VA38VCKE6M8790 | Long             | DBT              | CORP              | JE        |    105000 | PA      | $107988.20    | 0.61%             | 2028-04-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BEAZER HOMES USA         | Beazer Homes USA Inc                                                           | CUSIP: 07556QBT1<br>LEI: 549300DUPYT2T0F60I45 | Long             | DBT              | CORP              | US        |    175000 | PA      | $176811.60    | 0.99%             | 2029-10-15      | Fixed         | 7.25%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC    | Civitas Resources Inc                                                          | CUSIP: 097793AE3<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |     40000 | PA      | $39889.68     | 0.22%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ACADIAN ASSET MANAGEMENT | Acadian Asset Management Inc                                                   | CUSIP: 10948WAA1<br>LEI: 5493004FTLQNQTBOP608 | Long             | DBT              | CORP              | US        |    305000 | PA      | $301005.66    | 1.69%             | 2026-07-27      | Fixed         | 4.80%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP | California Resources Corp                                                      | CUSIP: 13057QAH0<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |    210000 | PA      | $209307.59    | 1.17%             | 2026-02-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA RESOURCES CRP | California Resources Corp                                                      | CUSIP: 13057QAK3<br>LEI: 5493003Q8F0T4F4YMR48 | Long             | DBT              | CORP              | US        |    215000 | PA      | $222132.84    | 1.25%             | 2029-06-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| PERMIAN RESOURC OPTG LLC | Permian Resources Operating LLC                                                | CUSIP: 27034RAA1<br>LEI: 5493004CTVUMQLRPOE23 | Long             | DBT              | CORP              | US        |    125000 | PA      | $127334.88    | 0.71%             | 2027-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| NEXSTAR MEDIA INC        | Nexstar Media Inc                                                              | CUSIP: 65343HAA9<br>LEI: 5493006PK6I4I2OOT688 | Long             | DBT              | CORP              | US        |    350000 | PA      | $349620.57    | 1.96%             | 2027-07-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP     | OneMain Finance Corp                                                           | CUSIP: 682691AE0<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     90000 | PA      | $95218.38     | 0.53%             | 2030-03-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| PIKE CORP                | Pike Corp                                                                      | CUSIP: 721283AA7<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |    325000 | PA      | $325094.25    | 1.82%             | 2028-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| TEGNA INC                | TEGNA Inc                                                                      | CUSIP: 87901JAJ4<br>LEI: 549300YC5EDBGX85AO10 | Long             | DBT              | CORP              | US        |    165000 | PA      | $163632.53    | 0.92%             | 2028-03-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN AQUILA LTD    | Transocean Aquila Ltd                                                          | CUSIP: 893790AA3<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    106000 | PA      | $108840.16    | 0.61%             | 2028-09-30      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| AMC NETWORKS INC         | AMC Networks Inc                                                               | CUSIP: 00164VAG8<br>LEI: 549300VGG9K75226LR46 | Long             | DBT              | CORP              | US        |    190000 | PA      | $197771.00    | 1.11%             | 2029-01-15      | Fixed         | 10.25%                | No            |                  2 | On Loan: No      |
| ALBERTSONS COS/SAFEWAY   | Albertsons Cos Inc / Safeway Inc / New Albertsons LP / Albertsons LLC          | CUSIP: 013092AB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $84973.87     | 0.48%             | 2028-02-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| BREAD FINANCIAL HLDGS    | Bread Financial Holdings Inc                                                   | CUSIP: 018581AP3<br>LEI: 549300G8S4PO686J7H97 | Long             | DBT              | CORP              | US        |    175000 | PA      | $187007.28    | 1.05%             | 2029-03-15      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| MAGNERA CORP             | Magnera Corp                                                                   | CUSIP: 377320AA4<br>LEI: 549300LDQLQBT38QDY28 | Long             | DBT              | CORP              | US        |    195000 | PA      | $172165.83    | 0.97%             | 2029-11-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| HARVEST MIDSTREAM I LP   | Harvest Midstream I LP                                                         | CUSIP: 417558AA1<br>LEI: 549300DW5M17KJOXCY66 | Long             | DBT              | CORP              | US        |    335000 | PA      | $338598.24    | 1.90%             | 2028-09-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO      | Travel + Leisure Co                                                            | CUSIP: 98310WAM0<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |    200000 | PA      | $200000.60    | 1.12%             | 2025-10-01      | Fixed         | 6.60%                 | No            |                  2 | On Loan: No      |
| SIX FLAGS/CANADA WON     | Six Flags Entertainment Corp / Canada's Wonderland Co / Magnum Management Corp | CUSIP: 150190AE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    185000 | PA      | $179121.59    | 1.00%             | 2029-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CIVITAS RESOURCES INC    | Civitas Resources Inc                                                          | CUSIP: 17888HAA1<br>LEI: IIVIHPH28S64K95M2381 | Long             | DBT              | CORP              | US        |    120000 | PA      | $124622.04    | 0.70%             | 2028-07-01      | Fixed         | 8.38%                 | No            |                  2 | On Loan: No      |
| CLEARWATER PAPER CORP    | Clearwater Paper Corp                                                          | CUSIP: 18538RAJ2<br>LEI: 549300HCVV19GXN4P292 | Long             | DBT              | CORP              | US        |    199000 | PA      | $188359.47    | 1.06%             | 2028-08-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| CROCS INC                | Crocs Inc                                                                      | CUSIP: 227046AA7<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |    170000 | PA      | $161659.61    | 0.91%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| FOOT LOCKER INC          | Foot Locker Inc                                                                | CUSIP: 344849AA2<br>LEI: 549300X383CBNP6MTV94 | Long             | DBT              | CORP              | US        |    150000 | PA      | $143576.99    | 0.81%             | 2029-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP             | Navient Corp                                                                   | CUSIP: 63938CAJ7<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     80000 | PA      | $80873.60     | 0.45%             | 2026-06-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OWENS-BROCKWAY           | Owens-Brockway Glass Container Inc                                             | CUSIP: 69073TAT0<br>LEI: V2UQUCDZJ9WY98W8QU33 | Long             | DBT              | CORP              | US        |    350000 | PA      | $349726.44    | 1.96%             | 2027-05-13      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| ROYAL CARIBBEAN CRUISES  | Royal Caribbean Cruises Ltd                                                    | CUSIP: 780153BK7<br>LEI: K2NEH8QNVW44JIWK7Z55 | Long             | DBT              | CORP              | LR        |    125000 | PA      | $126020.38    | 0.71%             | 2027-07-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| TRUENOORD CAPITAL DAC    | TrueNoord Capital DAC                                                          | CUSIP: 89785GAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | IE        |    170000 | PA      | $180599.67    | 1.01%             | 2030-03-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN | USA Compression Partners LP / USA Compression Finance Corp                     | CUSIP: 91740PAG3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $97382.22     | 0.55%             | 2029-03-15      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| VAREX IMAGING CORPORATIO | Varex Imaging Corp                                                             | CUSIP: 92214XAC0<br>LEI: 549300CWYWPVCT8E9W67 | Long             | DBT              | CORP              | US        |    135000 | PA      | $137655.32    | 0.77%             | 2027-10-15      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/VM HOLDS  | VistaJet Malta Finance PLC / Vista Management Holding Inc                      | CUSIP: 92840JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | MT        |    240000 | PA      | $242573.52    | 1.36%             | 2027-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| TRAVEL + LEISURE CO      | Travel + Leisure Co                                                            | CUSIP: 98310WAS7<br>LEI: T4VNTWMFQ7JQB65L7T35 | Long             | DBT              | CORP              | US        |    145000 | PA      | $146212.06    | 0.82%             | 2026-07-31      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP             | Calpine Corp                                                                   | CUSIP: 131347CN4<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    190000 | PA      | $189860.67    | 1.07%             | 2028-03-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CARPENTER TECHNOLOGY     | Carpenter Technology Corp                                                      | CUSIP: 144285AL7<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |    160000 | PA      | $160476.16    | 0.90%             | 2028-07-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| COMPASS MINERALS INTERNA | Compass Minerals International Inc                                             | CUSIP: 20451NAJ0<br>LEI: 2549008X9G8XP7YJGC47 | Long             | DBT              | CORP              | US        |    155000 | PA      | $162127.68    | 0.91%             | 2030-07-01      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| CROWN CORK & SEAL CO INC | Crown Cork & Seal Co Inc                                                       | CUSIP: 228255AH8<br>LEI: 7HLDMDH0ZXNUH6PT7Z42 | Long             | DBT              | CORP              | US        |    293000 | PA      | $301586.66    | 1.69%             | 2026-12-15      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| HELIX ENERGY SOLUTIONS   | Helix Energy Solutions Group Inc                                               | CUSIP: 42330PAL1<br>LEI: 416AP2JOUTCWEGSOZW41 | Long             | DBT              | CORP              | US        |    120000 | PA      | $124901.28    | 0.70%             | 2029-03-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| HERC HOLDINGS INC        | Herc Holdings Inc                                                              | CUSIP: 42704LAF1<br>LEI: 549300TP80QLITMSBP82 | Long             | DBT              | CORP              | US        |    210000 | PA      | $218558.34    | 1.23%             | 2030-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC   | Match Group Holdings II LLC                                                    | CUSIP: 57665RAG1<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |    295000 | PA      | $293416.23    | 1.65%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-21

**Name of Applicant:** RBB Fund Trust

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

**Name of Signer:** RBB Fund Trust

**Title:** CFO COO Secretary