# EDGAR Filing Document

**Accession Number:** 0001618627
**File Stem:** 0001145549-23-003961
**Filing Date:** 2023-1
**Character Count:** 114049
**Document Hash:** d53048f56eb04af480edb6dbdb446af9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001145549-23-003961.hdr.sgml**: 20230127

**ACCESSION NUMBER**: 0001145549-23-003961

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20221130

**FILED AS OF DATE**: 20230127

**DATE AS OF CHANGE**: 20230127

**PERIOD START**: 20230831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RBB Fund Trust
- **CENTRAL INDEX KEY:** 0001618627
- **IRS NUMBER:** 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:** 23561928

**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 Opportunistic High Income Fund (Series ID: S000048028)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000151490 | Institutional Class | PHYNX           |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Penn Capital Opportunistic High Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp; **Penn Capital Opportunistic High Income Fund** | &nbsp;&nbsp;&nbsp;&nbsp; **Penn Capital Opportunistic High Income Fund** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Schedule of Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **Schedule of Investments** | &nbsp;&nbsp;&nbsp;&nbsp; **Schedule of Investments** |
| &nbsp;&nbsp;&nbsp;&nbsp; **November 30, 2022 (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp; **November 30, 2022 (Unaudited)** | &nbsp;&nbsp;&nbsp;&nbsp; **November 30, 2022 (Unaudited)** |
| **Convertible Bonds: 3.0%** | **Principal** | **Value** |
| **Cable & Satellite TV: 0.8%** | | |
| DISH Network Corp., 3.375%, 8/15/26 | 245000 | $158637 |
| **Consumer/Commercial/Lease Financing: 0.4%** |  |  |
| Block, Inc., 0.250%, 11/1/27 | 85000 | 64175 |
| **Food - Wholesale: 0.5%** |  |  |
| Herbalife Nutrition Ltd., 2.625%, 3/15/24 | 90000 | 82125 |
| **Internet: 0.4%** |  |  |
| Spotify USA, Inc., 0.000%, 3/15/26 | 85000 | 67958 |
| **Pharmaceuticals: 0.5%** |  |  |
| Tilray Brands, Inc., 5.000%, 10/1/23 | 100000 | 96928 |
| **Software/Services: 0.4%** |  |  |
| RingCentral, Inc., 0.000%, 3/15/26 | 95000 | 73483 |
| **Total Convertible Bonds (cost $636,844)** |  | 543306 |
| **Corporate Bonds: 86.0%** |  |  |
| **Advertising: 1.4%** |  |  |
| Clear Channel Outdoor Holdings, Inc., 5.125%, 8/15/27(a) | 50000 | 43092 |
| Clear Channel Outdoor Holdings, Inc., 7.500%, 6/1/29(a) | 115000 | 85387 |
| Stagwell Global LLC, 5.625%, 8/15/29(a) | 135000 | 115763 |
|  |  | 244242 |
| **Aerospace/Defense: 1.8%** |  |  |
| Bombardier, Inc., 7.500%, 3/15/25(a) | 95000 | 95142 |
| Maxar Technologies, Inc., 7.750%, 6/15/27(a) | 65000 | 63874 |
| Spirit AeroSystems, Inc., 7.500%, 4/15/25(a) | 95000 | 93979 |
| Triumph Group, Inc., 7.750%, 8/15/25 | 90000 | 77175 |
|  |  | 330170 |
| **Air Transportation: 2.4%** |  |  |
| American Airlines, Inc., 5.750%, 4/20/29(a) | 145000 | 134988 |
| American Airlines, Inc., 11.750%, 7/15/25(a) | 80000 | 88843 |
| Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd., 8.000%, 9/20/25(a) | 90000 | 91223 |
| VistaJet Malta Finance PLC / XO Management Holding, Inc., 6.375%, 2/1/30(a) | 60000 | 49200 |
| VistaJet Malta Finance PLC / XO Management Holding, Inc., 7.875%, 5/1/27(a) | 70000 | 63437 |
|  |  | 427691 |
| **Auto Parts & Equipment: 1.2%** |  |  |
| American Axle & Manufacturing, Inc., 6.875%, 7/1/28 | 85000 | 81855 |
| Goodyear Tire & Rubber Co/The, 5.250%, 7/15/31 | 65000 | 55683 |
| The Goodyear Tire & Rubber Co., 7.000%, 3/15/28 | 55000 | 53868 |
| The Goodyear Tire & Rubber Co., 5.000%, 7/15/29 | 20000 | 17400 |
|  |  | 208806 |
| **Automakers: 1.5%** |  |  |
| Ford Motor Credit Co LLC, 7.350%, 11/4/27 | 265000 | 275041 |
| **Brokerage: 0.5%** |  |  |
| StoneX Group, Inc., 8.625%, 6/15/25(a) | 95000 | 96306 |
| **Building & Construction: 2.2%** |  |  |
| Ashton Woods USA LLC, 4.625%, 8/1/29(a) | 95000 | 74505 |
| Ashton Woods USA LLC / Ashton Woods Finance Co., 4.625%, 4/1/30(a) | 95000 | 73150 |
| Great Lakes Dredge & Dock Corp., 5.250%, 6/1/29(a) | 100000 | 80590 |
| Pike Corp., 5.500%, 9/1/28(a) | 100000 | 89334 |
| Taylor Morrison Communities, Inc., 5.125%, 8/1/30(a) | 90000 | 78568 |
|  |  | 396147 |
| **Building Materials: 0.7%** |  |  |
| Eco Material Technologies, Inc., 7.875%, 1/31/27(a) | 140000 | 133140 |
| **Building Products: 0.5%** |  |  |
| Builders FirstSource, Inc., 6.375%, 6/15/32(a) | 95000 | 87973 |
| **Cable & Satellite TV: 2.7%** |  |  |
| CCO Holdings LLC, 4.500%, 8/15/30(a) | 135000 | 113737 |
| CSC Holdings LLC, 7.500%, 4/1/28(a) | 200000 | 155782 |
| DIRECTV Holdings LLC, 5.875%, 8/15/27(a) | 160000 | 146813 |
| DISH DBS Corp., 5.250%, 12/1/26(a) | 75000 | 64388 |
|  |  | 480720 |
| **Chemical and Allied Products Merchant Wholesalers: 0.3%** |  |  |
| Univar Solutions USA Inc/Washington, 5.125%, 12/1/27(a) | 50000 | 48085 |
| **Chemicals: 1.8%** |  |  |
| Avient Corp., 7.125%, 8/1/30(a) | 90000 | 87867 |
| Chemours Co/The, 5.750%, 11/15/28(a) | 55000 | 48305 |
| Olin Corp., 5.625%, 8/1/29 | 190000 | 178847 |
|  |  | 315019 |
| **Consumer/Commercial/Lease Financing: 2.4%** |  |  |
| Fortress Transportation and Infrastructure Investors LLC, 9.750%, 8/1/27(a) | 45000 | 45394 |
| Fortress Transportation and Infrastructure Investors LLC, 5.500%, 5/1/28(a) | 65000 | 56552 |
| Global Aircraft Leasing Co. Ltd., 7.250% Cash or 7.000% PIK, 9/15/24(a) | 134713 | 112480 |
| Navient Corp., 6.750%, 6/25/25 | 95000 | 92530 |
| Navient Corp., 4.875%, 3/15/28 | 60000 | 48978 |
| OneMain Finance Corp., 6.625%, 1/15/28 | 80000 | 73560 |
|  |  | 429494 |
| **Data Processing, Hosting, and Related Services: 0.5%** |  |  |
| Match Group Holdings II LLC, 5.625%, 2/15/29(a) | 95000 | 87339 |
| **Department Stores: 1.3%** |  |  |
| Macy's Retail Holdings LLC, 5.875%, 4/1/29(a) | 105000 | 97666 |
| Neiman Marcus Group LLC, 7.125%, 4/1/26(a) | 140000 | 134814 |
|  |  | 232480 |
| **Diversified Capital Goods: 0.5%** |  |  |
| Madison IAQ LLC, 5.875%, 6/30/29(a) | 130000 | 96165 |
| **Electric - Generation: 1.5%** |  |  |
| Leeward Renewable Energy Operations LLC, 4.250%, 7/1/29(a) | 70000 | 58863 |
| Sunnova Energy Corp., 5.875%, 9/1/26(a) | 95000 | 84997 |
| Vistra Corp., 8.000% (5 Year CMT Rate + 6.930%), 4/15/27(a) | 130000 | 123478 |
|  |  | 267338 |
| **Energy - Exploration & Production: 7.1%** |  |  |
| Antero Resources Corp., 7.625%, 2/1/29(a) | 90000 | 91831 |
| Callon Petroleum Co., 8.250%, 7/15/25 | 120000 | 119410 |
| Comstock Resources, Inc., 6.750%, 3/1/29(a) | 145000 | 141614 |
| Comstock Resources, Inc., 5.875%, 1/15/30(a) | 145000 | 133596 |
| Earthstone Energy Holdings LLC, 8.000%, 4/15/27(a) | 95000 | 91469 |
| Hilcorp Energy I LP, 6.250%, 11/1/28(a) | 125000 | 119039 |
| Northern Oil and Gas, Inc., 8.125%, 3/1/28(a) | 135000 | 131813 |
| Occidental Petroleum Corp., 6.625%, 9/1/30 | 110000 | 114756 |
| Occidental Petroleum Corp., 6.125%, 1/1/31 | 90000 | 91313 |
| Penn Virginia Holdings LLC, 9.250%, 8/15/26(a) | 130000 | 130063 |
| SM Energy Co., 6.750%, 9/15/26 | 65000 | 63700 |
| SM Energy Co., 6.500%, 7/15/28 | 35000 | 34227 |
|  |  | 1262831 |
| **Food - Wholesale: 2.0%** |  |  |
| BellRing Brands, Inc., 7.000%, 3/15/30(a) | 140000 | 135253 |
| HLF Financing Sarl LLC, 4.875%, 6/1/29(a) | 55000 | 39307 |
| KeHE Distributors LLC, 8.625%, 10/15/26(a) | 96000 | 94560 |
| Simmons Foods, Inc., 4.625%, 3/1/29(a) | 105000 | 86887 |
|  |  | 356007 |
| **Food & Drug Retailers: 0.6%** |  |  |
| SEG Holding LLC, 5.625%, 10/15/28(a) | 120000 | 113880 |
| **Forestry/Paper: 0.4%** |  |  |
| Mercer International, Inc., 5.125%, 2/1/29 | 80000 | 68680 |
| **Gaming: 2.2%** |  |  |
| Affinity Gaming, 6.875%, 12/15/27(a) | 65000 | 55760 |
| Boyd Gaming Corp., 4.750%, 12/1/27 | 140000 | 130200 |
| CCM Merger, Inc., 6.375%, 5/1/26(a) | 65000 | 60173 |
| Scientific Games Holdings LP/Scientific Games US FinCo, Inc., 6.625%, 3/1/30(a) | 100000 | 84122 |
| Station Casinos LLC, 4.625%, 12/1/31(a) | 80000 | 67071 |
|  |  | 397326 |
| **Gas Distribution: 5.0%** |  |  |
| Cheniere Energy, Inc., 4.625%, 10/15/28 | 95000 | 87674 |
| EnLink Midstream Partners LP, 5.050%, 4/1/45 | 125000 | 94944 |
| EQM Midstream Partners LP, 7.500%, 6/1/27(a) | 95000 | 96008 |
| New Fortress Energy, Inc., 6.500%, 9/30/26(a) | 60000 | 57987 |
| Solaris Midstream Holdings LLC, 7.625%, 4/1/26(a) | 77000 | 75845 |
| Antero Midstream Partners LP, 5.375%, 6/15/29(a) | 95000 | 87638 |
| Blue Racer Midstream LLC, 6.625%, 7/15/26(a) | 40000 | 38900 |
| Blue Racer Midstream LLC, 7.625%, 12/15/25(a) | 40000 | 40363 |
| Crestwood Midstream Partners LP, 6.000%, 2/1/29(a) | 90000 | 83025 |
| EnLink Midstream LLC, 6.500%, 9/1/30(a) | 55000 | 55859 |
| EQM Midstream Partners LP, 6.500%, 7/15/48 | 60000 | 46480 |
| New Fortress Energy, Inc., 6.750%, 9/15/25(a) | 125000 | 122091 |
|  |  | 886814 |
| **Health Facilities: 3.0%** |  |  |
| CHS/Community Health Systems, Inc., 6.875%, 4/1/28(a) | 165000 | 80075 |
| CHS/Community Health Systems, Inc., 6.000%, 1/15/29(a) | 105000 | 87606 |
| Option Care Health, Inc., 4.375%, 10/31/29(a) | 140000 | 119182 |
| Surgery Center Holdings, Inc., 6.750%, 7/1/25(a) | 65000 | 63627 |
| Tenet Healthcare Corp., 6.125%, 10/1/28(a) | 65000 | 57362 |
| Tenet Healthcare Corp., 4.375%, 1/15/30(a) | 100000 | 87107 |
| Tenet Healthcare Corp., 6.125%, 6/15/30(a) | 40000 | 37903 |
|  |  | 532862 |
| **Health Services: 1.8%** |  |  |
| DaVita, Inc., 4.625%, 6/1/30(a) | 165000 | 133564 |
| Modivcare, Inc., 5.875%, 11/15/25(a) | 110000 | 101563 |
| Pediatrix Medical Group, Inc., 5.375%, 2/15/30(a) | 100000 | 84381 |
|  |  | 319508 |
| **Hotels: 0.6%** |  |  |
| Hilton Grand Vacations LLC, 5.000%, 6/1/29(a) | 75000 | 64945 |
| Hilton Grand Vacations LLC, 4.875%, 7/1/31(a) | 45000 | 37143 |
|  |  | 102088 |
| **Household Durables: 0.5%** |  |  |
| Tempur Sealy International, Inc., 4.000%, 4/15/29(a) | 115000 | 95343 |
| **Independent Power and Renewable Electricity Producers: 0.5%** |  |  |
| Calpine Corp., 5.250%, 6/1/26(a) | 100000 | 95819 |
| **Investments & Miscellaneous Financial Services: 1.1%** |  |  |
| Icahn Enterprises LP, 6.250%, 5/15/26 | 100000 | 98707 |
| Icahn Enterprises LP, 5.250%, 5/15/27 | 65000 | 59864 |
| Icahn Enterprises LP, 4.375%, 2/1/29 | 55000 | 46269 |
|  |  | 204840 |
| **Machinery: 1.0%** |  |  |
| Titan International, Inc., 7.000%, 4/30/28 | 190000 | 181743 |
| **Managed Care: 1.2%** |  |  |
| Centene Corp., 4.625%, 12/15/29 | 230000 | 213862 |
| **Media - Diversified: 1.0%** |  |  |
| News Corp., 3.875%, 5/15/29(a) | 135000 | 119981 |
| Urban One, Inc., 7.375%, 2/1/28(a) | 70000 | 59150 |
|  |  | 179131 |
| **Media Content: 2.3%** |  |  |
| Beasley Mezzanine Holdings LLC, 8.625%, 2/1/26(a) | 77000 | 49688 |
| Cumulus Media New Holdings, Inc., 6.750%, 7/1/26(a) | 96000 | 80443 |
| Gray Television, Inc., 4.750%, 10/15/30(a) | 115000 | 85087 |
| Scripps Escrow II, Inc., 5.375%, 1/15/31(a) | 125000 | 102058 |
| Univision Communications, Inc., 6.625%, 6/1/27(a) | 90000 | 87708 |
|  |  | 404984 |
| **Medical Products: 1.5%** |  |  |
| AdaptHealth LLC, 6.125%, 8/1/28(a) | 155000 | 142038 |
| Medline Borrower LP, 3.875%, 4/1/29(a) | 140000 | 120367 |
|  |  | 262405 |
| **Metals/Mining Excluding Steel: 2.2%** |  |  |
| FMG Resources August 2006 Pty Ltd., 6.125%, 4/15/32(a) | 70000 | 65111 |
| Freeport-McMoRan, Inc., 4.625%, 8/1/30 | 95000 | 86776 |
| Hudbay Minerals, Inc., 4.500%, 4/1/26(a) | 155000 | 140375 |
| Taseko Mines Ltd., 7.000%, 2/15/26(a) | 120000 | 100680 |
|  |  | 392942 |
| **Mortgage Real Estate Investment Trusts (REITs): 0.5%** |  |  |
| Starwood Property Trust, Inc., 4.375%, 1/15/27(a) | 100000 | 89466 |
| **Oil Field Equipment & Services: 2.5%** |  |  |
| Nabors Industries, Inc., 5.750%, 2/1/25 | 95000 | 91200 |
| Oceaneering International, Inc., 4.650%, 11/15/24 | 70000 | 67838 |
| TRANSOCEAN, Inc., 6.800%, 3/15/38 | 145000 | 91102 |
| USA Compression Partners LP / USA Compression Finance Corp., 6.875%, 4/1/26 | 65000 | 62237 |
| Weatherford International Ltd., 11.000%, 12/1/24(a) | 8000 | 8204 |
| Weatherford International Ltd., 8.625%, 4/30/30(a) | 140000 | 134260 |
|  |  | 454841 |
| **Packaging: 1.0%** |  |  |
| FXI Holdings, Inc., 12.250%, 11/15/26(a) | 60000 | 49050 |
| FXI Holdings, Inc., 7.875%, 11/1/24(a) | 90000 | 74786 |
| Pactiv LLC, 7.950%, 12/15/25 | 60000 | 56198 |
|  |  | 180034 |
| **Personal & Household Products: 0.8%** |  |  |
| Energizer Holdings, Inc., 6.500%, 12/31/27(a) | 70000 | 66287 |
| CD&R Smokey Buyer, Inc., 6.750%, 7/15/25(a) | 95000 | 84194 |
|  |  | 150481 |
| **Pharmaceuticals: 0.5%** |  |  |
| Bausch Health Cos, Inc., 6.125%, 2/1/27(a) | 125000 | 83125 |
| **Printing & Publishing: 0.4%** |  |  |
| Gannett Holdings LLC, 6.000%, 11/1/26(a) | 100000 | 79501 |
| **Real Estate Development & Management: 1.5%** |  |  |
| Hunt Cos, Inc., 5.250%, 4/15/29(a) | 100000 | 82937 |
| Kennedy-Wilson, Inc., 4.750%, 2/1/30 | 90000 | 71325 |
| Realogy Group LLC, 5.750%, 1/15/29(a) | 140000 | 107089 |
|  |  | 261351 |
| **Real Estate Investment Trusts (REITs): 3.3%** |  |  |
| HAT Holdings I LLC, 3.375%, 6/15/26(a) | 100000 | 86981 |
| Iron Mountain, Inc., 5.250%, 3/15/28(a) | 140000 | 130900 |
| Iron Mountain, Inc., 4.875%, 9/15/29(a) | 125000 | 109909 |
| Rithm Capital Corp., 6.250%, 10/15/25(a) | 95000 | 85771 |
| Service Properties Trust, 5.250%, 2/15/26 | 35000 | 29980 |
| Service Properties Trust, 4.350%, 10/1/24 | 110000 | 102663 |
| Service Properties Trust, 7.500%, 9/15/25 | 50000 | 48375 |
|  |  | 594579 |
| **Recreation & Travel: 2.4%** |  |  |
| Carnival Corp., 10.500%, 2/1/26(a) | 40000 | 40484 |
| Carnival Corp., 7.625%, 3/1/26(a) | 95000 | 80037 |
| Carnival Corp., 4.000%, 8/1/28(a) | 85000 | 70763 |
| Life Time, Inc., 8.000%, 4/15/26(a) | 90000 | 81274 |
| SeaWorld Parks & Entertainment, Inc., 8.750%, 5/1/25(a) | 50000 | 51124 |
| SeaWorld Parks & Entertainment, Inc., 5.250%, 8/15/29(a) | 130000 | 112027 |
|  |  | 435709 |
| **Restuarants: 0.3%** |  |  |
| Papa John's International, Inc., 3.875%, 9/15/29(a) | 75000 | 62658 |
| **Software/Services: 0.8%** |  |  |
| Gen Digital, Inc., 6.750%, 9/30/27(a) | 65000 | 65280 |
| Unisys Corp., 6.875%, 11/1/27(a) | 105000 | 75301 |
|  |  | 140581 |
| **Specialty Retail: 2.3%** |  |  |
| Bath & Body Works, Inc., 5.250%, 2/1/28 | 55000 | 50617 |
| Bath & Body Works, Inc., 9.375%, 7/1/25(a) | 18000 | 18873 |
| Bath & Body Works, Inc., 6.625%, 10/1/30(a) | 95000 | 88937 |
| Crocs, Inc., 4.250%, 3/15/29(a) | 165000 | 135408 |
| Kontoor Brands, Inc., 4.125%, 11/15/29(a) | 65000 | 52929 |
| Shutterfly, Inc., 8.500%, 10/1/26(a) | 115000 | 70782 |
|  |  | 417546 |
| **Steel Producers/Products: 1.6%** |  |  |
| Carpenter Technology Corp., 7.625%, 3/15/30 | 120000 | 120366 |
| Commercial Metals Co., 3.875%, 2/15/31 | 70000 | 57975 |
| Commercial Metals Co., 4.375%, 3/15/32 | 80000 | 66812 |
| Commercial Metals Co., 4.125%, 1/15/30 | 50000 | 43027 |
|  |  | 288180 |
| **Support - Services: 6.2%** |  |  |
| Arrow Bidco LLC, 9.500%, 3/15/24(a) | 95000 | 94797 |
| H&E Equipment Services, Inc., 3.875%, 12/15/28(a) | 110000 | 95127 |
| Matthews International Corp., 5.250%, 12/1/25(a) | 100000 | 93000 |
| Sabre GLBL, Inc., 9.250%, 4/15/25(a) | 95000 | 94763 |
| Sabre GLBL, Inc., 7.375%, 9/1/25(a) | 50000 | 47625 |
| Specialty Building Products Holdings LLC / SBP Finance Corp., 6.375%, 9/30/26(a) | 105000 | 86746 |
| Staples, Inc., 7.500%, 4/15/26(a) | 115000 | 102596 |
| Staples, Inc., 10.750%, 4/15/27(a) | 110000 | 80422 |
| The ADT Security Corp., 4.125%, 8/1/29(a) | 65000 | 56733 |
| The ADT Security Corp., 4.875%, 7/15/32(a) | 45000 | 38934 |
| The Hertz Corp., 4.625%, 12/1/26(a) | 105000 | 91084 |
| The Hertz Corp., 5.000%, 12/1/29(a) | 50000 | 39679 |
| United Rentals North America, Inc., 5.500%, 5/15/27 | 65000 | 64137 |
| United Rentals North America, Inc., 6.000%, 12/15/29(a) | 40000 | 40200 |
| White Cap Buyer LLC, 6.875%, 10/15/28(a) | 80000 | 68957 |
|  |  | 1094800 |
| **Support Activities for Mining: 0.8%** |  |  |
| Talos Production, Inc., 12.000%, 1/15/26 | 85000 | 88825 |
| Transocean Proteus Ltd., 6.250%, 12/1/24(a) | 47250 | 46305 |
|  |  | 135130 |
| **Tech Hardware & Equipment: 0.2%** |  |  |
| CommScope, Inc., 4.750%, 9/1/29(a) | 35000 | 29476 |
| **Telecom - Wireless: 0.6%** |  |  |
| United States Cellular Corp., 6.700%, 12/15/33 | 115000 | 100599 |
| **Telecom - Wireline Integrated & Services: 0.9%** |  |  |
| Cogent Communications Group, Inc., 7.000%, 6/15/27(a) | 70000 | 68250 |
| Frontier Communications Holdings LLC, 5.000%, 5/1/28(a) | 50000 | 44500 |
| Frontier Communications Holdings LLC, 6.000%, 1/15/30(a) | 55000 | 45005 |
|  |  | 157755 |
| **Theaters & Entertainment: 0.5%** |  |  |
| Cinemark USA, Inc., 5.875%, 3/15/26(a) | 100000 | 87565 |
| **Tobacco: 0.5%** |  |  |
| Vector Group Ltd., 5.750%, 2/1/29(a) | 105000 | 91200 |
| **Tobacco & Cannabis: 0.2%** |  |  |
| Turning Point Brands, Inc., 5.625%, 2/15/26(a) | 50000 | 43529 |
| **Transport Infrastructure/Services: 1.1%** |  |  |
| XPO CNW, Inc., 6.700%, 5/1/34 | 130000 | 116313 |
| XPO Escrow Sub LLC, 7.500%, 11/15/27(a) | 75000 | 76125 |
|  |  | 192438 |
| **Total Corporate Bonds (cost $16,950,668)** |  | 15397765 |
| **Bank Loans: 0.3%**(b)(c) |  |  |
| **Speciality Retail: 0.3%** |  |  |
| BDF Acquisition Corp., 10.979% (TSFR1M + 7.250%), 2/12/26 | 65702 | 59734 |
| **Total Bank Loans (cost $65,688)** |  | 59734 |
| **Real Estate Investment Trusts (REITs): 0.4%** | **Number of Shares** |  |
| Pebblebrook Hotel Trust | 4225 | 77571 |
| **Total REITs (cost $109,192)** |  | 77571 |
| **Mutual Funds: 8.2%** |  |  |
| Penn Capital Floating Rate Income Fund - Institutional Class (d) | 161338 | 1471405 |
| **Total Mutual Funds (cost $1,560,592)** |  | 1471405 |
| **Short-Term Investments: 0.7%** |  |  |
| U.S. Bank Money Market Deposit Account 2.100% (e) | 129313 | 129313 |
| **Total Short-Term Investments (cost $129,313)** |  | 129313 |
| **Total Investments - 98.6% (cost $19,452,297)** |  | 17679094 |
| **Other Assets and Liabilities 1.4%** |  | 242821 |
| **Net Assets: 100.0%** |  | $17921915 |

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| | | |
|:---|:---|:---|
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |
| (a) | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." <br> As of November 30, 2022, the value of these investments was $11,486,661, or 64.1% of total net assets. | Securities purchased pursuant to Rule 144A of the Securities Act of 1933, as amended, and may be sold only to dealers in that program or other "qualified institutional buyers." <br> As of November 30, 2022, the value of these investments was $11,486,661, or 64.1% of total net assets. |
| (b) | Bank Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London Interbank <br> Offered Rate ("LIBOR") and secondarily, the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders. | Bank Loans typically have rates of interest which are redetermined either daily, monthly, quarterly or semi-annually by reference to a base lending rate, plus a premium. These base lending rates are primarily the London Interbank <br> Offered Rate ("LIBOR") and secondarily, the prime rate offered by one or more major United States banks (the "Prime Rate") and the certificate of deposit ("CD") rate or other base lending rates used by commercial lenders. |
| (c) | Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their <br> election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately <br> two to four years. | Senior floating-rate loans (Senior Loans) often require prepayments from excess cash flows or permit the borrowers to repay at their election. The degree to which borrowers repay, whether as a contractual requirement or at their <br> election, cannot be predicted with accuracy. As a result, the actual remaining maturity may be substantially less than the stated maturities shown. However, Senior Loans will typically have an expected average life of approximately <br> two to four years. |
| (d) | Affiliated company. |  |
| (e) | The rate shown is as of November 30, 2022. | The rate shown is as of November 30, 2022. |
| **Country Exposure** (as a percentage of total investments) | **Country Exposure** (as a percentage of total investments) | **Country Exposure** (as a percentage of total investments) |
| United States | United States | 91.1% |
| Cayman Islands | Cayman Islands | 3.7% |
| Canada | Canada | 2.3% |
| Panama | Panama | 1.1% |
| Bermuda | Bermuda | 0.8% |
| Malta | Malta | 0.6% |
| Australia | Australia | 0.4% |
| The accompanying notes are an integral part of the schedule of investments. | The accompanying notes are an integral part of the schedule of investments. | The accompanying notes are an integral part of the schedule of investments. |

---

------

---

| |
|:---|
| 1. Significant Accounting Policies (Unaudited) |
| The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of their financial statements. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). |
| A. Investment Valuation |
| The Fund uses the following valuation methods to determine fair value as either fair value for investments for which market quotations are available, or if not available, the fair value, as determined in good faith pursuant to such policies and procedures as may be approved by the Trust's Board from time to time. The valuation of the portfolio investments of the Funds currently includes the following processes: |
| Portfolio securities listed on a national or foreign securities exchange, except those listed on the NASDAQ<sup>®</sup> Stock Market and Small Cap<sup>SM</sup> exchanges ("NASDAQ<sup>®</sup>"), for which market quotations are available, are valued at the official closing price of such exchange on each business day (defined as days on which the Funds are open for business ("Business Day")). Portfolio securities traded on the NASDAQ<sup>®</sup> will be valued at the NASDAQ<sup>®</sup> Official Closing Price on each Business Day. If there is no such reported sale on an exchange or NASDAQ<sup>®</sup>, the portfolio security will be valued at the most recent quoted bid price. Price information on listed securities is taken from the exchange where the security is primarily traded. |
| Other assets and securities for which no quotations are readily available (such as for certain restricted or unlisted securities and private placements) or that may not be reliably priced (such as in the case of trade suspensions or halts, price movement limits set by certain foreign markets, and thinly traded or illiquid securities) will be valued in good faith at fair value using procedures and methods approved by the Board. Under the procedures adopted by the Board, the Board has delegated day-to-day responsibility for fair value determinations to a Valuation Committee comprised of representatives from the Advisor. |
| The Fund's portfolio holdings may also consist of shares of other investment companies in which the Fund invests. The value of each such investment company will be its net asset value ("NAV") at the time the Fund's shares are priced. Each investment company calculates its NAV based on the current market value for its portfolio holdings. Each investment company values securities and other instruments in a manner as described in that investment company's prospectus. The investment company's prospectus explains the circumstances under which the company will use fair value pricing and the effects of using fair value pricing. |
| Because the Fund may invest in foreign securities, the Fund's NAV may change on days when a shareholder will not be able to purchase or redeem Fund shares because foreign markets are open at times and on days when U.S. markets are not. Investments quoted in foreign currencies will be valued daily in U.S. dollars on the basis of the foreign currency exchange rates prevailing at the time such valuation is determined. Foreign currency exchange rates are generally determined as of the close of the New York Stock Exchange ("NYSE") (generally 4:00 p.m. Eastern time). If an event that could materially affect the value of the Fund's foreign securities has occurred between the time the securities were last traded and the time that the Fund calculates its NAV, the closing price of the Fund's securities may no longer reflect their market value at the time the Fund calculates its NAV. In such a case, the Fund may use fair value methods to value such securities. |
| Fixed income securities shall be valued at the evaluated bid price supplied by the Fund's pricing agent based on broker-dealer supplied valuations and other criteria, or directly by independent brokers when the pricing agent does not provide a price or the Valuation Committee does not believe that the pricing agent price reflects the current market value. If a price of a position is sought using independent brokers, the Advisor shall seek to obtain an evaluation bid price from at least two independent brokers who are knowledgeable about the position. The price of the position would be deemed to be an average of such bid prices. In the absence of sufficient broker dealer quotes, securities shall be valued at fair value pursuant to procedures adopted by the Board. |
| Bank loans are not listed on any securities exchange or board of trade. They are typically bought and sold by institutional investors in individually negotiated private transactions that function in many respects like an over-the-counter secondary market. This market generally has fewer trades and less liquidity than the secondary market for other types of securities. Some bank loans have few or no trades, or trade infrequently, and information regarding a specific bank loan may not be widely available or may be incomplete. Except as otherwise specified, Bank loan securities shall be valued at the evaluated bid prices supplied by the Fund's pricing agent based on broker-dealer supplied valuations and other criteria, or directly by independent brokers when the pricing agent does not provide a price or the Valuation Committee does not believe that the pricing agent price reflects the current market value. If a price of a position is sought using independent brokers, the Advisor shall seek to obtain a bid price from at least two independent brokers who are knowledgeable about the position. The price of the position would be deemed to be an average of such bid prices. In the absence of sufficient broker dealer quotes, securities shall be valued at fair value pursuant to procedures adopted by the Board. |
| Occasionally, reliable market quotations are not readily available (such as for certain restricted or unlisted securities and private placements) or securities and other assets may not be reliably priced (such as in the case of trade suspensions or halts, price movement limits set by certain foreign markets, and thinly traded or illiquid securities), or there may be events affecting the value of foreign securities or other securities held by the Funds that occur when regular trading on foreign or other exchanges is closed, but before trading on the NYSE is closed. Fair value determinations are then made in good faith in accordance with procedures adopted by the Board. Under the procedures adopted by the Board, the Board has delegated the responsibility for making fair value determinations to a Valuation Committee, subject to the Board's oversight. Generally, the fair value of a portfolio security or other asset shall be the amount that the owner of the security or asset might reasonably expect to receive upon its current sale. A three-tier hierarchy is utilized to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability and are developed based on the best information available under the circumstances. The three-tier hierarchy of inputs is summarized in the three broad levels listed below. |
| Level 1 – Prices are determined using quoted prices in active markets for identical securities. |
| Level 2 – Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). |
| Level 3 – Prices are determined using significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments). |
| The availability of observable inputs can vary from security to security and is affected by a wide variety of factors, including, for example, the type of security, whether the security is new and not yet established in the marketplace, the liquidity of markets, and other characteristics particular to the security. To the extent that valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised in determining fair value is greatest for instruments categorized in Level 3. |
| The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety. |
| The following table summarizes the inputs used as of November 30, 2022, in valuing the Fund's investments: |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Convertible Bonds | $- | $543306 | $- | $543306 |
| Corporate Bonds | - | 15397765 | - | 15397765 |
| Bank Loans | - | 59734 | - | 59734 |
| Real Estate Investment Trusts (REITs) | 77571 | - | - | 77571 |
| Mutual Funds | 1471405 | - | - | 1471405 |
| Short-Term Investments | 129313 | - | - | 129313 |
| **Total Investments in Securities** | $1678289 | $16000805 | $- | $17679094 |
| <sup>(a)</sup> All other industry classifications are identified in the Schedule of Investments for the Fund. | <sup>(a)</sup> All other industry classifications are identified in the Schedule of Investments for the Fund. | <sup>(a)</sup> All other industry classifications are identified in the Schedule of Investments for the Fund. | <sup>(a)</sup> All other industry classifications are identified in the Schedule of Investments for the Fund. | <sup>(a)</sup> All other industry classifications are identified in the Schedule of Investments for the Fund. |

---

## 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:** 1200 Intrepid Ave

  - **City:** Philadelphia

  - **State:** PA

  - **Foreign country:** US

  - **Zip / Postal Code:** 19112

  - **Telephone number:** 2153021500

**Item A.2. Information about the Series.**

- **a. Name of Series:** Penn Capital Opportunistic High Income Fund

- **b. EDGAR series identifier (if any):** S000048028

- **c. LEI of Series:** 549300IQSBHNJEBFAE70

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

- **a. Date of fiscal year-end:** 2023-08-31

- **b. Date as of which information is reported:** 2022-11-30

**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:** $18027453.53

**Total Liabilities:** $173926.90

**Net Assets:** $17853526.63

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 0.000000000000 | **1-Year:** 100.940000000000 | **5-Year:** 49.930000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 1082.720000000000 | **1-Year:** 2884.190000000000 | **5-Year:** 1283.560000000000 | **10-Year:** 497.700000000000 | **30-Year:** 128.990000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000151490 | -4.07%               | 2.75%                | 1.76%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-94280.32               | $-737910.36                                |
| Month 2  | $-178184.72              | $565690.67                                 |
| Month 3  | $-149424.01              | $369814.50                                 |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| CARPENTER TECHNOLOGY           | Carpenter Technology Corp                                                        | CUSIP: 144285AM5<br>LEI: DX6I6ZD3X5WNNCDJKP85 | Long             | DBT              | CORP              | US        |    120000 | PA      | $120366.00    | 0.67%             | 2030-03-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CALLON PETROLEUM CO            | Callon Petroleum Co                                                              | CUSIP: 144577AJ2<br>LEI: 549300EFOWPEB0WLZW21 | Long             | DBT              | CORP              | US        |    120000 | PA      | $119410.48    | 0.67%             | 2025-07-15      | Fixed         | 8.25%                 | No            |                  2 | On Loan: No      |
| CCM MERGER INC                 | CCM Merger Inc                                                                   | CUSIP: 14985VAE1<br>LEI: 549300P77RSBKKFME089 | Long             | DBT              | CORP              | US        |     65000 | PA      | $60172.45     | 0.34%             | 2026-05-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| CENTENE CORP                   | Centene Corp                                                                     | CUSIP: 15135BAT8<br>LEI: 549300Z7JJ4TQSQGT333 | Long             | DBT              | CORP              | US        |    230000 | PA      | $213862.05    | 1.20%             | 2029-12-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CHEMOURS CO                    | Chemours Co/The                                                                  | CUSIP: 163851AF5<br>LEI: 549300M1BOLNXL8DOV14 | Long             | DBT              | CORP              | US        |     55000 | PA      | $48304.58     | 0.27%             | 2028-11-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| CHENIERE ENERGY INC            | Cheniere Energy Inc                                                              | CUSIP: 16411RAK5<br>LEI: MIHC87W9WTYSYZWV1J40 | Long             | DBT              | CORP              | US        |     95000 | PA      | $87673.60     | 0.49%             | 2028-10-15      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| CINEMARK USA INC               | Cinemark USA Inc                                                                 | CUSIP: 172441BD8<br>LEI: 54930008H2137JSCPQ09 | Long             | DBT              | CORP              | US        |    100000 | PA      | $87565.00     | 0.49%             | 2026-03-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO       | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $43092.46     | 0.24%             | 2027-08-15      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| CLEAR CHANNEL OUTDOOR HO       | Clear Channel Outdoor Holdings Inc                                               | CUSIP: 18453HAD8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $85387.50     | 0.48%             | 2029-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| COGENT COMMUNICATIONS GR       | Cogent Communications Group Inc                                                  | CUSIP: 19240CAE3<br>LEI: 549300KFWFYF8Q1U0Y26 | Long             | DBT              | CORP              | US        |     70000 | PA      | $68250.00     | 0.38%             | 2027-06-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL METALS CO           | Commercial Metals Co                                                             | CUSIP: 201723AP8<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |     70000 | PA      | $57975.32     | 0.32%             | 2031-02-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL METALS CO           | Commercial Metals Co                                                             | CUSIP: 201723AQ6<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43027.34     | 0.24%             | 2030-01-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| COMMERCIAL METALS CO           | Commercial Metals Co                                                             | CUSIP: 201723AR4<br>LEI: 549300OQS2LO07ZJ7N73 | Long             | DBT              | CORP              | US        |     80000 | PA      | $66811.83     | 0.37%             | 2032-03-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| COMMSCOPE INC                  | CommScope Inc                                                                    | CUSIP: 203372AX5<br>LEI: 549300Z6K4JXMFE8QY54 | Long             | DBT              | CORP              | US        |     35000 | PA      | $29475.60     | 0.17%             | 2029-09-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC         | Comstock Resources Inc                                                           | CUSIP: 205768AS3<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    145000 | PA      | $141614.25    | 0.79%             | 2029-03-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| COMSTOCK RESOURCES INC         | Comstock Resources Inc                                                           | CUSIP: 205768AT1<br>LEI: I03QQGEA4SS774AURI46 | Long             | DBT              | CORP              | US        |    145000 | PA      | $133595.75    | 0.75%             | 2030-01-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| CRESTWOOD MID PARTNER LP       | Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp               | CUSIP: 226373AR9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     90000 | PA      | $83025.00     | 0.47%             | 2029-02-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| CROCS INC                      | Crocs Inc                                                                        | CUSIP: 227046AA7<br>LEI: 549300B0J6YCXD63OG72 | Long             | DBT              | CORP              | US        |    165000 | PA      | $135408.30    | 0.76%             | 2029-03-15      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| CUMULUS MEDIA NEW HLDGS        | Cumulus Media New Holdings Inc                                                   | CUSIP: 23110AAA4<br>LEI: 5493001D9VBAVY1OKJ46 | Long             | DBT              | CORP              | US        |     96000 | PA      | $80443.20     | 0.45%             | 2026-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| DAVITA INC                     | DaVita Inc                                                                       | CUSIP: 23918KAS7<br>LEI: M2XHYMU3TZNEZURC6H66 | Long             | DBT              | CORP              | US        |    165000 | PA      | $133564.20    | 0.75%             | 2030-06-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| HLF FIN SARL LLC/HERBALI       | HLF Financing Sarl LLC / Herbalife International Inc                             | CUSIP: 40390DAC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $39306.85     | 0.22%             | 2029-06-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| H&E EQUIPMENT SERVICES         | H&E Equipment Services Inc                                                       | CUSIP: 404030AJ7<br>LEI: 254900KVLRCDMQRYY541 | Long             | DBT              | CORP              | US        |    110000 | PA      | $95126.90     | 0.53%             | 2028-12-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| HAT HOLDINGS I LLC/HAT         | HAT Holdings I LLC / HAT Holdings II LLC                                         | CUSIP: 418751AE3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $86981.00     | 0.49%             | 2026-06-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| HERBALIFE LTD                  | Herbalife Nutrition Ltd                                                          | CUSIP: 42703MAD5<br>LEI: 549300BA7TYPBSZZIA41 | Long             | DBT              | CORP              | KY        |     90000 | PA      | $82125.00     | 0.46%             | 2024-03-15      | Fixed         | 2.62%                 | No            |                  2 | On Loan: No      |
| HERTZ CORP/THE                 | Hertz Corp/The                                                                   | CUSIP: 428040DA4<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |    105000 | PA      | $91084.50     | 0.51%             | 2026-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| HERTZ CORP/THE                 | Hertz Corp/The                                                                   | CUSIP: 428040DB2<br>LEI: 549300PD0C69OJ0NLB27 | Long             | DBT              | CORP              | US        |     50000 | PA      | $39679.00     | 0.22%             | 2029-12-01      | Fixed         | 5.00%                 | 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        |    125000 | PA      | $119039.06    | 0.67%             | 2028-11-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC BOR ESC       | Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc | CUSIP: 43284MAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $64944.75     | 0.36%             | 2029-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HILTON GRAND VAC BOR ESC       | Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc | CUSIP: 43284MAB4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     45000 | PA      | $37143.00     | 0.21%             | 2031-07-01      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST       | Service Properties Trust                                                         | CUSIP: 44106MAV4<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |     35000 | PA      | $29980.38     | 0.17%             | 2026-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST       | Service Properties Trust                                                         | CUSIP: 44106MAZ5<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |    110000 | PA      | $102663.00    | 0.58%             | 2024-10-01      | Fixed         | 4.35%                 | No            |                  2 | On Loan: No      |
| HUDBAY MINERALS INC            | Hudbay Minerals Inc                                                              | CUSIP: 443628AJ1<br>LEI: 549300WI524AL577IX21 | Long             | DBT              | CORP              | CA        |    155000 | PA      | $140375.02    | 0.79%             | 2026-04-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| HUNT COS INC                   | Hunt Cos Inc                                                                     | CUSIP: 445587AE8<br>LEI: 549300ODPWDNCH5TKM49 | Long             | DBT              | CORP              | US        |    100000 | PA      | $82936.93     | 0.46%             | 2029-04-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN          | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102BT3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $98707.00     | 0.55%             | 2026-05-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN          | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102BZ9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $59864.35     | 0.34%             | 2027-05-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| ICAHN ENTERPRISES/FIN          | Icahn Enterprises LP / Icahn Enterprises Finance Corp                            | CUSIP: 451102CC9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $46268.75     | 0.26%             | 2029-02-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| STONEX GROUP INC               | StoneX Group Inc                                                                 | CUSIP: 46116VAE5<br>LEI: 549300JUF07L8VF02M60 | Long             | DBT              | CORP              | US        |     95000 | PA      | $96306.25     | 0.54%             | 2025-06-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC              | Iron Mountain Inc                                                                | CUSIP: 46284VAE1<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    140000 | PA      | $130900.00    | 0.73%             | 2028-03-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| IRON MOUNTAIN INC              | Iron Mountain Inc                                                                | CUSIP: 46284VAF8<br>LEI: SQL3F6CKNNBM3SQGHX24 | Long             | DBT              | CORP              | US        |    125000 | PA      | $109909.04    | 0.62%             | 2029-09-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| KEHE DISTRIBUTORS LLC/FI       | KeHE Distributors LLC / KeHE Finance Corp                                        | CUSIP: 487526AB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     96000 | PA      | $94560.00     | 0.53%             | 2026-10-15      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| KENNEDY-WILSON INC             | Kennedy-Wilson Inc                                                               | CUSIP: 489399AN5<br>LEI: 5EA4464UK7FM5QNNKL62 | Long             | DBT              | CORP              | US        |     90000 | PA      | $71325.00     | 0.40%             | 2030-02-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| KONTOOR BRANDS INC             | Kontoor Brands Inc                                                               | CUSIP: 50050NAA1<br>LEI: 549300M0CPXV65RFF271 | Long             | DBT              | CORP              | US        |     65000 | PA      | $52929.54     | 0.30%             | 2029-11-15      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| BATH & BODY WORKS INC          | Bath & Body Works Inc                                                            | CUSIP: 501797AN4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     55000 | PA      | $50616.58     | 0.28%             | 2028-02-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| BATH & BODY WORKS INC          | Bath & Body Works Inc                                                            | CUSIP: 501797AU8<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     18000 | PA      | $18872.90     | 0.11%             | 2025-07-01      | Fixed         | 9.38%                 | No            |                  2 | On Loan: No      |
| BATH & BODY WORKS INC          | Bath & Body Works Inc                                                            | CUSIP: 501797AW4<br>LEI: GR3KVMWVCR54YWQNXU90 | Long             | DBT              | CORP              | US        |     95000 | PA      | $88937.10     | 0.50%             | 2030-10-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| LEEWARD RENEWABL               | Leeward Renewable Energy Operations LLC                                          | CUSIP: 524590AA4<br>LEI: 254900EVJU1A57NUX379 | Long             | DBT              | CORP              | US        |     70000 | PA      | $58863.00     | 0.33%             | 2029-07-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| LIFE TIME INC                  | Life Time Inc                                                                    | CUSIP: 53190FAC9<br>LEI: 549300PALKE96VYH4X17 | Long             | DBT              | CORP              | US        |     90000 | PA      | $81274.23     | 0.46%             | 2026-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| MACY'S RETAIL HLDGS LLC        | Macy's Retail Holdings LLC                                                       | CUSIP: 55617LAP7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $97665.75     | 0.55%             | 2029-04-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MADISON IAQ LLC                | Madison IAQ LLC                                                                  | CUSIP: 55760LAB3<br>LEI: 549300IXDNBXNHUPBU73 | Long             | DBT              | CORP              | US        |    130000 | PA      | $96164.90     | 0.54%             | 2029-06-30      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| MATCH GROUP HLD II LLC         | Match Group Holdings II LLC                                                      | CUSIP: 57665RAJ5<br>LEI: 5493003RFFE030RC9167 | Long             | DBT              | CORP              | US        |     95000 | PA      | $87339.47     | 0.49%             | 2029-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MATTHEWS INTERNATIONAL C       | Matthews International Corp                                                      | CUSIP: 577128AA9<br>LEI: 549300ZVC5O0ATML6U61 | Long             | DBT              | CORP              | US        |    100000 | PA      | $93000.00     | 0.52%             | 2025-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| MAXAR TECHNOLOGIES INC         | Maxar Technologies Inc                                                           | CUSIP: 57778KAC9<br>LEI: 549300OEN2G821MIJ922 | Long             | DBT              | CORP              | US        |     65000 | PA      | $63874.20     | 0.36%             | 2027-06-15      | Fixed         | 7.75%                 | No            |                  2 | On Loan: No      |
| PEDIATRIX MEDICAL GROUP        | Pediatrix Medical Group Inc                                                      | CUSIP: 58502BAE6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $84381.00     | 0.47%             | 2030-02-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| MERCER INTL INC                | Mercer International Inc                                                         | CUSIP: 588056BB6<br>LEI: 549300Z5IAG39VRTY874 | Long             | DBT              | CORP              | US        |     80000 | PA      | $68680.00     | 0.38%             | 2029-02-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| MIDAS OPCO HOLDINGS LLC        | Stagwell Global LLC                                                              | CUSIP: 59565JAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $115762.50    | 0.65%             | 2029-08-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| MEDLINE BORROWER LP            | Medline Borrower LP                                                              | CUSIP: 62482BAA0<br>LEI: 254900QT3R363TVK6F09 | Long             | DBT              | CORP              | US        |    140000 | PA      | $120366.40    | 0.67%             | 2029-04-01      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| NMG HLDCO/NEIMAN MARCUS        | NMG Holding Co Inc / Neiman Marcus Group LLC                                     | CUSIP: 62929RAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $134814.40    | 0.76%             | 2026-04-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| NABORS INDUSTRIES INC          | Nabors Industries Inc                                                            | CUSIP: 62957HAF2<br>LEI: 549300VFQWRKICUFNU92 | Long             | DBT              | CORP              | US        |     95000 | PA      | $91200.00     | 0.51%             | 2025-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                   | Navient Corp                                                                     | CUSIP: 63938CAH1<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     95000 | PA      | $92530.00     | 0.52%             | 2025-06-25      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NAVIENT CORP                   | Navient Corp                                                                     | CUSIP: 63938CAL2<br>LEI: 54930067J0ZNOEBRW338 | Long             | DBT              | CORP              | US        |     60000 | PA      | $48977.70     | 0.27%             | 2028-03-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| ADT SEC CORP                   | ADT Security Corp/The                                                            | CUSIP: 00109LAA1<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |     65000 | PA      | $56732.65     | 0.32%             | 2029-08-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES/AADVAN       | American Airlines Inc/AAdvantage Loyalty IP Ltd                                  | CUSIP: 00253XAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    145000 | PA      | $134987.67    | 0.76%             | 2029-04-20      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| ADAPTHEALTH LLC                | AdaptHealth LLC                                                                  | CUSIP: 00653VAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    155000 | PA      | $142038.31    | 0.80%             | 2028-08-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| NEW FORTRESS ENERGY INC        | New Fortress Energy Inc                                                          | CUSIP: 644393AA8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $122091.25    | 0.68%             | 2025-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| NEW FORTRESS ENERGY INC        | New Fortress Energy Inc                                                          | CUSIP: 644393AB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $57987.30     | 0.32%             | 2026-09-30      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| RITHM CAPITAL CORP             | Rithm Capital Corp                                                               | CUSIP: 64828TAA0<br>LEI: 549300WNTHGEO5LP2G31 | Long             | DBT              | CORP              | US        |     95000 | PA      | $85770.65     | 0.48%             | 2025-10-15      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| NEWS CORP                      | News Corp                                                                        | CUSIP: 65249BAA7<br>LEI: 549300ITS31QK8VRBQ14 | Long             | DBT              | CORP              | US        |    135000 | PA      | $119981.25    | 0.67%             | 2029-05-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| AFFINITY GAMING                | Affinity Gaming                                                                  | CUSIP: 00842XAA7<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $55759.60     | 0.31%             | 2027-12-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| AMERICAN AIRLINES INC          | American Airlines Inc                                                            | CUSIP: 023771S58<br>LEI: IWUQB36BXD6OWD6X4T14 | Long             | DBT              | CORP              | US        |     80000 | PA      | $88842.63     | 0.50%             | 2025-07-15      | Fixed         | 11.75%                | No            |                  2 | On Loan: No      |
| AMERICAN AXLE & MFG INC        | American Axle & Manufacturing Inc                                                | CUSIP: 02406PBA7<br>LEI: RY5TAKFOBLDUGX31MS24 | Long             | DBT              | CORP              | US        |     85000 | PA      | $81855.00     | 0.46%             | 2028-07-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| ANTERO RESOURCES CORP          | Antero Resources Corp                                                            | CUSIP: 03674XAQ9<br>LEI: APVBKPOULHUX7YZLKU17 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91830.72     | 0.51%             | 2029-02-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| NORTHERN OIL AND GAS INC       | Northern Oil and Gas Inc                                                         | CUSIP: 665531AG4<br>LEI: OKFF0PIZDDMNH4UCYE51 | Long             | DBT              | CORP              | US        |    135000 | PA      | $131812.65    | 0.74%             | 2028-03-01      | Fixed         | 8.12%                 | No            |                  2 | On Loan: No      |
| ANTERO MIDSTREAM PART/FI       | Antero Midstream Partners LP / Antero Midstream Finance Corp                     | CUSIP: 03690AAH9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $87637.50     | 0.49%             | 2029-06-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| ARROW BIDCO LLC                | Arrow Bidco LLC                                                                  | CUSIP: 042728AA3<br>LEI: 549300YHZN08M0H3O128 | Long             | DBT              | CORP              | US        |     95000 | PA      | $94796.93     | 0.53%             | 2024-03-15      | Fixed         | 9.50%                 | 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        |     95000 | PA      | $74505.47     | 0.42%             | 2029-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| ASHTON WOODS USA/FINANCE       | Ashton Woods USA LLC / Ashton Woods Finance Co                                   | CUSIP: 045086AP0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $73150.00     | 0.41%             | 2030-04-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| AVIENT CORP                    | Avient Corp                                                                      | CUSIP: 05368VAA4<br>LEI: SM8L9RZYIB34LNTWO040 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87867.00     | 0.49%             | 2030-08-01      | Fixed         | 7.12%                 | No            |                  2 | On Loan: No      |
| BAUSCH HEALTH COS INC          | Bausch Health Cos Inc                                                            | CUSIP: 071734AP2<br>LEI: B3BS7ACMDUWISF18KY76 | Long             | DBT              | CORP              | CA        |    125000 | PA      | $83125.00     | 0.47%             | 2027-02-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| BEASLEY MEZ HLDGS LLC          | Beasley Mezzanine Holdings LLC                                                   | CUSIP: 07403VAA7<br>LEI: 549300VK8LJV1TK18D38 | Long             | DBT              | CORP              | US        |     77000 | PA      | $49688.10     | 0.28%             | 2026-02-01      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| BELLRING BRANDS INC            | BellRing Brands Inc                                                              | CUSIP: 07831CAA1<br>LEI: 549300S3BOK5CMTS8054 | Long             | DBT              | CORP              | US        |    140000 | PA      | $135252.60    | 0.76%             | 2030-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN       | Blue Racer Midstream LLC / Blue Racer Finance Corp                               | CUSIP: 095796AE8<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $38900.00     | 0.22%             | 2026-07-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| BLUE RACER MID LLC/FINAN       | Blue Racer Midstream LLC / Blue Racer Finance Corp                               | CUSIP: 095796AH1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     40000 | PA      | $40363.40     | 0.23%             | 2025-12-15      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| BOMBARDIER INC                 | Bombardier Inc                                                                   | CUSIP: 097751BM2<br>LEI: W7L3VLU8EHQY34Z36697 | Long             | DBT              | CORP              | CA        |     95000 | PA      | $95142.50     | 0.53%             | 2025-03-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BOYD GAMING CORP               | Boyd Gaming Corp                                                                 | CUSIP: 103304BU4<br>LEI: 254900787YGRYS2A1Z35 | Long             | DBT              | CORP              | US        |    140000 | PA      | $130200.00    | 0.73%             | 2027-12-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| BROOKFIELD RESID PROPERT       | Brookfield Residential Properties Inc / Brookfield Residential US LLC            | CUSIP: 11283YAG5<br>LEI: N/A                  | Long             | DBT              | CORP              | CA        |     85000 | PA      | $66796.40     | 0.37%             | 2029-06-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CCO HLDGS LLC/CAP CORP         | CCO Holdings LLC / CCO Holdings Capital Corp                                     | CUSIP: 1248EPCE1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    135000 | PA      | $113737.50    | 0.64%             | 2030-08-15      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| CD&R SMOKEY BUYER INC          | CD&R Smokey Buyer Inc                                                            | CUSIP: 12510CAA9<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     95000 | PA      | $84193.75     | 0.47%             | 2025-07-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS       | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBE9<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    165000 | PA      | $80074.62     | 0.45%             | 2028-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| CHS/COMMUNITY HEALTH SYS       | CHS/Community Health Systems Inc                                                 | CUSIP: 12543DBH2<br>LEI: 5493007X5NC5XI1BB106 | Long             | DBT              | CORP              | US        |    105000 | PA      | $87605.70     | 0.49%             | 2029-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| XPO CNW INC                    | XPO CNW Inc                                                                      | CUSIP: 12612WAB0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    130000 | PA      | $116312.76    | 0.65%             | 2034-05-01      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| CSC HOLDINGS LLC               | CSC Holdings LLC                                                                 | CUSIP: 126307AY3<br>LEI: 3HG2WD2W22M120IUNG49 | Long             | DBT              | CORP              | US        |    200000 | PA      | $155782.00    | 0.87%             | 2028-04-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| CALPINE CORP                   | Calpine Corp                                                                     | CUSIP: 131347CK0<br>LEI: 43R4VPJBXTU2O15HEF41 | Long             | DBT              | CORP              | US        |    100000 | PA      | $95819.25     | 0.54%             | 2026-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                  | Carnival Corp                                                                    | CUSIP: 143658BG6<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     40000 | PA      | $40484.00     | 0.23%             | 2026-02-01      | Fixed         | 10.50%                | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                  | Carnival Corp                                                                    | CUSIP: 143658BL5<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     95000 | PA      | $80037.50     | 0.45%             | 2026-03-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| CARNIVAL CORP                  | Carnival Corp                                                                    | CUSIP: 143658BQ4<br>LEI: F1OF2ZSX47CR0BCWA982 | Long             | DBT              | CORP              | PA        |     85000 | PA      | $70762.50     | 0.40%             | 2028-08-01      | Fixed         | 4.00%                 | 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        |    160000 | PA      | $146812.80    | 0.82%             | 2027-08-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| DISH NETWORK CORP              | DISH Network Corp                                                                | CUSIP: 25470MAB5<br>LEI: 529900U350CWHH15G169 | Long             | DBT              | CORP              | US        |    245000 | PA      | $158637.50    | 0.89%             | 2026-08-15      | Fixed         | 3.38%                 | No            |                  2 | On Loan: No      |
| DISH DBS CORP                  | DISH DBS Corp                                                                    | CUSIP: 25470XBE4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $64387.50     | 0.36%             | 2026-12-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L       | EQM Midstream Partners LP                                                        | CUSIP: 26885BAE0<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |     60000 | PA      | $46479.51     | 0.26%             | 2048-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| EQM MIDSTREAM PARTNERS L       | EQM Midstream Partners LP                                                        | CUSIP: 26885BAM2<br>LEI: 549300NELT611CL6XM83 | Long             | DBT              | CORP              | US        |     95000 | PA      | $96007.95     | 0.54%             | 2027-06-01      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| EARTHSTONE ENERGY HOL          | Earthstone Energy Holdings LLC                                                   | CUSIP: 27034RAA1<br>LEI: 549300HGVO86L8G72J25 | Long             | DBT              | CORP              | US        |     95000 | PA      | $91468.85     | 0.51%             | 2027-04-15      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| ECO MATERIAL TECH INC          | Eco Material Technologies Inc                                                    | CUSIP: 27900QAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $133140.00    | 0.75%             | 2027-01-31      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| ENERGIZER HOLDINGS INC         | Energizer Holdings Inc                                                           | CUSIP: 29272WAF6<br>LEI: 5493000D6NN0V57UME20 | Long             | DBT              | CORP              | US        |     70000 | PA      | $66287.30     | 0.37%             | 2027-12-31      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ENLINK MIDSTREAM LLC           | EnLink Midstream LLC                                                             | CUSIP: 29336TAD2<br>LEI: 54930000GY1H533OBE23 | Long             | DBT              | CORP              | US        |     55000 | PA      | $55859.10     | 0.31%             | 2030-09-01      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| ENLINK MIDSTREAM PARTNER       | EnLink Midstream Partners LP                                                     | CUSIP: 29336UAD9<br>LEI: 88CPW63VL7KHJWS0NY83 | Long             | DBT              | CORP              | US        |    125000 | PA      | $94943.75     | 0.53%             | 2045-04-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| FMG RESOURCES AUG 2006         | FMG Resources August 2006 Pty Ltd                                                | CUSIP: 30251GBE6<br>LEI: 549300EFD6S2NFE9D745 | Long             | DBT              | CORP              | AU        |     70000 | PA      | $65110.50     | 0.36%             | 2032-04-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| FORD MOTOR CREDIT CO LLC       | Ford Motor Credit Co LLC                                                         | CUSIP: 345397C35<br>LEI: UDSQCVRUX5BONN0VY111 | Long             | DBT              | CORP              | US        |    265000 | PA      | $275040.85    | 1.54%             | 2027-11-04      | Fixed         | 7.35%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST       | Fortress Transportation and Infrastructure Investors LLC                         | CUSIP: 34960PAC5<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     45000 | PA      | $45393.75     | 0.25%             | 2027-08-01      | Fixed         | 9.75%                 | No            |                  2 | On Loan: No      |
| FORTRESS TRANS & INFRAST       | Fortress Transportation and Infrastructure Investors LLC                         | CUSIP: 34960PAD3<br>LEI: 529900E7PUVK6BC8PE80 | Long             | DBT              | CORP              | US        |     65000 | PA      | $56551.95     | 0.32%             | 2028-05-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| FXI HOLDINGS INC               | FXI Holdings Inc                                                                 | CUSIP: 35166FAA0<br>LEI: 549300VLKCUZW3MSVS50 | Long             | DBT              | CORP              | US        |     60000 | PA      | $49050.00     | 0.27%             | 2026-11-15      | Fixed         | 12.25%                | No            |                  2 | On Loan: No      |
| FREEPORT-MCMORAN INC           | Freeport-McMoRan Inc                                                             | CUSIP: 35671DCH6<br>LEI: 549300IRDTHJQ1PVET45 | Long             | DBT              | CORP              | US        |     95000 | PA      | $86775.79     | 0.49%             | 2030-08-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS        | Frontier Communications Holdings LLC                                             | CUSIP: 35906ABF4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     50000 | PA      | $44500.00     | 0.25%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| FRONTIER COMMUNICATIONS        | Frontier Communications Holdings LLC                                             | CUSIP: 35908MAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     55000 | PA      | $45005.40     | 0.25%             | 2030-01-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| FXI HOLDINGS INC               | FXI Holdings Inc                                                                 | CUSIP: 36120RAA7<br>LEI: 549300VLKCUZW3MSVS50 | Long             | DBT              | CORP              | US        |     90000 | PA      | $74785.95     | 0.42%             | 2024-11-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| GANNETT HOLDINGS LLC           | Gannett Holdings LLC                                                             | CUSIP: 36474GAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $79500.88     | 0.45%             | 2026-11-01      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| GLOBAL AIR LEASE CO LTD        | Global Aircraft Leasing Co Ltd                                                   | CUSIP: 37960JAA6<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |    134712 | PA      | $112480.17    | 0.63%             | 2024-09-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER         | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550AD3<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     55000 | PA      | $53868.17     | 0.30%             | 2028-03-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER         | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BN0<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     20000 | PA      | $17400.00     | 0.10%             | 2029-07-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| GOODYEAR TIRE & RUBBER         | Goodyear Tire & Rubber Co/The                                                    | CUSIP: 382550BR1<br>LEI: 5493002BI0S2ZQUY3437 | Long             | DBT              | CORP              | US        |     65000 | PA      | $55682.90     | 0.31%             | 2031-07-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GRAY TELEVISION INC            | Gray Television Inc                                                              | CUSIP: 389375AL0<br>LEI: 529900TM5726KDN7UU35 | Long             | DBT              | CORP              | US        |    115000 | PA      | $85087.35     | 0.48%             | 2030-10-15      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| GREAT LAKES DREDGE&DOCK        | Great Lakes Dredge & Dock Corp                                                   | CUSIP: 390607AF6<br>LEI: 549300H65E3MZ1CX0P05 | Long             | DBT              | CORP              | US        |    100000 | PA      | $80589.80     | 0.45%             | 2029-06-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| GEN DIGITAL INC                | Gen Digital Inc                                                                  | CUSIP: 668771AK4<br>LEI: YF6ZV0M6AU4FY94MK914 | Long             | DBT              | CORP              | US        |     65000 | PA      | $65280.15     | 0.37%             | 2027-09-30      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR       | Occidental Petroleum Corp                                                        | CUSIP: 674599ED3<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |    110000 | PA      | $114755.85    | 0.64%             | 2030-09-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| OCCIDENTAL PETROLEUM COR       | Occidental Petroleum Corp                                                        | CUSIP: 674599EF8<br>LEI: IM7X0T3ECJW4C1T7ON55 | Long             | DBT              | CORP              | US        |     90000 | PA      | $91313.55     | 0.51%             | 2031-01-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| OCEANEERING INTL INC           | Oceaneering International Inc                                                    | CUSIP: 675232AA0<br>LEI: 549300L6PH74701W0R30 | Long             | DBT              | CORP              | US        |     70000 | PA      | $67837.70     | 0.38%             | 2024-11-15      | Fixed         | 4.65%                 | No            |                  2 | On Loan: No      |
| OLIN CORP                      | Olin Corp                                                                        | CUSIP: 680665AL0<br>LEI: 549300GKK294V7W57P06 | Long             | DBT              | CORP              | US        |    190000 | PA      | $178847.03    | 1.00%             | 2029-08-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| OPTION CARE HEALTH INC         | Option Care Health Inc                                                           | CUSIP: 68404LAA0<br>LEI: 549300DI3Q5ACSYJRI17 | Long             | DBT              | CORP              | US        |    140000 | PA      | $119182.35    | 0.67%             | 2029-10-31      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| PAPA JOHN'S INTERNATIONA       | Papa John's International Inc                                                    | CUSIP: 698813AA0<br>LEI: HZYLD3DK5XOX0WBVNB56 | Long             | DBT              | CORP              | US        |     75000 | PA      | $62658.46     | 0.35%             | 2029-09-15      | Fixed         | 3.88%                 | No            |                  2 | On Loan: No      |
| PEBBLEBROOK HOTEL TRUST        | Pebblebrook Hotel Trust                                                          | CUSIP: 70509V803<br>LEI: 5493004Q1NNH6JXCSI52 | Long             | EP               | CORP              | US        |      4225 | NS      | $77571.00     | 0.43%             |  |  |  | No            |                  1 | On Loan: No      |
| Penn Capital Floating Rate Inc | Penn Capital Floating Rate Income Fund                                           | CUSIP: 707269700<br>LEI: 5493006C00G7QMAXMX22 | Long             | EC               | RF                | US        |    161338 | NS      | $1471405.32   | 8.24%             |  |  |  | No            |                  1 | On Loan: No      |
| ROCC HOLDINGS LLC              | ROCC Holdings LLC                                                                | CUSIP: 70789PAA2<br>LEI: 6XOCUKRR0UU0LF5P1W14 | Long             | DBT              | CORP              | US        |    130000 | PA      | $130063.04    | 0.73%             | 2026-08-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| PHOTO HOLDINGS MERGER SU       | Photo Holdings Merger Sub Inc                                                    | CUSIP: 719245AD4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    115000 | PA      | $70781.93     | 0.40%             | 2026-10-01      | Fixed         | 8.50%                 | No            |                  2 | On Loan: No      |
| PIKE CORP                      | Pike Corp                                                                        | CUSIP: 721283AA7<br>LEI: 549300P4EKEP6HK0NC58 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89334.00     | 0.50%             | 2028-09-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| ADT SEC CORP                   | ADT Security Corp/The                                                            | CUSIP: 74166NAA2<br>LEI: 5493009JEEDYLVRA0J13 | Long             | DBT              | CORP              | US        |     45000 | PA      | $38934.45     | 0.22%             | 2032-07-15      | Fixed         | 4.88%                 | No            |                  2 | On Loan: No      |
| MODIVCARE INC                  | ModivCare Inc                                                                    | CUSIP: 743815AE2<br>LEI: 549300EFZIFW7F7I0Q28 | Long             | DBT              | CORP              | US        |    110000 | PA      | $101562.77    | 0.57%             | 2025-11-15      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| REALOGY GROUP/CO-ISSUER        | Realogy Group LLC / Realogy Co-Issuer Corp                                       | CUSIP: 75606DAL5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    140000 | PA      | $107088.80    | 0.60%             | 2029-01-15      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| RINGCENTRAL INC                | RingCentral Inc                                                                  | CUSIP: 76680RAH0<br>LEI: 549300C8EH0H1614VE84 | Long             | DBT              | CORP              | US        |     95000 | PA      | $73482.50     | 0.41%             | 2026-03-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| SEG HLD LLC/SEG FIN CORP       | SEG Holding LLC / SEG Finance Corp                                               | CUSIP: 78397KAA0<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    120000 | PA      | $113880.00    | 0.64%             | 2028-10-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                   | SM Energy Co                                                                     | CUSIP: 78454LAN0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     65000 | PA      | $63700.00     | 0.36%             | 2026-09-15      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SM ENERGY CO                   | SM Energy Co                                                                     | CUSIP: 78454LAW0<br>LEI: 84BUTVXV5ODI6BXNMH43 | Long             | DBT              | CORP              | US        |     35000 | PA      | $34226.85     | 0.19%             | 2028-07-15      | Fixed         | 6.50%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                 | Sabre GLBL Inc                                                                   | CUSIP: 78573NAC6<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     95000 | PA      | $94762.50     | 0.53%             | 2025-04-15      | Fixed         | 9.25%                 | No            |                  2 | On Loan: No      |
| SABRE GLBL INC                 | Sabre GLBL Inc                                                                   | CUSIP: 78573NAF9<br>LEI: F2TJC7HPPHLHU1AQMP98 | Long             | DBT              | CORP              | US        |     50000 | PA      | $47625.00     | 0.27%             | 2025-09-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| SC GAMES HOLDIN/US FINCO       | Scientific Games Holdings LP/Scientific Games US FinCo Inc                       | CUSIP: 80874DAA4<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    100000 | PA      | $84122.38     | 0.47%             | 2030-03-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SCRIPPS ESCROW II INC          | Scripps Escrow II Inc                                                            | CUSIP: 81105DAB1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    125000 | PA      | $102057.50    | 0.57%             | 2031-01-15      | Fixed         | 5.38%                 | No            |                  2 | On Loan: No      |
| SEAWORLD PARKS & ENTERTA       | SeaWorld Parks & Entertainment Inc                                               | CUSIP: 81282UAC6<br>LEI: 549300UZV72O3371JJ53 | Long             | DBT              | CORP              | US        |     50000 | PA      | $51123.56     | 0.29%             | 2025-05-01      | Fixed         | 8.75%                 | No            |                  2 | On Loan: No      |
| SEAWORLD PARKS & ENTERTA       | SeaWorld Parks & Entertainment Inc                                               | CUSIP: 81282UAG7<br>LEI: 549300UZV72O3371JJ53 | Long             | DBT              | CORP              | US        |    130000 | PA      | $112027.49    | 0.63%             | 2029-08-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| SERVICE PROPERTIES TRUST       | Service Properties Trust                                                         | CUSIP: 81761LAA0<br>LEI: 529900IS770AG1K9QG27 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48375.00     | 0.27%             | 2025-09-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| SIMMONS FOOD INC/SIMMONS       | Simmons Foods Inc/Simmons Prepared Foods Inc/Simmons Pet Food Inc/Simmons Feed   | CUSIP: 82873MAA1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $86887.50     | 0.49%             | 2029-03-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SOLARIS MIDSTREAM HOLDIN       | Solaris Midstream Holdings LLC                                                   | CUSIP: 83419MAA0<br>LEI: 5493007AWQW8ZKCHVV46 | Long             | DBT              | CORP              | US        |     77000 | PA      | $75845.00     | 0.42%             | 2026-04-01      | Fixed         | 7.62%                 | No            |                  2 | On Loan: No      |
| SURGERY CENTER HOLDINGS        | Surgery Center Holdings Inc                                                      | CUSIP: 84611WAB0<br>LEI: 54930054EVI5HWPPW113 | Long             | DBT              | CORP              | US        |     65000 | PA      | $63626.64     | 0.36%             | 2025-07-01      | Fixed         | 6.75%                 | No            |                  2 | On Loan: No      |
| SPECIALTY BUILDING PRODU       | Specialty Building Products Holdings LLC / SBP Finance Corp                      | CUSIP: 84749AAA5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |    105000 | PA      | $86746.30     | 0.49%             | 2026-09-30      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| SPIRIT LOYALTY KY LTD/IP       | Spirit Loyalty Cayman Ltd / Spirit IP Cayman Ltd                                 | CUSIP: 84859BAB7<br>LEI: N/A                  | Long             | DBT              | CORP              | KY        |     90000 | PA      | $91223.10     | 0.51%             | 2025-09-20      | Fixed         | 8.00%                 | No            |                  2 | On Loan: No      |
| SPOTIFY USA INC                | Spotify USA Inc                                                                  | CUSIP: 84921RAB6<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     85000 | PA      | $67957.50     | 0.38%             | 2026-03-15      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| ONEMAIN FINANCE CORP           | OneMain Finance Corp                                                             | CUSIP: 85172FAQ2<br>LEI: 5493008I795YYBFWFU90 | Long             | DBT              | CORP              | US        |     80000 | PA      | $73560.00     | 0.41%             | 2028-01-15      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| SPIRIT AEROSYSTEMS INC         | Spirit AeroSystems Inc                                                           | CUSIP: 85205TAL4<br>LEI: ZD2NBKV6GCC3UMGBM518 | Long             | DBT              | CORP              | US        |     95000 | PA      | $93978.75     | 0.53%             | 2025-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BLOCK INC                      | Block Inc                                                                        | CUSIP: 852234AK9<br>LEI: 549300OHIIUWSTIZME52 | Long             | DBT              | CORP              | US        |     85000 | PA      | $64175.00     | 0.36%             | 2027-11-01      | Fixed         | 0.25%                 | No            |                  2 | On Loan: No      |
| STAPLES INC                    | Staples Inc                                                                      | CUSIP: 855030AN2<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    115000 | PA      | $102595.53    | 0.57%             | 2026-04-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| STAPLES INC                    | Staples Inc                                                                      | CUSIP: 855030AP7<br>LEI: XQM2JINI1UL7642TU573 | Long             | DBT              | CORP              | US        |    110000 | PA      | $80422.10     | 0.45%             | 2027-04-15      | Fixed         | 10.75%                | No            |                  2 | On Loan: No      |
| STARWOOD PROPERTY TRUST        | Starwood Property Trust Inc                                                      | CUSIP: 85571BAY1<br>LEI: BUGSFQZERKRBFWIG5267 | Long             | DBT              | CORP              | US        |    100000 | PA      | $89466.01     | 0.50%             | 2027-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| STATION CASINOS LLC            | Station Casinos LLC                                                              | CUSIP: 857691AH2<br>LEI: 5493004E7Q60TX54WL62 | Long             | DBT              | CORP              | US        |     80000 | PA      | $67071.20     | 0.38%             | 2031-12-01      | Fixed         | 4.62%                 | No            |                  2 | On Loan: No      |
| SUNNOVA ENERGY CORP            | Sunnova Energy Corp                                                              | CUSIP: 86745GAF0<br>LEI: 549300TH3GCD8YQUDR46 | Long             | DBT              | CORP              | US        |     95000 | PA      | $84997.45     | 0.48%             | 2026-09-01      | Fixed         | 5.88%                 | No            |                  2 | On Loan: No      |
| TALOS PRODUCTION INC           | Talos Production Inc                                                             | CUSIP: 87485LAC8<br>LEI: 549300GZ2DZZE2Y8TX15 | Long             | DBT              | CORP              | US        |     85000 | PA      | $88825.00     | 0.50%             | 2026-01-15      | Fixed         | 12.00%                | No            |                  2 | On Loan: No      |
| TASEKO MINES LTD               | Taseko Mines Ltd                                                                 | CUSIP: 876511AF3<br>LEI: 549300XKUO1JSLU7KX54 | Long             | DBT              | CORP              | CA        |    120000 | PA      | $100680.36    | 0.56%             | 2026-02-15      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TAYLOR MORRISON COMM           | Taylor Morrison Communities Inc                                                  | CUSIP: 87724RAJ1<br>LEI: 549300O1Z08HI2MRK572 | Long             | DBT              | CORP              | US        |     90000 | PA      | $78568.20     | 0.44%             | 2030-08-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| TEMPUR SEALY INTL INC          | Tempur Sealy International Inc                                                   | CUSIP: 88023UAH4<br>LEI: 549300HFEKVR3US71V91 | Long             | DBT              | CORP              | US        |    115000 | PA      | $95343.41     | 0.53%             | 2029-04-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP          | Tenet Healthcare Corp                                                            | CUSIP: 88033GDJ6<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     65000 | PA      | $57362.50     | 0.32%             | 2028-10-01      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP          | Tenet Healthcare Corp                                                            | CUSIP: 88033GDN7<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |    100000 | PA      | $87107.00     | 0.49%             | 2030-01-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| TENET HEALTHCARE CORP          | Tenet Healthcare Corp                                                            | CUSIP: 88033GDP2<br>LEI: 0W9AIBT6U6ADJ2I8HK17 | Long             | DBT              | CORP              | US        |     40000 | PA      | $37903.20     | 0.21%             | 2030-06-15      | Fixed         | 6.12%                 | No            |                  2 | On Loan: No      |
| PACTIV LLC                     | Pactiv LLC                                                                       | CUSIP: 880394AB7<br>LEI: 549300O4WTC6DL4JIE57 | Long             | DBT              | CORP              | US        |     60000 | PA      | $56198.21     | 0.31%             | 2025-12-15      | Fixed         | 7.95%                 | No            |                  2 | On Loan: No      |
| TILRAY BRANDS INC              | Tilray Brands Inc                                                                | CUSIP: 88688TAB6<br>LEI: 549300Y4V60733TO1478 | Long             | DBT              | CORP              | US        |    100000 | PA      | $96928.02     | 0.54%             | 2023-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TITAN INTERNATIONAL INC        | Titan International Inc                                                          | CUSIP: 88830MAM4<br>LEI: 254900CXRGBE7C4B5A06 | Long             | DBT              | CORP              | US        |    190000 | PA      | $181742.60    | 1.02%             | 2028-04-30      | Fixed         | 7.00%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN PROTEUS LTD         | Transocean Proteus Ltd                                                           | CUSIP: 893829AA9<br>LEI: 5493000CTMQ2LH21VM89 | Long             | DBT              | CORP              | KY        |     47250 | PA      | $46305.00     | 0.26%             | 2024-12-01      | Fixed         | 6.25%                 | No            |                  2 | On Loan: No      |
| TRANSOCEAN INC                 | Transocean Inc                                                                   | CUSIP: 893830AT6<br>LEI: DOL4HJ22ADYSIWES4H94 | Long             | DBT              | CORP              | KY        |    145000 | PA      | $91102.05     | 0.51%             | 2038-03-15      | Fixed         | 6.80%                 | No            |                  2 | On Loan: No      |
| TRIUMPH GROUP INC              | Triumph Group Inc                                                                | CUSIP: 896818AP6<br>LEI: 5493007L6S47Q14SL582 | Long             | DBT              | CORP              | US        |     90000 | PA      | $77175.00     | 0.43%             | 2025-08-15      | Fixed         | 7.75%                 | 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        |    138938 | NS      | $138938.32    | 0.78%             |  |  |  | No            |                  1 | On Loan: No      |
| TURNING POINT BRANDS INC       | Turning Point Brands Inc                                                         | CUSIP: 90041LAF2<br>LEI: 549300IYG00QF0VVP302 | Long             | DBT              | CORP              | US        |     50000 | PA      | $43528.65     | 0.24%             | 2026-02-15      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| UNISYS CORP                    | Unisys Corp                                                                      | CUSIP: 909214BV9<br>LEI: 549300T21W22FIJJOW08 | Long             | DBT              | CORP              | US        |    105000 | PA      | $75300.75     | 0.42%             | 2027-11-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM        | United Rentals North America Inc                                                 | CUSIP: 911365BF0<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     65000 | PA      | $64137.13     | 0.36%             | 2027-05-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| UNITED RENTALS NORTH AM        | United Rentals North America Inc                                                 | CUSIP: 911365BQ6<br>LEI: NGIZXNT70J2LYT3FBI09 | Long             | DBT              | CORP              | US        |     40000 | PA      | $40200.00     | 0.23%             | 2029-12-15      | Fixed         | 6.00%                 | No            |                  2 | On Loan: No      |
| US CELLULAR CORP               | United States Cellular Corp                                                      | CUSIP: 911684AD0<br>LEI: 549300B164AZXESI6E03 | Long             | DBT              | CORP              | US        |    115000 | PA      | $100598.55    | 0.56%             | 2033-12-15      | Fixed         | 6.70%                 | No            |                  2 | On Loan: No      |
| UNIVAR SOLUTIONS USA INC       | Univar Solutions USA Inc/Washington                                              | CUSIP: 91337CAA4<br>LEI: 5493008FTB9VZW6CVA82 | Long             | DBT              | CORP              | US        |     50000 | PA      | $48085.50     | 0.27%             | 2027-12-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| UNIVISION COMMUNICATIONS       | Univision Communications Inc                                                     | CUSIP: 914906AU6<br>LEI: 549300YQDE2JSGTL8V47 | Long             | DBT              | CORP              | US        |     90000 | PA      | $87707.78     | 0.49%             | 2027-06-01      | Fixed         | 6.62%                 | No            |                  2 | On Loan: No      |
| URBAN ONE INC                  | Urban One Inc                                                                    | CUSIP: 91705JAC9<br>LEI: 549300PLGIGPBRQUP240 | Long             | DBT              | CORP              | US        |     70000 | PA      | $59150.00     | 0.33%             | 2028-02-01      | Fixed         | 7.38%                 | No            |                  2 | On Loan: No      |
| USA COM PART/USA COM FIN       | USA Compression Partners LP / USA Compression Finance Corp                       | CUSIP: 91740PAC2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     65000 | PA      | $62237.50     | 0.35%             | 2026-04-01      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| VECTOR GROUP LTD               | Vector Group Ltd                                                                 | CUSIP: 92240MBL1<br>LEI: 549300TUIF4WWN6NDN50 | Long             | DBT              | CORP              | US        |    105000 | PA      | $91199.85     | 0.51%             | 2029-02-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/XO MGMT         | VistaJet Malta Finance PLC / XO Management Holding Inc                           | CUSIP: 92840JAB5<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     60000 | PA      | $49200.00     | 0.28%             | 2030-02-01      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| VISTAJET MALTA/XO MGMT         | VistaJet Malta Finance PLC / XO Management Holding Inc                           | CUSIP: 92840JAD1<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     70000 | PA      | $63437.50     | 0.36%             | 2027-05-01      | Fixed         | 7.88%                 | No            |                  2 | On Loan: No      |
| VISTRA CORP                    | Vistra Corp                                                                      | CUSIP: 92840MAB8<br>LEI: 549300KP43CPCUJOOG15 | Long             | EP               | CORP              | US        |    130000 | PA      | $123478.08    | 0.69%             |  |  |  | No            |                  2 | On Loan: No      |
| WEATHERFORD INTL LTD           | Weatherford International Ltd                                                    | CUSIP: 947075AP2<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |      8000 | PA      | $8203.59      | 0.05%             | 2024-12-01      | Fixed         | 11.00%                | No            |                  2 | On Loan: No      |
| WEATHERFORD INTERNATIONA       | Weatherford International Ltd                                                    | CUSIP: 947075AU1<br>LEI: 549300A2JKMG5PGOGF82 | Long             | DBT              | CORP              | BM        |    140000 | PA      | $134260.00    | 0.75%             | 2030-04-30      | Fixed         | 8.62%                 | No            |                  2 | On Loan: No      |
| WHITE CAP BUYER LLC            | White Cap Buyer LLC                                                              | CUSIP: 96350RAA2<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     80000 | PA      | $68956.68     | 0.39%             | 2028-10-15      | Fixed         | 6.88%                 | No            |                  2 | On Loan: No      |
| XPO ESCROW SUB LLC             | XPO Escrow Sub LLC                                                               | CUSIP: 98379JAA3<br>LEI: N/A                  | Long             | DBT              | CORP              | US        |     75000 | PA      | $76125.00     | 0.43%             | 2027-11-15      | Fixed         | 7.50%                 | No            |                  2 | On Loan: No      |
| BDF ACQUISITION CORP           | BDF Acquisition Corp                                                             | CUSIP: 05543CAF3<br>LEI: 549300QH1U6GLVX5T151 | Long             | LON              | CORP              | US        |     65702 | PA      | $59734.49     | 0.33%             | 2026-02-12      | Floating      | 10.98%                | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2023-01-24

**Name of Applicant:** RBB Fund Trust

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

**Name of Signer:** RBB Fund Trust

**Title:** CFO COO Treasurer