# EDGAR Filing Document

**Accession Number:** 0000831114
**File Stem:** 0000894189-26-002306
**Filing Date:** 2026-1
**Character Count:** 49995
**Document Hash:** 90babf58f4f939b0579736b7c985ce73
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000894189-26-002306.hdr.sgml**: 20260128

**ACCESSION NUMBER**: 0000894189-26-002306

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260128

**DATE AS OF CHANGE**: 20260128

**PERIOD START**: 20260831

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RBB FUND, INC.
- **CENTRAL INDEX KEY:** 0000831114

**ORGANIZATION NAME:**
- **EIN:** 510312196
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05518
- **FILM NUMBER:** 26569980

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

**MAIL ADDRESS:**
- **STREET 1:** 615 E. MICHIGAN ST.
- **CITY:** MILWAUKEE
- **STATE:** WI
- **ZIP:** 53202

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RBB FUND INC
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FUND INC /DE/
- **DATE OF NAME CHANGE:** 19600201

## Series and Classes Contracts Data

### F/m Ultrashort Tax-Free Municipal ETF (Series ID: S000091541)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000259209 | F/m Ultrashort Tax-Free Municipal ETF | ZMUN            |

## Nport-Ex

---

| | | |
|:---|:---|:---|
| **F/m Ultrashort Tax-Free Municipal ETF** | **F/m Ultrashort Tax-Free Municipal ETF** | **F/m Ultrashort Tax-Free Municipal ETF** |
| **Schedule of Investments** | **Schedule of Investments** | **Schedule of Investments** |
| **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** | **November 30, 2025 (Unaudited)** |
| **MUNICIPAL BONDS - 98.2%** | **Par** | **Value**  |
|  Adams & Weld Counties School District No 27J Brighton/CO, 5.00%, 12/01/2033 | 300000 | $300330 |
|  Alachua County Health Facilities Authority, 5.00%, 12/01/2035 | 50000 | 50038 |
|  Allegheny County Sanitary Authority, 5.00%, 12/01/2028 | 100000 | 100000 |
|  Boulder Larimer & Weld Counties St Vrain Valley School District Re1J, 5.00%, 12/15/2027 | 25000 | 25097 |
|  Burleson Independent School District, 4.00%, 08/01/2029 | 140000 | 140211 |
|  California Health Facilities Financing Authority, 5.00%, 11/15/2028 (Obligor: Cedars-sinai Med Ctr Oblg) | 305000 | 305548 |
|  California State Public Works Board, 5.00%, 05/01/2028 | 45000 | 45077 |
|  Cedar Port Navigation & Improvement District, 4.00%, 09/01/2030 | 50000 | 50009 |
|  Central Texas Regional Mobility Authority, 5.00%, 01/01/2027 | 100000 | 100196 |
|  Centre County Hospital Authority, 4.00%, 11/15/2035 (Obligor: Mt Nittany Med Ctr Oblig) | 100000 | 100039 |
|  Charlotte-Mecklenburg Hospital Authority, 4.00%, 01/15/2031 (Obligor: Atrium Health Oblig Grp) | 50000 | 50057 |
| Chicago O'Hare International Airport | Chicago O'Hare International Airport | Chicago O'Hare International Airport |
| &nbsp;&nbsp; 5.00%, 01/01/2027 | 225000 | 225355 |
| &nbsp;&nbsp; 5.00%, 01/01/2033 | 345000 | 345403 |
|  Chilton County Health Care Authority, 5.00%, 11/01/2035 | 100000 | 100089 |
|  City of Brentwood MO, 4.00%, 10/01/2027 | 100000 | 100792 |
|  City of Houston TX Combined Utility System Revenue, 4.00%, 11/15/2033 | 500000 | 500302 |
|  City of Ozark MO, 4.00%, 09/01/2034 | 250000 | 250114 |
|  City of Rock Hill SC Combined Utility System Revenue, 5.00%, 01/01/2029 | 55000 | 55087 |
|  City of San Juan TX, 4.00%, 02/15/2031 | 75000 | 75020 |
|  City of Springfield IL, 5.00%, 12/01/2031 | 100000 | 100114 |
|  City of Troy AL, 4.00%, 07/01/2035 | 250000 | 250058 |
|  City of Wylie TX, 5.00%, 02/15/2026 | 60000 | 60092 |
|  Clark County School District, 4.00%, 06/15/2034 | 100000 | 100053 |
|  Columbus Metropolitan Housing Authority, 5.00%, 12/01/2026 (Obligor: Cmha Country Ridge Llc) | 135000 | 135041 |
|  Commonwealth of Pennsylvania, 4.00%, 02/01/2033 | 85000 | 85100 |
|  County of King WA, 5.00%, 12/01/2030 | 50000 | 50043 |
|  County of Nueces TX, 5.00%, 02/15/2026 | 55000 | 55082 |
|  Dobbs Ferry Local Development Corp., 4.00%, 07/01/2034 (Obligor: Mercy College) | 100000 | 100046 |
|  East Cherry Creek Valley Water and Sanitation District, 4.00%, 11/15/2027 | 45000 | 45036 |
|  Elmore County Board of Education, 4.00%, 08/01/2026 | 35000 | 35021 |
|  Fridley Independent School District No 14, 5.00%, 02/01/2027 | 25000 | 25086 |
|  Georgia Higher Education Facilities Authority, 4.00%, 06/15/2035 | 50000 | 50011 |
|  Grossmont Union High School District, 4.00%, 08/01/2033 | 150000 | 150097 |
|  Illinois Finance Authority, 4.00%, 12/01/2027 (Obligor: Northwestern University) | 75000 | 75044 |
|  Illinois State Toll Highway Authority, 5.00%, 01/01/2030 | 60000 | 60090 |
|  Indiana Finance Authority, 4.00%, 03/01/2033 (Obligor: Deaconess Hlth Sys Oblig) | 225000 | 225069 |
|  King County School District No 403 Renton, 5.00%, 12/01/2027 | 75000 | 75120 |
|  King County School District No 409 Tahoma, 4.00%, 12/01/2027 | 100000 | 100084 |
| Los Angeles County Public Works Financing Authority | Los Angeles County Public Works Financing Authority | Los Angeles County Public Works Financing Authority |
| &nbsp;&nbsp; 5.00%, 12/01/2027 | 500000 | 500922 |
| &nbsp;&nbsp; 5.00%, 12/01/2031 | 100000 | 100151 |
| &nbsp;&nbsp; 5.00%, 12/01/2032 | 95000 | 95137 |
| Louisiana Public Facilities Authority | Louisiana Public Facilities Authority | Louisiana Public Facilities Authority |
| &nbsp;&nbsp; 5.00%, 07/01/2031 (Obligor: Franciscan Mission Oblig) | 55000 | 55036 |
| &nbsp;&nbsp; 5.00%, 07/01/2032 (Obligor: Franciscan Mission Oblig) | 50000 | 50031 |
|  Michigan Finance Authority, 5.00%, 01/01/2029 (Obligor: Holland Community Hosp) | 400000 | 400537 |
|  Michigan State Housing Development Authority, 4.45%, 10/01/2034 | 60000 | 60057 |
|  Mississippi Valley State University Educational Building Corp., 3.50%, 04/01/2033 | 60000 | 60019 |
|  Missouri Public Utilities Commission, 4.00%, 05/01/2026 | 100000 | 100098 |
|  Nevada Joint Union High School District, 4.00%, 08/01/2030 | 40000 | 40029 |
|  New Jersey Economic Development Authority, 4.38%, 06/15/2027 | 50000 | 50034 |
|  New Jersey Educational Facilities Authority, 5.00%, 07/01/2030 (Obligor: The College Of New Jersey) | 370000 | 370620 |
|  North Carolina Municipal Power Agency No 1, 5.00%, 01/01/2031 | 385000 | 385461 |
| North Texas Tollway Authority | North Texas Tollway Authority | North Texas Tollway Authority |
| &nbsp;&nbsp; 5.00%, 01/01/2029 | 215000 | 215329 |
| &nbsp;&nbsp; 5.00%, 01/01/2031 | 25000 | 25033 |
|  Northeast Travis County Utility District/TX, 4.00%, 09/01/2027 | 200000 | 200024 |
|  Northwest Independent School District, 5.00%, 02/15/2026 | 50000 | 50078 |
|  Omaha Public Power District, 5.00%, 02/01/2027 | 35000 | 35125 |
|  Paris Independent School District/TX, 4.00%, 02/15/2035 | 240000 | 240041 |
| Pennsylvania Turnpike Commission | Pennsylvania Turnpike Commission | Pennsylvania Turnpike Commission |
| &nbsp;&nbsp; 5.00%, 12/01/2027 | 50000 | 50000 |
| &nbsp;&nbsp; 5.00%, 12/01/2028 | 50000 | 50000 |
|  Pierce County Fire Protection District No 6, 4.00%, 12/01/2032 | 100000 | 100039 |
|  Pierce County School District No 3 Puyallup, 5.00%, 12/01/2028 | 115000 | 115075 |
|  San Francisco City & County Public Utilities Commission Wastewater Revenue, 5.00%, 10/01/2029 | 50000 | 50090 |
|  San Jose Evergreen Community College District, 4.00%, 09/01/2026 | 500000 | 500351 |
|  Skyland Metropolitan District, 4.38%, 12/01/2029 | 50000 | 50056 |
|  Southern California Public Power Authority, 5.00%, 07/01/2027 | 50000 | 50070 |
|  St Charles County Public Water Supply District No 2, 5.00%, 12/01/2028 | 50000 | 50078 |
|  St Michael-Albertville Independent School District No 885, 4.00%, 02/01/2030 | 25000 | 25037 |
|  State of Hawaii, 4.00%, 10/01/2026 | 50000 | 50039 |
|  State of Illinois, 5.00%, 01/01/2027 | 600000 | 600867 |
|  State of Texas, 4.00%, 08/01/2028 | 95000 | 95085 |
| State of Washington | State of Washington | State of Washington |
| &nbsp;&nbsp; 5.00%, 01/01/2029 | 40000 | 40067 |
| &nbsp;&nbsp; 5.00%, 07/01/2032 | 60000 | 60107 |
| Texas Water Development Board | Texas Water Development Board | Texas Water Development Board |
| &nbsp;&nbsp; 5.00%, 10/15/2026 | 55000 | 55089 |
| &nbsp;&nbsp; 5.00%, 10/15/2031 | 75000 | 75097 |
|  Tradition Community Development District No 1, 4.13%, 05/01/2030 | 145000 | 145113 |
| University of Hawaii | University of Hawaii | University of Hawaii |
| &nbsp;&nbsp; 5.00%, 10/01/2031 | 65000 | 65078 |
| &nbsp;&nbsp; 5.00%, 10/01/2032 | 100000 | 100113 |
|  University of Oklahoma, 5.00%, 07/01/2034 | 40000 | 40042 |
|  USF Financing Corp., 5.00%, 07/01/2026 | 40000 | 40052 |
| Utility Debt Securitization Authority | Utility Debt Securitization Authority | Utility Debt Securitization Authority |
| &nbsp;&nbsp; 5.00%, 12/15/2027 | 200000 | 200172 |
| &nbsp;&nbsp; 5.00%, 12/15/2033 | 50000 | 50044 |
| Wayne County Airport Authority | Wayne County Airport Authority | Wayne County Airport Authority |
| &nbsp;&nbsp; 5.00%, 12/01/2029 | 325000 | 325072 |
| &nbsp;&nbsp; 5.00%, 12/01/2031 | 100000 | 100022 |
| **TOTAL MUNICIPAL BONDS** (Cost $10,808,438) | **TOTAL MUNICIPAL BONDS** (Cost $10,808,438) | 10811668 |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.2%** | **Shares** | **Value**  |
| BlackRock Liquidity Funds MuniCash - Institutional Class, 2.61% <sup>(a)</sup> | 21483 | 21484 |
| **TOTAL MONEY MARKET FUNDS** (Cost $21,484) | **TOTAL MONEY MARKET FUNDS** (Cost $21,484) | 21484 |
| **TOTAL INVESTMENTS - 98.4% (**Cost $10,829,922**)** | **TOTAL INVESTMENTS - 98.4% (**Cost $10,829,922**)** | 10833152 |
| Other Assets in Excess of Liabilities - 1.6% | Other Assets in Excess of Liabilities - 1.6% | 175542 |
| **TOTAL NET ASSETS - 100.0%** |  | $11008694 |
| Par amount is in USD unless otherwise indicated. | Par amount is in USD unless otherwise indicated. |  |
| Percentages are stated as a percent of net assets. | Percentages are stated as a percent of net assets. |  |

---

(a) The rate shown represents the 7-day annualized yield as of November 30, 2025.

------

#### Summary of Fair Value Disclosure as of November 30, 2025 (Unaudited)
F/m Ultrashort Tax-Free Municipal ETF (the "Fund") has adopted fair value accounting standards which establish a definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or valuation methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund's own assumptions about the assumptions a market participant would use in valuing the asset or liability, and based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund's securities as of November 30, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **<u>Level 1</u>** | **<u>Level 2</u>** | **<u>Level 3</u>** | **<u>Total</u>** |
| <u>Investments:</u> |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Municipal Bonds | $– | $10811668 | $– | $10811668 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Money Market Funds | 21484 | – | – | 21484 |
| Total Investments | $21484 | $10811668 | $– | $10833152 |
| Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. | Refer to the Schedule of Investments for further disaggregation of investment categories. |

---

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** RBB Fund, Inc.

- **b. Investment Company Act file number:** 811-05518

- **c. CIK number of Registrant:** 0000831114

- **d. LEI of Registrant:** 5493005KKD0GVHSW0D29

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 615 East Michigan Street

  - **City:** Milwaukee

  - **State:** WI

  - **Foreign country:** US

  - **Zip / Postal Code:** 53202

  - **Telephone number:** 262-378-6278

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

- **a. Name of Series:** F/m Ultrashort Tax-Free Municipal ET

- **b. EDGAR series identifier (if any):** S000091541

- **c. LEI of Series:** 52990062C6AO3Y37DA43

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

- **a. Date of fiscal year-end:** 2026-08-31

- **b. Date as of which information is reported:** 2025-11-30

**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:** $11039416.40

**Total Liabilities:** $30716.26

**Net Assets:** $11008700.14

**Currency Risk Metrics (dv01):**

- 

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

- **3-Month:** 100.282489000000 | **1-Year:** 0.059576000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

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

- **3-Month:** 0.930911000000 | **1-Year:** 0.000000000000 | **5-Year:** 0.000000000000 | **10-Year:** 0.000000000000 | **30-Year:** 0.000000000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000259209 | -0.01%               | 0.18%                | 0.30%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-102.02                                   |
| Month 2  | $-92.61                  | $-1810.25                                  |
| Month 3  | $-387.84                 | $5142.12                                   |

**Designated Index Information**

- **Index Name:** N/A

- **Index Identifier:** N/A

### Schedule of Portfolio Investments

| Name                           | Title                                                                      | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| BRENTWOOD MO COPS              | City of Brentwood MO                                                       | CUSIP: 107304EL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100792.13    | 0.92%             | 2027-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI | Pennsylvania Turnpike Commission                                           | CUSIP: 709224MM8<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.45%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CLARK CNTY NV SCH DIST         | Clark County School District                                               | CUSIP: 181059UG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100052.62    | 0.91%             | 2034-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA PUBLIC WKS | Los Angeles County Public Works Financing Authority                        | CUSIP: 54473ESP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     95000 | PA      | $95136.75     | 0.86%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN FRANCISCO CITY & CNTY CA P | San Francisco City & County Public Utilities Commission Wastewater Revenue | CUSIP: 79768HCP1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50090.16     | 0.46%             | 2029-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST WTR DEV BRD           | Texas Water Development Board                                              | CUSIP: 882854WK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55089.39     | 0.50%             | 2026-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| TROY AL                        | City of Troy AL                                                            | CUSIP: 897285LN0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250057.87    | 2.27%             | 2035-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MI ARPT AUTH REVENU | Wayne County Airport Authority                                             | CUSIP: 944514SR0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100022.16    | 0.91%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| STHRN CALIFORNIA ST PUBLIC PWR | Southern California Public Power Authority                                 | CUSIP: 842477UA7<br>LEI: 5493003B5TD5FWUKMD34 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50070.01     | 0.45%             | 2027-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST TOLL HIGHWAY AUTH  | Illinois State Toll Highway Authority                                      | CUSIP: 452252KW8<br>LEI: 549300ISBFGI8MJJKM98 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60090.05     | 0.55%             | 2030-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA PUBLIC WKS | Los Angeles County Public Works Financing Authority                        | CUSIP: 54473ERF3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500922.28    | 4.55%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSISSIPPI VLY MS ST UNIV EDU | Mississippi Valley State University Educational Building Corp              | CUSIP: 605767CD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60018.51     | 0.55%             | 2033-04-01      | Fixed         | 3.50%                 | No            |                  2 | On Loan: No      |
| SAINT CHARLES CNTY MO PUBLIC W | St Charles County Public Water Supply District No 2                        | CUSIP: 78764YDE4<br>LEI: 54930038VJHZW7PR1R14 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50077.74     | 0.45%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTH  | Louisiana Public Facilities Authority                                      | CUSIP: 546395Q80<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     55000 | PA      | $55036.39     | 0.50%             | 2031-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOUISIANA ST PUBLIC FACS AUTH  | Louisiana Public Facilities Authority                                      | CUSIP: 546395Q98<br>LEI: 549300RQIPT5S4P4M065 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50030.69     | 0.45%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIERCE CNTY WA SCH DIST #3 PUY | Pierce County School District No 3 Puyallup                                | CUSIP: 720390YS6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    115000 | PA      | $115074.80    | 1.05%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BOULDER LARIMER & WELD CNTYS C | Boulder Larimer & Weld Counties St Vrain Valley School District Re1J       | CUSIP: 101565E88<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25097.05     | 0.23%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| E CHERRY CREEK VLY CO WTR & SA | East Cherry Creek Valley Water and Sanitation District                     | CUSIP: 271579CQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45035.60     | 0.41%             | 2027-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST FIN AUTH REVENUE   | Illinois Finance Authority                                                 | CUSIP: 45203HZ96<br>LEI: 549300ZG6UBPNNNRN315 | Long             | DBT              | MUN               | US        |     75000 | PA      | $75043.71     | 0.68%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA SCH DIST #403 REN | King County School District No 403 Renton                                  | CUSIP: 495080TX1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75119.63     | 0.68%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| LOS ANGELES CNTY CA PUBLIC WKS | Los Angeles County Public Works Financing Authority                        | CUSIP: 54473ERK2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100150.87    | 0.91%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST FIN AUTH REVENUE   | Michigan Finance Authority                                                 | CUSIP: 59447TND1<br>LEI: 54930022O46HOX5J1D14 | Long             | DBT              | MUN               | US        |    400000 | PA      | $400537.26    | 3.64%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MICHIGAN ST HSG DEV AUTH RENTA | Michigan State Housing Development Authority                               | CUSIP: 59465MM28<br>LEI: 549300NSWW1HVXE93T03 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60057.01     | 0.55%             | 2034-10-01      | Fixed         | 4.45%                 | No            |                  2 | On Loan: No      |
| NEVADA CA JT UNION HIGH SCH DI | Nevada Joint Union High School District                                    | CUSIP: 64133MDC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40028.92     | 0.36%             | 2030-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NORTH CAROLINA ST MUNI PWR AGY | North Carolina Municipal Power Agency No 1                                 | CUSIP: 658203X41<br>LEI: 549300N3Q65G1ODRFX75 | Long             | DBT              | MUN               | US        |    385000 | PA      | $385460.75    | 3.50%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE      | North Texas Tollway Authority                                              | CUSIP: 66285WWZ5<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |    215000 | PA      | $215329.36    | 1.96%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NORTHWEST TX INDEP SCH DIST    | Northwest Independent School District                                      | CUSIP: 667825K44<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50078.19     | 0.45%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| OMAHA NE PUBLIC PWR DIST ELEC  | Omaha Public Power District                                                | CUSIP: 682001EY4<br>LEI: 54930000VJEJ9CGIYG32 | Long             | DBT              | MUN               | US        |     35000 | PA      | $35125.34     | 0.32%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PARIS TX INDEP SCH DIST        | Paris Independent School District/TX                                       | CUSIP: 700008QM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    240000 | PA      | $240040.72    | 2.18%             | 2035-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST                | Commonwealth of Pennsylvania                                               | CUSIP: 70914PZY1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     85000 | PA      | $85100.02     | 0.77%             | 2033-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SKYLAND CO MET DIST GUNNISON C | Skyland Metropolitan District                                              | CUSIP: 830809BM0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50055.97     | 0.45%             | 2029-12-01      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| CENTRE CNTY PA HOSP AUTH       | Centre County Hospital Authority                                           | CUSIP: 156273FF6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100039.05    | 0.91%             | 2035-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | Chicago O'Hare International Airport                                       | CUSIP: 167593UW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    245000 | PA      | $245286.19    | 2.23%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHILTON CNTY AL HLTH CARE AUTH | Chilton County Health Care Authority                                       | CUSIP: 169309AS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100089.15    | 0.91%             | 2035-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| COLUMBUS OH MET HSG AUTH AFFOR | Columbus Metropolitan Housing Authority                                    | CUSIP: 199518AN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    135000 | PA      | $135040.66    | 1.23%             | 2026-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HAWAII HI REVENUE      | University of Hawaii                                                       | CUSIP: 91428LHQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     65000 | PA      | $65077.97     | 0.59%             | 2031-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WAYNE CNTY MI ARPT AUTH REVENU | Wayne County Airport Authority                                             | CUSIP: 944514TZ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    325000 | PA      | $325072.01    | 2.95%             | 2029-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ADAMS & WELD CNTYS CO SCH DIST | Adams & Weld Counties School District No 27J Brighton/CO                   | CUSIP: 005518VJ1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    300000 | PA      | $300329.64    | 2.73%             | 2033-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALACHUA CNTY FL HLTH FACS AUTH | Alachua County Health Facilities Authority                                 | CUSIP: 010685KC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50038.15     | 0.45%             | 2035-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| BURLESON TX INDEP SCH DIST     | Burleson Independent School District                                       | CUSIP: 121403Q51<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    140000 | PA      | $140211.22    | 1.27%             | 2029-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST HLTH FACS FING A | California Health Facilities Financing Authority                           | CUSIP: 13032UBC1<br>LEI: 5493007RI8BUDOGHZ546 | Long             | DBT              | MUN               | US        |    305000 | PA      | $305548.05    | 2.78%             | 2028-11-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CALIFORNIA ST PUBLIC WKS BRD L | California State Public Works Board                                        | CUSIP: 13068LVT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     45000 | PA      | $45077.19     | 0.41%             | 2028-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHARLOTTE-MECKLENBURG NC HOSP  | Charlotte-Mecklenburg Hospital Authority/The                               | CUSIP: 160853SP3<br>LEI: 549300XOH4JU704GMZ32 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50057.08     | 0.45%             | 2031-01-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | Chicago O'Hare International Airport                                       | CUSIP: 167593VJ8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    225000 | PA      | $225355.46    | 2.05%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHICAGO IL O'HARE INTERNATIONA | Chicago O'Hare International Airport                                       | CUSIP: 167593VQ2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100116.81    | 0.91%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DOBBS FERRY NY LOCAL DEV CORP  | Dobbs Ferry Local Development Corp                                         | CUSIP: 256048AA7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100045.81    | 0.91%             | 2034-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| BlackRock Liquidity Funds Muni | BlackRock Liquidity Funds MuniCash                                         | CUSIP: 09248U841<br>LEI: 549300RWBJ885673DL84 | Long             | STIV             | RF                | US        |     49480 | NS      | $49483.89     | 0.45%             |  |  |  | No            |                  1 | On Loan: No      |
| WYLIE TX                       | City of Wylie TX                                                           | CUSIP: 983064VU7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     60000 | PA      | $60092.34     | 0.55%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CHAMBERS CNTY TX IMPT DIST #1  | Cedar Port Navigation & Improvement District                               | CUSIP: 157792HP0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50008.85     | 0.45%             | 2030-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GEORGIA ST HGR EDU FACS AUTH R | Georgia Higher Education Facilities Authority                              | CUSIP: 373511GN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50011.04     | 0.45%             | 2035-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| GROSSMONT CA UNION HIGH SCH DI | Grossmont Union High School District                                       | CUSIP: 399262LB8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150097.09    | 1.36%             | 2033-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| INDIANA ST FIN AUTH REVENUE    | Indiana Finance Authority                                                  | CUSIP: 45506DUH6<br>LEI: 549300PS0PAS7NDSSI20 | Long             | DBT              | MUN               | US        |    225000 | PA      | $225069.01    | 2.04%             | 2033-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA SCH DIST #409 TAH | King County School District No 409 Tahoma                                  | CUSIP: 495188PH1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100083.75    | 0.91%             | 2027-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| N TX TOLLWAY AUTH REVENUE      | North Texas Tollway Authority                                              | CUSIP: 66285WWE2<br>LEI: PQGZGRE0F2WPMYQQ1B78 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25033.32     | 0.23%             | 2031-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| NUECES CNTY TX                 | County of Nueces TX                                                        | CUSIP: 670386NN7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55081.80     | 0.50%             | 2026-02-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ROCK HILL SC UTILITY SYS REVEN | City of Rock Hill SC Combined Utility System Revenue                       | CUSIP: 772249PT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     55000 | PA      | $55086.71     | 0.50%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| SAN JOSE CA EVERGREEN CMNTY CL | San Jose Evergreen Community College District                              | CUSIP: 798189LW4<br>LEI: 5493006H31JIFYW6Z091 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500351.22    | 4.55%             | 2026-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TRADITION CDD #1 FL SPL ASSMNT | Tradition Community Development District No 1                              | CUSIP: 89269HAS0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    145000 | PA      | $145112.94    | 1.32%             | 2030-05-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| USF FING CORP FL COPS          | USF Financing Corp                                                         | CUSIP: 90341UDG4<br>LEI: 549300P9Y92T23EMUI42 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40052.32     | 0.36%             | 2026-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ALLEGHENY CNTY PA SAN AUTH     | Allegheny County Sanitary Authority                                        | CUSIP: 017357A20<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100000.00    | 0.91%             | 2028-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| CENTRL TX REGL MOBILITY AUTH R | Central Texas Regional Mobility Authority                                  | CUSIP: 155498LY2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100196.44    | 0.91%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| ELMORE CNTY AL BRD OF EDU CAPI | Elmore County Board of Education                                           | CUSIP: 28976PBK0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     35000 | PA      | $35020.92     | 0.32%             | 2026-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| HAWAII ST                      | State of Hawaii                                                            | CUSIP: 419792AJ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50039.15     | 0.45%             | 2026-10-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| FRIDLEY MN INDEP SCH DIST #14  | Fridley Independent School District No 14                                  | CUSIP: 358388RM0<br>LEI: 549300GXGLJ1SRGTMP74 | Long             | DBT              | MUN               | US        |     25000 | PA      | $25086.40     | 0.23%             | 2027-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| HOUSTON TX UTILITY SYS REVENUE | City of Houston TX Combined Utility System Revenue                         | CUSIP: 4424355W9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    500000 | PA      | $500301.63    | 4.54%             | 2033-11-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| ILLINOIS ST                    | State of Illinois                                                          | CUSIP: 452152A43<br>LEI: 54930048FV8RWPR02D67 | Long             | DBT              | MUN               | US        |    600000 | PA      | $600866.55    | 5.46%             | 2027-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| KING CNTY WA                   | County of King WA                                                          | CUSIP: 49474FPD6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50043.36     | 0.45%             | 2030-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| MISSOURI ST PUBLIC UTILITIES C | Missouri Public Utilities Commission                                       | CUSIP: 606374AT3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100097.97    | 0.91%             | 2026-05-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST ECON DEV AUTH RE | New Jersey Economic Development Authority                                  | CUSIP: 64577BKV5<br>LEI: 5493006JS6QWDVU4R678 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50034.15     | 0.45%             | 2027-06-15      | Fixed         | 4.38%                 | No            |                  2 | On Loan: No      |
| NEW JERSEY ST EDUCTNL FACS AUT | New Jersey Educational Facilities Authority                                | CUSIP: 6460668B9<br>LEI: 549300UTOO4X537XXG70 | Long             | DBT              | MUN               | US        |    370000 | PA      | $370619.96    | 3.37%             | 2030-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| N E TRAVIS CNTY TX UTILITY DIS | Northeast Travis County Utility District/TX                                | CUSIP: 664387MJ3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200024.03    | 1.82%             | 2027-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| OZARK MO COPS                  | City of Ozark MO                                                           | CUSIP: 69263RCG0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $250114.04    | 2.27%             | 2034-09-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SPRINGFIELD IL                 | City of Springfield IL                                                     | CUSIP: 850527LW0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100113.96    | 0.91%             | 2031-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OF HAWAII HI REVENUE      | University of Hawaii                                                       | CUSIP: 91428LHK5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100112.90    | 0.91%             | 2032-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PENNSYLVANIA ST TURNPIKE COMMI | Pennsylvania Turnpike Commission                                           | CUSIP: 709224ML0<br>LEI: 549300J8LLBYEYEXZJ24 | Long             | DBT              | MUN               | US        |     50000 | PA      | $50000.00     | 0.45%             | 2027-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| PIERCE CNTY WA FIRE PROT DIST# | Pierce County Fire Protection District No 6                                | CUSIP: 720362CX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100038.54    | 0.91%             | 2032-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAINT MICHAEL MN INDEP SCH DIS | St Michael-Albertville Independent School District No 885                  | CUSIP: 792775QT8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     25000 | PA      | $25037.40     | 0.23%             | 2030-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| SAN JUAN TX                    | City of San Juan TX                                                        | CUSIP: 798409NC8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75019.95     | 0.68%             | 2031-02-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST                       | State of Texas                                                             | CUSIP: 882724VU8<br>LEI: 549300X9CH74QB747L76 | Long             | DBT              | MUN               | US        |     95000 | PA      | $95085.34     | 0.86%             | 2028-08-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| TEXAS ST WTR DEV BRD           | Texas Water Development Board                                              | CUSIP: 882854WS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     75000 | PA      | $75097.18     | 0.68%             | 2031-10-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UNIV OK REVENUES               | University of Oklahoma/The                                                 | CUSIP: 91476PNZ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40042.16     | 0.36%             | 2034-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTILITY DEBT SECURITIZATION AU | Utility Debt Securitization Authority                                      | CUSIP: 91802RBG3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    200000 | PA      | $200171.62    | 1.82%             | 2027-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| UTILITY DEBT SECURITIZATION AU | Utility Debt Securitization Authority                                      | CUSIP: 91802RBN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     50000 | PA      | $50043.84     | 0.45%             | 2033-12-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST COPS             | State of Washington                                                        | CUSIP: 939720SM1<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     40000 | PA      | $40066.85     | 0.36%             | 2029-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| WASHINGTON ST                  | State of Washington                                                        | CUSIP: 93974DUL0<br>LEI: 549300X3TODFMUKLQ364 | Long             | DBT              | MUN               | US        |     60000 | PA      | $60106.65     | 0.55%             | 2032-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-01-26

**Name of Applicant:** RBB Fund, Inc.

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

**Name of Signer:** RBB Fund, Inc.

**Title:** CFO COO Secretary